AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) (Form: N-CSR, Received: 01/08/2021 10:04:24)

Federal and State Income Tax

Qualified Dividend Income*

Corporate Dividends Received Deduction*

U.S. Treasury Obligations*

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-05426

AIM Investment Funds (Invesco Investment Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)


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


Date of fiscal year end:		10/31

Date of reporting period:		10/31/20

Item 1. Reports to Stockholders.

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, 2020

		Invesco All Cap Market Neutral Fund
		Nasdaq:
		A: CPNAX ∎ C: CPNCX ∎ R: CPNRX ∎ Y: CPNYX ∎ R5: CPNFX ∎ R6: CPNSX

LOGO

Letters to Shareholders

Dear Shareholders:

This annual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Inside is a discussion of how your Fund was managed and the factors that affected its performance during the reporting period.

In the midst of a global pandemic, investors faced unprecedented economic events and market volatility with equity markets experiencing extreme price swings. As the reporting period began in the final months of 2019, better-than-expected third quarter corporate earnings and initial agreement of the phase one US-China trade deal provided a favorable backdrop for equities and impressive fourth quarter global equity returns.

month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package - the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns - millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 - the overall tone of economic data improved during the second quarter.

In the third quarter, US equity markets provided further evidence that economic activity, post lockdowns, had improved. The US unemployment rate continued to fall and the Fed remained very accommodative messaging it would use average inflation targeting in setting new policy interest rates. The housing market rebounded sharply off its spring lows and companies reported better-than-expected Q2 earnings. As a whole, the third quarter was largely positive for US equities. In September, however, US stocks sold off amid a sharp resurgence in European COVID-19 cases and the lack of additional fiscal stimulus. October, the final month of the reporting period, also proved volatile with equity gains in first half of the month and then a sell-off in the last week due to concern over increased COVID-19 cases in the US and Europe and angst over the possibility of a contested US election. Despite the October decline, US stock market indices were largely positive for the reporting period. Global equity markets ended the reporting period mixed, with emerging markets faring better than developed markets.

As markets and investors attempt to adapt to a new normal, we’ll see how the interplay of interest rates, economic data, geopolitics and a host of other factors affect US and overseas equity and fixed income markets.

Investor uncertainty and market volatility, such as we witnessed during the reporting period, are unfortunate facts of life when it comes to investing. That’s why Invesco encourages investors to work with professional financial advisers. They can offer a long-term perspective when markets are volatile and time-tested advice and guidance when your financial situation or investment goals change.

Visit our website for more information on your investments

Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets and the economy by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco All Cap Market Neutral Fund


		Dear Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
		∎		Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
		∎		Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.
		∎		Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco All Cap Market Neutral Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2020, Class A shares of Invesco All Cap Market Neutral Fund (the Fund), at net asset value (NAV), underperformed the FTSE US 3-Month Treasury Bill Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.


Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			-16.97%
Class C Shares			-17.44
Class R Shares			-17.12
Class Y Shares			-16.57
Class R5 Shares			-17.06
Class R6 Shares			-17.22
FTSE US 3-Month Treasury Bill Index^q (Broad Market/Style-Specific Index)			0.86
Lipper Alternative Equity Market Neutral Funds Index◾ (Peer Group Index)			-1.29

Source(s): ^qRIMES Technologies Corp.; ◾Lipper Inc.

Market conditions and your Fund

At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (the Fed) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in

early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.

The Fund follows a market neutral strategy, which is intended to produce a portfolio that experiences minimal influence from the return patterns of the general US stock market. The Fund seeks neutral positioning in terms of beta (market exposure) by seeking to maintain neutral sector and industry exposures.

The Fund uses a proprietary multi-factor model that evaluates fundamental and behavioral factors to forecast individual security returns and risks. The multi-factor model is based on three factors: Quality, Value and Momentum (Earnings and Price)³ and ranks these securities based on their attractiveness relative to industry peers. Implementation occurs by establishing a portfolio with long positions in highly ranked stocks and shorting those that are poorly ranked. As such, the goal is to provide absolute risk adjusted returns over a full market cycle, regardless of the direction of the equity markets.

Our quantitative multi-factor model performed poorly during the fiscal year particularly as world economies shut down in the face of the COVID-19 pandemic and the subsequent recovery brought on by massive fiscal stimulus. The drawdown in March was particularly felt by value and small-cap stocks as investors appeared to associate these attributes with financial distress. Instead, investors gravitated to the safety of mega- and large-cap technology, health care and consumer staples companies. When world governments and their central banks responded to the economic collapse by flooding the markets with liquidity, small-cap stocks outperformed, but value stocks continued to lag their growth counterparts. For the fiscal year, the Russell 3000 Value Index declined 8.2% while the Russell 3000 Growth Index advanced 28.3%.⁴ This was one of the largest 12-month performance spreads between growth and value in history.

From the context of our multi-factor model, there was significant divergence in factor efficacy. Earnings Momentum was positive during the fiscal year as consistency and stability of earnings were rewarded, particularly when economic growth collapsed. Likewise, our Quality signals showed strength and were the largest contributors to Fund performance. However, Price Momentum was negative as large market swings, particularly in the first and second quarters challenged our signals. Value factors witnessed the weakest 12-month performance in over a decade and overwhelmed the combined positive performance of Momentum and Quality. We continue to believe in our multi-factor approach and are encouraged by factor correlations that are moving to historical levels and thus providing the benefit of diversified sources of return.

Pursuant to the Fund’s market neutral construct, a positive spread between the top- and bottom-ranked stocks (long and short candidates for the portfolio) is intended to result in the Fund’s outperformance relative to the FTSE US 3-Month Treasury Bill Index. During the fiscal year, our most attractive stocks (longs) significantly underperformed our least attractive stocks (shorts) which resulted in a reverse performance spread.

During the fiscal year, the strongest contributors to the Fund’s absolute performance

4 Invesco All Cap Market Neutral Fund

were holdings in the real estate and utilities sectors. Within real estate and utilities sectors, the Fund’s long positions declined in value in the single-digits while the short positions particularly in real estate, declined by double-digits.

The largest detractors from the Fund’s absolute performance during the fiscal year were in the industrials, information technology (IT) and financials sectors. Within industrials, our longs declined in value while our short positions rose. The capital goods industry was the largest detractor from the sector. Similarly, in financials, our longs declined while our shorts were modestly positive. Finally, the Fund’s holdings in IT rose by double-digits but were more than surpassed by our short positions. These resulted in a negative return spread and detracted from the Fund’s performance.

Please note that the Fund may utilize derivative instruments that include equity-related total return swaps and futures contracts. During the fiscal year, the Fund utilized equity-related total return swaps to efficiently implement its strategy and gain long and/or short exposure to the various sectors/ industries described above but did not use futures contracts. The implementation impact of using equity-related total return swaps is a component of transaction costs. Certain derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco All Cap Market Neutral Fund.

1	Source: US Federal Reserve

2	Source: US Bureau of Economic Analysis

The Model’s factors – Quality, Value and Momentum (Earnings and Price) are the foundation of the Fund’s stock selection process. Quality factors assess capital efficiency and stewardship while Value factors evaluate cash flow and earnings yields. Factors considered in Momentum include, but are not limited to, earnings momentum and earnings revisions and measures of stock price momentum.

4	Source: FTSE Russell

Portfolio manager(s):

Tarun Gupta

Glen Murphy

Francis Orlando

Sergey Protchenko

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

these insights may help you understand our investment management philosophy.

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

5 Invesco All Cap Market Neutral Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/17/13

LOGO

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.

6 Invesco All Cap Market Neutral Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (12/17/13)	-3.40	%
5 Years	-7.94
1 Year	-21.52

Class C Shares
Inception (12/17/13)	-3.32	%
5 Years	-7.58
1 Year	-18.26

Class R Shares
Inception (12/17/13)	-2.84	%
5 Years	-7.11
1 Year	-17.12

Class Y Shares
Inception (12/17/13)	-2.34	%
5 Years	-6.62
1 Year	-16.57

Class R5 Shares
Inception (12/17/13)	-2.37	%
5 Years	-6.68
1 Year	-17.06

Class R6 Shares
Inception (12/17/13)	-2.42	%
5 Years	-6.72
1 Year	-17.22

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.

7 Invesco All Cap Market Neutral Fund

Invesco All Cap Market Neutral Fund’s investment objective seeks to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The FTSE US 3-Month Treasury Bill Index is an unmanaged index representative of three-month US Treasury bills.

∎

The Lipper Alternative Equity Market Neutral Funds Index is an unmanaged index considered representative of alternative equity market neutral 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

8 Invesco All Cap Market Neutral Fund

Fund Information

Portfolio Composition

By sector, based on total net assets

as of October 31, 2020


Equity Securities
							Gross			Net
	Long¹			Short²			Exposure³			Exposure⁴
Communication Services		4.22	%		4.04	%		8.26	%		0.18	%
Consumer Discretionary		12.02			11.32			23.34			0.70
Consumer Staples		3.17			3.40			6.57			-0.23
Energy		2.94			2.92			5.86			0.02
Financials		13.91			15.88			29.79			-1.97
Health Care		18.79			17.27			36.06			1.52
Industrials		10.39			10.81			21.20			-0.42
Information Technology		14.65			15.16			29.81			-0.51
Materials		3.94			4.86			8.80			-0.92
Real Estate		5.36			5.09			10.45			0.27
Utilities		0.79			0.50			1.29			0.29
Money Market Funds Plus Other Assets Less Liabilities		9.82			0.00			9.82			9.82
Total		100.00	%		91.25	%		191.25	%		8.75	%

1 Represents the value of the equity securities in the portfolio.

2 Represents the value of the equity securities underlying the Fund’s equity short portfolio swap.

3 Represents the cumulative exposure of the Fund’s long and short positions.

4 Represents the net exposure of the Fund’s long and short positions.

9 Invesco All Cap Market Neutral Fund

Schedule of Investments^(a)

October 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–90.18%

Advertising–0.50%
Fluent, Inc.^(b)		7,300	$	18,615

National CineMedia, Inc.		8,250		16,376

				34,991


Aerospace & Defense–0.07%
Astronics Corp.^(b)		750		4,800


Agricultural & Farm Machinery–0.60%
AGCO Corp.		550		42,367


Air Freight & Logistics–0.08%
Atlas Air Worldwide Holdings, Inc.^(b)		100		5,916


Airlines–0.33%
Alaska Air Group, Inc.		200		7,578

Copa Holdings S.A., Class A (Panama)		150		7,392

Southwest Airlines Co.		200		7,906

				22,876


Alternative Carriers–0.06%
CenturyLink, Inc.		450		3,879


Aluminum–0.38%
Alcoa Corp.^(b)		700		9,044

Arconic Corp.^(b)		800		17,392

				26,436


Apparel Retail–0.13%
L Brands, Inc.		200		6,402

Tilly’s, Inc., Class A		450		2,763

				9,165


Apparel, Accessories & Luxury Goods–0.19%
Kontoor Brands, Inc.		400		13,160


Application Software–1.91%
Cerence, Inc.^(b)		650		35,477

ChannelAdvisor Corp.^(b)		550		8,910

Citrix Systems, Inc.		200		22,654

Digital Turbine, Inc.^(b)		950		27,227

Intelligent Systems Corp.^(b)		1,050		39,816

				134,084


Asset Management & Custody Banks–0.88%
Ameriprise Financial, Inc.		50		8,041

Brightsphere Investment Group, Inc.		900		12,420

Sculptor Capital Management, Inc.		1,950		21,138

Victory Capital Holdings, Inc., Class A		1,100		20,174

				61,773


Auto Parts & Equipment–0.76%
Adient PLC^(b)		250		5,305

American Axle & Manufacturing Holdings, Inc.^(b)		2,650		17,808

Dana, Inc.^(b)		400		5,596

Stoneridge, Inc.^(b)		750		17,122

XPEL, Inc.^(b)(c)		300		7,434

				53,265


	Shares		Value

Automobile Manufacturers–0.45%
Ford Motor Co.		600	$	4,638

Tesla, Inc.^(b)		40		15,522

Winnebago Industries, Inc.		250		11,737

				31,897


Automotive Retail–0.81%
AutoNation, Inc.^(b)		100		5,673

Camping World Holdings, Inc., Class A		1,500		39,660

Lithia Motors, Inc., Class A		50		11,478

				56,811


Biotechnology–5.83%
Alexion Pharmaceuticals, Inc.^(b)		50		5,757

Altimmune, Inc.^(b)		500		5,725

Aravive, Inc.^(b)		1,750		8,103

Arcturus Therapeutics Holdings, Inc.^(b)		350		18,928

Arena Pharmaceuticals, Inc.^(b)		200		17,144

Biogen, Inc.^(b)		80		20,166

BioSpecifics Technologies Corp.^(b)		400		35,240

Catalyst Pharmaceuticals, Inc.^(b)		1,600		4,752

ChemoCentryx, Inc.^(b)		650		31,200

Coherus Biosciences, Inc.^(b)		1,000		16,670

Eagle Pharmaceuticals, Inc.^(b)		700		32,564

Enanta Pharmaceuticals, Inc.^(b)		650		28,359

Five Prime Therapeutics, Inc.^(b)		850		3,876

Ideaya Biosciences, Inc.^(b)		600		7,302

ImmunoGen, Inc.^(b)		1,450		8,178

Inovio Pharmaceuticals, Inc.^(b)		500		4,925

Ironwood Pharmaceuticals, Inc.^(b)		2,750		27,170

KalVista Pharmaceuticals, Inc.^(b)		950		16,350

Moderna, Inc.^(b)		100		6,747

Molecular Templates, Inc.^(b)		950		8,398

Myriad Genetics, Inc.^(b)		300		3,729

NantKwest, Inc.^(b)		2,750		20,652

Neoleukin Therapeutics, Inc.^(b)		2,200		23,078

Novavax, Inc.^(b)		250		20,177

Vanda Pharmaceuticals, Inc.^(b)		1,400		14,966

Veracyte, Inc.^(b)		300		10,398

XBiotech, Inc.^(b)		500		8,555

				409,109


Building Products–0.59%
Alpha Pro Tech Ltd.^(b)		1,350		19,156

Carrier Global Corp.		550		18,365

Fortune Brands Home & Security, Inc.		50		4,044

				41,565


Cable & Satellite–0.36%
Altice USA, Inc., Class A^(b)		700		18,865

MSG Networks, Inc., Class A^(b)		750		6,705

				25,570


Coal & Consumable Fuels–0.38%
CONSOL Energy, Inc.^(b)		1,300		4,927

Hallador Energy Co.		6,300		4,977

NACCO Industries, Inc., Class A		850		16,567

				26,471

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

10 Invesco All Cap Market Neutral Fund


	Shares		Value

Commercial Printing–0.43%
Cimpress PLC (Ireland)^(b)		200	$	14,680

Ennis, Inc.		1,000		15,240

				29,920


Commodity Chemicals–0.45%
Tronox Holdings PLC, Class A		3,250		31,753


Communications Equipment–0.95%
Cambium Networks Corp.^(b)		300		6,912

Ciena Corp.^(b)		700		27,573

Comtech Telecommunications Corp.		900		12,960

Digi International, Inc.^(b)		400		5,892

PC-Tel, Inc.		2,600		13,260

				66,597


Computer & Electronics Retail–1.49%
Best Buy Co., Inc.		400		44,620

Rent-A-Center, Inc.		1,950		60,255

				104,875


Construction & Engineering–1.72%
Dycom Industries, Inc.^(b)		300		19,482

Great Lakes Dredge & Dock Corp.^(b)		3,700		38,221

HC2 Holdings, Inc.^(b)		1,700		3,655

HC2 Holdings, Inc., Rts. expiring 11/20/2020^(b)(d)		1,700		0

MasTec, Inc.^(b)		1,050		52,122

Orion Group Holdings, Inc.^(b)		2,300		7,498

				120,978


Construction Machinery & Heavy Trucks–0.74%
Commercial Vehicle Group, Inc.^(b)		3,400		19,890

Meritor, Inc.^(b)		800		19,472

REV Group, Inc.		1,600		12,560

				51,922


Construction Materials–0.10%
Forterra, Inc.^(b)		550		7,178


Consumer Electronics–0.26%
Sonos, Inc.^(b)		250		3,650

Universal Electronics, Inc.^(b)		400		14,824

				18,474


Consumer Finance–1.92%
Curo Group Holdings Corp.		3,250		24,343

Encore Capital Group, Inc.^(b)		100		3,193

Enova International, Inc.^(b)		400		6,140

Navient Corp.		8,050		64,480

Nelnet, Inc., Class A		200		12,208

OneMain Holdings, Inc.		700		24,423

				134,787


Data Processing & Outsourced Services–0.94%
Cardtronics PLC, Class A^(b)		1,000		17,810

Conduent, Inc.^(b)		1,350		4,705

Western Union Co. (The)		2,250		43,740

				66,255


Diversified Banks–0.35%
JPMorgan Chase & Co.		250		24,510


	Shares		Value

Drug Retail–0.05%
Rite Aid Corp.^(b)		350	$	3,199


Education Services–0.06%
Perdoceo Education Corp.^(b)		350		3,952


Electric Utilities–0.79%
Edison International		750		42,030

Genie Energy Ltd., Class B		1,600		13,264

				55,294


Electrical Components & Equipment–0.99%
Atkore International Group, Inc.^(b)		900		18,621

Eaton Corp. PLC		100		10,379

Generac Holdings, Inc.^(b)		50		10,507

GrafTech International Ltd.		2,800		18,900

LSI Industries, Inc.		1,600		10,944

				69,351


Electronic Components–0.13%
Bel Fuse, Inc., Class B		800		9,368


Electronic Equipment & Instruments–0.88%
Coda Octopus Group, Inc.^(b)		950		5,244

Intellicheck, Inc.^(b)		1,900		13,756

Napco Security Technologies, Inc.^(b)		600		14,472

Zebra Technologies Corp., Class A^(b)		100		28,364

				61,836


Electronic Manufacturing Services–0.33%
Jabil, Inc.		700		23,198


Environmental & Facilities Services–0.24%
CECO Environmental Corp.^(b)		2,400		16,992


Fertilizers & Agricultural Chemicals–0.49%
CF Industries Holdings, Inc.		1,250		34,513


Food Distributors–0.05%
United Natural Foods, Inc.^(b)		250		3,643


Food Retail–0.33%
Kroger Co. (The)		400		12,884

Natural Grocers by Vitamin Cottage, Inc.		1,000		10,640

				23,524


Footwear–0.67%
Deckers Outdoor Corp.^(b)		100		25,337

Rocky Brands, Inc.		800		21,520

				46,857


General Merchandise Stores–0.57%
Big Lots, Inc.		200		9,520

Target Corp.		200		30,444

				39,964


Gold–0.80%
B2Gold Corp. (Canada)		1,100		7,084

Coeur Mining, Inc.^(b)		2,050		14,494

Kinross Gold Corp. (Canada)		2,050		16,338

Yamana Gold, Inc. (Canada)		3,250		18,070

				55,986


Health Care Distributors–1.98%
Cardinal Health, Inc.		100		4,579

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

11 Invesco All Cap Market Neutral Fund


	Shares		Value

Health Care Distributors–(continued)
Covetrus, Inc.^(b)		250	$	6,172

McKesson Corp.		400		58,996

Owens & Minor, Inc.		2,750		69,080

				138,827


Health Care Equipment–1.53%
FONAR Corp.^(b)		700		13,748

GenMark Diagnostics, Inc.^(b)		500		6,110

iRadimed Corp.^(b)		1,250		28,312

Mesa Laboratories, Inc.		100		26,141

Repro-Med Systems, Inc.^(b)		2,400		13,248

Zynex, Inc.^(b)		1,550		19,856

				107,415


Health Care Facilities–1.85%
Community Health Systems, Inc.^(b)		8,250		51,480

Joint Corp. (The)^(b)		1,250		23,425

Surgery Partners, Inc.^(b)		200		4,364

Tenet Healthcare Corp.^(b)		2,050		50,307

				129,576


Health Care REITs–0.37%
CareTrust REIT, Inc.		850		14,535

New Senior Investment Group, Inc.		3,000		11,730

				26,265


Health Care Services–1.37%
Amedisys, Inc.^(b)		150		38,850

Cross Country Healthcare, Inc.^(b)		1,550		12,167

DaVita, Inc.^(b)		300		25,875

Fulgent Genetics, Inc.^(b)		450		14,638

Tivity Health, Inc.^(b)		350		4,813

				96,343


Health Care Supplies–1.00%
Quidel Corp.^(b)		50		13,414

Retractable Technologies, Inc.^(b)		2,350		17,249

STAAR Surgical Co.^(b)		550		39,875

				70,538


Health Care Technology–1.20%
Evolent Health, Inc., Class A^(b)		450		4,473

iCAD, Inc.^(b)		2,100		20,496

NantHealth, Inc.^(b)		2,000		4,020

Simulations Plus, Inc.		850		55,097

				84,086


Home Furnishings–0.59%
Purple Innovation, Inc.^(b)		1,450		41,137


Homebuilding–0.58%
Installed Building Products, Inc.^(b)		450		40,743


Homefurnishing Retail–0.51%
Aaron’s Holdings Co., Inc.		400		20,904

At Home Group, Inc.^(b)		500		8,145

RH^(b)		20		6,705

				35,754


Hotel & Resort REITs–0.08%
Braemar Hotels & Resorts, Inc.		2,300		5,566


	Shares		Value

Household Appliances–0.26%
Whirlpool Corp.		100	$	18,496


Household Products–0.16%
Spectrum Brands Holdings, Inc.		200		11,374


Housewares & Specialties–0.19%
Newell Brands, Inc.		750		13,245


Human Resource & Employment Services–0.34%
Barrett Business Services, Inc.		100		5,925

Mastech Digital, Inc.^(b)		1,150		18,032

				23,957


Industrial Conglomerates–0.57%
Carlisle Cos., Inc.		50		6,194

General Electric Co.		4,600		34,132

				40,326


Industrial Machinery–0.42%
LB Foster Co., Class A^(b)		1,250		16,950

Otis Worldwide Corp.		200		12,256

				29,206


Industrial REITs–1.16%
Industrial Logistics Properties Trust		2,450		46,991

Innovative Industrial Properties, Inc.		200		23,326

Plymouth Industrial REIT, Inc.		900		11,439

				81,756


Integrated Telecommunication Services–0.37%
IDT Corp., Class B^(b)		2,750		26,208


Interactive Home Entertainment–1.58%
Activision Blizzard, Inc.		400		30,292

Electronic Arts, Inc.^(b)		250		29,957

Glu Mobile, Inc.^(b)		3,500		25,060

Zynga, Inc., Class A^(b)		2,850		25,622

				110,931


Interactive Media & Services–1.21%
Cars.com, Inc.^(b)		2,350		17,366

DHI Group, Inc.^(b)		6,700		11,323

EverQuote, Inc., Class A^(b)		900		30,141

Sohu.com Ltd., ADR (China)^(b)		400		7,536

Travelzoo^(b)		1,900		14,098

Zillow Group, Inc., Class C^(b)		50		4,431

				84,895


Internet & Direct Marketing Retail–1.45%
1-800-Flowers.com, Inc., Class A^(b)		850		16,856

CarParts.com, Inc.^(b)		1,100		13,959

eBay, Inc.		550		26,196

Stamps.com, Inc.^(b)		200		44,648

				101,659


Internet Services & Infrastructure–0.51%
Endurance International Group Holdings, Inc.^(b)		4,150		24,111

Limelight Networks, Inc.^(b)		2,050		7,237

Shopify, Inc., Class A (Canada)^(b)		5		4,627

				35,975


Investment Banking & Brokerage–0.07%
BGC Partners, Inc., Class A		1,700		5,015

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

12 Invesco All Cap Market Neutral Fund


	Shares		Value

IT Consulting & Other Services–0.58%
Cognizant Technology Solutions Corp., Class A		100	$	7,142

International Business Machines Corp.		50		5,583

Leidos Holdings, Inc.		250		20,750

Unisys Corp.^(b)		550		7,227

				40,702


Leisure Products–1.35%
American Outdoor Brands, Inc.^(b)		700		10,591

Nautilus, Inc.^(b)		2,000		43,380

Vista Outdoor, Inc.^(b)		2,050		40,528

				94,499


Life & Health Insurance–1.42%
American Equity Investment Life Holding Co.		750		18,615

Athene Holding Ltd., Class A^(b)		250		8,020

Brighthouse Financial, Inc.^(b)		2,000		66,200

CNO Financial Group, Inc.		400		7,100

				99,935


Life Sciences Tools & Services–0.97%
Champions Oncology, Inc.^(b)		2,050		17,999

Medpace Holdings, Inc.^(b)		450		49,923

				67,922


Marine–0.07%
Costamare, Inc. (Monaco)		900		5,121


Metal & Glass Containers–0.07%
Berry Global Group, Inc.^(b)		100		4,663


Movies & Entertainment–0.14%
Madison Square Garden Entertainment Corp.^(b)		150		9,750


Office Services & Supplies–0.05%
Pitney Bowes, Inc.		700		3,717


Oil & Gas Drilling–0.04%
Nabors Industries Ltd.		100		2,842


Oil & Gas Equipment & Services–0.44%
DMC Global, Inc.		750		26,678

ProPetro Holding Corp.^(b)		1,000		3,950

				30,628


Oil & Gas Exploration & Production–0.78%
Bonanza Creek Energy, Inc.^(b)		850		15,053

CNX Resources Corp.^(b)		500		4,850

EQT Corp.		850		12,869

Evolution Petroleum Corp.		4,900		10,829

W&T Offshore, Inc.^(b)		7,950		11,130

				54,731


Oil & Gas Refining & Marketing–0.54%
Adams Resources & Energy, Inc.		550		10,494

Pacific Ethanol, Inc.^(b)		1,750		10,658

World Fuel Services Corp.		800		16,840

				37,992


Oil & Gas Storage & Transportation–0.76%
Ardmore Shipping Corp. (Ireland)		2,200		6,160

Dorian LPG Ltd.^(b)		3,150		25,830

Nordic American Tankers Ltd.		4,500		13,095


	Shares		Value

Oil & Gas Storage & Transportation–(continued)
Teekay Tankers Ltd., Class A (Bermuda)^(b)		900	$	8,487

				53,572


Packaged Foods & Meats–1.17%
B&G Foods, Inc.		700		18,592

Campbell Soup Co.		200		9,334

Hain Celestial Group, Inc. (The)^(b)		200		6,150

Kraft Heinz Co. (The)		950		29,060

Seneca Foods Corp., Class A^(b)		200		7,370

TreeHouse Foods, Inc.^(b)		300		11,652

				82,158


Paper Products–0.32%
Clearwater Paper Corp.^(b)		100		3,715

Domtar Corp.		800		19,104

				22,819


Pharmaceuticals–3.06%
AMAG Pharmaceuticals, Inc.^(b)		1,400		19,208

Arvinas, Inc.^(b)		300		6,273

Cerecor, Inc.^(b)		4,600		9,476

Chiasma, Inc.^(b)		2,900		10,875

Corcept Therapeutics, Inc.^(b)		3,600		60,408

Durect Corp.^(b)		2,300		4,152

Endo International PLC^(b)		2,000		9,140

Harrow Health, Inc.^(b)		2,100		9,996

Horizon Therapeutics PLC^(b)		100		7,493

Innoviva, Inc.^(b)		2,950		31,889

Lannett Co., Inc.^(b)		2,650		17,039

Pacira BioSciences, Inc.^(b)		400		20,920

SIGA Technologies, Inc.^(b)		1,300		8,307

				215,176


Property & Casualty Insurance–0.44%
Allstate Corp. (The)		350		31,063


Real Estate Development–0.23%
Maui Land & Pineapple Co., Inc.^(b)		1,600		16,144


Real Estate Services–0.36%
Altisource Portfolio Solutions S.A.^(b)		1,250		13,912

Newmark Group, Inc., Class A		1,050		4,972

Redfin Corp.^(b)		150		6,266

				25,150


Regional Banks–5.13%
ACNB Corp.		550		11,478

Bancorp, Inc. (The)^(b)		2,200		21,120

Bank of Commerce Holdings		700		5,607

Bank of Marin Bancorp		150		4,521

C&F Financial Corp.		250		7,788

Customers Bancorp, Inc.^(b)		3,350		46,297

Eagle Bancorp Montana, Inc.		500		9,630

First Business Financial Services, Inc.		600		10,290

First Financial Northwest, Inc.		1,050		10,405

First Internet Bancorp		750		16,140

Hawthorn Bancshares, Inc.		200		3,792

Hilltop Holdings, Inc.		4,400		100,364

Investors Bancorp, Inc.		4,500		38,070

Metropolitan Bank Holding Corp.^(b)		150		4,493

MVB Financial Corp.		450		7,178

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

13 Invesco All Cap Market Neutral Fund


	Shares		Value

Regional Banks–(continued)
OFG Bancorp (Puerto Rico)		550	$	7,914

Popular, Inc. (Puerto Rico)		1,300		54,860

				359,947


Research & Consulting Services–0.05%
Nielsen Holdings PLC		250		3,378


Residential REITs–1.11%
Bluerock Residential Growth REIT, Inc.		1,700		14,722

BRT Apartments Corp.		1,950		24,277

Clipper Realty, Inc.		1,200		6,744

Front Yard Residential Corp. (Acquired 05/27/2020; Cost $17,984)^(e)		2,400		32,136

				77,879


Semiconductor Equipment–1.61%
Applied Materials, Inc.		700		41,461

Lam Research Corp.		120		41,050

Teradyne, Inc.		350		30,747

				113,258


Semiconductors–3.95%
Cirrus Logic, Inc.^(b)		200		13,774

Inphi Corp.^(b)		200		27,952

Lattice Semiconductor Corp.^(b)		750		26,175

NeoPhotonics Corp.^(b)		850		5,789

NVIDIA Corp.		20		10,027

Qorvo, Inc.^(b)		400		50,944

QUALCOMM, Inc.		450		55,512

SMART Global Holdings, Inc.^(b)		700		18,473

Synaptics, Inc.^(b)		900		69,003

				277,649


Soft Drinks–0.93%
Celsius Holdings, Inc.^(b)		400		8,044

Coca-Cola Consolidated, Inc.		250		57,237

				65,281


Specialized Consumer Services–0.66%
Collectors Universe, Inc.		850		46,690


Specialized Finance–0.04%
A-Mark Precious Metals, Inc.		100		3,108


Specialized REITs–2.04%
CoreCivic, Inc.		2,500		16,025

Equinix, Inc.		15		10,969

Gaming and Leisure Properties, Inc.		500		18,175

Gladstone Land Corp.		800		11,096

Lamar Advertising Co., Class A		50		3,098

Safehold, Inc.		350		24,087

SBA Communications Corp., Class A		160		46,459

Weyerhaeuser Co.		500		13,645

				143,554


Specialty Chemicals–0.57%
DuPont de Nemours, Inc.		250		14,220

Kraton Corp.^(b)		900		25,470

				39,690


Specialty Stores–1.05%
Dick’s Sporting Goods, Inc.		100		5,665


	Shares		Value

Specialty Stores–(continued)
Hibbett Sports, Inc.^(b)		400	$	15,124

Michaels Cos., Inc. (The)^(b)		1,550		12,570

ODP Corp. (The)		700		13,650

Signet Jewelers Ltd.		750		16,710

Sportsman’s Warehouse Holdings, Inc.^(b)		750		9,765

				73,484


Steel–0.77%
Reliance Steel & Aluminum Co.		250		27,247

Ryerson Holding Corp.^(b)		2,050		16,134

Warrior Met Coal, Inc.		700		10,500

				53,881


Systems Software–1.01%
Crowdstrike Holdings, Inc., Class A^(b)		50		6,192

Fortinet, Inc.^(b)		50		5,519

Microsoft Corp.		250		50,617

Oracle Corp.		150		8,416

				70,744


Technology Hardware, Storage & Peripherals–1.84%
Apple, Inc.		200		21,772

Avid Technology, Inc.^(b)		3,550		33,086

Diebold Nixdorf, Inc.^(b)		4,250		26,477

HP, Inc.		1,500		26,940

Western Digital Corp.		550		20,752

				129,027


Thrifts & Mortgage Finance–3.66%
Federal Agricultural Mortgage Corp., Class C		150		9,689

Flagstar Bancorp, Inc.		250		7,338

FS Bancorp, Inc.		350		16,208

Meta Financial Group, Inc.		600		17,604

Mr. Cooper Group, Inc.^(b)		2,950		62,186

New York Community Bancorp, Inc.		6,850		56,923

PennyMac Financial Services, Inc.		1,600		81,312

Severn Bancorp, Inc.		900		5,580

				256,840


Tobacco–0.48%
Altria Group, Inc.		100		3,608

Turning Point Brands, Inc.		700		26,229

Vector Group Ltd.		400		3,676

				33,513


Trading Companies & Distributors–2.71%
Foundation Building Materials, Inc.^(b)		2,300		33,488

General Finance Corp.^(b)		2,200		14,410

GMS, Inc.^(b)		2,050		46,330

Herc Holdings, Inc.^(b)		700		31,052

NOW, Inc.^(b)		850		3,460

Transcat, Inc.^(b)		550		17,000

United Rentals, Inc.^(b)		200		35,658

Veritiv Corp.^(b)		600		8,640

				190,038


Trucking–0.39%
Avis Budget Group, Inc.^(b)		600		20,202

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

14 Invesco All Cap Market Neutral Fund


	Shares		Value

Trucking–(continued)
Daseke, Inc.^(b)		1,050	$	6,899

				27,101

Total Common Stocks & Other Equity Interests (Cost $5,388,674)				6,332,000


Money Market Funds–3.97%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(f)(g)		97,475		97,475

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(f)(g)		69,577		69,605


	Shares		Value

Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(f)(g)		111,400	$	111,400

Total Money Market Funds (Cost $278,480)				278,480

TOTAL INVESTMENTS IN SECURITIES–94.15% (Cost $5,667,154)				6,610,480

OTHER ASSETS LESS LIABILITIES–5.85%				410,940

NET ASSETS–100.00%			$	7,021,420

Investment Abbreviations:

ADR	– American Depositary Receipt

REIT	– Real Estate Investment Trust

Rts.

– Rights

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)

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 value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets.

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

^(e)	Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(f)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,553,087		$	28,998,520		$	(31,454,132	)		$	-			$	-		$	97,475		$	14,593
Invesco Liquid Assets Portfolio, Institutional Class			1,824,086			20,711,771			(22,469,500	)			(177	)			3,425			69,605			13,355
Invesco Treasury Portfolio, Institutional Class			2,917,813			33,141,166			(35,947,579	)			-				-			111,400			15,882
Total		$	7,294,986		$	82,851,457		$	(89,871,211	)		$	(177	)		$	3,425		$	278,480		$	43,830

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Open Over-The-Counter Total Return Swap Agreements

Reference Entity

Counterparty

Maturity Date

Floating Rate
Index⁽¹⁾

Payment
Frequency

Notional
Value

Upfront
Payments
Paid
(Received)

Value⁽²⁾⁽³⁾

Unrealized

Appreciation⁽²⁾⁽³⁾

Net Value of
Reference
Entities

Equity Risk

Equity Securities - Short

Morgan Stanley & Co.
LLC

04/26/2021

Federal Funds
Floating Rate

Monthly

$(6,816,368)

$404,671

(6,407,070

)

⁽¹⁾	The Fund receives or pays the total return on the short positions underlying the total return swap and pays or receives a specific Federal Fund floating rate.

⁽²⁾	Amount includes $(4,627) of dividends payable and financing fees related to the reference entities.

⁽³⁾	Swap Agreements are collateralized by $48,294 cash held with Morgan Stanley & Co. LLC, the Counterparty.

The following table represents the individual long and short positions and related values of equity securities underlying the total return swaps with Morgan Stanley & Co. LLC, as of October 31, 2020.


							Percentage
							of
							Reference
	Shares			Value			Entities

Equity Securities - Short
Advertising
Boston Omaha Corp., Class A		(950	)	$	(15,181	)		0.24


							Percentage
							of
							Reference
	Shares			Value			Entities

Advertising–(continued)
comScore, Inc.		(2,200	)	$	(4,389	)		0.07

					(19,570	)

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

15 Invesco All Cap Market Neutral Fund


							Percentage
							of
							Reference
	Shares			Value			Entities

Aerospace & Defense
AeroVironment, Inc.		(150	)	$	(11,454	)		0.17

Axon Enterprise, Inc.		(200	)		(19,780	)		0.30

Boeing Co. (The)		(480	)		(69,307	)		1.19

BWX Technologies, Inc.		(250	)		(13,753	)		0.21

Cubic Corp.		(400	)		(23,644	)		0.36

L3Harris Technologies, Inc.		(100	)		(16,111	)		0.25

Spirit AeroSystems Holdings, Inc.		(2,250	)		(40,927	)		0.66

					(194,976	)


Agricultural & Farm Machinery
Lindsay Corp.		(150	)		(15,795	)		0.24


Agricultural Products
Archer-Daniels-Midland Co.		(550	)		(25,432	)		0.42


Airlines
Spirit Airlines, Inc.		(450	)		(7,907	)		0.12


Alternative Carriers
Vonage Holdings Corp.		(850	)		(8,993	)		0.14


Aluminum
Century Aluminum Co.		(3,100	)		(20,398	)		0.34


Apparel Retail
American Eagle Outfitters, Inc.		(700	)		(9,597	)		0.15

Burlington Stores, Inc.		(200	)		(38,716	)		0.59

Chico’s FAS, Inc.		(5,700	)		(6,099	)		0.10

Express, Inc.		(5,200	)		(3,177	)		0.06

Guess?, Inc.		(1,900	)		(22,382	)		0.38

Urban Outfitters, Inc.		(1,100	)		(24,574	)		0.40

					(104,545	)


Apparel, Accessories & Luxury Goods
Canada Goose Holdings, Inc.		(2,100	)		(65,478	)		1.11

Capri Holdings Ltd.		(900	)		(19,098	)		0.30

Fossil Group, Inc.		(1,900	)		(10,849	)		0.18

Gildan Activewear, Inc.		(600	)		(12,462	)		0.20

lululemon athletica, inc.		(40	)		(12,772	)		0.19

					(120,659	)


Application Software
2U, Inc.		(250	)		(9,213	)		0.13

Alteryx, Inc. Class A		(100	)		(12,535	)		0.20

Asure Software, Inc.		(1,550	)		(10,958	)		0.20

Benefitfocus, Inc.		(1,450	)		(14,891	)		0.23

Digimarc Corp.		(800	)		(25,352	)		0.36

Everbridge, Inc.		(100	)		(10,469	)		0.19

GTY Technology Holdings, Inc.		(1,600	)		(4,656	)		0.07

Nutanix, Inc., Class A		(2,550	)		(62,067	)		0.94

Park City Group, Inc.		(700	)		(3,038	)		0.05

Pluralsight, Inc., Class A		(1,100	)		(17,270	)		0.29

SharpSpring, Inc.		(950	)		(10,156	)		0.16


							Percentage
							of
							Reference
	Shares			Value			Entities

Application Software–(continued)
Splunk, Inc.		(100	)	$	(19,804	)		0.32

Veritone, Inc.		(1,150	)		(10,787	)		0.15

VirnetX Holding Corp.		(2,400	)		(13,296	)		0.21

					(224,492	)


Asset Management & Custody Banks
Ares Management Corp.		(100	)		(4,230	)		0.07

Brookfield Asset Management, Inc. Class A		(100	)		(2,978	)		0.05

					(7,208	)


Auto Parts & Equipment
Dorman Products, Inc.		(100	)		(8,927	)		0.13

Fox Factory Holding Corp.		(100	)		(8,408	)		0.12

Motorcar Parts of America, Inc.		(750	)		(11,048	)		0.17

Veoneer, Inc.		(3,550	)		(54,563	)		0.95

					(82,946	)


Automotive Retail
Carvana Co.		(250	)		(46,337	)		0.74

Monro, Inc.		(200	)		(8,412	)		0.13

					(54,749	)


Biotechnology
Actinium Pharmaceuticals, Inc.		(450	)		(4,482	)		0.08

Adamas Pharmaceuticals, Inc.		(3,250	)		(9,880	)		0.17

ADMA Biologics, Inc.		(4,750	)		(9,452	)		0.16

Alnylam Pharmaceuticals, Inc.		(100	)		(12,297	)		0.20

Bluebird Bio, Inc.		(200	)		(10,342	)		0.16

Calyxt, Inc.		(1,300	)		(4,173	)		0.07

Clovis Oncology, Inc.		(750	)		(3,698	)		0.06

Dynavax Technologies Corp.		(2,250	)		(8,393	)		0.14

Epizyme, Inc.		(350	)		(4,326	)		0.07

Exact Sciences Corp.		(100	)		(12,383	)		0.16

Flexion Therapeutics, Inc.		(2,300	)		(27,577	)		0.41

G1 Therapeutics, Inc.		(450	)		(4,946	)		0.08

Insmed, Inc.		(200	)		(6,588	)		0.11

Invitae Corp.		(1,050	)		(41,170	)		0.71

Karyopharm Therapeutics, Inc.		(450	)		(6,669	)		0.10

Kindred Biosciences, Inc.		(1,200	)		(4,188	)		0.07

La Jolla Pharmaceutical Co.		(1,500	)		(5,100	)		0.09

Neurocrine Biosciences, Inc.		(50	)		(4,934	)		0.07

PolarityTE, Inc.		(4,850	)		(4,797	)		0.07

PTC Therapeutics, Inc.		(100	)		(5,219	)		0.08

Sage Therapeutics, Inc.		(200	)		(14,676	)		0.21

Sarepta Therapeutics, Inc.		(250	)		(33,977	)		0.50

Solid Biosciences, Inc.		(4,350	)		(14,224	)		0.22

Sorrento Therapeutics, Inc.		(550	)		(3,817	)		0.07

Twist Bioscience Corp.		(100	)		(7,664	)		0.13

Tyme Technologies, Inc.		(6,900	)		(5,990	)		0.10

Ultragenyx Pharmaceutical, Inc.		(400	)		(40,200	)		0.54

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

16 Invesco All Cap Market Neutral Fund


							Percentage
							of
							Reference
	Shares			Value			Entities

Biotechnology–(continued)
UroGen Pharma Ltd.		(700	)	$	(15,764	)		0.21

					(326,926	)


Brewers
Boston Beer Co., Inc. (The)
Class A		(15	)		(15,588	)		0.20


Broadcasting
EW Scripps Co. (The) Class A		(700	)		(6,356	)		0.11


Building Products
Caesarstone Ltd.		(2,000	)		(19,300	)		0.30

Insteel Industries, Inc.		(200	)		(4,352	)		0.06

Lennox International, Inc.		(100	)		(27,166	)		0.43

					(50,818	)


Commodity Chemicals
Loop Industries, Inc.		(850	)		(5,134	)		0.08

Trecora Resources		(750	)		(4,440	)		0.07

					(9,574	)


Communications Equipment
Applied Optoelectronics, Inc.		(2,050	)		(17,999	)		0.31

Infinera Corp.		(1,900	)		(11,894	)		0.19

Plantronics, Inc.		(350	)		(6,832	)		0.09

TESSCO Technologies, Inc.		(850	)		(5,185	)		0.07

ViaSat, Inc.		(400	)		(13,560	)		0.21

					(55,470	)


Construction & Engineering
Ameresco, Inc., Class A		(900	)		(34,551	)		0.55

Argan, Inc.		(650	)		(26,773	)		0.39

Granite Construction, Inc.		(400	)		(7,724	)		0.12

					(69,048	)


Construction Machinery & Heavy Trucks
Greenbrier Cos., Inc. (The)		(1,100	)		(29,678	)		0.53

Trinity Industries, Inc.		(950	)		(17,898	)		0.28

Twin Disc, Inc.		(950	)		(4,807	)		0.08

					(52,383	)


Construction Materials
US Concrete, Inc.		(800	)		(27,168	)		0.39


Consumer Electronics
Vuzix Corp.		(1,500	)		(5,910	)		0.10

ZAGG, Inc.		(3,450	)		(9,833	)		0.15

					(15,743	)


Consumer Finance
Credit Acceptance Corp.		(120	)		(35,774	)		0.59

EZCORP, Inc. Class A		(3,750	)		(16,725	)		0.27

FirstCash, Inc.		(150	)		(7,806	)		0.13

Green Dot Corp., Class A		(450	)		(23,994	)		0.39


							Percentage
							of
							Reference
	Shares			Value			Entities

Consumer Finance–(continued)
Santander Consumer USA Holdings, Inc.		(300	)	$	(6,102	)		0.09

					(90,401	)


Data Processing & Outsourced Services
Paysign, Inc.		(700	)		(3,332	)		0.06

Sabre Corp.		(2,950	)		(19,234	)		0.33

					(22,566	)


Diversified Banks
Bank of NT Butterfield & Son Ltd. (The)		(3,400	)		(89,964	)		1.41

Wells Fargo & Co.		(900	)		(19,305	)		0.31

					(109,269	)


Diversified Metals & Mining
Teck Resources Ltd. Class B		(700	)		(9,198	)		0.14


Diversified Support Services
Healthcare Services Group, Inc.		(550	)		(12,584	)		0.19

Ritchie Bros. Auctioneers, Inc.		(400	)		(24,252	)		0.36

					(36,836	)


Education Services
Chegg, Inc.		(200	)		(14,688	)		0.25


Electrical Components & Equipment
American Superconductor Corp.		(2,600	)		(36,166	)		0.58


Electronic Components
Akoustis Technologies, Inc.		(4,300	)		(35,647	)		0.50

Corning, Inc.		(600	)		(19,182	)		0.31

					(54,829	)


Electronic Equipment & Instruments
Coherent, Inc.		(200	)		(25,028	)		0.36

Iteris, Inc.		(3,150	)		(11,876	)		0.20

Novanta, Inc.		(100	)		(10,872	)		0.17

PAR Technology Corp.		(1,450	)		(53,606	)		0.80

					(101,382	)


Electronic Manufacturing Services
IPG Photonics Corp.		(250	)		(46,490	)		0.73


Environmental & Facilities Services
Harsco Corp.		(3,550	)		(45,795	)		0.82

Team, Inc.		(3,300	)		(17,688	)		0.28

					(63,483	)


Financial Exchanges & Data
CME Group, Inc.		(250	)		(37,680	)		0.60

Tradeweb Markets, Inc. Class A		(100	)		(5,448	)		0.09

					(43,128	)

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

17 Invesco All Cap Market Neutral Fund


							Percentage
							of
							Reference
	Shares			Value			Entities

Food Distributors
Andersons, Inc. (The)		(1,200	)	$	(26,028	)		0.42

Chefs’ Warehouse, Inc. (The)		(350	)		(4,732	)		0.09

HF Foods Group, Inc.		(1,250	)		(8,238	)		0.14

					(38,998	)


Gas Utilities
New Jersey Resources Corp.		(100	)		(2,918	)		0.04


Gold
Agnico Eagle Mines Ltd.		(600	)		(47,574	)		0.70

Kirkland Lake Gold Ltd.		(550	)		(25,091	)		0.38

					(72,665	)


Health Care Equipment
ABIOMED, Inc.		(100	)		(25,188	)		0.41

AxoGen, Inc.		(3,200	)		(40,352	)		0.63

Becton, Dickinson and Co.		(50	)		(11,557	)		0.18

Cantel Medical Corp.		(400	)		(19,136	)		0.30

CryoPort, Inc.		(600	)		(24,084	)		0.38

Glaukos Corp.		(550	)		(30,756	)		0.47

Inogen, Inc.		(250	)		(7,303	)		0.10

Insulet Corp.		(250	)		(55,562	)		0.90

IntriCon Corp.		(750	)		(9,375	)		0.14

Invacare Corp.		(700	)		(5,677	)		0.08

LivaNova PLC		(200	)		(10,068	)		0.16

Misonix, Inc.		(950	)		(10,792	)		0.17

Nevro Corp.		(300	)		(44,763	)		0.71

Novocure Ltd.		(50	)		(6,105	)		0.09

NuVasive, Inc.		(350	)		(15,551	)		0.27

Oxford Immunotec Global PLC		(2,650	)		(29,786	)		0.48

Penumbra, Inc.		(250	)		(65,257	)		0.85

Pulse Biosciences, Inc.		(1,350	)		(16,348	)		0.26

Pulse Biosciences, Inc.		(139	)		(1,253	)		0.02

SeaSpine Holdings Corp.		(800	)		(10,208	)		0.17

ViewRay, Inc.		(10,500	)		(31,185	)		0.48

					(470,306	)


Health Care REITs
Diversified Healthcare Trust		(1,800	)		(5,211	)		0.09


Health Care Services
Enzo Biochem, Inc.		(3,250	)		(5,915	)		0.10

Guardant Health, Inc.		(250	)		(26,665	)		0.38

					(32,580	)


Health Care Supplies
Haemonetics Corp.		(50	)		(5,054	)		0.08

ICU Medical, Inc.		(100	)		(17,779	)		0.28

Merit Medical Systems, Inc.		(400	)		(20,020	)		0.28

OrthoPediatrics Corp.		(900	)		(40,140	)		0.64

Sientra, Inc.		(3,450	)		(14,559	)		0.24


							Percentage
							of
							Reference
	Shares			Value			Entities

Health Care Supplies–(continued)
SmileDirectClub, Inc.		(800	)	$	(7,120	)		0.14

					(104,672	)


Health Care Technology
OptimizeRx Corp.		(250	)		(4,950	)		0.08


Heavy Electrical Equipment
TPI Composites, Inc.		(1,100	)		(36,432	)		0.53


Home Furnishings
Lovesac Co. (The)		(700	)		(18,018	)		0.33

Mohawk Industries, Inc.		(250	)		(25,798	)		0.38

					(43,816	)


Home Improvement Retail
Floor & Decor Holdings, Inc., Class A		(950	)		(69,350	)		1.11


Homebuilding
LGI Homes, Inc.		(200	)		(21,376	)		0.33


Hotel & Resort REITs
CorePoint Lodging, Inc.		(950	)		(4,541	)		0.08

DiamondRock Hospitality Co.		(1,850	)		(9,139	)		0.14

Hersha Hospitality Trust		(4,200	)		(20,580	)		0.33

Park Hotels & Resorts, Inc.		(3,950	)		(39,223	)		0.60

Pebblebrook Hotel Trust		(2,150	)		(25,757	)		0.42

RLJ Lodging Trust		(600	)		(4,908	)		0.08

Ryman Hospitality Properties, Inc.		(800	)		(31,880	)		0.50

Summit Hotel Properties, Inc.		(4,750	)		(25,080	)		0.40

Xenia Hotels & Resorts, Inc.		(500	)		(4,120	)		0.07

					(165,228	)


Hotels, Resorts & Cruise Lines
Norwegian Cruise Line Holdings Ltd.		(1,400	)		(23,282	)		0.36


Human Resource & Employment Services
Insperity, Inc.		(200	)		(15,316	)		0.23


Hypermarkets & Super Centers
PriceSmart, Inc.		(100	)		(6,900	)		0.11


Industrial Machinery
ExOne Co. (The)		(1,300	)		(13,065	)		0.24

Ingersoll Rand, Inc.		(550	)		(19,217	)		0.31

LiqTech International, Inc.		(1,000	)		(7,470	)		0.12

NN, Inc.		(4,450	)		(23,852	)		0.41

Proto Labs, Inc.		(200	)		(23,616	)		0.40

Welbilt, Inc.		(1,400	)		(8,512	)		0.14

					(95,732	)


Insurance Brokers
eHealth, Inc.		(150	)		(10,066	)		0.18

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

18 Invesco All Cap Market Neutral Fund


	Shares			Value			Percentage of Reference Entities

Insurance Brokers–(continued)
Goosehead Insurance, Inc., Class A		(350	)	$	(42,889	)	0.55

					(52,955	)


Integrated Oil & Gas
Exxon Mobil Corp.		(400	)		(13,048	)	0.20


Interactive Media & Services
Eventbrite, Inc.		(1,750	)		(16,153	)	0.24

Match Group, Inc.		(150	)		(17,517	)	0.26

Snap, Inc., Class A		(400	)		(15,756	)	0.23

					(49,426	)


Internet & Direct Marketing Retail
Duluth Holdings, Inc., Class B		(2,900	)		(44,486	)	0.69

Expedia Group, Inc.		(100	)		(9,415	)	0.15

Liquidity Services, Inc.		(2,550	)		(21,751	)	0.34

					(75,652	)


Internet Services & Infrastructure
MongoDB, Inc.		(100	)		(22,847	)	0.36

Switch, Inc., Class A		(1,250	)		(17,575	)	0.29

Twilio, Inc. Class A		(50	)		(13,948	)	0.21

					(54,370	)


Investment Banking & Brokerage
Greenhill & Co., Inc.		(2,200	)		(28,446	)	0.43

Interactive Brokers Group,

Inc., Class A		(600	)		(28,542	)	0.44

Moelis & Co. Class A		(200	)		(7,440	)	0.11

					(64,428	)


IT Consulting & Other Services
LiveRamp Holdings, Inc.		(50	)		(3,305	)	0.05


Leisure Facilities
Vail Resorts, Inc.		(50	)		(11,602	)	0.18


Leisure Products
Brunswick Corp.		(400	)		(25,484	)	0.36

Hasbro, Inc.		(150	)		(12,408	)	0.20

					(37,892	)


Life & Health Insurance
Trupanion, Inc.		(250	)		(17,885	)	0.27


Life Sciences Tools & Services
Adaptive Biotechnologies Corp.		(200	)		(9,216	)	0.14

ChromaDex Corp.		(4,300	)		(19,393	)	0.31

Illumina, Inc.		(80	)		(23,416	)	0.38

NeoGenomics, Inc.		(350	)		(13,730	)	0.22

					(65,755	)


Marine
Eagle Bulk Shipping, Inc.		(250	)		(3,440	)	0.06


	Shares			Value			Percentage of Reference Entities

Marine–(continued)
Genco Shipping & Trading Ltd.		(650	)	$	(4,199	)	0.07

					(7,639	)


Metal & Glass Containers
Ball Corp.		(200	)		(17,800	)	0.27

O-I Glass, Inc.		(500	)		(4,715	)	0.08

					(22,515	)


Movies & Entertainment
Cinemark Holdings, Inc.		(2,450	)		(20,065	)	0.33

Gaia, Inc.		(1,400	)		(14,196	)	0.21

Lions Gate Entertainment Corp., Class A		(600	)		(4,020	)	0.07

Live Nation Entertainment, Inc.		(600	)		(29,280	)	0.50

Reading International, Inc.		(1,050	)		(2,457	)	0.04

Roku, Inc.		(400	)		(80,960	)	1.30

Walt Disney Co. (The)		(150	)		(18,188	)	0.28

World Wrestling Entertainment, Inc., Class A		(700	)		(25,452	)	0.40

					(194,618	)


Multi-Utilities
Algonquin Power & Utilities Corp.		(750	)		(11,363	)	0.17

Dominion Energy, Inc.		(100	)		(8,034	)	0.12

					(19,397	)


Oil & Gas Equipment & Services
Natural Gas Services Group, Inc.		(550	)		(4,785	)	0.07


Oil & Gas Exploration & Production
Concho Resources, Inc.		(100	)		(4,151	)	0.07

Diamondback Energy, Inc.		(400	)		(10,384	)	0.17

Hess Corp.		(400	)		(14,888	)	0.23

Matador Resources Co.		(1,600	)		(11,312	)	0.21

Ring Energy, Inc.		(8,000	)		(4,087	)	0.08

					(44,822	)


Oil & Gas Refining & Marketing
Delek US Holdings, Inc.		(350	)		(3,521	)	0.06

Marathon Petroleum Corp.		(300	)		(8,850	)	0.13

Phillips 66		(400	)		(18,664	)	0.29

					(31,035	)


Oil & Gas Storage & Transportation

Cheniere Energy, Inc.		(1,250	)		(59,837	)	0.92

ONEOK, Inc.		(1,550	)		(44,950	)	0.70

Williams Cos., Inc. (The)		(350	)		(6,717	)	0.10

					(111,504	)


Packaged Foods & Meats
Beyond Meat, Inc.		(550	)		(78,336	)	1.39

Hormel Foods Corp.		(150	)		(7,304	)	0.11

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

19 Invesco All Cap Market Neutral Fund


	Shares			Value			Percentage of Reference Entities

Packaged Foods & Meats–(continued)

Landec Corp.		(500	)	$	(4,805	)	0.07

Sanderson Farms, Inc.		(250	)		(31,992	)	0.46

					(122,437	)


Paper Packaging
Ranpak Holdings Corp.		(600	)		(5,118	)	0.09


Personal Products
Coty, Inc., Class A		(1,100	)		(3,190	)	0.06

Estee Lauder Cos., Inc. (The)		(50	)		(10,983	)	0.17

					(14,173	)


Pharmaceuticals
Aclaris Therapeutics, Inc.		(1,150	)		(4,416	)	0.07

Aerie Pharmaceuticals, Inc.		(1,500	)		(15,915	)	0.21

cbdMD, Inc.		(2,200	)		(4,510	)	0.07

Evolus, Inc.		(1,900	)		(5,757	)	0.10

Johnson & Johnson		(200	)		(27,422	)	0.43

Nektar Therapeutics		(1,450	)		(22,968	)	0.37

Ocular Therapeutix, Inc.		(2,700	)		(25,650	)	0.41

Paratek Pharmaceuticals, Inc.		(2,850	)		(13,595	)	0.21

Pfizer, Inc.		(200	)		(7,096	)	0.11

Revance Therapeutics, Inc.		(750	)		(19,410	)	0.26

TherapeuticsMD, Inc.		(20,850	)		(25,437	)	0.47

Xeris Pharmaceuticals, Inc.		(2,400	)		(11,352	)	0.19

Zoetis, Inc.		(150	)		(23,782	)	0.36

					(207,310	)


Property & Casualty Insurance
Erie Indemnity Co. Class A		(100	)		(23,287	)	0.34

Markel Corp.		(25	)		(23,320	)	0.37

Travelers Cos., Inc. (The)		(50	)		(6,036	)	0.09

United Insurance Holdings Corp.		(1,750	)		(7,682	)	0.13

					(60,325	)


Publishing
Gannett Co., Inc.		(4,000	)		(4,600	)	0.08


Real Estate Services
eXp World Holdings, Inc.		(250	)		(10,598	)	0.16


Regional Banks
Allegiance Bancshares, Inc.		(1,250	)		(35,375	)	0.50

Banc of California, Inc.		(3,400	)		(40,800	)	0.59

Bank First Corp.		(200	)		(12,802	)	0.19

Berkshire Hills Bancorp, Inc.		(2,500	)		(32,575	)	0.43

Business First Bancshares, Inc.		(300	)		(4,983	)	0.08

Cadence BanCorp		(2,050	)		(23,001	)	0.36

Cambridge Bancorp		(100	)		(6,209	)	0.09

ChoiceOne Financial Services, Inc.		(100	)		(2,876	)	0.04

Citizens & Northern Corp.		(250	)		(4,235	)	0.07


	Shares			Value			Percentage of Reference Entities

Regional Banks–(continued)
Comerica, Inc.		(250	)	$	(11,377	)	0.17

CrossFirst Bankshares, Inc.		(550	)		(4,593	)	0.08

Cullen/Frost Bankers, Inc.		(400	)		(28,108	)	0.41

Equity Bancshares, Inc., Class A		(1,050	)		(19,299	)	0.30

Farmers & Merchants Bancorp, Inc.		(200	)		(4,012	)	0.06

First Bancshares, Inc. (The)		(400	)		(9,536	)	0.14

First Community Bankshares, Inc.		(200	)		(3,796	)	0.06

First Mid Bancshares, Inc.		(200	)		(5,552	)	0.09

Great Western Bancorp, Inc.		(550	)		(7,144	)	0.12

Heritage Financial Corp.		(1,750	)		(36,680	)	0.57

Howard Bancorp, Inc.		(700	)		(7,091	)	0.11

Independent Bank Corp.		(100	)		(5,729	)	0.08

Live Oak Bancshares, Inc.		(3,350	)		(123,635	)	1.62

Mid Penn Bancorp, Inc.		(250	)		(4,887	)	0.07

Northeast Bank		(250	)		(4,798	)	0.08

Origin Bancorp, Inc.		(1,100	)		(24,607	)	0.39

Pacific Mercantile Bancorp		(750	)		(2,783	)	0.04

Republic First Bancorp, Inc.		(1,950	)		(4,349	)	0.07

Spirit of Texas Bancshares, Inc.		(650	)		(8,261	)	0.13

TCF Financial Corp.		(150	)		(4,082	)	0.06

Triumph Bancorp, Inc.		(2,050	)		(86,366	)	1.34

Webster Financial Corp.		(700	)		(22,547	)	0.34

WesBanco, Inc.		(550	)		(13,359	)	0.20

					(605,447	)


Reinsurance
Alleghany Corp.		(20	)		(10,939	)	0.17

Greenlight Capital Re Ltd., Class A		(2,250	)		(15,187	)	0.23

Reinsurance Group of America, Inc.		(150	)		(15,153	)	0.24

					(41,279	)


Residential REITs
Preferred Apartment Communities, Inc. Class A		(3,250	)		(17,550	)	0.26

UMH Properties, Inc.		(900	)		(12,267	)	0.19

					(29,817	)


Restaurants
Darden Restaurants, Inc.		(100	)		(9,192	)	0.15

Dave & Buster’s Entertainment, Inc.		(300	)		(5,148	)	0.09

					(14,340	)


Retail REITs
CBL & Associates Properties, Inc.		(22,850	)		(3,450	)	0.06

Macerich Co. (The)		(4,850	)		(33,756	)	0.53

Seritage Growth Properties Class A		(1,750	)		(22,277	)	0.35

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

20 Invesco All Cap Market Neutral Fund


	Shares			Value			Percentage of Reference Entities

Retail REITs–(continued)
Simon Property Group, Inc.		(250	)	$	(15,703	)	0.24

					(75,186	)


Security & Alarm Services
Brink’s Co. (The)		(300	)		(12,849	)	0.20


Semiconductor Equipment
Atomera, Inc.		(950	)		(7,743	)	0.13

AXT, Inc.		(4,300	)		(25,585	)	0.36

Enphase Energy, Inc.		(150	)		(14,713	)	0.23

PDF Solutions, Inc.		(2,500	)		(46,850	)	0.73

					(94,891	)


Semiconductors
Alpha & Omega Semiconductor Ltd.		(1,350	)		(21,411	)	0.33

Cree, Inc.		(1,050	)		(66,780	)	1.11

Everspin Technologies, Inc.		(1,300	)		(9,555	)	0.15

First Solar, Inc.		(550	)		(47,875	)	0.67

GSI Technology, Inc.		(800	)		(4,888	)	0.08

Marvell Technology Group Ltd.		(900	)		(33,759	)	0.54

Maxeon Solar Technologies Ltd.		(243	)		(3,937	)	0.06

ON Semiconductor Corp.		(1,550	)		(38,889	)	0.59

Pixelworks, Inc.		(2,100	)		(4,662	)	0.08

SunPower Corp.		(1,450	)		(23,186	)	0.35

Universal Display Corp.		(100	)		(19,831	)	0.28

Xilinx, Inc.		(250	)		(29,672	)	0.41

					(304,445	)


Soft Drinks
National Beverage Corp.		(200	)		(15,658	)	0.26


Specialized Consumer Services
Regis Corp.		(1,900	)		(10,526	)	0.19


Specialized REITs
CorEnergy Infrastructure Trust, Inc.		(1,400	)		(6,552	)	0.11

CoreSite Realty Corp.		(150	)		(17,904	)	0.27

Digital Realty Trust, Inc.		(200	)		(28,860	)	0.45

EPR Properties		(150	)		(3,576	)	0.06

Outfront Media, Inc.		(150	)		(1,967	)	0.03

PotlatchDeltic Corp.		(150	)		(6,232	)	0.10

Uniti Group, Inc.		(700	)		(6,174	)	0.10

					(71,265	)


Specialty Chemicals
Advanced Emissions Solutions, Inc.		(1,350	)		(6,008	)	0.09


	Shares			Value			Percentage of Reference Entities

Specialty Chemicals–(continued)
Albemarle Corp.		(350	)	$	(32,623	)	0.49

Amyris, Inc.		(7,900	)		(19,750	)	0.33

Flotek Industries, Inc.		(4,300	)		(10,664	)	0.17

					(69,045	)


Specialty Stores
Five Below, Inc.		(550	)		(73,337	)	1.08

Ulta Beauty, Inc.		(100	)		(20,677	)	0.35

					(94,014	)


Steel
Allegheny Technologies, Inc.		(1,150	)		(10,591	)	0.16

Contura Energy, Inc.		(1,100	)		(7,095	)	0.13

Haynes International, Inc.		(250	)		(4,053	)	0.06

Ramaco Resources, Inc.		(1,350	)		(3,780	)	0.06

United States Steel Corp.		(7,000	)		(67,620	)	0.96

Worthington Industries, Inc.		(250	)		(12,302	)	0.19

					(105,441	)


Systems Software
Appian Corp.		(500	)		(31,650	)	0.58

FireEye, Inc.		(1,650	)		(22,836	)	0.35

Palo Alto Networks, Inc.		(100	)		(22,119	)	0.35

					(76,605	)


Technology Hardware, Storage & Peripherals
3D Systems Corp.		(1,600	)		(9,104	)	0.19

Intevac, Inc.		(900	)		(4,752	)	0.08

Stratasys Ltd.		(900	)		(11,502	)	0.21

					(25,358	)


Thrifts & Mortgage Finance
Northwest Bancshares, Inc.		(2,100	)		(22,407	)	0.33


Trading Companies & Distributors
EVI Industries, Inc.		(250	)		(7,303	)	0.10

SiteOne Landscape Supply, Inc.		(300	)		(35,847	)	0.55

					(43,150	)


Trucking
Lyft, Inc.		(350	)		(7,991	)	0.13

Uber Technologies, Inc.		(100	)		(3,341	)	0.05

YRC Worldwide, Inc.		(2,300	)		(9,016	)	0.16

					(20,348	)


Water Utilities
Cadiz, Inc.		(1,350	)		(12,893	)	0.20

Total Equity Securities - Short				$	(6,407,070	)

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

21 Invesco All Cap Market Neutral Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $5,388,674)	$	6,332,000

Investments in affiliated money market funds, at value (Cost $278,480)		278,480

Other investments:
Unrealized appreciation on swap agreements – OTC		404,671

Deposits with brokers:
Cash collateral – OTC Derivatives		48,294

Foreign currencies, at value (Cost $370)		391

Receivable for:
Investments sold		1,085,534

Fund shares sold		576

Fund expenses absorbed		15,770

Dividends		2,867

Investment for trustee deferred compensation and retirement plans		17,948

Other assets		16,315

Total assets		8,202,846


Liabilities:
Other investments:
Swaps payable – OTC		1,462

Payable for:
Investments purchased		21,959

Fund shares reacquired		86,573

Amount due custodian		970,627

Accrued fees to affiliates		11,113

Accrued other operating expenses		71,744

Trustee deferred compensation and retirement plans		17,948

Total liabilities		1,181,426

Net assets applicable to shares outstanding	$	7,021,420


Net assets consist of:
Shares of beneficial interest	$	9,779,399

Distributable earnings (loss)		(2,757,979	)

	$	7,021,420


Net Assets:
Class A	$	4,044,210

Class C	$	1,331,356

Class R	$	34,929

Class Y	$	1,571,333

Class R5	$	6,088

Class R6	$	33,504


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		692,997

Class C		241,560

Class R		6,085

Class Y		263,736

Class R5		1,018

Class R6		5,617

Class A:
Net asset value per share	$	5.84

Maximum offering price per share (Net asset value of $5.84 ÷ 94.50%)	$	6.18

Class C:
Net asset value and offering price per share	$	5.51

Class R:
Net asset value and offering price per share	$	5.74

Class Y:
Net asset value and offering price per share	$	5.96

Class R5:
Net asset value and offering price per share	$	5.98

Class R6:
Net asset value and offering price per share	$	5.96

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

22 Invesco All Cap Market Neutral Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $3,276)	$	736,237

Dividends from affiliated money market funds		43,830

Total investment income		780,067


Expenses:
Advisory fees		384,546

Administrative services fees		8,684

Custodian fees		8,104

Distribution fees:
Class A		16,152

Class C		19,441

Class R		273

Transfer agent fees – A, C, R and Y		20,107

Transfer agent fees – R6		397

Trustees’ and officers’ fees and benefits		18,078

Registration and filing fees		74,300

Reports to shareholders		19,611

Professional services fees		50,551

Other		12,968

Total expenses		633,212

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(37,238	)

Net expenses		595,974

Net investment income		184,093


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(3,405,373	)

Foreign currencies		(38	)

Swap agreements		(5,127,215	)

		(8,532,626	)

Change in net unrealized appreciation (depreciation) of:
Investment securities		(396,437	)

Foreign currencies		19

Swap agreements		255,493

		(140,925	)

Net realized and unrealized gain (loss)		(8,673,551	)

Net increase (decrease) in net assets resulting from operations	$	(8,489,458	)

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

23 Invesco All Cap Market Neutral Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	184,093		$	331,787

Net realized gain (loss)		(8,532,626	)		(2,435,339	)

Change in net unrealized appreciation (depreciation)		(140,925	)		(7,560,427	)

Net increase (decrease) in net assets resulting from operations		(8,489,458	)		(9,663,979	)


Distributions to shareholders from distributable earnings:

Class A		–			(912,531	)


Class C		–			(285,692	)


Class R		–			(9,315	)


Class Y		–			(2,160,772	)


Class R5		–			(845	)


Class R6		–			(5,706,725	)

Total distributions from distributable earnings		–			(9,075,880	)


Share transactions–net:

Class A		(2,305,934	)		49,194


Class C		(59,155	)		(251,085	)


Class R		(18,926	)		(3,802	)


Class Y		(1,656,476	)		(16,295,464	)


Class R6		(43,584,511	)		525,442

Net increase (decrease) in net assets resulting from share transactions		(47,625,002	)		(15,975,715	)

Net increase (decrease) in net assets		(56,114,460	)		(34,715,574	)


Net assets:
Beginning of year		63,135,880			97,851,454

End of year	$	7,021,420		$	63,135,880

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

24 Invesco All Cap Market Neutral 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 (including interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (including interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed			Ratio of net investment (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/20	$ 7.07		$ 0.02	^(d)		$ (1.25)			$ (1.23)			$ -			$ -			$ -			$ 5.84		(17.40	)%		$ 4,044		1.49	%^(e)		1.70	%^(e)		1.49	%^(e)		1.70	%^(e)		0.23	%^(d)(e)		73	%
Year ended 10/31/19	8.70		0.01	^(d)		(0.81	)		(0.80	)		-			(0.83	)		(0.83	)		7.07		(9.99	)		7,544		1.49			1.54			1.49			1.54			0.13	^(d)		75
Year ended 10/31/18	10.07		(0.06	)		(0.14	)		(0.20	)		-			(1.17	)		(1.17	)		8.70		(1.65	)		9,364		1.49			1.50			1.49			1.50			(0.68	)		125
Year ended 10/31/17	9.80		(0.05	)		0.33			0.28			-			(0.01	)		(0.01	)		10.07		2.81			11,085		1.43			1.48			1.43			1.48			(0.50	)		162
Year ended 10/31/16	11.92		(0.03	)		(0.76	)		(0.79	)		(1.33	)		-			(1.33	)		9.80		(7.42	)		42,539		1.61			1.85			1.61			1.85			(0.26	)		168
Class C
Year ended 10/31/20	6.71		(0.03	)^(d)		(1.17	)		(1.20	)		-			-			-			5.51		(17.88	)		1,331		2.24	^(e)		2.45	^(e)		2.24	^(e)		2.45	^(e)		(0.52	)^(d)(e)		73
Year ended 10/31/19	8.37		(0.04	)^(d)		(0.79	)		(0.83	)		-			(0.83	)		(0.83	)		6.71		(10.82	)		1,842		2.24			2.29			2.24			2.29			(0.62	)^(d)		75
Year ended 10/31/18	9.80		(0.12	)		(0.14	)		(0.26	)		-			(1.17	)		(1.17	)		8.37		(2.37	)		2,683		2.24			2.25			2.24			2.25			(1.43	)		125
Year ended 10/31/17	9.60		(0.12	)		0.33			0.21			-			(0.01	)		(0.01	)		9.80		2.14			4,856		2.18			2.23			2.18			2.23			(1.25	)		162
Year ended 10/31/16	11.76		(0.10	)		(0.76	)		(0.86	)		(1.30	)		-			(1.30	)		9.60		(8.19	)		10,136		2.36			2.60			2.36			2.60			(1.01	)		168
Class R
Year ended 10/31/20	6.95		(0.00	)^(d)		(1.21	)		(1.21	)		-			-			-			5.74		(17.41	)		35		1.74	^(e)		1.95	^(e)		1.74	^(e)		1.95	^(e)		(0.02	)^(d)(e)		73
Year ended 10/31/19	8.59		(0.01	)^(d)		(0.80	)		(0.81	)		-			(0.83	)		(0.83	)		6.95		(10.26	)		64		1.74			1.79			1.74			1.79			(0.12	)^(d)		75
Year ended 10/31/18	9.98		(0.08	)		(0.14	)		(0.22	)		-			(1.17	)		(1.17	)		8.59		(1.87	)		87		1.74			1.75			1.74			1.75			(0.93	)		125
Year ended 10/31/17	9.73		(0.07	)		0.33			0.26			-			(0.01	)		(0.01	)		9.98		2.63			109		1.68			1.73			1.68			1.73			(0.75	)		162
Year ended 10/31/16	11.86		(0.05	)		(0.76	)		(0.81	)		(1.32	)		-			(1.32	)		9.73		(7.66	)		104		1.86			2.10			1.86			2.10			(0.51	)		168
Class Y
Year ended 10/31/20	7.18		0.03	^(d)		(1.25	)		(1.22	)		-			-			-			5.96		(16.99	)		1,571		1.24	^(e)		1.45	^(e)		1.24	^(e)		1.45	^(e)		0.48	^(d)(e)		73
Year ended 10/31/19	8.81		0.03	^(d)		(0.83	)		(0.80	)		-			(0.83	)		(0.83	)		7.18		(9.85	)		3,693		1.24			1.29			1.24			1.29			0.38	^(d)		75
Year ended 10/31/18	10.15		(0.04	)		(0.13	)		(0.17	)		-			(1.17	)		(1.17	)		8.81		(1.30	)		24,669		1.24			1.25			1.24			1.25			(0.43	)		125
Year ended 10/31/17	9.85		(0.03	)		0.34			0.31			-			(0.01	)		(0.01	)		10.15		3.10			40,875		1.18			1.23			1.18			1.23			(0.25	)		162
Year ended 10/31/16	11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		-			(1.35	)		9.85		(7.24	)		41,369		1.36			1.60			1.36			1.60			(0.01	)		168
Class R5
Year ended 10/31/20	7.21		0.03	^(d)		(1.26	)		(1.23	)		-			-			-			5.98		(17.06	)		6		1.24	^(e)		1.27	^(e)		1.24	^(e)		1.27	^(e)		0.48	^(d)(e)		73
Year ended 10/31/19	8.83		0.04	^(d)		(0.83	)		(0.79	)		-			(0.83	)		(0.83	)		7.21		(9.70	)		7		1.11			1.12			1.11			1.12			0.51	^(d)		75
Year ended 10/31/18	10.18		(0.02	)		(0.16	)		(0.18	)		-			(1.17	)		(1.17	)		8.83		(1.38	)		9		1.11			1.12			1.11			1.12			(0.30	)		125
Year ended 10/31/17	9.86		(0.02	)		0.35			0.33			-			(0.01	)		(0.01	)		10.18		3.30			10		1.10			1.12			1.10			1.12			(0.17	)		162
Year ended 10/31/16	11.97		(0.00	)		(0.76	)		(0.76	)		(1.35	)		-			(1.35	)		9.86		(7.15	)		493		1.36			1.45			1.36			1.45			(0.01	)		168
Class R6
Year ended 10/31/20	7.20		0.03	^(d)		(1.27	)		(1.24	)		-			-			-			5.96		(17.22	)		34		1.24	^(e)		1.27	^(e)		1.24	^(e)		1.27	^(e)		0.48	^(d)(e)		73
Year ended 10/31/19	8.82		0.04	^(d)		(0.83	)		(0.79	)		-			(0.83	)		(0.83	)		7.20		(9.71	)		49,985		1.11			1.12			1.11			1.12			0.51	^(d)		75
Year ended 10/31/18	10.16		(0.03	)		(0.14	)		(0.17	)		-			(1.17	)		(1.17	)		8.82		(1.29	)		61,040		1.11			1.12			1.11			1.12			(0.30	)		125
Year ended 10/31/17	9.85		(0.02	)		0.34			0.32			-			(0.01	)		(0.01	)		10.16		3.20			71,774		1.10			1.12			1.10			1.12			(0.17	)		162
Year ended 10/31/16	11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		-			(1.35	)		9.85		(7.24	)		73,442		1.36			1.44			1.36			1.44			(0.01	)		168

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(d)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.00 and (0.05)%, $(0.05) and (0.80)%, $(0.02) and (0.30)%, $0.01 and 0.20%, $0.01 and 0.20% and $0.01 and 0.20% 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, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.02) and (0.29)%, $(0.07) and (1.04)%, $(0.04) and (0.54)%, $(0.00) and (0.04)%, $0.01 and 0.09% and $0.01 and 0.09% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $6,461, $1,942, $55, $2,675, $7 and $34,102 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.

25 Invesco All Cap Market Neutral Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco All Cap Market Neutral 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 a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

26 Invesco All Cap Market Neutral Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. 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.

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

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

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.

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

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.

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. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

27 Invesco All Cap Market Neutral Fund

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

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

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

Interest rate, total return, 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.

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 equity 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 Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master 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.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate
First $ 250 million		0.850	%
Next $250 million		0.820	%
Next $500 million		0.800	%
Next $1.5 billion		0.770	%
Next $2.5 billion		0.750	%
Next $2.5 billion		0.720	%
Next $2.5 billion		0.700	%
Over $10 billion		0.670	%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.85%.

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, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund

28 Invesco All Cap Market Neutral 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, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $6,522 and reimbursed class level expenses of $13,197, $3,909, $112, $5,479, $1 and $7,893 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, 2020, 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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $1,212 in front-end sales commissions from the sale of Class A shares and $0 and $108 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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	$	6,332,000	$	–		$0	$	6,332,000
Money Market Funds		278,480		–		–		278,480
Total Investments in Securities		6,610,480		–		0		6,610,480

Other Investments - Assets*
Swap Agreements		–		404,671		–		404,671
Total Investments	$	6,610,480	$	404,671		$0	$	7,015,151

*	Unrealized appreciation.

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.

29 Invesco All Cap Market Neutral 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, 2020:


	Value
Derivative Assets	Equity Risk

Unrealized appreciation on swap agreements – OTC	$	404,671

Derivatives not subject to master netting agreements		-

Total Derivative Assets subject to master netting agreements	$	404,671

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, 2020.

Financial
Derivative
Assets

Financial
Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Swap
Agreements

Net Value of Derivatives

Non-Cash

Cash

Net
Amount

Morgan Stanley & Co. LLC

$404,671

$1,462

$403,209

$–

$403,209

Effect of Derivative Investments for the year ended October 31, 2020

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


	Location of Gain (Loss) on Statement of Operations
	Equity Risk

Realized Gain (Loss):
Swap agreements	$	(5,127,215	)

Change in Net Unrealized Appreciation:
Swap agreements		255,493

Total		$(4,871,722)

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


	Swap
	Agreements

Average notional value	$	38,110,417

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, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $125.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019

Long-term capital gain		$-	$	9,020,212

Return of capital		-		55,668

Total distributions		$-	$	9,075,880

30 Invesco All Cap Market Neutral Fund

Tax Components of Net Assets at Period-End:


	2020

Net unrealized appreciation – investments	$	916,820

Net unrealized appreciation – foreign currencies		21

Temporary book/tax differences		(13,591	)

Capital loss carryforward		(3,661,229	)

Shares of beneficial interest		9,779,399

Total net assets	$	7,021,420

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 swap agreements.

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 carryforwards 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, 2020, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$43,305

$3,617,924

$3,661,229

*	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. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $28,894,298 and $74,173,130, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	1,414,848

Aggregate unrealized (depreciation) of investments		(498,028	)

Net unrealized appreciation of investments	$	916,820

Cost of investments for tax purposes is $6,098,331.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses and swap agreements income, on October 31, 2020, undistributed net investment income was decreased by $347,349, undistributed net realized gain (loss) was increased by $5,139,817 and shares of beneficial interest was decreased by $4,792,468. 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, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		244,711		$	1,617,556			155,720		$	1,178,314

Class C		279,275			1,836,184			88,455			674,121

Class R		2,341			15,154			4,563			33,984

Class Y		151,330			1,036,957			900,668			6,918,352

Class R6		1,409,371			9,737,233			1,468,766			10,889,897


Issued as reinvestment of dividends:
Class A		-			-			112,270			865,605

Class C		-			-			35,418			261,383

Class R		-			-			1,116			8,484

Class Y		-			-			212,696			1,663,279

Class R6		-			-			728,720			5,705,879


Automatic conversion of Class C shares to Class A shares:
Class A		483			2,938			8,993			67,203

Class C		(512	)		(2,938	)		(9,421	)		(67,203	)

31 Invesco All Cap Market Neutral Fund


	Summary of Share Activity

	Year ended						Year ended
	October 31, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount

Reacquired:
Class A		(619,743	)	$	(3,926,428	)		(285,254	)	$	(2,061,928	)

Class C		(311,606	)		(1,892,401	)		(160,659	)		(1,119,386	)

Class R		(5,449	)		(34,080	)		(6,577	)		(46,270	)

Class Y		(401,715	)		(2,693,433	)		(3,400,746	)		(24,877,095	)

Class R6		(8,346,402	)		(53,321,744	)		(2,174,684	)		(16,070,334	)

Net increase (decrease) in share activity		(7,597,916	)	$	(47,625,002	)		(2,319,956	)	$	(15,975,715	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 59% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 13–Significant Event

On October 20, 2020, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on October 22, 2020. The Fund will be liquidated on or about December 22, 2020.

32 Invesco All Cap Market Neutral Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco All Cap Market Neutral Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco All Cap Market Neutral Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 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, 2020 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 29, 2020

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.

33 Invesco All Cap Market Neutral 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, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²
Class A	$1,000.00	$885.40	$7.06	$1,017.65	$7.56	1.49%
Class C	1,000.00	883.60	10.61	1,013.88	11.34	2.24
Class R	1,000.00	884.80	8.24	1,016.39	8.82	1.74
Class Y	1,000.00	887.40	5.88	1,018.90	6.29	1.24
Class R5	1,000.00	883.30	5.87	1,018.90	6.29	1.24
Class R6	1,000.00	880.40	5.86	1,018.90	6.29	1.24

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, 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 184/366 to reflect the most recent fiscal half year.

34 Invesco All Cap Market Neutral Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 All Cap Market Neutral 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, 2020. 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’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. 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 addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, 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. This information is current as of June 3, 2020.

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

Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

35 Invesco All Cap Market Neutral Fund

Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the valuation and price momentum components of the Fund’s multi-factor model investment process detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their 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 does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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 the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative 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.

The Board also compared the Fund’s effective advisory fee rate (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, 2019.

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment 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 noted 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 certain Funds on an individual fund level. 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 received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. 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 periodic reports from Invesco representing 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 pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers 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 amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the

36 Invesco All Cap Market Neutral Fund

federal securities laws and consistent with best execution obligations.

37 Invesco All Cap Market Neutral 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 advisors.

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, 2020:

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

38 Invesco All Cap Market Neutral Fund

Trustees and Officers

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee

Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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 All Cap Market Neutral 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

Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)

David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association

Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)

Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine

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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

T-2 Invesco All Cap Market Neutral 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)

Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None

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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

T-3 Invesco All Cap Market Neutral 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)

Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None

Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None

Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None

James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

T-4 Invesco All Cap Market Neutral Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-5 Invesco All Cap Market Neutral Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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, The Invesco Funds and Senior Vice President 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

T-6 Invesco All Cap Market Neutral 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)

Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-7 Invesco All Cap Market Neutral Fund

LOGO

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on 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/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most 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.

LOGO


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



		Annual Report to Shareholders		October 31, 2020

		Invesco Balanced-Risk Allocation Fund
		Nasdaq:
		A: ABRZX ∎ C: ABRCX ∎ R: ABRRX ∎ Y: ABRYX ∎ R5: ABRIX ∎ R6: ALLFX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Balanced-Risk Allocation Fund

LOGO

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Balanced-Risk Allocation Fund

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2020, 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, 10/31/19 to 10/31/20, 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	-0.55	%
Class C Shares	-1.36
Class R Shares	-0.77
Class Y Shares	-0.34
Class R5 Shares	-0.26
Class R6 Shares	-0.21
S&P 500 Index^q(Broad Market Index)	9.71
Custom Invesco Balanced-Risk Allocation Style Index^∎ (Style-Specific Index)	6.23
Lipper Alternative Global Macro Funds Index^◆ (Peer Group Index)	-1.05
Source(s):^qRIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.;^◆Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2020, the Fund at NAV reported negative absolute performance as two of the major asset classes in which the Fund invests (stocks and commodities) detracted from Fund performance. The Fund invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic allocation portion of the investment process involves first selecting representative assets for each asset class (equities, fixed income and commodities) from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our equity, fixed income and commodity allocations. Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try and take advantage of short-term market dynamics.

The Fund’s strategic exposure to developed equity markets, obtained through the use of swaps and futures, detracted from results for the fiscal year with four of the six markets in which the Fund invests delivering negative returns. In the early months of 2020 global equity markets witnessed one of the most rapid descents into bear market territory on record, due to the economic shutdowns triggered by the global spread of the coronavirus (COVID-19). This was followed by a rather choppy rebound in the latter part of the fiscal year, as equity markets started to recover in response to the gradual reopening of economies and the large-scale fiscal and monetary policy actions of central banks. UK stocks were the largest drag on performance from the asset class over the fiscal year, followed by exposures to Europe, Hong Kong and Japan. UK and European equities were

weighted down by ongoing challenges to contain the spread of COVID-19 within the region as well as weak economic data and heightened Brexit tensions. In Asia, Hong Kong struggled with geopolitical tensions while Japan posted a milder decline as markets responded favorably to the election of Yoshihide Suga to replace Shinzo Abe. The US large- and small-cap exposures ended the fiscal year with positive results, as markets cheered the massive stimulus program from the US Federal Reserve which triggered a powerful rebound from the COVID-19 lows. Tactical positioning in equities detracted from results during the fiscal year, as the Fund was positioned with a slight overweight to equities heading into the steep selloff in March 2020.

The Fund’s strategic exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, detracted from Fund performance for the fiscal year as steep losses in energy outweighed gains in precious metals, agriculture and industrial metals. Strategic exposure to energy was the primary detractor from the Fund’s performance during the fiscal year with widespread price declines across crude oil, distillates and natural gas. Energy prices sharply plummeted as economic activity was ground to a halt in an attempt to contain the spread of COVID-19. The decline began in January in response to early reports of the virus outbreak in China. Then, on March 9, Saudi Arabia made the dire decision to lower prices and increase supply after a failed attempt to get Russia’s agreement to reduce output. Brent crude oil and West Texas Intermediate (WTI) suffered the steepest declines over the fiscal year followed by distillates, including gasoline, heating oil and gasoil, on an expected surge in oil supply.

The Fund’s strategic exposure to precious metals was a contributor to performance for the fiscal year as the sub-complex benefited

from a decline in the US dollar, low real interest rates¹ and demand for safe-haven exposure given the weak state of the global economy. Strategic exposure to agriculture also contributed to performance as the sub-complex benefited from a combination of Chinese buying, a falling dollar and weather-related events towards the end of the fiscal year. Finally, strategic exposure to industrial metals contributed to performance as gains from copper offset losses from aluminum. Copper prices advanced as China’s manufacturing data improved once the COVID-19 lockdowns started to lift and due to the nation’s infrastructure-based stimulus measures. Additionally, supply outages reduced copper inventories as mines were closed in Chile, Peru and other parts of Latin America which further supported prices. Tactical positioning in commodities contributed to the Fund’s performance during the fiscal year with positioning in energy, precious metals and industrial metals all aiding results.

The Fund’s strategic exposure to global government bonds, obtained through the use of swaps and futures, contributed to returns with all five bond exposures delivering gains for the fiscal year. The global spread of COVID-19 ushered-in significant economic uncertainty during the fiscal year, which created a favorable environment for government bonds. Yields fell in each of the bond markets in which the Fund was invested, as bonds delivered safe haven returns with investors seeking to escape the volatility in risky assets and as central banks pointed to rates being held at exceptionally low levels for the foreseeable future. While returns in this asset class were positive over the fiscal year, the path there was anything but. During the height of the cash crunch in March, bonds became a source of liquidity, sending prices lower and volatility higher. Massive intervention by central banks in March to thaw frozen credit markets and exhaustion of selling pressure combined to buoy bond prices back into positive territory. Results in the asset class were led by Canada, followed by the US, Australia, the UK and finally Japan. Tactical positioning to government bonds marginally detracted from the Fund’s results during the fiscal year largely due to underweight positions across markets heading into January, just as reports started to emerge about the virus outbreak in China.

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


4		Invesco Balanced-Risk Allocation Fund

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

1	Real interest rates reflect the nominal rate of interest on Treasury securities less inflation. A low rate implies that the purchasing power of interest earned may not keep pace with inflation.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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


5		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 10/31/10

LOGO

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.


6		Invesco Balanced-Risk Allocation Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (6/29/09)	5.62	%
10 Years	4.26
5 Years	3.11
1 Year	-6.02
Class C Shares
Inception (6/2/09)	5.57	%
10 Years	4.22
5 Years	3.50
1 Year	-2.25
Class R Shares
Inception (6/2/09)	5.88	%
10 Years	4.60
5 Years	4.04
1 Year	-0.77
Class Y Shares
Inception (6/2/09)	6.41	%
10 Years	5.11
5 Years	4.55
1 Year	-0.34
Class R5 Shares
Inception (6/2/09)	6.44	%
10 Years	5.15
5 Years	4.61
1 Year	-0.26
Class R6 Shares
10 Years	5.16	%
5 Years	4.68
1 Year	-0.21

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

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

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


7		Invesco Balanced-Risk Allocation Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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 Barclays U.S. Aggregate Bond Index. Effective December 1, 2009, the fixed income component of the Custom Balanced-Risk Allocation Style Index changed from the JP Morgan GBI Global (Traded) Index to the Bloomberg Barclays U.S. Aggregate Bond Index. The MSCI World Index is considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment-grade, fixed-rate bond market. The JP Morgan GBI Global (Traded) Index is considered representative of fixed-rate debt of developed government bond markets.

∎

The Lipper Alternative Global Macro Funds Index is an unmanaged index considered representative of alternative global macro funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Balanced-Risk Allocation Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2020

By asset class


Asset Class	Target Risk Contribution*		Notional Asset Weights**

Equities		38.03%		41.35%

Fixed Income		26.55		66.85

Commodities		35.42		39.88

Total		100.00%		148.08%

*	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.


9		Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

October 31, 2020


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. Treasury Securities–35.38%
U.S. Treasury Bills–13.83%^(a)
U.S. Treasury Bills		0.19	%		12/10/2020	$	114,900	$ 114,880,368

U.S. Treasury Bills		0.13	%		01/21/2021		133,000	132,975,617

U.S. Treasury Bills		0.10	%		04/22/2021		80,000	79,963,425

								327,819,410


U.S. Treasury Notes–21.55%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.25	%		01/31/2022		200,000	200,322,210

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.21	%		04/30/2022		150,000	150,179,809

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.16	%		07/31/2022		160,520	160,541,229

								511,043,248

Total U.S. Treasury Securities (Cost $838,323,867)								838,862,658


				Expiration Date
Commodity-Linked Securities–5.50%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)^(c)(d)					10/22/2021		49,900	57,761,510

RBC Capital Markets LLC, Commodity-Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 07 Excess Return Index) (Canada)^(c)(d)					10/28/2021		65,350	72,776,185

Total Commodity-Linked Securities (Cost $115,250,000)								130,537,695


						Shares
Money Market Funds–52.64%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(e)(f)							382,427,492	382,427,492

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(e)(f)							125,617,789	125,668,036

Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.11%^(e)(f)							67,985,494	67,985,494

Invesco Treasury Obligations Portfolio, Institutional Class, 0.01%^(e)(f)							524,000,000	524,000,000

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)							148,144,563	148,144,563

Total Money Market Funds (Cost $1,248,101,923)								1,248,225,585

TOTAL INVESTMENTS IN SECURITIES–93.52% (Cost $2,201,675,790)								2,217,625,938

OTHER ASSETS LESS LIABILITIES–6.48%								153,591,925

NET ASSETS–100.00%								$2,371,217,863

Investment Abbreviations:

EMTN - European Medium-Term Notes

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


10		Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

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

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2020.

^(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, 2020 was $130,537,695, which represented 5.51% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	470,844,999	$	733,207,996	$	(821,625,503	)		$ -		$ -		$	382,427,492		$ 2,822,443
Invesco Liquid Assets Portfolio, Institutional Class		94,446,018		508,777,409		(477,649,740	)		102,020		(7,671	)		125,668,036		887,916
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		188,690,152		952,818,546		(1,073,523,204	)		-		-			67,985,494		1,182,792
Invesco Treasury Obligations Portfolio, Institutional Class		705,000,000		-		(181,000,000	)		-		-			524,000,000		4,253,354
Invesco Treasury Portfolio, Institutional Class		151,050,285		809,380,567		(812,286,289	)		-		-			148,144,563		919,464
Total	$	1,610,031,454	$	3,004,184,518	$	(3,366,084,736	)		$102,020		$(7,671	)	$	1,248,225,585		$10,065,969

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.


Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Brent Crude		1,200		March-2021	$	47,628,000	$	(8,671,164	)	$	(8,671,164	)

Gasoline Reformulated Blendstock Oxygenate Blending		1,147		November-2020		49,725,203		(5,846,614	)		(5,846,614	)

New York Harbor Ultra-Low Sulfur Diesel		335		March-2021		15,754,179		(558,777	)		(558,777	)

Silver		669		December-2020		79,095,870		(10,279,509	)		(10,279,509	)

WTI Crude		643		April-2021		24,279,680		(1,562,611	)		(1,562,611	)

Subtotal								(26,918,675	)		(26,918,675	)

Equity Risk

E-Mini Russell 2000 Index		2,100		December-2020		161,364,000		3,090,349			3,090,349

E-Mini S&P 500 Index		837		December-2020		136,627,695		(5,238,909	)		(5,238,909	)

EURO STOXX 50 Index		3,930		December-2020		135,435,643		(16,208,781	)		(16,208,781	)

FTSE 100 Index		2,385		December-2020		171,899,157		(14,126,304	)		(14,126,304	)

Hang Seng Index		980		November-2020		152,685,327		(3,576,685	)		(3,576,685	)

Tokyo Stock Price Index		1,857		December-2020		279,006,734		(4,842,691	)		(4,842,691	)

Subtotal								(40,903,021	)		(40,903,021	)

Interest Rate Risk

Australia 10 Year Bonds		6,785		December-2020		713,059,563		6,006,567			6,006,567

Canada 10 Year Bonds		5,520		December-2020		625,790,588		(3,421,002	)		(3,421,002	)

Long Gilt		1,000		December-2020		175,773,381		(213,122	)		(213,122	)

U.S. Treasury Long Bonds		1,450		December-2020		250,079,687		(5,777,361	)		(5,777,361	)

Subtotal								(3,404,918	)		(3,404,918	)

Total Futures Contracts							$	(71,226,614	)	$	(71,226,614	)

^(a)	Futures contracts collateralized by $150,520,001 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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


11		Invesco Balanced-Risk Allocation Fund


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

Counterparty	Pay/ Receive		Reference Entity^(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Cargill, Inc.		Receive	Monthly Rebalance Commodity Excess Return Index		0.47	%		Monthly		83,500		February–2021	$	60,155,688		$–	$	1,789,973		$	1,789,973

Macquarie Bank Ltd.		Receive	Macquarie Aluminium Dynamic Selection Index		0.30			Monthly		850,000		December–2020		36,440,265		–		357,765			357,765

Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		199,500		June–2021		43,875,536		–		0			0

Merrill Lynch International		Receive	MLCX Aluminum Annual Excess Return Index		0.28			Monthly		22,000		October–2021		2,032,140		–		35,523			35,523

Merrill Lynch International		Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		47,500		September–2021		29,444,770		–		0			0

Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		95,000		November–2020		4,836,118		–		0			0

Subtotal – Appreciation																–		2,183,261			2,183,261

Commodity Risk

Barclays Bank PLC		Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26			Monthly		55,800		July–2021		29,818,750		–		(147,005	)		(147,005	)

Canadian Imperial Bank of Commerce		Receive	CIBC Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		472,000		April–2021		38,714,903		–		(96,005	)		(96,005	)

Cargill, Inc.		Receive	Single Commodity Index Excess Return		0.12			Monthly		49,500		December–2020		60,513,602		–		(916,240	)		(916,240	)

Goldman Sachs International		Receive	Goldman Sachs Commodity i-Select Strategy 1121		0.40			Monthly		343,000		October–2021		25,855,103		–		(175,297	)		(175,297	)

JPMorgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Copper Excess Return Index		0.25			Monthly		28,300		January–2021		11,749,605		–		(350,145	)		(350,145	)

JPMorgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		157,000		April–2021		18,781,204		–		(1,810,398	)		(1,810,398	)

JPMorgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		248,500		October–2021		35,410,032		–		(537,978	)		(537,978	)

Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30			Monthly		438,000		July–2021		37,140,648		–		(391,997	)		(391,997	)

Subtotal																–		(4,425,065	)		(4,425,065	)

Equity Risk

Goldman Sachs International		Receive	Hang Seng Index Futures		–			Monthly		9,650		November–2020		238,651,247		–		(714,117	)		(714,117	)

Subtotal – Depreciation																–		(5,139,182	)		(5,139,182	)

Total –Total Return Swap Agreements																$–	$	(2,955,921	)	$	(2,955,921	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $22,990,000.

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

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

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


12		Invesco Balanced-Risk Allocation Fund


Reference Entity Components


Reference Entity	Underlying Components	Percentage



Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index
	Long Futures Contracts

	Cocoa		0.00%

	Coffee ‘C’		5.71

	Corn		5.63

	Cotton No. 2		22.87

	Lean Hogs		0.57

	Live Cattle		0.51

	Soybeans		22.24

	Soybean Oil		5.31

	Soybean Meal		23.14

	Sugar No. 11		7.29

	Wheat		6.73

	Total		100.00%


RBC Enhanced Agricultural Basket 07 Excess Return Index
	Long Futures Contracts

	Cocoa		0.00%

	Coffee ‘C’		5.71

	Corn		5.63

	Cotton No. 2		22.87

	Lean Hogs		0.57

	Live Cattle		0.51

	Soybeans		22.24

	Soybean Oil		5.31

	Soybean Meal		23.14

	Sugar No. 11		7.29

	Wheat		6.73

	Total		100.00%


Monthly Rebalance Commodity Excess Return Index
	Long Futures Contracts

	Cocoa		0.00%

	Coffee ‘C’		5.71

	Corn		5.63

	Cotton No. 2		22.87

	Lean Hogs		0.57

	Live Cattle		0.51

	Soybeans		22.24

	Soybean Oil		5.31

	Soybean Meal		23.14

	Sugar No. 11		7.29

	Wheat		6.73

	Total		100.00%


Macquarie Aluminium Dynamic Selection Index
	Long Futures Contracts

	Aluminium		100.00%


Merrill Lynch Gold Excess Return Index
	Long Futures Contracts

	Gold		100.00%

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


13		Invesco Balanced-Risk Allocation Fund


Reference Entity Components–(continued)

Reference Entity	Underlying Components	Percentage


MLCX Aluminum Annual Excess Return Index
	Long Futures Contracts

	Aluminum		100.00%


MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts

	Copper		100.00%


MLCX Natural Gas Annual Excess Return Index
	Long Futures Contracts

	Natural Gas		100.00%


Barclays Commodity Strategy 1452 Excess Return Index
	Long Futures Contracts

	Copper		100.00%


CIBC Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts

	Copper		100.00%


Single Commodity Index Excess Return
	Long Futures Contracts

	Gold		100.00%


Goldman Sachs Commodity i-Select Strategy 1121
	Long Futures Contracts

	Cocoa		0.00%

	Coffee ’C’		5.71

	Corn		5.63

	Cotton No. 2		22.87

	Lean Hogs		0.57

	Live Cattle		0.51

	Soybeans		22.24

	Soybean Oil		5.31

	Soybean Meal		23.14

	Sugar No. 11		7.29

	Wheat		6.73

	Total		100.00%


J.P. Morgan Contag Beta Copper Excess Return Index
	Long Futures Contracts

	Copper		100.00%


J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts

	Gas Oil		100.00%


S&P GSCI Gold Index Excess Return
	Long Futures Contracts

	Gold		100.00%

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


14		Invesco Balanced-Risk Allocation Fund


Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

S&P GSCI Aluminum Dynamic Roll Index Excess Return
	Long Futures Contracts

	Aluminium	100.00%

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


15		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $ 953,573,867)	$	969,400,353
Investments in affiliated money market funds, at value (Cost $ 1,248,101,923)		1,248,225,585
Other investments:
Swaps receivable – OTC		1,879,928
Unrealized appreciation on swap agreements – OTC		2,183,261
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		150,520,001
Cash collateral – OTC Derivatives		22,990,000
Cash		642,627
Receivable for:
Fund shares sold		955,433
Dividends		32,428
Interest		282,439
Investment for trustee deferred compensation and retirement plans		608,587
Other assets		287,982
Total assets		2,398,008,624

Liabilities:
Other investments:
Variation margin payable - futures contracts		13,951,920
Swaps payable – OTC		422,563
Unrealized depreciation on swap agreements–OTC		5,139,182
Payable for:
Fund shares reacquired		5,180,289
Accrued fees to affiliates		1,156,109
Accrued trustees’ and officers’ fees and benefits		2,919
Accrued other operating expenses		267,822
Trustee deferred compensation and retirement plans		669,957
Total liabilities		26,790,761
Net assets applicable to shares outstanding	$	2,371,217,863


Net assets consist of:
Shares of beneficial interest	$	2,338,407,302
Distributable earnings		32,810,561
	$	2,371,217,863

Net Assets:
Class A	$	831,513,001
Class C	$	349,294,344
Class R	$	15,202,386
Class Y	$	1,000,148,385
Class R5	$	15,706,573
Class R6	$	159,353,174

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		82,140,025
Class C		36,750,380
Class R		1,536,145
Class Y		96,800,697
Class R5		1,518,718
Class R6		15,361,331
Class A:
Net asset value per share	$	10.12
Maximum offering price per share (Net asset value of $10.12 ÷ 94.50%)	$	10.71
Class C:
Net asset value and offering price per share	$	9.50
Class R:
Net asset value and offering price per share	$	9.90
Class Y:
Net asset value and offering price per share	$	10.33
Class R5:
Net asset value and offering price per share	$	10.34
Class R6:
Net asset value and offering price per share	$	10.37

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


16		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends from affiliated money market funds (net of foreign withholding taxes of $ 8,374)	$	10,065,969


Interest		9,610,934


Total investment income		19,676,903



Expenses:
Advisory fees		24,697,556


Administrative services fees		412,676


Custodian fees		46,614


Distribution fees:
Class A		2,179,250


Class C		4,363,865


Class R		80,665


Transfer agent fees – A, C, R and Y		3,247,447


Transfer agent fees – R5		22,633


Transfer agent fees – R6		4,795


Trustees’ and officers’ fees and benefits		51,270


Registration and filing fees		170,244


Reports to shareholders		206,322


Professional services fees		89,708


Other		24,224


Total expenses		35,597,269


Less: Fees waived and/or expense offset arrangement(s)		(1,576,690	)


Net expenses		34,020,579


Net investment income (loss)		(14,343,676	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		14,173,608


Foreign currencies		(876,432	)


Futures contracts		44,610,866


Swap agreements		19,530,305


		77,438,347


Change in net unrealized appreciation (depreciation) of:
Investment securities		3,914,295


Foreign currencies		143,866


Futures contracts		(94,903,940	)


Swap agreements		(2,416,661	)


		(93,262,440	)


Net realized and unrealized gain (loss)		(15,824,093	)


Net increase (decrease) in net assets resulting from operations	$	(30,167,769	)

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


17		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019


Operations:
Net investment income (loss)	$	(14,343,676	)	$	33,117,030


Net realized gain		77,438,347			157,800,714


Change in net unrealized appreciation (depreciation)		(93,262,440	)		169,010,821


Net increase (decrease) in net assets resulting from operations		(30,167,769	)		359,928,565



Distributions to shareholders from distributable earnings:
Class A		(97,943,495	)		–


Class C		(51,537,200	)		–


Class R		(1,837,820	)		–


Class Y		(143,982,976	)		–


Class R5		(4,677,750	)		–


Class R6		(26,950,348	)		–


Total distributions from distributable earnings		(326,929,589	)		–



Share transactions–net:
Class A		(30,948,408	)		(147,902,865	)


Class C		(118,448,478	)		(269,857,179	)


Class R		(1,085,303	)		(3,595,215	)


Class Y		(274,132,409	)		(446,642,961	)


Class R5		(24,837,910	)		(9,954,133	)


Class R6		(68,863,227	)		(174,342,676	)


Net increase (decrease) in net assets resulting from share transactions		(518,315,735	)		(1,052,295,029	)


Net increase (decrease) in net assets		(875,413,093	)		(692,366,464	)



Net assets:
Beginning of year		3,246,630,956			3,938,997,420


End of year	$	2,371,217,863		$	3,246,630,956

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


18		Invesco Balanced-Risk Allocation Fund

Consolidated Financial Highlights

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 10/31/20		$	11.33		$	(0.05	)		$	0.01			$	(0.04	)		$	(0.67	)		$	(0.50	)		$	(1.17	)		$	10.12		(0.55	)%		$	831,513		1.24	%^(d)		1.30	%^(d)		(0.53	)%^(d)		81	%
Year ended 10/31/19			10.21			0.10				1.02				1.12				–				–				–				11.33		10.97				968,345		1.24			1.29			0.95			11
Year ended 10/31/18			11.28			0.03				(0.40	)			(0.37	)			–				(0.70	)			(0.70	)			10.21		(3.57	)			1,016,131		1.21			1.27			0.32			116
Year ended 10/31/17			11.34			(0.05	)			0.87				0.82				(0.41	)			(0.47	)			(0.88	)			11.28		7.76				1,337,537		1.22			1.28			(0.49	)		12
Year ended 10/31/16			11.27			(0.10	)			0.88				0.78				(0.29	)			(0.42	)			(0.71	)			11.34		7.59				1,864,271		1.20			1.27			(0.89	)		96
Class C
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	^(d)		2.05	^(d)		(1.28	)^(d)		81
Year ended 10/31/19			9.70			0.02				0.97				0.99				–				–				–				10.69		10.21				527,251		1.99			2.04			0.20			11
Year ended 10/31/18			10.83			(0.04	)			(0.39	)			(0.43	)			–				(0.70	)			(0.70	)			9.70		(4.31	)			735,308		1.96			2.02			(0.43	)		116
Year ended 10/31/17			10.90			(0.12	)			0.84				0.72				(0.32	)			(0.47	)			(0.79	)			10.83		7.05				1,051,038		1.97			2.03			(1.24	)		12
Year ended 10/31/16			10.85			(0.17	)			0.83				0.66				(0.19	)			(0.42	)			(0.61	)			10.90		6.67				1,278,218		1.95			2.02			(1.64	)		96
Class R
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	^(d)		1.55	^(d)		(0.78	)^(d)		81
Year ended 10/31/19			10.02			0.07				1.01				1.08				–				–				–				11.10		10.78				18,343		1.49			1.54			0.70			11
Year ended 10/31/18			11.11			0.01				(0.40	)			(0.39	)			–				(0.70	)			(0.70	)			10.02		(3.82	)			19,989		1.46			1.52			0.07			116
Year ended 10/31/17			11.18			(0.07	)			0.85				0.78				(0.38	)			(0.47	)			(0.85	)			11.11		7.48				23,518		1.47			1.53			(0.74	)		12
Year ended 10/31/16			11.12			(0.12	)			0.86				0.74				(0.26	)			(0.42	)			(0.68	)			11.18		7.26				27,359		1.45			1.52			(1.14	)		96
Class Y
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	^(d)		1.05	^(d)		(0.28	)^(d)		81
Year ended 10/31/19			10.37			0.13				1.05				1.18				–				–				–				11.55		11.38				1,431,442		0.99			1.04			1.20			11
Year ended 10/31/18			11.43			0.06				(0.42	)			(0.36	)			–				(0.70	)			(0.70	)			10.37		(3.42	)			1,718,473		0.96			1.02			0.57			116
Year ended 10/31/17			11.47			(0.02	)			0.88				0.86				(0.43	)			(0.47	)			(0.90	)			11.43		8.15				2,147,497		0.97			1.03			(0.24	)		12
Year ended 10/31/16			11.41			(0.07	)			0.87				0.80				(0.32	)			(0.42	)			(0.74	)			11.47		7.75				1,755,257		0.95			1.02			(0.64	)		96
Class R5
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	^(d)		1.00	^(d)		(0.23	)^(d)		81
Year ended 10/31/19			10.38			0.14				1.04				1.18				–				–				–				11.56		11.37				45,497		0.92			0.97			1.27			11
Year ended 10/31/18			11.43			0.07				(0.42	)			(0.35	)			–				(0.70	)			(0.70	)			10.38		(3.34	)			50,691		0.92			0.98			0.61			116
Year ended 10/31/17			11.48			(0.01	)			0.87				0.86				(0.44	)			(0.47	)			(0.91	)			11.43		8.12				119,103		0.92			0.98			(0.19	)		12
Year ended 10/31/16			11.41			(0.06	)			0.88				0.82				(0.33	)			(0.42	)			(0.75	)			11.48		7.88				144,960		0.89			0.96			(0.58	)		96
Class R6
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	^(d)		0.92	^(d)		(0.15	)^(d)		81
Year ended 10/31/19			10.40			0.15				1.04				1.19				–				–				–				11.59		11.44				255,753		0.87			0.92			1.32			11
Year ended 10/31/18			11.44			0.07				(0.41	)			(0.34	)			–				(0.70	)			(0.70	)			10.40		(3.24	)			398,406		0.86			0.92			0.67			116
Year ended 10/31/17			11.49			(0.00	)			0.87				0.87				(0.45	)			(0.47	)			(0.92	)			11.44		8.20				320,060		0.85			0.91			(0.12	)		12
Year ended 10/31/16			11.43			(0.06	)			0.88				0.82				(0.34	)			(0.42	)			(0.76	)			11.49		7.93				286,944		0.82			0.89			(0.51	)		96

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $871,960, $436,482, $16,140, $1,204,321, $26,448 and $225,243 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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


19		Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

The 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.

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


20		Invesco Balanced-Risk Allocation Fund

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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.

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

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

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 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.

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.

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. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

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.


21		Invesco Balanced-Risk Allocation Fund

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.

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.

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

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

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

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

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

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market”on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.


22		Invesco Balanced-Risk Allocation Fund

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate


First $ 250 million		0.950%


Next $250 million		0.925%


Next $500 million		0.900%


Next $1.5 billion		0.875%


Next $2.5 billion		0.850%


Next $2.5 billion		0.825%


Next $2.5 billion		0.800%


Over $10 billion		0.775%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.89%.

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

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

For the year ended October 31, 2020, the Adviser waived advisory fees of $1,569,336.

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, 2020, 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.


23		Invesco Balanced-Risk Allocation 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, 2020, IDI advised the Fund that IDI retained $100,103 in front-end sales commissions from the sale of Class A shares and $485 and $9,469 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


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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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	$	–		$	838,862,658			$–	$	838,862,658


Commodity-Linked Securities		–			130,537,695			–		130,537,695


Money Market Funds		1,248,225,585			–			–		1,248,225,585


Total Investments in Securities		1,248,225,585			969,400,353			–		2,217,625,938


Other Investments - Assets*


Futures Contracts		9,096,916			–			–		9,096,916


Swap Agreements		–			2,183,261			–		2,183,261


		9,096,916			2,183,261			–		11,280,177


Other Investments - Liabilities*


Futures Contracts		(80,323,530	)		–			–		(80,323,530	)


Swap Agreements		–			(5,139,182	)		–		(5,139,182	)


		(80,323,530	)		(5,139,182	)		–		(85,462,712	)


Total Other Investments		(71,226,614	)		(2,955,921	)		–		(74,182,535	)


Total Investments	$	1,176,998,971		$	966,444,432			$–	$	2,143,443,403

*	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 Balanced-Risk Allocation Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2020:


	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	3,090,349		$	6,006,567		$	9,096,916

Unrealized appreciation on swap agreements – OTC		2,183,261			-			-			2,183,261

Total Derivative Assets		2,183,261			3,090,349			6,006,567			11,280,177

Derivatives not subject to master netting agreements		-			(3,090,349	)		(6,006,567	)		(9,096,916	)

Total Derivative Assets subject to master netting agreements	$	2,183,261		$	-		$	-		$	2,183,261


	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(26,918,675	)	$	(43,993,370	)	$	(9,411,485	)	$	(80,323,530	)

Unrealized depreciation on swap agreements – OTC		(4,425,065	)		(714,117	)		-			(5,139,182	)

Total Derivative Liabilities		(31,343,740	)		(44,707,487	)		(9,411,485	)		(85,462,712	)

Derivatives not subject to master netting agreements		26,918,675			43,993,370			9,411,485			80,323,530

Total Derivative Liabilities subject to master netting agreements	$	(4,425,065	)	$	(714,117	)	$	-		$	(5,139,182	)

^(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, 2020.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreement		Swap Agreement			Net Value of Derivatives			Non-Cash	Cash			Net Amount^(a)

Barclays Bank PLC	$	-	$	(150,555	)	$	(150,555	)	$-	$	150,555		$	-

Canadian Imperial Bank of Commerce		-		(101,937	)		(101,937	)	-		101,937			-

Cargill, Inc.		1,789,973		(941,077	)		848,896		-		(510,000	)		338,896

Goldman Sachs International		1,338,295		(889,414	)		448,881		-		-			448,881

JPMorgan Chase Bank, N.A.		-		(2,702,056	)		(2,702,056	)	-		2,702,056			-

Macquarie Bank Ltd.		357,765		(1,763	)		356,002		-		-			356,002

Merrill Lynch International		577,156		(377,042	)		200,114		-		-			200,114

Morgan Stanley Capital Services LLC		-		(396,789	)		(396,789	)	-		396,789			-

Total	$	4,063,189	$	(5,560,633	)	$	(1,497,444	)	$-	$	2,841,337		$	1,343,893

^(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, 2020

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	$	(35,408,870	)	$	(11,328,241	)	$	91,347,977	$	44,610,866

Swap agreements		20,901,665			(1,371,360	)		-		19,530,305

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(30,691,382	)		(78,655,593	)		14,443,035		(94,903,940	)

Swap agreements		(1,702,544	)		(714,117	)		-		(2,416,661	)

Total	$	(46,901,131	)	$	(92,069,311	)	$	105,791,012	$	(33,179,430	)


25		Invesco Balanced-Risk Allocation Fund

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


	Futures Contracts		Swap Agreements

Average notional value	$	3,261,493,004	$	402,206,371

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019

Ordinary income*		$243,550,510		$–

Long-term capital gain		83,379,079		–

Total distributions		$326,929,589		$–

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

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	30,038,476


Net unrealized appreciation – investments		9,364,992


Net unrealized appreciation (depreciation) - foreign currencies		(88,226	)


Temporary book/tax differences		(564,183	)


Capital loss carryforward		(5,940,498	)


Shares of beneficial interest		2,338,407,302


Total net assets	$	2,371,217,863

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, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	4,227,019	$	1,713,479	$	5,940,498

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


26		Invesco Balanced-Risk Allocation Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $115,250,000 and $137,945,621, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $510,519,999 and $917,764,699, 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	$	27,230,325

Aggregate unrealized (depreciation) of investments		(17,865,333	)

Net unrealized appreciation of investments	$	9,364,992

Cost of investments for tax purposes is $2,134,078,411.

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, 2020, undistributed net investment income (loss) was increased by $46,281,992, undistributed net realized gain was decreased by $11,029,343 and shares of beneficial interest was decreased by $35,252,649. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		7,107,305		$	71,873,755			6,542,249		$	70,479,107

Class C		1,656,939			15,825,366			2,368,989			24,050,794

Class R		292,882			2,883,276			338,167			3,590,054

Class Y		18,135,475			186,756,543			23,246,799			252,902,159

Class R5		243,036			2,494,331			517,017			5,688,405

Class R6		2,603,988			26,720,621			1,948,378			21,094,666


Issued as reinvestment of dividends:
Class A		8,746,225			90,261,045			-			-

Class C		4,751,227			46,324,464			-			-

Class R		180,893			1,828,830			-			-

Class Y		10,721,775			112,685,854			-			-

Class R5		443,344			4,659,542			-			-

Class R6		2,471,900			26,053,833			-			-


Automatic conversion of Class C shares to Class A shares:
Class A		6,307,863			64,062,372			7,625,875			84,007,106

Class C		(6,705,229	)		(64,062,372	)		(8,067,836	)		(84,007,106	)


Reacquired:
Class A		(25,451,775	)		(257,145,580	)		(28,294,281	)		(302,389,078	)

Class C		(12,275,586	)		(116,535,936	)		(20,799,122	)		(209,900,867	)

Class R		(590,019	)		(5,797,409	)		(680,615	)		(7,185,269	)

Class Y		(55,991,394	)		(573,574,806	)		(64,961,722	)		(699,545,120	)

Class R5		(3,101,774	)		(31,991,783	)		(1,466,700	)		(15,642,538	)

Class R6		(11,778,479	)		(121,637,681	)		(18,198,165	)		(195,437,342	)

Net increase (decrease) in share activity		(52,231,404	)	$	(518,315,735	)		(99,880,967	)	$	(1,052,295,029	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% 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.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.


27		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 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 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, 2020 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 29, 2020


28		Invesco Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

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

Hypothetical example for comparison purposes

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 (05/01/20)			Ending Account Value (10/31/20)¹			Expenses Paid During Period²		Ending Account Value (10/31/20)			Expenses Paid During Period²		Annualized Expense Ratio
Class A		$	1,000.00		$	1,081.20		$6.49		$	1,018.90		$6.29		1.24	%
Class C			1,000.00			1,075.90		10.38			1,015.13		10.08		1.99
Class R			1,000.00			1,079.60		7.79			1,017.65		7.56		1.49
Class Y			1,000.00			1,081.70		5.18			1,020.16		5.03		0.99
Class R5			1,000.00			1,082.70		5.03			1,020.31		4.88		0.96
Class R6			1,000.00			1,082.50		4.55			1,020.76		4.42		0.87

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 184/366 to reflect the most recent fiscal half year.


29		Invesco Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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, 2020. 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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and 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, an officer of the Invesco Funds who reports directly to the independent Trustees. 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 addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

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 does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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 and contractual management fees and its total expense ratio were in the fourth quintile of its


30		Invesco Balanced-Risk Allocation Fund

expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses.

The Board also compared the Fund’s effective advisory fee rate (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, 2019.

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also 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 shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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


31		Invesco Balanced-Risk Allocation Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions			$83,379,079
Qualified Dividend Income*			0.00%
Corporate Dividends Received Deduction*			0.00%
Business Interest Income*			15.73%
U.S. Treasury Obligations*			51.15%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$55,295,694


32		Invesco Balanced-Risk Allocation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


T-7		Invesco Balanced-Risk Allocation Fund

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

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Fund holdings and proxy voting information

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


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

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Letters to Shareholders

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Andrew Schlossberg

Dear Shareholders:

record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Balanced-Risk Commodity Strategy Fund


Bruce Crockett		Dear Shareholders:
		Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.
		As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
		∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
		∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.
		∎ Assessing each portfolio management team’s investment performance within the context of the

investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Balanced-Risk Commodity Strategy Fund

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2020, 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 style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/19 to 10/31/20, 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	-5.91	%
Class C Shares	-6.63
Class R Shares	-6.03
Class Y Shares	-5.74
Class R5 Shares	-5.57
Class R6 Shares	-5.71
Bloomberg Commodity Index^▼(Broad Market/Style-Specific Index)	-8.75

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

The fiscal year ended October 31, 2020, was a turbulent environment for many commodities as prices plummeted in the early months of 2020, due to economic shutdowns related to the global spread of COVID-19. This was followed by a fierce rebound in the latter part of the fiscal year, as global economies gradually reopened from the lockdowns. The recovery resulted in three of the four commodity sub-complexes in the Fund pulling through with positive returns for the fiscal year. The Fund invests with a long bias in four commodity complexes – agriculture, energy, industrial metals and precious metals – and 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 meaningfully contributed to performance over the fiscal year with the Fund being defensively positioned through the market turbulence. The Fund outperformed the Bloomberg Commodity Index, primarily due to the monthly tactical positioning in energy and industrial metals as well as the Fund’s strategic positioning across the agriculture complex.

The Fund’s strategic positioning within precious metals was a contributor to Fund performance for the fiscal year as the sub-complex benefited from a decline in the US dollar, low real interest rates and demand for safe-haven exposure given the weak state of the global economy. The path did not come without some hiccups as liquidation selling in February and March ran counter to gold’s status as a safe haven, as investors sold any and all assets in their need to raise cash. That said, precious metals responded favorably to the large-scale fiscal and monetary actions of central banks that came in light of the COVID-19 economic collapse, which effectively kept real interest rates low and prevented the US dollar from appreciating. With this, gold reached an all-time high in early

August, while July provided silver’s best month in 40 years as its production was limited by virus lockdowns. The Fund’s tactical positioning within precious metals was positive during the fiscal year with tactical overweight exposure in both gold and silver aiding results.

The Fund’s strategic positioning within agriculture contributed to Fund performance as the sub-complex benefited from gains in soymeal, soybean, sugar and wheat during the fiscal year. Soymeal and soybean prices benefited from a late fiscal year boost from China as it increased buying to feed hog herds that had finally begun to recover from swine flu just as meat processing plants reopened from lockdowns. Additionally, poor weather in the Midwest further supported prices late in the fiscal year as windstorms were followed by dry weather and a heat-wave. Sugar was supported as oil prices started to recover, which signaled rising demand for ethanol. Wheat is a more labor-intensive crop to harvest, so supply concerns helped drive prices higher in addition to weather-related events late in the fiscal year. Tactical positioning within agriculture had a negative impact overall during the fiscal year as gains from positioning in livestock, soybean and soybean oil were offset by losses from positioning in soft commodities and wheat.

During the fiscal year, the Fund’s strategic positioning in industrial metals marginally contributed to Fund performance as gains from copper offset losses from aluminum. Copper prices advanced as China’s manufacturing data improved once the COVID-19 lockdowns started to lift and due to the nation’s infrastructure-based stimulus measures. Additionally, supply outages reduced copper inventories as mines were closed in Chile, Peru and other parts of Latin America which further supported prices. Tactical positioning within industrial metals was positive during the fiscal year with the majority of

gains coming from positioning in copper and secondarily from positioning in aluminum.

Strategic positioning in energy was the primary detractor from the Fund’s performance during the fiscal year with widespread price declines across crude oil, distillates and natural gas. Energy prices sharply plummeted as economic activity was ground to a halt in an attempt to contain the spread of COVID-19. The decline began in January in response to early reports of the virus outbreak in China. Then, on March 9, Saudi Arabia made the dire decision to lower prices and increase supply after a failed attempt to get Russia’s agreement to reduce output. Brent crude oil and West Texas Intermediate (WTI) suffered the steepest declines over the fiscal year followed by distillates, including gasoline, heating oil and gasoil, on an expected surge in oil supply. Tactical positioning within energy was positive over the fiscal year with gains from positioning in Brent crude, WTI, gasoline, natural gas and gasoil all aiding Fund results.

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.

1	Source: Real interest rates reflect the nominal rate of interest on Treasury securities less inflation. A low rate implies that the purchasing power of interest earned may not keep pace with inflation.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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


4		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 11/30/10

LOGO

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.


5		Invesco Balanced-Risk Commodity Strategy Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (11/30/10)	-5.41	%
5 Years	-2.77
1 Year	-11.06

Class C Shares
Inception (11/30/10)	-5.45	%
5 Years	-2.39
1 Year	-7.56

Class R Shares
Inception (11/30/10)	-5.06	%
5 Years	-1.86
1 Year	-6.03

Class Y Shares
Inception (11/30/10)	-4.60	%
5 Years	-1.41
1 Year	-5.74

Class R5 Shares
Inception (11/30/10)	-4.55	%
5 Years	-1.33
1 Year	-5.57

Class R6 Shares
Inception (9/24/12)	-4.59	%
5 Years	-1.30
1 Year	-5.71

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

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

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.


6		Invesco Balanced-Risk Commodity Strategy Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


7		Invesco Balanced-Risk Commodity Strategy Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2020

By asset class


	Target			Notional
	Risk			Asset
Asset Class	Contribution*			Weights**
Agriculture		33.31	%		44.08	%
Energy		27.46			22.04
Industrial Metals		19.64			23.75
Precious Metals		19.59			28.28
Total		100.00	%		118.15	%

*	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.


8		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

October 31, 2020


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-28.29%
U.S. Treasury Bills-9.26%^(a)
U.S. Treasury Bills		0.18%		12/03/2020	$	28,000	$ 27,995,595
U.S. Treasury Bills		0.19%		12/10/2020		28,000	27,994,358
							55,989,953

U.S. Treasury Notes-19.03%^(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)		0.25%		01/31/2022		37,000	37,059,609
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)		0.21%		04/30/2022		37,000	37,044,353
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)		0.16%		07/31/2022		41,000	41,005,422
							115,109,384
Total U.S. Treasury Securities (Cost $170,989,953)							171,099,337

			Expiration Date
Commodity-Linked Securities-4.25%
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 3)^(c)(d)				11/16/2021		15,070	12,545,843
Canadian Imperial Bank of Commerce (Canada), U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 27 Excess Return Index)^(c)(e)				08/23/2021		14,444	13,134,354
Total Commodity-Linked Securities (Cost $29,514,000)							25,680,197

					Shares
Money Market Fund-58.67%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(f)(g)						96,852,586	96,852,586
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(f)(g)						69,361,150	69,388,895
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.11%^(f)(g)						77,897,397	77,897,397
Invesco Treasury Portfolio, Institutional Class, 0.01%^(f)(g)						110,688,670	110,688,670
Total Money Market Funds (Cost $354,804,115)							354,827,548
TOTAL INVESTMENTS IN SECURITIES-91.21% (Cost $555,308,068)							551,607,082
OTHER ASSETS LESS LIABILITIES-8.79%							53,172,869
NET ASSETS-100.00%							$604,779,951

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


9		Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Schedule of Investments:

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

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2020.

^(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, 2020 was $25,680,197, which represented 4.25% of the Fund’s Net Assets.

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

^(e)

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

^(f)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	177,507,383		$	215,369,102		$	(296,023,899	)		$	-			$	-		$	96,852,586		$	981,412
Invesco Liquid Assets Portfolio, Institutional Class			99,938,556			145,999,473			(176,576,076	)			(3,382	)			30,324			69,388,895			754,025
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			62,093,827			871,810,983			(856,007,413	)			-				-			77,897,397			546,388
Invesco Treasury Portfolio, Institutional Class			159,833,580			233,564,689			(282,709,599	)			-				-			110,688,670			891,561
Total		$	499,373,346		$	1,466,744,247		$	(1,611,316,987	)		$	(3,382	)		$	30,324		$	354,827,548		$	3,173,386

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.


Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Coffee ’C’		355	December-2020	$	13,898,250	$	(1,256,507	)	$	(1,256,507	)

Corn		1,010	December-2020		20,124,250		2,039,006			2,039,006

Cotton No. 2		761	December-2020		26,224,060		1,116,998			1,116,998

Gasoline Reformulated Blendstock Oxygenate Blending		614	November-2020		26,618,374		(3,130,088	)		(3,130,088	)

Gold 100 Oz		271	December-2020		50,945,290		(2,262,707	)		(2,262,707	)

LME Nickel		60	November-2020		5,446,080		295,997			295,997

Natural Gas		43	November-2020		1,442,220		204,630			204,630

Soybeans		916	July-2021		47,780,850		538,109			538,109

Wheat		574	December-2020		17,176,950		1,897,119			1,897,119

Total Futures Contracts						$	(557,443	)	$	(557,443	)

^(a)	Futures contracts collateralized by $21,850,000 cash held with Goldman Sachs & Co., the futures commission merchant.

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


10		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 Soybean Meal S2 Nearby Excess Return Index		0.30	%		Monthly		13,080		January-2021	$	12,337,884	$–	$	215,523	$ 215,523
Barclays Bank PLC	Receive	Barclays Soybean Meal Seasonal Excess Return Index		0.52			Monthly		12,000		April-2021		12,873,540	–		224,880	224,880
Barclays Bank PLC	Receive	Barclays Soybeans Seasonal Excess Return Index		0.30			Monthly		57,300		August-2021		14,467,557	–		31,269	31,269
Goldman Sachs International	Receive	Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.37			Monthly		121,000		March-2021		19,552,402	–		304,206	304,206
Goldman Sachs International	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45			Monthly		577,000		September-2021		21,206,694	–		443,678	443,678
Goldman Sachs International	Receive	S&P GSCI Soybean Meal Excess Return Index		0.42			Monthly		20,900		June-2021		21,167,290	–		982,906	982,906
Macquarie Bank Ltd.	Pay	Macquarie SIngle Commodity Brent Crude Oil type A Excess Return Index		0.08			Monthly		25,300		May-2021		1,574,341	–		110,718	110,718
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Crude Oil (WTI) type A Excess Return Index		0.06			Monthly		122,000		May-2021		1,674,645	–		117,986	117,986
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity GasOil type A Excess Return Index		0.06			Monthly		23,500		August-2021		1,468,273	–		77,219	77,219
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Heating Oil type A Excess Return Index		0.06			Monthly		32,000		June-2021		1,389,693	–		55,930	55,930
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Nickel type A Excess Return Index		0.17			Monthly		78,500		February-2021		7,812,964	–		252,181	252,181
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Zinc type A Excess Return Index		0.12			Monthly		9,500		December-2020		1,538,758	–		10,150	10,150
Macquarie Bank Ltd.	Receive	Macquarie Aluminium Dynamic Selection Index		0.30			Monthly		1,204,500		December-2020		51,637,999	–		506,974	506,974
Merrill Lynch International	Pay	MLCIAPLH Excess Return Index		0.00			Monthly		1,305,000		December-2020		6,795,918	–		0	0
Merrill Lynch International	Pay	MLCX2CCER Excess Return Index		0.00			Monthly		27,000		January-2021		1,454,047	–		0	0
Merrill Lynch International	Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		80,700		June-2021		17,748,149	–		0	0
Merrill Lynch International	Receive	Merrill Lynch Soybean Meal Index		0.30			Monthly		31,750		June-2021		22,156,687	–		0	0
Merrill Lynch International	Receive	MLCIRXB6 Excess Return Index		0.21			Monthly		75,500		March-2021		4,063,976	–		0	0
Merrill Lynch International	Receive	MLCX Aluminum Annual Excess Return Index		0.28			Monthly		12,300		October-2021		1,136,151	–		19,860	19,860
Merrill Lynch International	Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		46,500		September-2021		28,824,880	–		0	0

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


11		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)

Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25	%		Monthly		101,000		November-2020	$	5,141,557	$–	$	0		$	0

Merrill Lynch International	Receive	MLCXLXAE Excess Return Index		0.25			Monthly		14,800		March-2021		3,445,735	–		0			0

Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2CN0 Index		0.05			Monthly		63,000		December-2020		16,492,430	–		143,590			143,590

Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05			Monthly		65,000		December-2020		12,346,139	–		386,679			386,679

Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2WH0 Index		0.05			Monthly		4,600		December-2020		1,384,795	–		59,246			59,246

Morgan Stanley Capital Services LLC	Receive	MS Soybean Oil Dynamic Roll Index		0.30			Monthly		132,100		April-2021		17,442,378	–		58,243			58,243

Royal Bank of Canada	Receive	RBC Enchanced Copper LME 01 Excess Return Index		0.28			Monthly		9,300		July-2021		5,401,871	–		0			0

Royal Bank of Canada	Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35			Monthly		60,000		March-2021		11,784,342	–		0			0

Subtotal – Appreciation														–		4,001,238			4,001,238

Commodity Risk

Barclays Bank PLC	Receive	Barclays Cocoa Roll Yield Excess Return Index		0.43			Monthly		155,000		February-2021		20,181,729	–		(285,216	)		(285,216	)

Barclays Bank PLC	Receive	Barclays Coffee Roll Yield Excess Return Index		0.45			Monthly		108,000		September-2021		3,474,868	–		(162,734	)		(162,734	)

Barclays Bank PLC	Receive	Barclays Heating Oil Roll Yield Excess Return Index		0.37			Monthly		114,200		March-2021		14,454,351	–		(1,343,106	)		(1,343,106	)

Barclays Bank PLC	Receive	Barclays Live Cattle Roll Yield Excess Return Index		0.47			Monthly		73,000		December-2020		7,022,344	–		(30,784	)		(30,784	)

Barclays Bank PLC	Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.35			Monthly		41,800		March-2021		8,154,586	–		(847,850	)		(847,850	)

BNP Paribas SA	Receive	BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25			Monthly		59,000		August-2021		14,467,077	–		(1,478,540	)		(1,478,540	)

Canadian Imperial Bank of Commerce	Pay	CIBC Natural Gas Standard Roll Excess Return Index		0.10			Monthly		489,500		June-2021		16,717,306	–		(418,914	)		(418,914	)

Canadian Imperial Bank of Commerce	Receive	CIBC Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		553,000		April-2021		45,358,774	–		(112,480	)		(112,480	)

Cargill, Inc.	Receive	Single Commodity Index Excess Return		0.12			Monthly		4,300		December-2020		5,256,737	–		(79,593	)		(79,593	)

JPMorgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		23,500		April-2021		2,811,199	–		(270,983	)		(270,983	)

JPMorgan Chase Bank, N.A.	Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		193,400		October-2021		27,558,552	–		(418,692	)		(418,692	)

Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Aluminium type A Excess Return Index		0.13			Monthly		337,500		December-2020		17,015,974	–		(225,248	)		(225,248	)

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


12		Invesco Balanced-Risk Commodity Strategy Fund


Open Over-The-Counter Total Return Swap Agreements^(a)(b)–(continued)
Counterparty	Pay/ Receive	Reference Entity^(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16	%		Monthly		6,200		March-2021	$	1,593,825	$–	$	(50,517	)	$	(50,517	)

Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16			Monthly		192,500		December-2020		49,485,686	–		(1,568,470	)		(1,568,470	)

Subtotal - Depreciation														–		(7,293,127	)		(7,293,127	)

Total - Total Return Swap Agreements														$–	$	(3,291,889	)	$	(3,291,889	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $33,594,780.

^(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 Soybean Meal S2 Nearby Excess Return Index

	Long Futures Contracts

	Soybean Meal	100.00%

Barclays Soybean Meal Seasonal Excess Return Index

	Long Futures Contracts

	Soybean Meal	100.00%

Barclays Soybeans Seasonal Excess Return Index

	Long Futures Contracts

	Soybeans	100.00%

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

	Long Futures Contracts

	Cotton	100.00%

Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index

	Long Futures Contracts

	Sugar	100.00%

S&P GSCI Soybean Meal Excess Return Index

	Long Futures Contracts

	Soybean Meal	100.00%

Macquarie Aluminum Dynamic Selection Index

	Long Futures Contracts

	Aluminum	100.00%

Macquarie Single Commodity Brent Crude Oil type A Excess Return Index

	Long Futures Contracts

	Brent Crude	100.00%

Macquarie Single Commodity Crude Oil (WTI) type A Excess Return Index

	Long Futures Contracts

	WTI Crude	100.00%

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


13		Invesco Balanced-Risk Commodity Strategy Fund


Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

Macquarie Single Commodity GasOil type A Excess Return Index

	Long Futures Contracts

	Gas Oil	100.00%


Macquarie Single Commodity Heating Oil type A Excess Return Index
	Long Futures Contracts

	Heating Oil	100.00%


Macquarie Single Commodity Nickel type A Excess Return Index

	Long Futures Contracts

	Nickel	100.00%


Macquarie Single Commodity Zinc type A Excess Return Index

	Long Futures Contracts

	Zinc	100.00%


Merrill Lynch Gold Excess Return Index

	Long Futures Contracts

	Gold	100.00%


Merrill Lynch Soybean Meal Excess Return Index

	Long Futures Contracts

	Soybean Meal	100.00%


MLCIAPLH Excess Return Index

	Long Futures Contracts

	Lean Hogs	100.00%


MLCIRXB6 Excess Return Index

	Long Futures Contracts

	Unleaded Gasoline	100.00%


MLCX2CCER Excess Return Index

	Long Futures Contracts

	Cocoa	100.00%


MLCXLXAE Excess Return Index

	Long Futures Contracts

	Zinc	100.00%


MLCX Aluminum Annual Excess Return Index

	Long Futures Contracts

	Aluminum	100.00%


MLCX Dynamic Enhanced Copper Excess Return Index

	Long Futures Contracts

	Copper	100.00%


MLCX Natural Gas Annual Excess Return Index

	Long Futures Contracts

	Natural Gas	100.00%

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


14		Invesco Balanced-Risk Commodity Strategy Fund


Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

Morgan Stanley MSCY2CN0 Index

	Long Futures Contracts

	Corn	100.00%


Morgan Stanley MSCY2KW0 Index
	Long Futures Contracts

	Kansas Wheat	100.00%


Morgan Stanley MSCY2WH0 Index

	Long Futures Contracts

	Wheat	100.00%


MS Soybean Oil Dynamic Roll Excess Return Index

	Long Futures Contracts

	Soybean Oil	100.00%


RBC Enhanced Copper LME 01 Excess Return Index

	Long Futures Contracts

	Copper	100.00%


RBC Enhanced Brent Crude Oil 01 Excess Return Index

	Long Futures Contracts

	Brent Crude	100.00%


Barclays Coffee Roll Yield Excess Return Index

	Long Futures Contracts

	Coffee	100.00%


Barclays Cocoa Roll Yield Excess Return Index

	Long Futures Contracts

	Cocoa	100.00%


Barclays Heating Oil Roll Yield Excess Return Index

	Long Futures Contracts

	Heating Oil	100.00%


Barclays Live Cattle Roll Yield Excess Return Index

	Long Futures Contracts

	Live Cattle	100.00%


Barclays WTI Crude Roll Yield Excess Return Index

	Long Futures Contracts

	WTI Crude	100.00%


BNP Paribas Commodity Daily Dynamic Curve CO Index

	Long Futures Contracts

	Brent Crude	100.00%


CIBC Dynamic Roll LME Copper Excess Return Index 2

	Long Futures Contracts

	Copper	100.00%

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


15		Invesco Balanced-Risk Commodity Strategy Fund


Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

CIBC Natural Gas Standard Roll Excess Return Index

	Long Futures Contracts

	Natural Gas	100.00%


Single Commodity Index Excess Return
	Long Futures Contracts

	Gold	100.00%


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

	Long Futures Contracts

	Gas Oil	100.00%


S&P GSCI Gold Index Excess Return

	Long Futures Contracts

	Gold	100.00%


Macquarie Single Commodity Aluminum type A Excess Return Index

	Long Futures Contracts

	Aluminum	100.00%


Macquarie Single Commodity Silver type A Excess Return Index

	Long Futures Contracts

	Silver	100.00%

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 Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $200,503,953)	$	196,779,534

Investments in affiliated money market funds, at value (Cost $354,804,115)		354,827,548

Other investments:
Variation margin receivable - futures contracts		323,287

Unrealized appreciation on LME futures contracts		295,997

Swaps receivable - OTC		3,108,100

Unrealized appreciation on swap agreements – OTC		4,001,238

Deposits with brokers:
Cash collateral - exchange-traded futures contracts		21,850,000

Cash collateral - OTC Derivatives		33,594,780

Receivable for:
Fund shares sold		809,959

Dividends		16,285

Interest		61,697

Investment for trustee deferred compensation and retirement plans		83,116

Other assets		75,588

Total assets		615,827,129


Liabilities:
Other investments:
Swaps payable - OTC		2,194,830

Unrealized depreciation on swap agreements–OTC		7,293,127

Payable for:
Fund shares reacquired		1,139,330

Accrued trustees’ and officers’ fees and benefits		1,328

Accrued other operating expenses		281,590

Trustee deferred compensation and retirement plans		136,973

Total liabilities		11,047,178

Net assets applicable to shares outstanding	$	604,779,951


Net assets consist of:
Shares of beneficial interest	$	666,102,473

Distributable earnings (loss)		(61,322,522	)

	$	604,779,951


Net Assets:
Class A	$	17,291,490

Class C	$	4,393,480

Class R	$	1,602,640

Class Y	$	316,850,817

Class R5	$	148,150,812

Class R6	$	116,490,712


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,978,676

Class C		809,250

Class R		281,286

Class Y		53,345,895

Class R5		24,824,702

Class R6		19,477,376

Class A:
Net asset value per share	$	5.81

Maximum offering price per share (Net asset value of $5.81 ÷ 94.50%)	$	6.15

Class C:
Net asset value and offering price per share	$	5.43

Class R:
Net asset value and offering price per share	$	5.70

Class Y:
Net asset value and offering price per share	$	5.94

Class R5:
Net asset value and offering price per share	$	5.97

Class R6:
Net asset value and offering price per share	$	5.98

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


17		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends from affiliated money market funds	$	3,173,386

Interest		3,034,017

Total investment income		6,207,403


Expenses:

Advisory fees		7,912,530

Administrative services fees		124,476

Custodian fees		43,809

Distribution fees:
Class A		48,604

Class C		45,902

Class R		6,455

Transfer agent fees - A, C, R and Y		1,605,613

Transfer agent fees - R5		139,220

Transfer agent fees - R6		6,425

Trustees’ and officers’ fees and benefits		28,785

Registration and filing fees		106,786

Reports to shareholders		697,200

Professional services fees		117,794

Other		66,224

Total expenses		10,949,823

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(2,673,452	)

Net expenses		8,276,371

Net investment income (loss)		(2,068,968	)


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities		(18,228,174	)

Futures contracts		(12,690,371	)

Swap agreements		(54,988,524	)

		(85,907,069	)

Change in net unrealized appreciation (depreciation) of:
Investment securities		(7,646,966	)

Futures contracts		4,925,712

Swap agreements		(4,051,256	)

		(6,772,510	)

Net realized and unrealized gain (loss)		(92,679,579	)

Net increase (decrease) in net assets resulting from operations	$	(94,748,547	)

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


18		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:

Net investment income (loss)	$	(2,068,968	)	$	14,041,754

Net realized gain (loss)		(85,907,069	)		(113,466,192	)

Change in net unrealized appreciation (depreciation)		(6,772,510	)		32,021,361

Net increase (decrease) in net assets resulting from operations		(94,748,547	)		(67,403,077	)


Distributions to shareholders from distributable earnings:

Class A		(211,528	)		(53,472	)

Class C		(51,760	)		(4,110	)

Class R		(12,431	)		(1,974	)

Class Y		(6,489,285	)		(2,935,782	)

Class R5		(1,288,903	)		(420,321	)

Class R6		(1,001,608	)		(62,452	)

Total distributions from distributable earnings		(9,055,515	)		(3,478,111	)


Share transactions–net:

Class A		(5,491,259	)		(8,473,110	)

Class C		(1,246,180	)		(3,045,567	)

Class R		308,118			(146,832	)

Class Y		(321,224,906	)		(537,217,082	)

Class R5		14,236,642			(20,716,649	)

Class R6		3,221,228			98,657,293

Net increase (decrease) in net assets resulting from share transactions		(310,196,357	)		(470,941,947	)

Net increase (decrease) in net assets		(414,000,419	)		(541,823,135	)


Net assets:

Beginning of year		1,018,780,370			1,560,603,505

End of year	$	604,779,951		$	1,018,780,370

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


19		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 10/31/20		$	6.22		$	(0.03	)		$	(0.32	)		$	(0.35	)		$	(0.06	)		$	–			$	(0.06	)		$	5.81		(5.75	)%		$	17,291		1.31	%^(d)		1.73	%^(d)		(0.51	)%^(d)		186	%
Year ended 10/31/19			6.50			0.05				(0.32	)			(0.27	)			(0.01	)			(0.00	)			(0.01	)			6.22		(4.15	)			24,633		1.31	^(e)		1.58	^(e)		0.79	^(e)		9
Year ended 10/31/18			6.70			0.01				(0.21	)			(0.20	)			–				–				–				6.50		(2.98	)			34,543		1.42			1.51			0.14			96
Year ended 10/31/17			6.84			(0.05	)			0.08				0.03				(0.17	)			–				(0.17	)			6.70		0.47				56,532		1.49			1.56			(0.78	)		10
Year ended 10/31/16			6.54			(0.07	)			0.37				0.30				–				–				–				6.84		4.59				40,844		1.47			1.56			(1.11	)		98
Class C
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	^(d)		2.48	^(d)		(1.26	)^(d)		186
Year ended 10/31/19			6.16			0.00				(0.29	)			(0.29	)			–				(0.00	)			(0.00	)			5.87		(4.66	)			6,083		2.06	^(e)		2.33	^(e)		0.04	^(e)		9
Year ended 10/31/18			6.40			(0.04	)			(0.20	)			(0.24	)			–				–				–				6.16		(3.75	)			9,555		2.17			2.26			(0.61	)		96
Year ended 10/31/17			6.57			(0.10	)			0.08				(0.02	)			(0.15	)			–				(0.15	)			6.40		(0.34	)			7,086		2.24			2.31			(1.53	)		10
Year ended 10/31/16			6.33			(0.12	)			0.36				0.24				–				–				–				6.57		3.79				5,915		2.22			2.31			(1.86	)		98
Class R
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	^(d)		1.98	^(d)		(0.76	)^(d)		186
Year ended 10/31/19			6.40			0.03				(0.30	)			(0.27	)			(0.01	)			(0.00	)			(0.01	)			6.12		(4.25	)			1,404		1.56	^(e)		1.83	^(e)		0.54	^(e)		9
Year ended 10/31/18			6.62			(0.01	)			(0.21	)			(0.22	)			–				–				–				6.40		(3.32	)			1,622		1.67			1.76			(0.11	)		96
Year ended 10/31/17			6.76			(0.07	)			0.09				0.02				(0.16	)			–				(0.16	)			6.62		0.35				1,683		1.74			1.81			(1.03	)		10
Year ended 10/31/16			6.48			(0.09	)			0.37				0.28				–				–				–				6.76		4.32				782		1.72			1.81			(1.36	)		98
Class Y
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	^(d)		1.48	^(d)		(0.26	)^(d)		186
Year ended 10/31/19			6.63			0.07				(0.33	)			(0.26	)			(0.01	)			(0.00	)			(0.01	)			6.36		(3.84	)			726,446		1.06	^(e)		1.33	^(e)		1.04	^(e)		9
Year ended 10/31/18			6.82			0.03				(0.22	)			(0.19	)			(0.00	)			–				(0.00	)			6.63		(2.77	)			1,327,952		1.17			1.26			0.39			96
Year ended 10/31/17			6.95			(0.04	)			0.10				0.06				(0.19	)			–				(0.19	)			6.82		0.80				577,236		1.24			1.31			(0.53	)		10
Year ended 10/31/16			6.63			(0.06	)			0.38				0.32				–				–				–				6.95		4.83				574,878		1.22			1.31			(0.86	)		98
Class R5
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	^(d)		1.28	^(d)		(0.26	)^(d)		186
Year ended 10/31/19			6.65			0.07				(0.32	)			(0.25	)			(0.02	)			(0.00	)			(0.02	)			6.38		(3.79	)			140,393		1.06	^(e)		1.17	^(e)		1.04	^(e)		9
Year ended 10/31/18			6.84			0.03				(0.22	)			(0.19	)			(0.00	)			–				(0.00	)			6.65		(2.74	)			167,687		1.11			1.19			0.45			96
Year ended 10/31/17			6.97			(0.03	)			0.09				0.06				(0.19	)			–				(0.19	)			6.84		0.83				205,568		1.16			1.23			(0.45	)		10
Year ended 10/31/16			6.64			(0.05	)			0.38				0.33				–				–				–				6.97		4.97				195,777		1.13			1.22			(0.77	)		98
Class R6
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	^(d)		1.19	^(d)		(0.26	)^(d)		186
Year ended 10/31/19			6.67			0.07				(0.32	)			(0.25	)			(0.02	)			(0.00	)			(0.02	)			6.40		(3.72	)			119,820		1.01	^(e)		1.08	^(e)		1.09	^(e)		9
Year ended 10/31/18			6.86			0.04				(0.23	)			(0.19	)			(0.00	)			–				(0.00	)			6.67		(2.72	)			19,244		1.01			1.09			0.55			96
Year ended 10/31/17			6.98			(0.02	)			0.09				0.07				(0.19	)			–				(0.19	)			6.86		1.04				12,293		1.08			1.15			(0.37	)		10
Year ended 10/31/16			6.65			(0.04	)			0.37				0.33				–				–				–				6.98		4.96				1,971		1.03			1.12			(0.67	)		98

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $19,466, $4,593, $1,292, $512,838, $139,283 and $95,032 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

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

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


20		Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

The 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.


21		Invesco Balanced-Risk Commodity Strategy Fund

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

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.

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.


22		Invesco Balanced-Risk Commodity Strategy Fund

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

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.

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.

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

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


23		Invesco Balanced-Risk Commodity Strategy Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate

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, 2020, the effective advisory fee rate incurred by the Fund was 1.02%.

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $925,468 and reimbursed class level expenses of $57,469, $13,582, $3,845, $1,527,061, $139,220 and $6,425 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, 2020, 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.

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, 2020, IDI advised the Fund that IDI retained $2,278 in front-end sales commissions from the sale of Class A shares and $4,596 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


24		Invesco Balanced-Risk Commodity Strategy Fund

market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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	$	–		$	171,099,337			$–	$	171,099,337

Commodity-Linked Securities		–			25,680,197			–		25,680,197

Money Market Funds		354,827,548			–			–		354,827,548

Total Investments in Securities		354,827,548			196,779,534			–		551,607,082


Other Investments - Assets*

Futures Contracts		6,091,859			–			–		6,091,859

Swap Agreements		–			4,001,238			–		4,001,238

		6,091,859			4,001,238			–		10,093,097


Other Investments - Liabilities*

Futures Contracts		(6,649,302	)		–			–		(6,649,302	)

Swap Agreements		–			(7,293,127	)		–		(7,293,127	)

		(6,649,302	)		(7,293,127	)		–		(13,942,429	)

Total Other Investments		(557,443	)		(3,291,889	)		–		(3,849,332	)

Total Investments	$	354,270,105		$	193,487,645			$–	$	547,757,750

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2020:


	Value
Derivative Assets	Commodity Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	6,091,859

Unrealized appreciation on swap agreements – OTC		4,001,238

Total Derivative Assets		10,093,097

Derivatives not subject to master netting agreements		(6,091,859	)

Total Derivative Assets subject to master netting agreements	$	4,001,238


	Value
Derivative Liabilities	Commodity Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(6,649,302	)

Unrealized depreciation on swap agreements – OTC		(7,293,127	)

Total Derivative Liabilities		(13,942,429	)

Derivatives not subject to master netting agreements		6,649,302

Total Derivative Liabilities subject to master netting agreements	$	(7,293,127	)

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


25		Invesco Balanced-Risk Commodity Strategy Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2020.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash	Cash			Net Amount

Barclays Bank PLC	$	471,672	$	(2,686,394	)	$	(2,214,722	)	$-	$	2,214,722		$	-

BNP Paribas SA		-		(1,480,776	)		(1,480,776	)	-		1,100,000			(380,776	)

Canadian Imperial Bank of Commerce		-		(539,243	)		(539,243	)	-		539,243			-

Cargill, Inc.		-		(80,034	)		(80,034	)	-		-			(80,034	)

Goldman Sachs International		1,730,790		(17,295	)		1,713,495		-		-			1,713,495

JPMorgan Chase Bank, N.A.		-		(691,014	)		(691,014	)	-		691,014			-

Macquarie Bank Ltd.		1,131,158		(1,848,722	)		(717,564	)	-		717,564			-

Merrill Lynch International		3,097,268		(900,393	)		2,196,875		-		-			2,196,875

Morgan Stanley Capital Services LLC		647,758		(2,901	)		644,857		-		(310,000	)		334,857

Royal Bank of Canada		30,692		(1,241,185	)		(1,210,493	)	-		1,210,493			-

Total	$	7,109,338	$	(9,487,957	)	$	(2,378,619	)	$-	$	6,163,036		$	3,784,417

Effect of Derivative Investments for the year ended October 31, 2020

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		$	(12,690,371	)
Swap agreements			(54,988,524	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			4,925,712
Swap agreements			(4,051,256	)
Total		$	(66,804,439	)

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


	Futures Contracts		Swap Agreements
Average notional value	$	228,266,155	$	612,410,454

NOTE 5–Expense Offset Arrangement(s)

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


26		Invesco Balanced-Risk Commodity Strategy 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, 2020 and 2019:
	2020		2019

Ordinary income*	$	9,055,515		$3,478,111

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


Tax Components of Net Assets at Period-End:
	2020

Net unrealized appreciation (depreciation) — investments	$	(3,416,660	)

Temporary book/tax differences		(119,832	)

Late-Year ordinary loss deferral		(2,054,705	)

Capital loss carryforward		(55,731,325	)

Shares of beneficial interest		666,102,473

Total net assets	$	604,779,951

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


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

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $218,114,000 and $234,108,949, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $154,000,000 and $239,871,252, 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	$	10,225,914

Aggregate unrealized (depreciation) of investments		(13,642,574	)

Net unrealized appreciation (depreciation) of investments	$	(3,416,660	)

Cost of investments for tax purposes is $551,174,410.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income from the Subsidiary, on October 31, 2020, undistributed net investment income (loss) was increased by $4,680,422, undistributed net realized gain (loss) was increased by $62,575,603 and shares of beneficial interest was decreased by $67,256,025. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


			Summary of Share Activity

	Year ended October 31, 2020^(a)				Year ended October 31, 2019
	Shares		Amount		Shares		Amount

Sold:
Class A		756,190	$	4,401,337		678,597	$	4,265,449

Class C		152,804		776,428		162,557		959,414

Class R		124,074		689,942		72,010		446,924

Class Y		37,359,157		210,352,469		59,608,724		383,430,826

Class R5		4,395,064		23,590,286		774,297		4,927,483

Class R6		10,515,351		60,818,888		23,222,617		145,568,535


27		Invesco Balanced-Risk Commodity Strategy Fund


				Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		29,522		$	183,627			7,648		$	48,335

Class C		7,770			45,452			644			3,858

Class R		2,021			12,372			316			1,965

Class Y		613,477			3,895,581			211,248			1,360,440

Class R5		202,006			1,288,797			64,628			417,496

Class R6		22,393			143,089			9,615			62,307


Automatic conversion of Class C shares to Class A shares:
Class A		6,222			34,121			113,699			717,474

Class C		(6,636	)		(34,121	)		(120,014	)		(717,474	)


Reacquired:
Class A		(1,772,050	)		(10,110,344	)		(2,157,147	)		(13,504,368	)

Class C		(381,574	)		(2,033,939	)		(556,251	)		(3,291,365	)

Class R		(74,231	)		(394,196	)		(96,202	)		(595,721	)

Class Y		(98,877,960	)		(535,472,956	)		(145,962,534	)		(922,008,348	)

Class R5		(1,772,658	)		(10,642,441	)		(4,036,280	)		(26,061,628	)

Class R6		(9,794,377	)		(57,740,749	)		(7,381,324	)		(46,973,549	)

Net increase (decrease) in share activity		(58,493,435	)	$	(310,196,357	)		(75,383,152	)	$	(470,941,947	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.


28		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 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2020 (collectively referred to as the “consolidated financial statements”). In our opinion, consolidated the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


29		Invesco Balanced-Risk Commodity Strategy Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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 (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,208.30	$7.27	$1,018.55	$6.65	1.31%
Class C	1,000.00	1,206.70	11.43	1,014.78	10.43	2.06
Class R	1,000.00	1,210.20	8.67	1,017.29	7.91	1.56
Class Y	1,000.00	1,212.20	5.89	1,019.81	5.38	1.06
Class R5	1,000.00	1,211.00	5.89	1,019.81	5.38	1.06
Class R6	1,000.00	1,210.50	5.89	1,019.81	5.38	1.06

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 184/366 to reflect the most recent fiscal half year.


30		Invesco Balanced-Risk Commodity Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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, 2020. 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

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

B.	Fund Investment Performance

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 does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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


31		Invesco Balanced-Risk Commodity Strategy Fund

various components. The Board noted that the Fund’s contractual and actual management fees and total expense ratio were in the fourth quintile of its expense group and discussed with management reasons for such relative contractual and actual management fees and total expenses.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


32		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, 2020:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Business Interest Income*	32.71	%
Corporate Dividends Received Deduction*	0.00	%

U.S.Treasury Obligations*	38.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


33		Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Balanced-Risk Commodity Strategy Fund

LOGO

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



		Annual Report to Shareholders		October 31, 2020

		Invesco Core Bond Fund Effective September 30, 2020, Invesco Oppenheimer Total Return Bond Fund was renamed Invesco Core Bond Fund.
		Nasdaq:
		A: OPIGX ∎ C: OPBCX ∎ R: OPBNX ∎ Y: OPBYX ∎ R5: TRTMX ∎ R6: OPBIX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Core Bond Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Core Bond Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Core Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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		7.36%
Class C Shares		6.51
Class R Shares		6.90
Class Y Shares		7.56
Class R5 Shares		7.71
Class R6 Shares		7.76
Bloomberg Barclays U.S. Aggregate Bond Index^q		6.19
Bloomberg Barclays U.S. Credit Index^q		6.66
FTSE Broad Investment Grade Bond Index^q		6.32
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

At the beginning of the fiscal year, despite US and China trade tensions, potential for new tariffs, and weakening global economic growth, US economic data remained supportive of slow but continued domestic economic expansion as 2019 third and fourth quarter gross domestic product grew at approximately 2.5%.1 The US economy continued to add jobs, stabilizing the unemployment rate to 3.5% at the close of 2019, while inflation remained subdued.2 In response to third quarter economic weakness, the US Federal Reserve (the Fed) maintained accommodative policies, cutting the federal funds target rate to a range 3 of 1.50% to 1.75% at the close of 2019. Despite the UK’s general election in December which delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union, macroeconomic and geopolitical issues mostly abated during the fourth quarter 2019, providing a favorable backdrop for continued US growth.

Fixed income markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the Fed took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25%.3 The unemployment rate reached a peak of 14.7 percent2 while real gross domestic product decreased at an annual rate of 31.4 percent1 in the second quarter of 2020.

Many economies received fiscal stimulus and very significant monetary stimulus due to

the impact of COVID-19. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first half of the year. Consequently, some countries were able to achieve some success in controlling the spread and were able to slowly reopen their economies in the third quarter. With a potential vaccine in sight for the end of 2020 or early 2021 the broader bond market, both developed and emerging, ended the fiscal year in positive territory.

The 10-year US Treasury yield continued to decline at the start of the fiscal year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the fiscal year at 0.88%, 85 basis points lower than at the beginning of the fiscal year.⁴ (A basis point is one one-hundredth of a percentage point.)

The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.19% for the fiscal year. The strong performance by this index was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index – government-related, corporate, securitized and treasury – posted positive returns for the fiscal year.

The Fund, at NAV, generated positive returns for the fiscal year, and outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. Overweight exposure to investment grade bonds was the most notable contributor to the Fund’s relative performance. However, trading friction detracted from Fund

performance with the majority of the impact occurring in the second quarter due to market volatility and higher than usual bid/offers. With regard to security selection, in the financial institutions and consumer cyclical sectors, security selection contributed to the Fund’s relative performance during the fiscal year. Meanwhile, security selection in investment grade sectors, such as energy and transportation, detracted from relative Fund 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 the Bloomberg Barclays U.S. Aggregate Bond Index during the fiscal year. The Fund’s out-of-index exposure to US dollar-denominated emerging market (EM) corporate debt during the fiscal year also contributed to the Fund’s relative performance. Helping to support returns in US dollar-denominated EM corporate debt were very accommodative central bank policies.

The Fund’s allocation to cash holdings detracted from relative Fund performance, as intermediate and long duration assets rallied during the fiscal year as a result of lower Treasury rates.

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

The Fund may use active duration and yield curve positioning for risk management and for generating excess return versus the Bloomberg Barclays U.S. Aggregate Bond Index. 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 Bloomberg Bar-clays U.S. Aggregate Bond Index, on average, and the timing of changes and the degree of variance from this index during the fiscal year detracted slightly from relative returns. Buying and selling US Treasury futures were important tools used for the management of interest rate risk and to maintain our targeted portfolio duration.

4 Invesco Core Bond Fund

swaps index contracts at various points throughout the fiscal year. The currency management was carried out via currency forwards 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 risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We 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: Bureau of Economic Analysis

2 Source: Bureau of Labor Statistics

3 Source: US Federal Reserve

4 Source: US Department of the Treasury

Portfolio manager(s):

Matt Brill

Michael D. Hyman

Todd Schomberg

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

5 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 10/31/10

LOGO

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.

6 Invesco Core Bond Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares

Inception (4/15/88)	4.42	%

10 Years	4.07

5 Years	3.49

1 Year	2.82

Class C Shares

Inception (7/11/95)	3.15	%

10 Years	3.85

5 Years	3.51

1 Year	5.51

Class R Shares

Inception (3/1/01)	2.46	%

10 Years	4.21

5 Years	4.03

1 Year	6.90

Class Y Shares

Inception (4/27/98)	3.27	%

10 Years	4.77

5 Years	4.66

1 Year	7.56

Class R5 Shares

10 Years	4.56	%

5 Years	4.47

1 Year	7.71

Class R6 Shares

Inception (4/27/12)	4.56	%

5 Years	4.72

1 Year	7.76

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.

7 Invesco Core Bond Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

The Bloomberg Barclays U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes.

∎

The FTSE Broad Investment Grade Bond Index is a multi-asset, multi-currency benchmark that provides a broad-based measure of the global fixed income markets.

∎

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

∎


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

8 Invesco Core Bond Fund

Fund Information

Portfolio Composition


By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		36.67	%
U.S. Government Sponsored Agency Mortgage-Backed Securities		25.38
Asset-Backed Securities		20.33
U.S. Treasury Securities		7.84
Security Types Each Less Than 1% of Portfolio		1.09
Money Market Funds Plus Other Assets Less Liabilities		8.69

Top Five Debt Issuers*


	% of total net assets
1. Uniform Mortgage-Backed Securities		19.43	%
2. U.S. Treasury		7.84
3. Government National Mortgage Association		4.14
4. World Financial Network Credit Card Master Trust		1.66
5. AmeriCredit Automobile Receivables Trust		1.33

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, 2020.

9 Invesco Core Bond Fund

Schedule of Investments ^(a)

October 31, 2020


	Principal Amount		Value

U.S. Dollar Denominated Bonds & Notes-36.67%
Advertising-0.18%
Interpublic Group of Cos., Inc. (The), 3.75%, 10/01/2021	$	3,141,000	$	3,238,231


Aerospace & Defense-0.73%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025^(b)		2,619,000		2,961,302

Boeing Co. (The), 2.75%, 02/01/2026		3,141,000		3,131,741

3.63%, 02/01/2031		1,121,000		1,117,993

L3Harris Technologies, Inc., 3.85%, 06/15/2023		3,486,000		3,766,335

Northrop Grumman Corp., 4.75%, 06/01/2043		1,814,000		2,341,753

				13,319,124


Agricultural Products-0.21%
Bunge Ltd. Finance Corp., 3.50%, 11/24/2020		3,907,000		3,913,966


Airlines-0.91%
Delta Air Lines Pass-Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/2028		3,787,000		3,691,563

Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025^(b)		2,875,000		2,920,218

4.75%, 10/20/2028^(b)		4,820,000		4,929,783

United Airlines Pass-Through Trust, Series 2020-1 Class A, 5.88%, 10/15/2027		5,066,000		5,094,269

Series 2019-2, Class AA, 2.70%, 05/01/2032		38,000		35,729

				16,671,562


Apparel Retail-0.63%
Ross Stores, Inc., 3.38%, 09/15/2024		4,203,000		4,504,290

4.60%, 04/15/2025		3,614,000		4,176,587

0.88%, 04/15/2026		1,422,000		1,411,592

4.70%, 04/15/2027		541,000		635,108

1.88%, 04/15/2031		734,000		727,066

				11,454,643


Application Software-0.07%
Autodesk, Inc., 4.38%, 06/15/2025		1,102,000		1,256,648


Asset Management & Custody Banks-0.29%
Bank of New York Mellon Corp. (The), Series G, 4.70%^(c)(d)		3,192,000		3,423,420

Carlyle Finance Subsidiary LLC, 3.50%, 09/19/2029^(b)		1,743,000		1,884,182

				5,307,602


Automobile Manufacturers-1.44%
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022^(b)		3,544,000		3,658,839


	Principal Amount		Value

Automobile Manufacturers-(continued)
General Motors Financial Co., Inc., 4.20%, 11/06/2021	$	3,150,000	$	3,245,974

4.15%, 06/19/2023		3,253,000		3,475,873

Hyundai Capital America, 5.75%, 04/06/2023^(b)		3,641,000		4,038,170

4.13%, 06/08/2023^(b)		3,476,000		3,736,790

Nissan Motor Acceptance Corp., 3.65%, 09/21/2021^(b)		4,145,000		4,222,231

Volkswagen Group of America Finance LLC (Germany), 4.00%, 11/12/2021^(b)		3,722,000		3,853,779

				26,231,656


Biotechnology-0.42%
AbbVie, Inc., 3.85%, 06/15/2024^(b)		3,844,000		4,215,497

2.95%, 11/21/2026^(b)		1,400,000		1,529,949

4.05%, 11/21/2039^(b)		1,598,000		1,827,546

				7,572,992


Brewers-0.19%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		2,055,000		3,370,704


Broadcasting-0.55%
Discovery Communications LLC, 4.00%, 09/15/2055^(b)		8,989,000		9,088,766

Fox Corp., 3.05%, 04/07/2025		931,000		1,014,920

				10,103,686


Building Products-0.28%
Carrier Global Corp., 2.24%, 02/15/2025^(b)		4,809,000		5,027,304


Cable & Satellite-0.74%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.13%, 07/01/2049		1,012,000		1,180,193

Comcast Corp., 4.00%, 03/01/2048		945,000		1,142,303

2.80%, 01/15/2051		2,529,000		2,508,583

2.45%, 08/15/2052		2,399,000		2,194,650

2.65%, 08/15/2062		2,962,000		2,793,286

Cox Communications, Inc., 1.80%, 10/01/2030^(b)		949,000		928,015

2.95%, 10/01/2050^(b)		1,516,000		1,453,525

Time Warner Cable LLC, 4.50%, 09/15/2042		1,191,000		1,292,484

				13,493,039


Data Processing & Outsourced Services-0.10%
Global Payments, Inc., 3.20%, 08/15/2029		1,689,000		1,827,857


Distillers & Vintners-0.18%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022^(b)		3,112,000		3,303,282

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

10 Invesco Core Bond Fund


	Principal Amount		Value

Distributors-0.16%
Genuine Parts Co., 1.88%, 11/01/2030	$	3,059,000	$	2,997,088


Diversified Banks-3.75%
Bank of America Corp., 3.82%, 01/20/2028^(c)		2,120,000		2,395,419

2.59%, 04/29/2031^(c)		2,247,000		2,354,300

1.90%, 07/23/2031^(c)		6,632,000		6,552,083

1.92%, 10/24/2031^(c)		5,360,000		5,301,523

BBVA Bancomer S.A. (Mexico), 1.88%, 09/18/2025^(b)		2,000,000		1,987,500

BBVA USA, 2.50%, 08/27/2024		2,735,000		2,852,128

Citigroup, Inc., 3.11%, 04/08/2026^(c)		3,102,000		3,353,339

4.41%, 03/31/2031^(c)		2,612,000		3,098,782

4.75%, 05/18/2046		1,371,000		1,708,158

Danske Bank A/S (Denmark), 3.24%, 12/20/2025^(b)(c)		1,391,000		1,475,974

HSBC Holdings PLC (United Kingdom), 1.65%, 04/18/2026^(c)		1,433,000		1,437,451

JPMorgan Chase & Co., 3.80%, 07/23/2024^(c)		3,719,000		4,031,744

2.08%, 04/22/2026^(c)		4,035,000		4,223,466

2.96%, 05/13/2031^(c)		2,601,000		2,772,209

3.11%, 04/22/2041^(c)		2,510,000		2,702,762

Mitsubishi UFJ Financial Group, Inc. (Japan), 3.74%, 03/07/2029		2,009,000		2,308,654

Sumitomo Mitsui Financial Group, Inc. (Japan), 1.47%, 07/08/2025		1,964,000		2,002,080

2.14%, 09/23/2030		5,496,000		5,384,602

Truist Bank, 2.64%, 09/17/2029^(c)		4,568,000		4,739,708

U.S. Bancorp, 1.38%, 07/22/2030		2,655,000		2,624,708

Wells Fargo & Co., 2.19%, 04/30/2026^(c)		1,169,000		1,216,620

3.07%, 04/30/2041^(c)		1,663,000		1,726,674

4.75%, 12/07/2046		1,770,000		2,174,548

				68,424,432


Diversified Capital Markets-0.53%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		1,815,000		2,007,958

Credit Suisse Group AG (Switzerland), 4.55%, 04/17/2026		1,642,000		1,912,051

4.19%, 04/01/2031^(b)(c)		2,115,000		2,429,462

UBS Group AG (Switzerland), 4.13%, 04/15/2026^(b)		1,614,000		1,853,326

4.25%, 03/23/2028^(b)		1,319,000		1,524,890

				9,727,687


Diversified Chemicals-0.24%
Dow Chemical Co. (The), 3.63%, 05/15/2026		2,391,000		2,668,816

Eastman Chemical Co., 3.50%, 12/01/2021		1,593,000		1,641,023

				4,309,839


	Principal Amount		Value

Diversified Metals & Mining-0.35%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024^(b)	$	1,168,000	$	1,258,747

5.38%, 04/01/2025^(b)		4,514,000		5,207,630

				6,466,377


Diversified REITs-0.32%
Brixmor Operating Partnership L.P., 4.13%, 05/15/2029		1,798,000		1,951,633

4.05%, 07/01/2030		2,026,000		2,190,536

Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		1,752,000		1,737,900

				5,880,069


Drug Retail-0.20%
Walgreen Co., 3.10%, 09/15/2022		3,384,000		3,551,987


Electric Utilities-1.33%
AEP Texas, Inc., 3.95%, 06/01/2028^(b)		2,489,000		2,884,159

Berkshire Hathaway Energy Co., 2.85%, 05/15/2051^(b)		6,254,000		6,119,946

EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(b)		2,377,000		2,589,556

Emera US Finance L.P. (Canada), 2.70%, 06/15/2021		2,294,000		2,321,418

Enel Finance International N.V. (Italy), 2.88%, 05/25/2022^(b)		3,320,000		3,425,376

Eversource Energy, Series Q, 0.80%, 08/15/2025		473,000		471,593

FirstEnergy Corp., Series A, 1.60%, 01/15/2026		387,000		377,437

Series B, 3.90%, 07/15/2027		1,904,000		2,036,448

2.25%, 09/01/2030		604,000		570,340

Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028^(b)		2,048,000		2,258,754

Oklahoma Gas & Electric Co., 3.25%, 04/01/2030		1,126,000		1,258,622

				24,313,649


Electrical Components & Equipment-0.21%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		3,937,000		3,847,894


Electronic Components-0.08%
Corning, Inc., 5.45%, 11/15/2079		1,092,000		1,377,602


Electronic Manufacturing Services-0.17%
Jabil, Inc., 3.00%, 01/15/2031		3,110,000		3,145,681


Financial Exchanges & Data-0.38%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		2,621,000		2,632,487

Moody’s Corp., 3.25%, 05/20/2050		961,000		1,008,432

2.55%, 08/18/2060		804,000		718,957

S&P Global, Inc., 1.25%, 08/15/2030		1,732,000		1,687,568

2.30%, 08/15/2060		930,000		832,480

				6,879,924

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

11 Invesco Core Bond Fund


	Principal Amount		Value

Gas Utilities-0.04%
East Ohio Gas Co. (The), 1.30%, 06/15/2025^(b)	$	794,000	$	809,409


Health Care Equipment-0.11%
Becton, Dickinson and Co., 3.70%, 06/06/2027		1,780,000		2,015,723


Health Care Facilities-0.07%
CommonSpirit Health, 1.55%, 10/01/2025		1,184,000		1,188,363


Health Care REITs-0.39%
Healthcare Trust of America Holdings L.P., 3.50%, 08/01/2026		2,397,000		2,691,047

Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		2,594,000		2,501,521

Welltower, Inc., 2.70%, 02/15/2027		1,809,000		1,905,308

				7,097,876


Health Care Services-1.32%
Bon Secours Mercy Health, Inc., Series 20-2, 2.10%, 06/01/2031		925,000		925,288

3.21%, 06/01/2050		925,000		930,799

Cigna Corp., 4.13%, 11/15/2025		2,616,000		2,994,695

CVS Health Corp., 1.30%, 08/21/2027		2,655,000		2,615,716

2.70%, 08/21/2040		1,148,000		1,098,888

Fresenius Medical Care US Finance II, Inc. (Germany), 5.88%, 01/31/2022^(b)		3,228,000		3,409,292

New York and Presbyterian Hospital (The), 2.26%, 08/01/2040		1,255,000		1,175,898

2.61%, 08/01/2060		1,846,000		1,707,161

Sutter Health, Series 20A, 3.16%, 08/15/2040		3,945,000		3,955,807

3.36%, 08/15/2050		2,945,000		2,930,475

Texas Health Resources, 2.33%, 11/15/2050		2,601,000		2,306,980

				24,050,999


Home Improvement Retail-0.19%
Lowe’s Cos., Inc., 1.30%, 04/15/2028		2,052,000		2,033,166

4.50%, 04/15/2030		1,209,000		1,484,818

				3,517,984


Homebuilding-0.19%
D.R. Horton, Inc., 4.75%, 02/15/2023		3,193,000		3,455,039


Industrial Conglomerates-0.10%
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		1,628,000		1,747,906


Industrial REITs-0.06%
Lexington Realty Trust, 2.70%, 09/15/2030		1,070,000		1,081,170


	Principal Amount		Value

Insurance Brokers-0.04%
Brown & Brown, Inc., 2.38%, 03/15/2031	$	776,000	$	779,795


Integrated Oil & Gas-0.13%
Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(b)		2,399,000		2,399,398


Integrated Telecommunication Services-1.29%
AT&T, Inc.,
4.30%, 02/15/2030		2,571,000		2,998,737

3.10%, 02/01/2043		3,185,000		3,034,714

4.35%, 06/15/2045		279,000		308,870

4.50%, 03/09/2048		1,278,000		1,426,817

3.50%, 09/15/2053^(b)		4,891,000		4,653,068

3.55%, 09/15/2055^(b)		903,000		857,891

3.65%, 09/15/2059^(b)		247,000		234,996

3.50%, 02/01/2061		2,040,000		1,887,728

British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		2,013,000		2,223,459

Verizon Communications, Inc., 4.52%, 09/15/2048		1,799,000		2,306,658

5.01%, 04/15/2049		1,630,000		2,250,774

2.99%, 10/30/2056^(b)		1,385,000		1,402,610

				23,586,322


Interactive Home Entertainment-0.16%
Activision Blizzard, Inc., 2.50%, 09/15/2050		3,278,000		2,949,544


Interactive Media & Services-0.27%
Alphabet, Inc., 1.90%, 08/15/2040		711,000		669,979

2.25%, 08/15/2060		2,784,000		2,507,027

Baidu, Inc. (China), 1.72%, 04/09/2026		1,000,000		1,003,655

2.38%, 10/09/2030		800,000		810,789

				4,991,450


Internet & Direct Marketing Retail-0.28%
Amazon.com, Inc., 0.80%, 06/03/2025		2,800,000		2,828,253

Expedia Group, Inc., 4.63%, 08/01/2027^(b)		2,153,000		2,258,716

				5,086,969


Investment Banking & Brokerage-1.03%
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		2,726,000		3,004,064

3.75%, 02/25/2026		1,677,000		1,886,633

3.50%, 11/16/2026		1,745,000		1,933,169

Morgan Stanley, 5.00%, 11/24/2025		2,859,000		3,373,761

2.19%, 04/28/2026^(c)		2,013,000		2,110,570

3.62%, 04/01/2031^(c)		2,613,000		2,999,687

Raymond James Financial, Inc., 3.63%, 09/15/2026		1,576,000		1,810,866

4.65%, 04/01/2030		1,302,000		1,576,772

				18,695,522


Life & Health Insurance-1.73%
AIA Group Ltd. (Hong Kong), 3.20%, 09/16/2040^(b)		1,530,000		1,576,328

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

12 Invesco Core Bond Fund


	Principal Amount		Value

Life & Health Insurance-(continued)
Athene Global Funding, 1.20%, 10/13/2023^(b)	$	3,913,000	$	3,917,147

2.95%, 11/12/2026^(b)		5,054,000		5,320,970

Athene Holding Ltd., 6.15%, 04/03/2030		2,879,000		3,443,153

3.50%, 01/15/2031		1,076,000		1,083,479

Belrose Funding Trust, 2.33%, 08/15/2030^(b)		1,787,000		1,782,046

Lincoln National Corp., 3.80%, 03/01/2028		1,946,000		2,189,957

Manulife Financial Corp. (Canada), 4.06%, 02/24/2032^(c)		2,115,000		2,283,786

Pacific LifeCorp, 3.35%, 09/15/2050^(b)		2,553,000		2,623,589

Prudential Financial, Inc., 5.20%, 03/15/2044^(c)		3,352,000		3,518,275

Reliance Standard Life Global Funding II, 2.75%, 01/21/2027^(b)		3,723,000		3,891,525

				31,630,255


Managed Health Care-0.45%
Children’s Hospital, Series 2020, 2.93%, 07/15/2050		1,327,000		1,228,769

Community Health Network, Inc., Series 20-A, 3.10%, 05/01/2050		2,823,000		2,571,813

Hackensack Meridian Health, Inc., Series 2020, 2.68%, 09/01/2041		1,234,000		1,186,912

2.88%, 09/01/2050		1,193,000		1,151,260

MultiCare Health System, 2.80%, 08/15/2050		2,188,000		2,095,435

				8,234,189


Multi-Utilities-0.87%
Ameren Corp., 2.50%, 09/15/2024		2,476,000		2,633,045

CenterPoint Energy, Inc., 4.25%, 11/01/2028		1,512,000		1,784,808

Dominion Energy, Inc., 2.72%, 08/15/2021^(e)		2,666,000		2,711,121

Series C, 3.38%, 04/01/2030		2,196,000		2,474,848

DTE Energy Co., Series H, 0.55%, 11/01/2022		1,323,000		1,328,463

Series F, 1.05%, 06/01/2025		1,108,000		1,113,006

WEC Energy Group, Inc., 1.38%, 10/15/2027		1,982,000		1,978,733

1.80%, 10/15/2030		1,802,000		1,784,875

				15,808,899


Office REITs-0.26%
Highwoods Realty L.P., 2.60%, 02/01/2031		630,000		623,391

Office Properties Income Trust, 4.50%, 02/01/2025		4,025,000		4,083,098

				4,706,489


Oil & Gas Exploration & Production-0.44%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		3,853,000		3,900,311

Concho Resources, Inc., 2.40%, 02/15/2031		800,000		807,641


	Principal Amount		Value

Oil & Gas Exploration & Production-(continued)
Pioneer Natural Resources Co., 1.90%, 08/15/2030	$	3,464,000	$	3,245,177

				7,953,129


Oil & Gas Storage & Transportation-1.68%
Energy Transfer Operating L.P., 4.25%, 03/15/2023		2,716,000		2,830,648

Kinder Morgan Energy Partners L.P., 5.80%, 03/01/2021		1,666,000		1,694,536

Kinder Morgan, Inc., 2.00%, 02/15/2031		1,694,000		1,614,163

5.20%, 03/01/2048		1,273,000		1,474,141

3.25%, 08/01/2050		852,000		767,919

MPLX L.P., 1.34%, (3 mo. USD LIBOR + 1.10%), 09/09/2022^(f)		1,999,000		1,999,233

1.75%, 03/01/2026		2,403,000		2,392,571

4.25%, 12/01/2027		1,998,000		2,213,471

2.65%, 08/15/2030		2,532,000		2,439,965

ONEOK, Inc., 5.85%, 01/15/2026		977,000		1,110,684

6.35%, 01/15/2031		3,720,000		4,314,801

Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028		1,775,000		1,924,370

Sunoco Logistics Partners Operations L.P., 4.00%, 10/01/2027		2,134,000		2,181,944

Williams Cos., Inc. (The), 3.70%, 01/15/2023		3,489,000		3,676,948

				30,635,394


Other Diversified Financial Services-0.75%
Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/2027^(b)		1,267,000		1,400,502

1.60%, 03/30/2031^(b)		3,637,000		3,561,983

2.80%, 09/30/2050^(b)		1,679,000		1,668,675

Equitable Holdings, Inc., Series B, 4.95%^(c)(d)		1,502,000		1,550,815

KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050^(b)		1,546,000		1,561,383

Pershing Square Holdings Ltd. (Guernsey), 3.25%, 11/15/2030^(b)		3,900,000		3,893,434

				13,636,792


Packaged Foods & Meats-0.61%
Conagra Brands, Inc., 4.60%, 11/01/2025		3,386,000		3,939,882

Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021^(b)		4,027,000		4,085,937

Tyson Foods, Inc., 3.90%, 09/28/2023		2,828,000		3,086,307

				11,112,126


Paper Packaging-0.17%
Packaging Corp. of America, 3.65%, 09/15/2024		2,860,000		3,128,877


Pharmaceuticals-0.74%
AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026		1,368,000		1,349,517

1.38%, 08/06/2030		1,767,000		1,717,956

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

13 Invesco Core Bond Fund


	Principal Amount		Value

Pharmaceuticals-(continued)
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(b)	$	3,457,000	$	3,767,773

Mylan, Inc., 3.13%, 01/15/2023^(b)		3,432,000		3,607,474

Royalty Pharma PLC, 1.20%, 09/02/2025^(b)		989,000		985,069

1.75%, 09/02/2027^(b)		908,000		902,997

2.20%, 09/02/2030^(b)		1,098,000		1,081,631

				13,412,417


Property & Casualty Insurance-0.59%
Arch Capital Group Ltd., 3.64%, 06/30/2050		1,507,000		1,626,285

CNA Financial Corp., 3.45%, 08/15/2027		2,395,000		2,674,573

Fidelity National Financial, Inc., 3.40%, 06/15/2030		1,867,000		1,991,973

2.45%, 03/15/2031		2,660,000		2,606,276

W.R. Berkley Corp., 4.00%, 05/12/2050		1,639,000		1,927,527

				10,826,634


Railroads-0.16%
Union Pacific Corp., 2.15%, 02/05/2027		2,816,000		2,987,674


Regional Banks-1.25%
Citizens Financial Group, Inc., 2.50%, 02/06/2030		2,722,000		2,850,013

Fifth Third Bancorp, 2.55%, 05/05/2027		1,647,000		1,756,807

Fifth Third Bank N.A., 3.85%, 03/15/2026		1,583,000		1,790,923

Huntington Bancshares, Inc., 4.00%, 05/15/2025		3,468,000		3,929,311

KeyBank N.A., 3.40%, 05/20/2026		2,054,000		2,286,069

KeyCorp, 4.15%, 10/29/2025		1,134,000		1,304,870

2.25%, 04/06/2027		3,956,000		4,155,426

PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		2,465,000		2,748,642

Synovus Financial Corp., 3.13%, 11/01/2022		1,855,000		1,917,727

				22,739,788


Reinsurance-0.14%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		2,559,000		2,601,024


Residential REITs-0.30%
Essex Portfolio L.P., 1.65%, 01/15/2031		1,192,000		1,150,840

2.65%, 09/01/2050		2,125,000		1,938,538

Spirit Realty L.P., 3.20%, 01/15/2027		2,296,000		2,317,797

				5,407,175


Retail REITs-1.30%
Kimco Realty Corp., 1.90%, 03/01/2028		2,981,000		2,941,054

2.70%, 10/01/2030		1,732,000		1,754,181

Kite Realty Group L.P., 4.00%, 10/01/2026		2,387,000		2,344,155


	Principal Amount		Value

Retail REITs-(continued)
Realty Income Corp., 3.25%, 01/15/2031	$	2,297,000	$	2,513,612

Regency Centers L.P., 2.95%, 09/15/2029		2,690,000		2,776,371

Retail Properties of America, Inc., 4.75%, 09/15/2030		1,731,000		1,718,646

Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080^(b)(c)		4,108,000		4,041,235

5.13%, 09/24/2080^(b)(c)		3,369,000		3,314,940

Simon Property Group L.P., 3.50%, 09/01/2025		816,000		893,661

3.80%, 07/15/2050		1,393,000		1,371,235

				23,669,090


Semiconductor Equipment-0.18%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 2.70%, 05/01/2025^(b)		690,000		735,090

3.88%, 06/18/2026^(b)		2,187,000		2,459,368

				3,194,458


Semiconductors-1.11%
Analog Devices, Inc., 2.95%, 04/01/2025		1,131,000		1,231,005

Broadcom, Inc., 2.25%, 11/15/2023		2,538,000		2,638,314

4.70%, 04/15/2025		3,268,000		3,715,764

3.15%, 11/15/2025		2,606,000		2,812,528

4.15%, 11/15/2030		2,624,000		2,944,838

QUALCOMM, Inc., 2.15%, 05/20/2030		3,304,000		3,431,706

3.25%, 05/20/2050		3,207,000		3,534,798

				20,308,953


Soft Drinks-0.19%
Keurig Dr Pepper, Inc., 4.06%, 05/25/2023		3,240,000		3,518,345


Specialized REITs-0.47%
Agree L.P., 2.90%, 10/01/2030		777,000		797,878

American Tower Corp., 3.00%, 06/15/2023		2,864,000		3,035,850

4.00%, 06/01/2025		1,796,000		2,016,708

1.30%, 09/15/2025		1,662,000		1,678,098

Crown Castle International Corp., 3.30%, 07/01/2030		942,000		1,026,904

				8,555,438


Specialty Stores-0.03%
Tractor Supply Co., 1.75%, 11/01/2030		547,000		537,051


Systems Software-0.38%
Leidos, Inc., 2.30%, 02/15/2031^(b)		3,717,000		3,691,631

Oracle Corp., 3.85%, 04/01/2060		2,839,000		3,222,877

				6,914,508


Technology Hardware, Storage & Peripherals-0.93%
Apple, Inc., 4.38%, 05/13/2045		1,913,000		2,526,557

2.55%, 08/20/2060		8,668,000		8,337,418

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

14 Invesco Core Bond Fund


	Principal Amount		Value

Technology Hardware, Storage & Peripherals-(continued)
Dell International LLC/EMC Corp., 5.30%, 10/01/2029^(b)	$	3,500,000	$	4,053,655

Lenovo Group Ltd. (China), 3.42%, 11/02/2030^(b)		1,970,000		1,997,041

				16,914,671


Tobacco-0.66%
Altria Group, Inc., 3.49%, 02/14/2022		2,131,000		2,212,460

BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		2,252,000		2,246,773

Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022^(b)		3,431,000		3,575,159

Philip Morris International, Inc.,
1.50%, 05/01/2025		1,359,000		1,399,036

0.88%, 05/01/2026		2,527,000		2,515,458

				11,948,886


Trucking-0.79%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.65%, 07/29/2021^(b)		1,372,000		1,400,168

4.00%, 07/15/2025^(b)		1,634,000		1,844,196

1.20%, 11/15/2025^(b)		1,505,000		1,503,358

3.40%, 11/15/2026^(b)		2,993,000		3,290,853

Ryder System, Inc., 2.50%, 09/01/2024		1,973,000		2,083,732

4.63%, 06/01/2025		2,812,000		3,236,378

3.35%, 09/01/2025		1,012,000		1,115,176

				14,473,861


Wireless Telecommunication Services-0.18%
T-Mobile USA, Inc., 3.50%, 04/15/2025^(b)		3,072,000		3,368,786

Total U.S. Dollar Denominated Bonds & Notes (Cost $639,212,315)				668,692,903


U.S. Government Sponsored Agency Mortgage-Backed Securities-25.38%
Collateralized Mortgage Obligations-1.49%
Fannie Mae Interest STRIPS, IO,
7.00%, 06/25/2023 to 04/25/2032		1,165,459		238,082

7.50%, 10/25/2023 to 11/25/2029		238,588		20,127

6.50%, 04/25/2029 to 02/25/2033^(f)(g)		1,857,369		365,373

6.00%, 06/25/2033 to 03/25/2036^(f)(g)		1,226,385		234,771

5.50%, 09/25/2033 to 06/25/2035^(f)(g)		2,140,055		382,391


	Principal Amount		Value

Collateralized Mortgage Obligations-(continued)
Fannie Mae REMICs, 3.00%, 12/25/2020 to 11/25/2027	$	2,528,113	$	147,107

6.50%, 06/25/2023 to 10/25/2031		377,076		419,799

4.50%, 08/25/2025		79,846		82,425

5.50%, 12/25/2025 to 07/25/2046		5,675,961		4,689,516

7.00%, 07/25/2026 to 04/25/2033		715,502		165,527

4.00%, 08/25/2026 to 08/25/2047		4,919,270		366,891

6.00%, 11/25/2028		114,721		130,288

7.50%, 12/25/2029		797,983		925,991

1.15% (1 mo. USD LIBOR + 1.00%), 07/25/2032^(f)		94,874		96,945

0.55% (1 mo. USD LIBOR + 0.40%), 03/25/2033^(f)		26,621		26,657

13.80% (1 mo. USD LIBOR + 14.10%), 12/25/2033^(f)		11,202		11,384

0.40% (1 mo. USD LIBOR + 0.25%), 08/25/2035^(f)		103,062		103,150

23.65% (1 mo. USD LIBOR + 24.20%), 06/25/2036^(f)		211,841		358,597

1.09% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(f)		109,523		112,245

1.50%, 01/25/2040		1,567,200		1,578,330

5.00%, 04/25/2040 to 09/25/2047^(f)(g)		13,422,886		2,221,546

IO,
6.95%, 06/25/2023 to 11/25/2030^(f)(g)		315,428		15,239

6.55%, 02/25/2024 to 05/25/2035^(f)(g)		666,078		132,304

8.00% (1 mo. USD LIBOR + 8.15%), 04/25/2027^(f)(g)		97,180		16,706

9.65% (1 mo. USD LIBOR + 9.80%), 03/17/2031^(f)(g)		110		8

7.60%, 07/25/2031 to 02/25/2032^(f)(g)		87,612		18,688

7.70% (1 mo. USD LIBOR + 7.85%), 11/18/2031^(f)(g)		77,442		15,960

7.75% (1 mo. USD LIBOR + 7.90%), 11/25/2031^(f)(g)		178,816		35,822

7.10% (1 mo. USD LIBOR + 7.25%), 01/25/2032^(f)(g)		141,426		29,080

7.80%, 01/25/2032 to 07/25/2032^(f)(g)		259,466		47,488

7.95%, 02/25/2032 to 03/25/2032^(f)(g)		35,995		6,123

1.00% (1 mo. USD LIBOR + 8.00%), 04/25/2032^(f)(g)		221,332		5,370

6.85%, 04/25/2032 to 09/25/2032^(f)(g)		584,545		112,056

7.85%, 04/25/2032 to 12/25/2032^(f)(g)		441,120		98,234

7.85% (1 mo. USD LIBOR + 8.00%), 12/18/2032^(f)(g)		270,539		61,917

7.95%, 12/18/2032^(f)(g)		83,590		17,061

8.05% (1 mo. USD LIBOR + 8.20%), 01/25/2033^(f)(g)		364,287		84,322

8.10%, 02/25/2033 to 05/25/2033^(f)(g)		286,417		68,053

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)
7.40% (1 mo. USD LIBOR + 7.55%), 10/25/2033^(f)(g)	$	301,210	$	67,582

6.60% (6.75% - 1 mo. USD LIBOR), 03/25/2035^(f)(g)		132,097		22,760

6.45% (1 mo. USD LIBOR + 6.60%), 05/25/2035^(f)(g)		449,943		73,770

3.50%, 08/25/2035		6,438,516		787,912

5.95% (1 mo. USD LIBOR + 6.10%), 10/25/2035^(f)(g)		287,120		56,906

6.43% (1 mo. USD LIBOR + 6.58%), 06/25/2036^(f)(g)		20,795		4,049

5.90% (1 mo. USD LIBOR + 6.05%), 07/25/2038^(f)(g)		89,602		16,311

6.40% (6.55% - 1 mo. USD LIBOR), 10/25/2041^(f)(g)		632,299		133,892

6.00% (6.15% - 1 mo. USD LIBOR), 12/25/2042^(f)(g)		1,751,709		348,704

PO,
0.00%, 09/25/2023^(h)		22,060		21,734

Freddie Mac Multifamily Structured Pass-Through Ctfs., Series KC02, Class X1, 0.50%, 03/25/2024⁽ⁱ⁾		76,482,324		872,541

Series KC03, Class X1, 0.63%, 11/25/2024⁽ⁱ⁾		42,753,496		734,984

Series K734, Class X1, 0.65%, 02/25/2026⁽ⁱ⁾		33,351,035		983,926

Series K735, Class X1, 1.10%, 05/25/2026⁽ⁱ⁾		34,303,792		1,616,988

Series K093, Class X1, 0.95%, 05/25/2029⁽ⁱ⁾		27,758,375		1,945,554

Freddie Mac REMICs, 1.50%, 07/15/2023		225,441		227,271

5.00%, 09/15/2023		179,019		186,389

1.20% (1 mo. USD LIBOR + 1.05%), 10/15/2023^(f)		165,452		165,515

6.50%, 02/15/2028 to 06/15/2032		1,156,038		1,327,069

6.00%, 04/15/2029		72,194		81,739

1.05% (1 mo. USD LIBOR + 0.90%), 07/15/2031^(f)		78,486		79,874

7.00%, 03/15/2032		274,486		327,158

3.50%, 05/15/2032		247,057		265,164

1.15% (1 mo. USD LIBOR + 1.00%), 06/15/2032^(f)		308,427		315,131

24.21% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(f)		58,653		97,694

0.55% (1 mo. USD LIBOR + 0.40%), 09/15/2035^(f)		171,612		172,817

4.00%, 04/15/2040 to 03/15/2045		2,827,357		341,425

IO,
7.50%, 07/15/2026 to 03/15/2029^(f)(g)		303,465		49,772

3.00%, 06/15/2027 to 05/15/2040		8,387,116		508,414

2.50%, 05/15/2028		1,624,423		88,583

7.55% (1 mo. USD LIBOR + 7.70%), 03/15/2029^(f)(g)		49,346		6,152

7.95% (1 mo. USD LIBOR + 8.10%), 09/15/2029^(f)(g)		13,101		2,505


	Principal Amount		Value

Collateralized Mortgage Obligations–(continued)
7.60% (1 mo. USD LIBOR + 7.75%), 01/15/2032^(f)(g)	$	190,248	$	40,773

6.90% (1 mo. USD LIBOR + 7.05%), 10/15/2033^(f)(g)		380,231		76,943

6.55% (6.70% - 1 mo. USD LIBOR), 01/15/2035^(f)(g)		365,257		68,353

6.60% (6.75% - 1 mo. USD LIBOR), 02/15/2035^(f)(g)		297,316		55,872

6.57%, 05/15/2035^(f)(g)		1,468,958		272,670

6.50% (1 mo. USD LIBOR + 6.65%), 07/15/2035^(f)(g)		345,255		106,968

6.85% (7.00% - 1 mo. USD LIBOR), 12/15/2037^(f)(g)		131,853		31,011

5.85% (1 mo. USD LIBOR + 6.00%), 04/15/2038^(f)(g)		55,832		9,994

5.92% (6.07% - 1 mo. USD LIBOR), 05/15/2038^(f)(g)		1,743,307		350,957

6.10% (1 mo. USD LIBOR + 6.25%), 12/15/2039^(f)(g)		442,531		84,851

5.95% (6.10% - 1 mo. USD LIBOR), 01/15/2044^(f)(g)		2,184,208		349,886

Freddie Mac STRIPS,
IO,
7.00%, 04/01/2027		126,622		17,668

3.00%, 12/15/2027		3,296,715		218,300

3.27%, 12/15/2027^(f)(g)		878,408		47,163

6.50%, 02/01/2028		14,417		2,111

7.50%, 12/15/2029		34,424		6,639

6.00%, 12/15/2032		105,410		17,261

PO, 0.00%, 06/01/2026^(h)		15,721		15,262

				27,144,540


Federal Home Loan Mortgage Corp. (FHLMC)–0.14%
6.50%, 04/01/2021 to 04/01/2034		127,673		143,613

7.00%, 07/01/2021 to 10/01/2037		1,186,221		1,379,982

9.00%, 08/01/2022 to 05/01/2025		1,617		1,756

6.00%, 07/01/2024 to 11/01/2037		108,184		123,729

5.50%, 09/01/2039		758,831		876,903

				2,525,983


Federal National Mortgage Association (FNMA)–0.18%
6.50%, 02/01/2021 to 11/01/2031		875,508		978,660

8.50%, 07/01/2032		2,193		2,201

7.50%, 01/01/2033 to 08/01/2033		909,454		1,057,768

7.00%, 04/01/2033 to 04/01/2034		562,118		656,745

5.50%, 02/01/2035 to 05/01/2036		618,664		730,650

				3,426,024


Government National Mortgage Association (GNMA)–4.14%
ARM 2.25%,(1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027^(f)		2,561		2,631

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

16 Invesco Core Bond Fund


	Principal Amount		Value

Government National Mortgage Association (GNMA)- (continued)
IO,
7.35% (7.50% - 1 mo. USD LIBOR), 02/16/2032^(f)(g)	$	94,343	$	308

6.40% (6.55% - 1 mo. USD LIBOR), 04/16/2037^(f)(g)		929,881		193,372

6.50% (6.65% - 1 mo. USD LIBOR), 04/16/2041^(f)(g)		2,719,458		479,719

4.50%, 09/16/2047		4,946,955		743,729

6.05% (6.20% - 1 mo. USD LIBOR), 10/16/2047^(f)(g)		4,650,982		838,964

TBA, 3.50%, 11/01/2050^(j)		69,445,000		73,208,865

				75,467,588


Uniform Mortgage-Backed Securities-19.43%
TBA,
2.00%, 11/01/2035 to 11/01/2050^(j)		202,518,051		208,949,278

3.00%, 11/01/2035 to 11/01/2050^(j)		139,055,000		145,377,926

				354,327,204

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $463,610,037)				462,891,339


Asset-Backed Securities-20.33%
Alternative Loan Trust,
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		427,008		350,012

American Credit Acceptance Receivables Trust, Series 2017-4, Class D, 3.57%, 01/10/2024^(b)		2,647,460		2,688,216

Series 2018-2, Class C, 3.70%, 07/10/2024^(b)		1,630,368		1,641,640

Series 2018-3, Class D, 4.14%, 10/15/2024^(b)		410,000		420,920

Series 2018-4, Class C, 3.97%, 01/13/2025^(b)		2,507,369		2,542,423

Series 2019-3, Class C, 2.76%, 09/12/2025^(b)		2,700,000		2,754,224

AmeriCredit Automobile Receivables Trust, Series 2017-2, Class D, 3.42%, 04/18/2023		3,735,000		3,836,669

Series 2017-3, Class D, 3.18%, 07/18/2023		4,000,000		4,132,049

Series 2017-4, Class D, 3.08%, 12/18/2023		2,885,000		2,982,055

Series 2018-3, Class C, 3.74%, 10/18/2024		4,225,000		4,465,424

Series 2019-2, Class C, 2.74%, 04/18/2025		1,645,000		1,710,863

Series 2019-2, Class D, 2.99%, 06/18/2025		4,570,000		4,808,791

Series 2019-3, Class D, 2.58%, 09/18/2025		2,285,000		2,366,096

Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.47%, 12/25/2059^(b)(i)		2,482,626		2,506,757

Series 2020-3, Class A1, 1.69%, 04/25/2065^(b)(i)		6,726,049		6,769,321


	Principal Amount		Value

Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037	$	285,984	$	279,460

Series 2007-C, Class 1A4, 3.85%, 05/20/2036⁽ⁱ⁾		115,427		113,227

Banc of America Mortgage Trust,
Series 2007-1, Class 1A24, 6.00%, 03/25/2037		378,676		375,777

BANK 2019-BNK16,
Series 2019-BNK16, Class XA, 0.96%, 02/15/2052⁽ⁱ⁾		24,515,151		1,538,703

Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 2.41% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(f)		267,998		271,075

Series 2006-1, Class A1, 3.84% (1 yr. U.S. Treasury Yield
Curve Rate + 2.25%), 02/25/2036^(f)		758,952		770,683

Benchmark Mortgage Trust,
Series 2018-B1, Class XA, 0.52%, 01/15/2051⁽ⁱ⁾		35,184,787		1,038,483

Capital Auto Receivables Asset Trust,
Series 2017-1, Class D, 3.15%, 02/20/2025^(b)		560,000		570,618

Series 2018-2, Class B, 3.48%, 10/20/2023^(b)		2,025,000		2,048,975

Series 2018-2, Class C, 3.69%, 12/20/2023^(b)		1,950,000		1,988,961

Capital Lease Funding Securitization L.P.,
Series 1997-CTL1, Class IO, 1.51%, 06/22/2024^(b)(k)		25,892		314

CarMax Auto Owner Trust,
Series 2017-1, Class D, 3.43%, 07/17/2023		2,675,000		2,701,762

Series 2017-4, Class D, 3.30%, 05/15/2024		1,435,000		1,471,450

CCG Receivables Trust,
Series 2018-1, Class B, 3.09%, 06/16/2025^(b)		1,320,000		1,337,202

Series 2018-2, Class C, 3.87%, 12/15/2025^(b)		980,000		1,012,961

Series 2019-2, Class B, 2.55%, 03/15/2027^(b)		1,845,000		1,882,134

Series 2019-2, Class C, 2.89%, 03/15/2027^(b)		900,000		915,219

CD Mortgage Trust, Series 2017-
CD6, Class XA, 0.92%, 11/13/2050⁽ⁱ⁾		11,249,902		476,811

Chase Home Lending Mortgage
Trust, Series 2019-ATR1,
Class A15, 4.00%, 04/25/2049^(b)(i)		570,350		586,219

Chase Mortgage Finance Trust,
Series 2005-A2, Class 1A3, 3.86%, 01/25/2036⁽ⁱ⁾		682,782		657,273

Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, 1.03%, 11/10/2046⁽ⁱ⁾		12,714,499		331,922

Series 2014-GC21, Class AAB, 3.48%, 05/10/2047		1,114,334		1,164,663

Series 2017-C4, Class XA, 1.10%, 10/12/2050⁽ⁱ⁾		30,614,382		1,661,929

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

17 Invesco Core Bond Fund


	Principal Amount		Value

Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Class 1A1, 3.88% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(f)	$	1,426,840	$	1,442,927

CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		960,000		976,095

Series 2019-A, Class A4, 3.22%, 01/15/2026		1,910,000		2,028,225

COLT Mortgage Loan Trust, Series 2020-1, Class A1, 2.49%, 02/25/2050^(b)(i)		5,368,638		5,423,674

Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(i)		3,354,811		3,384,574

COMM Mortgage Trust, Series 2013-CR6, Class AM, 3.15%, 03/10/2046^(b)		2,945,000		3,053,276

Series 2014-LC15, Class AM, 4.20%, 04/10/2047		2,865,000		3,103,345

Commercial Mortgage Trust, Series 2012-CR5, Class XA, 1.52%, 12/10/2045⁽ⁱ⁾		11,668,141		309,718

Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		825,604		863,167

Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000		6,244,193

Countrywide Alternative Loan Trust, Series 2005-21CB, Class A7, 5.50%, 06/25/2035		867,284		821,489

CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000		11,290,313

CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		717,232		568,680

Dell Equipment Finance Trust, Series 2018-1, Class B, 3.34%, 06/22/2023^(b)		1,366,000		1,381,883

Series 2019-1, Class C, 3.14%, 03/22/2024^(b)		5,330,000		5,466,825

Series 2019-2, Class D, 2.48%, 04/22/2025^(b)		1,925,000		1,949,169

Drive Auto Receivables Trust, Series 2016-CA, Class D, 4.18%, 03/15/2024^(b)		1,040,778		1,057,363

Series 2017-1, Class D, 3.84%, 03/15/2023		2,775,787		2,816,016

Series 2018-1, Class D, 3.81%, 05/15/2024		2,139,652		2,186,417

Series 2018-2, Class D, 4.14%, 08/15/2024		3,655,000		3,782,650

Series 2018-3, Class D, 4.30%, 09/16/2024		3,340,000		3,483,375

Series 2018-5, Class C, 3.99%, 01/15/2025		3,380,000		3,478,635

Series 2019-1, Class C, 3.78%, 04/15/2025		5,345,000		5,481,169


	Principal Amount		Value

DT Auto Owner Trust, Series 2017-1A, Class D, 3.55%, 11/15/2022^(b)	$	306,540	$	307,280

Series 2017-2A, Class D, 3.89%, 01/15/2023^(b)		492,873		495,254

Series 2017-3A, Class D, 3.58%, 05/15/2023^(b)		496,955		501,025

Series 2017-3A, Class E, 5.60%, 08/15/2024^(b)		3,305,000		3,412,683

Series 2017-4A, Class D, 3.47%, 07/17/2023^(b)		1,706,968		1,715,461

Series 2018-3A, Class B, 3.56%, 09/15/2022^(b)		1,724,339		1,730,376

Series 2018-3A, Class C, 3.79%, 07/15/2024^(b)		1,720,000		1,751,593

Element Rail Leasing I LLC, Series 2014-1A, Class A1, 2.30%, 04/19/2044^(b)		163,488		163,931

Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.01%, 05/25/2065^(b)(i)		1,490,655		1,510,092

Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 03/15/2024^(b)		5,180,000		5,304,020

First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 1A6, 0.80% (1 mo. USD LIBOR + 0.65%), 11/25/2035^(f)		563,839		265,935

Flagship Credit Auto Trust, Series 2016-1, Class C, 6.22%, 06/15/2022^(b)		2,053,109		2,076,652

Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 0.75% (1 mo. USD LIBOR + 0.60%), 09/15/2024^(f)		9,380,000		9,434,678

FREMF Mortgage Trust, Series 2012-K23, Class C, 3.66%, 10/25/2045^(b)(i)		680,000		704,975

Series 2013-K25, Class C, 3.62%, 11/25/2045^(b)(i)		605,000		626,996

Series 2013-K26, Class C, 3.60%, 12/25/2045^(b)(i)		1,165,000		1,208,612

Series 2013-K27, Class C, 3.50%, 01/25/2046^(b)(i)		650,000		674,857

Series 2013-K28, Class C, 3.49%, 06/25/2046^(b)(i)		2,580,000		2,688,577

Series 2014-K715, Class C, 4.15%, 02/25/2046^(b)(i)		2,603,236		2,608,891

Series 2015-K44, Class B, 3.68%, 01/25/2048^(b)(i)		1,175,000		1,268,598

Series 2017-K62, Class B, 3.87%, 01/25/2050^(b)(i)		1,040,000		1,134,042

Series 2017-K724, Class B, 3.60%, 11/25/2023^(b)(i)		780,000		823,239

GLS Auto Receivables Trust, Series 2018-1A, Class A, 2.82%, 07/15/2022^(b)		332,544		333,394

GM Financial Automobile Leasing Trust, Series 2018-2, Class C, 3.50%, 04/20/2022		2,245,000		2,249,341

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

18 Invesco Core Bond Fund


	Principal Amount		Value

GS Mortgage Securities Trust, Series 2012-GC6, Class A3, 3.48%, 01/10/2045	$	1,414,657	$	1,441,269

Series 2012-GC6, Class AS, 4.95%, 01/10/2045^(b)		1,666,000		1,723,499

Series 2013-GC16, Class AS, 4.65%, 11/10/2046		974,215		1,062,929

Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		266,788		272,303

Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		874,776		910,312

Series 2020-GC47, Class A5, 2.38%, 05/12/2053		3,780,000		3,995,886

GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.35%, 07/25/2035⁽ⁱ⁾		152,983		155,404

HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.46% (1 mo. USD LIBOR + 0.31%), 07/25/2035^(f)		79,127		79,259

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class AS, 4.52%, 12/15/2046		3,490,000		3,786,354

Series 2013-LC11, Class AS, 3.22%, 04/15/2046		1,722,000		1,781,801

Series 2014-C20, Class AS, 4.04%, 07/15/2047		3,950,000		4,255,965

Series 2016-JP3, Class A2, 2.43%, 08/15/2049		1,791,552		1,811,349

JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 3.44%, 07/25/2035⁽ⁱ⁾		475,054		468,575

Series 2018-8, Class A17, 4.00%, 01/25/2049^(b)(i)		355,754		357,031

JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class AS, 4.07%, 11/15/2047		6,036,000		6,600,546

Series 2015-C27, Class XA, 1.17%, 02/15/2048⁽ⁱ⁾		34,676,629		1,434,114

Series 2015-C28, Class AS, 3.53%, 10/15/2048		3,400,000		3,621,819

LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 0.94%, 02/18/2030^(k)		28,444		1

Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(b)(i)		11,342		7,322

Morgan Stanley BAML Trust, Series 2013-C9, Class AS, 3.46%, 05/15/2046		6,222,000		6,488,317

Series 2014-C19, Class AS, 3.83%, 12/15/2047		5,035,000		5,457,551

Morgan Stanley Capital I Trust, Series 2011-C2, Class A4, 4.66%, 06/15/2044^(b)		1,661,781		1,699,890

Series 2017-HR2, Class XA, 0.79%, 12/15/2050⁽ⁱ⁾		13,162,599		593,007

Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		1,888,555		1,924,131


	Principal Amount		Value

Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.24% (3 mo. USD LIBOR + 1.02%), 04/19/2030^(b)(f)	$	5,054,000	$	5,007,935

OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.48% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(b)(f)		5,076,061		5,044,674

Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(b)		1,965,000		2,014,826

Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(b)		6,825,000		6,913,323

RALI Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		79,969		73,903

RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, 2.97%, 07/26/2045^(b)(i)		35,877		36,189

Residential Accredit Loans, Inc. Trust, Series 2007-QS6, Class A28, 5.75%, 04/25/2037		400,660		381,756

Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 02/25/2024^(b)(i)		2,415,848		2,452,221

Santander Drive Auto Receivables Trust, Series 2017-2, Class D, 3.49%, 07/17/2023		2,514,617		2,552,534

Series 2017-3, Class D, 3.20%, 11/15/2023		3,750,000		3,828,931

Series 2018-1, Class D, 3.32%, 03/15/2024		1,605,000		1,651,999

Series 2018-2, Class D, 3.88%, 02/15/2024		2,665,000		2,757,583

Series 2018-5, Class C, 3.81%, 12/16/2024		3,533,048		3,577,615

Series 2019-2, Class D, 3.22%, 07/15/2025		3,210,000		3,319,875

Series 2019-3, Class D, 2.68%, 10/15/2025		2,805,000		2,883,608

Santander Retail Auto Lease Trust, Series 2019-A, Class C, 3.30%, 05/22/2023^(b)		5,160,000		5,308,632

Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050^(b)(i)		3,231,341		3,291,953

Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.51% (3 mo. USD LIBOR + 1.29%), 04/18/2033^(b)(f)		3,000,000		2,980,303

TICP CLO XV Ltd., Series 2020-15A, Class A, 1.50% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(b)(f)		4,685,000		4,661,575

Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039^(b)		4,620,000		4,619,889

UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, 1.00%, 11/15/2050⁽ⁱ⁾		19,894,757		980,280

United Auto Credit Securitization Trust, Series 2019-1, Class C, 3.16%, 08/12/2024^(b)		2,475,000		2,494,700

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

19 Invesco Core Bond Fund


	Principal Amount		Value

Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060^(b)(e)	$	6,796,756	$	6,913,239

Series 2020-1, Class A2, 2.64%, 01/25/2060^(b)(e)		1,733,386		1,763,651

Series 2020-INV1, Class A1, 1.98%, 03/25/2060^(b)(i)		1,190,932		1,205,314

WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.56%, 10/25/2033⁽ⁱ⁾		336,866		336,495

Series 2005-AR14, Class 1A4, 3.37%, 12/25/2035⁽ⁱ⁾		513,970		509,528

Series 2005-AR16, Class 1A1, 3.68%, 12/25/2035⁽ⁱ⁾		465,501		458,208

Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		4,374,266		4,525,604

Series 2017-C42, Class XA, 0.89%, 12/15/2050⁽ⁱ⁾		18,297,934		951,004

Westlake Automobile Receivables Trust,
Series 2017-2A, Class E, 4.63%, 07/15/2024^(b)		4,070,000		4,107,381

Series 2018-1A, Class D, 3.41%, 05/15/2023^(b)		4,034,262		4,068,364

Series 2018-3A, Class B, 3.32%, 10/16/2023^(b)		1,295,550		1,298,744

Series 2019-3A, Class C, 2.49%, 10/15/2024^(b)		4,570,000		4,669,008

WFRBS Commercial Mortgage Trust,
Series 2011-C3, Class XA, 1.30%, 03/15/2044^(b)(i)		12,015,225		36,303

Series 2013-C14, Class AS, 3.49%, 06/15/2046		2,330,000		2,436,509

Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,693,000		1,834,073

Series 2014-C25, Class AS, 3.98%, 11/15/2047		5,225,000		5,705,966

Series 2014-LC14, Class AS, 4.35%, 03/15/2047⁽ⁱ⁾		2,174,838		2,367,799

World Financial Network Credit Card Master Trust,
Series 2018-A, Class A, 3.07%, 12/16/2024		7,965,000		8,028,644

Series 2018-B, Class A, 3.46%, 07/15/2025		3,870,000		3,968,601

Series 2018-C, Class A, 3.55%, 08/15/2025		7,920,000		8,156,335

Series 2019-A, Class A, 3.14%, 12/15/2025		1,150,000		1,189,763

Series 2019-B, Class A, 2.49%, 04/15/2026		4,555,000		4,698,575

Series 2019-C, Class A, 2.21%, 07/15/2026		3,910,000		4,038,013

Total Asset-Backed Securities (Cost $366,657,898)				370,785,020


U.S. Treasury Securities–7.84%
U.S. Treasury Bonds–1.75%
1.13%, 08/15/2040		7,474,700		7,082,278

1.25%, 05/15/2050		27,422,600		24,766,036

				31,848,314


	Principal Amount		Value

U.S. Treasury Notes-6.09%
0.13%, 09/30/2022	$	2,244,500	$	2,243,448

0.13%, 10/15/2023		3,311,100		3,304,245

0.25%, 09/30/2025		43,967,900		43,701,688

0.38%, 09/30/2027		12,246,200		12,028,064

0.63%, 08/15/2030		50,985,300		49,802,282

				111,079,727

Total U.S. Treasury Securities (Cost $144,688,468)				142,928,041


Municipal Obligations-0.63%
Los Angeles Community College District,
1.81%, 08/01/2030		1,925,000		1,920,823

2.11%, 08/01/2032		1,540,000		1,536,812

Maryland (State of) Health & Higher Educational Facilities Authority (University of MD Medical System), Series 2020 D, Ref. RB, 3.05%, 07/01/2040		1,375,000		1,363,808

Series 2020 D, Ref. RB, 3.20%, 07/01/2050		1,865,000		1,824,119

Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		4,965,000		4,853,784

Total Municipal Obligations (Cost $11,670,000)				11,499,346


Agency Credit Risk Transfer Notes-0.46%
Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 6.15% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(f)		2,555,986		2,697,988

Freddie Mac Series 2014-DN1, Class M2, STACR^®, 2.35% (1 mo. USD LIBOR + 2.20%), 02/25/2024^(f)		68,941		69,026

Series 2014-DN3, Class M3, STACR^®, 4.15% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(f)		1,888,666		1,910,425

Series 2018-DNA2, Class M1, STACR^®, 0.95% (1 mo. USD LIBOR + 0.80%), 12/25/2030^(b)(f)		733,197		733,725

Series 2018-DNA3, Class M1, STACR^®, 0.90% (1 mo. USD LIBOR + 0.75%), 09/25/2048^(b)(f)		2,752		2,752

Series 2018-HQA2, Class M1, STACR^®, 0.90% (1 mo. USD LIBOR + 0.75%), 10/25/2048^(b)(f)		459,078		458,224

Series 2019-HRP1, Class M2, STACR^®,1.55% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(b)(f)		1,022,406		986,231

Series 2020-DNA5, Class M1, STACR^®, 1.39% (SOFR + 1.30%), 10/25/2050^(b)(f)		1,535,000		1,537,060

Total Agency Credit Risk Transfer Notes (Cost $8,625,654)				8,395,431

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

20 Invesco Core Bond Fund


	Shares		Value

Money Market Funds–31.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(l)(m)		199,073,694		$ 199,073,694

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(l)(m)		142,085,755		142,142,590

Invesco Treasury Portfolio, Institutional Class, 0.01%^(l)(m)		227,512,792		227,512,792

Total Money Market Funds (Cost $568,753,168)				568,729,076

TOTAL INVESTMENTS IN SECURITIES-122.49% (Cost $2,203,217,540)				2,233,921,156

OTHER ASSETS LESS LIABILITIES–(22.49)%				(410,151,906	)

NET ASSETS-100.00%				$1,823,769,250

Investment Abbreviations:


ARM	-	Adjustable Rate Mortgage
CLO	-	Collateralized Loan Obligation
CNH	-	Chinese Renminbi
Ctfs.	-	Certificates
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
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
USD	-	U.S. Dollar

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $348,341,195, which represented 19.10% of the Fund’s Net Assets.

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

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

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

^(f)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2020.

^(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⁾	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, 2020.

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

^(k)

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2020.

^(l)


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 412,559,731		$ (213,486,037	)		$ -		$ -			$199,073,694		$ 33,898

Invesco Liquid Assets Portfolio, Institutional Class		488,172,801		294,685,522		(640,815,556	)		128,636		(28,813	)		142,142,590		84,888

Invesco Treasury Portfolio, Institutional Class		-		471,496,836		(243,984,044	)		-		-			227,512,792		34,614

Total		$488,172,801		$1,178,742,089		$(1,098,285,637)			$128,636		$(28,813	)		$568,729,076		$153,400

^(m)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

21 Invesco Core Bond Fund


Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

U.S. Treasury 2 Year Notes		2,669		December-2020	$	589,431,969		$	27,784		$ 27,784

U.S. Treasury 5 Year Notes		1,073		December-2020		134,770,477			(288,043	)	(288,043)

U.S. Treasury Ultra Bonds		326		December-2020		70,090,000			(2,293,296	)	(2,293,296)

Subtotal–Long Futures Contracts									(2,553,555	)	(2,553,555)


Short Futures Contracts

Interest Rate Risk

U.S. Treasury 10 Year Notes		721		December-2020		(99,655,719	)		623,557		623,557

U.S. Treasury 10 Year Ultra Bonds		499		December-2020		(78,483,344	)		877,151		877,151

Subtotal–Short Futures Contracts									1,500,708		1,500,708

Total Futures Contracts								$	(1,052,847	)	$(1,052,847)

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

22 Invesco Core Bond Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:

Investments in securities, at value (Cost $ 1,634,464,372)	$	1,665,192,080

Investments in affiliated money market funds, at value (Cost $ 568,753,168)		568,729,076
Other investments: Variation margin receivable — futures contracts		9,908,593
Cash		2,056,610
Receivable for:
Investments sold		25,659,955
Fund shares sold		5,485,056
Dividends		16,340
Interest		6,471,952
Principal paydowns		21,776
Cash segregated as collateral		1,816,889
Investment for trustee deferred compensation and retirement plans		154,855
Other assets		95,700
Total assets		2,285,608,882

Liabilities:
Payable for:
Investments purchased		458,412,334
Dividends		422,832
Fund shares reacquired		1,817,553
Accrued fees to affiliates		873,871
Accrued trustees’ and officers’ fees and benefits		2,718
Accrued other operating expenses		155,469
Trustee deferred compensation and retirement plans		154,855
Total liabilities		461,839,632
Net assets applicable to shares outstanding	$	1,823,769,250

Net assets consist of:

Shares of beneficial interest	$	1,760,311,000
Distributable earnings		63,458,250
	$	1,823,769,250


Net Assets:
Class A	$	763,730,810
Class C	$	94,977,899
Class R	$	78,848,933
Class Y	$	622,504,106
Class R5	$	17,419
Class R6	$	263,690,083

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		108,393,620
Class C		13,471,573
Class R		11,197,527
Class Y		88,892,266
Class R5		2,472
Class R6		37,446,535
Class A:
Net asset value per share	$	7.05
Maximum offering price per share (Net asset value of $7.05 ÷ 95.75%)	$	7.36
Class C:
Net asset value and offering price per share	$	7.05
Class R:
Net asset value and offering price per share	$	7.04
Class Y:
Net asset value and offering price per share	$	7.00
Class R5:
Net asset value and offering price per share	$	7.05
Class R6:
Net asset value and offering price per share	$	7.04

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

23 Invesco Core Bond Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Interest (net of foreign withholding taxes of $(13,458))	$	49,599,888

Dividends		3,291,002

Dividends from affiliated money market funds		153,400

Total investment income		53,044,290


Expenses:
Advisory fees		6,608,748

Administrative services fees		282,207

Custodian fees		40,538

Distribution fees:
Class A		1,586,760

Class C		841,323

Class R		333,251

Transfer agent fees – A, C, R and Y		2,342,730

Transfer agent fees – R5		9

Transfer agent fees – R6		36,114

Trustees’ and officers’ fees and benefits		39,203

Registration and filing fees		238,325

Reports to shareholders		43,555

Professional services fees		79,862

Other		24,438

Total expenses		12,497,063

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,102,992	)

Net expenses		11,394,071

Net investment income		41,650,219


Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		96,148,088

Foreign currencies		176,873

Futures contracts		24,247,624

Swap agreements		23,231

		120,595,816

Change in net unrealized appreciation (depreciation) of:
Investment securities		(23,642,932	)

Foreign currencies		6

Futures contracts		3,813,204

		(19,829,722	)

Net realized and unrealized gain		100,766,094

Net increase in net assets resulting from operations	$	142,416,313

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

24 Invesco Core Bond Fund

Statement of Changes in Net Assets

For the year ended October 31, 2020, period ended October 31, 2019, and the year ended December 31, 2018


	Year Ended October 31, 2020			Ten Months Ended October 31, 2019			Year Ended December 31, 2018

Operations:
Net investment income	$	41,650,219		$	54,034,323		$	69,352,279

Net realized gain (loss)		120,595,816			72,309,310			(46,986,194	)

Change in net unrealized appreciation (depreciation)		(19,829,722	)		67,195,518			(43,489,907	)

Net increase (decrease) in net assets resulting from operations		142,416,313			193,539,151			(21,123,822	)


Distributions to shareholders from distributable earnings:
Class A		(45,423,372	)		(13,178,229	)		(16,250,373	)

Class B		–			–			(6,305	)

Class C		(5,272,451	)		(1,632,772	)		(2,376,012	)

Class R		(4,539,639	)		(1,260,809	)		(1,646,902	)

Class Y		(35,631,087	)		(12,468,964	)		(14,119,764	)

Class R5		(1,300	)		(205	)		–

Class R6		(47,374,186	)		(26,961,843	)		(35,356,121	)

Total distributions from distributable earnings		(138,242,035	)		(55,502,822	)		(69,755,477	)


Share transactions-net:
Class A		202,087,982			49,669,025			(59,671,180	)

Class B		–			–			(1,502,034	)

Class C		19,992,295			(22,544,972	)		(13,721,545	)

Class R		20,481,858			2,331,371			(6,601,576	)

Class Y		94,194,446			85,889,943			86,216,398

Class R5		(1,500	)		18,343			–

Class R6		(710,966,085	)		1,717,491			(47,424,178	)

Net increase (decrease) in net assets resulting from share transactions		(374,211,004	)		117,081,201			(42,704,115	)

Net increase (decrease) in net assets		(370,036,726	)		255,117,530			(133,583,414	)


Net assets:
Beginning of year		2,193,805,976			1,938,688,446			2,072,271,860

End of year	$	1,823,769,250		$	2,193,805,976		$	1,938,688,446

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

25 Invesco Core Bond Fund

Financial Highlights

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


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

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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

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

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

^(g)	Ratios are based on average daily net assets (000’s omitted) of $649,631, $84,110, $66,642, $514,175, $19 and $637,724 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)	Annualized.

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

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

26 Invesco Core Bond Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Core Bond Fund, formerly Invesco Oppenheimer Total Return 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 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.

27 Invesco Core Bond Fund

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.

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

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.

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.	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.

28 Invesco Core Bond Fund

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

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

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

29 Invesco Core Bond Fund

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 Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, ISDA master agreements include credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

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

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on borrowings.

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

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.34%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.56%, 1.05%, 0.45%, 0.45%, and 0.40%, respectively, of the Fund’s average daily net assets (the “expense limits”). 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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2022, 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, 2020, the Adviser waived advisory fees of $234,569 and reimbursed class level expenses of $313,377, $0, $3,602, $539,890, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

30 Invesco Core Bond 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, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $90,784 in front-end sales commissions from the sale of Class A shares and $4,589 and $5,961 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


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


	Level 1			Level 2		Level 3		Total

Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	–		$	668,692,903		$–	$	668,692,903

U.S. Government Sponsored Agency Mortgage-Backed Securities		–			462,891,339		–		462,891,339

Asset-Backed Securities		–			370,785,020		–		370,785,020

U.S. Treasury Securities		–			142,928,041		–		142,928,041

Municipal Obligations		–			11,499,346		–		11,499,346

Agency Credit Risk Transfer Notes		–			8,395,431		–		8,395,431

Money Market Funds		568,729,076			–		–		568,729,076

Total Investments in Securities		568,729,076			1,665,192,080		–		2,233,921,156


Other Investments - Assets*

Futures Contracts		1,528,492			–		–		1,528,492


Other Investments - Liabilities*

Futures Contracts		(2,581,339	)		–		–		(2,581,339	)

Total Other Investments		(1,052,847	)		–		–		(1,052,847	)

Total Investments	$	567,676,229		$	1,665,192,080		$–	$	2,232,868,309

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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.

31 Invesco Core 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, 2020:


	Value
Derivative Assets	Interest Rate Risk

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	1,528,492

Derivatives not subject to master netting agreements		(1,528,492	)

Total Derivative Assets subject to master netting agreements	$	-


	Value
Derivative Liabilities	Interest Rate Risk

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(2,581,339	)

Derivatives not subject to master netting agreements		2,581,339

Total Derivative Liabilities subject to master netting agreements	$	-

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

Effect of Derivative Investments for the year ended October 31, 2020

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


	Location of Gain on Statement of Operations
	Credit Risk		Interest Rate Risk		Total

Realized Gain:
Futures contracts	$	-	$	24,247,624	$	24,247,624

Swap agreements		23,231		-		23,231

Change in Net Unrealized Appreciation:
Futures contracts		-		3,813,204		3,813,204

Total	$	23,231	$	28,060,828	$	28,084,059

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


	Futures Contracts		Swap Agreements

Average notional value	$	836,467,358	$	50,054,316

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

32 Invesco Core Bond Fund

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

Tax Character of Distributions to Shareholders Paid During the Year Ended October 31, 2020, Period Ended October 31, 2019 and the Year Ended December 31, 2018:


	Year Ended October 31, 2020		Ten months Ended October 31, 2019		Year Ended December 31, 2018

Ordinary income		$102,188,588		$55,502,822		$69,755,477

Long-term capital gain		36,053,447		-		-

Total distributions		$138,242,035		$55,502,822		$69,755,477

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	21,795,251

Undistributed long-term capital gain		11,674,365

Net unrealized appreciation - investments		30,142,838

Temporary book/tax differences		(154,204	)

Shares of beneficial interest		1,760,311,000

Total net assets	$	1,823,769,250

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $4,243,605,410 and $4,689,010,154, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $2,351,712,919 and $2,299,508,707, 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	$	49,642,638
Aggregate unrealized (depreciation) of investments		(19,499,800	)
Net unrealized appreciation of investments	$	30,142,838

Cost of investments for tax purposes is $2,202,725,471.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar roll transactions and paydowns, on October 31, 2020, undistributed net investment income was increased by $2,585,190, undistributed net realized gain was decreased by $2,591,769 and shares of beneficial interest was increased by $6,579. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)				Ten months ended October 31, 2019				Year ended December 31, 2018
	Shares		Amount		Shares		Amount		Shares		Amount

Sold:
Class A		44,725,365	$	318,388,852		17,591,364	$	120,630,290		13,985,483	$	92,855,375

Class B^(b)		-		-		-		-		3,299		22,040

Class C		7,112,457		50,607,917		3,697,916		25,378,701		2,246,907		14,925,604

Class R		5,128,843		36,499,181		1,914,827		13,118,614		2,108,649		13,992,585

Class Y		81,574,428		578,614,357		34,297,601		234,244,240		39,387,254		260,293,307

Class R5^(c)		-		-		2,676		18,343		-		-

Class R6		28,385,347		201,331,387		19,005,350		129,427,718		41,773,138		277,543,409

33 Invesco Core Bond Fund


							Summary of Share Activity

	Year ended October 31, 2020^(a)						Ten months ended October 31, 2019						Year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		5,929,551		$	42,118,585			1,710,790		$	11,726,348			2,130,641		$	14,107,289

Class B^(b)		-			-			-			-			937			6,281

Class C		683,061			4,850,681			220,119			1,503,944			336,217			2,228,738

Class R		635,007			4,504,597			174,380			1,194,415			224,479			1,485,564

Class Y		4,254,539			30,004,623			1,674,641			11,424,521			1,893,915			12,453,580

Class R5^(c)		19			136			10			70			-			-

Class R6		5,671,283			40,277,639			3,230,936			22,132,714			4,290,938			28,371,858


Automatic conversion of Class C shares to Class A shares:
Class A		1,416,636			10,072,026			3,953,239			27,304,667			-			-

Class C		(1,416,066	)		(10,072,026	)		(3,948,032	)		(27,304,667	)		-			-

Reacquired:
Class A		(23,777,767	)		(168,491,481	)		(16,009,687	)		(109,992,280	)		(25,109,270	)		(166,633,844	)

Class B^(b)		-			-			-			-			(228,150	)		(1,530,355	)

Class C		(3,573,468	)		(25,394,277	)		(3,230,137	)		(22,122,950	)		(4,653,836	)		(30,875,887	)

Class R		(2,901,734	)		(20,521,920	)		(1,752,564	)		(11,981,658	)		(3,326,918	)		(22,079,725	)

Class Y		(72,614,369	)		(514,424,534	)		(23,586,165	)		(159,778,818	)		(28,372,156	)		(186,530,489	)

Class R5^(c)		(223	)		(1,636	)		(10	)		(70	)		-			-

Class R6		(134,489,423	)		(952,575,111	)		(21,820,885	)		(149,842,941	)		(53,535,790	)		(353,339,445	)

Net increase (decrease) in share activity		(53,256,514	)	$	(374,211,004	)		17,126,369		$	117,081,201			(6,844,263	)	$	(42,704,115	)

^(a)

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

^(b)	All outstanding Class B shares converted to Class A shares on June 1, 2018.

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

NOTE 12–Coronavirus (COVID-19) Pandemic

34 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the periods indicated in the table below, 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, 2020, the results of its operations for the year then ended, the changes in its net assets 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.



Statement of Changes in Net Assets		Financial Highlights
For the year ended October 31, 2020 and the period January 1, 2019 through October 31, 2019.		For the year ended October 31, 2020 and the period January 1, 2019 through October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6. For the year ended October 31, 2020 and the period May 24, 2019 (inception of offering) through October 31, 2019 for Class R5.

The financial statements of Invesco Core Bond Fund (formerly Oppenheimer Total Return Bond Fund) as of and for the year ended December 31, 2018 and the financial highlights for each of the periods ended on or prior to December 31, 2018 (not presented herein, other than the statement of changes in net assets and 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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

35 Invesco Core Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)¹		Expenses Paid During Period²		Ending Account Value (10/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,036.20		$3.74		$1,021.47		$3.71	0.73%
Class C		1,000.00		1,032.10		7.82		1,017.44		7.76	1.53
Class R		1,000.00		1,033.30		5.26		1,019.96		5.23	1.03
Class Y		1,000.00		1,036.50		2.20		1,022.97		2.19	0.43
Class R5		1,000.00		1,037.90		1.95		1,023.23		1.93	0.38
Class R6		1,000.00		1,038.10		1.90		1,023.28		1.88	0.37

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 184/366 to reflect the most recent fiscal half year.

36 Invesco Core Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 (formerly, Invesco Oppenheimer Total Return Bond Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

B. Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond 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, 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 the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

37 Invesco Core Bond Fund

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 and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

38 Invesco Core Bond Fund

Distribution Information

The following table sets forth on a per share basis the distribution that was paid in October 2020. Included in the table is a written statement of the sources of the distribution on a GAAP basis.


		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
10/31/2020	Class A	$0.0080	$0.000	$0.0017	$0.0097
10/31/2020	Class C	$0.0034	$0.000	$0.0017	$0.0051
10/31/2020	Class R	$0.0064	$0.000	$0.0017	$0.0081
10/31/2020	Class Y	$0.0098	$0.000	$0.0017	$0.0115
10/31/2020	Class R5	$0.0100	$0.000	$0.0017	$0.0117
10/31/2020	Class R6	$0.0101	$0.000	$0.0017	$0.0118

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

39 Invesco Core Bond Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$36,053,447
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
Business Interest Income*	39.68	%
U.S. Treasury Obligations*	1.09	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

40 Invesco Core Bond Fund

Trustees and Officers

Name, Year of Birth and

Position(s)

Held with the Trust

Trustee

and/or

Officer

Since

Principal Occupation(s)

During Past 5 Years

Number of

Funds in

Fund Complex

Overseen by

Trustee

Other

Directorship(s)

Held by Trustee

During Past 5

Years

Interested Trustee

Martin L. Flanagan¹- 1960

Trustee and Vice Chair

2007

Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business

Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

199

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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council		199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization		199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds		199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives		199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP		199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

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)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank		199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds		199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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		199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute		199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street		199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury		199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

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
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas		199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP		199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America		199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds		199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments		199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

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

Sheri Morris - 1964 President and Principal Executive Officer

1999

Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.

Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust

N/A

Russell C. Burk - 1958 Senior Vice President and Senior Officer

2005

Senior Vice President and Senior Officer, The Invesco Funds

N/A

Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary

2018

Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC

Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.

N/A

Andrew R. Schlossberg - 1974

Senior Vice President

2019

Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.

Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC

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)

John M. Zerr - 1962

Senior Vice President

2006

Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée

Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)

N/A

Gregory G. McGreevey - 1962

Senior Vice President

2012

Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds

N/A

Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President

2020

Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments

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; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.

N/A

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, The Invesco Funds and Senior Vice President Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)

N/A

T-6 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)

Michael McMaster - 1962

Chief Tax Officer, Vice President and Assistant Treasurer

2020

Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC

Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)

N/A

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W. Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5678

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801

T-7 Invesco Core Bond Fund

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

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


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



		Annual Report to Shareholders		October 31, 2020

		Invesco Developing Markets Fund
		Effective September 30, 2020, Invesco Oppenheimer Developing Markets Fund was renamed Invesco Developing Markets Fund. Nasdaq: A: ODMAX ∎ C: ODVCX ∎ R: ODVNX ∎ Y: ODVYX ∎ R5: DVMFX ∎ R6: ODVIX

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Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

As 2020 dawned, US investors were treated to equity gains culminating in record highs on February 19, 2020. The first half of the quarter, however, belied the impact that the coronavirus (COVID-19) would have on markets in a world faced with shuttered businesses and global lockdowns. Equity markets began to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Developing Markets Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎

Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Developing Markets Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2020, Class A shares of Invesco Developing Markets Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 10/31/19 to 10/31/20, 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	5.75	%
Class C Shares	4.93
Class R Shares	5.49
Class Y Shares	6.01
Class R5 Shares	6.10
Class R6 Shares	6.17
MSCI Emerging Markets Index^▼	8.25

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

Performance at the beginning of the fiscal year was primarily driven by news flow related to the ongoing trade dispute between the US and China. Near the end of 2019, speculation about an impending resolution to the trade dispute settled market jitters and emerging market equities saw improved performance, however, this proved short lived. The gains emerging market equities enjoyed at the beginning of 2020 were eroded as the coronavirus (COVID-19) pandemic spread causing serious disruption to the global economy. The effects of the virus’s economic destruction were particularly outsized in several emerging market countries, notably Brazil, India and Mexico. The volatile macroeconomic environment was further jilted by a sharp fall in oil prices as a price war between Saudi Arabia and Russia ensued.

Toward the end of March, China’s markets began to recover as the country lifted strict quarantine restrictions and economic activity began to resume. Other major economies followed suit, effectively calming market fears about the economic impact of the coronavirus. Equity markets continued to incrementally recover through the summer months, mainly supported by China’s sizeable gains. India and Mexico, whose equity markets performed dismally earlier in the year, turned around and achieved positive returns for the quarter. Brazil, which faces structural impediments, remained one of the weakest markets.

At the end of the fiscal year, emerging markets fared better than developed markets, with China continuing to boost overall gains. We believe China, with many internal economic drivers, will likely remain the dominant global growth engine. Additionally, we believe that low interest rates, low energy prices and a weakening US dollar, could eventually culminate in large foreign capital flows and private investments into emerging markets. This scenario could give emerging market countries,

constrained by insufficient domestic savings, the necessary funds for structural growth, benefiting much of Latin America, Southeast Asia and parts of sub-Saharan Africa. However, in the near term, many emerging market countries will need to grapple with a variety of issues such as external debt, unsustainable deficits, asset quality stress and institutional reforms, among others, before we believe they could achieve a turnaround with sustainable growth.

Top contributors to Fund performance during the fiscal year included Tencent, Taiwan Semiconductor Manufacturing and Alibaba.

Tencent is a Chinese internet company that has created a broad ecosystem built on gaming, messaging, fintech, cloud and content. Mobile game growth has accelerated with high daily average users (DAU), which can be attributed to the COVID-19 lock-down, however, we expect a certain level of ‘stickiness’ in this user base post-lock down. Social ad growth has also accelerated which should provide a long tailwind of growth. Tencent’s long-term structural growth profile should benefit from enterprises migrating to integrated online platforms and other digitalization initiatives. Tencent’s robust suite of offerings in China - WeChat, WeChat Work, Tencent Meeting - payment solutions, advertising tools and cloud, among others, will allow them to capitalize on this trend that the coronavirus has propelled.

Taiwan Semiconductor Manufacturing (TSMC) is the world’s preeminent semiconductor foundry. For the past 30 years, TSMC has made inhouse design and innovation a priority while placing a large emphasis on client service and trust, allowing it to capture a large majority of the overall market share. While handset sales have been sluggish this year, Apple, their largest customer, will embark on several new product releases, including the release of the new iPhone 12. Additionally, Apple will work to overhaul the chips used in HPC. We believe that TSMC should

continue to benefit from the demands for faster and more efficient computation utilizing lower power as seen with the continued rollout of 5G infrastructure.

Alibaba is one of China’s most dominant internet companies and holds the leading position in the sizeable e-commerce market. Alibaba has reported a strong recovery in core commerce in concert with profitability improvement, which resulted from stringent cost control measures implemented in the wake of the pandemic. Notable segments in this recovery included Tmall where there was GMV (gross merchandise value) growth attributed to China’s annual mid-year shopping festival known as “618,” which occurred from June 1-8 and robust growth in AliCloud, Alibaba’s cloud computing division. This summer AliCloud announced plans to significantly expand its talent pool over the next three years. Currently AliCloud is the largest provider of IaaS (Infrastructure as a Service) and IUS (Infrastructure Utility Service) in the Asia Pacific Region. Alibaba’s CEO outlined multiple growth engines that will support Alibaba’s future growth during their annual investor’s day, which include capturing a larger share of China’s digital economy through not only consumption, but overall category expansion, globalization, and as highlighted above, cloud.

The largest detractors from Fund performance during the fiscal year included Novatek, Fomento Economico Mexicano (FEMSA) and FirstRand.

Novatek is a Russian energy company we have watched evolve from a local independent gas player to a global liquefied natural gas (LNG) major. Novatek has always stood at the forefront of technological and business innovation and has continued to build a resilient portfolio. Energy demand and prices deteriorated during the early days of COVID-19, sending natural gas prices plummeting to historical lows, triggering a derating of the Russian oil and gas sector in August. However, natural gas prices have proven to be resilient and have recovered to pre-COVID levels. Fears of an LNG supply glut existed, but many companies reported canceling projects, delays in production and/or delivery, while Novatek’s management team remains committed to their projected project completion goals and output targets.

FEMSA has transformed itself over the past several years from one of the largest beverage companies in Latin America to a leading retail operator. FEMSA’s legacy beverage businesses include a stake in one of the largest Coca-Cola bottlers in Latin America and a stake in Heineken. The area of focus and growth for FEMSA over the last few years has been retail. It owns and operates OXXO, one of the largest and fastest growing retail chains in Latin America. More recently, it has moved into the pharmacy business. While the company has strong expansion and long-term growth opportunities, the Mexican economy


4		Invesco Developing Markets Fund

has created a challenging backdrop in the near term and has weighed on the stock.

FirstRand Limited is one of the largest banks in South Africa. The South African banking sector is a structurally attractive one given its concentration, in which FirstRand is well positioned with its industry leading ROE, conservative provisioning, and culture of entrepreneurship and innovation. Over the long term, the bank has a major growth opportunity through diversification into asset management and insurance alleviating the bank’s heavy reliance on transactional fees. Despite the bank’s strong positioning and future optionality, the current economic conditions in South Africa are generating severe macro headwinds impacting the sector and the stock. We trimmed the Fund’s position in the third quarter of 2020 and will continue to monitor the economic landscape and the impact of the coronavirus.

During this period of crisis and uncertainty surrounding the coronavirus, we remain focused on understanding the macroeconomic pressures that are idiosyncratic to emerging markets, however, we are unwavering in our approach as bottom-up investors that focus on the long-term and avoid tactical decisions. We will continue to seek high quality companies that have durable long-term growth potential supported by strong competitive positions, balance sheets, cash flows etc. that we believe will allow them to thrive in the postcoronavirus world. The Fund has exposure to sectors and industries where we see dynamic change and real value being extracted including ecommerce, cloud computing, internet services, healthcare, travel and education.

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

Portfolio manager(s):

Justin Leverenz

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


5		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 10/31/10

LOGO

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.


6		Invesco Developing Markets Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (11/18/96)		10.94	%
10	Years	3.09
5	Years	7.06
1	Year	-0.07

Class C Shares
Inception (11/18/96)		10.91	%
10	Years	3.07
5	Years	7.46
1	Year	3.93

Class R Shares
Inception (3/1/01)		10.36	%
10	Years	3.39
5	Years	8.01
1	Year	5.49

Class Y Shares
Inception (9/7/05)		8.37	%
10	Years	3.96
5	Years	8.55
1	Year	6.01

Class R5 Shares
10	Years	3.72	%
5	Years	8.37
1	Year	6.10

Class R6 Shares
Inception (12/29/11)		6.41	%
5	Years	8.73
1	Year	6.17

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

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

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

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


7		Invesco Developing Markets Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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 (Net) 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Developing Markets Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Consumer Discretionary		26.93%
Financials		20.65

Information Technology		13.71

Communication Services		12.47

Industrials		5.08

Consumer Staples		4.92

Health Care		4.85

Materials		3.62

Energy		2.98

Other Sectors, Each Less than 2% of Net Assets		1.63

Money Market Funds Plus Other Assets Less Liabilities		3.16

Top 10 Equity Holdings*


		% of total net assets
1.	Taiwan Semiconductor Manufacturing Co. Ltd.		8.29%

2.	Tencent Holdings Ltd.		8.24

3.	Alibaba Group Holding Ltd., ADR		6.80

4.	Housing Development Finance Corp. Ltd.		4.49

5.	Kering S.A.		4.32

6.	Yum China Holdings, Inc.		4.00

7.	AIA Group Ltd.		3.72

8.	Kotak Mahindra Bank Ltd.		3.63

9.	Huazhu Group Ltd., ADR		3.13

10.	Yandex N.V., Class A		3.12

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, 2020.


9		Invesco Developing Markets Fund

Consolidated Schedule of Investments

October 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–94.50%
Belgium–0.92%

Anheuser-Busch InBev S.A./N.V.		7,145,033	$	371,037,635

Brazil–4.32%

Ambev S.A.		82,325,224		174,752,521
B3 S.A. - Brasil, Bolsa, Balcao		35,491,560		315,765,062
Lojas Americanas S.A., Preference Shares^(a)		124,626,888		504,549,989
Pagseguro Digital Ltd., Class A^(a)(b)		9,694,006		354,897,560
Vale S.A., ADR		36,489,886		385,698,095
				1,735,663,227

Chile–0.66%

Falabella S.A.		96,305,161		264,020,356

China–34.16%

Alibaba Group Holding Ltd.^(b)		2,674,000		101,796,377
Alibaba Group Holding Ltd., ADR^(b)		8,974,336		2,734,390,436
Budweiser Brewing Co. APAC Ltd.^(c)		125,503,200		368,734,505
Hansoh Pharmaceutical Group Co. Ltd.^(b)(c)		33,046,000		147,318,902
Huazhu Group Ltd., ADR^(a)		31,792,241		1,259,926,511
Innovent Biologics, Inc.^(b)(c)		27,984,500		207,400,217
Jiangsu Hengrui Medicine Co. Ltd., A Shares		62,929,400		837,402,320
Meituan Dianping, B Shares^(b)		9,892,900		370,062,638
New Oriental Education & Technology Group, Inc., ADR^(b)		1,344,077		215,563,069
OneConnect Financial Technology Co. Ltd., ADR^(b)		18,646,751		375,545,565
Ping An Insurance (Group) Co. of China Ltd., A Shares		82,145,853		958,456,399
Tencent Holdings Ltd.		43,174,458		3,311,758,348
Wuxi Biologics Cayman, Inc.^(b)(c)		6,869,500		193,011,630
Yum China Holdings, Inc.^(a)		30,202,238		1,607,665,129
ZTO Express Cayman, Inc.^(b)		2,232,932		66,015,868
ZTO Express Cayman, Inc., ADR^(a)		33,756,400		978,260,472
				13,733,308,386

Colombia–0.32%

Grupo Aval Acciones y Valores S.A., ADR^(a)		27,986,209		127,057,389

Egypt–0.76%

Commercial International Bank Egypt S.A.E.^(a)		78,493,577		305,134,981

France–4.94%

Kering S.A.		2,871,619		1,737,339,033
LVMH Moet Hennessy Louis Vuitton SE		32,612		15,310,682
Pernod Ricard S.A.		1,437,003		231,892,003
				1,984,541,718

Hong Kong–4.47%

AIA Group Ltd.		158,401,400		1,493,933,223
Jardine Strategic Holdings Ltd.		13,908,948		301,308,567
				1,795,241,790


	Shares		Value
India–14.02%

HDFC Bank Ltd.^(b)		28,059,089	$	448,963,140
Housing Development Finance Corp. Ltd.		69,609,283		1,805,544,830
Infosys Ltd.		19,240,475		275,186,556
Kotak Mahindra Bank Ltd.^(b)		69,900,513		1,458,887,624
Oberoi Realty Ltd.^(a)(b)		26,073,650		155,798,345
Tata Consultancy Services Ltd.		29,442,588		1,058,152,090
Zee Entertainment Enterprises Ltd.^(a)		171,668,476		434,835,076
				5,637,367,661

Indonesia–1.16%

PT Bank Central Asia Tbk		155,138,000		305,005,752
PT Indocement Tunggal Prakarsa Tbk		103,510,118		86,080,494
PT Semen Indonesia (Persero) Tbk		119,090,100		76,950,045
				468,036,291

Italy–1.58%

Moncler S.p.A.^(b)		3,844,341		153,931,205
PRADA S.p.A.^(b)		121,844,210		482,061,871
				635,993,076

Mexico–4.36%

Alsea S.A.B. de C.V.^(a)(b)		74,445,337		64,051,453
Fomento Economico Mexicano, S.A.B. de C.V., ADR		3,195,036		171,797,086
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO^(a)		112,252,278		601,652,947
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B^(b)		12,423,752		143,510,252
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(b)		159,620,358		118,220,580
Grupo Mexico S.A.B. de C.V., Class B		230,076,096		653,517,421
				1,752,749,739

Peru–0.77%

Credicorp Ltd.		2,691,993		308,717,757

Philippines–2.63%

Ayala Land, Inc.		481,408,400		328,316,371
SM Investments Corp.		28,284,992		554,770,350
SM Prime Holdings, Inc.		249,314,539		173,612,415
				1,056,699,136

Poland–0.12%

Allegro.eu S.A.^(b)(c)		2,425,663		49,296,365

Russia–7.60%

Novatek PJSC, GDR^(c)		543,154		65,475,517
Novatek PJSC, GDR^(c)		9,391,646		1,132,133,567
Polyus PJSC		628,879		123,155,668
Polyus PJSC, GDR^(c)		1,319,684		129,166,711
Sberbank of Russia PJSC		137,819,721		348,964,081
Yandex N.V., Class A^(a)(b)		21,808,438		1,255,511,776
				3,054,407,320

South Africa–0.49%

FirstRand Ltd.		84,434,520		197,153,591

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


10		Invesco Developing Markets Fund


	Shares		Value
South Korea–1.55%
Amorepacific Group		1,553,220	$	60,040,420
Samsung Biologics Co. Ltd.^(b)(c)		932,996		562,760,252
				622,800,672

Switzerland–0.82%

Cie Financiere Richemont S.A.		5,285,582		331,075,149

Taiwan–8.58%

MediaTek, Inc.		4,939,000		116,437,352
Taiwan Semiconductor Manufacturing Co. Ltd.		220,712,429		3,330,993,414
				3,447,430,766

Turkey–0.27%

Akbank T.A.S.^(b)		192,193,096		109,546,991
Total Common Stocks & Other Equity Interests (Cost $25,113,956,768)				37,987,279,996
Preferred Stocks–2.34%
China–0.72%

Xiaoju Kuaizhi, Inc., Series A-15, Pfd. (Acquired 05/20/2019; Cost $99,999,984)^(a)(d)(e)		2,083,333		106,108,525
Xiaoju Kuaizhi, Inc., Series A-18, Pfd. (Acquired 05/20/2019; Cost $99,999,991)^(a)(d)(e)		2,615,945		133,235,572
Xiaoju Kuaizhi, Inc., Series B-2, Pfd. (Acquired 05/20/2019; Cost $49,999,992)^(a)(d)(e)		981,699		49,999,992
				289,344,089


	Shares		Value
India–0.02%

Zee Entertainment Enterprises Ltd., 6.00%, Pfd.^(a)		189,591,305	$	9,312,314

Singapore–1.60%
Grab Holdings, Inc., Class H, Pfd.^(a)(d)		104,679,791		645,131,084
Total Preferred Stocks (Cost $895,131,051)				943,787,487

Money Market Funds–2.90%

Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(a)(f)		407,757,469		407,757,469
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(a)(f)		291,091,180		291,207,617
Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(f)		466,008,536		466,008,536
Total Money Market Funds (Cost $1,165,000,771)				1,164,973,622
TOTAL INVESTMENTS IN SECURITIES–99.74% (Cost $27,174,088,590)				40,096,041,105
OTHER ASSETS LESS LIABILITIES–0.26%				102,748,961
NET ASSETS–100.00%			$	40,198,790,066

Investment Abbreviations:

ADR - American Depositary Receipt

CPO - Certificates of Ordinary Participation

GDR - Global Depositary Receipt

Pfd. - Preferred

Notes to Consolidated Schedule of Investments:

^(a)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	1,501,595,497	$	6,172,776,331	$	(7,266,614,359	)	$	-		$	-		$	407,757,469	$	8,967,401
Invesco Liquid Assets Portfolio, Institutional Class		-		563,733,484		(272,478,149	)		(27,149	)		(20,569	)		291,207,617		57,945
Invesco Treasury Portfolio, Institutional Class		-		901,973,574		(435,965,038	)		-			-			466,008,536		18,859

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


11		Invesco Developing Markets Fund


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Investments in Other Affiliates:
Alsea S.A.B. de C.V.	$	193,240,941	$	5,521,263	$	-		$	(134,710,751	)	$	-		$	64,051,453	$	-
Anadolu Efes Biracilik ve Malt Sanayii A.S.		128,567,363		4,727,846		(100,310,869	)		234,488,466			(267,472,806	)		-		-
Baozun, Inc., ADR		241,078,779		7,416,302		(176,519,168	)		(1,474,781	)		(70,501,132	)		-		-
Commercial International Bank Egypt S.A.E.		230,157,610		130,879,458		-			(55,902,087	)		-			305,134,981		3,297,172
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO		1,009,477,348		167,669,211		(125,927,698	)		(353,298,808	)		(96,267,106	)		601,652,947		17,195,795
Grab Holdings, Inc., Class H, Pfd.		645,131,084		-		-			-			-			645,131,084		-
Grupo Aval Acciones y Valores S.A., ADR		220,856,663		7,213,572		-			(101,012,846	)		-			127,057,389		8,184,743
Huazhu Group Ltd., ADR		1,118,036,315		72,584,872		-			69,305,324			-			1,259,926,511		9,759,250
Lojas Americanas S.A., Preference Shares		541,879,779		255,336,245		(142,529,811	)		(172,299,323	)		22,163,099			504,549,989		4,135,626
Oberoi Realty Ltd.		108,235,485		58,855,877		-			(11,293,017	)		-			155,798,345		-
Pagseguro Digital Ltd., Class A		-		448,605,648		(161,946,721	)		80,210,442			(11,971,809	)		354,897,560		-
Sinopharm Group Co. Ltd., H Shares		279,213,655		-		(233,882,460	)		(46,979,079	)		1,647,884			-		-
Xiaoju Kuaizhi, Inc., Series A-18, Pfd.*		133,235,572		-		-			-			-			133,235,572		-
Xiaoju Kuaizhi, Inc., Series B-2, Pfd.*		49,999,992		-		-			-			-			49,999,992		-
Xiaoju Kuaizhi, Inc., Series A-15, Pfd.*		106,108,525		-		-			-			-			106,108,525		-
Yandex N.V., Class A		386,440,634		645,753,149		(159,360,892	)		374,033,731			8,645,154			1,255,511,776		-
Yum China Holdings, Inc.		987,159,825		321,337,253		-			299,168,051			-			1,607,665,129		5,832,315
Zee Entertainment Enterprises Ltd.		580,244,394		58,237,482		-			(203,646,800	)		-			434,835,076		636,656
Zee Entertainment Enterprises Ltd., Pfd.		13,498,561		-		-			(4,186,247	)		-			9,312,314		897,006
ZTO Express Cayman, Inc., ADR		612,915,314		133,522,441		-			231,822,717			-			978,260,472		9,789,356
Total	$	9,087,073,336	$	9,956,144,008	$	(9,075,535,165	)	$	204,197,843		$	(413,777,285	)	$	9,758,102,737	$	68,772,124

At October 31, 2020, this security was no longer an affiliate of the Fund.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $2,855,297,666, which represented 7.10% 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, 2020 was $289,344,089, 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, 2020.

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


12		Invesco Developing Markets Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $18,871,709,212)	$	30,627,282,457

Investments in affiliates, at value (Cost $8,302,379,378)		9,468,758,648

Cash		35,205,619

Foreign currencies, at value (Cost $7,323,936)		7,588,462

Receivable for:
Investments sold		179,118,812

Fund shares sold		32,084,087

Dividends		22,508,671

Investment for trustee deferred compensation and retirement plans		1,363,403

Other assets		237,711

Total assets		40,374,147,870


Liabilities:
Payable for:
Fund shares reacquired		45,169,205

Accrued foreign taxes		106,965,900

Accrued fees to affiliates		13,596,701

Accrued trustees’ and officers’ fees and benefits		310,349

Accrued other operating expenses		7,952,246

Trustee deferred compensation and retirement plans		1,363,403

Total liabilities		175,357,804

Net assets applicable to shares outstanding	$	40,198,790,066


Net assets consist of:
Shares of beneficial interest	$	27,739,744,269

Distributable earnings		12,459,045,797

	$	40,198,790,066


Net Assets:
Class A	$	4,130,291,775

Class C	$	225,906,453

Class R	$	387,506,022

Class Y	$	18,432,201,638

Class R5	$	13,559,550

Class R6	$	17,009,324,628


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		90,106,691

Class C		5,364,417

Class R		8,825,867

Class Y		407,704,978

Class R5		295,728

Class R6		375,919,297

Class A:
Net asset value per share	$	45.84

Maximum offering price per share (Net asset value of $45.84 ÷ 94.50%)	$	48.51

Class C:
Net asset value and offering price per share	$	42.11

Class R:
Net asset value and offering price per share	$	43.91

Class Y:
Net asset value and offering price per share	$	45.21

Class R5:
Net asset value and offering price per share	$	45.85

Class R6:
Net asset value and offering price per share	$	45.25

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


13		Invesco Developing Markets Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $57,725,231)	$	451,568,839

Dividends from affiliates (net of foreign withholding taxes of $1,048,776)		68,772,124

Interest (net of foreign withholding taxes of $326)		266,680

Total investment income		520,607,643


Expenses:
Advisory fees		301,999,959

Administrative services fees		5,763,133

Custodian fees		16,930,440

Distribution fees:
Class A		10,791,578

Class C		3,132,378

Class R		2,075,209

Transfer agent fees – A, C, R and Y		35,828,059

Transfer agent fees – R5		8,558

Transfer agent fees – R6		502,112

Trustees’ and officers’ fees and benefits		381,569

Registration and filing fees		374,545

Reports to shareholders		2,758,707

Professional services fees		248,073

Other		354,936

Total expenses		381,149,256

Less: Fees waived and/or expense offset arrangement(s)		(1,016,937	)

Net expenses		380,132,319

Net investment income		140,475,324


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $395,071)		(51,372,672	)

Affiliated investment securities		(413,777,285	)

Foreign currencies		(22,773,403	)

		(487,923,360	)

Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $24,024,323)		2,173,349,097

Affiliated investment securities		204,197,843

Foreign currencies		6,206,559

		2,383,753,499

Net realized and unrealized gain		1,895,830,139

Net increase in net assets resulting from operations	$	2,036,305,463

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


14		Invesco Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the year ended October 31, 2020, period ended October 31, 2019, and the year ended August 31, 2019


	Year Ended			Two Months Ended			Year Ended
	October 31, 2020			October 31, 2019			August 31, 2019
Operations:
Net investment income	$	140,475,324		$	72,964,536		$	230,984,022

Net realized gain (loss)		(487,923,360	)		59,264,153			1,234,191,933

Change in net unrealized appreciation (depreciation)		2,383,753,499			2,016,689,517			(1,199,513,033	)

Net increase in net assets resulting from operations		2,036,305,463			2,148,918,206			265,662,922


Distributions to shareholders from distributable earnings:
Class A		(105,565,232	)		–			(12,939,870	)

Class C		(8,285,253	)		–			–

Class R		(9,707,033	)		–			–

Class Y		(489,453,379	)		–			(100,145,148	)

Class R5		(165,471	)		–			–

Class R6		(464,803,857	)		–			(107,242,383	)

Total distributions from distributable earnings		(1,077,980,225	)		–			(220,327,401	)


Share transactions–net:
Class A		(839,577,635	)		(52,265,503	)		(574,327,685	)

Class C		(177,523,936	)		(112,129,919	)		(335,015,124	)

Class R		(94,929,873	)		(22,227,042	)		(112,086,207	)

Class Y		(1,293,557,827	)		(169,911,527	)		612,900,938

Class R5		6,442,779			5,798,094			10,025

Class R6		(572,290,098	)		13,512,830			2,187,851,902

Net increase (decrease) in net assets resulting from share transactions		(2,971,436,590	)		(337,223,067	)		1,779,333,849

Net increase (decrease) in net assets		(2,013,111,352	)		1,811,695,139			1,824,669,370


Net assets:
Beginning of year		42,211,901,418			40,400,206,279			38,575,536,909

End of year	$	40,198,790,066			$42,211,901,418		$	40,400,206,279

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


15		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 10/31/20		$	44.28		$	0.04			$	2.50			$	2.54			$	(0.11	)		$	(0.87	)		$	(0.98	)		$	45.84		5.75	%		$	4,130,292		1.22	%^(e)		1.22	%^(e)		0.08	%^(e)		30	%
Two months ended 10/31/19			42.05			0.06				2.17				2.23				–				–				–				44.28		5.30				4,881,008		1.24	^(f)		1.24	^(f)		0.80	^(f)		7
Year ended 08/31/19			42.01			0.14				0.01				0.15				(0.11	)			–				(0.11	)			42.05		0.34				4,686,134		1.27			1.27			0.34			28
Year ended 08/31/18			41.49			0.06				0.59				0.65				(0.13	)			–				(0.13	)			42.01		1.59				5,277,791		1.29			1.29			0.13			36
Year ended 08/31/17			33.45			0.13				7.98				8.11				(0.07	)			–				(0.07	)			41.49		24.32				6,350,957		1.32			1.32			0.37			33
Year ended 08/31/16			30.06			0.12				3.40				3.52				(0.13	)			–				(0.13	)			33.45		11.74				6,574,857		1.32			1.32			0.38			18
Class C
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	^(e)		1.97	^(e)		(0.67	)^(e)		30
Two months ended 10/31/19			38.95			–				2.01				2.01				–				–				–				40.96		5.16				403,027		2.00	^(f)		2.00	^(f)		0.03	^(f)		7
Year ended 08/31/19			39.10			(0.16	)			0.01				(0.15	)			–				–				–				38.95		(0.41	)			493,169		2.02			2.02			(0.42	)		28
Year ended 08/31/18			38.79			(0.25	)			0.56				0.31				–				–				–				39.10		0.80				826,481		2.05			2.05			(0.62	)		36
Year ended 08/31/17			31.44			(0.13	)			7.48				7.35				–				–				–				38.79		23.38				973,031		2.07			2.07			(0.39	)		33
Year ended 08/31/16			28.35			(0.11	)			3.20				3.09				–				–				–				31.44		10.90				1,046,894		2.07			2.07			(0.39	)		18
Class R
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	^(e)		1.47	^(e)		(0.17	)^(e)		30
Two months ended 10/31/19			40.36			0.04				2.08				2.12				–				–				–				42.48		5.25				472,840		1.50	^(f)		1.50	^(f)		0.54	^(f)		7
Year ended 08/31/19			40.32			0.03				0.01				0.04				–				–				–				40.36		0.10				471,206		1.52			1.52			0.08			28
Year ended 08/31/18			39.84			(0.05	)			0.58				0.53				(0.05	)			–				(0.05	)			40.32		1.32				585,385		1.55			1.55			(0.12	)		36
Year ended 08/31/17			32.13			0.05				7.66				7.71				–				–				–				39.84		24.01				680,861		1.57			1.57			0.14			33
Year ended 08/31/16			28.88			0.04				3.27				3.31				(0.06	)			–				(0.06	)			32.13		11.47				634,007		1.57			1.57			0.14			18
Class Y
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	^(e)		0.97	^(e)		0.33	^(e)		30
Two months ended 10/31/19			41.49			0.07				2.14				2.21				–				–				–				43.70		5.33				19,342,101		1.00	^(f)		1.00	^(f)		1.04	^(f)		7
Year ended 08/31/19			41.48			0.24				0.00				0.24				(0.23	)			–				(0.23	)			41.49		0.61				18,525,445		1.02			1.02			0.59			28
Year ended 08/31/18			40.98			0.16				0.59				0.75				(0.25	)			–				(0.25	)			41.48		1.82				17,898,340		1.05			1.05			0.38			36
Year ended 08/31/17			33.06			0.24				7.85				8.09				(0.17	)			–				(0.17	)			40.98		24.61				17,496,988		1.07			1.07			0.67			33
Year ended 08/31/16			29.73			0.19				3.36				3.55				(0.22	)			–				(0.22	)			33.06		12.04				13,551,480		1.07			1.07			0.62			18
Class R5
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	^(e)		0.89	^(e)		0.41	^(e)		30
Two months ended 10/31/19			42.08			0.08				2.17				2.25				–				–				–				44.33		5.35				6,006		0.88	^(f)		0.88	^(f)		1.16	^(f)		7
Period ended 08/31/19^(g)			41.26			0.09				0.73				0.82				–				–				–				42.08		1.99				10		0.87	^(f)		0.87	^(f)		0.74	^(f)		28
Class R6
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	^(e)		0.82	^(e)		0.48	^(e)		30
Two months ended 10/31/19			41.52			0.09				2.14				2.23				–				–				–				43.75		5.37				17,106,921		0.83	^(f)		0.83	^(f)		1.21	^(f)		7
Year ended 08/31/19			41.52			0.31				(0.01	)			0.30				(0.30	)			–				(0.30	)			41.52		0.77				16,224,242		0.86			0.86			0.75			28
Year ended 08/31/18			41.01			0.23				0.59				0.82				(0.31	)			–				(0.31	)			41.52		2.00				13,987,540		0.87			0.87			0.55			36
Year ended 08/31/17			33.09			0.31				7.84				8.15				(0.23	)			–				(0.23	)			41.01		24.84				11,559,582		0.88			0.88			0.87			33
Year ended 08/31/16			29.77			0.26				3.36				3.62				(0.30	)			–				(0.30	)			33.09		12.22				7,861,500		0.88			0.88			0.87			18

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	Ratios are based on average daily net assets (000’s omitted) of $4,352,337, $313,238, $415,042, $18,331,350, $11,137 and $16,494,206 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	Annualized.

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

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


16		Invesco Developing Markets Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

The 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.

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


17		Invesco Developing Markets Fund

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.

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.

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

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.

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.


18		Invesco Developing Markets 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 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*		Rate
Up to $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, 2020, the effective advisory fee rate incurred by the Fund was 0.76%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.29%, 2.05%, 1.55%, 1.05%, 0.92%, and 0.87% , respectively, of 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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2020, the Adviser waived advisory fees of $997,005.

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, 2020, 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 master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of


19		Invesco Developing Markets Fund

the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $69,041 in front-end sales commissions from the sale of Class A shares and $5,988 and $5,572 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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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
Belgium	$	–	$	371,037,635	$	–	$	371,037,635
Brazil		1,735,663,227		–		–		1,735,663,227
Chile		264,020,356		–		–		264,020,356
China		7,237,367,050		6,495,941,336		289,344,089		14,022,652,475
Colombia		127,057,389		–		–		127,057,389
Egypt		–		305,134,981		–		305,134,981
France		–		1,984,541,718		–		1,984,541,718
Hong Kong		–		1,795,241,790		–		1,795,241,790
India		9,312,314		5,637,367,661		–		5,646,679,975
Indonesia		–		468,036,291		–		468,036,291
Italy		–		635,993,076		–		635,993,076
Mexico		1,752,749,739		–		–		1,752,749,739
Peru		308,717,757		–		–		308,717,757
Philippines		–		1,056,699,136		–		1,056,699,136
Poland		49,296,365		–		–		49,296,365
Russia		1,573,309,672		1,481,097,648		–		3,054,407,320
Singapore		–		–		645,131,084		645,131,084
South Africa		–		197,153,591		–		197,153,591
South Korea		–		622,800,672		–		622,800,672
Switzerland		–		331,075,149		–		331,075,149
Taiwan		–		3,447,430,766		–		3,447,430,766
Turkey		–		109,546,991		–		109,546,991
Money Market Funds		1,164,973,622		–		–		1,164,973,622
Total Investments	$	14,222,467,491	$	24,939,098,441		$934,475,173	$	40,096,041,105

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, 2020:


	Value 10/31/2019		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 10/31/2020
Preferred Stocks		$934,475,173	$-	$-	$-	$-	$-	$-	$-	$934,475,173
Total		$934,475,173	$-	$-	$-	$	$	$	$	$934,475,173


20		Invesco Developing Markets Fund

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

Fair Value
at 10/31/20

Valuation
Technique

Unobservable
Inputs

Range of
Unobservable
Inputs

Unobservable
Input Used

Grab Holdings, Inc. H Shares, Pfd.

645,131,084

Recent Transaction Price

N/A

6.1629/share

^(a

⁾

^(a)

The Fund fair values certain preferred stocks at the most recent transaction price. The Adviser periodically reviews the consolidated financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

Tax Character of Distributions to Shareholders Paid During the Year Ended October 31, 2020, Period Ended October 31, 2019 and the Year Ended August 31, 2019:


	Year Ended October 31, 2020		Two months Ended October 31, 2019	Year Ended August 31, 2019
Ordinary income*	$	312,705,303	$–		$220,327,401
Long-term capital gain		765,274,922	–		–
Total distributions	$	1,077,980,225	$–		$220,327,401

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

Tax Components of Net Assets at Period-End:


	2020
Undistributed ordinary income	$	116,608,544
Net unrealized appreciation – investments		12,802,259,114
Net unrealized appreciation - foreign currencies		146,981
Temporary book/tax differences		(1,630,085	)
Capital loss carryforward		(458,338,757	)
Shares of beneficial interest		27,739,744,269
Total net assets	$	40,198,790,066


21		Invesco Developing Markets Fund

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


Capital Loss Carryforward*
Expiration	Short-Term	Long-Term		Total

Not subject to expiration	$8,255,978	$	450,082,779	$	458,338,757

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $11,386,097,628 and $14,681,194,082, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$15,772,371,191

Aggregate unrealized (depreciation) of investments	(2,970,112,077	)

Net unrealized appreciation of investments	$12,802,259,114

Cost of investments for tax purposes is $27,293,781,991.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, foreign currency transactions and income from the Subsidiary, on October 31, 2020, undistributed net investment income was decreased by $44,995,075, undistributed net realized gain (loss) was increased by $55,273,928 and shares of beneficial interest was decreased by $10,278,853. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended						Two months ended						Year ended
	October 31, 2020^(a)						October 31, 2019						August 31, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		12,120,595		$	513,333,800			1,825,541		$	78,189,194			19,826,241	$	825,875,316

Class C		267,818			10,636,009			42,339			1,686,182			427,864		16,283,254

Class R		772,293			31,376,932			165,097			6,794,664			1,255,509		49,307,965

Class Y		102,988,186			4,314,513,261			13,070,841			554,206,095			136,939,699		5,519,609,533

Class R5^(b)		214,242			8,779,932			137,470			5,894,681			243		10,025

Class R6		93,082,360			3,844,334,771			12,996,571			553,795,087			128,840,618		5,206,191,344


Issued as reinvestment of dividends:
Class A		2,039,333			92,952,814			-			-			298,774		12,007,718

Class C		179,390			7,561,279			-			-			-		-

Class R		221,370			9,684,930			-			-			-		-

Class Y		9,320,943			418,044,321			-			-			2,291,204		90,685,856

Class R5^(b)		3,634			165,186			-			-			-		-

Class R6		7,845,713			351,723,324			-			-			2,119,944		83,865,017


Automatic conversion of Class C shares to Class A shares:
Class A		2,540,406			111,253,173			2,227,969			95,635,429			-		-

Class C		(2,756,444	)		(111,253,173	)		(2,407,197	)		(95,635,429	)		-		-


22		Invesco Developing Markets Fund


	Summary of Share Activity

	Year ended						Two months ended						Year ended
	October 31, 2020^(a)						October 31, 2019						August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Reacquired:
Class A		(36,821,623	)	$	(1,557,117,422	)		(5,261,666	)	$	(226,090,126	)		(34,310,616	)	$	(1,412,210,719	)

Class C		(2,166,495	)		(84,468,051	)		(458,192	)		(18,180,672	)		(8,902,854	)		(351,298,378	)

Class R		(3,298,174	)		(135,991,735	)		(709,539	)		(29,021,706	)		(4,100,083	)		(161,394,172	)

Class Y		(147,172,297	)		(6,026,115,409	)		(17,041,075	)		(724,117,622	)		(124,202,065	)		(4,997,394,451	)

Class R5^(b)		(57,608	)		(2,502,339	)		(2,253	)		(96,587	)		-			-

Class R6		(116,012,827	)		(4,768,348,193	)		(12,741,196	)		(540,282,257	)		(77,134,317	)		(3,102,204,459	)

Net increase (decrease) in share activity		(76,689,185	)	$	(2,971,436,590	)		(8,155,290	)	$	(337,223,067	)		43,350,161		$	1,779,333,849

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.


23		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 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the periods indicated in the table below, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.



Consolidated Statement of Changes in Net Assets		Consolidated Financial Highlights
For the year ended October 31, 2020, the period September 1, 2019 through October 31, 2019 and the year ended August 31, 2019.		For the year ended October 31, 2020, the period September 1, 2019 through October 31, 2019 and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.
		For the year ended October 31, 2020, the period September 1, 2019 through October 31, 2019 and the period May 24, 2019 (inception of offering) through August 31, 2019 for Class R5.

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

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


24		Invesco Developing Markets Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

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.


							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)¹		Expenses Paid During Period²		Ending Account Value (10/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,186.70		$6.71		$1,019.00		$6.19		1.22%
Class C		1,000.00		1,181.90		10.80		1,015.23		9.98		1.97
Class R		1,000.00		1,185.20		8.07		1,017.75		7.46		1.47
Class Y		1,000.00		1,188.20		5.34		1,020.26		4.93		0.97
Class R5		1,000.00		1,188.40		5.17		1,020.41		4.77		0.94
Class R6		1,000.00		1,188.90		4.57		1,020.96		4.22		0.83

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 184/366 to reflect the most recent fiscal half year.


25		Invesco Developing Markets Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 (formerly, Invesco Oppenheimer Developing Markets Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was 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 the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


26		Invesco Developing Markets Fund

Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.


27		Invesco Developing Markets Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distribution		$765,274,922
Qualified Dividend Income*		0.00%
Corporate Dividends Received Deduction*		0.00%
U.S. Treasury Obligations*		0.00%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions		$71,260,705


28		Invesco Developing Markets Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée	N/A	N/A
		Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Developing Markets Fund

LOGO

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

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Fund holdings and proxy voting information


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


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



		Annual Report to Shareholders		October 31, 2020


		Invesco Discovery Mid Cap Growth Fund Effective September 30, 2020, Invesco Oppenheimer Discovery Mid Cap Growth Fund was renamed Invesco Discovery Mid Cap Growth Fund.

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

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Discovery Mid Cap Growth Fund

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Discovery Mid Cap Growth Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Discovery Mid Cap Growth Fund (the Fund), at net asset value (NAV), outperformed the Russell Midcap Growth Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	25.60	%
Class C Shares	24.74
Class R Shares	25.31
Class Y Shares	25.95
Class R5 Shares	26.12
Class R6 Shares	26.14
Russell Midcap Growth Index^q	21.14

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.4%², a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

During the fiscal year, stock selection in the information technology, financials and consumer discretionary sectors were the largest contributors to the Fund’s performance versus the Russell Midcap Growth Index. This was partially offset by weaker stock selection in the consumer staples, real estate and communication services sectors.

The largest individual contributors to the Fund’s performance during the fiscal year included DexCom, Twilio and RingCentral.

Dexcom is a pure play diabetes company focused on Continuous Glucose Monitoring (CGM) technology. The company has been viewed as defensive in the current environment, as revenue from existing patients is likely to remain solid throughout the pandemic. In addition, it benefitted from increasing awareness of the benefits of CGM technology, its pump partnerships, opportunities for telehealth and the need for better glucose management in the hospital setting.

Twilio is the leading provider of cloud communications services that allows developers to communicate with end users using phone calls, text messages and video. Twillio reported strong results during the fiscal year, driven by broad-based digital transformation strength that was able to more than offset the decline in the travel/hospitality exposure.

RingCentral is a global provider of cloud enterprise unified communications and collaboration software. We believe RingCentral’s cloud-based suite of telephony, video and messaging solutions is well-built for the mobile workforce and has helped produce one of the most consistent growth profiles in the software industry.

The largest individual detractors from the Fund’s performance relative to the Russell Midcap Growth Index during the fiscal year included TransDigm, LiveNation and Bright Horizons. We exited these three positions before the close of the fiscal year.

TransDigm is a leader in highly engineered, proprietary aircraft components and systems for commercial and military aircraft. The company was under pressure due to the uncertainty of aftermarket and original equipment manufacturer (OEM) volumes in the near-term as a result of the travel slow down due to COVID-19.

LiveNation produces live concerts and ticking services for leading arenas, stadiums, and professional sports franchises. COVID-19 disruption has caused significant losses as all live concerts have been either cancelled and/or rescheduled. In addition, concerns remain as many sporting events that have resumed are now being done without spectators to comply with health regulations.

Bright Horizons provides childcare and early education services designed to help employers and families better address the challenges of work and life. The shift to work-from-home, higher unemployment and the contagious nature of COVID-19 have substantially impacted the need for Bright Horizons services.

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


4		Invesco Discovery Mid Cap Growth Fund

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

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

Portfolio manager(s):

Justin Livengood

Ronald Zibelli, Jr. - Lead

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


5		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 10/31/10

LOGO

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.


6		Invesco Discovery Mid Cap Growth Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	8.02	%
10 Years	13.88
5 Years	13.48
1 Year	18.69

Class C Shares
Inception (11/1/00)	7.98	%
10 Years	13.83
5 Years	13.91
1 Year	23.74

Class R Shares
Inception (3/1/01)	9.20	%
10 Years	14.23
5 Years	14.48
1 Year	25.31

Class Y Shares
Inception (11/1/00)	8.79	%
10 Years	14.89
5 Years	15.06
1 Year	25.95

Class R5 Shares
10 Years	14.59	%
5 Years	14.90
1 Year	26.12

Class R6 Shares
Inception (2/28/13)	15.22	%
5 Years	15.26
1 Year	26.14

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. 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, Class R5, 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.

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.

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


7		Invesco Discovery Mid Cap Growth Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Discovery Mid Cap Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		32.31	%
Health Care		21.46
Industrials		15.92
Consumer Discretionary		13.90
Financials		6.58
Materials		2.81
Communication Services		2.59
Consumer Staples		2.21
Real Estate		1.39
Money Market Funds Plus Other Assets Less Liabilities		0.83

Top 10 Equity Holdings*


		% of total net assets
1.	Pool Corp.		2.46	%
2.	Monolithic Power Systems, Inc.		2.24
3.	Synopsys, Inc.		2.22
4.	IDEXX Laboratories, Inc.		2.11
5.	Twilio, Inc., Class A		2.06
6.	West Pharmaceutical Services, Inc.		1.99
7.	Trade Desk, Inc. (The), Class A		1.96
8.	MSCI, Inc.		1.78
9.	Chipotle Mexican Grill, Inc.		1.78
10.	Lam Research Corp.		1.74

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, 2020.


9		Invesco Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–99.17%
Apparel, Accessories & Luxury Goods–1.73%
lululemon athletica, inc.^(b)		305,580	$	97,568,638



Application Software–13.96%
ANSYS, Inc.^(b)		229,721		69,920,181


Atlassian Corp. PLC, Class A^(b)		241,529		46,281,787


Avalara, Inc.^(b)		434,176		64,713,933


Coupa Software, Inc.^(b)		351,797		94,176,057


DocuSign, Inc.^(b)		447,921		90,592,022


Dynatrace, Inc.^(b)		1,315,058		46,434,698


Globant S.A. (Argentina)^(b)		235,510		42,535,461


RingCentral, Inc., Class A^(b)		378,219		97,709,097


Synopsys, Inc.^(b)		587,704		125,686,377


Trade Desk, Inc. (The), Class A^(b)		196,024		111,037,795


				789,087,408



Asset Management & Custody Banks–1.15%
KKR & Co., Inc., Class A		1,905,034		65,056,911



Auto Parts & Equipment–1.27%
Aptiv PLC^(b)		742,188		71,613,720



Automotive Retail–0.43%
Carvana Co.^(b)		131,586		24,389,465



Biotechnology–2.06%
Alnylam Pharmaceuticals, Inc.^(b)		293,421		36,081,981


Neurocrine Biosciences, Inc.^(b)		266,587		26,304,139


Seagen, Inc.^(b)		324,649		54,151,453


				116,537,573



Brewers–1.28%
Boston Beer Co., Inc. (The), Class A^(b)		69,684		72,414,219



Building Products–2.38%
Trane Technologies PLC		551,722		73,241,096


Trex Co., Inc.^(b)		881,454		61,296,311


				134,537,407



Casinos & Gaming–0.24%
Churchill Downs, Inc.		90,287		13,466,306



Copper–0.87%
Freeport-McMoRan, Inc.^(b)		2,851,608		49,446,883



Data Processing & Outsourced Services–0.99%
Black Knight, Inc.^(b)		633,513		55,717,468



Distributors–2.46%
Pool Corp.		397,813		139,166,922



Diversified Support Services–2.74%
Cintas Corp.		218,875		68,847,131


Copart, Inc.^(b)		780,942		86,184,759


				155,031,890



Education Services–0.90%
Chegg, Inc.^(b)		690,444		50,706,207


	Shares		Value


Electrical Components & Equipment–3.67%
AMETEK, Inc.		749,699	$	73,620,442


Generac Holdings, Inc.^(b)		341,452		71,756,138


Rockwell Automation, Inc.		260,472		61,763,120


				207,139,700



Electronic Equipment & Instruments–1.38%
Trimble, Inc.^(b)		1,010,539		48,637,242


Zebra Technologies Corp., Class A^(b)		102,913		29,190,243


				77,827,485



Fertilizers & Agricultural Chemicals–1.00%
FMC Corp.		548,136		56,315,493



Financial Exchanges & Data–2.98%
MarketAxess Holdings, Inc.		125,568		67,662,317


MSCI, Inc.		287,700		100,648,968


				168,311,285



Health Care Equipment–7.62%
DexCom, Inc.^(b)		299,521		95,720,921


IDEXX Laboratories, Inc.^(b)		280,307		119,080,020


Masimo Corp.^(b)		424,870		95,094,403


ResMed, Inc.		364,981		70,054,453


STERIS PLC		287,661		50,970,653


				430,920,450



Health Care Supplies–4.29%
Align Technology, Inc.^(b)		225,401		96,038,858


Quidel Corp.^(b)		125,029		33,544,031


West Pharmaceutical Services, Inc.		414,371		112,737,918


				242,320,807



Health Care Technology–1.51%
Veeva Systems, Inc., Class A^(b)		316,706		85,526,455



Home Improvement Retail–0.98%
Floor & Decor Holdings, Inc., Class A^(b)		758,375		55,361,375



Homebuilding–2.43%
D.R. Horton, Inc.		1,201,277		80,257,316


TopBuild Corp.^(b)		374,195		57,330,416


				137,587,732



Industrial Conglomerates–1.53%
Roper Technologies, Inc.		233,593		86,742,425



Industrial Machinery–2.01%
IDEX Corp.		412,545		70,293,542


Nordson Corp.		224,595		43,443,411


				113,736,953



Interactive Home Entertainment–0.78%
Zynga, Inc., Class A^(b)		4,883,678		43,904,265



Interactive Media & Services–1.07%
Pinterest, Inc., Class A^(b)		1,027,437		60,567,411



Internet & Direct Marketing Retail–1.12%
Chewy, Inc., Class A^(b)		1,026,209		63,214,474

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


10		Invesco Discovery Mid Cap Growth Fund


	Shares		Value


Internet Services & Infrastructure–2.94%
Twilio, Inc., Class A^(b)		416,525	$	116,197,979


Wix.com Ltd. (Israel)^(b)		201,076		49,730,117


				165,928,096



Investment Banking & Brokerage–1.33%
LPL Financial Holdings, Inc.		941,659		75,266,804



IT Consulting & Other Services–2.18%
Booz Allen Hamilton Holding Corp.		539,302		42,335,207


EPAM Systems, Inc.^(b)		261,633		80,831,515


				123,166,722



Leisure Products–0.57%
Peloton Interactive, Inc., Class A^(b)		291,654		32,143,187



Life Sciences Tools & Services–4.30%
Bio-Rad Laboratories, Inc., Class A^(b)		132,675		77,803,274


Charles River Laboratories International, Inc.^(b)		233,320		53,126,964


ICON PLC (Ireland)^(b)		246,264		44,401,399


Mettler-Toledo International, Inc.^(b)		21,457		21,412,155


Repligen Corp.^(b)		279,563		46,566,809


				243,310,601



Movies & Entertainment–0.74%
Roku, Inc.^(b)		207,483		41,994,559



Packaged Foods & Meats–0.93%
McCormick & Co., Inc.		290,848		52,500,973



Paper Packaging–0.94%
Avery Dennison Corp.		384,556		53,218,705



Pharmaceuticals–1.66%
Catalent, Inc.^(b)		787,225		69,094,738


Royalty Pharma PLC, Class A		679,508		24,937,944


				94,032,682



Railroads–0.95%
Kansas City Southern		305,367		53,787,343



Regional Banks–1.12%
First Republic Bank		503,899		63,561,820


	Shares		Value


Research & Consulting Services–1.29%
TransUnion		912,263	$	72,670,871



Restaurants–1.78%
Chipotle Mexican Grill, Inc.^(b)		83,602		100,446,131



Semiconductor Equipment–4.35%
Enphase Energy, Inc.^(b)		409,141		40,132,641


Entegris, Inc.		749,958		56,074,360


Lam Research Corp.		288,201		98,587,798


Teradyne, Inc.		582,252		51,150,838


				245,945,637



Semiconductors–5.35%
Marvell Technology Group Ltd.		1,863,708		69,907,687


Microchip Technology, Inc.		723,909		76,068,358


Monolithic Power Systems, Inc.		396,643		126,767,103


ON Semiconductor Corp.^(b)		1,176,139		29,509,327


				302,252,475



Specialized REITs–1.39%
SBA Communications Corp., Class A		270,266		78,477,139



Systems Software–1.17%
Crowdstrike Holdings, Inc., Class A^(b)		533,860		66,113,222



Trucking–1.35%
Old Dominion Freight Line, Inc.		399,617		76,075,088


Total Common Stocks & Other Equity Interests (Cost $4,074,522,500)				5,605,109,382



Money Market Funds–0.86%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		8,167,662		8,167,662


Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		30,969,801		30,982,189


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		9,334,472		9,334,472


Total Money Market Funds (Cost $48,487,411)				48,484,323


TOTAL INVESTMENTS IN SECURITIES–100.03% (Cost $4,123,009,911)				5,653,593,705


OTHER ASSETS LESS LIABILITIES–(0.03)%				(1,872,555	)


NET ASSETS–100.00%			$	5,651,721,150

Investment Abbreviations:

REIT - Real Estate Investment Trust

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


11		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)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	29,853,080		$	725,366,386		$	(747,051,804)			$	-			$	-		$	8,167,662		$	182,097
Invesco Liquid Assets Portfolio, Institutional Class			-			333,768,853			(302,806,420	)			(3,088	)			22,844			30,982,189			72,192
Invesco Treasury Portfolio, Institutional Class			-			495,927,954			(486,593,483	)			-				1			9,334,472			11,599
Total		$	29,853,080		$	1,555,063,193		$	(1,536,451,707	)		$	(3,088	)		$	22,845		$	48,484,323		$	265,888

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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


12		Invesco Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:

Investments in securities, at value (Cost $4,074,522,500)	$	5,605,109,382


Investments in affiliated money market funds, at value (Cost $48,487,411)		48,484,323


Cash		200,000


Receivable for:
Investments sold		36,172,281


Fund shares sold		4,671,133


Dividends		182,448


Investment for trustee deferred compensation and retirement plans		621,148


Other assets		122,403


Total assets		5,695,563,118



Liabilities:

Payable for:
Investments purchased		34,388,209


Fund shares reacquired		4,933,035


Accrued fees to affiliates		2,773,401


Accrued trustees’ and officers’ fees and benefits		3,811


Accrued other operating expenses		1,071,730


Trustee deferred compensation and retirement plans		671,782


Total liabilities		43,841,968


Net assets applicable to shares outstanding	$	5,651,721,150



Net assets consist of:
Shares of beneficial interest	$	3,921,262,436


Distributable earnings		1,730,458,714


	$	5,651,721,150


Net Assets:

Class A	$	3,787,635,931


Class C	$	190,420,447


Class R	$	121,008,845


Class Y	$	538,204,828


Class R5	$	110,205,749


Class R6	$	904,245,350



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		142,121,244


Class C		9,141,079


Class R		4,936,345


Class Y		17,657,322


Class R5		4,112,588


Class R6		29,141,555


Class A:
Net asset value per share	$	26.65


Maximum offering price per share
(Net asset value of $26.65 ÷ 94.50%)	$	28.20


Class C:
Net asset value and offering price per share	$	20.83


Class R:
Net asset value and offering price per share	$	24.51


Class Y:
Net asset value and offering price per share	$	30.48


Class R5:
Net asset value and offering price per share	$	26.80


Class R6:
Net asset value and offering price per share	$	31.03

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


13		Invesco Discovery Mid Cap Growth Fund

Statement of Operations

For the year ended October 31, 2020



Investment income:

Dividends (net of foreign withholding taxes of $22,732)	$	17,832,031


Dividends from affiliated money market funds		265,888


Total investment income		18,097,919



Expenses:

Advisory fees		21,748,552


Administrative services fees		512,984


Custodian fees		8,646


Distribution fees:
Class A		5,161,557


Class C		1,661,071


Class R		486,784


Transfer agent fees – A, C, R and Y		5,157,918


Transfer agent fees – R5		38,645


Transfer agent fees – R6		61,152


Trustees’ and officers’ fees and benefits		33,030


Registration and filing fees		172,749


Reports to shareholders		179,880


Professional services fees		49,556


Other		(9,718	)


Total expenses		35,262,806


Less: Fees waived and/or expense offset arrangement(s)		(63,361	)


Net expenses		35,199,445


Net investment income (loss)		(17,101,526	)



Realized and unrealized gain from:

Net realized gain from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(269,985))		269,109,086


Foreign currencies		174


		269,109,260


Change in net unrealized appreciation of investment securities		860,479,165


Net realized and unrealized gain		1,129,588,425


Net increase in net assets resulting from operations	$	1,112,486,899

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


14		Invesco Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019


Operations:

Net investment income (loss)	$	(17,101,526)		$	(4,734,168)


Net realized gain		269,109,260			67,449,498


Change in net unrealized appreciation		860,479,165			206,159,585


Net increase in net assets resulting from operations		1,112,486,899			268,874,915



Distributions to shareholders from distributable earnings:

Class A		(33,645,795	)		(53,035,330	)


Class C		(7,676,088	)		(16,332,699	)


Class R		(3,676,467	)		(5,998,411	)


Class Y		(9,982,640	)		(18,908,343	)


Class R5		(481	)		–


Class R6		(13,525,157	)		(18,753,312	)


Total distributions from distributable earnings		(68,506,628	)		(113,028,095	)



Share transactions–net:

Class A		2,274,970,414			77,527,637


Class C		19,675,468			(25,550,087	)


Class R		24,298,798			5,272,346


Class Y		191,464,715			(18,068,289	)


Class R5		86,161,008			10,000


Class R6		449,738,939			102,610,622


Net increase in net assets resulting from share transactions		3,046,309,342			141,802,229


Net increase in net assets		4,090,289,613			297,649,049



Net assets:

Beginning of year		1,561,431,537			1,263,782,488


End of year	$	5,651,721,150		$	1,561,431,537

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


15		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 10/31/20	$	22.17	$	(0.13	)	$	5.60	$	5.47		$	(0.99	)	$	26.65		25.60	%^(e)	$	3,787,636		1.05	%^(e)(f)		1.05	%^(e)(f)		(0.54	)%^(e)(f)		131	%
Year ended 10/31/19		20.28		(0.08	)		3.75		3.67			(1.78	)		22.17		20.43			748,190		1.11			1.11			(0.37	)		84
Year ended 10/31/18		21.45		(0.12	)		0.81		0.69			(1.86	)		20.28		3.52			604,414		1.11			1.11			(0.55	)		108
Year ended 10/31/17		16.98		(0.09	)		4.71		4.62			(0.15	)		21.45		27.43			547,963		1.21			1.21			(0.48	)		139
Year ended 10/31/16		17.74		(0.09	)		0.05		(0.04	)		(0.72	)		16.98		(0.19	)		435,153		1.31			1.31			(0.52	)		128
Class C
Year ended 10/31/20		17.65		(0.24	)		4.41		4.17			(0.99	)		20.83		24.74			190,420		1.82	^(f)		1.82	^(f)		(1.31	)^(f)		131
Year ended 10/31/19		16.65		(0.18	)		2.96		2.78			(1.78	)		17.65		19.43			138,705		1.87			1.87			(1.12	)		84
Year ended 10/31/18		18.06		(0.23	)		0.68		0.45			(1.86	)		16.65		2.79			153,263		1.86			1.86			(1.30	)		108
Year ended 10/31/17		14.43		(0.20	)		3.98		3.78			(0.15	)		18.06		26.45			138,647		1.96			1.96			(1.24	)		139
Year ended 10/31/16		15.30		(0.18	)		0.03		(0.15	)		(0.72	)		14.43		(0.98	)		115,201		2.06			2.06			(1.28	)		128
Class R
Year ended 10/31/20		20.51		(0.18	)		5.17		4.99			(0.99	)		24.51		25.31			121,009		1.32	^(f)		1.32	^(f)		(0.81	)^(f)		131
Year ended 10/31/19		18.95		(0.12	)		3.46		3.34			(1.78	)		20.51		20.09			75,342		1.37			1.37			(0.62	)		84
Year ended 10/31/18		20.21		(0.16	)		0.76		0.60			(1.86	)		18.95		3.27			63,189		1.36			1.36			(0.80	)		108
Year ended 10/31/17		16.05		(0.13	)		4.44		4.31			(0.15	)		20.21		27.09			50,117		1.46			1.46			(0.70	)		139
Year ended 10/31/16		16.85		(0.12	)		0.04		(0.08	)		(0.72	)		16.05		(0.45	)		36,480		1.56			1.56			(0.77	)		128
Class Y
Year ended 10/31/20		25.15		(0.08	)		6.40		6.32			(0.99	)		30.48		25.95			538,205		0.82	^(f)		0.82	^(f)		(0.31	)^(f)		131
Year ended 10/31/19		22.71		(0.03	)		4.25		4.22			(1.78	)		25.15		20.68			253,901		0.87			0.87			(0.13	)		84
Year ended 10/31/18		23.74		(0.07	)		0.90		0.83			(1.86	)		22.71		3.79			243,035		0.87			0.87			(0.31	)		108
Year ended 10/31/17		18.73		(0.05	)		5.21		5.16			(0.15	)		23.74		27.75			210,789		0.96			0.96			(0.25	)		139
Year ended 10/31/16		19.45		(0.05	)		0.05		0.00			(0.72	)		18.73		0.04			158,471		1.06			1.06			(0.27	)		128
Class R5
Year ended 10/31/20		22.20		(0.05	)		5.64		5.59			(0.99	)		26.80		26.12			110,206		0.71	^(f)		0.71	^(f)		(0.20	)^(f)		131
Period ended 10/31/19^(g)		20.60		0.00			1.60		1.60			–			22.20		7.77			11		0.75	^(h)		0.75	^(h)		(0.01	)^(h)		84
Class R6
Year ended 10/31/20		25.55		(0.04	)		6.51		6.47			(0.99	)		31.03		26.14			904,245		0.65	^(f)		0.65	^(f)		(0.14	)^(f)		131
Year ended 10/31/19		23.00		0.01			4.32		4.33			(1.78	)		25.55		20.92			345,282		0.69			0.69			0.05			84
Year ended 10/31/18		23.98		(0.03	)		0.91		0.88			(1.86	)		23.00		3.97			199,881		0.70			0.70			(0.14	)		108
Year ended 10/31/17		18.89		(0.02	)		5.26		5.24			(0.15	)		23.98		27.94			68,180		0.77			0.77			(0.07	)		139
Year ended 10/31/16		19.57		(0.01	)		0.05		0.04			(0.72	)		18.89		0.25			33,128		0.87			0.87			(0.07	)		128

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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

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

^(f)	Ratios are based on average daily net assets (000’s omitted) of $2,277,253, $165,786, $97,357, $389,210, $56,258 and $538,223 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(h)	Annualized.

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


16		Invesco Discovery Mid Cap Growth Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Discovery Mid Cap Growth Fund, formerly Invesco Oppenheimer 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 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.

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.


17		Invesco Discovery Mid Cap Growth Fund

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

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.

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

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.

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


18		Invesco Discovery Mid Cap Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $500 million		0.680%


Next $500 million		0.650%


Next $4 billion		0.620%


Over $5 billion		0.600%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee 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 1.12%, 1.86%, 1.37%, 0.87%, 0.76% and 0.71%, 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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2020, the Adviser waived advisory fees of $42,494.

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 “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $488,252 in front-end sales commissions from the sale of Class A shares and $10,287 and $4,150 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


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


19		Invesco Discovery Mid Cap Growth Fund

As of October 31, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2020, the Fund engaged in securities sales of $2,265,566, which resulted in net realized gains (losses) of $(269,985).

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019


Ordinary income*	$	–	$	90,855


Long-term capital gain		68,506,628		112,937,240


Total distributions	$	68,506,628	$	113,028,095

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

Tax Components of Net Assets at Period-End:


	2020


Undistributed long-term capital gain	$	223,747,533


Net unrealized appreciation – investments		1,521,309,572


Temporary book/tax differences		(568,591	)


Late-Year ordinary loss deferral		(14,029,800	)


Shares of beneficial interest		3,921,262,436


Total net assets	$	5,651,721,150

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


20		Invesco Discovery Mid Cap Growth Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $3,276,156,323 and $2,924,524,893, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,549,479,261


Aggregate unrealized (depreciation) of investments		(28,169,689	)


Net unrealized appreciation of investments	$	1,521,309,572

Cost of investments for tax purposes is $4,132,284,133.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2020, undistributed net investment income (loss) was increased by $5,863,529, undistributed net realized gain was decreased by $178,762 and shares of beneficial interest was decreased by $5,684,767. Further, as a result of tax deferrals acquired in the reorganization of Invesco Mid Cap Growth Fund into the Fund, undistributed net investment income (loss) was decreased by $4,328,317, undistributed net realized gain was decreased by $44,008,642 and shares of beneficial interest was increased by $48,336,959. 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, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount


Sold:
Class A		15,114,638		$	354,773,331			7,246,182		$	150,058,770


Class C		1,956,789			35,752,471			1,704,916			27,805,934


Class R		1,210,992			26,452,331			998,391			18,989,924


Class Y		7,726,185			204,762,535			4,909,405			112,535,494


Class R5^(b)		667,522			15,569,460			485			10,000


Class R6		16,440,920			487,979,012			7,308,130			163,891,841



Issued as reinvestment of dividends:
Class A		1,470,496			32,497,956			2,969,152			52,167,987


Class C		429,795			7,469,834			1,142,318			16,095,263


Class R		179,660			3,659,674			357,647			5,826,072


Class Y		354,423			8,935,017			867,332			17,251,246


Class R6		522,085			13,381,034			927,680			18,711,309



Automatic conversion of Class C shares to Class A shares:
Class A		476,763			11,558,706			1,226,856			26,494,973


Class C		(607,960	)		(11,558,706	)		(1,536,065	)		(26,494,973	)



Issued in connection with acquisitions:^(c)
Class A		107,672,579			2,268,952,250			-			-


Class C		2,547,982			42,133,320			-			-


Class R		1,183,472			22,967,032			-			-


Class Y		5,134,518			123,576,759			-			-


Class R5		3,967,858			83,901,636			-			-


Class R6		4,088,310			100,096,412			-			-


21		Invesco Discovery Mid Cap Growth Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(16,368,404	)	$	(392,811,829	)		(7,486,271	)	$	(151,194,093	)


Class C		(3,041,992	)		(54,121,451	)		(2,660,455	)		(42,956,311	)


Class R		(1,311,163	)		(28,780,239	)		(1,016,804	)		(19,543,650	)


Class Y		(5,653,971	)		(145,809,596	)		(6,382,459	)		(147,855,029	)


Class R5		(523,277	)		(13,310,088	)		-			-


Class R6		(5,426,024	)		(151,717,519	)		(3,409,312	)		(79,992,528	)


Net increase in share activity		138,212,196		$	3,046,309,342			7,167,128		$	141,802,229

^(a)

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

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

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

^(c)

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

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

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


Net investment income (loss)	$	(22,343,997	)


Net realized/unrealized gains (losses)		1,114,124,319


Change in net assets resulting from operations	$	1,091,780,322

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

NOTE 12–Coronavirus (COVID-19) Pandemic


22		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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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 the year ended October 31, 2020 and the year ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For the year ended October 31, 2020 and the period May 24, 2019 (inception of offering) through October 31, 2019 for Class R5.

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

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


23		Invesco Discovery Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,247.60	$5.82	$1,019.96	$5.23	1.03%
Class C	1,000.00	1,242.80	10.09	1,016.14	9.07	1.79
Class R	1,000.00	1,246.10	7.28	1,018.65	6.55	1.29
Class Y	1,000.00	1,249.20	4.47	1,021.17	4.01	0.79
Class R5	1,000.00	1,250.00	3.96	1,021.62	3.56	0.70
Class R6	1,000.00	1,250.20	3.68	1,021.87	3.30	0.65

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 184/366 to reflect the most recent fiscal half year.


24		Invesco Discovery Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 (formerly, Invesco Oppenheimer Discovery Mid Cap Growth Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Growth 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 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 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 the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


25		Invesco Discovery Mid Cap Growth Fund

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 and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


26		Invesco Discovery Mid Cap Growth Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	68,506,628
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
Business Interest Income		0.00	%
U.S. Treasury Obligations*		0.00	%

*	The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


27		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact (Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones -1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Discovery Mid Cap Growth Fund

LOGO

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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∎

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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

Fund holdings and proxy voting information



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



		Annual Report to Shareholders		October 31, 2020


		Invesco Emerging Markets All Cap Fund Effective September 30, 2020, Invesco Developing Markets Fund was renamed Invesco Emerging Markets All Cap Fund.

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

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

As 2020 dawned, US investors were treated to equity gains culminating in record highs on February 19, 2020. The first half of the quarter, however, belied the impact that the coronavirus (COVID-19) would have on markets in a world faced with shuttered businesses and global lockdowns. Equity markets began to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package - the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Emerging Markets All Cap Fund

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Emerging Markets All Cap Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Emerging Markets All Cap Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	5.54	%
Class C Shares	4.78
Class Y Shares	5.82
Class R5 Shares	5.90
Class R6 Shares	5.96
MSCI Emerging Markets Index^▼(Broad Market/Style-Specific Index)	8.25
Lipper Emerging Market Funds Index^∎(Peer Group Index)	8.29

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.

Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing

pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.

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.

On the positive side, strong stock selection in the consumer staples sector was the largest contributor to relative Fund performance compared to the MSCI Emerging Markets Index, the Fund’s broad market/style-specific index. Within the sector, Chinese companies contributed favorably to both the Fund’s absolute and relative performance, including spirits producer Wuliangye Yibin, yeast product company Angel Yeast and pork products maker Henan Shuanghui. Relative to the Fund’s broad market/style-specific index, underweight exposure to the weak energy sector and lack of exposure to the utilities sector added to relative results. Fund holdings in the financials sector outperformed those of the broad market/style-specific index, contributing to relative results. Additionally, a slight underweight in financials also benefited relative return. On a geographic basis, strong stock selection in China was the largest contributor to the Fund’s relative results. Stock selection and underweight exposure to South Africa added to the Fund’s relative return.

Underweight exposure to India also benefited the Fund’s relative performance.

In contrast, stock selection in the information technology (IT) and health care sectors were among the largest detractors from the Fund’s relative return during the fiscal year. Within the IT sector, Brazil-based software company TOTVS was a notable detractor. Underweight exposure to Taiwan Semiconductor relative the Fund’s broad market/ style-specific index hampered relative results. In the health care sector, Brazilian health care diagnostics company Fleury detracted from both absolute and relative performance. Underweight exposure to the IT sector, one the strongest performing sectors in the broad market/style-specific index, hampered relative results. Fund holdings in the real estate sector underperformed those of the broad market/style-specific index, also detracting from relative return. Geographically, overweight exposure to weaker regions, including Mexico, Brazil and Indonesia was a drag on the Fund’s relative return.

In a rising equity market environment, the Fund’s cash exposure (which averaged around 7.7% during the fiscal year) detracted from the Fund’s performance relative to the broad market/style-specific benchmark. It is important to note that cash is a residual of our bottom-up investment process and not the result of any top-down tactical asset allocation or risk-management allocation decision.

During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV outlook for each company. During the COVID-19 market selloff, our trading activity picked up to take advantage of the broadening opportunity set. We added several new holdings, including China-based online messaging and social network services company Tencent, Mexico-based retailer Walmart de Mexico, South-Africa based internet communications, gaming and e-commerce company Naspers, and India’s largest private bank HDFC Bank. We sold several holdings, including financials companies Indonesia-based Bank Mandiri, Malaysia-based Public Bank Berhad and Thailand-based Kasikornbank, and Mexico-based consumer staples company FEMSA.

As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality growth companies that exhibit the following characteristics: strong organic revenue growth; high returns on capital; pricing power; strong balance sheets; cash generation; effective capital allocation and reasonable valuations. In addition, we continue to favor companies that we believe can be resilient in weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.


4		Invesco Emerging Markets All Cap Fund

We thank you for your continued investment in Invesco Emerging Markets All Cap Fund.

Portfolio manager(s):

Brent Bates

Steve Cao - Lead

Borge Endresen - Lead

Mark Jason

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


5		Invesco 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 10/31/10

LOGO

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.


6		Invesco Emerging Markets All Cap Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	5.19	%
10 Years	2.30
5 Years	8.15
1 Year	-0.26

Class C Shares
Inception (3/1/99)	8.97	%
10 Years	2.27
5 Years	8.57
1 Year	3.78

Class Y Shares
Inception (10/3/08)	7.29	%
10 Years	3.14
5 Years	9.66
1 Year	5.82

Class R5 Shares
Inception (10/25/05)	7.97	%
10 Years	3.27
5 Years	9.77
1 Year	5.90

Class R6 Shares
10 Years	3.23	%
5 Years	9.83
1 Year	5.96

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

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

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

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

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

See current prospectus for more information.


7		Invesco Emerging Markets All Cap Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Emerging Markets All Cap Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		22.54	%
Financials		16.84
Consumer Staples		15.30
Communication Services		12.14
Information Technology		11.44
Industrials		6.78
Health Care		3.87
Real Estate		3.15
Other Sectors, Each Less than 2% of Net Assets		1.78
Money Market Funds Plus Other Assets Less Liabilities		6.16

Top 10 Equity Holdings*


		% of total net assets
1.	Alibaba Group Holding Ltd., ADR		6.31	%
2.	Samsung Electronics Co. Ltd.		4.82
3.	Taiwan Semiconductor Manufacturing Co. Ltd.		4.80
4.	Tencent Holdings Ltd.		4.43
5.	China Mengniu Dairy Co. Ltd.		3.82
6.	Yum China Holdings, Inc.		3.63
7.	Yandex N.V., Class A		3.31
8.	JD.com, Inc., ADR		2.85
9.	Wuliangye Yibin Co. Ltd., A Shares		2.77
10.	Sberbank of Russia PJSC, Preference Shares		2.67

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, 2020.


9		Invesco Emerging Markets All Cap Fund

Schedule of Investments

October 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–93.85%
Brazil–8.06%
Ambev S.A., ADR		3,969,718	$ 8,495,197
Arcos Dorados Holdings, Inc., Class A^(a)		10,932,631	43,949,177
B3 S.A. - Brasil, Bolsa, Balcao		3,524,520	31,357,322
Banco Bradesco S.A., ADR		3,235,210	11,323,235
Fleury S.A.		7,923,200	37,766,017
Multiplan Empreendimentos Imobiliarios S.A.		9,683,529	32,014,316
Raia Drogasil S.A.		1,600,000	6,709,016
TOTVS S.A.		2,338,500	11,003,843
			182,618,123

China–32.34%
Alibaba Group Holding Ltd., ADR^(b)		469,237	142,971,822
Angel Yeast Co. Ltd., A Shares		1,638,488	12,996,078
China Feihe Ltd.^(c)		4,892,000	11,061,633
China Mengniu Dairy Co. Ltd.^(b)		18,382,000	86,492,155
Henan Shuanghui Investment & Development Co. Ltd., A Shares		1,926,183	14,419,953
Industrial & Commercial Bank of China Ltd., H Shares		16,638,000	9,361,295
JD.com, Inc., ADR^(b)		792,110	64,572,807
Kweichow Moutai Co. Ltd., A Shares		60,656	15,162,202
Meituan Dianping, B Shares^(b)		473,200	17,700,941
New Oriental Education & Technology Group, Inc., ADR^(b)		214,673	34,429,256
Shanghai International Airport Co. Ltd., A Shares		3,176,254	31,412,779
Sunny Optical Technology Group Co. Ltd.		1,820,100	30,272,868
Tencent Holdings Ltd.		1,308,100	100,339,675
Tongcheng-Elong Holdings Ltd.^(b)(c)		9,815,600	16,367,549
Wuliangye Yibin Co. Ltd., A Shares		1,714,547	62,727,382
Yum China Holdings, Inc.		1,543,516	82,161,357
			732,449,752

Egypt–1.37%
Eastern Co. S.A.E.		21,384,488	16,298,328
Egyptian Financial Group-Hermes Holding Co.^(b)		18,652,502	14,684,067
			30,982,395

France–0.97%
Bollore S.A.		6,148,198	22,058,863

Hungary–2.21%
Gedeon Richter PLC		2,443,485	49,975,522

India–2.13%
HDFC Bank Ltd., ADR^(b)		840,071	48,253,678

Indonesia–2.48%
PT Bank Central Asia Tbk		19,144,200	37,638,045
PT Telekomunikasi Indonesia (Persero) Tbk		104,477,700	18,507,212
			56,145,257

Israel–0.62%
ICL Group Ltd.		3,847,588	13,954,172


	Shares		Value
Macau–1.73%
Galaxy Entertainment Group Ltd.		5,926,000	$ 39,089,164

Mexico–9.81%
Bolsa Mexicana de Valores S.A.B. de C.V.		21,082,320	42,857,395
GMexico Transportes S.A.B. de C.V.		27,888,930	33,001,539
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.^(b)		7,831,898	35,342,587
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		4,078,439	33,942,280
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		22,358,599	33,235,114
Wal-Mart de Mexico S.A.B. de C.V., Series V		18,083,600	43,692,549
			222,071,464

Nigeria–0.92%
Zenith Bank PLC		363,656,079	20,803,333

Peru–0.37%
Credicorp Ltd.		72,821	8,351,112

Philippines–3.35%
BDO Unibank, Inc.		15,538,040	28,538,885
SM Investments Corp.		1,013,810	19,884,458
SM Prime Holdings, Inc.		39,270,900	27,346,643
			75,769,986

Russia–10.48%
Detsky Mir PJSC		11,088,510	15,360,015
Gazprom PJSC, ADR		4,284,513	16,425,040
Mobile TeleSystems PJSC, ADR		3,016,494	23,588,983
Moscow Exchange MICEX-RTS PJSC		9,640,000	16,268,310
Sberbank of Russia PJSC		11,900,044	30,131,304
Sberbank of Russia PJSC, Preference Shares		24,871,366	60,578,465
Yandex N.V., Class A^(b)		1,302,426	74,980,665
			237,332,782

South Africa–2.37%
Naspers Ltd., Class N		274,700	53,733,085

South Korea–6.38%
NAVER Corp.		137,204	35,369,046
Samsung Electronics Co. Ltd.		2,174,183	109,027,327
			144,396,373

Taiwan–4.80%
Taiwan Semiconductor Manufacturing Co. Ltd.		7,207,000	108,768,091

Turkey–1.37%
Haci Omer Sabanci Holding A.S.		21,674,815	21,311,293
Tupras-Turkiye Petrol Rafinerileri A.S.^(b)		1,101,252	9,830,270
			31,141,563

United Arab Emirates–0.53%
Emaar Properties PJSC^(b)		16,658,100	12,066,516

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


10		Invesco Emerging Markets All Cap Fund


	Shares		Value
Vietnam–1.56%
Vietnam Dairy Products JSC		7,548,648	$ 35,236,028
Total Common Stocks & Other Equity Interests (Cost $1,678,489,012)			2,125,197,259

Money Market Funds–5.50%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(a)(d)		43,866,503	43,866,503
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(a)(d)		30,494,435	30,506,633


	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(d)		50,133,146	$ 50,133,146
Total Money Market Funds (Cost $124,504,369)			124,506,282
TOTAL INVESTMENTS IN SECURITIES–99.35% (Cost $1,802,993,381)			2,249,703,541
OTHER ASSETS LESS LIABILITIES-0.65%			14,796,462
NET ASSETS-100.00%			$2,264,500,003

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	70,395,619		$	210,762,719		$	(237,291,835	)		$	-			$	-			$	43,866,503		$	384,101
Invesco Liquid Assets Portfolio, Institutional Class			50,296,795			151,040,246			(170,804,389	)			(5,240	)			(20,779	)			30,506,633			343,268
Invesco Treasury Portfolio, Institutional Class			80,452,136			240,871,678			(271,190,668	)			-				-				50,133,146			428,360
Investments in Other Affiliates:
Arcos Dorados Holdings, Inc., Class A			43,071,609			24,363,257			-				(23,485,689	)			-				43,949,177			582,886
Total		$	244,216,159		$	627,037,900		$	(679,286,892	)		$	(23,490,929	)		$	(20,779	)		$	168,455,459		$	1,738,615

^(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, 2020 was $27,429,182, which represented 1.21% of the Fund’s Net Assets.

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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


11		Invesco Emerging Markets All Cap Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $1,607,501,787)	$	2,081,248,082


Investments in affiliates, at value (Cost $195,491,594)		168,455,459


Cash		589,390


Foreign currencies, at value (Cost $5,798,253)		5,509,593


Receivable for:
Fund shares sold		12,840,139


Affiliates		2,009,625


Dividends		1,310,685


Investment for trustee deferred compensation and retirement plans		351,780


Other assets		122,016


Total assets		2,272,436,769



Liabilities:
Payable for:
Investments purchased		2,104,319


Fund shares reacquired		3,587,072


Accrued fees to affiliates		802,836


Accrued trustees’ and officers’ fees and benefits		1,765


Accrued other operating expenses		1,057,493


Trustee deferred compensation and retirement plans		383,281


Total liabilities		7,936,766


Net assets applicable to shares outstanding	$	2,264,500,003



Net assets consist of:
Shares of beneficial interest	$	1,697,043,746


Distributable earnings		567,456,257


	$	2,264,500,003


Net Assets:
Class A	$	552,261,575


Class C	$	16,812,498


Class Y	$	1,015,411,859


Class R5	$	182,631,251


Class R6	$	497,382,820



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		14,429,255


Class C		449,770


Class Y		26,498,626


Class R5		4,778,526


Class R6		13,012,832


Class A:
Net asset value per share	$	38.27


Maximum offering price per share (Net asset value of $38.27 ÷ 94.50%)	$	40.50


Class C:
Net asset value and offering price per share	$	37.38


Class Y:
Net asset value and offering price per share	$	38.32


Class R5:
Net asset value and offering price per share	$	38.22


Class R6:
Net asset value and offering price per share	$	38.22

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


12		Invesco Emerging Markets All Cap Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $5,813,567)	$	43,601,691


Dividends from affiliates		1,738,615


Total investment income		45,340,306



Expenses:
Advisory fees		18,781,874


Administrative services fees		300,877


Custodian fees		756,430


Distribution fees:
Class A		1,365,878


Class C		198,227


Transfer agent fees – A, C and Y		2,527,229


Transfer agent fees – R5		205,009


Transfer agent fees – R6		53,856


Trustees’ and officers’ fees and benefits		41,748


Registration and filing fees		146,859


Reports to shareholders		275,049


Professional services fees		57,657


Other		37,428


Total expenses		24,748,121


Less: Fees waived and/or expense offset arrangement(s)		(179,715	)


Net expenses		24,568,406


Net investment income		20,771,900



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $ 110,566)		132,868,506


Affiliated investment securities		(20,779	)


Foreign currencies		(1,415,781	)


		131,431,946


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $ 349,126)		(6,812,803	)


Affiliated investment securities		(23,490,929	)


Foreign currencies		(345,002	)


		(30,648,734	)


Net realized and unrealized gain		100,783,212


Net increase in net assets resulting from operations	$	121,555,112

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


13		Invesco Emerging Markets All Cap Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	20,771,900		$	39,845,223


Net realized gain		131,431,946			14,818,094


Change in net unrealized appreciation (depreciation)		(30,648,734	)		388,965,429


Net increase in net assets resulting from operations		121,555,112			443,628,746



Distributions to shareholders from distributable earnings:
Class A		(8,994,008	)		(7,969,115	)


Class C		(100,403	)		(262,493	)


Class Y		(17,366,105	)		(16,922,298	)


Class R5		(4,390,520	)		(5,436,248	)


Class R6		(7,805,161	)		(7,119,345	)


Total distributions from distributable earnings		(38,656,197	)		(37,709,499	)



Share transactions–net:
Class A		(49,372,647	)		(68,304,830	)


Class C		(6,664,248	)		(40,444,768	)


Class Y		646,578			(197,124,112	)


Class R5		(68,170,028	)		(83,352,208	)


Class R6		97,127,522			(48,117,996	)


Net increase (decrease) in net assets resulting from share transactions		(26,432,823	)		(437,343,914	)


Net increase (decrease) in net assets		56,466,092			(31,424,667	)



Net assets:
Beginning of year		2,208,033,911			2,239,458,578


End of year	$	2,264,500,003		$	2,208,033,911

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


14		Invesco 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^(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 10/31/20		$	36.81		$	0.27		$	1.76			$	2.03			$	(0.57	)		$	38.27		5.54	%		$	552,262		1.37	%^(d)		1.38	%^(d)		0.76	%^(d)		33	%
Year ended 10/31/19			30.54			0.55			6.18				6.73				(0.46	)			36.81		22.39				583,346		1.37			1.38			1.62			7
Year ended 10/31/18			36.66			0.44			(6.29	)			(5.85	)			(0.27	)			30.54		(16.09	)			544,574		1.39			1.40			1.23			20
Year ended 10/31/17			30.67			0.28			5.96				6.24				(0.25	)			36.66		20.55				878,910		1.41			1.43			0.86			16
Year ended 10/31/16			25.84			0.27			4.80				5.07				(0.24	)			30.67		19.88				824,702		1.40			1.41			1.01			3
Class C
Year ended 10/31/20			35.83			0.00			1.71				1.71				(0.16	)			37.38		4.78				16,812		2.12	^(d)		2.13	^(d)		0.01	^(d)		33
Year ended 10/31/19			29.64			0.28			6.05				6.33				(0.14	)			35.83		21.48				22,941		2.12			2.13			0.87			7
Year ended 10/31/18			35.59			0.17			(6.12	)			(5.95	)			(0.00	)			29.64		(16.71	)			55,823		2.14			2.15			0.48			20
Year ended 10/31/17			29.78			0.03			5.81				5.84				(0.03	)			35.59		19.65				88,231		2.16			2.18			0.11			16
Year ended 10/31/16			25.03			0.07			4.68				4.75				-				29.78		18.98				82,513		2.15			2.16			0.26			3
Class Y
Year ended 10/31/20			36.85			0.36			1.78				2.14				(0.67	)			38.32		5.82				1,015,412		1.12	^(d)		1.13	^(d)		1.01	^(d)		33
Year ended 10/31/19			30.60			0.63			6.18				6.81				(0.56	)			36.85		22.69				968,060		1.12			1.13			1.87			7
Year ended 10/31/18			36.74			0.53			(6.31	)			(5.78	)			(0.36	)			30.60		(15.89	)			986,550		1.14			1.15			1.48			20
Year ended 10/31/17			30.74			0.37			5.95				6.32				(0.32	)			36.74		20.84				1,575,401		1.16			1.18			1.11			16
Year ended 10/31/16			25.92			0.35			4.79				5.14				(0.32	)			30.74		20.18				1,055,132		1.15			1.16			1.26			3
Class R5
Year ended 10/31/20			36.76			0.39			1.77				2.16				(0.70	)			38.22		5.90				182,631		1.05	^(d)		1.06	^(d)		1.08	^(d)		33
Year ended 10/31/19			30.55			0.66			6.16				6.82				(0.61	)			36.76		22.79				250,287		1.03			1.04			1.96			7
Year ended 10/31/18			36.68			0.56			(6.29	)			(5.73	)			(0.40	)			30.55		(15.80	)			287,511		1.04			1.05			1.58			20
Year ended 10/31/17			30.69			0.41			5.94				6.35				(0.36	)			36.68		20.97				470,436		1.04			1.06			1.23			16
Year ended 10/31/16			25.90			0.38			4.79				5.17				(0.38	)			30.69		20.33				331,079		1.03			1.04			1.38			3
Class R6
Year ended 10/31/20			36.76			0.42			1.76				2.18				(0.72	)			38.22		5.96				497,383		0.96	^(d)		0.97	^(d)		1.17	^(d)		33
Year ended 10/31/19			30.55			0.68			6.16				6.84				(0.63	)			36.76		22.88				383,400		0.97			0.98			2.02			7
Year ended 10/31/18			36.67			0.57			(6.27	)			(5.70	)			(0.42	)			30.55		(15.74	)			365,000		0.99			1.00			1.63			20
Year ended 10/31/17			30.68			0.42			5.94				6.36				(0.37	)			36.67		21.04				427,243		1.00			1.02			1.27			16
Year ended 10/31/16			25.90			0.39			4.78				5.17				(0.39	)			30.68		20.35				160,816		0.98			0.99			1.43			3

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $546,351, $19,823, $946,325, $205,710 and $414,857 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

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


15		Invesco Emerging Markets All Cap Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Emerging Markets All Cap Fund, formerly 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 financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

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

The 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.

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.


16		Invesco Emerging Markets All Cap Fund

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

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

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

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.

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

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.

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. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

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.


17		Invesco Emerging Markets All Cap Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2020, the effective advisory fee rate incurred by the Fund was 0.88%.

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

For the year ended October 31, 2020, the Adviser waived advisory fees of $174,649.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $43,406 in front-end sales commissions from the sale of Class A shares and $3,943 and $2,882 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


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


18		Invesco Emerging Markets All Cap Fund


		own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3			Total
Investments in Securities
Brazil		$	182,618,123		$	–		$	–	$ 182,618,123
China			324,135,242			408,314,510			–	732,449,752
Egypt			–			30,982,395			–	30,982,395
France			–			22,058,863			–	22,058,863
Hungary			–			49,975,522			–	49,975,522
India			48,253,678			–			–	48,253,678
Indonesia			–			56,145,257			–	56,145,257
Israel			–			13,954,172			–	13,954,172
Macau			–			39,089,164			–	39,089,164
Mexico			222,071,464			–			–	222,071,464
Nigeria			–			20,803,333			–	20,803,333
Peru			8,351,112			–			–	8,351,112
Philippines			–			75,769,986			–	75,769,986
Russia			130,197,973			107,134,809			–	237,332,782
South Africa			–			53,733,085			–	53,733,085
South Korea			–			144,396,373			–	144,396,373
Taiwan			–			108,768,091			–	108,768,091
Turkey			–			31,141,563			–	31,141,563
United Arab Emirates			–			12,066,516			–	12,066,516
Vietnam			–			35,236,028			–	35,236,028
Money Market Funds			124,506,282			–			–	124,506,282
Total Investments		$	1,040,133,874		$	1,209,569,667		$	–	$2,249,703,541

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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, 2020 and 2019:


	2020		2019


Ordinary income*	$	38,656,197	$	37,709,499

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


19		Invesco Emerging Markets All Cap Fund

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	72,313,933


Undistributed long-term capital gain		60,007,649


Net unrealized appreciation - investments		435,922,568


Net unrealized appreciation (depreciation) - foreign currencies		(468,273	)


Temporary book/tax differences		(319,620	)


Shares of beneficial interest		1,697,043,746


Total net assets	$	2,264,500,003

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $675,130,257 and $653,901,554, 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	$	640,501,943


Aggregate unrealized (depreciation) of investments		(204,579,375	)


Net unrealized appreciation of investments	$	435,922,568

Cost of investments for tax purposes is $1,813,780,973.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2020, undistributed net investment income was decreased by $1,526,346 and undistributed net realized gain was increased by $1,526,346. 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, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount


Sold:
Class A		1,706,365		$	61,253,898			1,641,304		$	55,770,409


Class C		95,985			3,358,951			74,751			2,477,906


Class Y		9,564,984			320,291,589			5,877,479			196,106,934


Class R5		1,328,553			46,363,019			2,080,870			70,586,854


Class R6		6,495,302			236,439,889			2,685,910			90,896,940



Issued as reinvestment of dividends:
Class A		206,055			7,799,177			235,461			7,068,533


Class C		2,352			87,520			7,896			232,233


Class Y		326,675			12,351,569			378,032			11,337,175


Class R5		114,253			4,306,190			157,204			4,698,810


Class R6		172,136			6,484,375			202,111			6,037,061



Automatic conversion of Class C shares to Class A shares:
Class A		124,129			4,504,737			962,532			32,214,769


Class C		(126,814	)		(4,504,737	)		(984,000	)		(32,214,769	)


20		Invesco Emerging Markets All Cap Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(3,455,941	)	$	(122,930,459	)		(4,823,602	)	$	(163,358,541	)


Class C		(161,979	)		(5,605,982	)		(341,782	)		(10,940,138	)


Class Y		(9,663,832	)		(331,996,580	)		(12,225,279	)		(404,568,221	)


Class R5		(3,472,694	)		(118,839,237	)		(4,841,981	)		(158,637,872	)


Class R6		(4,085,473	)		(145,796,742	)		(4,406,663	)		(145,051,997	)


Net increase (decrease) in share activity		(829,944	)	$	(26,432,823	)		(13,319,757	)	$	(437,343,914	)

^(a)

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

In addition, 5% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic


21		Invesco 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 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 Emerging Markets All Cap Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


22		Invesco Emerging Markets All Cap Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,228.20	$7.67	$1,018.25	$6.95	1.37%
Class C	1,000.00	1,223.60	11.85	1,014.48	10.74	2.12
Class Y	1,000.00	1,229.80	6.28	1,019.51	5.69	1.12
Class R5	1,000.00	1,230.10	5.89	1,019.86	5.33	1.05
Class R6	1,000.00	1,230.50	5.38	1,020.31	4.88	0.96

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 184/366 to reflect the most recent fiscal half year.


23		Invesco Emerging Markets All Cap Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 All Cap Fund’s (formerly, Invesco Developing Markets Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

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

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses


24		Invesco Emerging Markets All Cap Fund

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

under the federal securities laws and consistent with best execution obligations.


25		Invesco Emerging Markets All Cap Fund

Tax Information

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, 2020:



Federal and State Income Tax
Qualified Dividend Income*		92.73	%
Corporate Dividends Received Deduction*		1.26	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0989		per share
Foreign Source Income	$	0.8396		per share

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


26		Invesco Emerging Markets All Cap Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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 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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


T-2		Invesco 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)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


T-3		Invesco 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)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


T-4		Invesco Emerging Markets All Cap Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-5		Invesco Emerging Markets All Cap Fund

Trustees and Officers–(continued)


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


T-6		Invesco 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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Emerging Markets All Cap Fund

LOGO

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

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∎

Fund reports and prospectuses

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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

Fund holdings and proxy voting information

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

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



		Annual Report to Shareholders		October 31, 2020

		Invesco Emerging Markets Innovators Fund Effective September 30, 2020, Invesco Oppenheimer Emerging Markets Innovators Fund was renamed Invesco Emerging Markets Innovators Fund. Nasdaq: A: EMIAX ∎ C: EMVCX ∎ R: EMIRX ∎ Y: EMIYX ∎ R5: EMIMX ∎ R6: EMVIX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Emerging Markets Innovators Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎

Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Emerging Markets Innovators Fund

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2020, Class A shares of Invesco Emerging Markets Innovators Fund (the Fund), at net asset value (NAV), outperformed the MSCI Emerging Markets Mid Cap Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/19 to 10/31/20, 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			7.30%
Class C Shares			6.49
Class R Shares			7.10
Class Y Shares			7.60
Class R5 Shares			7.77
Class R6 Shares			7.82
MSCI Emerging Markets Mid Cap Index^▼			-3.22

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

At the end of the fiscal year, emerging markets fared better than developed, with China continuing to boost overall gains. China, with many internal economic drivers, will likely remain the dominant global growth engine. Additionally, low interest rates, low energy prices and a weakening US dollar, could eventually culminate in large foreign capital flows and private investments into emerging markets. This scenario could give emerging market countries, constrained by insufficient domestic

savings, the necessary funds for structural growth, benefiting much of Latin America, Southeast Asia and parts of sub-Saharan Africa. However, in the near term, many emerging market countries will need to grapple with a variety of issues such as external debt, unsustainable deficits, asset quality stress and institutional reforms, among others, before achieving a turnaround with sustainable growth.

Top contributors to Fund performance during the fiscal year included Samsung Biologics, Yandex and Silergy.

Samsung Biologics, a South Korean manufacturer of bio-healthcare products, has evolved from a leading contract manufacturing organization (CMO) in the country to one of the fastest-growing in the world. Samsung Biologics owns a 50% stake in the biosimilar producer Samsung Bioepis with US biotech giant Biogen. Bioepis has proven a fruitful joint venture for Samsung Biologics. The company currently has three autoimmune biosimilars being sold in the European market that have posted record high sales. Further, this joint venture positions Samsung Biologics to benefit from the US Food and Drug Administrations (FDA) guidelines on interchangeability, allowing customers to potentially switch to biosimilars at the drug store counter. Samsung Biologics announced a sizeable contract with AstraZeneca that will last until the end of 2023 adding a significant source of revenue.

Yandex is the dominant internet company in Russia’s transforming digital landscape, operating the leading search engine and capturing a large share of digital advertising. With search and advertising comprising Yandex’s core growth engines, the company is able to direct cash flow into new areas of development, resulting in many real options and future growth drivers that will be supported by existing synergies and data, such as ride hailing, food-delivery services, online grocery and autonomous vehicle technology. The market has responded favorably to the consolidation

of “Yandex.Market” after finalizing the reorganization with Sberbank. This should prove a major growth engine for Yandex who’s current market share in e-commerce is a sliver of the market. Russia’s e-commerce landscape is vastly underpenetrated, providing “Yandex.Market” with significant long-term growth underpinned by the accelerating shift from offline to online shopping.

Silergy is the largest fabless producer in Taiwan and a global leader in PMIC (power management integrated circuits). This class of integrated circuits perform functions related to power requirements, such as adjusting the voltage/current of electricity flows in items like batteries. Market leaders in the category are migrating away from this area of the market with a focus on more lucrative business segments, of which they have been able to explore through large R&D expenditures, leaving room for a player Silergy’s size to capture market share in this defensible business. PMIC continues to grow as more IoT (internet of things) devices proliferate the modern consumer landscape, such as wearables and smart homes. Despite weakness in the consumer category this year, Silergy has performed strongly as the demand for 5G-base stations, data centers and PCs offset the slowdown. Further, Silergy is a rare beneficiary of the US-China trade-war, as China campaigns to focus on local sourcing.

The largest detractors from Fund performance included Alsea, Falabella and Chola-mandalam Investment & Finance.

Alsea is a Mexico-based company that operates QSR (quick serve restaurants) across Latin America and Europe. Brands in Alsea’s portfolio range from coffee shops, such as Starbucks and Vips, to casual dining options like Domino’s Pizza. Economically, Mexico has been hard hit by the coronavirus, which has had an outsized effect on consumer spending in Mexico. Shuttered stores throughout Latin America and Europe put significant pressure on the company’s balance sheet. We continue to engage with management to better understand the company’s future path to sustained profitability, through consumer engagement, the rollout and improvement of customer loyalty programs, and the continued assessment of underperforming brands in their portfolio. Prior to the pandemic, Alsea was working on identifying and shuttering underperforming, expensive locations in their portfolio, notably in the Starbucks brand.

Falabella is a pan Latin American retailer that operates across various segments with its main revenue source in Chile. The company has struggled due to the challenging business environment due to the COVID-19 pandemic We exited our position in the second quarter and deploy capital elsewhere.

Cholamandalam Investment & Finance is based in India and operates as a financial services provider. Prior to the coronavirus outbreak, the banking sector in India had been


4		Invesco Emerging Markets Innovators Fund

impacted by several macroeconomic head-winds - a weak real estate market, development stagnation, and expectations for weak economic growth in India. This all created a dramatic sell-off of Indian equities this year and more broadly in the banking sector. We do not believe Cholamandalam Investment and Finance is poised to withstand this confluence of events and have exited our position.

During this period of crisis and uncertainty surrounding the coronavirus, we remain focused on understanding the macroeconomic pressures that are idiosyncratic to emerging markets, however, we are unwavering in our approach as bottom-up investors that focus on the long-term and avoid tactical decisions. We will continue to seek high quality companies that have durable long-term growth potential supported by strong competitive positions, balance sheets, cash flows etc. that will allow them to thrive in the post-coronavirus world. We have exposure to sectors and industries where we see dynamic change and real value being extracted including ecommerce, cloud computing, internet services, healthcare, travel and education.

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

Portfolio manager(s):

Justin Leverenz

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


5		Invesco Emerging Markets Innovators Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 6/30/14

LOGO

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.


6		Invesco Emerging Markets Innovators Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (6/30/14)	0.92	%
5 Years	4.74
1 Year	1.36

Class C Shares
Inception (6/30/14)	1.04	%
5 Years	5.10
1 Year	5.49

Class R Shares
Inception (6/30/14)	1.55	%
5 Years	5.65
1 Year	7.10

Class Y Shares
Inception (6/30/14)	2.07	%
5 Years	6.18
1 Year	7.60

Class R5 Shares
Inception (5/24/19)	1.90	%
5 Years	6.05
1 Year	7.77

Class R6 Shares
Inception (6/30/14)	2.28	%
5 Years	6.39
1 Year	7.82

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

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

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

fluctuate so that you may have a gain or loss when you sell shares.

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


7		Invesco Emerging Markets Innovators Fund

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

∎

Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The MSCI Emerging Markets Mid Cap Index (Net) is designed to measure equity market performance of mid-capitalization companies in emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎


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


8		Invesco Emerging Markets Innovators Fund

Fund Information


Portfolio Composition

By sector	% of total net assets
Consumer Discretionary		28.93%
Industrials		11.52
Financials		11.39
Communication Services		10.90
Information Technology		8.95
Consumer Staples		8.38
Health Care		8.07
Real Estate		6.56
Materials		3.75

Money Market Funds Plus Other Assets Less Liabilities		1.55



Top 10 Equity Holdings*
		% of total net assets
1.	Yandex N.V., Class A	6.41%
2.	Yum China Holdings, Inc.	6.30
3.	Huazhu Group Ltd., ADR	4.54
4.	Lojas Americanas S.A., Preference Shares	3.28
5.	Voltas Ltd.	3.12
6.	PT Ace Hardware Indonesia Tbk	3.05
7.	Samsung Biologics Co. Ltd.	2.87
8.	Oberoi Realty Ltd.	2.78
9.	Tencent Music Entertainment Group, ADR	2.52
10.	PT Semen Indonesia (Persero) Tbk	2.36

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, 2020.


9		Invesco Emerging Markets Innovators Fund

Schedule of Investments

October 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–98.45%

Argentina–0.50%
Globant S.A.^(a)		11,440	$	2,066,178


Brazil–7.47%
Arezzo Industria e Comercio S.A.		599,900		6,304,337

Lojas Americanas S.A., Preference Shares		3,372,681		13,654,246

Lojas Renner S.A.		755,100		4,928,327

Pagseguro Digital Ltd., Class A^(a)		170,601		6,245,702

				31,132,612


China–31.95%
BeiGene Ltd., ADR^(a)		9,904		2,936,734

Hansoh Pharmaceutical Group Co. Ltd.^(a)(b)		890,000		3,967,616

Huazhu Group Ltd., ADR		477,877		18,938,265

HUYA, Inc., ADR^(a)		81,631		1,828,534

Innovent Biologics, Inc.^(a)(b)		561,000		4,157,713

Kerry Logistics Network Ltd.		3,461,500		7,227,234

Kingdee International Software Group Co. Ltd.^(a)		1,450,300		3,834,671

New Oriental Education & Technology Group, Inc., ADR^(a)		34,644		5,556,205

OneConnect Financial Technology Co. Ltd., ADR^(a)		362,192		7,294,547

Silergy Corp.		143,000		8,828,329

SITC International Holdings Co. Ltd.		5,677,000		8,830,409

Sunny Optical Technology Group Co. Ltd.		286,400		4,763,557

TAL Education Group, ADR^(a)		14,575		968,654

Tencent Music Entertainment Group, ADR^(a)		706,061		10,506,188

Venus MedTech Hangzhou, Inc., H Shares^(a)(b)		526,655		5,074,065

Wuxi Biologics Cayman, Inc.^(a)(b)		196,500		5,521,040

Yum China Holdings, Inc.		492,885		26,236,270

Zhongsheng Group Holdings Ltd.		934,789		6,680,373

				133,150,404


Colombia–0.54%
Banco Davivienda S.A., Preference Shares		348,703		2,264,112


Egypt–3.10%
Cairo Investment & Real Estate Development Co. SAE		3,617,782		3,445,123

Commercial International Bank Egypt S.A.E.		1,875,852		7,292,165

Eastern Co. S.A.E.		2,884,636		2,198,544

				12,935,832


Greece–1.13%
JUMBO S.A.		337,198		4,720,449


Hong Kong–0.46%
Hongkong & Shanghai Hotels Ltd. (The)		2,656,000		1,931,979


India–13.53%
Bandhan Bank Ltd.^(b)		1,244,616		4,854,864

CRISIL Ltd.		229,755		6,411,248


	Shares		Value

India–(continued)
Havells India Ltd.		376,798	$	3,699,463

ICICI Lombard General Insurance Co. Ltd.^(b)		174,719		2,912,540

Indian Hotels Co. Ltd. (The)		1,570,048		2,019,326

Oberoi Realty Ltd.^(a)		1,936,279		11,569,882

United Spirits Ltd.^(a)		811,396		5,518,292

Voltas Ltd.		1,366,613		13,003,937

Zee Entertainment Enterprises Ltd.		2,524,723		6,395,106

				56,384,658


Indonesia–7.50%
PT Ace Hardware Indonesia Tbk		119,196,600		12,705,655

PT Semen Indonesia (Persero) Tbk		15,231,200		9,841,637

PT Unilever Indonesia Tbk		16,316,900		8,687,731

				31,235,023


Mexico–4.35%
Alsea S.A.B. de C.V.^(a)		9,461,320		8,140,353

Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B^(a)		370,235		4,276,689

Regional S.A.B. de C.V.^(a)		2,105,095		5,688,614

				18,105,656


Nigeria–0.70%
Guaranty Trust Bank PLC		34,639,124		2,914,068


Peru–1.83%
Credicorp Ltd.		54,710		6,274,143

InRetail Peru Corp.^(b)		39,737		1,339,137

				7,613,280


Philippines–7.05%
Ayala Corp.		325,150		5,125,969

Ayala Land, Inc.		12,915,100		8,807,987

Philippine Seven Corp.		346,902		795,465

San Miguel Food and Beverage, Inc.		5,828,810		7,677,740

SM Prime Holdings, Inc.		10,010,500		6,970,901

				29,378,062


Poland–0.56%
Allegro.eu S.A.^(a)(b)		115,609		2,349,503


Russia–9.92%
Polyus PJSC, GDR^(b)		58,819		5,781,908

TCS Group Holding PLC, GDR^(b)		275,248		6,578,427

TCS Group Holding PLC, GDR^(b)		94,578		2,261,915

Yandex N.V., Class A^(a)		463,724		26,696,591

				41,318,841


South Korea–2.87%
Samsung Biologics Co. Ltd.^(a)(b)		19,845		11,970,016


Spain–0.48%
AmRest Holdings SE^(a)		571,611		1,991,591


Taiwan–3.50%
Largan Precision Co. Ltd.		38,000		4,039,926

Largan Precision Co. Ltd.		2,000		211,512

President Chain Store Corp.		500,000		4,501,008

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


10		Invesco Emerging Markets Innovators Fund


	Shares		Value

Taiwan–(continued)
Voltronic Power Technology Corp.		169,919	$	5,835,624

				14,588,070


Thailand–1.01%
Thai Beverage PCL		9,876,500		4,200,804


United Arab Emirates–0.00%
NMC Health PLC^(a)(c)		239,387		3

Total Common Stocks & Other Equity Interests (Cost $346,851,617)				410,251,141


Money Market Funds–1.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)		2,217,505		2,217,505


	Shares		Value

Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(d)(e)		1,583,128	$	1,583,761

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		2,534,292		2,534,292

Total Money Market Funds (Cost $6,335,716)				6,335,558

TOTAL INVESTMENTS IN SECURITIES–99.97% (Cost $353,187,333)				416,586,699

OTHER ASSETS LESS LIABILITIES–0.03%				127,237

NET ASSETS–100.00%			$	416,713,936

Investment Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $56,768,744, which represented 13.62% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$38,085,651		$343,289,655		$(379,157,801	)		$ -			$ -			$2,217,505		$190,177

Invesco Liquid Assets Portfolio, Institutional Class		-		3,245,011		(1,661,077	)		(158	)		(15	)		1,583,761		91

Invesco Treasury Portfolio, Institutional Class		-		5,192,018		(2,657,726	)		-			-			2,534,292		17

Total		$38,085,651		$351,726,684		$(383,476,604	)		$(158	)		$(15	)		$6,335,558		$190,285

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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


11		Invesco Emerging Markets Innovators Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $346,851,617)	$	410,251,141

Investments in affiliated money market funds, at value (Cost $6,335,716)		6,335,558

Cash		300,764

Foreign currencies, at value (Cost $937,198)		938,384

Receivable for:
Investments sold		65,378

Fund shares sold		222,372

Dividends		237,763

Investment for trustee deferred compensation and retirement plans		7,655

Other assets		57,897

Total assets		418,416,912

Liabilities:
Payable for:
Investments purchased		1,095,794

Fund shares reacquired		294,310

Accrued fees to affiliates		137,014

Accrued trustees’ and officers’ fees and benefits		1,857

Accrued other operating expenses		166,346

Trustee deferred compensation and retirement plans		7,655

Total liabilities		1,702,976
Net assets applicable to shares outstanding	$	416,713,936


Net assets consist of:
Shares of beneficial interest	$	342,190,640

Distributable earnings		74,523,296

	$	416,713,936


Net Assets:
Class A	$	70,918,057

Class C	$	20,336,887

Class R	$	7,740,633

Class Y	$	183,437,577

Class R5	$	11,782

Class R6	$	134,269,000


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,351,613

Class C		1,905,923

Class R		703,217

Class Y		16,207,469

Class R5		1,049

Class R6		11,738,652

Class A:
Net asset value per share	$	11.17

Maximum offering price per share (Net asset value of $11.17 ÷ 94.50%)	$	11.82

Class C:
Net asset value and offering price per share	$	10.67

Class R:
Net asset value and offering price per share	$	11.01

Class Y:
Net asset value and offering price per share	$	11.32

Class R5:
Net asset value and offering price per share	$	11.23

Class R6:
Net asset value and offering price per share	$	11.44

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


12		Invesco Emerging Markets Innovators Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $547,554)	$	5,554,316

Dividends from affiliated money market funds		190,285

Total investment income		5,744,601


Expenses:
Advisory fees		6,134,786

Administrative services fees		78,143

Custodian fees		321,346

Distribution fees:
Class A		183,471

Class C		229,423

Class R		39,622

Transfer agent fees – A, C, R and Y		526,329

Transfer agent fees – R5		1

Transfer agent fees – R6		4,826

Trustees’ and officers’ fees and benefits		24,888

Registration and filing fees		141,614

Reports to shareholders		71,691

Professional services fees		47,378

Other		20,803

Total expenses		7,824,321

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(52,719	)

Net expenses		7,771,602

Net investment income (loss)		(2,027,001	)


Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (net of foreign taxes of $1,531,634)		79,045,144

Foreign currencies		564,356

		79,609,500

Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $1,741,969)		(41,883,383	)

Foreign currencies		48,942

		(41,834,441	)

Net realized and unrealized gain		37,775,059

Net increase in net assets resulting from operations	$	35,748,058

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


13		Invesco Emerging Markets Innovators Fund

Statement of Changes in Net Assets

For the year ended October 31, 2020, period ended October 31, 2019, and the year ended August 31, 2019


	Year Ended October 31, 2020			Two Months Ended October 31, 2019			Year Ended August 31, 2019

Operations:
Net investment income (loss)	$	(2,027,001	)	$	(404,357	)	$	(167,895	)

Net realized gain (loss)		79,609,500			11,321,736			(56,989,656	)

Change in net unrealized appreciation (depreciation)		(41,834,441	)		23,195,569			41,795,257

Net increase (decrease) in net assets resulting from operations		35,748,058			34,112,948			(15,362,294	)


Share transactions–net:
Class A		(17,380,227	)		(1,176,936	)		(12,295,214	)

Class C		(7,114,943	)		(1,643,660	)		(9,155,459	)

Class R		(791,887	)		73,076			992,778

Class Y		(39,921,238	)		(7,955,725	)		(53,894,034	)

Class R5		–			–			10,000

Class R6		(181,445,330	)		(994,222	)		165,025,902

Net increase (decrease) in net assets resulting from share transactions		(246,653,625	)		(11,697,467	)		90,683,973

Net increase (decrease) in net assets		(210,905,567	)		22,415,481			75,321,679


Net assets:
Beginning of year		627,619,503			605,204,022			529,882,343

End of year	$	416,713,936		$	627,619,503		$	605,204,022

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


14		Invesco Emerging Markets Innovators Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				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 10/31/20		$	10.41		$	(0.06	)		$	0.82			$	0.76			$	–			$	11.17		7.30	%^(e)		$	70,918		1.68	%^(e)(f)		1.68	%^(e)(f)		(0.62	)%^(e)(f)		67	%
Two months ended 10/31/19			9.85			(0.01	)			0.57				0.56				–				10.41		5.69				83,842		1.68	^(g)		1.68	^(g)		(0.63	)^(g)		20
Year ended 08/31/19			10.38			(0.02	)			(0.51	)			(0.53	)			–				9.85		(5.11	)			80,454		1.71			1.71			(0.25	)		36
Year ended 08/31/18			10.67			(0.02	)			(0.25	)			(0.27	)			(0.02	)			10.38		(2.52	)			97,641		1.70			1.70			(0.18	)		24
Year ended 08/31/17			8.87			(0.03	)			1.83				1.80				–				10.67		20.29				84,324		1.77			1.77			(0.35	)		23
Year ended 08/31/16			8.22			(0.03	)			0.68				0.65				–				8.87		7.91				64,713		1.75			1.75			(0.31	)		26
Class C
Year ended 10/31/20			10.02			(0.14	)			0.79				0.65				–				10.67		6.49				20,337		2.44	^(f)		2.44	^(f)		(1.38	)^(f)		67
Two months ended 10/31/19			9.49			(0.02	)			0.55				0.53				–				10.02		5.58				26,427		2.44	^(g)		2.44	^(g)		(1.40	)^(g)		20
Year ended 08/31/19			10.09			(0.09	)			(0.51	)			(0.60	)			–				9.49		(5.95	)			26,661		2.45			2.45			(1.01	)		36
Year ended 08/31/18			10.42			(0.10	)			(0.23	)			(0.33	)			–				10.09		(3.17	)			38,156		2.46			2.46			(0.94	)		24
Year ended 08/31/17			8.74			(0.10	)			1.78				1.68				–				10.42		19.22				30,168		2.52			2.52			(1.11	)		23
Year ended 08/31/16			8.16			(0.09	)			0.67				0.58				–				8.74		7.24				19,616		2.50			2.50			(1.10	)		26
Class R
Year ended 10/31/20			10.28			(0.09	)			0.82				0.73				–				11.01		7.10				7,741		1.94	^(f)		1.94	^(f)		(0.88	)^(f)		67
Two months ended 10/31/19			9.73			(0.01	)			0.56				0.55				–				10.28		5.65				8,012		1.94	^(g)		1.94	^(g)		(0.90	)^(g)		20
Year ended 08/31/19			10.29			(0.05	)			(0.51	)			(0.56	)			–				9.73		(5.44	)			7,516		1.95			1.95			(0.51	)		36
Year ended 08/31/18			10.59			(0.05	)			(0.24	)			(0.29	)			(0.01	)			10.29		(2.77	)			6,884		1.97			1.97			(0.45	)		24
Year ended 08/31/17			8.83			(0.05	)			1.81				1.76				–				10.59		19.93				3,606		2.03			2.03			(0.55	)		23
Year ended 08/31/16			8.20			(0.05	)			0.68				0.63				–				8.83		7.68				1,692		2.02			2.02			(0.60	)		26
Class Y
Year ended 10/31/20			10.52			(0.04	)			0.84				0.80				–				11.32		7.60				183,438		1.44	^(f)		1.44	^(f)		(0.38	)^(f)		67
Two months ended 10/31/19			9.95			(0.01	)			0.58				0.57				–				10.52		5.73				216,384		1.44	^(g)		1.44	^(g)		(0.40	)^(g)		20
Year ended 08/31/19			10.47			(0.00	)			(0.52	)			(0.52	)			–				9.95		(4.97	)			212,530		1.46			1.46			(0.00	)		36
Year ended 08/31/18			10.75			0.01				(0.25	)			(0.24	)			(0.04	)			10.47		(2.23	)			281,465		1.46			1.46			0.06			24
Year ended 08/31/17			8.92			(0.01	)			1.84				1.83				–				10.75		20.52				193,261		1.52			1.52			(0.10	)		23
Year ended 08/31/16			8.24			(0.00	)			0.68				0.68				–				8.92		8.25				162,599		1.50			1.50			(0.03	)		26
Class R5
Year ended 10/31/20			10.42			(0.02	)			0.83				0.81				–				11.23		7.77				12		1.27	^(f)		1.27	^(f)		(0.21	)^(f)		67
Two months ended 10/31/19			9.86			(0.00	)			0.56				0.56				–				10.42		5.68				11		1.31	^(g)		1.31	^(g)		(0.26	)^(g)		20
Period ended 08/31/19^(h)			9.53			0.00				0.33				0.33				–				9.86		3.46				10		1.28	^(g)		1.28	^(g)		0.15	^(g)		36
Class R6
Year ended 10/31/20			10.61			(0.02	)			0.85				0.83				–				11.44		7.82				134,269		1.25	^(f)		1.26	^(f)		(0.19	)^(f)		67
Two months ended 10/31/19			10.04			(0.00	)			0.57				0.57				–				10.61		5.68				292,944		1.27	^(g)		1.27	^(g)		(0.22	)^(g)		20
Year ended 08/31/19			10.54			0.02				(0.52	)			(0.50	)			–				10.04		(4.74	)			278,033		1.27			1.27			0.18			36
Year ended 08/31/18			10.82			0.03				(0.25	)			(0.22	)			(0.06	)			10.54		(2.06	)			105,736		1.29			1.29			0.26			24
Year ended 08/31/17			8.96			0.03				1.83				1.86				–				10.82		20.89				23,879		1.32			1.32			0.30			23
Year ended 08/31/16			8.26			0.06				0.64				0.70				–				8.96		8.35				7,332		1.33			1.33			0.65			26

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

^(f)	Ratios are based on average daily net assets (000’s omitted) of $75,300, $22,942, $7,924, $192,471, $11 and $243,435 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)	Annualized.

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

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


15		Invesco Emerging Markets Innovators Fund

Notes to Financial Statements

October 31, 2020

NOTE 1—Significant Accounting Policies

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

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

The 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.

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. 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.


16		Invesco Emerging Markets Innovators Fund

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

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

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

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.

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.


17		Invesco Emerging Markets Innovators Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate

First $ 500 million		1.150%

Next $500 million		1.100%

Next $4 billion		1.050%

Over $5 billion		1.000%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 1.13%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee 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 1.70%, 2.46%, 1.98%, 1.45%, 1.30% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $44,328 and reimbursed class level expenses of $0, $0, $0, $0, $0 and $4,826 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $28,821 in front-end sales commissions from the sale of Class A shares and $0 and $979 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


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


18		Invesco Emerging Markets Innovators Fund


	Level 1		Level 2		Level 3	Total

Investments in Securities

Argentina	$	2,066,178	$	–	$–	$	2,066,178

Brazil		31,132,612		–	–		31,132,612

China		74,265,397		58,885,007	–		133,150,404

Colombia		2,264,112		–	–		2,264,112

Egypt		–		12,935,832	–		12,935,832

Greece		–		4,720,449	–		4,720,449

Hong Kong		–		1,931,979	–		1,931,979

India		–		56,384,658	–		56,384,658

Indonesia		–		31,235,023	–		31,235,023

Mexico		18,105,656		–	–		18,105,656

Nigeria		–		2,914,068	–		2,914,068

Peru		7,613,280		–	–		7,613,280

Philippines		–		29,378,062	–		29,378,062

Poland		2,349,503		–	–		2,349,503

Russia		39,056,926		2,261,915	–		41,318,841

South Korea		–		11,970,016	–		11,970,016

Spain		–		1,991,591	–		1,991,591

Taiwan		211,512		14,376,558	–		14,588,070

Thailand		–		4,200,804	–		4,200,804

United Arab Emirates		–		–	3		3

Money Market Funds		6,335,558		–	–		6,335,558

Total Investments	$	183,400,734	$	233,185,962	$3	$	416,586,699

NOTE 4–Expense Offset Arrangement(s)

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

There were no ordinary income or long-term capital gain distributions paid during the year ended October 31, 2020, Two Months ended October 31, 2019 and year ended August 31, 2019.

Tax Components of Net Assets at Period-End:


	2020

Undistributed long-term capital gain	$	14,790,466

Net unrealized appreciation - investments		62,031,731

Net unrealized appreciation - foreign currencies		2,265

Temporary book/tax differences		(7,245	)

Late-Year ordinary loss deferral		(2,293,921	)

Shares of beneficial interest		342,190,640

Total net assets	$	416,713,936


19		Invesco Emerging Markets Innovators Fund

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $346,316,793 and $560,334,390, 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	$	104,921,371

Aggregate unrealized (depreciation) of investments		(42,889,640	)

Net unrealized appreciation of investments	$	62,031,731

Cost of investments for tax purposes is $354,554,968.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and net operating loss, on October 31, 2020, undistributed net investment income (loss) was decreased by $268,466, undistributed net realized gain was increased by $967,279 and shares of beneficial interest was decreased by $698,813. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


							Summary of Share Activity

	Year ended October 31, 2020^(a)						Two months ended October 31, 2019						Year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Sold:
Class A		1,163,951		$	12,282,570			215,833		$	2,144,231			2,831,685		$	27,135,496

Class C		249,099			2,499,377			37,728			365,110			675,184			6,281,216

Class R		179,806			1,852,616			26,562			264,114			298,488			2,854,027

Class Y		2,954,466			29,867,919			354,784			3,603,679			9,320,886			88,483,577

Class R5^(b)		-			-			-			-			1,049			10,000

Class R6		1,332,978			13,420,353			242,449			2,459,925			20,331,432			191,144,970


Automatic conversion of Class C shares to Class A shares:
Class A		56,873			576,910			67,125			671,440			-			-

Class C		(59,311	)		(576,910	)		(69,640	)		(671,440	)		-			-


Reacquired:
Class A		(2,926,973	)		(30,239,707	)		(394,543	)		(3,992,607	)		(4,065,625	)		(39,430,710	)

Class C		(921,782	)		(9,037,410	)		(138,315	)		(1,337,330	)		(1,649,989	)		(15,436,675	)

Class R		(255,899	)		(2,644,503	)		(19,331	)		(191,038	)		(195,415	)		(1,861,249	)

Class Y		(7,316,804	)		(69,789,157	)		(1,139,324	)		(11,559,404	)		(14,855,717	)		(142,377,611	)

Class R6		(17,194,088	)		(194,865,683	)		(338,100	)		(3,454,147	)		(2,667,474	)		(26,119,068	)

Net increase (decrease) in share activity		(22,737,684	)	$	(246,653,625	)		(1,154,772	)	$	(11,697,467	)		10,024,504		$	90,683,973

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

NOTE 11–Coronavirus (COVID-19) Pandemic


20		Invesco Emerging Markets Innovators Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Innovators Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the periods indicated in the table below, 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, 2020, the results of its operations for the year then ended, the changes in its net assets 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.


Statement of Changes in Net Assets		Financial Highlights

For the year ended October 31, 2020, the period September 1, 2019 through October 31, 2019 and the year ended August 31, 2019.		For the year ended October 31, 2020, the period September 1, 2019 through October 31, 2019 and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.
		For the year ended October 31, 2020, the period September 1, 2019 through October 31, 2019 and the period May 24, 2019 (inception of offering) through August 31, 2019 for Class R5.

The financial statements of Invesco Emerging Markets Innovators Fund (formerly Oppenheimer Emerging Markets Innovators Fund) as of and for the year ended August 31, 2018 and the financial highlights for each of the periods ended on or prior to August 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


21		Invesco Emerging Markets Innovators Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)¹		Expenses Paid During Period²		Ending Account Value (10/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,219.40		$9.48		$1,016.59		$8.62		1.70	%
Class C		1,000.00		1,213.90		13.69		1,012.77		12.45		2.46
Class R		1,000.00		1,217.90		10.87		1,015.33		9.88		1.95
Class Y		1,000.00		1,221.10		8.15		1,017.80		7.41		1.46
Class R5		1,000.00		1,222.00		6.98		1,018.85		6.34		1.25
Class R6		1,000.00		1,222.20		7.04		1,018.80		6.39		1.26

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 184/366 to reflect the most recent fiscal half year.


22		Invesco Emerging Markets Innovators Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets Innovators Fund’s (formerly, Invesco Oppenheimer Emerging Markets Innovators Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Mid Cap 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, the third quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was 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 the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight or no exposure to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


23		Invesco Emerging Markets Innovators Fund

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 were in the fourth quintile of its expense group and that the Fund’s actual management fees and total expense ratio were in the fifth quintile of its expense group. The Board discussed with management reasons for such relative contractual and actual management fees and total expenses.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted 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 certain Funds on an individual fund level. 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 received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.


24		Invesco Emerging Markets Innovators Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	None
¹Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


T-2		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


T-3		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


T-4		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris — 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-5		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


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


T-6		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801


T-7		Invesco Emerging Markets Innovators Fund

LOGO

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



		Annual Report to Shareholders		October 31, 2020

		Invesco Emerging Markets Local Debt Fund
		Effective September 30, 2020, Invesco Oppenheimer Emerging Markets Local Debt Fund was renamed Invesco Emerging Markets Local Debt Fund.

		Nasdaq:
		A: OEMAX ∎ C: OEMCX ∎ R: OEMNX ∎ Y: OEMYX ∎ R5: EMLDX ∎ R6: OEMIX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

As 2020 dawned, US investors were treated to equity gains culminating in record highs on February 19, 2020. The first half of the quarter, however, belied the impact that the coronavirus

(COVID-19) would have on markets in a world faced with shuttered businesses and global lockdowns. Equity markets began to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Emerging Markets Local Debt Fund


		Dear Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
		∎		Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
		∎		Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.
		∎		Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Emerging Markets Local Debt Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2020, Class A shares of Invesco Emerging Markets Local Debt Fund (the Fund), at net asset value (NAV), outperformed the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index.

Your Fund’s long-term performance appears later in this report.


Fund vs. Indexes Total returns, 10/31/19 to 10/31/20, 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	-3.01	%
Class C Shares	-3.83
Class R Shares	-3.35
Class Y Shares	-2.66
Class R5 Shares	-2.74
Class R6 Shares	-2.58
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index^q	-3.81

Source(s):^qFactSet Research Systems Inc.

Market conditions and your Fund

At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for market returns. Central banks broadly maintained accommodative policies and improved economic data were supportive for the markets.

Global financial markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity and fixed income markets fell sharply as the humanitarian and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. As fear of a worldwide recession increased, central banks around the world took aggressive policy action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global fixed income markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy responses created an environment in which investors embraced risk, and fixed income markets recovered gradually after a deep rout in the first quarter.

Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third

quarter, as many countries experienced a strong economic rebound.

During the fiscal year, exposures to Mexico, Colombia and Turkey contributed the most to the Fund’s relative outperformance compared with the JP Morgan Government Bond Index –Emerging Markets (GBI-EM) Global Diversified Index, while exposures to Indonesia, Russia and Poland detracted the most. Specific contributors to relative outperformance included the Fund’s interest rate positioning in Mexico and Colombia, and positioning in the Turkish lira. Conversely, interest rate positioning in Brazil, and positioning in the Argentinian peso and Indian rupee detracted from relative performance.

As of the close of the fiscal year, in our opinion, growth forecasts are improving for emerging market (EM) economies. It is challenging at this time to estimate the impact of the new lockdowns in Europe – while this might impact some markets, we believe it to be minimal. We are therefore seeing fewer negative growth shocks for 2020 relative to our expectations earlier in the year. We believe, the GDP projections are better, despite COVID-19 case data often coming in worse than expected. We believe this will have important implications on political economy dynamics.

In our view, the labor market data could prove to be more important than GDP data. As the COVID-19 pandemic is not a typical crisis, the path to the economic upcycle may be very different as well; the lack of income

could translate into lower consumption and delayed investment, allowing central banks to hold policy rates at lower levels for longer as inflation will likely remain low. This could have an impact on medium to long term growth as well. As of the close of the fiscal year, we continued to believe that countries with a larger informal sector will be more flexible and may have an easier time to come out of the crisis, while the small open economies like Chile and Peru will need investments to lead and could have an enormous rebound if global data continues to come in better than expected.

At close of the fiscal year, global macro conditions, when combined with the current shift in central bank frameworks, in our opinion, appear to be setting the stage for a sustained outperformance of EM assets. Global growth, we believe, will likely be higher in the coming years, recovering from the pandemic-induced collapse and aided by significant fiscal policy response from developed and some emerging markets. The changing policy framework at the US Federal Reserve (the Fed) could help ensure that financial conditions in the US remain favorable for a self-sustaining EM cycle.

We believe these global conditions, when combined with attractive valuations in most EM countries and the right conditions for a weaker US dollar, could create the conditions for cyclical outperformance. As of the close of the fiscal year, yield curves in most EM countries have steepened materially as interest rates have been cut in most EM countries, with central banks taking advantage of the monetary policy room that opened with the Fed cutting rates to zero. We believe this could ultimately lead to attractive opportunities in EM local assets.

Part of the Fund’s strategy to manage currency risk in the portfolio during the fiscal

4 Invesco Emerging Markets Local Debt Fund

year entailed purchasing and selling currency derivatives. The currency management was carried out via currency forwards on an as-needed basis and we believe this was effective in managing the currency positioning within the 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. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

We thank you for your continued investment in Invesco Emerging Markets Local Debt Fund.

Portfolio manager(s):

Hemant Baijal

Wim Vandenhoeck

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

5 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 10/31/10

LOGO

1 Source: FactSet Research Systems 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.

6 Invesco Emerging Markets Local Debt Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (6/30/10)	1.45	%
10 Years	0.47
5 Years	3.62
1 Year	-7.13

Class C Shares
Inception (6/30/10)	1.27	%
10 Years	0.28
5 Years	3.68
1 Year	-4.76

Class R Shares
Inception (6/30/10)	1.58	%
10 Years	0.62
5 Years	4.23
1 Year	-3.35

Class Y Shares
Inception (6/30/10)	2.16	%
10 Years	1.19
5 Years	4.80
1 Year	-2.66

Class R5 Shares
10 Years	0.94	%
5 Years	4.60
1 Year	-2.74

Class R6 Shares
Inception (9/28/12)	0.49	%
5 Years	4.90
1 Year	-2.58

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.

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.

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

7 Invesco Emerging Markets Local Debt Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Emerging Markets Local Debt Fund

Fund Information


Portfolio Composition

By sector	% of total net assets

Sovereign Debt		77.69	%
Financials		6.02
Energy		3.71
Other Sectors, Each Less than 2% of Net Assets		0.81
Money Market Funds Plus Other Assets Less Liabilities		11.77


Top Five Debt Issuers*

		% of total net assets
1.	Colombian TES		12.70	%
2.	Indonesia Treasury Bond		10.58
3.	Republic of South Africa Government Bond		8.07
4.	Russian Federal Bond - OFZ		6.90
5.	Romania Government Bond		6.13

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, 2020.

9 Invesco Emerging Markets Local Debt Fund

Schedule of Investments

October 31, 2020


		Principal Amount		Value

Non-U.S. Dollar Denominated Bonds & Notes–87.87%^(a)
Argentina–0.39%
Argentina Treasury Bond BONCER, 1.00%, 08/05/2021	ARS		29,999,998	$	461,251

Argentine Bonos del Tesoro, 18.20%, 10/03/2021	ARS		3,195,000		31,397

15.50%, 10/17/2026	ARS		4,000,000		18,664

YPF S.A., 16.50%, 05/09/2022^(b)	ARS		7,670,200		64,137

					575,449


Brazil–3.00%
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2023	BRL		5,000,000		983,168

Series F, 10.00%, 01/01/2025	BRL		17,000,000		3,414,096

					4,397,264


Chile–4.04%
Bonos de la Tesoreria de la Republica en pesos, 4.50%, 03/01/2026	CLP		2,100,000,000		3,156,246

4.70%, 09/01/2030^(b)	CLP		1,800,000,000		2,769,132

					5,925,378


Colombia–12.74%
Colombian TES, Series B, 7.00%, 05/04/2022	COP		17,330,000,000		4,768,629

Series B, 10.00%, 07/24/2024	COP		16,000,000,000		5,036,606

Series B, 6.25%, 11/26/2025	COP		20,000,000,000		5,628,797

Series B, 5.75%, 11/03/2027	COP		10,000,000,000		2,677,301

Series B, 7.25%, 10/26/2050	COP		2,000,000,000		531,443

Empresas Publicas de Medellin E.S.P., 8.38%, 02/01/2021^(b)	COP		214,000,000		55,670

					18,698,446


Egypt–2.96%
Egypt Government Bond, 16.00%, 06/11/2022	EGP		44,000,000		2,875,299

16.30%, 01/01/2023	EGP		6,800,000		450,713

14.20%, 07/07/2023	EGP		16,000,000		1,018,791

					4,344,803


India–8.02%
India Government Bond, 7.72%, 05/25/2025	INR		40,000,000		592,788

8.20%, 09/24/2025	INR		70,000,000		1,058,654

Indian Railway Finance Corp. Ltd., Series 132, 8.25%, 02/28/2024	INR		170,000,000		2,523,495


		Principal Amount		Value

India–(continued)
National Bank for Agriculture and Rural Development, Series 19B, 8.60%, 01/31/2022	INR		170,000,000	$	2,415,298

Reliance Industries Ltd., Series D, 7.17%, 11/08/2022	INR		170,000,000		2,405,826

State of Gujarat India, 7.52%, 05/24/2027	INR		60,000,000		861,296

State of Maharashtra India, 8.06%, 02/11/2025	INR		50,000,000		732,030

7.99%, 10/28/2025	INR		30,000,000		440,129

State of Tamil Nadu India, 8.01%, 05/11/2026	INR		50,000,000		739,192

					11,768,708


Indonesia–10.78%
Indonesia Treasury Bond, Series FR59, 7.00%, 05/15/2027	IDR		67,000,000,000		4,747,036

Series FR64, 6.13%, 05/15/2028	IDR		70,000,000,000		4,668,102

Series FR71, 9.00%, 03/15/2029	IDR		38,780,000,000		3,030,939

Series FR73, 8.75%, 05/15/2031	IDR		40,000,000,000		3,080,205

PT Jasa Marga (Persero) Tbk, 7.50%, 12/11/2020^(b)	IDR		4,400,000,000		296,866

					15,823,148


Malaysia–4.80%
Malaysian Government Bond, Series 115, 3.96%, 09/15/2025	MYR		7,000,000		1,832,642

Series 513, 3.73%, 06/15/2028	MYR		20,000,000		5,219,109

					7,051,751


Mexico–4.45%
Mexican Bonos, Series M, 8.00%, 12/07/2023	MXN		23,580,000		1,215,479

Series M 20, 10.00%, 12/05/2024	MXN		40,000,000		2,232,336

Petroleos Mexicanos, 7.65%, 11/24/2021	MXN		16,000,000		750,471

7.19%, 09/12/2024^(b)	MXN		38,000,000		1,562,579

Series 2013-2, 7.19%, 09/12/2024	MXN		16,000,000		657,928

Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028^(b)	MXN		2,162,000		108,958

					6,527,751


Peru–4.84%
Peru Government Bond, 5.94%, 02/12/2029	PEN		9,100,000		3,005,604

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

10 Invesco Emerging Markets Local Debt Fund


	Principal Amount		Value

Peru–(continued)
Peruvian Government International Bond, 6.35%, 08/12/2028^(b)	PEN	12,105,000	$	4,093,267

				7,098,871

Poland–2.05%
Republic of Poland Government Bond, Series 424, 2.50%, 04/25/2024	PLN	11,000,000		3,007,158

Romania–6.13%
Romania Government Bond, 3.25%, 04/29/2024	RON	22,500,000		5,458,337

4.50%, 06/17/2024	RON	14,000,000		3,536,423

				8,994,760

Russia–6.89%
Russian Federal Bond - OFZ, Series 26211, 7.00%, 01/25/2023	RUB	210,800,000		2,783,734

Series 6219, 7.75%, 09/16/2026	RUB	100,000,000		1,401,004

Series 6225, 7.25%, 05/10/2034	RUB	400,000,000		5,438,162

Series 6228, 7.65%, 04/10/2030	RUB	35,000,000		489,818

				10,112,718

South Africa–8.57%
Eskom Holdings SOC Ltd., Series ES23, 10.00%, 01/25/2023	ZAR	11,000,000		741,918

Republic of South Africa Government Bond, Series 2023, 7.75%, 02/28/2023	ZAR	60,000,000		3,973,761

Series R186, 10.50%, 12/21/2026	ZAR	110,000,000		7,865,182

				12,580,861

South Korea–1.20%
Export-Import Bank of Korea, 8.00%, 05/15/2024^(b)	IDR	24,000,000,000		1,767,275


	Principal Amount		Value

Supranational–0.50%
European Bank for Reconstruction and Development, 6.85%, 06/21/2021	IDR	6,500,000,000	$	451,038

International Finance Corp., 0.00%, 02/15/2029^(b)(c)	TRY	7,300,000		290,136

				741,174

Thailand–4.74%
Thailand Government Bond, 2.88%, 12/17/2028	THB	35,000,000		1,263,014

3.78%, 06/25/2032	THB	50,000,000		1,993,073

3.30%, 06/17/2038	THB	95,000,000		3,699,284

				6,955,371

Turkey–1.77%
Turkey Government Bond, 12.20%, 01/18/2023	TRY	22,690,000		2,600,841

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $133,361,582)				128,971,727


	Shares

Money Market Funds–4.92%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)		2,524,345		2,524,345

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(d)(e)		1,802,053		1,802,774

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		2,884,965		2,884,965

Total Money Market Funds (Cost $7,212,259)				7,212,084

Options Purchased–0.36% (Cost $952,586)^(f)				529,771

TOTAL INVESTMENTS IN SECURITIES–93.15% (Cost $141,526,427)				136,713,582

OTHER ASSETS LESS LIABILITIES–6.85%				10,055,851

NET ASSETS–100.00%			$	146,769,433


Investment Abbreviations:

ARS		– Argentina Peso
BRL		– Brazilian Real
CLP		– Chile Peso
COP		– Colombia Peso
EGP		– Egypt Pound
IDR		– Indonesian Rupiah
INR		– Indian Rupee
MXN		– Mexican Peso
MYR		– Malaysian Ringgit
PEN		– Peruvian Sol
PLN		– Polish Zloty
RON		– Romania New Leu
RUB		– Russian Ruble
THB		– Thai Baht
TRY		– Turkish Lira
ZAR		– South African Rand

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

11 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, 2020 was $11,008,020, which represented 7.50% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	21,720,022		$	76,338,406		$	(73,814,061	)		$	(21,720,022	)		$	-			$	2,524,345		$	76,036
Invesco Liquid Assets Portfolio, Institutional Class			-			6,254,065			(4,450,961	)			(176	)			(154)				1,802,774			371
Invesco Treasury Portfolio, Institutional Class			-			10,006,502			(7,121,537	)			-				-				2,884,965			139
Total		$	21,720,022		$	92,598,973		$	(85,386,559	)		$	(21,720,198	)		$	(154	)		$	7,212,084		$	76,546

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(f)	The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional

Value

Currency Risk

USD versus BRL

Put

Goldman Sachs International

12/11/2020

BRL

5.42

USD

3,000,000

17,628

USD versus CNH

Put

Bank of America, N.A.

11/27/2020

CNH

6.66

USD

3,000,000

17,979

USD versus CNH

Put

Standard Chartered Bank PLC

03/01/2021

CNH

6.40

USD

600,000

118,372

USD versus MXN

Put

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

01/21/2021

MXN

20.82

USD

12,000,000

240,300

USD versus PLN

Put

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

12/09/2020

PLN

3.55

USD

9,000,000

2,178

USD versus PLN

Put

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

01/29/2021

PLN

3.80

USD

6,000,000

45,138

USD versus RUB

Put

Goldman Sachs International

03/08/2021

RUB

67.99

USD

13,700,000

28,551

USD versus RUB

Put

Goldman Sachs International

03/26/2021

RUB

74.80

USD

4,300,000

55,526

USD versus TRY

Put

Goldman Sachs International

04/14/2021

TRY

6.85

USD

4,500,000

4,099

Total Foreign Currency Options Purchased

529,771

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Citibank, N.A. in the amount of $300,000.


Open Over-The-Counter Foreign Currency Options Written(a)
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
Currency Risk
USD versus BRL		Call	Goldman Sachs International		12/11/2020		BRL	5.91	$	(51,456	)		USD	3,000,000	$	(52,626	)		$ (1,170	)
USD versus CNH		Call	Bank of America, N.A.		11/27/2020		CNH	7.07		(15,243	)		USD	3,000,000		(2,649	)		12,594
USD versus MXN		Call	J.P. Morgan Chase Bank, N.A.		01/21/2021		MXN	25.49		(88,600	)		USD	6,000,000		(21,384	)		67,216
USD versus PLN		Call	J.P. Morgan Chase Bank, N.A.		01/29/2021		PLN	4.12		(39,480	)		USD	4,000,000		(39,076	)		404
USD versus RUB		Call	Goldman Sachs International		01/08/2021		RUB	68.98		(63,770	)		USD	5,000,000		(690,915	)		(627,145	)
USD versus RUB		Call	Goldman Sachs International		03/26/2021		RUB	88.69		(94,677	)		USD	4,300,000		(73,569	)		21,108
USD versus TRY		Call	Goldman Sachs International		04/14/2021		TRY	10.95		(142,497	)		USD	4,500,000		(95,692	)		46,805
Subtotal – Foreign Currency Call Options Written										(495,723	)					(975,911	)		(480,188	)
Currency Risk
USD versus BRL		Put	Goldman Sachs International		12/11/2020		BRL	5.10		(14,143	)		USD	3,000,000		(2,244	)		11,899
Total – Foreign Currency Options Written									$	(509,866	)				$	(978,155	)	$	(468,289	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Citibank, N.A. in the amount of $300,000.

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
Settlement		Contract to					Unrealized Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
Currency Risk
11/05/2020	Bank of America, N.A.	EUR	2,620,000		USD	3,113,346	$ 61,828
12/01/2020	Bank of America, N.A.	USD	1,500,000		CNY	10,157,250	12,930
12/16/2020	Bank of America, N.A.	CZK	34,910,000		USD	1,561,410	68,298
12/16/2020	Bank of America, N.A.	PLN	6,950,000		USD	1,854,619	98,754
12/16/2020	Bank of America, N.A.	RUB	101,432,800		USD	1,319,434	48,162
12/16/2020	Bank of America, N.A.	USD	1,806,913		MXN	38,920,000	19,309
11/04/2020	Citibank, N.A.	BRL	40,223,667		USD	7,150,874	140,763
11/04/2020	Citibank, N.A.	USD	6,968,999		BRL	40,223,667	41,112
12/16/2020	Citibank, N.A.	COP	2,128,000,000		USD	569,136	20,385
12/16/2020	Citibank, N.A.	EUR	8,895,000		USD	10,586,704	216,465
12/16/2020	Citibank, N.A.	RUB	1,117,622,832		USD	14,767,548	760,217
12/16/2020	Citibank, N.A.	USD	1,165,876		COP	4,525,350,000	1,084
11/04/2020	Goldman Sachs International	BRL	9,490,400		USD	1,702,238	48,267
11/04/2020	Goldman Sachs International	USD	1,644,270		BRL	9,490,400	9,700
11/05/2020	Goldman Sachs International	RUB	114,095,810		EUR	1,550,000	369,393
12/16/2020	Goldman Sachs International	USD	4,846,799		MXN	104,180,000	41,583
02/08/2021	Goldman Sachs International	RUB	153,100,000		USD	2,062,481	153,785
03/09/2021	Goldman Sachs International	RUB	50,332,704		USD	685,000	59,400
03/17/2021	Goldman Sachs International	CLP	4,057,965,000		USD	5,320,526	71,148
03/17/2021	Goldman Sachs International	RUB	114,095,810		USD	1,531,210	114,261
04/15/2021	Goldman Sachs International	TRY	14,545,200		USD	1,860,000	259,826
11/04/2020	J.P. Morgan Chase Bank, N.A.	BRL	9,460,000		USD	1,693,063	44,391
11/04/2020	J.P. Morgan Chase Bank, N.A.	USD	1,639,003		BRL	9,460,000	9,670
12/10/2020	J.P. Morgan Chase Bank, N.A.	EUR	460,000		USD	547,434	11,234
12/10/2020	J.P. Morgan Chase Bank, N.A.	ZAR	24,534,000		EUR	1,410,000	142,505
12/16/2020	J.P. Morgan Chase Bank, N.A.	COP	52,815,473,700		USD	14,195,176	575,548
12/16/2020	J.P. Morgan Chase Bank, N.A.	CZK	42,430,000		USD	1,829,814	15,071
12/16/2020	J.P. Morgan Chase Bank, N.A.	EUR	11,090,000		USD	13,203,577	274,295
12/16/2020	J.P. Morgan Chase Bank, N.A.	HUF	971,110,000		USD	3,127,885	46,317
12/16/2020	J.P. Morgan Chase Bank, N.A.	IDR	3,395,450,000		USD	228,927	185
12/16/2020	J.P. Morgan Chase Bank, N.A.	INR	683,028,800		USD	9,219,729	93,759
12/16/2020	J.P. Morgan Chase Bank, N.A.	PEN	530,000		USD	147,202	601
12/16/2020	J.P. Morgan Chase Bank, N.A.	PLN	1,190,000		USD	311,526	10,882
12/16/2020	J.P. Morgan Chase Bank, N.A.	RON	45,120,000		USD	10,967,976	188,563
12/16/2020	J.P. Morgan Chase Bank, N.A.	RUB	72,460,000		USD	923,942	15,789
12/16/2020	J.P. Morgan Chase Bank, N.A.	TRY	13,330,000		USD	1,605,057	49,052
12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	733,406		CLP	574,000,000	8,785
12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	13,142,810		CNY	90,327,400	297,987
12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	1,584,000		ILS	5,429,002	7,841
12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	19,109,079		MXN	410,428,600	149,238
12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	5,413,853		THB	169,683,188	29,149
12/17/2020	J.P. Morgan Chase Bank, N.A.	USD	4,432,340		ZAR	75,015,000	153,513
02/02/2021	J.P. Morgan Chase Bank, N.A.	PLN	8,682,300		USD	2,200,000	6,204
02/08/2021	J.P. Morgan Chase Bank, N.A.	RUB	306,200,000		USD	4,308,147	490,755
03/17/2021	J.P. Morgan Chase Bank, N.A.	RUB	96,770,000		USD	1,205,556	3,775
03/17/2021	J.P. Morgan Chase Bank, N.A.	TRY	27,000,000		USD	3,862,108	848,775
12/16/2020	Morgan Stanley & Co. International PLC	HUF	334,740,000		USD	1,088,721	26,510
12/16/2020	Morgan Stanley & Co. International PLC	MYR	690,000		USD	165,698	271
12/16/2020	Morgan Stanley & Co. International PLC	PEN	25,420,000		USD	7,182,617	151,331

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

13 Invesco Emerging Markets Local Debt Fund


Open Forward Foreign Currency Contracts–(continued)

Settlement		Contract to					Unrealized Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)

12/16/2020	Morgan Stanley & Co. International PLC	PLN	5,300,000		USD	1,387,164	$	48,159

12/16/2020	Morgan Stanley & Co. International PLC	USD	1,610,512		CNY	10,970,000		21,834

12/16/2020	Morgan Stanley & Co. International PLC	USD	1,655,668		IDR	25,162,840,000		39,488

03/17/2021	Morgan Stanley & Co. International PLC	CLP	1,203,400,000		USD	1,566,825		10,109

Subtotal–Appreciation								6,388,256

Currency Risk

11/05/2020	Bank of America, N.A.	USD	3,113,500		RUB	229,523,353		(224,951	)

12/16/2020	Bank of America, N.A.	USD	2,184,853		EUR	1,840,000		(39,688	)

12/16/2020	Bank of America, N.A.	USD	2,826,651		HUF	850,200,000		(128,761	)

12/16/2020	Bank of America, N.A.	USD	776,986		IDR	11,522,700,000		(731	)

12/02/2020	Citibank, N.A.	USD	7,144,968		BRL	40,223,667		(144,578	)

12/16/2020	Citibank, N.A.	MXN	431,276,000		USD	20,025,445		(211,083	)

12/16/2020	Citibank, N.A.	USD	7,178,799		CZK	160,430,000		(317,159	)

12/16/2020	Citibank, N.A.	USD	554,152		EUR	465,601		(11,331	)

12/16/2020	Citibank, N.A.	USD	605,894		PLN	2,270,000		(32,395	)

12/16/2020	Citibank, N.A.	USD	4,730,289		RON	19,450,000		(83,578	)

12/17/2020	Citibank, N.A.	ZAR	13,610,000		USD	797,843		(34,170	)

11/04/2020	Goldman Sachs International	BRL	7,198,955		USD	1,247,264		(7,358	)

11/04/2020	Goldman Sachs International	USD	1,285,000		BRL	7,198,956		(30,379	)

11/05/2020	Goldman Sachs International	USD	1,552,725		RUB	114,095,810		(116,831	)

12/16/2020	Goldman Sachs International	USD	3,521,796		EUR	2,959,393		(71,586	)

02/08/2021	Goldman Sachs International	USD	2,249,205		RUB	153,100,000		(340,509	)

03/09/2021	Goldman Sachs International	USD	6,000,000		RUB	482,528,400		(2,511	)

03/17/2021	Goldman Sachs International	USD	2,054,661		RUB	153,100,000		(153,321	)

04/15/2021	Goldman Sachs International	USD	1,800,149		TRY	14,545,200		(199,974	)

11/04/2020	J.P. Morgan Chase Bank, N.A.	BRL	51,975,112		USD	9,005,009		(53,123	)

11/04/2020	J.P. Morgan Chase Bank, N.A.	MXN	61,070,911		USD	2,875,412		(3,729	)

11/04/2020	J.P. Morgan Chase Bank, N.A.	USD	9,325,566		BRL	51,975,112		(267,434	)

11/17/2020	J.P. Morgan Chase Bank, N.A.	EGP	15,700,000		USD	960,832		(34,025	)

12/02/2020	J.P. Morgan Chase Bank, N.A.	BRL	480,000		USD	83,049		(488	)

12/11/2020	J.P. Morgan Chase Bank, N.A.	USD	600,000		PLN	2,247,600		(32,169	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	CNY	4,680,000		USD	685,740		(10,649	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	COP	617,030,000		USD	158,858		(257	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	CZK	6,210,000		USD	265,285		(318	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	IDR	84,117,444,700		USD	5,566,408		(100,369	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	ILS	5,429,002		USD	1,563,475		(28,366	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	MXN	16,420,000		USD	745,988		(24,479	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	RON	730,000		USD	173,796		(605	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	THB	15,390,000		USD	485,795		(7,878	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	4,795,989		CZK	107,264,700		(208,246	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	17,663,504		EUR	14,836,000		(366,947	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	7,642,433		HUF	2,299,073,200		(346,918	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	3,423,773		MXN	71,865,000		(51,690	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	8,585,165		PLN	32,409,500		(397,151	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	5,036,249		RUB	389,900,000		(149,575	)

12/16/2020	J.P. Morgan Chase Bank, N.A.	USD	1,667,709		TRY	13,330,000		(111,704	)

12/17/2020	J.P. Morgan Chase Bank, N.A.	ZAR	89,633,300		USD	5,262,867		(216,639	)

01/25/2021	J.P. Morgan Chase Bank, N.A.	MXN	59,410,000		USD	2,600,000		(175,484	)

02/08/2021	J.P. Morgan Chase Bank, N.A.	USD	2,062,703		RUB	153,100,000		(154,007	)

03/17/2021	J.P. Morgan Chase Bank, N.A.	THB	10,430,000		USD	333,229		(1,249	)

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

14 Invesco Emerging Markets Local Debt Fund


Open Forward Foreign Currency Contracts–(continued)

Settlement	Counterparty	Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

03/17/2021	J.P. Morgan Chase Bank, N.A.		USD	121,021		CLP	92,700,000	$	(1,105	)

12/02/2020	Morgan Stanley & Co. International PLC		BRL	1,770,000		USD	307,724		(320	)

12/16/2020	Morgan Stanley & Co. International PLC		IDR	22,433,800,000		USD	1,503,838		(7,470	)

12/16/2020	Morgan Stanley & Co. International PLC		MYR	1,800,000		USD	431,062		(487	)

12/16/2020	Morgan Stanley & Co. International PLC		USD	2,865,639		INR	211,040,000		(45,927	)

12/16/2020	Morgan Stanley & Co. International PLC		USD	1,020,260		MYR	4,210,000		(10,913	)

12/16/2020	Morgan Stanley & Co. International PLC		USD	1,659,639		PLN	6,200,000		(93,256	)

12/16/2020	Standard Charted Bank PLC		PHP	72,850,000		USD	1,499,588		(20	)

12/16/2020	Standard Charted Bank PLC		USD	1,468,842		MYR	6,100,000		(6,369	)

03/17/2021	Standard Charted Bank PLC		CNY	13,849,000		USD	2,000,000		(47,663	)

Subtotal–Depreciation									(5,107,923	)

Total Forward Foreign Currency Contracts								$	1,280,333


Open Centrally Cleared Interest Rate Swap Agreements
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate		Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Pay	1 Month COOVIBR	Quarterly		3.08%	Quarterly		07/09/2025		COP	13,250,000,000	$–	$	4,352		$	4,352
Pay	6 Month THBFIX	Semi-Annually		0.77	Semi-Annually		05/29/2025		THB	160,000,000	–		16,586			16,586
Pay	28 Day MXN TIIE	28 Day		6.91	28 Day		12/16/2026		MXN	306,300,000	–		152,922			152,922
Pay	3 Month COOVIBR	Quarterly		5.20	Quarterly		08/01/2029		COP	6,155,000,000	–		155,395			155,395
Subtotal –Appreciation											–		329,255			329,255
Interest Rate Risk
Pay	1 Month BZDIOVRA	Monthly		4.00	Monthly		01/02/2023		BRL	48,697,552	–		(144,388	)		(144,388	)
Receive	28 Day MXN TIIE	28 Day		(7.07)	28 Day		12/12/2029		MXN	132,900,000	–		(98,980	)		(98,980	)
Pay	1 Month BZDIOVRA	At Maturity		4.16	At Maturity		01/02/2023		BRL	73,617,917	–		(98,540	)		(98,540	)
Pay	3 Month CNRR007	Quarterly		1.99	Quarterly		06/15/2022		CNY	35,000,000	–		(35,355	)		(35,355	)
Pay	28 Day MXN TIIE	28 Day		4.67	28 Day		07/02/2024		MXN	90,100,000	–		(33,648	)		(33,648	)
Pay	28 Day MXN TIIE	28 Day		5.10	28 Day		10/17/2025		MXN	335,000,000	–		(32,029	)		(32,029	)
Pay	1 Month CNRR007	Quarterly		2.11	Quarterly		06/30/2022		CNY	37,000,000	–		(27,656	)		(27,656	)
Receive	6 Month BUBOR	Annually		(0.94)	Semi-Annually		06/03/2025		HUF	700,000,000	–		(26,950	)		(26,950	)
Pay	1 Month BZDIOVRA	At Maturity		4.76	At Maturity		01/02/2023		BRL	26,128,882	–		(18,604	)		(18,604	)
Pay	3 Month CNRR007	Quarterly		2.23	Quarterly		07/07/2022		CNY	36,370,000	–		(16,944	)		(16,944	)
Pay	6 Month BUBOR	Semi-Annually		1.16	Semi-Annually		09/18/2025		HUF	600,000,000	–		(5,351)			(5,351)
Subtotal –Depreciation											–		(538,445	)		(538,445	)
Total Centrally Cleared Interest Rate Swap Agreements											$–	$	(209,190	)	$	(209,190	)

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

Goldman Sachs International

Pay

3 Month RUB MOSKP

Quarterly

8.54

Annually

05/08/2024

RUB

485,000,000

$–

621,800

$621,800

Citibank, N.A.

Pay

3 Month RUB MOSKP

Quarterly

8.32

Annually

05/30/2024

RUB

125,500,000

–

151,720

Bank of America, N.A.

Pay

3 Month MYR KLIBOR

Quarterly

2.07

Quarterly

12/16/2023

MYR

37,500,000

–

54,910

Subtotal–Appreciation

–

828,430

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

15 Invesco Emerging Markets Local Debt Fund

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

Counterparty

Pay/
Receive
Floating
Rate

Floating Rate

Index

Payment
Frequency

(Pay)/

Received

Fixed
Rate

Payment
Frequency

Maturity
Date

Notional

Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(2.32

)

Quarterly

12/16/2030

MYR

12,750,000

$–

(5,725)

$ (5,725)

Total Over-The-Counter Interest Rate Swap Aggreements

$–

822,705

$822,705

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Citibank, N.A. in the amount of $300,000.


Abbreviations:

BRL		–Brazilian Real
BUBOR		–Budapest Interbank Offered Rate
BZDIOVRA		–Brazil Ceptip DI Interbank Deposit Rate
CLP		–Chile Peso
CNH		–Chinese Renminbi
CNRR007		–China 7-Day Reverse Repo Rate
CNY		–Chinese Yuan Renminbi
COOVIBR		–Colombia IBR Overnight Nominal Interbank Reference Rate
COP		–Colombia Peso
CZK		–Czech Koruna
EGP		–Egypt Pound
EUR		–Euro
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
ILS		–Israel Shekel
INR		–Indian Rupee
KLIBOR		–Kuala Lumpur Interbank Offered Rate
MOSKP		–Moscow Prime Offered Rate
MXN		–Mexican Peso
MYR		–Malaysian Ringgit
PEN		–Peruvian Sol
PHP		–Philippines Peso
PLN		–Polish Zloty
RON		–Romania New Leu
RUB		–Russian Ruble
THB		–Thai Baht
THBFIX		–Thai Baht Interest Rate Fixing
TIIE		–Interbank Equilibrium Interest Rate
TRY		–Turkish Lira
USD		–U.S. Dollar
ZAR		–South African Rand

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

16 Invesco Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $134,314,168)	$	129,501,498

Investments in affiliated money market funds, at value (Cost $7,212,259)		7,212,084

Other investments:
Unrealized appreciation on swap agreements – OTC		828,430

Unrealized appreciation on forward foreign currency contracts outstanding		6,388,256

Deposits with brokers:
Cash collateral – centrally cleared swap agreements		2,570,158

Cash collateral – OTC Derivatives		300,000

Cash		847,605

Foreign currencies, at value (Cost $440,021)		344,964

Receivable for:
Investments sold		2,918,622

Fund shares sold		75,092

Dividends		736

Interest		3,119,879

Investment for trustee deferred compensation and retirement plans		19,296

Other assets		36,796

Total assets		154,163,416


Liabilities:
Other investments:
Options written, at value (premiums received $509,866)		978,155

Variation margin payable – centrally cleared swap agreements		66,247

Unrealized depreciation on forward foreign currency contracts outstanding		5,107,923

Unrealized depreciation on swap agreements–OTC		5,725

Payable for:
Investments purchased		51,360

Dividends		98,301

Fund shares reacquired		287,828

Accrued foreign taxes		267,882

Accrued fees to affiliates		66,684

Accrued interest expense		35

Accrued trustees’ and officers’ fees and benefits		1,309

Accrued other operating expenses		443,238

Trustee deferred compensation and retirement plans		19,296

Total liabilities		7,393,983

Net assets applicable to shares outstanding	$	146,769,433


Net assets consist of:
Shares of beneficial interest	$	155,823,314

Distributable earnings (loss)		(9,053,881	)

	$	146,769,433


Net Assets:

Class A	$	36,680,400


Class C	$	11,457,462


Class R	$	2,195,045


Class Y	$	92,204,633


Class R5	$	9,847


Class R6	$	4,222,046


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		5,615,500


Class C		1,753,352


Class R		336,039


Class Y		14,106,189


Class R5		1,508


Class R6		646,338

Class A:
Net asset value per share	$	6.53

Maximum offering price per share (Net asset value of $6.53 ÷ 95.75%)	$	6.82


Class C:
Net asset value and offering price per share	$	6.53


Class R:
Net asset value and offering price per share	$	6.53


Class Y:
Net asset value and offering price per share	$	6.54


Class R5:
Net asset value and offering price per share	$	6.53


Class R6:
Net asset value and offering price per share	$	6.53

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

17 Invesco Emerging Markets Local Debt Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:

Interest (net of foreign withholding taxes of $551,467)	$	9,357,001

Dividends from affiliated money market funds		76,546

Total investment income		9,433,547


Expenses:
Advisory fees		1,366,697

Administrative services fees		28,799

Custodian fees		164,449

Distribution fees:
Class A		105,042

Class C		135,451

Class R		11,478

Transfer agent fees – A, C, R and Y		263,524

Transfer agent fees – R5		3

Transfer agent fees – R6		5,104

Trustees’ and officers’ fees and benefits		20,948

Registration and filing fees		152,500

Reports to shareholders		32,612

Professional services fees		26,955

Other		4,755

Total expenses		2,318,317

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(207,156	)

Net expenses		2,111,161

Net investment income		7,322,386


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities (net of foreign taxes of $247,005)		(23,021,659	)

Foreign currencies		10,679

Forward foreign currency contracts		(2,520,565	)

Option contracts written		(808,202	)

Swap agreements		4,950,010

		(21,389,737	)


Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $265,591)		4,401,153

Foreign currencies		(96,527	)

Forward foreign currency contracts		3,120,026

Option contracts written		(1,327,850	)

Swap agreements		(2,043,642	)

		4,053,160

Net realized and unrealized gain (loss)		(17,336,577	)

Net increase (decrease) in net assets resulting from operations	$	(10,014,191	)

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

18 Invesco Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

For the year ended October 31, 2020, period ended October 31, 2019, and the year ended May 31, 2019


	Year Ended October 31, 2020			Five Months Ended October 31, 2019			Year Ended May 31, 2019

Operations:
Net investment income	$	7,322,386		$	5,531,003		$	13,149,109

Net realized gain (loss)		(21,389,737	)		2,797,400			(15,063,193	)

Change in net unrealized appreciation		4,053,160			6,915,489			1,749,988

Net increase (decrease) in net assets resulting from operations		(10,014,191	)		15,243,892			(164,096	)


Distributions to shareholders from distributable earnings:
Class A		(441,090	)		(673,918	)		(1,260,536	)

Class C		(108,727	)		(188,982	)		(387,650	)

Class R		(20,843	)		(34,348	)		(61,809	)

Class Y		(1,366,896	)		(2,275,794	)		(4,182,745	)

Class R5		(107	)		(154	)		(2	)

Class R6		(206,870	)		(116,169	)		(222,715	)

Total distributions from distributable earnings		(2,144,533	)		(3,289,365	)		(6,115,457	)


Return of capital:
Class A		(1,207,760	)		(390,359	)		(1,439,629	)

Class C		(297,707	)		(109,466	)		(442,726	)

Class R		(57,069	)		(19,896	)		(70,591	)

Class Y		(3,742,728	)		(1,318,226	)		(4,777,016	)

Class R5		(292	)		(89	)		(3	)

Class R6		(566,432	)		(67,289	)		(254,357	)

Total return of capital		(5,871,988	)		(1,905,325	)		(6,984,322	)


Share transactions–net:
Class A		(8,704,406	)		2,653,785			(8,035,884	)

Class C		(2,638,455	)		(1,908,769	)		(2,423,913	)

Class R		(235,620	)		(137,193	)		(208,532	)

Class Y		(58,611,619	)		12,293,228			(10,262,813	)

Class R5		–			–			10,000

Class R6		(17,502,891	)		13,965,089			1,405,058

Net increase (decrease) in net assets resulting from share transactions		(87,692,991	)		26,866,140			(19,516,084	)

Net increase (decrease) in net assets		(105,723,703	)		36,915,342			(32,779,959	)


Net assets:

Beginning of year		252,493,136			215,577,794			248,357,753

End of year	$	146,769,433		$	252,493,136		$	215,577,794

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

19 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 10/31/20		$6.99		$0.24		$	(0.45	)	$	(0.21	)		$(0.07)		$	(0.18	)		$(0.25)			$6.53		(3.01	)%^(e)	$	36,680		1.15	%^(e)(f)		1.28	%^(e)(f)		3.57	%^(e)(f)		50	%
Five months ended 10/31/19		6.68		0.16			0.30			0.46			(0.09)			(0.06	)		(0.15)			6.99		6.99			48,921		5.66	^(g)		1.32	^(g)		1.15	^(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		5.82			1.27			1.16			67
Year ended 05/31/18		7.38		0.42			(0.36	)		0.06			(0.40)			(0.02	)		(0.42)			7.02		0.62			55,015		5.60			1.29			1.15			48
Year ended 05/31/17		7.17		0.44			0.45			0.89			–			(0.68	)		(0.68)			7.38		13.03			44,710		6.03			1.44			1.24			87
Year ended 05/31/16		7.80		0.53			(0.65	)		(0.12	)		–			(0.51	)		(0.51)			7.17		(1.29	)		47,515		7.37			1.51			1.25			108
Class C
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	^(f)		2.04	^(f)		2.72	^(f)		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		4.81	^(g)		2.08	^(g)		2.00	^(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		4.97			2.04			2.01			67
Year ended 05/31/18		7.38		0.36			(0.36	)		–			(0.34)			(0.02	)		(0.36)			7.02		(0.09	)		19,932		4.75			2.05			2.00			48
Year ended 05/31/17		7.17		0.38			0.46			0.84			–			(0.63	)		(0.63)			7.38		12.18			13,633		5.27			2.24			2.00			87
Year ended 05/31/16		7.80		0.46			(0.63	)		(0.17	)		–			(0.46	)		(0.46)			7.17		(2.03	)		8,183		6.38			2.38			2.00			108
Class R
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	^(f)		1.54	^(f)		3.22	^(f)		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		5.31	^(g)		1.58	^(g)		1.50	^(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		5.47			1.54			1.51			67
Year ended 05/31/18		7.38		0.39			(0.36	)		0.03			(0.37)			(0.02	)		(0.39)			7.02		0.27			2,935		5.25			1.55			1.50			48
Year ended 05/31/17		7.17		0.42			0.45			0.87			–			(0.66	)		(0.66)			7.38		12.74			2,023		5.77			1.73			1.50			87
Year ended 05/31/16		7.80		0.51			(0.65	)		(0.14	)		–			(0.49	)		(0.49)			7.17		(1.54	)		1,550		7.01			1.87			1.50			108
Class Y
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	^(f)		1.04	^(f)		3.77	^(f)		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		5.86	^(g)		1.08	^(g)		0.95	^(g)		21
Year ended 05/31/19		7.03		–			(0.35	)		0.05			(0.19)			(0.21	)		(0.40)			6.68		0.91			143,684		6.02			1.03			0.96			67
Year ended 05/31/18		7.38		0.44			(0.35	)		0.09			(0.41)			(0.03	)		(0.44)			7.03		0.96			162,875		5.80			1.04			0.95			48
Year ended 05/31/17		7.17		0.46			0.45			0.91			–			(0.70	)		(0.70)			7.38		13.35			50,516		6.33			1.22			0.95			87
Year ended 05/31/16		7.79		0.54			(0.63	)		(0.09	)		–			(0.53	)		(0.53)			7.17		(0.87	)		3,437		7.48			1.35			0.95			108
Class R5
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	^(f)		0.93	^(f)		3.82	^(f)		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		5.91	^(g)		1.00	^(g)		0.90	^(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		6.13	^(g)		0.85	^(g)		0.85	^(g)		67
Class R6
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	^(f)		0.93	^(f)		3.87	^(f)		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		5.96	^(g)		0.95	^(g)		0.85	^(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		6.12			0.91			0.86			67
Year ended 05/31/18		7.37		0.44			(0.35	)		0.09			(0.41)			(0.03	)		(0.44)			7.02		1.05			7,601		5.90			0.87			0.85			48
Year ended 05/31/17		7.16		0.46			0.46			0.92			–			(0.71	)		(0.71)			7.37		13.47			8,089		6.42			1.03			0.85			87
Year ended 05/31/16		7.79		0.54			(0.63	)		(0.09	)		–			(0.54	)		(0.54)			7.16		(0.91	)		2,325		7.57			1.11			0.85			108

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	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.

^(f)	Ratios are based on average daily net assets (000’s omitted) of $43,061, $13,561, $2,298, $123,093, $10 and $17,669 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(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.

20 Invesco Emerging Markets Local Debt Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Emerging Markets Local Debt Fund (the “Fund”), formerly Invesco Oppenheimer Emerging Markets Local Debt 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 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.

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

21 Invesco Emerging Markets Local Debt Fund

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.

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

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.

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.

22 Invesco Emerging Markets Local Debt Fund

gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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.

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.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

23 Invesco Emerging Markets Local Debt Fund

becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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, 2020 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.

LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate

Up to $500 million		0.700%

Next $500 million		0.650%

Next $4 billion		0.600%

Over $5 billion		0.580%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.69%.

24 Invesco Emerging Markets Local Debt Fund

offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $18,862 and reimbursed class level expenses of $57,907, $6,079, $978, $116,895, $3 and $5,104 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $5,675 in front-end sales commissions from the sale of Class A shares and $0 and $1,616 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


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


	Level 1		Level 2		Level 3		Total

Investments in Securities

Non-U.S. Dollar Denominated Bonds & Notes	$	–	$	128,971,727		$–	$	128,971,727

Money Market Funds		7,212,084		–		–		7,212,084

Options Purchased		–		529,771		–		529,771

Total Investments in Securities		7,212,084		129,501,498		–		136,713,582

Other Investments - Assets*

Forward Foreign Currency Contracts		–		6,388,256		–		6,388,256

Swap Agreements		–		1,157,685		–		1,157,685

		–		7,545,941		–		7,545,941

25 Invesco Emerging Markets Local Debt Fund


	Level 1		Level 2			Level 3		Total

Other Investments - Liabilities*

Forward Foreign Currency Contracts	$	–	$	(5,107,923	)		$–	$	(5,107,923	)

Options Written		–		(978,155	)		–		(978,155	)

Swap Agreements		–		(544,170	)		–		(544,170	)

		–		(6,630,248	)		–		(6,630,248	)

Total Other Investments		–		915,693			–		915,693

Total Investments	$	7,212,084	$	130,417,191			$–	$	137,629,275

*	Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

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, 2020:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total

Unrealized appreciation on swap agreements – Centrally Cleared^(a)	$	-	$	329,255		$	329,255

Unrealized appreciation on forward foreign currency contracts outstanding		6,388,256		-			6,388,256

Unrealized appreciation on swap agreements – OTC		-		828,430			828,430

Options purchased, at value – OTC^(b)		529,771		-			529,771

Total Derivative Assets		6,918,027		1,157,685			8,075,712

Derivatives not subject to master netting agreements		-		(329,255	)		(329,255	)

Total Derivative Assets subject to master netting agreements	$	6,918,027	$	828,430		$	7,746,457

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

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


	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total

Unrealized depreciation on swap agreements – Centrally Cleared^(a)	$	-		$	(538,445	)	$	(538,445	)

Unrealized depreciation on forward foreign currency contracts outstanding		(5,107,923	)		-			(5,107,923	)

Unrealized depreciation on swap agreements – OTC		-			(5,725	)		(5,725	)

Options written, at value – OTC		(978,155	)		-			(978,155	)

Total Derivative Liabilities		(6,086,078	)		(544,170	)		(6,630,248	)

Derivatives not subject to master netting agreements		-			538,445			538,445

Total Derivative Liabilities subject to master netting agreements	$	(6,086,078	)	$	(5,725	)	$	(6,091,803	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of 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, 2020.


																								Collateral
	Financial Derivative Assets								Financial Derivative Liabilities												(Received/Pledged)
	Forward								Forward
	Foreign								Foreign
	Currency		Options		Swap		Total		Currency			Options			Swap			Total			Net Value of									Net
Counterparty	Contracts		Purchased		Agreements		Assets		Contracts			Purchased			Agreements			Liabilities			Derivatives			Non-Cash			Cash			Amount

Bank of America, N.A.	$	309,281	$	17,979	$	54,910	$	382,170	$	(394,131	)	$	(2,649	)	$	(5,725	)	$	(402,505	)	$	(20,335	)		-			-		$	(20,335	)

Citibank, N.A.		1,180,026		-		151,720		1,331,746		(834,294	)		-			-			(834,294	)		497,452			-			-			497,452

Goldman Sachs International		1,127,363		105,804		621,800		1,854,967		(922,469	)		(915,046	)		-			(1,837,515	)		17,452			-			(17,452	)		-

J.P. Morgan Chase Bank, N.A.		3,473,884		287,616		-		3,761,500		(2,744,604	)		(60,460	)		-			(2,805,064	)		956,436			(791,358	)		-			165,078

Morgan Stanley & Co. International PLC		297,702		-		-		297,702		(158,373	)		-			-			(158,373	)		139,329			-			(130,000	)		9,329

Standard Chartered Bank PLC		-		118,372		-		118,372		(54,052	)		-			-			(54,052	)		64,320			-			-			64,320

Total	$	6,388,256	$	529,771	$	828,430	$	7,746,457	$	(5,107,923	)	$	(978,155	)	$	(5,725	)	$	(6,091,803	)	$	1,654,654		$	(791,358)		$	(147,452	)	$	715,844

26 Invesco Emerging Markets Local Debt Fund

Effect of Derivative Investments for the year ended October 31, 2020

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			Equity			Interest
	Risk			Risk			Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	(2,520,565	)	$	-		$	-		$	(2,520,565	)

Options purchased^(a)		358,739			(121,420	)		(333,900	)		(96,581	)

Options written		(888,785	)		14,201			66,382			(808,202	)

Swap agreements		-			-			4,950,010			4,950,010

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		3,120,026			-			-			3,120,026

Options purchased^(a)		13,715			23,088			18,554			55,357

Options written		(1,439,832	)		17,831			94,151			(1,327,850	)

Swap agreements		-			-			(2,043,642	)		(2,043,642	)

Total	$	(1,356,702	)	$	(66,300	)	$	2,751,555		$	1,328,553

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

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

Foreign

Forward

Index

Currency

Index

Currency

Foreign Currency

Options

Swaptions

Options

Swaptions

Options

Swap

Contracts

Purchased

Written

Agreements

Average notional value

379,740,362

4,530,000

103,000,000

51,662,861

1,410,000

3,134,470

63,870,862

314,244,114

Average Contracts

–

NOTE 5–Security Transactions with Affiliated Funds

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–Cash Balances

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

27 Invesco Emerging Markets Local Debt Fund

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Year Ended October 31, 2020, Period Ended October 31, 2019 and the Year Ended May 31, 2019:


	Year Ended	Five months Ended	Year Ended
	October 31, 2020	October 31, 2019	May 31, 2019

Ordinary income*	$2,144,533	$3,289,365	$	6,115,457

Return of capital	5,871,988	1,905,325		6,984,322

Total distributions	$8,016,521	$5,194,690	$	13,099,779

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

Tax Components of Net Assets at Period-End:


	2020

Net unrealized appreciation – investments	$	(4,319,457	)

Net unrealized appreciation (depreciation) - foreign currencies		(114,541	)

Temporary book/tax differences		(18,951	)

Capital loss carryforward		(4,600,932	)

Shares of beneficial interest		155,823,314

Total net assets	$	146,769,433

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


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	1,373,943	$	3,226,989	$	4,600,932

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

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $87,974,651 and $155,567,951, 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	$	12,352,081

Aggregate unrealized (depreciation) of investments		(16,671,538	)

Net unrealized appreciation (depreciation) of investments	$	(4,319,457	)

Cost of investments for tax purposes is $141,948,732.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating loss and return of capital, on October 31, 2020, undistributed net investment income was decreased by $1,072,358, undistributed net realized gain (loss) was increased by $19,782,207 and shares of beneficial interest was decreased by $18,709,849. This reclassification had no effect on the net assets of the Fund.

28 Invesco Emerging Markets Local Debt Fund

NOTE 12–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Five months ended October 31, 2019						Year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount

Sold:
Class A		1,354,319		$	9,106,263			1,044,919		$	7,199,389			2,142,936		$	14,310,743

Class C		435,854			2,988,600			236,093			1,639,028			585,234			3,901,473

Class R		75,060			493,474			31,396			217,803			138,268			910,316

Class Y		7,438,783			49,591,002			7,252,270			50,239,677			18,825,483			125,559,158

Class R5^(b)		-			-			-			-			1,508			10,000

Class R6		509,957			3,361,723			2,582,693			18,091,112			641,294			4,302,870


Issued as reinvestment of dividends:
Class A		179,534			1,181,627			145,246			1,003,255			379,482			2,525,008

Class C		44,451			292,115			42,226			291,721			121,982			811,924

Class R		11,655			76,248			7,720			53,312			19,671			130,969

Class Y		532,037			3,518,608			519,823			3,592,760			1,344,630			8,955,272

Class R6		116,023			760,974			26,226			181,120			71,688			476,744


Automatic conversion of Class C shares to Class A shares:
Class A		82,867			549,519			262,497			1,825,748			-			-

Class C		(82,829	)		(549,519	)		(262,417	)		(1,825,748	)		-			-


Reacquired:
Class A		(2,998,437	)		(19,541,815	)		(1,072,959	)		(7,374,607	)		(3,739,725	)		(24,871,635	)

Class C		(836,001	)		(5,369,651	)		(292,398	)		(2,013,770	)		(1,076,257	)		(7,137,310	)

Class R		(120,970	)		(805,342	)		(58,762	)		(408,308	)		(186,103	)		(1,249,817	)

Class Y		(17,130,729	)		(111,721,229	)		(6,008,112	)		(41,539,209	)		(21,847,674	)		(144,777,243	)

Class R6		(3,255,822	)		(21,625,588	)		(622,495	)		(4,307,143	)		(506,738	)		(3,374,556	)

Net increase (decrease) in share activity		(13,644,248	)	$	(87,692,991	)		3,833,966		$	26,866,140			(3,084,321	)	$	(19,516,084	)

^(a)

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

NOTE 13–Coronavirus (COVID-19) Pandemic

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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the periods indicated in the table below, 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, 2020, the results of its operations for the year then ended, the changes in its net assets 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.

Statement of Changes in Net Assets

Financial Highlights

For the year ended October 31, 2020, the period June 1, 2019 through October 31, 2019 and the year ended May 31, 2019.

For the year ended October 31, 2020, the period June 1, 2019 through October 31, 2019 and the year ended May 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For the year ended October 31, 2020, the period June 1, 2019 through October 31, 2019 and the period May 24, 2019 (inception of offering) through May 31, 2019 for Class R5.

The financial statements of Invesco Emerging Markets Local Debt Fund (formerly Oppenheimer Emerging Markets Local Debt Fund) as of and for the year ended May 31, 2018 and the financial highlights for each of the periods ended on or prior to May 31, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated July 25, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

30 Invesco Emerging Markets Local Debt Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,071.30	$5.99	$1,019.36	$5.84	1.15%
Class C	1,000.00	1,066.80	10.39	1,015.08	10.13	2.00
Class R	1,000.00	1,069.40	7.80	1,017.60	7.61	1.50
Class Y	1,000.00	1,074.00	4.95	1,020.36	4.82	0.95
Class R5	1,000.00	1,072.80	4.69	1,020.61	4.57	0.90
Class R6	1,000.00	1,074.60	4.43	1,020.86	4.32	0.85

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 184/366 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 3, 2020, 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 (formerly, Invesco Oppenheimer Emerging Markets Local Debt Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 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. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the first 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 reasonably comparable to the performance of the Index for the one year period, below the performance of the Index for the three year period, and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

32 Invesco Emerging Markets Local Debt Fund

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

33 Invesco Emerging Markets Local Debt Fund

Tax Information

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, 2020:

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

34 Invesco Emerging Markets Local Debt Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee

Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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

Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)

David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association

Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)

Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine

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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

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)

Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None

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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

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
Independent Trustees—(continued)

Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None

Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None

Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None

James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

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

Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)

John M. Zerr –1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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, The Invesco Funds and Senior Vice President 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

T-6 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)

Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-7 Invesco Emerging Markets Local Debt Fund

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LOGO

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


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



		Annual Report to Shareholders		October 31, 2020


		Invesco Emerging Markets Select Equity Fund

		Nasdaq:
		A: IEMAX ∎ C: IEMCX ∎ R: IEMRX ∎ Y: IEMYX ∎ R5: IEMIX ∎ R6: EMEFX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

As 2020 dawned, US investors were treated to equity gains culminating in record highs on February 19, 2020. The first half of the quarter, however, belied the impact that the coronavirus (COVID-19) would have on markets in a world faced with shuttered businesses and global lockdowns. Equity markets began to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package - the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Emerging Markets Select Equity Fund

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the

investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Emerging Markets Select Equity Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Emerging Markets Select Equity Fund (the Fund), at net asset value (NAV), outperformed the MSCI Emerging Markets Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	19.11	%
Class C Shares	18.17
Class R Shares	18.90
Class Y Shares	19.48
Class R5 Shares	19.48
Class R6 Shares	19.50
MSCI EAFE Index^▼ (Broad Market Index)	-6.86
MSCI Emerging Markets Index^▼ (Style-Specific Index)	8.25
Lipper Emerging Market Funds Index § (Peer Group Index)	8.29
Source(s): ^▼RIMES Technologies Corp.; §Lipper Inc.

Market conditions and your Fund

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made

in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

Before we discuss the Fund’s results during the fiscal year, it is helpful to briefly explain how we manage the Fund for shareholders. We view ourselves as business people buying businesses, and we consider the purchase of a stock as an ownership interest in a business. We strive to develop a proprietary view of a business through in-depth, fundamental research that includes careful financial statement analysis and meetings with company management. We then seek to purchase businesses whose stock prices are below what we have calculated to be the true value of the company based on an estimate of its future free cash flows.

During the fiscal year, security selection in the communication services sector, and underweight exposure to a relatively weak financials sector was beneficial to the Fund’s performance relative to the Fund’s style-specific benchmark, the MSCI Emerging Markets Index.

For specific countries, the underweight allocation to Brazil and overweight allocation to China benefited the Fund’s relative performance. The top contributors to the Fund’s

performance versus the style-specific benchmark over the fiscal year included Tencent, a Chinese multinational technology holding company, and Alibaba Group, a Chinese e-commerce company.

Conversely, the Fund’s underweight exposure to the information technology (IT) sector and overweight exposure to the consumer staples sector hurt the Fund’s performance relative to the style-specific benchmark over the fiscal year. From a country perspective, the Fund’s holdings in Nigeria and Egypt also detracted from relative performance. The top detractors from the Fund’s relative performance included Liberty Latin America, a leading telecommunications company operating across Latin America and the Caribbean, and Sberbank of Russia, the largest bank in Russia, Central and Eastern Europe.

During the fiscal year, the Fund acquired new holdings, which included Virscend Education, Trip.com, Arcos Dorados, Grupo Aeroportuario Del Sureste, Sea, KE Hold-ings,and Mercadolibre. Generally, we sell Fund holdings when they reach full valuation; if new, relatively more attractive investment opportunities exist; or if new information changes our thesis on the future of a business. As such, we sold Liberty Latin America, Man Wah, Moscow Exchange, Bank of the Philippine Islands, AmorePa-cific, Vipshop, Muhak, East African Breweries, Nigerian Breweries, Trip.com and Itau Unibanco.

At the close of the fiscal year, relative to the style-specific benchmark, the Fund’s overweight positions were in the consumer discretionary and consumer staples sectors. Conversely, the Fund’s largest underweight positions were in the materials and IT sectors. The Fund also ended the fiscal year with overweight exposures to China and the Nether-lands via its position in Prosus, a company that engages in internet-related businesses with operations primarily focused within emerging markets, while having underweight exposures to Taiwan and South Korea.

Please note, the Fund’s country and sector allocations are the result of our bottom-up, fundamental stock selection process, and are not based on the characteristics of the Fund’s style-specific index.

As always, we thank you for your investment in Invesco Emerging Markets Select Equity Fund and for sharing our long-term investment perspective.

Portfolio manager(s):

Jeff Feng


4		Invesco Emerging Markets Select Equity Fund

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.


5		Invesco Emerging Markets Select Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 5/31/11

LOGO

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.


6		Invesco Emerging Markets Select Equity Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	1.23	%
5 Years	10.64
1 Year	12.56

Class C Shares
Inception (5/31/11)	1.20	%
5 Years	11.06
1 Year	17.17

Class R Shares
Inception (5/31/11)	1.57	%
5 Years	11.59
1 Year	18.90

Class Y Shares
Inception (5/31/11)	2.08	%
5 Years	12.19
1 Year	19.48

Class R5 Shares
Inception (5/31/11)	2.09	%
5 Years	12.19
1 Year	19.48

Class R6 Shares
Inception (9/24/12)	2.04	%
5 Years	12.14
1 Year	19.50
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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

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

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


7		Invesco Emerging Markets Select Equity Fund

Invesco Emerging Markets Select Equity Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The MSCI EAFE^® Index (Net) is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The MSCI Emerging Markets Index^SM (Net) is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Emerging Markets Select Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		34.40	%
Communication Services		16.08
Financials		12.00
Consumer Staples		11.72
Information Technology		9.90
Industrials		4.71
Health Care		3.44
Other Sectors, Each Less than 2% of Net Assets		1.12
Money Market Funds Plus Other Assets Less Liabilities		6.63

Top 10 Equity Holdings*


		% of total net assets
1.	Alibaba Group Holding Ltd., ADR		8.02	%
2.	Virscend Education Co. Ltd.		6.36
3.	Tencent Holdings Ltd.		6.24
4.	Prosus N.V.		6.24
5.	Ping An Insurance (Group) Co. of China Ltd., H Shares		5.97
6.	Gree Electric Appliances, Inc. of Zhuhai, A Shares		5.55
7.	Samsung Electronics Co. Ltd., Preference Shares		4.45
8.	Taiwan Semiconductor Manufacturing Co. Ltd.		4.18
9.	Kweichow Moutai Co. Ltd., A Shares		3.80
10.	Focus Media Information Technology Co. Ltd., A Shares		3.55

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, 2020.


9		Invesco Emerging Markets Select Equity Fund

Schedule of Investments

October 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–93.37%
Argentina–0.89%
MercadoLibre, Inc.^(a)		644	$	781,848



Brazil–2.27%
Arcos Dorados Holdings, Inc., Class A		498,291		2,003,130



China–48.46%
Alibaba Group Holding Ltd., ADR^(a)		23,180		7,062,714


China Isotope & Radiation Corp.		956,200		3,027,545


Focus Media Information Technology Co. Ltd., A Shares		2,237,301		3,130,763


Gree Electric Appliances, Inc. of Zhuhai, A Shares		557,791		4,886,784


Haitian International Holdings Ltd.		655,000		1,623,544


KE Holdings, Inc., ADR^(a)		14,167		988,148


Kweichow Moutai Co. Ltd., A Shares		13,400		3,349,603


MINISO Group Holding Ltd., ADR^(a)		44,518		850,294


New Oriental Education & Technology Group, Inc., ADR^(a)		8,811		1,413,108


Ping An Insurance (Group) Co. of China Ltd., H Shares		512,000		5,256,128


Tencent Holdings Ltd.		71,700		5,499,851


Virscend Education Co. Ltd.^(b)		21,157,000		5,606,538


				42,695,020



Egypt–2.31%
Eastern Co. S.A.E.		2,670,350		2,035,225



India–3.06%
Housing Development Finance Corp. Ltd.		103,925		2,695,636



Macau–2.50%
Sands China Ltd.		629,200		2,205,266



Mexico–4.65%
Arca Continental S.A.B. de C.V.		319,100		1,389,288


Fomento Economico Mexicano, S.A.B. de C.V., Series CPO		161,400		865,076


Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B^(a)		159,192		1,838,872


				4,093,236



Netherlands–6.24%
Prosus N.V.^(a)		55,000		5,497,565

Investment Abbreviations:

ADR – American Depositary Receipt

CPO – Certificates of Ordinary Participation


	Shares		Value

Poland–0.78%
Benefit Systems S.A.^(a)		4,903	$	687,951



Russia–5.91%
Sberbank of Russia PJSC, ADR		102,211		1,032,879


Sberbank of Russia PJSC, ADR		156,859		1,585,845


Yandex N.V., Class A^(a)		44,900		2,584,893


				5,203,617



South Korea–6.59%
NAVER Corp.		7,320		1,886,981


Samsung Electronics Co. Ltd., Preference Shares		88,338		3,919,581


				5,806,562



Taiwan–6.66%
King Slide Works Co. Ltd.		112,000		1,124,698


Sea Ltd., ADR^(a)		6,727		1,060,848


Taiwan Semiconductor Manufacturing Co. Ltd.		244,000		3,682,449


				5,867,995



Thailand–2.25%
Thai Beverage PCL		4,672,200		1,987,242



Turkey–0.80%
Ulker Biskuvi Sanayi A.S.^(a)		290,521		701,505


Total Common Stocks & Other Equity Interests (Cost $64,296,782)				82,261,798



Money Market Funds–5.94%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		1,832,574		1,832,574


Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		1,308,214		1,308,737


Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		2,094,369		2,094,369


Total Money Market Funds (Cost $5,235,819)				5,235,680


TOTAL INVESTMENTS IN SECURITIES–99.31% (Cost $69,532,601)				87,497,478


OTHER ASSETS LESS LIABILITIES–0.69%				609,656


NET ASSETS–100.00%			$	88,107,134

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


10		Invesco Emerging Markets Select Equity Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

^(c)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	814,412		$	11,202,912		$	(10,184,750	)		$	-			$	-			$	1,832,574		$	9,653
Invesco Liquid Assets Portfolio, Institutional Class			581,741			7,940,060			(7,212,556	)			(157	)			(351	)			1,308,737			7,987
Invesco Treasury Portfolio, Institutional Class			930,757			12,803,326			(11,639,714	)			-				-				2,094,369			10,771
Total		$	2,326,910		$	31,946,298		$	(29,037,020	)		$	(157	)		$	(351	)		$	5,235,680		$	28,411

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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


11		Invesco Emerging Markets Select Equity Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:

Investments in securities, at value (Cost $64,296,782)	$	82,261,798


Investments in affiliated money market funds, at value (Cost $5,235,819)		5,235,680


Foreign currencies, at value (Cost $599,351)		598,550


Receivable for:
Investments sold		70,465


Fund shares sold		84,601


Dividends		380,275


Investment for trustee deferred compensation and retirement plans		27,489


Other assets		43,010


Total assets		88,701,868



Liabilities:
Payable for:
Investments purchased		329,032


Fund shares reacquired		49,216


Accrued foreign taxes		55,650


Accrued fees to affiliates		43,086


Accrued trustees’ and officers’ fees and benefits		78


Accrued other operating expenses		89,369


Trustee deferred compensation and retirement plans		28,303


Total liabilities		594,734


Net assets applicable to shares outstanding	$	88,107,134



Net assets consist of:
Shares of beneficial interest	$	74,464,264


Distributable earnings		13,642,870


	$	88,107,134


Net Assets:
Class A	$	39,445,595


Class C	$	6,881,544


Class R	$	3,513,711


Class Y	$	34,677,618


Class R5	$	2,427,862


Class R6	$	1,160,804



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,728,080


Class C		677,127


Class R		335,809


Class Y		3,265,650


Class R5		228,614


Class R6		109,400


Class A:
Net asset value per share	$	10.58

Maximum offering price per share
(Net asset value of $10.58 ÷ 94.50%)	$	11.20


Class C:
Net asset value and offering price per share	$	10.16


Class R:
Net asset value and offering price per share	$	10.46


Class Y:
Net asset value and offering price per share	$	10.62


Class R5:
Net asset value and offering price per share	$	10.62


Class R6:
Net asset value and offering price per share	$	10.61

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


12		Invesco Emerging Markets Select Equity Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $184,224)	$	1,367,418


Dividends from affiliated money market funds		28,411


Total investment income		1,395,829



Expenses:
Advisory fees		731,457


Administrative services fees		10,945


Custodian fees		45,694


Distribution fees:
Class A		90,309


Class C		66,853


Class R		14,618


Transfer agent fees – A, C, R and Y		177,282


Transfer agent fees – R5		542


Transfer agent fees – R6		240


Trustees’ and officers’ fees and benefits		18,310


Registration and filing fees		71,319


Reports to shareholders		25,194


Professional services fees		47,285


Other		14,101


Total expenses		1,314,149


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(301,350	)


Net expenses		1,012,799


Net investment income		383,030



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $16,736)		(2,448,922	)


Foreign currencies		(67,976	)


		(2,516,898	)


Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $44,544)		15,524,540


Foreign currencies		(200	)


		15,524,340


Net realized and unrealized gain		13,007,442


Net increase in net assets resulting from operations	$	13,390,472

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


13		Invesco Emerging Markets Select Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019



Operations:
Net investment income	$	383,030		$	1,807,173


Net realized gain (loss)		(2,516,898	)		(2,045,554	)


Change in net unrealized appreciation		15,524,340			13,689,590


Net increase in net assets resulting from operations		13,390,472			13,451,209



Distributions to shareholders from distributable earnings:
Class A		(872,718	)		(1,407,507	)


Class C		(112,169	)		(359,861	)


Class R		(64,200	)		(106,717	)


Class Y		(687,821	)		(925,480	)


Class R5		(56,637	)		(89,220	)


Class R6		(17,679	)		(12,749	)


Total distributions from distributable earnings		(1,811,224	)		(2,901,534	)



Share transactions–net:
Class A		(276,082	)		1,909,997


Class C		(499,185	)		(1,863,592	)


Class R		298,909			309,778


Class Y		6,385,193			3,431,476


Class R5		56,058			88,256


Class R6		340,665			297,215


Net increase in net assets resulting from share transactions		6,305,558			4,173,130


Net increase in net assets		17,884,806			14,722,805



Net assets:
Beginning of year		70,222,328			55,499,523


End of year	$	88,107,134		$	70,222,328

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


14		Invesco Emerging Markets Select Equity Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/20		$	9.10		$	0.04			$	1.67			$	1.71			$	(0.23	)		$	–			$	(0.23	)		$	10.58		19.11	%		$	39,446		1.33	%^(d)		1.72	%^(d)		0.45	%^(d)		42	%
Year ended 10/31/19			7.67			0.23	^(e)			1.60				1.83				(0.03	)			(0.37	)			(0.40	)			9.10		25.14				34,665		1.33			1.89			2.81	^(e)		45
Year ended 10/31/18			9.30			0.07				(1.69	)			(1.62	)			(0.01	)			–				(0.01	)			7.67		(17.45	)			27,580		1.33			2.03			0.73			104
Year ended 10/31/17			7.13			0.03				2.15				2.18				(0.01	)			–				(0.01	)			9.30		30.57				24,297		1.36			2.45			0.30			57
Year ended 10/31/16			6.53			0.02				0.58				0.60				–				–				–				7.13		9.19				11,855		1.66			2.59			0.33			47
Class C
Year ended 10/31/20			8.74			(0.03	)			1.60				1.57				(0.15	)			–				(0.15	)			10.16		18.17				6,882		2.08	^(d)		2.47	^(d)		(0.30	)^(d)		42
Year ended 10/31/19			7.41			0.16	^(e)			1.54				1.70				–				(0.37	)			(0.37	)			8.74		24.09				6,550		2.08			2.64			2.06	^(e)		45
Year ended 10/31/18			9.04			(0.00	)			(1.63	)			(1.63	)			–				–				–				7.41		(18.03	)			7,296		2.08			2.78			(0.02	)		104
Year ended 10/31/17			6.97			(0.03	)			2.10				2.07				–				–				–				9.04		29.70				6,793		2.11			3.20			(0.45	)		57
Year ended 10/31/16			6.43			(0.03	)			0.57				0.54				–				–				–				6.97		8.40				3,149		2.41			3.34			(0.42	)		47
Class R
Year ended 10/31/20			8.99			0.02				1.65				1.67				(0.20	)			–				(0.20	)			10.46		18.90				3,514		1.58	^(d)		1.97	^(d)		0.20	^(d)		42
Year ended 10/31/19			7.59			0.21	^(e)			1.57				1.78				(0.01	)			(0.37	)			(0.38	)			8.99		24.62				2,795		1.58			2.14			2.56	^(e)		45
Year ended 10/31/18			9.21			0.05				(1.67	)			(1.62	)			–				–				–				7.59		(17.59	)			2,077		1.58			2.28			0.48			104
Year ended 10/31/17			7.07			0.00				2.14				2.14				–				–				–				9.21		30.27				2,190		1.61			2.70			0.05			57
Year ended 10/31/16			6.50			0.01				0.56				0.57				–				–				–				7.07		8.77				1,263		1.91			2.84			0.08			47
Class Y
Year ended 10/31/20			9.13			0.07				1.67				1.74				(0.25	)			–				(0.25	)			10.62		19.48				34,678		1.08	^(d)		1.47	^(d)		0.70	^(d)		42
Year ended 10/31/19			7.71			0.26	^(e)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.13		25.27				23,550		1.08			1.64			3.06	^(e)		45
Year ended 10/31/18			9.33			0.09				(1.69	)			(1.60	)			(0.02	)			–				(0.02	)			7.71		(17.17	)			16,697		1.08			1.78			0.98			104
Year ended 10/31/17			7.15			0.04				2.16				2.20				(0.02	)			–				(0.02	)			9.33		30.94				7,111		1.11			2.20			0.55			57
Year ended 10/31/16			6.53			0.04				0.58				0.62				–				–				–				7.15		9.49				4,858		1.41			2.34			0.58			47
Class R5
Year ended 10/31/20			9.13			0.07				1.67				1.74				(0.25	)			–				(0.25	)			10.62		19.48				2,428		1.08	^(d)		1.26	^(d)		0.70	^(d)		42
Year ended 10/31/19			7.71			0.26	^(e)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.13		25.27				2,033		1.08			1.39			3.06	^(e)		45
Year ended 10/31/18			9.33			0.09				(1.69	)			(1.60	)			(0.02	)			–				(0.02	)			7.71		(17.16	)			1,623		1.08			1.55			0.98			104
Year ended 10/31/17			7.15			0.04				2.16				2.20				(0.02	)			–				(0.02	)			9.33		30.94				1,960		1.10			1.91			0.56			57
Year ended 10/31/16			6.53			0.04				0.58				0.62				–				–				–				7.15		9.49				1,497		1.41			1.99			0.58			47
Class R6
Year ended 10/31/20			9.12			0.07				1.67				1.74				(0.25	)			–				(0.25	)			10.61		19.50				1,161		1.08	^(d)		1.26	^(d)		0.70	^(d)		42
Year ended 10/31/19			7.70			0.26	^(e)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.12		25.31				629		1.08			1.39			3.06	^(e)		45
Year ended 10/31/18			9.32			0.09				(1.69	)			(1.60	)			(0.02	)			–				(0.02	)			7.70		(17.18	)			227		1.08			1.55			0.98			104
Year ended 10/31/17			7.15			0.04				2.15				2.19				(0.02	)			–				(0.02	)			9.32		30.80				12		1.10			1.91			0.56			57
Year ended 10/31/16			6.54			0.04				0.57				0.61				–				–				–				7.15		9.33				6,604		1.41			1.99			0.58			47

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $36,124, $6,685, $2,924, $29,439, $2,152 and $907 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

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


15		Invesco Emerging Markets Select Equity Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Emerging Markets Select Equity Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. The Fund is classified as non-diversified. The Fund’s classification changed from diversified to non-diversified during the period. 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 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.


16		Invesco Emerging Markets Select Equity Fund

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

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.

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 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.

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 . Additionally, in the normal course of business, the Fund enters into contracts, including the servicing agreements, that contain a variety of indemnification clauses. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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.

K.	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.


17		Invesco Emerging Markets Select Equity Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2020, the effective advisory fee rate incurred by the Fund was 0.93%.

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $122,273 and reimbursed class level expenses of $85,320, $15,788, $6,896, $69,278, $542 and $240 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2020, IDI advised the Fund that IDI retained $13,156 in front-end sales commissions from the sale of Class A shares and $772 and $392 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


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


18		Invesco Emerging Markets Select Equity Fund


		own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Argentina	$	781,848	$	–	$	–	$	781,848


Brazil		2,003,130		–		–		2,003,130


China		10,314,264		32,380,756		–		42,695,020


Egypt		–		2,035,225		–		2,035,225


India		–		2,695,636		–		2,695,636


Macau		–		2,205,266		–		2,205,266


Mexico		4,093,236		–		–		4,093,236


Netherlands		–		5,497,565		–		5,497,565


Poland		–		687,951		–		687,951


Russia		4,170,738		1,032,879		–		5,203,617


South Korea		–		5,806,562		–		5,806,562


Taiwan		1,060,848		4,807,147		–		5,867,995


Thailand		–		1,987,242		–		1,987,242


Turkey		–		701,505		–		701,505


Money Market Funds		5,235,680		–		–		5,235,680


Total Investments	$	27,659,744	$	59,837,734	$	–	$	87,497,478

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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, 2020 and 2019:


	2020		2019


Ordinary income*	$	1,811,224	$	276,485


Long-term capital gain		–		2,625,049


Total distributions	$	1,811,224	$	2,901,534

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


19		Invesco Emerging Markets Select Equity Fund

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	214,697


Net unrealized appreciation - investments		17,503,054


Net unrealized appreciation - foreign currencies		587


Temporary book/tax differences		(21,630	)


Capital loss carryforward		(4,053,838	)


Shares of beneficial interest		74,464,264


Total net assets	$	88,107,134

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, 2020, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$–	$4,053,838		$4,053,838

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $32,638,184 and $31,321,005, 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	$	20,678,246


Aggregate unrealized (depreciation) of investments		(3,175,192	)


Net unrealized appreciation of investments	$	17,503,054

Cost of investments for tax purposes is $69,994,424.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and capital gains tax, on October 31, 2020, undistributed net investment income was decreased by $51,240 and undistributed net realized gain (loss) was increased by $51,240. 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, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount


Sold:
Class A		1,175,963		$	11,146,113			1,185,578		$	10,030,565


Class C		263,905			2,454,357			161,578			1,291,872


Class R		148,437			1,402,705			125,003			1,040,959


Class Y		1,993,490			18,405,869			1,163,908			9,695,686


Class R6		66,073			569,644			44,030			337,952



Issued as reinvestment of dividends:
Class A		87,845			821,349			185,401			1,353,429


Class C		11,611			104,965			48,563			342,856


Class R		6,904			63,997			14,688			106,339


Class Y		71,313			668,205			119,607			875,525


Class R5		5,983			56,058			12,057			88,256


Class R6		1,854			17,354			1,670			12,209



Automatic conversion of Class C shares to Class A shares:
Class A		26,703			251,712			111,844			903,429


Class C		(27,728	)		(251,712	)		(115,760	)		(903,429	)


20		Invesco Emerging Markets Select Equity Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,373,595	)	$	(12,495,256	)		(1,265,656	)	$	(10,377,426	)


Class C		(320,461	)		(2,806,795	)		(329,464	)		(2,594,891	)


Class R		(130,339	)		(1,167,793	)		(102,603	)		(837,520	)


Class Y		(1,378,478	)		(12,688,881	)		(870,261	)		(7,139,735	)


Class R6		(27,465	)		(246,333	)		(6,216	)		(52,946	)


Net increase in share activity		602,015		$	6,305,558			483,967		$	4,173,130

^(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.

NOTE 11–Coronavirus (COVID-19) Pandemic


21		Invesco Emerging Markets Select Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Select Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Select Equity Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


22		Invesco Emerging Markets Select Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,290.20	$7.66	$1,018.45	$6.75	1.33%
Class C	1,000.00	1,284.40	11.94	1,014.68	10.53	2.08
Class R	1,000.00	1,288.20	9.09	1,017.19	8.01	1.58
Class Y	1,000.00	1,292.00	6.22	1,019.71	5.48	1.08
Class R5	1,000.00	1,292.00	6.22	1,019.71	5.48	1.08
Class R6	1,000.00	1,292.30	6.22	1,019.71	5.48	1.08

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 184/366 to reflect the most recent fiscal half year.


23		Invesco Emerging Markets Select Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets Select Equity Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


24		Invesco Emerging Markets Select Equity Fund

percentage of average daily net assets for each class of the Fund.

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

E.	Profitability and Financial Resources

Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

under the federal securities laws and consistent with best execution obligations.


25		Invesco Emerging Markets Select Equity Fund

Tax Information

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, 2020:

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


26		Invesco Emerging Markets Select Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	None

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


T-1		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


T-2		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


T-3		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


T-4		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-5		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


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


T-6		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Emerging Markets Select Equity Fund

Proxy Results

A Virtual Special Meeting (“Meeting”) of Shareholders of Invesco Emerging Markets Select Equity Fund was held on September 22, 2020. The Meeting was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

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

Votes

Matter

For

Against

Abstain

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction

3,930,432.60

146,037.86

305,565.57


T-8		Invesco Emerging Markets Select Equity Fund

LOGO

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

Fund holdings and proxy voting information

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

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



		Annual Report to Shareholders		October 31, 2020

		Invesco Endeavor Fund
		Nasdaq:
		A: ATDAX ∎ C: ATDCX ∎ R: ATDRX ∎ Y: ATDYX ∎ R5: ATDIX ∎ R6: ATDFX

LOGO

Letters to Shareholders

Dear Shareholders:

to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Endeavor Fund


		Dear Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
		∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
		∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions. ∎ Assessing each portfolio management team’s investment performance within the context of the

investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Endeavor Fund

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2020, Class A shares of Invesco Endeavor Fund (the Fund), at net asset value (NAV), underperformed the Russell Midcap Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-10.27	%
Class C Shares	-11.01
Class R Shares	-10.53
Class Y Shares	-10.08
Class R5 Shares	-9.97
Class R6 Shares	-9.94
S&P 500 Index^q(Broad Market Index)	9.71
Russell Midcap Index^q(Style-Specific Index)	4.12
Lipper Mid-Cap Core Funds Index^⬛(Peer Group Index)	-1.14
Source(s): ^qRIMES Technologies Corp.; ^⬛Lipper Inc.

Market conditions and your Fund

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.2 However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions.

After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but reached record highs by the end of August.

If we were to broadly categorize businesses with which we had the most success during the fiscal year, select holdings in the health care and information technology sectors were among the largest absolute contributors to the Fund’s performance. Conversely, select holdings in the real estate and industrials sectors

were among the largest absolute detractors from the Fund’s performance.

Relative to the Russell Midcap Index, the Fund’s style-specific benchmark, our underweight allocation to a relatively weak real estate sector contributed the most to the Fund’s relative performance during the fiscal year, while security selection in the industrials sector hurt the Fund’s relative performance.

During the fiscal year, the top contributors to Fund performance included UnitedHealth Group, a leading US health insurer offering a variety of plans and services to group and individual customers nationwide, and CDW,a leading provider of information technology solutions for business, government, education and healthcare. The top detractors from Fund performance included Spirit Airlines,an ultra-low-cost commercial airline operating throughout the US, the Caribbean and Latin America, and Brookfield Property Partners, a diversified global commercial real estate company and subsidiary of Brookfield Asset Management.

Effective October 15, 2020, Invesco Advisors, Inc. was appointed as the sole sub-advisor for the Fund and began transitioning the portfolio’s holdings to align with its investment process, including an increase in the number of holdings. The Fund is now managed by Raymond Anello (Co-lead) and Belinda Cavazos (Co-lead). These changes are intended to further improve our ability to deliver strong investment outcomes and meet client needs.

We thank you for your continued investment in Invesco Endeavor Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

Portfolio manager(s):

Raymond Anello - Lead

Belinda Cavazos - Lead

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

4 Invesco Endeavor Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/10

LOGO

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.

5 Invesco Endeavor Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (11/4/03)	7.05	%
10 Years	6.33
5 Years	2.09
1 Year	-15.20

Class C Shares
Inception (11/4/03)	7.04	%
10 Years	6.30
5 Years	2.46
1 Year	-11.84

Class R Shares
Inception (4/30/04)	6.82	%
10 Years	6.66
5 Years	2.98
1 Year	-10.53

Class Y Shares
Inception (10/3/08)	8.50	%
10 Years	7.20
5 Years	3.50
1 Year	-10.08

Class R5 Shares
Inception (4/30/04)	7.56	%
10 Years	7.35
5 Years	3.63
1 Year	-9.97

Class R6 Shares
10 Years	7.31	%
5 Years	3.70
1 Year	-9.94

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

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

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

6 Invesco Endeavor Fund

Invesco Endeavor Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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 Russell Midcap^® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎

The Lipper Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core funds tracked by Lipper.

∎


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

7 Invesco Endeavor Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Information Technology		19.82	%
Industrials		15.64
Financials		14.30
Health Care		11.62
Consumer Discretionary		10.68
Real Estate		5.48
Utilities		5.38
Materials		5.08
Communication Services		4.21
Consumer Staples		4.09
Energy		2.14
Money Market Funds Plus Other Assets Less Liabilities		1.56

Top 10 Equity Holdings*


		% of total net assets
1.	Encore Capital Group, Inc.		3.30	%
2.	Cognizant Technology Solutions Corp., Class A		3.11
3.	AutoZone, Inc.		2.35
4.	Republic Services, Inc.		2.31
5.	Fiserv, Inc.		2.27
6.	Keysight Technologies, Inc.		2.26
7.	L3Harris Technologies, Inc.		2.23
8.	MAXIMUS, Inc.		2.07
9.	Liberty Broadband Corp., Class C		2.02
10.	CACI International, Inc., Class A		1.91

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, 2020.

8 Invesco Endeavor Fund

Schedule of Investments^(a)

October 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–98.44%
Aerospace & Defense–2.23%
L3Harris Technologies, Inc.		14,152	$	2,280,029


Agricultural & Farm Machinery–1.46%
Deere & Co.		6,638		1,499,591


Apparel Retail–1.46%
Ross Stores, Inc.		17,509		1,491,242


Application Software–3.08%
Manhattan Associates, Inc.^(b)		14,107		1,206,149

Synopsys, Inc.^(b)		9,120		1,950,403

				3,156,552


Asset Management & Custody Banks–3.59%
Affiliated Managers Group, Inc.		24,683		1,860,358

Northern Trust Corp.		23,135		1,810,776

				3,671,134


Auto Parts & Equipment–1.50%
Visteon Corp.^(b)		17,083		1,531,491


Automotive Retail–4.02%
AutoZone, Inc.^(b)		2,134		2,409,244

CarMax, Inc.^(b)		19,796		1,711,166

				4,120,410


Biotechnology–1.07%
Seagen, Inc.^(b)		6,563		1,094,708


Building Products–1.74%
Trane Technologies PLC		13,459		1,786,682


Cable & Satellite–2.02%
Liberty Broadband Corp., Class C^(b)		14,565		2,064,006


Communications Equipment–1.18%
Motorola Solutions, Inc.		7,628		1,205,682


Construction Materials–1.60%
Vulcan Materials Co.		11,301		1,636,837


Consumer Finance–3.30%
Encore Capital Group, Inc.^(b)		105,913		3,381,802


Data Processing & Outsourced Services–4.35%
Fiserv, Inc.^(b)		24,378		2,327,368

MAXIMUS, Inc.		31,408		2,122,552

				4,449,920


Distillers & Vintners–1.34%
Constellation Brands, Inc., Class A		8,306		1,372,400


Electric Utilities–0.93%
Eversource Energy		10,914		952,465


Electrical Components & Equipment–0.95%
Hubbell, Inc.		6,685		972,734


Electronic Equipment & Instruments–2.26%
Keysight Technologies, Inc.^(b)		22,038		2,311,125


	Shares		Value

Environmental & Facilities Services–2.31%
Republic Services, Inc.		26,850	$	2,367,365


Financial Exchanges & Data–2.30%
Intercontinental Exchange, Inc.		13,865		1,308,856

Tradeweb Markets, Inc., Class A		19,297		1,051,301

				2,360,157


Gas Utilities–1.81%
Atmos Energy Corp.		9,418		863,348

Southwest Gas Holdings, Inc.		15,023		987,312

				1,850,660


General Merchandise Stores–1.00%
Dollar General Corp.		4,929		1,028,732


Gold–0.52%
Franco-Nevada Corp. (Canada)		3,888		530,906


Health Care Equipment–6.05%
Boston Scientific Corp.^(b)		32,935		1,128,682

Hill-Rom Holdings, Inc.		14,823		1,349,930

STERIS PLC		4,410		781,408

Teleflex, Inc.		4,560		1,451,129

Zimmer Biomet Holdings, Inc.		11,237		1,484,408

				6,195,557


Health Care Facilities–1.44%
HCA Healthcare, Inc.		11,877		1,472,035


Health Care Services–1.65%
LHC Group, Inc.^(b)		7,827		1,694,937


Homebuilding–0.88%
D.R. Horton, Inc.		13,547		905,075


Human Resource & Employment Services–0.71%
Korn Ferry		24,050		726,070


Hypermarkets & Super Centers–1.50%
BJ’s Wholesale Club Holdings, Inc.^(b)		40,132		1,536,654


Industrial Machinery–3.64%
Evoqua Water Technologies Corp.^(b)		43,941		1,007,567

ITT, Inc.		18,056		1,092,568

Stanley Black & Decker, Inc.		9,773		1,624,273

				3,724,408


Industrial REITs–0.97%
Prologis, Inc.		9,984		990,413


Insurance Brokers–1.49%
Arthur J. Gallagher & Co.		14,755		1,530,241


Interactive Home Entertainment–1.41%
Zynga, Inc., Class A^(b)		160,542		1,443,273


Interactive Media & Services–0.78%
Snap, Inc., Class A^(b)		20,410		803,950


IT Consulting & Other Services–5.02%
CACI International, Inc., Class A^(b)		9,364		1,952,675

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

9 Invesco Endeavor Fund


	Shares		Value

IT Consulting & Other Services–(continued)
Cognizant Technology Solutions Corp., Class A		44,568	$	3,183,046

				5,135,721


Metal & Glass Containers–1.11%
Silgan Holdings, Inc.		32,859		1,131,993


Multi-Utilities–2.65%
CMS Energy Corp.		20,350		1,288,766

Public Service Enterprise Group, Inc.		24,421		1,420,081

				2,708,847


Office REITs–1.89%
Alexandria Real Estate Equities, Inc.		12,784		1,937,032


Oil & Gas Refining & Marketing–0.93%
Valero Energy Corp.		24,712		954,130


Oil & Gas Storage & Transportation–1.20%
Magellan Midstream Partners L.P.		34,680		1,232,527


Packaged Foods & Meats–1.25%
Conagra Brands, Inc.		36,505		1,280,960


Pharmaceuticals–1.41%
Catalent, Inc.^(b)		16,429		1,441,973


Railroads–1.46%
Canadian Pacific Railway Ltd. (Canada)		4,991		1,492,958


Regional Banks–3.01%
PNC Financial Services Group, Inc. (The)		13,196		1,476,369

SVB Financial Group^(b)		5,513		1,602,629

				3,078,998


Residential REITs–1.08%
American Homes 4 Rent, Class A		39,042		1,103,717


Restaurants–0.91%
Wendy’s Co. (The)		42,439		927,292


Semiconductor Equipment–2.66%
KLA Corp.		7,356		1,450,456

MKS Instruments, Inc.		11,751		1,273,691

				2,724,147


	Shares		Value

Semiconductors–1.28%
Analog Devices, Inc.		11,040	$	1,308,571


Specialized REITs–1.54%
Lamar Advertising Co., Class A		25,513		1,580,785


Specialty Chemicals–1.85%
Axalta Coating Systems Ltd.^(b)		75,487		1,895,479


Specialty Stores–0.90%
Tractor Supply Co.		6,949		925,676


Thrifts & Mortgage Finance–0.61%
Rocket Cos., Inc., Class A^(b)(c)		34,163		622,791


Trading Companies & Distributors–1.14%
Fastenal Co.		26,937		1,164,487

Total Common Stocks & Other Equity Interests (Cost $97,354,994)				100,787,327


Money Market Funds–1.51%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)		541,190		541,190

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(d)(e)		386,367		386,522

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		618,503		618,502

Total Money Market Funds (Cost $1,546,253)				1,546,214

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $98,901,247)				102,333,541

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.55%
Invesco Private Government Fund, 0.04%^(d)(e)		223,930		223,930

Invesco Private Prime Fund, 0.11%^(d)(e)		335,795		335,895

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $559,825)				559,825

TOTAL INVESTMENTS IN SECURITIES–100.50% (Cost $99,461,072)				102,893,366

OTHER ASSETS LESS LIABILITIES–(0.50)%				(507,970	)

NET ASSETS–100.00%			$	102,385,396

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2020.

^(d)


											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value
	October 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class		$	2,526,896		$	7,992,014		$	(9,977,720	)		$	-			$	-			$	541,190		$	14,603
Invesco Liquid Assets Portfolio, Institutional Class			1,805,002			5,935,984			(7,354,210	)			(142	)			(112	)			386,522			11,775
Invesco Treasury Portfolio, Institutional Class			2,887,881			9,133,730			(11,403,109	)			-				-				618,502			16,478

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

10 Invesco Endeavor Fund


											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value
	October 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				October 31, 2020			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund*		$	-		$	246,897		$	(22,967	)		$	-			$	-			$	223,930		$	2	*
Invesco Private Prime Fund*			-			370,346			(34,451	)			-				-				335,895			6	*
Total		$	7,219,779		$	23,678,971		$	(28,792,457	)		$	(142	)		$	(112	)		$	2,106,039		$	42,864

*	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.

*	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, 2020.

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

11 Invesco Endeavor Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $97,354,994)*	$	100,787,327

Investments in affiliated money market funds, at value (Cost $2,106,078)		2,106,039

Foreign currencies, at value (Cost $186)		193

Receivable for:
Investments sold		1,717,911

Fund shares sold		23,975

Dividends		42,995

Investment for trustee deferred compensation and retirement plans		72,623

Other assets		51,220

Total assets		104,802,283


Liabilities:
Payable for:
Investments purchased		1,498,943

Fund shares reacquired		111,960

Collateral upon return of securities loaned		559,825

Accrued fees to affiliates		89,122

Accrued trustees’ and officers’ fees and benefits		373

Accrued other operating expenses		77,016

Trustee deferred compensation and retirement plans		79,648

Total liabilities		2,416,887

Net assets applicable to shares outstanding	$	102,385,396


Net assets consist of:
Shares of beneficial interest	$	91,941,544

Distributable earnings		10,443,852

	$	102,385,396


Net Assets:
Class A	$	77,614,599

Class C	$	7,764,660

Class R	$	4,976,472

Class Y	$	8,004,999

Class R5	$	3,035,796

Class R6	$	988,870


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,037,553

Class C		606,992

Class R		340,132

Class Y		499,626

Class R5		182,781

Class R6		59,106

Class A:
Net asset value per share	$	15.41

Maximum offering price per share (Net asset value of $15.41 ÷ 94.50%)	$	16.31

Class C:
Net asset value and offering price per share	$	12.79

Class R:
Net asset value and offering price per share	$	14.63

Class Y:
Net asset value and offering price per share	$	16.02

Class R5:
Net asset value and offering price per share	$	16.61

Class R6:
Net asset value and offering price per share	$	16.73

*	At October 31, 2020, securities with an aggregate value of $523,365 were on loan to brokers.

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

12 Invesco Endeavor Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $12,597)	$	1,960,184

Dividends from affiliated money market funds		42,856

Total investment income		2,003,040


Expenses:
Advisory fees		922,042

Administrative services fees		18,304

Custodian fees		5,262

Distribution fees:
Class A		223,213

Class C		99,450

Class R		30,056

Transfer agent fees – A, C, R and Y		286,038

Transfer agent fees – R5		3,405

Transfer agent fees – R6		922

Trustees’ and officers’ fees and benefits		19,378

Registration and filing fees		69,580

Reports to shareholders		33,371

Professional services fees		40,805

Other		11,659

Total expenses		1,763,485

Less: Fees waived and/or expense offset arrangement(s)		(5,511	)

Net expenses		1,757,974

Net investment income		245,066


Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		8,453,484

Foreign currencies		5,214

		8,458,698

Change in net unrealized appreciation (depreciation) of:
Investment securities		(24,662,206	)

Foreign currencies		1,666

		(24,660,540	)

Net realized and unrealized gain (loss)		(16,201,842	)

Net increase (decrease) in net assets resulting from operations	$	(15,956,776	)

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

13 Invesco Endeavor Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	245,066		$	486,008

Net realized gain		8,458,698			8,564,213

Change in net unrealized appreciation (depreciation)		(24,660,540	)		(989,042	)

Net increase (decrease) in net assets resulting from operations		(15,956,776	)		8,061,179


Distributions to shareholders from distributable earnings:
Class A		(6,378,204	)		(6,472,601	)

Class C		(831,763	)		(1,491,158	)

Class R		(427,610	)		(580,920	)

Class Y		(1,157,799	)		(1,588,510	)

Class R5		(258,469	)		(288,438	)

Class R6		(67,714	)		(80,613	)

Total distributions from distributable earnings		(9,121,559	)		(10,502,240	)


Share transactions-net:
Class A		(13,493,167	)		(6,199,374	)

Class C		(2,637,784	)		(9,955,215	)

Class R		(1,341,160	)		(2,504,765	)

Class Y		(8,792,595	)		(10,243,361	)

Class R5		(772,253	)		(2,325,974	)

Class R6		22,460			(383,803	)

Net increase (decrease) in net assets resulting from share transactions		(27,014,499	)		(31,612,492	)

Net increase (decrease) in net assets		(52,092,834	)		(34,053,553	)


Net assets:
Beginning of year		154,478,230			188,531,783

End of year	$	102,385,396		$	154,478,230

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

14 Invesco Endeavor 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 10/31/20		$18.22		$0.04			$(1.77)		$(1.73)		$(0.04)		$(1.04)			$(1.08)			$15.41		(10.32	)%		$77,615		1.40	%^(d)		1.40	%^(d)		0.22	%^(d)		81	%
Year ended 10/31/19		18.42		0.06			0.78		0.84		–		(1.04)			(1.04)			18.22		5.28			109,032		1.37			1.38			0.32			19
Year ended 10/31/18		19.81		0.03			(0.88)		(0.85)		–		(0.54)			(0.54)			18.42		(4.48	)		116,080		1.32			1.34			0.14			34
Year ended 10/31/17		17.19		(0.03)			4.57		4.54		–		(1.92)			(1.92)			19.81		27.44			132,670		1.34			1.36			(0.13	)		19
Year ended 10/31/16		19.30		(0.02	)		0.21		0.19		–		(2.30	)		(2.30	)		17.19		2.08			115,588		1.34			1.36			(0.12	)		28
Class C
Year ended 10/31/20		15.37		(0.07)			(1.47)		(1.54)		–		(1.04)			(1.04)			12.79		(11.01	)		7,765		2.15	^(d)		2.15	^(d)		(0.53	)^(d)		81
Year ended 10/31/19		15.83		(0.07)			0.65		0.58		–		(1.04)			(1.04)			15.37		4.45			12,559		2.12			2.13			(0.43	)		19
Year ended 10/31/18		17.22		(0.11)			(0.74)		(0.85)		–		(0.54)			(0.54)			15.83		(5.18	)		23,490		2.07			2.09			(0.61	)		34
Year ended 10/31/17		15.26		(0.15)			4.03		3.88		–		(1.92)			(1.92)			17.22		26.52			31,548		2.09			2.11			(0.88	)		19
Year ended 10/31/16		17.53		(0.13	)		0.16		0.03		–		(2.30	)		(2.30	)		15.26		1.27			30,857		2.09			2.11			(0.87	)		28
Class R
Year ended 10/31/20		17.35		(0.00)			(1.68)		(1.68)		–		(1.04)			(1.04)			14.63		(10.53	)		4,976		1.65	^(d)		1.65	^(d)		(0.03	)^(d)		81
Year ended 10/31/19		17.64		0.01			0.74		0.75		–		(1.04)			(1.04)			17.35		4.98			7,386		1.62			1.63			0.07			19
Year ended 10/31/18		19.04		(0.02)			(0.84)		(0.86)		–		(0.54)			(0.54)			17.64		(4.72	)		10,070		1.57			1.59			(0.11	)		34
Year ended 10/31/17		16.62		(0.07)			4.41		4.34		–		(1.92)			(1.92)			19.04		27.16			14,449		1.59			1.61			(0.38	)		19
Year ended 10/31/16		18.78		(0.06	)		0.20		0.14		–		(2.30	)		(2.30	)		16.62		1.83			17,469		1.59			1.61			(0.37	)		28
Class Y
Year ended 10/31/20		18.90		0.08			(1.83)		(1.75)		(0.09)		(1.04)			(1.13)			16.02		(10.08	)		8,005		1.15	^(d)		1.15	^(d)		0.47	^(d)		81
Year ended 10/31/19		19.03		0.10			0.81		0.91		–		(1.04)			(1.04)			18.90		5.48			19,952		1.12			1.13			0.57			19
Year ended 10/31/18		20.40		0.08			(0.91)		(0.83)		–		(0.54)			(0.54)			19.03		(4.25	)		30,604		1.07			1.09			0.39			34
Year ended 10/31/17		17.61		0.02			4.69		4.71		–		(1.92)			(1.92)			20.40		27.77			37,034		1.09			1.11			0.12			19
Year ended 10/31/16		19.66		0.02			0.23		0.25		–		(2.30	)		(2.30	)		17.61		2.37			19,938		1.09			1.11			0.13			28
Class R5
Year ended 10/31/20		19.56		0.11			(1.90)		(1.79)		(0.12)		(1.04)			(1.16)			16.61		(9.97	)		3,036		1.01	^(d)		1.01	^(d)		0.61	^(d)		81
Year ended 10/31/19		19.63		0.13			0.84		0.97		–		(1.04)			(1.04)			19.56		5.63			4,391		0.98			0.99			0.71			19
Year ended 10/31/18		21.00		0.10			(0.93)		(0.83)		–		(0.54)			(0.54)			19.63		(4.13	)		6,762		0.97			0.99			0.49			34
Year ended 10/31/17		18.06		0.05			4.81		4.86		–		(1.92)			(1.92)			21.00		27.92			22,158		0.96			0.98			0.25			19
Year ended 10/31/16		20.08		0.05			0.23		0.28		–		(2.30	)		(2.30	)		18.06		2.49			21,192		0.94			0.96			0.28			28
Class R6
Year ended 10/31/20		19.69		0.11			(1.91)		(1.80)		(0.12)		(1.04)			(1.16)			16.73		(9.94	)		989		1.00	^(d)		1.00	^(d)		0.62	^(d)		81
Year ended 10/31/19		19.75		0.14			0.84		0.98		–		(1.04)			(1.04)			19.69		5.65			1,158		0.96			0.97			0.73			19
Year ended 10/31/18		21.11		0.12			(0.94)		(0.82)		–		(0.54)			(0.54)			19.75		(4.06	)		1,526		0.89			0.91			0.57			34
Year ended 10/31/17		18.13		0.07			4.83		4.90		–		(1.92)			(1.92)			21.11		28.04			2,038		0.88			0.90			0.33			19
Year ended 10/31/16		20.13		0.06			0.24		0.30		–		(2.30	)		(2.30	)		18.13		2.59			50,645		0.85			0.87			0.37			28

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $89,285, $9,945, $6,011, $14,053, $3,406 and $1,063 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.

15 Invesco Endeavor Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Endeavor 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 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.

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

16 Invesco Endeavor Fund

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

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.

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 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.

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 . Additionally, in the normal course of business, the Fund enters into contracts, including the servicing agreements, that contain a variety of indemnification clauses. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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.

17 Invesco Endeavor Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $250 million		0.745%

Next $250 million		0.730%

Next $500 million		0.715%

Next $1.5 billion		0.700%

Next $2.5 billion		0.685%

Next $2.5 billion		0.670%

Next $2.5 billion		0.655%

Over $10 billion		0.640%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.745%.

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 and Invesco Senior Secured Management, Inc. 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). Prior to October 15, 2020, Invesco Canada Ltd. also served as an Affiliated Sub-Adviser.

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

For the year ended October 31, 2020, the Adviser reimbursed Fund expenses of $3,917.

18 Invesco Endeavor Fund

shareholder. During the year ended October 31, 2020, IDI advised the Fund that IDI retained $12,284 in front-end sales commissions from the sale of Class A shares and $186 and $224 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2020, the Fund incurred $233 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


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


	Level 1		Level 2		Level 3	Total

Investments in Securities

Common Stocks & Other Equity Interests	$	100,787,327	$	-	$-	$	100,787,327

Money Market Funds		1,546,214		559,825	-		2,106,039

Total Investments	$	102,333,541	$	559,825	$-	$	102,893,366

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Prior to May 5, 2020, the custodian was Citibank, N.A. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	357,014	$	2,400,771

Long-term capital gain		8,764,545		8,101,469

Total distributions	$	9,121,559	$	10,502,240

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

19 Invesco Endeavor Fund

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	42,315

Undistributed long-term capital gain		7,040,604

Net unrealized appreciation – investments		3,424,560

Net unrealized appreciation - foreign currencies		940

Temporary book/tax differences		(64,567	)

Shares of beneficial interest		91,941,544

Total net assets	$	102,385,396

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $97,696,234 and $127,455,913, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments			$ 8,565,603

Aggregate unrealized (depreciation) of investments			(5,141,043)

Net unrealized appreciation of investments			$ 3,424,560

Cost of investments for tax purposes is $99,468,806.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, net operating loss and partnerships, on October 31, 2020, undistributed net investment income was increased by $66,554, undistributed net realized gain was decreased by $66,143 and shares of beneficial interest was decreased by $411. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019

	Shares			Amount			Shares			Amount

Sold:
Class A		426,145		$	6,572,384			1,450,617		$	26,120,061

Class C		92,236			1,114,149			58,134			858,067

Class R		95,107			1,344,045			119,485			2,019,701

Class Y		97,203			1,565,012			129,234			2,367,574

Class R5		30,473			477,860			23,014			431,474

Class R6		11,206			201,347			10,732			203,699


Issued as reinvestment of dividends:
Class A		339,409			6,095,781			381,674			6,175,483

Class C		51,947			779,727			102,251			1,404,937

Class R		24,963			426,611			37,229			575,183

Class Y		54,942			1,024,115			86,020			1,441,688

Class R5		13,392			258,469			16,460			284,922

Class R6		3,434			66,766			4,582			79,869


Automatic conversion of Class C shares to Class A shares:
Class A		54,287			837,952			369,285			6,418,604

Class C		(65,139	)		(837,952	)		(435,252	)		(6,418,604	)

20 Invesco Endeavor Fund


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019

	Shares			Amount			Shares			Amount


Reacquired:
Class A		(1,767,840	)	$	(26,999,284	)		(2,516,612	)	$	(44,913,522	)

Class C		(289,111	)		(3,693,708	)		(391,646	)		(5,799,615	)

Class R		(205,599	)		(3,111,816	)		(301,776	)		(5,099,649	)

Class Y		(707,900	)		(11,381,722	)		(767,767	)		(14,052,623	)

Class R5		(85,605	)		(1,508,582	)		(159,476	)		(3,042,370	)

Class R6		(14,343	)		(245,653	)		(33,743	)		(667,371	)

Net increase (decrease) in share activity		(1,840,792	)	$	(27,014,499	)		(1,817,555	)	$	(31,612,492	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% 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 11–Coronavirus (COVID-19) Pandemic

21 Invesco Endeavor Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Endeavor Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

22 Invesco Endeavor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,138.10	$7.52	$1,018.10	$7.10	1.40%
Class C	1,000.00	1,133.90	11.53	1,014.33	10.89	2.15
Class R	1,000.00	1,136.80	8.86	1,016.84	8.36	1.65
Class Y	1,000.00	1,139.40	6.18	1,019.36	5.84	1.15
Class R5	1,000.00	1,140.00	5.43	1,020.06	5.13	1.01
Class R6	1,000.00	1,140.40	5.38	1,020.11	5.08	1.00

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 184/366 to reflect the most recent fiscal half year.

23 Invesco Endeavor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 Endeavor 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, 2020. 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

agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® 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 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 noted that the Fund’s emphasis on value-oriented, mid-sized companies and security selection in certain sectors negatively impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

24 Invesco Endeavor Fund

regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

25 Invesco Endeavor Fund

Tax Information

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, 2020:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	8,764,545
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		100.00	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

26 Invesco Endeavor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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 Endeavor 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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

T-2 Invesco Endeavor 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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

T-3 Invesco Endeavor 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)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

T-4 Invesco Endeavor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-5 Invesco Endeavor Fund

Trustees and Officers–(continued)


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

T-6 Invesco Endeavor 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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-7 Invesco Endeavor Fund

LOGO

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

Fund holdings and proxy voting information


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



		Annual Report to Shareholders		October 31, 2020


		Invesco Fundamental Alternatives Fund Effective September 30, 2020, Invesco Oppenheimer Fundamental Alternatives Fund was renamed Invesco Fundamental Alternatives Fund.

		Nasdaq:
		A: QVOPX ∎ C: QOPCX ∎ R: QOPNX ∎ Y: QOPYX ∎ R5: FDATX ∎ R6: QOPIX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Fundamental Alternatives Fund

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the

investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Fundamental Alternatives Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Fundamental Alternatives Fund (the Fund), at net asset value (NAV), underperformed the HFRX Global Hedge Fund Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	0.96	%
Class C Shares	0.21
Class R Shares	0.71
Class Y Shares	1.22
Class R5 Shares	1.42
Class R6 Shares	1.42
HFRX Global Hedge Fund Index^▼	3.69
Source(s): ^▼Bloomberg LP

Market conditions and your Fund

The global spread of the novel coronavirus (COVID-19) dramatically altered the economic landscape in 2020. As the pandemic took hold across the globe in the first quarter, we experienced an environment where US stocks declined significantly in a very short period of time, with similar dramatic declines globally. The yields on the 10-year and 30-year US Treasury bonds fell to all-time lows as volatility rose sharply, along with correlations of different assets.

As the COVID-19 crisis continued into the second quarter of 2020, the massive monetary policy response from many central banks created an environment during the second quarter where investors embraced risk. Stocks rose globally after a deep rout in the first quarter. The S&P 500 Index experienced a dramatic rally – its largest quarterly gain since 1998. Emerging market debt, high-yield debt and investment-grade debt all performed well during the second quarter, as sovereign debt yields remained low, moving in a narrow range.

The Fund is typically positioned for uncertainty around a variety of issues and in a manner that seeks to protect against a surprise outcome. Regarding volatility tied to COVID-19, we had been reducing portfolio risk in the weeks prior and the Fund was well positioned for the sell-off. This was primarily due to actively reducing risk across specific industries (financials, energy, etc.) over various time frames, as well as the Fund’s options positions decreasing in size as the market fell.

Markets have generally benefited from the policy response to the crisis. Despite a correction in September, US stocks finished the third quarter in positive territory after posting strong gains in July and August, with global stocks also performing well overall. Gold has also performed well.

Against this backdrop, the Fund continued to focus on seeking to control volatility and

mitigate downside risk and seeking to generate attractive returns efficiently. The Fund invests both long and short across distinct alternative investment strategies including Long/Short Equity, Long/Short Credit and Long/Short Macro.

Our Long/Short Equity strategy and Long/ Short Credit strategy generated slightly negative returns during the fiscal year, while the Long/Short Macro strategy generated positive returns during the fiscal year.

Across the Long/Short Equity strategy, the top individual contributors during the fiscal year included a long position in Apple, which appreciated due to general investor enthusiasm about global economic recovery, re-openings and improved confidence in the iPhone 5G launch. Our long position in Taiwan Semiconductor Manufacturing was also a top contributor during the fiscal year. We sold our position in Taiwan Semiconductor Manufacturing during the fiscal year. In addition, the Fund changed management teams in mid-October. The new management liquidated existing S&P 500 call options and implemented short positions on S&P 500 futures. These short positions were also top contributors for the fiscal year.

In contrast, the biggest detractors were our long positions in Coca-Cola and Blackstone Mortgage Trust, and our position in an equity structured note on common stock of Enterprise Product Partners US Equity. We exited our holding in Blackstone Mortgage Trust during the fiscal year.

Our long position in Coca-Cola suffered due to the global closure of on-premise consumption venues (e.g., stadiums, restaurants, cafeterias) in response to the COVID-19 pandemic. Investors anticipated the impact would negatively affect earnings given the level of Coca-Cola products that are consumed on-premise, meaning out of the home. The Enterprise Product Partners position detracted from Fund performance during the fiscal year due to the decline in WTI oil, natural gas and

chemical prices. The long position in Blackstone Mortgage Trust, a commercial mortgage REIT which makes mortgage loans on transitional real estate properties, underperformed because of the potential impact on some of its assets from pandemic fallout. A significant drop in travel caused the fundamentals of hotels to decline materially which may cause many operators to default on their mortgage loans.

In terms of individual holdings across the Fund’s Long/Short Credit strategy and Long/ Short Macro strategy, the top performers were our long position in gold, our relative value position that is long loans/short high yield bonds, and our long position in junior subordinated bonds of Bank of America.

Our long position in gold contributed to Fund performance over the fiscal year as the precious metals complex gained on the back of certain macro factors that tend to impact gold favorably, including easing monetary policies, simulative fiscal policies, low to negative interest rates, challenging demographics and disappointing economic growth.

Our relative value position that is long loans/short high yield bonds was a contributor to Fund performance during the fiscal year, as this position typically adds value when leveraged loans outperform high-yield bonds. The short side of this trade was expressed through a position in a high-yield credit default swap index. Loans are higher in the capital structure and outperformed high-yield bonds in the period of extreme credit stress, which positively impacted the value of our position.

Finally, our position in junior subordinated bonds issued by Bank of America contributed to Fund performance as well during the fiscal year, as they benefited from a rally in longer term Treasury securities and from a tightening in corporate credit spreads.

The top detractors were our short positions in the mezzanine tranche of high yield, as well as our options position that tends to benefit from rising U.S. interest rates, and our long position in Murray Energy.

Our short positions in the mezzanine tranche of high yield that detracted from Fund performance were put in place in early to mid-April as a hedge for our credit exposure. US Federal Reserve (the Fed) and Treasury support for credit exceeded expectations and high yield rallied significantly. We closed this position in mid-April.

Our options position that benefits from higher US interest rates detracted from Fund performance during the fiscal year, as the Fed responded to the COVID-19 pandemic with substantial monetary stimulus, which drove rates lower and diminished the value of these positions. Our long position in a distressed loan of coal producer Murray Energy also detracted from Fund performance during the fiscal year.


4		Invesco Fundamental Alternatives 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.

We thank you for your continued investment in the Invesco Fundamental Alternatives Fund.

Portfolio manager(s):

Chris Devine

Tarun Gupta

Scott Hixon

Jay Raol

Scott Wolle

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


5		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 10/31/10

LOGO

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.


6		Invesco Fundamental Alternatives Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (1/3/89)	7.17	%
10 Years	1.54
5 Years	-0.25
1 Year	-4.58

Class C Shares
Inception (9/1/93)	5.53	%
10 Years	1.49
5 Years	0.11
1 Year	-0.78

Class R Shares
Inception (3/1/01)	2.13	%
10 Years	1.83
5 Years	0.62
1 Year	0.71

Class Y Shares
Inception (12/16/96)	4.22	%
10 Years	2.36
5 Years	1.12
1 Year	1.22

Class R5 Shares
10 Years	2.17	%
5 Years	1.01
1 Year	1.42

Class R6 Shares
Inception (2/28/13)	2.91	%
5 Years	1.31
1 Year	1.42

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.

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.

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


7		Invesco Fundamental Alternatives Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Fundamental Alternatives Fund

Fund Information

Volatility Contribution*


Strategy	Annualized Volatility Contribution			Volatility Contribution as % of Investment Strategy

Long/Short Credit		0.16	%		3.82	%
Long/Short Equity		3.49			83.29
Long/Short Macro		0.54			12.89
Total		4.19	%		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, 2020.


9		Invesco Fundamental Alternatives Fund

Consolidated Schedule of Investments^(a)

October 31, 2020


	Shares		Value


Common Stocks & Other Equity Interests–53.25%
Advertising–0.00%
Pacific Drilling S.A.		1,362	$	426



Aerospace & Defense–0.28%
Lockheed Martin Corp.		2,800		980,364


Northrop Grumman Corp.		2,480		718,754


Raytheon Technologies Corp.		11,000		597,520


				2,296,638



Agricultural & Farm Machinery–0.09%
Deere & Co.		3,250		734,208



Air Freight & Logistics–0.74%
C.H. Robinson Worldwide, Inc.		25,100		2,219,593


Expeditors International of Washington, Inc.		23,300		2,059,021


FedEx Corp.		3,350		869,224


United Parcel Service, Inc., Class B		5,300		832,683


				5,980,521



Airlines–0.20%
Alaska Air Group, Inc.		13,300		503,937


Copa Holdings S.A., Class A (Panama)		8,000		394,240


Southwest Airlines Co.		17,800		703,634


				1,601,811



Alternative Carriers–0.15%
CenturyLink, Inc.		53,800		463,756


Cogent Communications Holdings, Inc.		7,100		396,180


Iridium Communications, Inc.^(b)		14,600		385,586


				1,245,522



Apparel Retail–0.02%
TJX Cos., Inc. (The)		3,800		193,040



Apparel, Accessories & Luxury Goods–0.00%
Sunrise Oil & Gas, Inc.		4,631		25,471



Application Software–1.70%
Adobe, Inc.^(b)		4,681		2,092,429


ANSYS, Inc.^(b)		1,240		377,419


Autodesk, Inc.^(b)		2,650		624,181


Blackbaud, Inc.		7,100		350,314


Cadence Design Systems, Inc.^(b)		9,300		1,017,141


Citrix Systems, Inc.		13,600		1,540,472


DocuSign, Inc.^(b)		1,800		364,050


Fair Isaac Corp.^(b)		960		375,792


Fusion Connect, Inc., Wts. expiring 1/14/2040^(c)		6,073		7,531


Intemap Corp.		12,888		1,675


Intuit, Inc.		2,260		711,177


Nuance Communications, Inc.^(b)		12,200		389,302


salesforce.com, inc.^(b)		7,000		1,625,890


SS&C Technologies Holdings, Inc.		6,800		402,696


Synopsys, Inc.^(b)		3,400		727,124


Tyler Technologies, Inc.^(b)		5,380		2,067,964


Workday, Inc., Class A^(b)		2,000		420,240


	Shares		Value


Application Software–(continued)
Zoom Video Communications, Inc., Class A^(b)		1,440	$	663,710


				13,759,107



Asset Management & Custody Banks–0.27%
Ameriprise Financial, Inc.		2,800		450,324


BlackRock, Inc.		1,440		862,862


State Street Corp.		6,700		394,630


T. Rowe Price Group, Inc.		3,500		443,310


				2,151,126



Auto Parts & Equipment–0.05%
Gentex Corp.		15,000		415,050



Automobile Manufacturers–0.39%
Ford Motor Co.		72,200		558,106


General Motors Co.^(b)		11,600		400,548


Tesla, Inc.^(b)		5,660		2,196,306


				3,154,960



Automotive Retail–0.09%
AutoNation, Inc.^(b)		6,700		380,091


Lithia Motors, Inc., Class A		1,600		367,312


				747,403



Biotechnology–3.34%
AbbVie, Inc.		13,600		1,157,360


ACADIA Pharmaceuticals, Inc.^(b)		11,600		538,820


Alexion Pharmaceuticals, Inc.^(b)		5,900		679,326


Alnylam Pharmaceuticals, Inc.^(b)		3,100		381,207


Amgen, Inc.		17,450		3,785,603


Biogen, Inc.^(b)		7,860		1,981,270


BioMarin Pharmaceutical, Inc.^(b)		16,900		1,257,867


Bluebird Bio, Inc.^(b)		7,500		387,825


Blueprint Medicines Corp.^(b)		6,700		685,276


Emergent BioSolutions, Inc.^(b)		4,300		386,871


Gilead Sciences, Inc.		61,200		3,558,780


Incyte Corp.^(b)		4,600		398,544


Ionis Pharmaceuticals, Inc.^(b)		28,700		1,347,465


Ligand Pharmaceuticals, Inc.^(b)		8,200		676,090


Neurocrine Biosciences, Inc.^(b)		4,200		414,414


Regeneron Pharmaceuticals, Inc.^(b)		5,380		2,924,353


Seagen, Inc.^(b)		8,550		1,426,140


United Therapeutics Corp.^(b)		12,100		1,624,183


Vertex Pharmaceuticals, Inc.^(b)		16,400		3,417,104


				27,028,498



Brewers–0.05%
Molson Coors Beverage Co., Class B		11,900		419,594



Broadcasting–0.05%
Discovery, Inc., Class A^(b)		20,800		420,992



Building Products–0.29%
Fortune Brands Home & Security, Inc.		4,700		380,089


Johnson Controls International PLC		9,600		405,216


Lennox International, Inc.		1,450		393,907

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


10		Invesco Fundamental Alternatives Fund


	Shares		Value


Building Products–(continued)
Masco Corp.		7,400	$	396,640


Owens Corning		5,700		373,179


Trane Technologies PLC		3,200		424,800


				2,373,831



Cable & Satellite–1.21%
Altice USA, Inc., Class A^(b)		14,800		398,860


Cable One, Inc.		340		588,832


Charter Communications, Inc., Class A^(b)		5,780		3,490,080


Comcast Corp., Class A		98,100		4,143,744


Shaw Communications, Inc., Class B (Canada)		23,600		389,400


Sirius XM Holdings, Inc.		139,900		801,627


				9,812,543



Coal & Consumable Fuels–0.00%
Murray Energy Corp.^(b)(d)		3,072		27,648


Murray Energy Corp.^(b)(d)		600		5,400


				33,048



Commodity Chemicals–0.05%
Dow, Inc.		8,800		400,312



Communications Equipment–0.76%
Cisco Systems, Inc.		113,200		4,063,880


InterDigital, Inc.		7,000		391,860


Juniper Networks, Inc.		18,900		372,708


Lumentum Holdings, Inc.^(b)		6,100		504,409


Ubiquiti, Inc.		2,100		389,781


Viavi Solutions, Inc.^(b)		37,000		456,950


				6,179,588



Computer & Electronics Retail–0.09%
Best Buy Co., Inc.		6,700		747,385



Construction & Engineering–0.10%
Dycom Industries, Inc.^(b)		6,100		396,134


Quanta Services, Inc.		6,600		412,038


				808,172



Construction Machinery & Heavy Trucks–0.18%
Caterpillar, Inc.		3,650		573,232


Cummins, Inc.		1,850		406,797


PACCAR, Inc.		6,000		512,280


				1,492,309



Construction Materials–0.03%
Vulcan Materials Co.		1,700		246,228



Consumer Finance–0.20%
Ally Financial, Inc.		31,200		832,416


Discover Financial Services		6,300		409,563


Synchrony Financial		15,000		375,300


				1,617,279



Copper–0.18%
Freeport-McMoRan, Inc.^(b)		23,500		407,490


Southern Copper Corp. (Peru)		19,200		1,004,928


				1,412,418



Data Processing & Outsourced Services–2.35%
Automatic Data Processing, Inc.		19,800		3,127,608


	Shares		Value


Data Processing & Outsourced Services–(continued)
Black Knight, Inc.^(b)		16,300	$	1,433,585


Broadridge Financial Solutions, Inc.		12,200		1,678,720


Fidelity National Information Services, Inc.		2,950		367,541


FleetCor Technologies, Inc.^(b)		1,700		375,547


Jack Henry & Associates, Inc.		3,950		585,587


Mastercard, Inc., Class A		6,700		1,933,888


MAXIMUS, Inc.		7,100		479,818


Paychex, Inc.		19,200		1,579,200


PayPal Holdings, Inc.^(b)		10,000		1,861,300


Square, Inc., Class A^(b)		2,250		348,480


Visa, Inc., Class A		24,300		4,415,553


Western Union Co. (The)		43,100		837,864


				19,024,691



Distillers & Vintners–0.05%
Constellation Brands, Inc., Class A		2,300		380,029



Distributors–0.10%
Genuine Parts Co.		4,100		370,763


LKQ Corp.^(b)		12,900		412,671


				783,434



Diversified Banks–0.67%
Bank of America Corp.		65,800		1,559,460


Citigroup, Inc.		12,300		509,466


JPMorgan Chase & Co.		28,200		2,764,728


U.S. Bancorp		14,700		572,565


				5,406,219



Diversified Chemicals–0.05%
Eastman Chemical Co.		5,300		428,452



Electric Utilities–0.69%
American Electric Power Co., Inc.		7,700		692,461


Duke Energy Corp.		11,700		1,077,687


Edison International		6,900		386,676


Exelon Corp.		13,900		554,471


NextEra Energy, Inc.		14,080		1,030,797


PPL Corp.		14,800		407,000


Southern Co. (The)		8,300		476,835


Xcel Energy, Inc.		13,900		973,417


				5,599,344



Electrical Components & Equipment–0.29%
AMETEK, Inc.		8,000		785,600


Eaton Corp. PLC		10,800		1,120,932


Regal Beloit Corp.		4,200		414,330


				2,320,862



Electronic Components–0.15%
Corning, Inc.		14,100		450,777


Dolby Laboratories, Inc., Class A		9,900		743,292


				1,194,069



Electronic Equipment & Instruments–0.27%
Keysight Technologies, Inc.^(b)		17,600		1,845,712


National Instruments Corp.		11,600		362,848


				2,208,560

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


11		Invesco Fundamental Alternatives Fund


	Shares		Value


Environmental & Facilities Services–0.22%
Republic Services, Inc.		20,100	$	1,772,217



Fertilizers & Agricultural Chemicals–0.05%
Corteva, Inc.		12,500		412,250



Financial Exchanges & Data–0.41%
CME Group, Inc., Class A		7,350		1,107,792


Intercontinental Exchange, Inc.		17,800		1,680,320


S&P Global, Inc.		1,540		497,004


				3,285,116



Food Retail–0.37%
Casey’s General Stores, Inc.		5,450		918,707


Kroger Co. (The)		63,500		2,045,335


				2,964,042



Footwear–0.05%
NIKE, Inc., Class B		3,200		384,256



Gas Utilities–0.13%
Atmos Energy Corp.		11,500		1,054,205



General Merchandise Stores–0.60%
Dollar General Corp.		12,700		2,650,617


Dollar Tree, Inc.^(b)		4,300		388,376


Target Corp.		12,000		1,826,640


				4,865,633



Gold–4.81%
Franco-Nevada Corp. (Canada)		14,400		1,966,320


Newmont Corp.		6,800		427,312


SPDR ^® Gold Trust–ETF^(b)		207,215		36,511,283


				38,904,915



Health Care Distributors–0.17%
AmerisourceBergen Corp.		4,200		403,494


Cardinal Health, Inc.		8,700		398,373


McKesson Corp.		3,850		567,837


				1,369,704



Health Care Equipment–0.86%
Abbott Laboratories		17,900		1,881,469


Baxter International, Inc.		11,800		915,326


Becton, Dickinson and Co.		7,900		1,825,927


Danaher Corp.		3,800		872,252


Hologic, Inc.^(b)		6,200		426,684


Medtronic PLC		10,600		1,066,042


				6,987,700



Health Care Facilities–0.14%
HCA Healthcare, Inc.		5,650		700,261


Universal Health Services, Inc., Class B		3,700		405,335


				1,105,596



Health Care Services–0.50%
AMN Healthcare Services, Inc.^(b)		5,700		372,096


Chemed Corp.		860		411,355


Cigna Corp.		4,700		784,759


CVS Health Corp.		10,600		594,554


DaVita, Inc.^(b)		4,600		396,750


Laboratory Corp. of America Holdings^(b)		2,000		399,540


Premier, Inc., Class A		8,100		265,113


	Shares		Value


Health Care Services–(continued)
Quest Diagnostics, Inc.		6,800	$	830,552


				4,054,719



Health Care Supplies–0.05%
West Pharmaceutical Services, Inc.		1,450		394,502



Health Care Technology–0.10%
Cerner Corp.		5,700		399,513


Veeva Systems, Inc., Class A^(b)		1,360		367,268


				766,781



Home Improvement Retail–0.52%
Home Depot, Inc. (The)		9,150		2,440,396


Lowe’s Cos., Inc.		11,100		1,754,910


				4,195,306



Homebuilding–0.22%
KB Home		10,200		328,950


Lennar Corp., Class A		10,200		716,346


PulteGroup, Inc.		8,800		358,688


TRI Pointe Group, Inc.^(b)		22,000		361,460


				1,765,444



Household Products–2.01%
Church & Dwight Co., Inc.		26,200		2,315,818


Clorox Co. (The)		13,050		2,704,612


Colgate-Palmolive Co.		34,800		2,745,372


Kimberly-Clark Corp.		19,100		2,532,469


Procter & Gamble Co. (The)		36,000		4,935,600


Reynolds Consumer Products, Inc.		22,700		641,048


Spectrum Brands Holdings, Inc.		6,800		386,716


				16,261,635



Human Resource & Employment Services–0.05%
ManpowerGroup, Inc.		5,900		400,433



Hypermarkets & Super Centers–0.92%
Costco Wholesale Corp.		9,540		3,411,695


Walmart, Inc.		29,100		4,037,625


				7,449,320



Industrial Conglomerates–0.24%
3M Co.		3,900		623,844


General Electric Co.		84,700		628,474


Honeywell International, Inc.		4,300		709,285


				1,961,603



Industrial Gases–0.07%
Linde PLC (United Kingdom)		2,700		594,918



Industrial Machinery–0.14%
Illinois Tool Works, Inc.		2,350		460,318


Stanley Black & Decker, Inc.		4,200		698,040


				1,158,358



Industrial REITs–0.18%
Duke Realty Corp.		13,600		516,664


EastGroup Properties, Inc.		3,000		399,240


Prologis, Inc.		5,200		515,840


				1,431,744

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


12		Invesco Fundamental Alternatives Fund


	Shares		Value


Integrated Oil & Gas–0.18%
Chevron Corp.		14,701	$	1,021,652


Exxon Mobil Corp.		13,600		443,632


				1,465,284



Integrated Telecommunication Services–1.17%
AT&T, Inc.		151,100		4,082,722


BCE, Inc. (Canada)		19,900		800,378


Verizon Communications, Inc.		80,100		4,564,899


				9,447,999



Interactive Home Entertainment–1.16%
Activision Blizzard, Inc.		43,700		3,309,401


Electronic Arts, Inc.^(b)		25,400		3,043,682


Take-Two Interactive Software, Inc.^(b)		16,800		2,602,656


Zynga, Inc., Class A^(b)		46,200		415,338


				9,371,077



Interactive Media & Services–1.84%
Alphabet, Inc., Class A^(b)		5,915		9,559,291


Facebook, Inc., Class A^(b)		18,850		4,959,623


Zillow Group, Inc., Class C^(b)		4,200		372,204


				14,891,118



Internet & Direct Marketing Retail–1.37%
Amazon.com, Inc.^(b)		3,280		9,958,572


eBay, Inc.		15,200		723,976


Qurate Retail, Inc., Class A		57,500		389,275


				11,071,823



Internet Services & Infrastructure–0.39%
Akamai Technologies, Inc.^(b)		5,900		561,208


GoDaddy, Inc., Class A^(b)		5,300		374,922


VeriSign, Inc.^(b)		11,500		2,193,050


				3,129,180



Investment Banking & Brokerage–0.27%
Charles Schwab Corp. (The)		11,100		456,321


Goldman Sachs Group, Inc. (The)		5,000		945,200


Morgan Stanley		16,900		813,735


				2,215,256



IT Consulting & Other Services–1.02%
Accenture PLC, Class A		12,350		2,678,838


Amdocs Ltd.		16,400		924,632


Booz Allen Hamilton Holding Corp.		16,800		1,318,800


CGI, Inc. (Canada)^(b)		6,100		379,237


Cognizant Technology Solutions Corp., Class A		11,600		828,472


EPAM Systems, Inc.^(b)		1,200		370,740


International Business Machines Corp.		8,700		971,442


Leidos Holdings, Inc.		4,800		398,400


ManTech International Corp., Class A		5,900		382,792


				8,253,353



Life & Health Insurance–0.11%
MetLife, Inc.		12,100		457,985


Principal Financial Group, Inc.		10,100		396,122


				854,107



Life Sciences Tools & Services–0.32%
Mettler-Toledo International, Inc.^(b)		400		399,164


	Shares		Value


Life Sciences Tools & Services–(continued)
PerkinElmer, Inc.		3,400	$	440,470


Thermo Fisher Scientific, Inc.		3,660		1,731,619


				2,571,253



Managed Health Care–0.55%
Anthem, Inc.		2,740		747,472


Humana, Inc.		1,720		686,762


Molina Healthcare, Inc.^(b)		2,000		372,940


UnitedHealth Group, Inc.		8,560		2,611,998


				4,419,172



Marine–0.00%
HGIM Corp.		731		274



Movies & Entertainment–0.57%
Deluxe Entertainment Services Group, Inc.^(c)		9,343		0


Liberty Media Corp.-Liberty Formula One, Class C^(b)		15,400		556,402


Lions Gate Entertainment Corp., Class A^(b)		54,100		362,470


Netflix, Inc.^(b)		4,080		1,941,019


Walt Disney Co. (The)		10,800		1,309,500


World Wrestling Entertainment, Inc., Class A		13,000		472,680


				4,642,071



Multi-Sector Holdings–0.37%
Berkshire Hathaway, Inc., Class B^(b)		14,700		2,967,930



Multi-Utilities–0.50%
CMS Energy Corp.		17,500		1,108,275


Consolidated Edison, Inc.		8,300		651,467


Dominion Energy, Inc.		7,700		618,618


DTE Energy Co.		3,400		419,628


MDU Resources Group, Inc.		17,600		418,176


Public Service Enterprise Group, Inc.		6,900		401,235


Sempra Energy		3,200		401,152


				4,018,551



Office REITs–0.05%
Highwoods Properties, Inc.		12,700		378,079



Oil & Gas Drilling–0.00%
Vantage Drilling International^(b)		73		183



Oil & Gas Equipment & Services–0.11%
Halliburton Co.		32,600		393,156


Schlumberger Ltd.		33,800		504,972


				898,128



Oil & Gas Exploration & Production–0.18%
Concho Resources, Inc.		8,200		340,382


ConocoPhillips		18,461		528,354


Pioneer Natural Resources Co.		7,200		572,832


Sabine Oil & Gas Holdings, Inc.^(b)		115		1,610


				1,443,178



Oil & Gas Refining & Marketing–0.03%
Valero Energy Corp.		6,200		239,382



Oil & Gas Storage & Transportation–0.15%
Enbridge, Inc. (Canada)		29,000		799,240

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


13		Invesco Fundamental Alternatives Fund


	Shares		Value


Oil & Gas Storage & Transportation–(continued)
Kinder Morgan, Inc.		32,800	$	390,320


Southcross Energy Partners L.P.		10,819		1,515


				1,191,075



Other Diversified Financial Services–0.02%
Crossmark Holdings, Inc., Wts., expiring 7/26/2024^(c)		809		148,176



Packaged Foods & Meats–0.97%
Campbell Soup Co.		27,700		1,292,759


Conagra Brands, Inc.		12,400		435,116


Flowers Foods, Inc.		18,000		424,440


General Mills, Inc.		12,100		715,352


Hain Celestial Group, Inc. (The)^(b)		11,800		362,850


Hormel Foods Corp.		35,200		1,713,888


JM Smucker Co. (The)		3,800		426,360


Kraft Heinz Co. (The)		25,500		780,045


Mondelez International, Inc., Class A		15,200		807,424


Sanderson Farms, Inc.		3,500		447,895


Tyson Foods, Inc., Class A		7,200		412,056


				7,818,185



Paper Packaging–0.16%
Avery Dennison Corp.		1,500		207,585


International Paper Co.		12,200		533,750


Packaging Corp. of America		4,900		561,001


				1,302,336



Personal Products–0.05%
Nu Skin Enterprises, Inc., Class A		7,800		384,930



Pharmaceuticals–2.77%
Bristol-Myers Squibb Co.		17,500		1,022,875


Eli Lilly and Co.		26,200		3,418,052


Johnson & Johnson		37,550		5,148,480


Merck & Co., Inc.		58,300		4,384,743


Mylan N.V.^(b)		56,300		818,602


Pfizer, Inc.		110,200		3,909,896


Prestige Consumer Healthcare, Inc.^(b)		11,900		393,057


Reata Pharmaceuticals, Inc., Class A^(b)		3,600		420,156


Royalty Pharma PLC, Class A		10,300		378,010


Zoetis, Inc.		15,850		2,513,018


				22,406,889



Property & Casualty Insurance–0.33%
Allstate Corp. (The)		12,600		1,118,250


Chubb Ltd.		4,600		597,586


Progressive Corp. (The)		10,300		946,570


				2,662,406



Publishing–0.26%
New York Times Co. (The), Class A		42,500		1,685,550


News Corp., Class A		30,000		393,900


				2,079,450



Railroads–0.89%
Canadian National Railway Co. (Canada)		15,800		1,571,310


Canadian Pacific Railway Ltd. (Canada)		6,660		1,992,206


CSX Corp.		5,200		410,488


Kansas City Southern		3,800		669,332


Norfolk Southern Corp.		1,900		397,328


	Shares		Value


Railroads–(continued)
Union Pacific Corp.		12,300	$	2,179,437


				7,220,101



Regional Banks–0.48%
Citizens Financial Group, Inc.		15,000		408,750


Fifth Third Bancorp		17,400		404,028


First Republic Bank		3,200		403,648


PNC Financial Services Group, Inc. (The)		12,156		1,360,013


Signature Bank		5,000		403,700


SVB Financial Group^(b)		1,500		436,050


Synovus Financial Corp.		16,700		434,200


				3,850,389



Renewable Electricity–0.06%
Ormat Technologies, Inc.		6,400		453,568



Research & Consulting Services–0.05%
Thomson Reuters Corp. (Canada)^(b)		5,000		389,250



Residential REITs–0.11%
Camden Property Trust		4,900		451,976


Mid-America Apartment Communities, Inc.		3,500		408,205


				860,181



Restaurants–0.34%
Chipotle Mexican Grill, Inc.^(b)		305		366,452


Domino’s Pizza, Inc.		1,060		401,019


McDonald’s Corp.		7,400		1,576,200


Starbucks Corp.		4,700		408,712


				2,752,383



Semiconductor Equipment–0.22%
Applied Materials, Inc.		9,100		538,993


KLA Corp.		2,000		394,360


Lam Research Corp.		1,140		389,971


Teradyne, Inc.		4,700		412,895


				1,736,219



Semiconductors–1.72%
Advanced Micro Devices, Inc.^(b)		6,900		519,501


Broadcom, Inc.		3,440		1,202,727


Intel Corp.		49,300		2,183,004


Microchip Technology, Inc.		3,700		388,796


NVIDIA Corp.		4,560		2,286,202


Qorvo, Inc.^(b)		3,100		394,816


QUALCOMM, Inc.		13,400		1,653,024


Skyworks Solutions, Inc.		3,450		487,450


Synaptics, Inc.^(b)		5,100		391,017


Texas Instruments, Inc.		25,100		3,629,209


Xilinx, Inc.		6,500		771,485


				13,907,231



Soft Drinks–0.38%
Coca-Cola Co. (The)		15,800		759,348


Keurig Dr Pepper, Inc.		28,400		763,960


PepsiCo, Inc.		11,900		1,586,151


				3,109,459



Specialized Consumer Services–0.05%
Terminix Global Holdings, Inc.^(b)		8,700		409,683

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


14		Invesco Fundamental Alternatives Fund


	Shares		Value


Specialized REITs–0.52%
American Tower Corp.		3,300	$	757,845

Crown Castle International Corp.		2,650		413,930

Equinix, Inc.		1,175		859,207

Extra Space Storage, Inc.		3,600		417,420

Gaming and Leisure Properties, Inc.		11,100		403,485

Public Storage		1,800		412,326

SBA Communications Corp., Class A		1,740		505,244

Weyerhaeuser Co.		16,200		442,098


				4,211,555



Specialty Chemicals–0.26%
Celanese Corp.		5,700		647,007

DuPont de Nemours, Inc.		9,900		563,112

RPM International, Inc.		4,600		389,482

Sherwin-Williams Co. (The)		700		481,586


				2,081,187



Specialty Stores–0.09%
Dick’s Sporting Goods, Inc.		6,900		390,885

Tractor Supply Co.		2,800		372,988


				763,873



Steel–0.09%
Reliance Steel & Aluminum Co.		3,700		403,263

Steel Dynamics, Inc.		9,900		311,652


				714,915



Systems Software–2.24%
Crowdstrike Holdings, Inc., Class A^(b)		2,900		359,136

Fortinet, Inc.^(b)		3,200		353,184

Microsoft Corp.		60,100		12,168,447

Oracle Corp.		66,900		3,753,759

ServiceNow, Inc.^(b)		1,700		845,869

Teradata Corp.^(b)		33,300		611,721


				18,092,116



Technology Distributors–0.12%
Arrow Electronics, Inc.^(b)		7,700		599,753

SYNNEX Corp.		2,800		368,592


				968,345



Technology Hardware, Storage & Peripherals–1.76%
Apple, Inc.		126,200		13,738,132

HP, Inc.		29,100		522,636


				14,260,768



Textiles–0.00%
Sunguard Availability Services Capital, Inc.		225		2,138



Thrifts & Mortgage Finance–0.09%
New York Community Bancorp, Inc.		49,800		413,838

PennyMac Financial Services, Inc.		6,700		340,494


				754,332



Tobacco–0.35%
Altria Group, Inc.		28,400		1,024,672

Philip Morris International, Inc.		25,300		1,796,806


				2,821,478


	Shares		Value


Trading Companies & Distributors–0.10%
United Rentals, Inc.^(b)		2,300	$	410,067

Watsco, Inc.		1,800		403,452


				813,519


Trucking–0.49%
Knight-Swift Transportation Holdings, Inc.		28,200		1,071,318

Landstar System, Inc.		6,300		785,610

Old Dominion Freight Line, Inc.		2,100		399,777

Schneider National, Inc., Class B		24,800		547,088

Werner Enterprises, Inc.		31,300		1,190,026


				3,993,819


Total Common Stocks & Other Equity Interests (Cost $398,972,301)				430,620,891



	Principal Amount
U.S. Dollar Denominated Bonds & Notes–14.23%
Air Freight & Logistics–0.29%
FedEx Corp., 3.10%, 08/05/2029	$	2,090,000		2,319,831



Auto Parts & Equipment–0.31%
Aptiv PLC, 4.35%, 03/15/2029		2,205,000		2,466,119



Automotive Retail–0.57%
AutoZone, Inc., 3.75%, 04/18/2029		2,031,000		2,321,357

O’Reilly Automotive, Inc., 3.90%, 06/01/2029		1,933,000		2,248,406


				4,569,763



Broadcasting–0.29%
Discovery Communications LLC, 3.95%, 03/20/2028		2,060,000		2,318,037



Building Products–0.29%
Allegion PLC, 3.50%, 10/01/2029		2,173,000		2,381,449



Construction Machinery & Heavy Trucks–0.28%
Oshkosh Corp., 4.60%, 05/15/2028		2,001,000		2,289,381



Diversified Banks–3.17%
Bank of America Corp., Series X, 6.25%^(e)(f)		10,113,000		11,001,657

Citigroup, Inc., 5.90%^(e)(f)		10,494,000		10,877,031

Wells Fargo Bank N.A., 0.73% (3 mo. USD LIBOR + 0.51%), 10/22/2021^(g)		3,728,000		3,743,217


				25,621,905



Diversified REITs–0.27%
Digital Realty Trust L.P., 2.75%, 02/01/2023		2,102,000		2,199,521



Electric Utilities–0.28%
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028		1,937,000		2,252,087



Electronic Components–0.29%
Amphenol Corp., 2.80%, 02/15/2030		2,152,000		2,354,403



Fertilizers & Agricultural Chemicals–0.28%
FMC Corp., 3.45%, 10/01/2029		2,060,000		2,277,170

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


15		Invesco Fundamental Alternatives Fund


	Principal Amount		Value


General Merchandise Stores–0.56%


Dollar General Corp., 3.88%, 04/15/2027	$	1,955,000	$	2,237,759


Dollar Tree, Inc., 4.20%, 05/15/2028		1,960,000		2,293,555


				4,531,314



Health Care Equipment–0.55%
Becton, Dickinson and Co., 3.70%, 06/06/2027		1,964,000		2,224,089


Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025		2,050,000		2,258,923


				4,483,012



Health Care Services–0.55%
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029		2,100,000		2,294,906


Quest Diagnostics, Inc., 4.70%, 04/01/2021		2,090,000		2,119,851


				4,414,757



Industrial Conglomerates–0.57%
Carlisle Cos., Inc., 3.75%, 12/01/2027		2,063,000		2,320,469


Roper Technologies, Inc., 4.20%, 09/15/2028		1,906,000		2,259,424


				4,579,893



Industrial Machinery–0.26%
Fortive Corp., 2.35%, 06/15/2021		2,117,000		2,138,016



Investment Banking & Brokerage–1.12%
Goldman Sachs Group, Inc. (The), Series M, 4.17% (3 mo. USD LIBOR + 3.92%)^(f)(g)		9,191,000		9,064,624



Managed Health Care–0.28%
Humana, Inc., 3.95%, 03/15/2027		1,972,000		2,245,303



Multi-Utilities–0.28%
DTE Energy Co., Series C, 3.40%, 06/15/2029		2,029,000		2,266,118



Office REITs–0.29%
Alexandria Real Estate Equities, Inc., 3.80%, 04/15/2026		2,029,000		2,318,674



Oil & Gas Exploration & Production–0.42%
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026^(h)		3,577,000		3,433,920



Packaged Foods & Meats–0.54%
Campbell Soup Co., 3.30%, 03/15/2021		2,107,000		2,129,836


Conagra Brands, Inc., 4.60%, 11/01/2025		1,920,000		2,237,602


				4,367,438



Paper Packaging–0.55%
Avery Dennison Corp., 4.88%, 12/06/2028		1,845,000		2,260,659


Packaging Corp. of America, 3.40%, 12/15/2027		1,996,000		2,209,307


				4,469,966


	Principal Amount		Value


Railroads–0.27%
Kansas City Southern, 2.88%, 11/15/2029	$	2,095,000	$	2,219,949



Specialized REITs–0.82%
American Tower Corp., 3.95%, 03/15/2029		1,929,000		2,203,037

Crown Castle International Corp., 3.10%, 11/15/2029		2,001,000		2,152,537

Weyerhaeuser Co., 4.00%, 11/15/2029		1,985,000		2,308,192


				6,663,766



Specialty Chemicals–0.29%
Celanese US Holdings LLC, 3.50%, 05/08/2024		2,146,000		2,310,138



Steel–0.27%
Steel Dynamics, Inc., 5.00%, 12/15/2026		2,055,000		2,195,533



Systems Software–0.29%
VMware, Inc., 3.90%, 08/21/2027		2,120,000		2,340,470


Total U.S. Dollar Denominated Bonds & Notes (Cost $111,913,787)				115,092,557



	Shares
Exchange-Traded Funds–3.52%
iShares^®Gold Trust - ETF (Cost $ 23,549,026)^(b)		1,591,300		28,468,357



	Principal Amount
Variable Rate Senior Loan Interests–0.32%^(i)(j)
Advertising–0.01%
Checkout Holding Corp., Term Loan, 8.50% (1 mo. USD LIBOR + 7.50%), 02/15/2023	$	129,106		81,659

PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate, 08/15/2023^(k)		98,188		15,956


				97,615



Movies & Entertainment–0.01%
Deluxe Entertainment Services Group, Inc., First Lien Term Loan, 1.50% PIK Rate; 6.00% Cash Rate(3 mo. USD LIBOR + 5.00%), 03/25/2024^(c)(k)		47,818		38,207

Second Lien Term Loan, 2.50% PIK Rate; 7.00% Cash Rate(3 mo. USD LIBOR + 6.00%), 09/25/2024^(c)(k)		45,988		0


				38,207



Oil & Gas Drilling–0.00%
Seadrill Operating L.P. (), -% (3 mo. USD LIBOR + 10.00%), 02/21/2021 not settled^(c)(l)		11,474		11,760



Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Revolver Loan, 5.00%, 01/31/2025^(c)(m)		18,571		17,364

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


16		Invesco Fundamental Alternatives Fund


	Principal Amount		Value


Other Diversified Financial Services–0.01%
Crossmark Holdings, Inc., Term Loan, 11.00% (3 mo. USD LIBOR + 10.00%), 07/26/2023	$	43,337	$	42,796



Specialized REITs–0.21%
Iron Mountain, Inc., Term Loan B, -% (1 mo. USD LIBOR + 1.75%), 01/02/2026^(l)		1,736,641		1,676,588



Trucking–0.08%
Western Express, Inc., Second Lien Term Loan, 8.50% (3 mo. USD LIBOR + 8.25%), 02/23/2022^(c)		656,208		654,568


Total Variable Rate Senior Loan Interests (Cost $2,665,863)				2,538,898



		Shares
Preferred Stocks–0.01%
Oil & Gas Storage & Transportation–0.01%
Southcross Energy Partners L.P., Series A, Pfd.		68,467		40,053

Southcross Energy Partners L.P., Series B, Pfd.		19,728		28,113


Total Preferred Stocks (Cost $68,449)				68,166


	Principal Amount		Value


Event-Linked Bonds–0.00%
Windstorm–0.00%
Akibare Re Ltd. (Japan), Catastrophe Linked Notes, 0.10%, 04/07/2023 (Cost $482,341)^(h)	$	482,286	$	1,194



	Shares
Money Market Funds–14.95%
Invesco Treasury Portfolio, Institutional Class,^0.01%(n)(o)(Cost $120,924,059)		120,924,059		120,924,059



Options Purchased–0.01%
(Cost $5,151,747)^(p)				38,961


TOTAL INVESTMENTS IN SECURITIES–86.29% (Cost $663,727,573)				697,753,083


OTHER ASSETS LESS LIABILITIES–13.71%				110,889,808


NET ASSETS–100.00%			$	808,642,891

Investment Abbreviations:


ETF		– Exchange-Traded Fund
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
USD		– U.S. Dollar
Wts.		– Warrants

Notes to Consolidated Schedule of Investments:

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

^(b)	Non-income producing security.

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

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

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

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

^(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2020.

^(h)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $3,435,114, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾

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

^(j)

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

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

^(l)	This variable rate interest will settle after October 31, 2020, at which time the interest rate will be determined.

^(m)	All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

⁽ⁿ⁾

Value
October 31, 2019

Purchases
at Cost

Proceeds
from Sales

Change in
Unrealized
Appreciation

Realized
Gain

(Loss)

Value
October 31, 2020

Dividend Income

Invesco Master Loan Fund

21,287,012

157,561

(19,241,484

)

433,662

(2,636,751

)

93,086

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


17		Invesco Fundamental Alternatives Fund


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2020		Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	14,003,811	$	226,354,958	$	(240,358,769	)	$	-	$	-		$	-	$	51,092
Invesco Treasury Portfolio, Institutional Class		-		396,093,860		(275,169,801	)		-		-			120,924,059		29,985
Total	$	35,290,823	$	622,606,379	$	(534,770,054	)	$	433,662	$	(2,636,751	)	$	120,924,059	$	174,163

^(o)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(p)	The table below details options purchased.

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Description

Type of
Contract

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating Rate Index

Payment
Frequency

Expiration
Date

Notional Value

Value

Interest Rate Risk

10 Year Interest Rate Swaption

Put

Goldman Sachs
International

0.52

Pay

6 Month JPY LIBOR

Semi-Annually

01/26/2021

JPY

1,744,000,000

10 Year Interest Rate Swaption

Put

Goldman Sachs
International

0.49

Pay

6 Month JPY LIBOR

Semi-Annually

04/27/2021

JPY

5,250,000,000

3,284

10 Year Interest Rate Swaption

Put

Morgan Stanley Capital
Services LLC

3.18

Pay

3 Month USD LIBOR

Quarterly

09/27/2021

USD

4,100,000

1,506

10 Year Interest Rate Swaption

Put

Morgan Stanley Capital
Services LLC

3.25

Pay

3 Month USD LIBOR

Quarterly

10/12/2021

USD

100,250,000

34,095

Total Interest Rate Swaptions Purchased

38,961

^(a)	Over-The-Counter options purchased and swap agreements are collateralized by cash held with Counterparties in the amount of $1,357,426.

Open Futures Contracts

Number of

Expiration

Notional

Unrealized

Short Futures Contracts

Contracts

Month

Value

Appreciation

Equity Risk

E-Mini S&P 500 Index

1,524

December-2020

(248,770,140

)

12,640,872


Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)


Currency Risk

12/16/2020	Deutsche Bank AG		DKK	37,700,000		USD	6,026,190	$	121,904

12/16/2020	Deutsche Bank AG		GBP	2,300,000		USD	3,073,522		92,901

12/16/2020	Deutsche Bank AG		USD	2,975,303		GBP	2,300,000		5,318

11/20/2020	HSBC Bank USA, N.A.		CNY	40,731,200		USD	6,071,482		216

11/20/2020	J.P. Morgan Chase Bank, N.A.		USD	5,809,707		CNY	40,731,200		261,559

12/16/2020	Morgan Stanley Capital Services LLC		DKK	2,500,000		USD	399,062		7,531

12/16/2020	Standard Charted Bank PLC		USD	19,218,450		THB	600,000,000		28,016


Subtotal–Appreciation									517,445



Currency Risk

11/17/2020	HSBC Bank USA, N.A.		USD	11,036,916		CNY	74,020,000		(1,579	)

12/16/2020	HSBC Bank USA, N.A.		THB	600,000,000		USD	19,129,603		(116,863	)

11/17/2020	J.P. Morgan Chase Bank, N.A.		CNY	70,420,000		USD	9,985,076		(513,550	)

11/17/2020	UBS AG		CNY	3,600,000		USD	514,569		(22,141	)

12/16/2020	UBS AG		USD	6,339,829		DKK	40,200,000		(44,013	)


Subtotal–Depreciation									(698,146	)


Total Forward Foreign Currency Contracts								$	(180,701	)

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


18		Invesco Fundamental Alternatives 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.	CDX North America High Yield Index, Series 25, Version 16		Buy		5.00	%		Quarterly		12/20/2020		0.1459	%		USD	936,000	$	3,135		$	(6,432	)	$	(9,567	)


Citibank, N.A.	CDX North America High Yield Index, Series 25, Version 16		Buy		5.00			Quarterly		12/20/2020		0.1459			USD	471,000		1,365			(3,237	)		(4,602	)


Goldman Sachs International	CDX North America High Yield Index, Series 25, Version 16		Buy		5.00			Quarterly		12/20/2020		0.1459			USD	7,500,000		36,424			(51,542	)		(87,966	)


Goldman Sachs International	Iron Mountain, Inc.		Buy		5.00			Quarterly		12/20/2024		1.0382			USD	1,750,000		(253,984	)		(284,616	)		(30,632	)


Total Open Over-The-Counter Credit Default Swap Agreements																	$	(213,060	)	$	(345,827	)	$	(132,767	)

^(a)	Over-The-Counter options purchased and swap agreements are collateralized by cash held with Counterparties in the amount of $1,357,426.

^(b)

Implied credit spreads represent the current level, as of October 31, 2020, 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:


CNY		–Chinese Yuan Renminbi
DKK		–Danish Krone
GBP		–British Pound Sterling
JPY		–Japanese Yen
LIBOR		–London Interbank Offered Rate
THB		–Thai Baht
USD		–U.S. Dollar

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


19		Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:

Investments in securities, at value (Cost $542,803,514)	$	576,829,024


Investments in affiliated money market funds, at value (Cost $120,924,059)		120,924,059


Other investments:
Variation margin receivable – futures contracts		23,865,120


Swaps receivable – OTC		1,733,629


Unrealized appreciation on forward foreign currency contracts outstanding		517,445


Deposits with brokers:
Cash collateral – OTC Derivatives		1,357,426


Cash		15,061,714


Foreign currencies, at value (Cost $4,630)		4,283


Receivable for:
Investments sold		71,537,481


Fund shares sold		98,826


Dividends		1,027,507


Interest		1,269,436


Investment for trustee deferred compensation and retirement plans		102,044


Other assets		36,633


Total assets		814,364,627



Liabilities:
Other investments:
Premiums received on swap agreements – OTC		213,060


Unrealized depreciation on forward foreign currency contracts outstanding		698,146


Swaps payable – OTC		451,440


Unrealized depreciation on swap agreements–OTC		132,767


Payable for:
Investments purchased		96,665


Dividends		1,458


Fund shares reacquired		3,261,752


Accrued fees to affiliates		423,884


Accrued trustees’ and officers’ fees and benefits		1,202


Accrued other operating expenses		261,414


Trustee deferred compensation and retirement plans		162,584


Unfunded loan commitments		17,364


Total liabilities		5,721,736


Net assets applicable to shares outstanding	$	808,642,891


Net assets consist of:
Shares of beneficial interest	$	769,687,442


Distributable earnings		38,955,449


	$	808,642,891



Net Assets:
Class A	$	386,680,269


Class C	$	27,495,488


Class R	$	13,866,570


Class Y	$	165,216,625


Class R5	$	10,009


Class R6	$	215,373,930



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		14,592,818


Class C		1,176,792


Class R		548,351


Class Y		6,086,629


Class R5		377


Class R6		7,897,262


Class A:
Net asset value per share	$	26.50

Maximum offering price per share (Net asset value of $26.50 ÷ 94.50%)	$	28.04


Class C:
Net asset value and offering price per share	$	23.36


Class R:
Net asset value and offering price per share	$	25.29


Class Y:
Net asset value and offering price per share	$	27.14


Class R5:
Net asset value and offering price per share	$	26.55


Class R6:
Net asset value and offering price per share	$	27.27

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


20		Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:
Interest	$	13,599,831


Dividends (net of foreign withholding taxes of $442,215)		8,504,905


Dividends from affiliated money market funds		174,163


Total investment income		22,278,899



Expenses:
Advisory fees		7,083,653


Administrative services fees		122,522


Custodian fees		80,281


Distribution fees:
Class A		1,029,641


Class C		326,236


Class R		75,221


Interest, facilities and maintenance fees		356,327


Transfer agent fees – A, C, R and Y		1,387,920


Transfer agent fees – R6		8,249


Dividends on short sales		1,593,242


Trustees’ and officers’ fees and benefits		36,110


Registration and filing fees		178,696


Reports to shareholders		84,817


Professional services fees		98,178


Taxes		44,112


Other		32,798


Total expenses		12,538,003


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(342,706	)


Net expenses		12,195,297


Net investment income		10,083,602



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		84,792,528


Foreign currencies		(378,765	)


Forward foreign currency contracts		400,139


Futures contracts		(4,250	)


Swap agreements		433,775


Securities sold short		6,835,687


		92,079,114


Change in net unrealized appreciation (depreciation) of:
Investment securities		(109,678,788	)


Foreign currencies		188,185


Forward foreign currency contracts		116,690


Futures contracts		13,007,060


Securities sold short		(222,606	)


Swap agreements		1,950,005


		(94,639,454	)


Net realized and unrealized gain (loss)		(2,560,340	)


Net increase in net assets resulting from operations	$	7,523,262

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


21		Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019


Operations:
Net investment income	$	10,083,602		$	27,845,081


Net realized gain (loss)		92,079,114			(33,956,807	)


Change in net unrealized appreciation (depreciation)		(94,639,454	)		(335,147	)


Net increase (decrease) in net assets resulting from operations		7,523,262			(6,446,873	)



Distributions to shareholders from distributable earnings:
Class A		(8,730,739	)		(7,824,516	)


Class C		(385,892	)		(955,228	)


Class R		(273,673	)		(284,089	)


Class Y		(5,689,727	)		(6,773,061	)


Class R5		(247	)		–


Class R6		(4,178,742	)		(4,103,835	)


Total distributions from distributable earnings		(19,259,020	)		(19,940,729	)



Share transactions–net:
Class A		(48,916,642	)		(25,912,968	)


Class C		(11,004,373	)		(48,368,674	)


Class R		(2,236,875	)		(2,689,774	)


Class Y		(98,737,957	)		(77,353,221	)


Class R5		–			10,000


Class R6		42,391,075			(31,305,641	)


Net increase (decrease) in net assets resulting from share transactions		(118,504,772	)		(185,620,278	)


Net increase (decrease) in net assets		(130,240,530	)		(212,007,880	)



Net assets:
Beginning of year		938,883,421			1,150,891,301


End of year	$	808,642,891		$	938,883,421

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


22		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^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/20		$	26.83		$	0.28		$	(0.07	)		$	0.21			$	(0.54	)		$	26.50		0.77	%		$	386,680		1.56	%^(e)		1.61	%^(e)		1.52	%^(e)		1.07	%^(e)		223	%
Year ended 10/31/19			27.42			0.69			(0.82	)			(0.13	)			(0.46	)			26.83		(0.45	)			441,060		1.64			1.71			1.38			2.59			289
Year ended 10/31/18			27.21			0.45			0.19				0.64				(0.43	)			27.42		2.34				477,683		1.96			1.99			1.35			1.67			155
Year ended 10/31/17			26.81			0.38			0.09				0.47				(0.07	)			27.21		1.79				560,359		1.72			1.76			1.36			1.39			168
Year ended 10/31/16			27.00			0.27			(0.32	)			(0.05	)			(0.14	)			26.81		(0.18	)			675,558		1.99			2.03			1.35			1.02			131
Class C
Year ended 10/31/20			23.60			0.07			(0.07	)			0.00				(0.24	)			23.36		0.00				27,495		2.33	^(e)		2.35	^(e)		2.28	^(e)		0.30	^(e)		223
Year ended 10/31/19			24.17			0.43			(0.74	)			(0.31	)			(0.26	)			23.60		(1.25	)			38,860		2.42			2.47			2.14			1.81			289
Year ended 10/31/18			24.03			0.22			0.16				0.38				(0.24	)			24.17		1.59				89,319		2.72			2.75			2.11			0.90			155
Year ended 10/31/17			23.85			0.15			0.08				0.23				(0.05	)			24.03		0.96				110,630		2.49			2.53			2.13			0.62			168
Year ended 10/31/16			24.15			0.06			(0.28	)			(0.22	)			(0.08	)			23.85		(0.91	)			139,374		2.75			2.79			2.11			0.25			131
Class R
Year ended 10/31/20			25.60			0.21			(0.07	)			0.14				(0.45	)			25.29		0.51				13,867		1.82	^(e)		1.86	^(e)		1.78	^(e)		0.81	^(e)		223
Year ended 10/31/19			26.18			0.59			(0.78	)			(0.19	)			(0.39	)			25.60		(0.70	)			16,296		1.91			1.97			1.64			2.33			289
Year ended 10/31/18			26.02			0.36			0.17				0.53				(0.37	)			26.18		2.07				19,426		2.23			2.26			1.62			1.40			155
Year ended 10/31/17			25.69			0.29			0.10				0.39				(0.06	)			26.02		1.51				21,058		1.98			2.02			1.62			1.12			168
Year ended 10/31/16			25.89			0.19			(0.30	)			(0.11	)			(0.09	)			25.69		(0.44	)			20,567		2.26			2.30			1.62			0.75			131
Class Y
Year ended 10/31/20			27.47			0.36			(0.08	)			0.28				(0.61	)			27.14		1.00				165,217		1.31	^(e)		1.35	^(e)		1.27	^(e)		1.32	^(e)		223
Year ended 10/31/19			28.07			0.77			(0.84	)			(0.07	)			(0.53	)			27.47		(0.22	)			266,741		1.41			1.47			1.14			2.82			289
Year ended 10/31/18			27.86			0.52			0.19				0.71				(0.50	)			28.07		2.59				352,559		1.73			1.76			1.12			1.90			155
Year ended 10/31/17			27.47			0.45			0.09				0.54				(0.15	)			27.86		1.98				405,224		1.49			1.53			1.13			1.61			168
Year ended 10/31/16			27.68			0.32			(0.29	)			0.03				(0.24	)			27.47		0.08				398,708		1.81			1.85			1.17			1.16			131
Class R5
Year ended 10/31/20			26.87			0.39			(0.05	)			0.34				(0.66	)			26.55		1.23				10		1.14	^(e)		1.15	^(e)		1.10	^(e)		1.49	^(e)		223
Period ended 10/31/19^(f)			26.56			0.35			(0.04	)			0.31				–				26.87		1.17				10		1.25	^(g)		1.35	^(g)		1.02	^(g)		2.97	^(g)		289
Class R6
Year ended 10/31/20			27.60			0.41			(0.08	)			0.33				(0.66	)			27.27		1.19				215,374		1.12	^(e)		1.14	^(e)		1.08	^(e)		1.51	^(e)		223
Year ended 10/31/19			28.21			0.82			(0.86	)			(0.04	)			(0.57	)			27.60		(0.08	)			175,917		1.23			1.29			0.96			3.00			289
Year ended 10/31/18			28.00			0.57			0.19				0.76				(0.55	)			28.21		2.77				211,904		1.58			1.61			0.97			2.05			155
Year ended 10/31/17			27.60			0.50			0.10				0.60				(0.20	)			28.00		2.18				151,697		1.29			1.32			0.92			1.80			168
Year ended 10/31/16			27.79			0.37			(0.29	)			0.08				(0.27	)			27.60		0.29				130,790		1.61			1.65			0.97			1.35			131

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.02%, 0.01%, 0.00%, 0.00%, and 0.02% for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.

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

^(e)	Ratios are based on average daily net assets (000’s omitted) of $412,057, $32,656, $15,053, $208,642, $10 and $179,971 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(g)	Annualized.

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


23		Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

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

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

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

The 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.


24		Invesco Fundamental Alternatives Fund

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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.

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.

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.


25		Invesco Fundamental Alternatives 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.

Securities Sold Short – The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.

The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The short stock rebate presented in the Consolidated Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. The Fund may also earn or incur margin interest on short sales transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.

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.

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.

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

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.


26		Invesco Fundamental Alternatives Fund

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

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

A 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.


27		Invesco Fundamental Alternatives Fund

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

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.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $1.0 billion		0.850%


Next $500 million		0.800%


Next $500 million		0.750%


Next $500 million		0.700%


Next $500 million		0.650%


Next $500 million		0.600%


Next $500 million		0.550%


Over $4 billion		0.500%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.83%.

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).


28		Invesco Fundamental Alternatives Fund

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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $115,875 and reimbursed class level expenses of $144,315, $4,923, $3,774, $55,407, $0 and $6,985 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, 2020, 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.

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, 2020, IDI advised the Fund that IDI retained $34,047 in front-end sales commissions from the sale of Class A shares and $261 and $256 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


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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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	$	430,406,037	$	59,147	$	155,707	$	430,620,891
U.S. Dollar Denominated Bonds & Notes		–		115,092,557		–		115,092,557
Exchange–Traded Funds		28,468,357		–		–		28,468,357
Variable Rate Senior Loan Interests		–		1,816,999		721,899		2,538,898
Preferred Stocks		–		68,166		–		68,166
Event–Linked Bonds		–		1,194		–		1,194
Money Market Funds		120,924,059		–		–		120,924,059
Options Purchased		–		38,961		–		38,961
Total Investments in Securities		579,798,453		117,077,024		877,606		697,753,083
Other Investments – Assets*
Futures Contracts		12,640,872		–		–		12,640,872
Forward Foreign Currency Contracts		–		517,445		–		517,445
		12,640,872		517,445		–		13,158,317


29		Invesco Fundamental Alternatives Fund


	Level 1		Level 2			Level 3		Total


Other Investments - Liabilities*


Forward Foreign Currency Contracts	$	–	$	(698,146	)	$	–	$	(698,146	)


Swap Agreements		–		(132,767	)		–		(132,767	)


		–		(830,913	)		–		(830,913	)


Total Other Investments		12,640,872		(313,468	)		–		12,327,404


Total Investments	$	592,439,325	$	116,763,556		$	877,606	$	710,080,487

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

NOTE 4–Derivative Investments

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, 2020:


	Value
Derivative Assets	Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk		Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–	$	–	$	12,640,872		$	–	$	12,640,872


Unrealized appreciation on forward foreign currency contracts outstanding		–		517,445		–			–		517,445


Options purchased, at value – OTC		–		–		–			38,961		38,961


Total Derivative Assets		–		517,445		12,640,872			38,961		13,197,278


Derivatives not subject to master netting agreements		–		–		(12,640,872	)		–		(12,640,872	)


Total Derivative Assets subject to master netting agreements	$	–	$	517,445	$	–		$	38,961	$	556,406


	Value
Derivative Liabilities	Credit Risk			Currency Risk			Equity Risk		Interest Rate Risk		Total


Unrealized depreciation on forward foreign currency contracts outstanding	$	–		$	(698,146	)	$	–	$	–	$	(698,146	)


Unrealized depreciation on swap agreements – OTC		(132,767	)		–			–		–		(132,767	)


Total Derivative Liabilities		(132,767	)		(698,146	)		–		–		(830,913	)


Derivatives not subject to master netting agreements		–			–			–		–		–


Total Derivative Liabilities subject to master netting agreements	$	(132,767	)	$	(698,146	)	$	–	$	–	$	(830,913	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2020.


	Financial Derivative Assets								Financial Derivative Liabilities									Collateral (Received/Pledged)
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash	Net Amount


Citibank, N.A.	$	–	$	–			$	–	$	–		$	(17,877	)	$	(17,877	)	$	(17,877	)	$–	$–	$	(17,877	)


Deutsche Bank AG		220,123		–				220,123		–			–			–			220,123		–	–		220,123


Goldman Sachs International		–		3,360		1,733,629		1,736,989		–			(779,390	)		(779,390	)		957,599		–	–		957,599


HSBC Bank USA, N.A.		216		–				216		(118,442	)		–			(118,442	)		(118,226	)	–	–		(118,226	)


J.P. Morgan Chase Bank, N.A.		261,559		–				261,559		(513,550	)		–			(513,550	)		(251,991	)	–	–		(251,991	)


Morgan Stanley & Co. International PLC		7,531		35,601				43,132		–			–			–			43,132		–	–		43,132


Standard Charted Bank PLC		28,016		–				28,016		–			–			–			28,016		–	–		28,016


UBS AG		–		–		–		–		(66,154	)		–			(66,154	)		(66,154	)	–	–		(66,154	)


Total	$	517,445	$	38,961	$	1,733,629	$	2,290,035	$	(698,146	)	$	(797,267	)	$	(1,495,413	)	$	794,622		$–	$–	$	794,622


30		Invesco Fundamental Alternatives Fund

Effect of Derivative Investments for the year ended October 31, 2020

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


	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit			Currency			Equity		Interest
	Risk			Risk			Risk		Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	400,139		$	-	$	-		$	400,139

Futures contracts		-			-			-		(4,250	)		(4,250	)

Options purchased^(a)		-			(575,136	)		112,266		-			(462,870	)

Swap agreements		(405,611	)		-			407,030		432,356			433,775

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			116,690			-		-			116,690

Futures contracts		-			-			12,640,872		366,188			13,007,060

Options purchased^(a)		-			(16,571	)		-		(582,762	)		(599,333	)

Swap agreements		3,108,916			-			-		(1,158,911	)		1,950,005

Total	$	2,703,305		$	(74,878	)	$	13,160,168	$	(947,379	)	$	14,841,216

^(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	Swap Agreements

Average notional value	$54,715,425	$63,024,448	$160,883,140	$74,179,587	$67,540,510

NOTE 5–Expense Offset Arrangement(s)

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

NOTE 8–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of October 31, 2020. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve.


		Principal
Borrower	Type	Amount		Value


Southcross Energy Partners L.P.	Revolver Loan	$	18,571	$	17,364

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, 2020 and 2019:


	2020		2019


Ordinary income*	$	19,259,020	$	19,940,729

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


31		Invesco Fundamental Alternatives Fund

Tax Components of Net Assets at Period-End:


	2020


Undistributed ordinary income	$	14,515,441


Net unrealized appreciation – investments		32,619,922


Net unrealized appreciation – foreign currencies		23,591


Temporary book/tax differences		(162,116	)


Capital loss carryforward		(8,041,389	)


Shares of beneficial interest		769,687,442


Total net assets	$	808,642,891

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, 2020, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$8,041,389	$–		$8,041,389

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

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $1,289,614,308 and $1,489,226,429, 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	$	58,101,957

Aggregate unrealized (depreciation) of investments		(25,482,035	)


Net unrealized appreciation of investments	$	32,619,922

Cost of investments for tax purposes is $677,247,505.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreements, foreign currency transactions, master fund and income from the Subsidiary, on October 31, 2020, undistributed net investment income was increased by $2,714,314, undistributed net realized gain (loss) was decreased by $1,422,801 and shares of beneficial interest was decreased by $1,291,513. 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, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount


Sold:
Class A		600,983		$	15,937,548			773,028		$	20,620,008

Class C		104,191			2,443,556			187,582			4,396,659

Class R		82,405			2,085,288			82,245			2,089,251

Class Y		1,846,449			49,745,445			3,549,278			96,352,030

Class R5^(b)		–			–			377			10,000

Class R6		2,959,259			80,867,493			2,270,772			61,730,152


Issued as reinvestment of dividends:
Class A		317,359			8,492,528			289,108			7,606,421

Class C		15,748			374,167			40,018			932,838

Class R		10,508			269,014			10,875			273,605

Class Y		183,395			5,015,841			245,866			6,608,880

Class R6		146,966			4,032,739			144,330			3,892,582


Automatic conversion of Class C shares to Class A shares:
Class A		130,592			3,443,627			1,196,516			32,074,075

Class C		(147,624	)		(3,443,627	)		(1,356,061	)		(32,074,075	)


32		Invesco Fundamental Alternatives Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(2,897,134	)	$	(76,790,345	)		(3,237,881	)	$	(86,213,472	)

Class C		(441,836	)		(10,378,469	)		(920,359	)		(21,624,096	)

Class R		(181,235	)		(4,591,177	)		(198,367	)		(5,052,630	)

Class Y		(5,654,034	)		(153,499,243	)		(6,643,475	)		(180,314,131	)

Class R6		(1,582,952	)		(42,509,157	)		(3,553,249	)		(96,928,375	)

Net increase (decrease) in share activity		(4,506,960	)	$	(118,504,772	)		(7,119,397	)	$	(185,620,278	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 21% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

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

NOTE 13–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.


33		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 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, 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, 2020 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For the year ended October 31, 2020 and the year ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For the year ended October 31, 2020 and the period May 24, 2019 (inception of offering) through October 31, 2019 for Class R5.

The consolidated financial statements of Invesco Fundamental Alternatives Fund (formerly Oppenheimer Fundamental Alternatives Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for each of the periods ended on or prior to October 31, 2018 (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

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, 2020 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


34		Invesco Fundamental Alternatives Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period^2,3	Ending Account Value (10/31/20)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Class A	$1,000.00	$1,029.10	$7.60	$1,017.65	$7.56	1.49%
Class C	1,000.00	1,025.40	11.40	1,013.88	11.34	2.24
Class R	1,000.00	1,028.00	8.87	1,016.39	8.82	1.74
Class Y	1,000.00	1,030.70	6.33	1,018.90	6.29	1.24
Class R5	1,000.00	1,031.80	5.41	1,019.81	5.38	1.06
Class R6	1,000.00	1,031.70	5.41	1,019.81	5.38	1.06

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. Effective June 29, 2020, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.10%, 1.59%, 1.09%, 0.96%, and 0.91% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.33%, 2.10%, 1.59%, 1.09%, 0.91%, and 0.91% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.78, $10.69, $8.11, $5.56, $4.65 and $4.65 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.75, $10.63, $8.06, $5.53, $4.62 and $4.62 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


35		Invesco Fundamental Alternatives Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 (formerly, Invesco Oppenheimer Fundamental Alternatives Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, 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, 2020. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the ICE BofA US 3-Month Treasury Bill 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 above the performance of the Index for the one, three and five year periods. The Board also considered the Fund’s performance relative to the HFRX Global Hedge Fund Index. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. 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 and noted specifically the varying characteristics of the Fund’s peer group constituents. The Board noted that certain of the Fund’s long/short credit strategies detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


36		Invesco Fundamental Alternatives Fund

and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates


37		Invesco Fundamental Alternatives Fund

Tax Information

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, 2020:


Federal and State Income Tax
Qualified Dividend Income*	70.61	%
Corporate Dividends Received Deduction*	58.17	%
Business Interest Income*	0.00	%
U.S. Treasury Obligations*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


38		Invesco Fundamental Alternatives Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Fundamental Alternatives Fund

LOGO

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∎

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



		Annual Report to Shareholders		October 31, 2020

		Invesco Global Allocation Fund Effective September 30, 2020, Invesco Oppenheimer Global Allocation Fund was renamed Invesco Global Allocation Fund.
		Nasdaq:
		A: QVGIX ∎ C: QGRCX ∎ R: QGRNX ∎ Y: QGRYX ∎ R5: GLALX ∎ R6: QGRIX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Global Allocation Fund

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Global Allocation Fund

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2020, 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, 10/31/19 to 10/31/20, 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	2.97	%
Class C Shares	2.20
Class R Shares	2.70
Class Y Shares	3.21
Class R5 Shares	3.40
Class R6 Shares	3.41
Custom Invesco Global Allocation Index^q	5.65
MSCI All Country World Index^∎	4.89
Bloomberg Barclays Global Aggregate Bond Index, Hedged^∎	4.32
Source(s): ^▼Invesco, RIMES Technologies Corp.; ^∎RIMES Technologies Corp.

Market conditions and your Fund

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made

During the fiscal year, the Fund underperformed the Custom Invesco Global Allocation Index. Relative to the index, the Fund’s top-down asset allocation decisions were a positive contributor while top-down factor rotation, bottom-up managers’ security selection, and risk overlays were detractors.

From a top-down asset allocation perspective, the Fund benefited from overweight exposure to emerging market equities and underweight exposure to international fixed income. The Fund also benefited with a rotation from being underweight credit in the first half of the fiscal year to being overweight credit in the second half of the fiscal year as the investment process was appropriately positioned for the contraction between the first and second quarters of 2020 and the subsequent rebound. Additionally, the Fund’s allocation to alternative fixed income assets contributed positively as credit spreads widened aggressively earlier in 2020 as a result of market stress caused by the coronavirus.

From a top-down perspective, the main detractor from relative Fund performance was a defensive stance compared to the Custom

Invesco Global Allocation Index, due to an underweight allocation to US equity and an overweight allocation to US duration. Within US equity, the Fund’s exposure to dynamic factor rotation strategies (Invesco Russell 1000 Dynamic Multifactor ETF and Invesco Russell 2000 Dynamic Multifactor ETF) was the primary detractor from relative performance. Upon signs of economic recovery from the pandemic, factor exposures were rotated from defensive to pro-cyclical. However, markets were largely bolstered by momentum in the information technology sector resulting in size and value factors performing out-of-line with their cyclical nature.

From a bottom-up managers’ security selection perspective, after controlling for style bias, the Fund’s US mid-cap strategy, international growth strategy, and global equity strategy contributed to Fund performance; while its international equity strategy and emerging markets equity strategy detracted from 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):

Alessio de Longis

Duy Nguyen

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

4 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 10/31/10

LOGO

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.

5 Invesco Global Allocation Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (11/1/91)	7.17	%
10 Years	3.93
5 Years	2.95
1 Year	-2.70

Class C Shares
Inception (9/1/93)	6.95	%
10 Years	3.91
5 Years	3.34
1 Year	1.20

Class R Shares
Inception (3/1/01)	3.16	%
10 Years	4.26
5 Years	3.86
1 Year	2.70

Class Y Shares
Inception (5/1/00)	4.24	%
10 Years	4.82
5 Years	4.38
1 Year	3.21

Class R5 Shares
10 Years	4.58	%
5 Years	4.25
1 Year	3.40

Class R6 Shares
Inception (2/28/12)	5.31	%
5 Years	4.57
1 Year	3.41

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.

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

6 Invesco Global Allocation Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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 (Net) is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Custom Invesco Global Allocation Index is composed of 60% MSCI All Country World Index/40% Bloomberg Barclays Global Aggregate Bond Index, Hedged.

∎

The Bloomberg Barclays Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

7 Invesco Global Allocation Fund

Fund Information


Portfolio Composition

By security type		% of total net assets
Exchange-Traded Funds			47.17	%
Common Stocks & Other Equity Interests			38.38
U.S. Treasury Securities			12.21
Security Types Each Less Than 1% of Portfolio			0.79
Money Market Funds Plus Other Assets Less Liabilities			1.45

Top 10 Equity Holdings*

		% of total net assets
1.	Invesco Russell 1000 Dynamic Multifactor ETF		18.44	%
2.	Invesco Master Event-Linked Bond Fund, Class R6		8.93
3.	Xtrackers USD High Yield Corporate Bond ETF		7.01
4.	Invesco Russell 2000 Dynamic Multifactor ETF		3.26
5.	Invesco Fundamental High Yield^® Corporate Bond ETF		3.09
6.	iShares JP Morgan USD Emerging Markets Bond ETF		2.61
7.	iShares iBoxx High Yield Corporate Bond ETF		2.06
8.	Invesco Emerging Markets Sovereign Debt ETF		1.77
9.	Alibaba Group Holding Ltd., ADR		1.33
10.	Tencent Holdings Ltd.		1.16
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, 2020.

8 Invesco Global Allocation Fund

Consolidated Schedule of Investments^(a)

October 31, 2020


	Shares		Value
Exchange-Traded Funds–47.17%
Invesco Russell 1000 Dynamic Multifactor ETF^(b)		7,117,160	$ 223,621,167
Invesco Master Event-Linked Bond Fund^(b)		6,784,596	108,254,344
Xtrackers USD High Yield Corporate Bond ETF		1,767,300	84,989,457
Invesco Russell 2000 Dynamic Multifactor ETF^(b)		1,604,300	39,495,299
Invesco Fundamental High Yield^® Corporate Bond ETF^(b)		2,020,600	37,482,130
iShares JP Morgan USD Emerging Markets Bond ETF		288,000	31,685,760
iShares iBoxx High Yield Corporate Bond ETF		298,200	25,013,016
Invesco Emerging Markets Sovereign Debt ETF^(b)		802,435	21,505,258
Total Exchange-Traded Funds (Cost $544,688,757)			572,046,431

Common Stocks & Other Equity Interests–38.38%
Aerospace & Defense–0.27%
Airbus SE (France)^(c)		36,448	2,677,261
CAE, Inc. (Canada)		32,319	552,356
			3,229,617

Air Freight & Logistics–0.33%
United Parcel Service, Inc., Class B		9,423	1,480,448
ZTO Express Cayman, Inc. (China)^(c)		4,329	127,985
ZTO Express Cayman, Inc., ADR (China)		81,825	2,371,288
			3,979,721

Airport Services–0.03%
Grupo Aeroportuario del Sureste S.A.B.de C.V., Class B (Mexico)^(c)		30,116	347,878

Apparel Retail–0.07%
Industria de Diseno Textil S.A. (Spain)^(c)		35,975	890,194

Apparel, Accessories & Luxury Goods–2.03%
adidas AG (Germany)^(c)		10,799	3,208,823
Brunello Cucinelli S.p.A. (Italy)^(c)		5,768	173,123
Cie Financiere Richemont S.A. (Switzerland)		12,929	809,839
EssilorLuxottica S.A. (France)^(c)		5,409	670,132
Hermes International (France)		2,901	2,703,361
Kering S.A. (France)		14,370	8,693,898
lululemon athletica, inc.^(c)		3,835	1,224,477
LVMH Moet Hennessy Louis Vuitton SE (France)		11,895	5,584,465
Moncler S.p.A. (Italy)^(c)		9,352	374,463
PRADA S.p.A. (Italy)^(c)		295,400	1,168,714
			24,611,295

Application Software–2.40%
Adobe, Inc.^(c)		8,595	3,842,824
ANSYS, Inc.^(c)		2,971	904,283
Atlassian Corp. PLC, Class A^(c)		8,325	1,595,237
Avalara, Inc.^(c)		5,158	768,800
Coupa Software, Inc.^(c)		4,407	1,179,754


	Shares		Value
Application Software–(continued)
Dassault Systemes SE (France)		7,234	$ 1,236,694
DocuSign, Inc.^(c)		5,311	1,074,150
Dynatrace, Inc.^(c)		15,734	555,568
Globant S.A. (Argentina)^(c)		2,807	506,972
Intuit, Inc.		10,331	3,250,959
OneConnect Financial Technology Co. Ltd., ADR (China)^(c)		45,200	910,328
Pegasystems, Inc.		4,407	510,683
RingCentral, Inc., Class A^(c)		4,574	1,181,647
SAP SE (Germany)		61,355	6,538,820
Synopsys, Inc.^(c)		7,062	1,510,279
Temenos AG (Switzerland)		7,195	771,283
Trade Desk, Inc. (The), Class A^(c)		2,406	1,362,879
Xero Ltd. (New Zealand)^(c)		18,137	1,391,754
			29,092,914

Asset Management & Custody Banks–0.06%
KKR & Co., Inc., Class A		22,636	773,019

Auto Parts & Equipment–0.28%
Aptiv PLC^(c)		8,895	858,278
Continental AG (Germany)		12,114	1,288,544
Valeo S.A. (France)		39,717	1,204,519
			3,351,341

Automotive Retail–0.02%
Carvana Co.^(c)		1,590	294,707

Biotechnology–0.74%
Alnylam Pharmaceuticals, Inc.^(c)		3,572	439,249
Ascendis Pharma A/S, ADR (Denmark)^(c)		4,656	760,558
Blueprint Medicines Corp.^(c)		4,969	508,229
CSL Ltd. (Australia)		8,887	1,806,249
Galapagos N.V. (Belgium)^(c)		2,998	354,185
Galapagos N.V. (Belgium)		1,645	194,267
Grifols S.A. (Spain)		26,021	703,027
Grifols S.A., ADR (Spain)		22,790	386,974
Incyte Corp.^(c)		549	47,565
Innovent Biologics, Inc. (China)^(c)(d)		68,500	507,671
Ionis Pharmaceuticals, Inc.^(c)		9,253	434,428
MacroGenics, Inc.^(c)		16,045	311,433
Neurocrine Biosciences, Inc.^(c)		3,292	324,822
Sage Therapeutics, Inc.^(c)		3,363	246,777
Sarepta Therapeutics, Inc.^(c)		3,905	530,729
Seagen, Inc.^(c)		3,965	661,362
Twist Bioscience Corp.^(c)		434	33,262
uniQure N.V. (Netherlands)^(c)		7,698	311,230
Veracyte, Inc.^(c)		11,094	384,518
			8,946,535

Brewers–0.36%
Ambev S.A. (Brazil)		199,594	423,680
Anheuser-Busch InBev S.A./N.V. (Belgium)		17,321	899,470
Boston Beer Co., Inc. (The), Class A^(c)		826	858,363
Budweiser Brewing Co. APAC Ltd. (China)^(d)		304,800	895,517

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

9 Invesco Global Allocation Fund


	Shares		Value
Brewers–(continued)
Carlsberg A/S, Class B (Denmark)		10,460	$ 1,324,694
			4,401,724

Broadcasting–0.04%
Zee Entertainment Enterprises Ltd. (India)		196,456	497,622

Building Products–0.34%
Assa Abloy AB, Class B (Sweden)		47,752	1,025,436
Daikin Industries Ltd. (Japan)		7,700	1,441,598
Trane Technologies PLC		6,551	869,645
Trex Co., Inc.^(c)		10,426	725,024
			4,061,703

Casinos & Gaming–0.25%
Churchill Downs, Inc.		1,087	162,126
Flutter Entertainment PLC (Ireland)^(c)		10,303	1,784,234
GVC Holdings PLC (United Kingdom)^(c)		83,152	1,041,462
International Game Technology PLC		11,996	98,487
			3,086,309

Construction & Engineering–0.05%
Boskalis Westminster (Netherlands)^(c)		6,836	137,924
Ferrovial S.A. (Spain)		23,936	517,929
			655,853

Construction Machinery & Heavy Trucks–0.10%
Epiroc AB, Class A (Sweden)		77,139	1,153,187

Construction Materials–0.50%
China Resources Cement Holdings Ltd. (China)		728,000	950,661
James Hardie Industries PLC, CDI		190,801	4,661,010
PT Indocement Tunggal Prakarsa Tbk (Indonesia)		251,030	208,760
PT Semen Indonesia (Persero) Tbk (Indonesia)		288,700	186,544
			6,006,975

Consumer Electronics–0.58%
Sony Corp. (Japan)		83,700	6,976,154

Copper–0.05%
Freeport-McMoRan, Inc.^(c)		34,050	590,427

Data Processing & Outsourced Services–0.95%
Adyen N.V. (Netherlands)^(c)(d)		659	1,112,042
Amadeus IT Group S.A. (Spain)		16,066	770,072
Black Knight, Inc.^(c)		7,491	658,833
Edenred (France)		19,396	905,690
Fidelity National Information Services, Inc.		7,695	958,720
Pagseguro Digital Ltd., Class A (Brazil)^(c)		23,499	860,298
PayPal Holdings, Inc.^(c)		12,867	2,394,935
StoneCo Ltd., Class A (Brazil)^(c)		12,779	671,409
Visa, Inc., Class A		4,589	833,867
Worldline S.A. (France)^(c)(d)		31,102	2,309,528
			11,475,394

Department Stores–0.18%
Falabella S.A. (Chile)		233,448	639,997


	Shares		Value
Department Stores–(continued)
Next PLC (United Kingdom)		20,293	$ 1,536,010
			2,176,007

Distillers & Vintners–0.29%
Davide Campari-Milano N.V. (Italy)		109,564	1,142,851
Diageo PLC (United Kingdom)		54,054	1,748,501
Pernod Ricard S.A. (France)		3,484	562,220
			3,453,572

Distributors–0.14%
Pool Corp.		4,724	1,652,597

Diversified Banks–0.79%
Akbank T.A.S. (Turkey)^(c)		465,940	265,578
Commercial International Bank Egypt S.A.E. (Egypt)		190,268	739,645
Credicorp Ltd. (Peru)		6,616	758,723
Grupo Aval Acciones y Valores S.A., ADR (Colombia)		67,838	307,985
Grupo Financiero Inbursa S.A.B. de C.V., Class O (Mexico)^(c)		387,010	286,634
HDFC Bank Ltd. (India)^(c)		68,016	1,088,299
ICICI Bank Ltd., ADR (India)		88,801	936,851
Kotak Mahindra Bank Ltd. (India)^(c)		170,576	3,560,077
PT Bank Central Asia Tbk (Indonesia)		376,100	739,423
Sberbank of Russia PJSC (Russia)		337,456	854,450
			9,537,665

Diversified Metals & Mining–0.67%
Anglo American PLC (South Africa)		119,445	2,804,829
BHP Group Ltd., ADR (Australia)		53,938	2,594,957
Grupo Mexico S.A.B. de C.V., Class B (Mexico)		547,579	1,555,365
Korea Zinc Co. Ltd. (South Korea)		3,555	1,202,139
			8,157,290

Diversified Real Estate Activities–0.16%
Ayala Land, Inc. (Philippines)		1,167,000	795,884
DLF Ltd. (India)		521,043	1,112,204
			1,908,088

Diversified Support Services–0.16%
Cintas Corp.		2,814	885,144
Copart, Inc.^(c)		9,387	1,035,949
			1,921,093

Drug Retail–0.03%
Zur Rose Group AG (Switzerland)^(c)		1,290	359,662

Education Services–0.09%
Chegg, Inc.^(c)		8,233	604,632
New Oriental Education & Technology Group, Inc., ADR (China)^(c)		3,288	527,329
			1,131,961

Electrical Components & Equipment–0.56%
AMETEK, Inc.		8,998	883,603
Generac Holdings, Inc.^(c)		4,092	859,934
Nidec Corp. (Japan)		42,800	4,302,543
Rockwell Automation, Inc.		3,124	740,763
			6,786,843

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

10 Invesco Global Allocation Fund


	Shares		Value
Electronic Components–1.13%
Murata Manufacturing Co. Ltd. (Japan)		78,100	$ 5,417,167
Omron Corp. (Japan)		16,800	1,211,172
Samsung Electro-Mechanics Co. Ltd. (South Korea)		18,014	2,135,090
TDK Corp. (Japan)		42,000	4,926,643
			13,690,072

Electronic Equipment & Instruments–0.43%
Hitachi Ltd. (Japan)		13,000	438,392
Keyence Corp. (Japan)		8,500	3,854,522
Trimble, Inc.^(c)		11,977	576,453
Zebra Technologies Corp., Class A^(c)		1,235	350,295
			5,219,662

Electronic Manufacturing Services–0.11%
TE Connectivity Ltd.		13,623	1,319,796

Fertilizers & Agricultural Chemicals–0.06%
FMC Corp.		6,504	668,221

Financial Exchanges & Data–0.61%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil)		86,083	765,873
London Stock Exchange Group PLC (United Kingdom)		8,682	931,425
MarketAxess Holdings, Inc.		1,620	872,937
MSCI, Inc.		3,455	1,208,697
S&P Global, Inc.		11,336	3,658,467
			7,437,399

Food Retail–0.18%
Alimentation Couche-Tard, Inc., Class B (Canada)		61,294	1,887,632
Kobe Bussan Co. Ltd. (Japan)		11,400	318,996
			2,206,628

General Merchandise Stores–0.07%
Dollarama, Inc. (Canada)		24,988	860,504

Gold–0.46%
Agnico Eagle Mines Ltd. (Canada)		23,849	1,890,987
Gold Fields Ltd., ADR (South Africa)		163,103	1,782,716
Polyus PJSC (Russia)		1,525	298,646
Polyus PJSC, GDR (Russia)^(d)		3,200	313,206
Wheaton Precious Metals Corp. (Brazil)		28,332	1,306,389
			5,591,944

Health Care Equipment–1.12%
Boston Scientific Corp.^(c)		12,445	426,490
DexCom, Inc.^(c)		3,656	1,168,385
IDEXX Laboratories, Inc.^(c)		3,354	1,424,846
Masimo Corp.^(c)		5,133	1,148,868
Medtronic PLC		35,262	3,546,299
ResMed, Inc.		14,164	2,718,638
Siemens Healthineers AG (Germany)^(d)		50,247	2,158,834
STERIS PLC		3,437	609,002
Zimmer Biomet Holdings, Inc.		2,781	367,370
			13,568,732

Health Care Services–0.36%
Dr Lal PathLabs Ltd. (India)^(d)		2,197	68,253


	Shares		Value
Health Care Services–(continued)
Fresenius Medical Care AG & Co. KGaA (Germany)		56,728	$ 4,333,056
			4,401,309

Health Care Supplies–0.40%
Align Technology, Inc.^(c)		2,720	1,158,938
Hoya Corp. (Japan)		16,500	1,868,162
Quidel Corp.^(c)		1,488	399,215
West Pharmaceutical Services, Inc.		5,071	1,379,667
			4,805,982

Health Care Technology–0.09%
Veeva Systems, Inc., Class A^(c)		3,866	1,044,013

Heavy Electrical Equipment–0.28%
Melrose Industries PLC (United Kingdom)		682,522	1,058,613
Mitsubishi Electric Corp. (Japan)		182,500	2,344,282
			3,402,895

Home Improvement Retail–0.05%
Floor & Decor Holdings, Inc., Class A^(c)		9,023	658,679

Homebuilding–0.14%
D.R. Horton, Inc.		14,874	993,732
TopBuild Corp.^(c)		4,486	687,300
			1,681,032

Homefurnishing Retail–0.08%
Nitori Holdings Co. Ltd. (Japan)		4,900	1,011,168

Hotels, Resorts & Cruise Lines–0.25%
Huazhu Group Ltd., ADR (China)		77,064	3,054,046

Household Appliances–0.08%
SEB S.A. (France)		6,295	1,023,632

Household Products–0.04%
Colgate-Palmolive Co.		5,461	430,818

Human Resource & Employment Services–0.07%
Adecco Group AG (Switzerland)		11,080	542,963
Recruit Holdings Co. Ltd. (Japan)		9,200	351,408
			894,371

Industrial Conglomerates–0.41%
Jardine Strategic Holdings Ltd. (Hong Kong)		33,791	732,012
Roper Technologies, Inc.		2,835	1,052,749
Siemens AG (Germany)		15,682	1,838,275
SM Investments Corp. (Philippines)		68,574	1,344,983
			4,968,019

Industrial Gases–0.45%
Air Liquide S.A. (France)		37,430	5,478,748

Industrial Machinery–0.68%
Aalberts N.V. (Netherlands)		30,549	1,026,399
Atlas Copco AB, Class A (Sweden)		71,332	3,150,457
FANUC Corp. (Japan)		4,500	956,478
IDEX Corp.		4,908	836,274
MINEBEA MITSUMI, Inc. (Japan)		13,800	247,600
Nabtesco Corp. (Japan)		15,800	592,874
Nordson Corp.		2,698	521,874

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

11 Invesco Global Allocation Fund


	Shares		Value
Industrial Machinery–(continued)
VAT Group AG (Switzerland)^(c)(d)		5,182	$ 971,463
			8,303,419

Integrated Telecommunication Services–0.16%
Spark New Zealand Ltd. (New Zealand)		672,633	1,996,237

Interactive Home Entertainment–0.81%
Capcom Co. Ltd. (Japan)		21,300	1,174,903
Electronic Arts, Inc.^(c)		5,889	705,679
Nintendo Co. Ltd. (Japan)		10,400	5,679,006
Ubisoft Entertainment S.A. (France)^(c)		20,279	1,791,452
Zynga, Inc., Class A^(c)		58,073	522,076
			9,873,116

Interactive Media & Services–2.53%
Adevinta ASA, Class B (France)^(c)		21,888	338,597
Alphabet, Inc., Class A^(c)		4,588	7,414,713
Facebook, Inc., Class A^(c)		15,294	4,024,004
Pinterest, Inc., Class A^(c)		12,267	723,140
Rightmove PLC (United Kingdom)^(c)		126,263	1,011,709
Tencent Holdings Ltd. (China)		183,517	14,076,933
Yandex N.V., Class A (Russia)^(c)		52,863	3,043,323
			30,632,419

Internet & Direct Marketing Retail–2.36%
Alibaba Group Holding Ltd. (China)^(c)		6,500	247,448
Alibaba Group Holding Ltd., ADR (China)^(c)		53,034	16,158,930
Allegro.eu S.A. (Poland)^(c)(d)		45,929	933,408
Amazon.com, Inc.^(c)		398	1,208,388
boohoo Group PLC (United Kingdom)^(c)		254,274	891,288
Chewy, Inc., Class A^(c)		12,489	769,322
Farfetch Ltd., Class A (United Kingdom)^(c)		23,325	656,132
JD.com, Inc., ADR (China)^(c)		45,961	3,746,741
Meituan Dianping, B Shares (China)^(c)		24,100	901,506
Ocado Group PLC (United Kingdom)^(c)		52,226	1,540,577
THG Holdings PLC (United Kingdom)^(c)		112,613	962,291
Trainline PLC (United Kingdom)^(c)(d)		163,144	582,194
			28,598,225

Internet Services & Infrastructure–0.21%
Shopify, Inc., Class A (Canada)^(c)		731	673,900
Twilio, Inc., Class A^(c)		4,490	1,252,575
Wix.com Ltd. (Israel)^(c)		2,429	600,740
			2,527,215

Investment Banking & Brokerage–0.07%
LPL Financial Holdings, Inc.		11,233	897,854

IT Consulting & Other Services–0.53%
Booz Allen Hamilton Holding Corp.		6,072	476,652
EPAM Systems, Inc.^(c)		8,856	2,736,061
Infosys Ltd. (India)		47,063	673,118
Tata Consultancy Services Ltd. (India)		71,368	2,564,931
			6,450,762

Leisure Products–0.30%
Bandai Namco Holdings, Inc. (Japan)		44,400	3,295,559
Peloton Interactive, Inc., Class A^(c)		3,484	383,972
			3,679,531


	Shares		Value
Life & Health Insurance–0.60%
AIA Group Ltd. (Hong Kong)		384,000	$ 3,621,624
Legal & General Group PLC (United Kingdom)		249,317	599,393
Ping An Insurance (Group) Co. of China Ltd., A Shares (China)		198,956	2,321,367
Prudential PLC (United Kingdom)		57,221	698,870
			7,241,254

Life Sciences Tools & Services–0.85%
Agilent Technologies, Inc.		13,850	1,413,946
Avantor, Inc.^(c)		43,820	1,019,691
Bio-Rad Laboratories, Inc., Class A^(c)		1,621	950,587
Charles River Laboratories International, Inc.^(c)		2,793	635,966
ICON PLC (Ireland)^(c)		2,991	539,277
Illumina, Inc.^(c)		1,661	486,175
IQVIA Holdings, Inc.^(c)		1,650	254,084
Lonza Group AG (Switzerland)		1,924	1,163,641
Mettler-Toledo International, Inc.^(c)		259	258,459
Repligen Corp.^(c)		3,321	553,179
Samsung Biologics Co. Ltd. (South Korea)^(c)(d)		2,262	1,364,383
Sartorius Stedim Biotech (France)		3,117	1,186,356
Wuxi Biologics Cayman, Inc. (China)^(c)(d)		16,100	452,360
			10,278,104

Managed Health Care–0.12%
Anthem, Inc.		2,545	694,276
Centene Corp.^(c)		12,652	747,733
			1,442,009

Movies & Entertainment–0.21%
CTS Eventim AG & Co. KGaA (Germany)^(c)		16,271	721,151
Roku, Inc.^(c)		2,487	503,369
Walt Disney Co. (The)		10,798	1,309,258
			2,533,778

Oil & Gas Exploration & Production–0.23%
Novatek PJSC, GDR (Russia)^(d)		3,284	395,876
Novatek PJSC, GDR (Russia)^(d)		20,300	2,447,101
			2,842,977

Oil & Gas Refining & Marketing–0.08%
Reliance Industries Ltd. (India)		34,351	951,768

Other Diversified Financial Services–0.04%
FirstRand Ltd. (South Africa)		205,345	479,478

Packaged Foods & Meats–0.29%
Barry Callebaut AG (Switzerland)		457	943,789
McCormick & Co., Inc.		3,628	654,890
Saputo, Inc. (Canada)		18,035	438,997
WH Group Ltd. (Hong Kong)		1,918,500	1,508,004
			3,545,680

Paper Packaging–0.05%
Avery Dennison Corp.		4,692	649,326

Personal Products–0.35%
Amorepacific Group (South Korea)		3,765	145,538
L’Oreal S.A. (France)		5,995	1,941,536

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

12 Invesco Global Allocation Fund


	Shares		Value
Personal Products–(continued)
Unilever PLC (United Kingdom)		37,841	$ 2,157,695
			4,244,769

Pharmaceuticals–1.06%
Bayer AG (Germany)		13,117	616,457
Catalent, Inc.^(c)		9,404	825,389
Hansoh Pharmaceutical Group Co. Ltd. (China)^(c)(d)		80,000	356,640
Jiangsu Hengrui Medicine Co. Ltd., A Shares (China)		158,953	2,115,189
Novartis AG (Switzerland)		7,368	575,043
Novo Nordisk A/S, Class B (Denmark)		62,529	3,998,840
Phathom Pharmaceuticals, Inc.^(c)		8,381	329,876
Roche Holding AG (Switzerland)		6,127	1,966,863
Royalty Pharma PLC, Class A		8,044	295,215
Takeda Pharmaceutical Co. Ltd. (Japan)		57,973	1,794,104
			12,873,616

Railroads–0.05%
Kansas City Southern		3,659	644,496

Real Estate Development–0.03%
Oberoi Realty Ltd. (India)^(c)		63,211	377,706

Real Estate Operating Companies–0.03%
SM Prime Holdings, Inc. (Philippines)		604,410	420,886

Regional Banks–0.06%
First Republic Bank		5,988	755,326

Research & Consulting Services–0.49%
Dun & Bradstreet Holdings, Inc.^(c)		5,239	135,376
Equifax, Inc.		7,817	1,067,802
IHS Markit Ltd.		15,091	1,220,409
Nihon M&A Center, Inc. (Japan)		25,600	1,497,912
SGS S.A. (Switzerland)		475	1,185,473
TransUnion		10,948	872,118
			5,979,090

Restaurants–0.62%
Alsea S.A.B. de C.V. (Mexico)^(c)		180,572	155,361
Chipotle Mexican Grill, Inc.^(c)		1,054	1,266,360
Compass Group PLC (United Kingdom)		65,589	897,169
Yum China Holdings, Inc. (China)		98,320	5,233,573
			7,552,463

Security & Alarm Services–0.02%
Prosegur Cash S.A. (Spain)^(d)		301,488	233,517

Semiconductor Equipment–0.76%
ASML Holding N.V. (Netherlands)		8,612	3,130,933
Disco Corp. (Japan)		7,100	1,907,316
Enphase Energy, Inc.^(c)		4,876	478,287
Entegris, Inc.		8,999	672,855
Lam Research Corp.		3,510	1,200,701
SCREEN Holdings Co. Ltd. (Japan)		21,100	1,159,776
Teradyne, Inc.		6,969	612,227
			9,162,095

Semiconductors–3.37%
Analog Devices, Inc.		1,287	152,548
Infineon Technologies AG (Germany)		150,704	4,220,325


	Shares		Value
Semiconductors–(continued)
Marvell Technology Group Ltd.		22,558	$ 846,151
Maxim Integrated Products, Inc.		29,034	2,022,218
MediaTek, Inc. (Taiwan)		11,000	259,326
Microchip Technology, Inc.		8,719	916,192
Monolithic Power Systems, Inc.		3,730	1,192,108
NXP Semiconductors N.V. (Netherlands)		16,256	2,196,511
ON Semiconductor Corp.^(c)		14,179	355,751
QUALCOMM, Inc.		39,394	4,859,644
SK Hynix, Inc. (South Korea)		58,266	4,126,360
STMicroelectronics N.V. (Switzerland)		62,287	1,902,248
STMicroelectronics N.V., New York Shares (Switzerland)		135,345	4,133,436
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		720,000	10,866,245
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		33,342	2,796,393
			40,845,456

Soft Drinks–0.23%
Britvic PLC (United Kingdom)		91,999	881,561
Fomento Economico Mexicano, S.A.B. de C.V., ADR (Mexico)		7,744	416,395
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO (Mexico)		275,838	1,478,444
			2,776,400

Specialized REITs–0.08%
SBA Communications Corp., Class A		3,204	930,346

Specialty Chemicals–0.27%
Akzo Nobel N.V. (Netherlands)		19,983	1,925,404
Sika AG (Switzerland)		5,261	1,293,352
			3,218,756

Steel–0.08%
Vale S.A., ADR (Brazil)		88,462	935,043

Systems Software–0.17%
Blue Prism Group PLC (United Kingdom)^(c)		20,826	416,709
Crowdstrike Holdings, Inc., Class A^(c)		6,436	797,034
Microsoft Corp.		4,267	863,940
			2,077,683

Technology Hardware, Storage & Peripherals–0.33%
Samsung Electronics Co. Ltd. (South Korea)		80,265	4,024,996

Thrifts & Mortgage Finance–0.36%
Housing Development Finance Corp. Ltd. (India)		170,279	4,416,744

Tobacco–0.23%
Swedish Match AB (Sweden)		36,354	2,740,938

Trading Companies & Distributors–0.20%
Ferguson PLC		9,492	952,473
ITOCHU Corp. (Japan)		63,600	1,529,981
			2,482,454

Trucking–0.08%
Old Dominion Freight Line, Inc.		4,836	920,629
Total Common Stocks & Other Equity Interests (Cost $370,784,948)			465,461,578

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

13 Invesco Global Allocation Fund


	Principal
	Amount		Value
U.S. Treasury Securities–12.21%
U.S. Treasury Notes–12.21%
1.13%, 02/28/2025^(e)	$	78,200,000	$ 80,924,781
1.63%, 02/15/2026^(e)		38,920,000	41,357,061
2.75%, 02/15/2028^(e)		22,488,000	25,819,035
Total U.S. Treasury Securities (Cost $141,581,880)			148,100,877

	Shares
Preferred Stocks–0.66%
Automobile Manufacturers–0.06%
Volkswagen AG, Preference Shares		4,581	667,409

Broadcasting–0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd.		629,697	30,929

Diversified Banks–0.02%
Socium Re Ltd., Series 2019-1, Pfd.^(f)		264,345	262,512

Diversified Support Services–0.37%
Harambee Re Ltd., Pfd.^(f)		26,836	73,587
Kinesis Re I Ltd., Series 2019-1, Pfd.^(f)		167,213	694,501
Lion Rock Re Ltd., Pfd.^(f)		375	373,253
Lorenz Re Ltd., Pfd.^(f)		3,692	353,786
Mt. Logan Re Ltd., Pfd.^(f)		1,737	1,698,294
NCM Re Ltd., Pfd.^(f)		20,415	352,773
Thopas Re Ltd., Pfd.^(f)		6,394	345,010
Turing Re Ltd., Series 2019-1, Pfd.^(d)(f)		13,286	519,125
Viribus Re Ltd., Pfd.^(f)		457,088	30,314
			4,440,643

General Merchandise Stores–0.10%
Lojas Americanas S.A., Preference Shares		302,197	1,223,440

Specialized Consumer Services–0.11%
Grab Holdings, Inc., Class H, Pfd.^(f)		214,050	1,319,169
Total Preferred Stocks (Cost $10,432,888)			7,944,102


	Principal
	Amount		Value
Event-Linked Bonds–0.11%
Other Diversified Financial Services–0.11%
Alturas RE Segregated Account (Multinational), 0.00%, 12/31/2020^(d)(f)(g)	$	15,000	$ 86,429
Eden RE II Ltd. (Multinational), Class A, 0.00%, 12/31/2020^(d)(f)(g)		37,500	277,058
Limestone Re Ltd. (Multinational), Class A, 0.00%, 12/31/2020^(d)(f)(g)		15,620	374,872
Sector Re V Ltd. (Multinational), Series 2019-1, Class A, 0.00%, 12/31/2020^(d)(f)(g)		1,800,000	397,620
Versutus Re Ltd. (Multinational), 0.00%, 12/31/2020^(f)(g)		186,157	205,759
Total Event-Linked Bonds (Cost $16,842,189)			1,341,738

U.S. Dollar Denominated Bonds & Notes–0.02%
Health Care Services–0.02%
Omnicare, Inc., 4.75%, 12/01/2022 (Cost $210,434)		210,000	223,349

	Shares
Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(b)(h)		4	4
Invesco Treasury Portfolio, Institutional Class, 0.01%^(b)(h)		5	5
Total Money Market Funds (Cost $9)			9
TOTAL INVESTMENTS IN SECURITIES–98.55% (Cost $1,084,541,105)			1,195,118,084
OTHER ASSETS LESS LIABILITIES–1.45%			17,608,700
NET ASSETS–100.00%			$1,212,726,784


Investment Abbreviations:
ADR		– American Depositary Receipt
CDI		– CREST Depository Interest
CPO		– Certificates of Ordinary Participation
ETF		– Exchange-Traded Fund
GDR		– Global Depositary Receipt
Pfd.		– Preferred
REIT		– Real Estate Investment Trust
USD		– U.S. Dollar

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

14 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)


							Change in Unrealized		Realized
	Value		Purchases		Proceeds		Appreciation		Gain		Value
	October 31, 2019		at Cost		from Sales		(Depreciation)		(Loss)		October 31, 2020		Income
Invesco Emerging Markets Sovereign Debt ETF	$	-	$	19,386,060	$	-	$	2,119,198	$	-	$	21,505,258	$ 570,636
Invesco Fundamental High Yield^® Corporate Bond ETF		-		37,866,044		-		(383,914)		-		37,482,130	-
Invesco Master Event-Linked Bond Fund, Class R6		84,083,589		24,487,122		-		(316,367)		-		108,254,344	3,690,245
Invesco Russell 1000 Dynamic Multifactor ETF		263,795,438		25,192,779		(62,198,863)		(7,452,406)		4,284,219		223,621,167	4,558,476
Invesco Russell 2000 Dynamic Multifactor ETF		43,654,928		-		-		(4,159,629)		-		39,495,299	567,553
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		435,938,771		(435,938,767)		-		-		4	106,071
Invesco Liquid Assets Portfolio, Institutional Class		-		24,547,185		(24,547,104)		-		(81)		-	515
Invesco Treasury Portfolio, Institutional Class		-		39,275,495		(39,275,490)		-		-		5	219
Investments in Other Affiliates:
Lion Rock Re Ltd.*		4,024,117		-		(3,802,729)		61,636		90,229		373,253	74,509
Lorenz Re Ltd.*		3,650,477		-		(3,360,493)		84,146		(20,344)		353,786	-
Mt. Logan Re Ltd.*		3,320,095		-		(2,012,537)		390,736		-		1,698,294	84,245
NCM Re Ltd.*		3,746,906		-		(3,729,585)		335,452		-		352,773	71,867
Thopas Re Ltd.*		3,268,784		-		(3,110,635)		186,861		-		345,010	-
Viribus Re Ltd.*		2,773,793		-		(3,659,483)		(212,110)		1,128,114		30,314	-
Total	$	412,318,127	$	606,693,456	$	(581,635,686)	$	(9,346,397)	$	5,482,137	$	433,511,637	$9,724,336

At October 31, 2020, this security was no longer an affiliate of the Fund.

^(c)	Non-income producing security.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $16,757,097, which represented 1.38% of the Fund’s Net Assets.

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

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

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

^(h)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.


	Open Futures Contracts

									Unrealized
	Number of		Expiration	Notional					Appreciation
Long Futures Contracts	Contracts		Month	Value		Value			(Depreciation)

Equity Risk

EURO STOXX 600 Index		1,651	December-2020	$	32,851,675	$	(2,728,725	)	$	(2,728,725	)

MSCI Emerging Markets Index		1,399	December-2020		77,077,905		(849,235	)		(849,235	)

Nikkei 225 Index		102	December-2020		22,291,036		(134,564	)		(134,564	)

S&P/TSX 60 Index		146	December-2020		20,281,978		(1,027,848	)		(1,027,848	)

S&P/ASX 200 Index		201	December-2020		20,803,914		(123,976	)		(123,976	)

Subtotal							(4,864,348	)		(4,864,348	)

Interest Rate Risk

Euro-BTP		288	December-2020		50,175,362		1,009,422			1,009,422

U.S. Treasury 10 Year Notes		1,539	December-2020		212,718,656		(1,718,709	)		(1,718,709	)

Subtotal							(709,287	)		(709,287	)

Subtotal–Long Futures Contracts							(5,573,635	)		(5,573,635	)

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

15 Invesco Global Allocation Fund


	Open Futures Contracts–(continued)

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Brent Crude		304		November-2020		$(11,533,760	)		$ 1,601,344			$ 1,601,344

Equity Risk

E-Mini S&P 500 Index		19		December-2020		(3,101,465	)		74,456			74,456

Subtotal–Short Futures Contracts									1,675,800			1,675,800

Total Futures Contracts									$(3,897,835	)		$(3,897,835	)


Open Forward Foreign Currency Contracts

Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

Currency Risk

12/16/2020	Bank of America, N.A.		CHF	6,550,000		USD	7,204,817	$	51,875

12/16/2020	Bank of America, N.A.		EUR	32,310,000		USD	38,315,686		647,057

12/02/2020	Barclays Bank PLC		BRL	39,750,000		USD	7,033,158		115,203

12/16/2020	Barclays Bank PLC		CZK	418,680,000		USD	18,749,244		842,174

12/16/2020	Barclays Bank PLC		INR	84,560,000		USD	1,143,213		13,404

12/16/2020	Barclays Bank PLC		RUB	57,090,000		USD	760,773		45,256

12/16/2020	Barclays Bank PLC		TRY	144,200,000		USD	17,296,597		464,188

12/16/2020	Citibank, N.A.		DKK	1,765,000		USD	281,222		4,801

12/16/2020	Citibank, N.A.		RON	6,215,000		USD	1,506,140		21,343

12/16/2020	J.P. Morgan Chase Bank, N.A.		CHF	1,590,000		USD	1,756,419		20,056

12/16/2020	J.P. Morgan Chase Bank, N.A.		CLP	479,000,000		USD	620,490		1,136

12/16/2020	J.P. Morgan Chase Bank, N.A.		COP	616,400,000		USD	169,141		10,189

12/16/2020	J.P. Morgan Chase Bank, N.A.		HUF	5,158,000,000		USD	16,982,188		614,607

12/16/2020	J.P. Morgan Chase Bank, N.A.		INR	220,000,000		USD	2,971,407		31,980

12/16/2020	J.P. Morgan Chase Bank, N.A.		NZD	30,096,000		USD	20,351,969		451,777

12/16/2020	J.P. Morgan Chase Bank, N.A.		PEN	5,080,000		USD	1,434,258		29,108

12/16/2020	J.P. Morgan Chase Bank, N.A.		SEK	157,740,000		USD	18,103,174		366,552

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	16,470,788		IDR	247,803,000,000		223,063

12/16/2020	Morgan Stanley & Co. International PLC		EUR	12,260,000		USD	14,515,033		221,707

12/16/2020	Standard Chartered Bank PLC		USD	368,246		THB	11,620,000		4,494

12/16/2020	UBS AG		AUD	6,920,000		USD	5,065,246		200,050

12/16/2020	UBS AG		CAD	2,010,000		USD	1,533,969		24,970

12/16/2020	UBS AG		CHF	925,000		USD	1,026,543		16,394

12/16/2020	UBS AG		GBP	30,570,000		USD	40,739,435		1,123,089

12/16/2020	UBS AG		JPY	4,290,000,000		USD	41,101,718		101,445

12/16/2020	UBS AG		NOK	7,890,000		USD	897,283		70,946

12/16/2020	UBS AG		PLN	3,780,000		USD	1,025,745		70,757

12/16/2020	UBS AG		USD	38,322,410		JPY	4,030,000,000		192,997

Subtotal–Appreciation									5,980,618

Currency Risk

12/16/2020	Bank of America, N.A.		CNY	208,262,000		USD	30,248,657		(740,911	)

12/16/2020	Bank of America, N.A.		JPY	3,128,410,000		USD	29,455,475		(443,281	)

12/16/2020	Bank of America, N.A.		KRW	29,735,030,000		USD	24,971,682		(1,180,525	)

12/16/2020	Bank of America, N.A.		PHP	971,300,000		USD	19,885,352		(108,739	)

12/16/2020	Bank of America, N.A.		USD	17,678,996		COP	66,915,000,000		(423,498	)

12/16/2020	Bank of America, N.A.		USD	4,298,804		EUR	3,625,000		(72,596	)

12/16/2020	Bank of America, N.A.		USD	8,230,202		INR	609,965,000		(80,440	)

12/16/2020	Barclays Bank PLC		KRW	1,670,000,000		USD	1,413,230		(55,549	)

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

16 Invesco Global Allocation Fund


Open Forward Foreign Currency Contracts–(continued)

Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

12/16/2020	Barclays Bank PLC		MYR	76,750,000		USD	18,387,638	$	(13,156	)

12/16/2020	Barclays Bank PLC		TWD	64,000,000		USD	2,203,098		(59,852	)

12/16/2020	Barclays Bank PLC		USD	36,538,763		MYR	152,020,000		(92,004	)

12/16/2020	Barclays Bank PLC		USD	1,494,921		RON	6,180,000		(18,485	)

12/16/2020	Barclays Bank PLC		USD	17,040,007		TRY	130,460,000		(1,811,463	)

12/02/2020	J.P. Morgan Chase Bank, N.A.		USD	1,871,700		BRL	10,600,000		(26,912	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		ARS	26,980,000		USD	294,220		(15	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		CNY	97,000,000		USD	14,090,358		(343,326	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		THB	535,000,000		USD	17,114,523		(46,909	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		TWD	751,170,000		USD	25,831,155		(729,156	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	28,881,646		CAD	37,730,000		(556,007	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	16,731,738		HUF	5,170,000,000		(326,078	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	1,787,362		ILS	6,010,000		(25,166	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	20,412,369		NOK	180,460,000		(1,512,413	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	1,266,213		PLN	4,740,000		(68,688	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	11,247,697		RUB	854,600,000		(536,869	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	34,655,657		SEK	301,150,000		(793,709	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	19,350,633		SGD	26,420,000		(8,385	)

12/16/2020	Morgan Stanley & Co. International PLC		MXN	78,230,000		USD	3,574,685		(96,059	)

12/16/2020	Standard Chartered Bank PLC		CNY	37,780,000		USD	5,467,090		(154,607	)

12/17/2020	Standard Chartered Bank PLC		ZAR	73,200,000		USD	4,345,458		(129,439	)

12/16/2020	UBS AG		HKD	7,730,000		USD	996,872		(190	)

12/16/2020	UBS AG		USD	7,998,592		CAD	10,450,000		(153,298	)

12/16/2020	UBS AG		USD	47,992,995		EUR	40,490,000		(787,709	)

12/16/2020	UBS AG		USD	36,511,226		GBP	27,404,000		(997,770	)

12/16/2020	UBS AG		USD	21,647,794		JPY	2,265,000,000		(797	)

Subtotal–Depreciation									(12,394,001	)

Total Forward Foreign Currency Contracts								$	(6,413,383	)


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

Counterparty	Pay/ Receive	Reference Entity	Floating Rate Index	Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Equity Risk

Goldman Sachs International	Pay	MSCI ACWI ex USA Growth Net	3 mo. USD LIBOR + 0.46%		Quarterly		1,201,500		November–2020	$	319,695,120		$–	$	8,374,455		$	8,374,455

J.P. Morgan Chase Bank, N.A.	Pay	Russell 1000 Growth Total Return Index	3 mo. USD LIBOR + 0.10%		Quarterly		11,820		February–2021		24,997,444		–		155,082			155,082

Subtotal – Appreciation													–		8,529,537			8,529,537

Equity Risk

Goldman Sachs International	Receive	MSCI ACWI Daily Total Return Net ex USA USD	3 mo. USD LIBOR + 0.21%		Quarterly		1,275,200		November–2020		309,755,007		–		(14,118,962	)		(14,118,962	)

J.P. Morgan Chase Bank, N.A.	Pay	Russell Midcap Growth Total Return Index	3 mo. USD LIBOR + 0.06%		Quarterly		16,800		February–2021		68,591,930		–		(1,458,169	)		(1,458,169	)

Subtotal – Depreciation													–		(15,577,131	)		(15,577,131	)

Total – Total Return Swap Agreements													$–	$	(7,047,594	)	$	(7,047,594	)


LIBOR		London Interbank Offered Rate
USD		U.S. Dollar

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

17 Invesco Global Allocation Fund

^(a)	Open Over-The-Counter swap agreements are collateralized by cash held with Counterparties in the amount of $17,442,000.

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

Investment Abbreviations:

ARS	–Argentina Peso

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

RON	–Romania New Leu

RUB	–Russian Ruble

SEK	–Swedish Krona

SGD	–Singapore Dollar

THB	–Thai Baht

TRY	–Turkish Lira

TWD	–Taiwan New 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.

18 Invesco Global Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $678,061,855)	$	802,242,007

Investments in affiliates, at value (Cost $406,479,250)		392,876,077

Other investments:
Variation margin receivable – futures contracts		5,611,092

Swaps receivable – OTC		68,890

Unrealized appreciation on swap agreements – OTC		8,529,537

Unrealized appreciation on forward foreign currency contracts outstanding		5,980,618

Deposits with brokers:
Cash collateral – OTC Derivatives		17,442,000

Cash		5,874,847

Foreign currencies, at value (Cost $388,987)		388,430

Receivable for:
Investments sold		3,716,689

Fund shares sold		279,724

Dividends		1,428,020

Interest		525,475

Investment for trustee deferred compensation and retirement plans		227,854

Other assets		38,449

Total assets		1,245,229,709


Liabilities:

Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		12,394,001

Swaps payable – OTC		564,815

Unrealized depreciation on swap agreements–OTC		15,577,131

Payable for:
Investments purchased		1,293,363

Fund shares reacquired		906,821

Accrued foreign taxes		161,599

Accrued fees to affiliates		806,312

Accrued other operating expenses		378,262

Trustee deferred compensation and retirement plans		420,621

Total liabilities		32,502,925

Net assets applicable to shares outstanding	$	1,212,726,784


Net assets consist of:
Shares of beneficial interest	$	1,120,505,820

Distributable earnings		92,220,964

	$	1,212,726,784


Net Assets:

Class A	$	999,335,640


Class C	$	77,710,098


Class R	$	34,012,294


Class Y	$	65,397,436


Class R5	$	10,857


Class R6	$	36,260,459


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		53,297,499


Class C		4,401,359


Class R		1,860,529


Class Y		3,481,794


Class R5		576


Class R6		1,925,963


Class A:
Net asset value per share	$	18.75

Maximum offering price per share (Net asset value of $18.75 ÷ 94.50%)	$	19.84


Class C:
Net asset value and offering price per share	$	17.66


Class R:
Net asset value and offering price per share	$	18.28


Class Y:
Net asset value and offering price per share	$	18.78


Class R5:
Net asset value and offering price per share	$	18.85


Class R6:
Net asset value and offering price per share	$	18.83

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

19 Invesco Global Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:

Dividends (net of foreign withholding taxes of $628,471)	$	13,551,586

Affiliated interest and dividend income		9,724,336

Interest (net of foreign withholding taxes of $9,413)		2,667,383

Total investment income		25,943,305


Expenses:
Advisory fees		9,850,055

Administrative services fees		183,321

Custodian fees		137,838

Distribution fees:
Class A		2,599,966

Class C		853,452

Class R		180,076

Transfer agent fees – A, C, R and Y		2,700,978

Transfer agent fees – R5		2

Transfer agent fees – R6		5,898

Trustees’ and officers’ fees and benefits		54,900

Registration and filing fees		176,607

Reports to shareholders		156,089

Professional services fees		244,610

Other		23,298

Total expenses		17,167,090

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,491,605	)

Net expenses		15,675,485

Net investment income		10,267,820


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $187,888) (includes net gains from securities sold to affiliates of $10,487)		42,776,548

Affiliated investment securities		5,482,137

Foreign currencies		(430,113	)

Forward foreign currency contracts		(5,745,522	)

Futures contracts		(9,624,740	)

Swap agreements		(24,712,822	)

		7,745,488


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $46,996)		36,210,553

Affiliated investment securities		(9,346,397	)

Foreign currencies		(1,859,432	)

Forward foreign currency contracts		(7,344,259	)

Futures contracts		8,164,452

Swap agreements		(7,639,827	)

		18,185,090

Net realized and unrealized gain		25,930,578

Net increase in net assets resulting from operations	$	36,198,398

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

20 Invesco Global Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	10,267,820		$	9,324,795

Net realized gain (loss)		7,745,488			(36,392,765	)

Change in net unrealized appreciation		18,185,090			131,686,745

Net increase in net assets resulting from operations		36,198,398			104,618,775


Distributions to shareholders from distributable earnings:
Class A		–			(86,882,802	)

Class C		–			(16,319,488	)

Class R		–			(3,284,009	)

Class Y		(57,508	)		(8,722,481	)

Class R5		(11	)		–

Class R6		(42,744	)		(2,897,720	)

Total distributions from distributable earnings		(100,263	)		(118,106,500	)


Share transactions–net:
Class A		(123,474,843	)		49,852,737
Class C		(16,119,298	)		(113,424,129	)
Class R		(5,536,981	)		(1,026,614	)
Class Y		(11,326,834	)		(38,456,538	)
Class R5		–			10,000
Class R6		(2,645,192	)		4,577,166

Net increase (decrease) in net assets resulting from share transactions		(159,103,148	)		(98,467,378	)

Net increase (decrease) in net assets		(123,005,013	)		(111,955,103	)


Net assets:
Beginning of year		1,335,731,797			1,447,686,900

End of year	$	1,212,726,784		$	1,335,731,797

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

21 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 (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^(c)			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^(d)
Class A
Year ended 10/31/20		$	18.21		$	0.15		$	0.39			$	0.54			$	–			$	–			$	–			$	18.75		2.97	%		$	999,336		1.20	%^(e)		1.32	%^(e)		0.85	%^(e)		82	%
Year ended 10/31/19			18.48			0.13			1.16				1.29				(0.39	)			(1.17	)			(1.56	)			18.21		8.05				1,093,027		1.21			1.31			0.75			52
Year ended 10/31/18			19.48			0.21			(1.21	)			(1.00	)			(0.00	)			–				(0.00	)			18.48		(5.12	)			1,050,082		1.25			1.32			1.06			151
Year ended 10/31/17			17.77			0.28			1.94				2.22				(0.51	)			–				(0.51	)			19.48		12.84				1,193,012		1.27			1.34			1.51			40
Year ended 10/31/16			17.58			0.23			0.23				0.46				(0.27	)			–				(0.27	)			17.77		2.72				1,139,315		1.28			1.34			1.33			84
Class C
Year ended 10/31/20			17.28			0.02			0.36				0.38				–				–				–				17.66		2.20				77,710		1.95	^(e)		2.07	^(e)		0.10	^(e)		82
Year ended 10/31/19			17.59			0.00			1.10				1.10				(0.24	)			(1.17	)			(1.41	)			17.28		7.22				92,142		1.96			2.06			0.00			52
Year ended 10/31/18			18.67			0.06			(1.14	)			(1.08	)			–				–				–				17.59		(5.84	)			209,903		2.01			2.08			0.31			151
Year ended 10/31/17			17.13			0.14			1.85				1.99				(0.45	)			–				(0.45	)			18.67		11.99				237,072		2.02			2.09			0.77			40
Year ended 10/31/16			17.00			0.10			0.23				0.33				(0.20	)			–				(0.20	)			17.13		1.97				238,771		2.03			2.09			0.58			84
Class R
Year ended 10/31/20			17.79			0.11			0.38				0.49				–				–				–				18.28		2.75				34,012		1.45	^(e)		1.57	^(e)		0.60	^(e)		82
Year ended 10/31/19			18.10			0.09			1.11				1.20				(0.34	)			(1.17	)			(1.51	)			17.79		7.68				38,552		1.46			1.56			0.50			52
Year ended 10/31/18			19.12			0.16			(1.18	)			(1.02	)			–				–				–				18.10		5.34				39,909		1.50			1.57			0.82			151
Year ended 10/31/17			17.47			0.23			1.90				2.13				(0.48	)			–				(0.48	)			19.12		12.55				42,854		1.52			1.59			1.26			40
Year ended 10/31/16			17.29			0.18			0.24				0.42				(0.24	)			–				(0.24	)			17.47		2.51				37,321		1.53			1.59			1.09			84
Class Y
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	^(e)		1.07	^(e)		1.10	^(e)		82
Year ended 10/31/19			18.49			0.18			1.14				1.32				(0.43	)			(1.17	)			(1.60	)			18.21		8.27				74,260		0.96			1.06			0.99			52
Year ended 10/31/18			19.47			0.26			(1.21	)			(0.95	)			(0.03	)			–				(0.03	)			18.49		(4.88	)			114,493		1.01			1.08			1.31			151
Year ended 10/31/17			17.75			0.32			1.94				2.26				(0.54	)			–				(0.54	)			19.47		13.13				121,039		1.03			1.10			1.72			40
Year ended 10/31/16			17.56			0.28			0.23				0.51				(0.32	)			–				(0.32	)			17.75		2.97				60,771		1.03			1.09			1.63			84
Class R5
Year ended 10/31/20			18.24			0.24			0.39				0.63				(0.02	)			–				(0.02	)			18.85		3.45				11		0.76	^(e)		0.87	^(e)		1.29	^(e)		82
Period ended 10/31/19^(f)			17.36			0.09			0.79				0.88				–				–				–				18.24		5.07				11		0.85	^(g)		0.93	^(g)		1.11	^(g)		52
Class R6
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	^(e)		0.87	^(e)		1.29	^(e)		82
Year ended 10/31/19			18.51			0.21			1.14				1.35				(0.47	)			(1.17	)			(1.64	)			18.22		8.48				37,741		0.79			0.88			1.17			52
Year ended 10/31/18			19.48			0.29			(1.21	)			(0.92	)			(0.05	)			–				(0.05	)			18.51		(4.75	)			33,300		0.84			0.91			1.48			151
Year ended 10/31/17			17.75			0.36			1.93				2.29				(0.56	)			–				(0.56	)			19.48		13.33				28,163		0.84			0.90			1.93			40
Year ended 10/31/16			17.56			0.29			0.25				0.54				(0.35	)			–				(0.35	)			17.75		3.18				23,444		0.79			0.85			1.66			84

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.14%, 0.08%, 0.02%, 0.02% and 0.01% for the years ended October 31, 2020, 2019, 2018, 2017 and 2016 respectively.

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

^(e)	Ratios are based on average daily net assets (000’s omitted) of $1,040,697, $85,411, $36,043, $69,126, $11 and $37,131 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(g)	Annualized.

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

22 Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund will invest in the Invesco Global Allocation Fund (Cayman) Ltd., formerly Invesco Oppenheimer Global Allocation Fund (Cayman) Ltd., (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary invests in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions.

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

The 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.

23 Invesco Global Allocation Fund

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.

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.

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

24 Invesco Global Allocation Fund

of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

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

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

25 Invesco Global Allocation Fund

having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

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.

26 Invesco Global Allocation Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets*	Rate
Up to $1.0 billion		0.800	%
Next $2 billion		0.760	%
Next $ 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, 2020, the effective advisory fee rate incurred by the Fund was 0.78%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.31%, 2.06%, 1.56%, 1.06%, 0.94% and 0.89%, respectively, of the Fund’s average daily net assets (the “expense limits”). 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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2020, the Adviser waived advisory fees of $1,335,121 and reimbursed class level expenses of $113,304, $8,943, $3,784, $7,515, $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, 2020, 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.

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, 2020, IDI advised the Fund that IDI retained $83,629 in front-end sales commissions from the sale of Class A shares and $855 and $3,081 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.

27 Invesco Global Allocation Fund

NOTE 3–Additional Valuation Information

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

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

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


	Level 1			Level 2			Level 3		Total

Investments in Securities

Exchange-Traded Funds	$	572,046,431		$	-		$	-	$	572,046,431

Common Stocks & Other Equity Interests		199,497,645			265,963,933			-		465,461,578

U.S. Treasury Securities		-			148,100,877			-		148,100,877

Preferred Stocks		1,254,369			667,409			6,022,324		7,944,102

Event-Linked Bonds		-			-			1,341,738		1,341,738

U.S. Dollar Denominated Bonds & Notes		-			223,349			-		223,349

Money Market Funds		9			-			-		9

Total Investments in Securities		772,798,454			414,955,568			7,364,062		1,195,118,084

Other Investments - Assets*

Futures Contracts		2,685,222			-			-		2,685,222

Forward Foreign Currency Contracts		-			5,980,618			-		5,980,618

Swap Agreements		-			8,529,537			-		8,529,537

		2,685,222			14,510,155			-		17,195,377

Other Investments - Liabilities*

Futures Contracts		(6,583,057	)		-			-		(6,583,057	)

Forward Foreign Currency Contracts		-			(12,394,001	)		-		(12,394,001	)

Swap Agreements		-			(15,577,131	)		-		(15,577,131	)

		(6,583,057	)		(27,971,132	)		-		(34,554,189	)

Total Other Investments		(3,897,835	)		(13,460,977	)		-		(17,358,812	)

Total Investments	$	768,900,619		$	401,494,591		$	7,364,062	$	1,177,759,272

*	Unrealized appreciation (depreciation).

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, 2020:


	Value 10/31/19			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 10/31/20
U.S. Dollar Denominated Bonds & Notes		$	19,481,938		$	1,476,782		$	(18,940,418	)		$	-		$	17,913			$	(694,477	)		$	-		$	-		$	1,341,738
Common Stocks & Other Equity Interests			-			-			-				-			(418,384	)			418,384				-			-			-
Preferred Stocks			35,408,908			3,816,001			(33,912,644	)			-			1,192,801				(482,742	)			-			-			6,022,324
Total		$	54,890,846		$	5,292,783		$	(52,853,062	)		$	-		$	792,330			$	(758,835	)		$	-		$	-		$	7,364,062

NOTE 4–Derivative Investments

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.

28 Invesco Global Allocation Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2020:


	Value
Derivative Assets	Commodity Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange- Traded^(a)	$	1,601,344		$	-		$	74,456		$	1,009,422		$	2,685,222

Unrealized appreciation on forward foreign currency contracts outstanding		-			5,980,618			-			-			5,980,618

Unrealized appreciation on swap agreements – OTC		-			-			8,529,537			-			8,529,537

Total Derivative Assets		1,601,344			5,980,618			8,603,993			1,009,422			17,195,377

Derivatives not subject to master netting agreements		(1,601,344	)		-			(74,456	)		(1,009,422	)		(2,685,222	)

Total Derivative Assets subject to master netting agreements	$	-		$	5,980,618		$	8,529,537		$	-		$	14,510,155


	Value
Derivative Liabilities	Commodity Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange- Traded^(a)	$	-		$	-		$	(4,864,348	)	$	(1,718,709	)	$	(6,583,057	)

Unrealized depreciation on forward foreign currency contracts outstanding		-			(12,394,001	)		-			-			(12,394,001	)

Unrealized depreciation on swap agreements – OTC		-			-			(15,577,131	)		-			(15,577,131	)

Total Derivative Liabilities		-			(12,394,001	)		(20,441,479	)		(1,718,709	)		(34,554,189	)

Derivatives not subject to master netting agreements		-			-			4,864,348			1,718,709			6,583,057

Total Derivative Liabilities subject to master netting agreements	$	-		$	(12,394,001	)	$	(15,577,131	)	$	-		$	(27,971,132	)

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

29 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, 2020.


	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount

Bank of America, N.A.	$	698,932	$	-	$	698,932	$	(3,049,990	)	$	-		$	(3,049,990	)	$	(2,351,058	)	$	-	$	2,351,058	$	-

Barclays Bank PLC		1,480,225		-		1,480,225		(2,050,509	)		-			(2,050,509	)		(570,284	)		-		570,284		-

Citibank, N.A.		26,144		-		26,144		-			-			-			26,144			-		-		26,144

Goldman Sachs International		-		8,443,445		8,443,445		-			(14,683,777	)		(14,683,777	)		(6,240,332	)		-		6,240,332		-

J.P. Morgan Chase Bank, N.A.		1,748,468		155,082		1,903,550		(4,973,633	)		(1,458,169	)		(6,431,802	)		(4,528,252	)		-		4,528,252		-

Morgan Stanley & Co. International PLC		221,707		-		221,707		(96,059	)		-			(96,059	)		125,648			-		-		125,648

Standard Chartered Bank PLC		4,494		-		4,494		(284,046	)		-			(284,046	)		(279,552	)		-		279,552		-

UBS AG		1,800,648		-		1,800,648		(1,939,764	)		-			(1,939,764	)		(139,116	)		-		-		(139,116	)

Total	$	5,980,618	$	8,598,527	$	14,579,145	$	(12,394,001	)	$	(16,141,946	)	$	(28,535,947	)	$	(13,956,802	)	$	-	$	13,969,478	$	12,676

Effect of Derivative Investments for the year ended October 31, 2020

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			Credit		Currency			Equity			Interest
	Risk			Risk		Risk			Risk			Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	-	$	(5,745,522	)	$	-		$	-		$	(5,745,522	)

Futures contracts		(2,177,004	)		-		-			(14,121,643	)		6,673,907			(9,624,740	)

Swap agreements		-			5,002,577		-			37,312,513			(67,027,912	)		(24,712,822	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			-		(7,344,259	)		-			-			(7,344,259	)

Futures contracts		2,295,519			-		-			3,179,336			2,689,597			8,164,452

Swap agreements		-			-		-			(9,047,858	)		1,408,031			(7,639,827	)

Total	$	118,515		$	5,002,577	$	(13,089,781	)	$	17,322,348		$	(56,256,377	)	$	(46,902,718	)

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

NOTE 5–Security Transactions with Affiliated Funds

30 Invesco Global Allocation Fund

complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2020, the Fund engaged in securities purchases of $4,210 and securities sales of $88,001, which resulted in net realized gains (losses) of $(10,487).

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–Cash Balances

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, 2020 and 2019:


	2020		2019

Ordinary income*		$100,263		$ 29,817,008

Long-term capital gain		-		88,289,492

Total distributions		$100,263		$118,106,500

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


Tax Components of Net Assets at Period-End:
	2020

Net unrealized appreciation - investments		$ 113,051,781

Net unrealized appreciation (depreciation) - foreign currencies		(1,534,796	)

Temporary book/tax differences		(420,090	)

Capital loss carryforward		(18,875,931	)

Shares of beneficial interest		1,120,505,820

Total net assets		$1,212,726,784

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


Capital Loss Carryforward*

Expiration	Short-Term	Long-Term	Total

Not subject to expiration	$18,875,931	$-	$18,875,931

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

NOTE 10–Investment Transactions

31 Invesco Global Allocation Fund

U.S. Treasury obligations were $120,851,720 and $64,083,809, 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	$191,938,674

Aggregate unrealized (depreciation) of investments	(78,886,893	)

Net unrealized appreciation of investments	$113,051,781

Cost of investments for tax purposes is $1,064,707,491.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income from the subsidiary, net operating losses, swap income and passive foreign investment companies, on October 31, 2020, undistributed net investment income was increased by $34,740,022, undistributed net realized gain (loss) was decreased by $5,805,508 and shares of beneficial interest was decreased by $28,934,514. 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, 2020^(a)						October 31, 2019^(a)
	Shares			Amount			Shares			Amount

Sold:
Class A		2,181,862		$	40,190,761			2,911,011		$	51,175,716

Class C		539,284			9,405,715			668,552			11,216,031

Class R		288,979			5,175,168			343,338			5,934,603

Class Y		754,258			13,316,347			1,314,255			22,876,384

Class R5^(b)		-			-			576			10,000

Class R6		270,990			5,027,686			406,804			7,210,061


Issued as reinvestment of dividends:
Class A		-			-			5,016,171			80,810,340

Class C		-			-			1,041,158			16,023,421

Class R		-			-			200,297			3,160,687

Class Y		2,780			52,465			443,746			7,135,445

Class R6		2,246			42,431			179,936			2,889,774


Automatic conversion of Class C shares to Class A shares:
Class A		331,247			6,137,088			5,325,355			95,143,552

Class C		(350,625	)		(6,137,088	)		(5,598,427	)		(95,143,552	)


Reacquired:
Class A		(9,255,096	)		(169,802,692	)		(10,028,998	)		(177,276,871	)

Class C		(1,121,018	)		(19,387,925	)		(2,712,318	)		(45,520,029	)

Class R		(594,951	)		(10,712,149	)		(582,631	)		(10,121,904	)

Class Y		(1,354,038	)		(24,695,646	)		(3,872,838	)		(68,468,367	)

Class R6		(418,602	)		(7,715,309	)		(314,157	)		(5,522,669	)

Net increase (decrease) in share activity		(8,722,684	)	$	(159,103,148	)		(5,258,170	)	$	(98,467,378	)

^(a)

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

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

NOTE 13–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

32 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 Financial Statements

We have audited the consolidated accompanying 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, 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, 2020 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For the year ended October 31, 2020 and the year ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.
For the year ended October 31, 2020 and the period May 24, 2019 (inception of offering) through October 31, 2019 for Class R5.

The consolidated financial statements of Invesco Global Allocation Fund (formerly Oppenheimer Global Allocation Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for each of the periods ended on or prior to October 31, 2018 (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

33 Invesco Global Allocation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²
Class A	$1,000.00	$1,070.80	$6.35	$1,019.00	$6.19	1.22%
Class C	1,000.00	1,067.10	10.24	1,015.23	9.98	1.97
Class R	1,000.00	1,069.00	7.65	1,017.75	7.46	1.47
Class Y	1,000.00	1,072.50	5.05	1,020.26	4.93	0.97
Class R5	1,000.00	1,073.50	3.96	1,021.32	3.86	0.76
Class R6	1,000.00	1,072.90	4.06	1,021.22	3.96	0.78

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 184/366 to reflect the most recent fiscal half year.

34 Invesco Global Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 (formerly, Invesco Oppenheimer Global Allocation Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, 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, 2020. 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

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

B.	Fund Investment Performance

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 does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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

35 Invesco Global Allocation Fund

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 fourth and fifth quintile of its expense group, respectively, and discussed with management reasons for such relative contractual management fees and total expenses.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

36 Invesco Global Allocation Fund

Tax Information

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, 2020:



Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	100.00	%
Business Interest Income*	0.00	%
U.S. Treasury Obligations*	100.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

37 Invesco Global Allocation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee

Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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

Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)

David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association

Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)

Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine

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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

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)

Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None

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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

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
Independent Trustees–(continued)

Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None

Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None

Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None

James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

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

Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)

John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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, The Invesco Funds and Senior Vice President 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

T-6 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)

Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-7 Invesco Global Allocation Fund

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LOGO

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

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


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


		Annual Report to Shareholders October 31, 2020
		Invesco Global Infrastructure Fund

		Nasdaq:
		A: GIZAX ∎ C: GIZCX ∎ R: GIZRX ∎ Y: GIZYX ∎ R5: GIZFX ∎ R6: GIZSX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Global Infrastructure Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎

Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Global Infrastructure Fund

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2020, Class A shares of Invesco Global Infrastructure Fund (the Fund), at net asset value (NAV), outperformed 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, 10/31/19 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			-10.28%
Class C Shares			-10.94
Class R Shares			-10.53
Class Y Shares			-10.11
Class R5 Shares			-10.11
Class R6 Shares			-10.10
MSCI World Index^▼(Broad Market Index)			4.36
Dow Jones Brookfield Global Infrastructure Index^▼(Style-Specific Index)			-11.48
Lipper Global Infrastructure Funds Classification Average^∎(Peer Group)			-6.81
Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from governmental policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. These massive monetary policy responses created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter. At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe.

Global infrastructure stocks struggled over the fiscal year, underperforming broad market equities since the first quarter 2020. The Fund, however, outperformed the Dow Jones Brookfield Global Infrastructure Index, its style-specific benchmark.

During the fiscal year, sector allocation was a primary driver of the Fund’s outperformance relative to the style-specific benchmark. Security selection contributed to the Fund’s relative performance. The Fund maintained a large underweight allocation to the airports sector during much of the fiscal year. In addition, security selection in the gas distribution, cellphone towers and water sectors benefited relative returns during the fiscal year, although this was partially offset by negative security selection in the electric utilities infrastructure sector. Out-of-benchmark exposure to the renewable energy sector also contributed to the Fund’s relative performance.

Top individual relative contributors to Fund performance for the fiscal year included cell tower companies Cellnex Telcom and Crown Castle International. Cellnex, Europe’s largest tower operator, reported double digit growth in revenue as it continues to expand its footprint across Europe. Crown Castle also reported strong growth coupled with a double digit increase in its common stock dividend. Both companies benefited from fundamental tailwinds from strong data demand, with future demand potential from 5G expansion.

During the fiscal year, top individual detractors from the Fund’s performance were ONEOK and SES SA. ONEOK, a natural gas provider, struggled as energy prices declined sharply over the fiscal year due to a decrease in demand associated with the global pandemic and loosened supply parameters from OPEC members. SES SA, a Luxembourg based satellite provider, along with other satellite companies underperformed the market

amid an adverse FCC ruling related to wireless spectrum auctions in the US and continued pressure on the core satellite video business.

At the close of the fiscal year, relative to the style-specific benchmark, the Fund held overweight positions in sectors such as rail, tolls, towers and renewables where growth characteristics and valuations remained relatively attractive. The Fund held an underweight position in the midstream energy sector where the impact from the global pandemic could have a longer-lasting impact on underlying company cash flows. Additionally, the Fund held underweight positions in the more regulated infrastructure sectors, mainly the electric utilities sector.

We remain focused on investing in companies with sound balance sheets and strategic infrastructure assets that provide a relatively more stable underlying earnings stream, offering above-average earnings growth characteristics.

We thank you for your investment in Invesco Global Infrastructure Fund.

Portfolio manager(s):

Mark Blackburn

James Cowen

Paul Curbo

Grant Jackson

Joe Rodriguez, Jr. - Lead

Darin Turner - Lead

Ping-Ying Wang

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


4		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

LOGO

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.


5		Invesco Global Infrastructure Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (5/2/14)			2.02%
5 Years			3.12
1 Year			-15.20

Class C Shares
Inception (5/2/14)			2.13%
5 Years			3.51
1 Year			-11.80

Class R Shares
Inception (5/2/14)			2.64%
5 Years			4.03
1 Year			-10.53

Class Y Shares
Inception (5/2/14)			3.16%
5 Years			4.55
1 Year			-10.11

Class R5 Shares
Inception (5/2/14)			3.15%
5 Years			4.55
1 Year			-10.11

Class R6 Shares
Inception (5/2/14)			3.16%
5 Years			4.56
1 Year			-10.10

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


6		Invesco Global Infrastructure Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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 (Net) 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


7		Invesco Global Infrastructure Fund

Fund Information

Portfolio Composition


By infrastructure sector	% of total net assets
Gas Distribution		26.99	%

Towers		24.23

Midstream Services		17.22

Electric Utilities		7.63

Tolls		5.00

Diversified		4.98

Water		4.17

Airports		3.85

Rail		3.22

Other Sectors, Each Less than 2.0% of Net Assets		1.33

Money Market Funds Plus Other Assets Less Liabilities		1.38

Top 10 Equity Holdings*


		% of total net assets
1.	American Tower Corp.		9.97	%

2.	Crown Castle International Corp.		5.65

3.	National Grid PLC		5.35

4.	Eversource Energy		4.00

5.	Cellnex Telecom S.A.		3.88

6.	Snam S.p.A.		3.46

7.	Vinci S.A.		3.24

8.	CenterPoint Energy, Inc.		3.08

9.	Transurban Group		3.00

10.	TC Energy Corp.		2.85

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, 2020.


8		Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests-98.62%
Australia-5.43%
APA Group		132,901	$	984,197

Atlas Arteria Ltd.		76,716		303,970

Sydney Airport		155,438		597,392

Transurban Group^(a)		244,512		2,324,636

				4,210,195


Belgium-1.01%
Elia Group S.A./N.V.		8,108		784,854


Brazil-0.06%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		6,716		49,564


Canada-12.34%
Canadian National Railway Co.		4,294		426,564

Enbridge, Inc.		79,851		2,200,404

Fortis, Inc.		30,814		1,217,249

Gibson Energy, Inc.		102,151		1,504,318

Inter Pipeline Ltd.		35,051		312,020

Keyera Corp.		93,090		1,321,273

Pembina Pipeline Corp.		18,144		379,821

TC Energy Corp.		56,275		2,215,012

				9,576,661


China-3.93%
China Gas Holdings Ltd.		377,600		1,157,085

China Tower Corp. Ltd., H Shares^(b)		3,138,000		490,004

COSCO SHIPPING Ports Ltd.		518,000		303,255

ENN Energy Holdings Ltd.		11,500		145,733

Kunlun Energy Co. Ltd.		478,000		309,812

Shenzhen Expressway Co. Ltd., H Shares		270,000		240,860

Yuexiu Transport Infrastructure Ltd.		730,000		405,892

				3,052,641


France-5.36%
Eiffage S.A.^(a)		18,425		1,343,293

Getlink SE^(a)		22,337		300,499

Vinci S.A.		31,827		2,518,521

				4,162,313


Hong Kong-1.58%
China Water Affairs Group Ltd.		700,000		501,244

Hong Kong & China Gas Co. Ltd. (The)		503,000		724,213

				1,225,457


Italy-5.72%
Atlantia S.p.A.^(a)		39,612		607,375

Infrastrutture Wireless Italiane S.p.A.^(b)		106,201		1,151,243

Snam S.p.A.		549,156		2,681,401

				4,440,019


Japan-1.41%
Japan Airport Terminal Co. Ltd.		5,800		252,702

Tokyo Gas Co. Ltd.		37,100		837,725

				1,090,427


	Shares		Value

Luxembourg-0.32%
SES S.A., FDR		30,994	$	248,333


Mexico-0.97%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V., ADR^(a)		20,739		750,337


Spain-5.54%
Aena SME S.A.^(a)(b)		5,988		808,798

Atlantica Sustainable Infrastructure PLC		16,299		480,657

Cellnex Telecom S.A.^(b)		46,889		3,012,038

				4,301,493


Switzerland-0.75%
Flughafen Zurich AG^(a)		4,310		581,094


United Kingdom-5.35%
National Grid PLC		348,701		4,150,355


United States-48.85%
American Tower Corp.		33,708		7,741,042

American Water Works Co., Inc.		13,541		2,038,056

Avangrid, Inc.		25,412		1,253,828

California Water Service Group		8,480		377,954

CenterPoint Energy, Inc.		113,049		2,388,725

Cheniere Energy, Inc.^(a)		10,499		502,587

CMS Energy Corp.		9,137		578,646

Consolidated Edison, Inc.		12,330		967,782

Crown Castle International Corp.		28,095		4,388,439

Edison International		30,319		1,699,077

Essential Utilities, Inc.		6,627		273,032

Eversource Energy		35,558		3,103,147

Kinder Morgan, Inc.		125,481		1,493,224

NiSource, Inc.		70,169		1,611,782

Norfolk Southern Corp.		6,389		1,336,068

ONE Gas, Inc.		8,256		569,994

ONEOK, Inc.		36,154		1,048,466

SBA Communications Corp., Class A		6,963		2,021,846

Sempra Energy		13,511		1,693,739

Targa Resources Corp.		31,787		510,181

Union Pacific Corp.		2,465		436,773

Williams Cos., Inc. (The)		97,808		1,876,936

				37,911,324

Total Common Stocks & Other Equity Interests (Cost $72,757,140)				76,535,067


Money Market Funds-1.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(c)(d)		256,583		256,583

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(c)(d)		320,080		320,208

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		293,238		293,238

Total Money Market Funds (Cost $869,988)				870,029

TOTAL INVESTMENTS IN SECURITIES-99.74% (Cost $73,627,128)				77,405,096

OTHER ASSETS LESS LIABILITIES-0.26%				202,702

NET ASSETS-100.00%			$	77,607,798

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


9		Invesco Global Infrastructure Fund

Investment Abbreviations:

ADR - American Depositary Receipt

FDR - Fiduciary Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $5,462,083, which represented 7.04% of the Fund’s Net Assets.

^(c)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	146,192		$	12,485,026		$	(12,374,635	)		$	-		$	-		$	256,583		$	898
Invesco Liquid Assets Portfolio, Institutional Class			104,448			7,014,835			(6,799,498	)			33			390			320,208			1,460
Invesco Treasury Portfolio, Institutional Class			167,077			9,753,841			(9,627,680	)			-			-			293,238			665
Total		$	417,717		$	29,253,702		$	(28,801,813	)		$	33		$	390		$	870,029		$	3,023

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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


10		Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $72,757,140)	$	76,535,067

Investments in affiliated money market funds, at value (Cost $869,988)		870,029

Foreign currencies, at value (Cost $108,572)		108,348

Receivable for:
Investments sold		832,016

Fund shares sold		47,418

Dividends		155,606

Investment for trustee deferred compensation and retirement plans		16,763

Other assets		34,642

Total assets		78,599,889


Liabilities:
Payable for:
Investments purchased		818,948

Fund shares reacquired		29,432

Accrued fees to affiliates		49,922

Accrued other operating expenses		77,026

Trustee deferred compensation and retirement plans		16,763

Total liabilities		992,091

Net assets applicable to shares outstanding	$	77,607,798


Net assets consist of:
Shares of beneficial interest	$	85,150,486

Distributable earnings (loss)		(7,542,688	)

	$	77,607,798


Net Assets:
Class A	$	12,198,197

Class C	$	2,130,035

Class R	$	3,326,334

Class Y	$	11,910,096

Class R5	$	9,697

Class R6	$	48,033,439


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,192,629

Class C		208,664

Class R		325,468

Class Y		1,164,165

Class R5		947

Class R6		4,690,809

Class A:
Net asset value per share	$	10.23

Maximum offering price per share (Net asset value of $10.23 ÷ 94.50%)	$	10.83

Class C:
Net asset value and offering price per share	$	10.21

Class R:
Net asset value and offering price per share	$	10.22

Class Y:
Net asset value and offering price per share	$	10.23

Class R5:
Net asset value and offering price per share	$	10.24

Class R6:
Net asset value and offering price per share	$	10.24

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


11		Invesco Global Infrastructure Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:

Dividends (net of foreign withholding taxes of $179,008)	$	1,952,426

Dividends from affiliated money market funds		3,023

Total investment income		1,955,449


Expenses:

Advisory fees		537,841

Administrative services fees		8,242

Custodian fees		7,307

Distribution fees:
Class A		30,263

Class C		18,178

Class R		10,918

Transfer agent fees – A, C, R and Y		60,912

Transfer agent fees – R5		5

Transfer agent fees – R6		11,359

Trustees’ and officers’ fees and benefits		17,830

Registration and filing fees		69,453

Reports to shareholders		15,978

Professional services fees		51,878

Other		8,497

Total expenses		848,661

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(141,542	)

Net expenses		707,119

Net investment income		1,248,330


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities		(6,918,920	)

Foreign currencies		1,149

		(6,917,771	)

Change in net unrealized appreciation of:
Investment securities		3,690,681

Foreign currencies		1,527

		3,692,208

Net realized and unrealized gain (loss)		(3,225,563	)

Net increase (decrease) in net assets resulting from operations	$	(1,977,233	)

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


12		Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	1,248,330		$	360,976

Net realized gain (loss)		(6,917,771	)		576,970

Change in net unrealized appreciation		3,692,208			2,565,981

Net increase (decrease) in net assets resulting from operations		(1,977,233	)		3,503,927


Distributions to shareholders from distributable earnings:
Class A		(414,643	)		(120,224	)

Class C		(45,124	)		(10,709	)

Class R		(40,389	)		(5,660	)

Class Y		(473,196	)		(185,867	)

Class R5		(563	)		(200	)

Class R6		(609,687	)		(3,908	)

Total distributions from distributable earnings		(1,583,602	)		(326,568	)


Share transactions-net:
Class A		4,945,617			(320,319	)

Class C		1,155,085			(593,080	)

Class R		2,967,165			68,287

Class Y		2,417,693			(386,937	)

Class R5		(372	)		–

Class R6		47,947,662			(250,670	)

Net increase (decrease) in net assets resulting from share transactions		59,432,850			(1,482,719	)

Net increase in net assets		55,872,015			1,694,640


Net assets:
Beginning of year		21,735,783			20,041,143

End of year	$	77,607,798		$	21,735,783

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


13		Invesco Global Infrastructure Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income to average net assets		Portfolio turnover ⁽^c)
Class A
Year ended 10/31/20		$11.88		$0.19			$(1.38	)		$(1.19	)		$(0.20	)		$(0.26	)		$ –			$(0.46	)		$10.23		(10.28	)%		$12,198		1.28%^(d)		1.58%^(d)		1.77%^(d)		244	%
Year ended 10/31/19		10.01		0.19			1.85			2.04			(0.17	)		–			–			(0.17	)		11.88		20.55			8,918		1.28		2.35		1.77		106
Year ended 10/31/18		10.74		0.18			(0.45	)		(0.27	)		(0.19	)		(0.25	)		(0.02	)		(0.46	)		10.01		(2.65	)		8,098		1.28		2.56		1.76		114
Year ended 10/31/17		9.62		0.25	^(e)		1.06			1.31			(0.19	)		–			–			(0.19	)		10.74		13.74			8,899		1.29		2.87		2.40^(e)		99
Year ended 10/31/16		9.50		0.17			0.11			0.28			(0.16	)		–			–			(0.16	)		9.62		3.01			4,194		1.40		4.29		1.76		85
Class C
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^(d)		2.33^(d)		1.02^(d)		244
Year ended 10/31/19		9.99		0.11			1.84			1.95			(0.09	)		–			–			(0.09	)		11.85		19.60			1,191		2.03		3.10		1.02		106
Year ended 10/31/18		10.72		0.10			(0.44	)		(0.34	)		(0.13	)		(0.25	)		(0.01	)		(0.39	)		9.99		(3.39	)		1,579		2.03		3.31		1.01		114
Year ended 10/31/17		9.60		0.17	^(e)		1.06			1.23			(0.11	)		–			–			(0.11	)		10.72		12.92			2,016		2.04		3.62		1.65^(e)		99
Year ended 10/31/16		9.48		0.10			0.11			0.21			(0.09	)		–			–			(0.09	)		9.60		2.24			428		2.15		5.04		1.01		85
Class R
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^(d)		1.83^(d)		1.52^(d)		244
Year ended 10/31/19		10.01		0.17			1.84			2.01			(0.15	)		–			–			(0.15	)		11.87		20.15			495		1.53		2.60		1.52		106
Year ended 10/31/18		10.73		0.16			(0.44	)		(0.28	)		(0.18	)		(0.25	)		(0.01	)		(0.44	)		10.01		(2.80	)		351		1.53		2.81		1.51		114
Year ended 10/31/17		9.61		0.22	^(e)		1.06			1.28			(0.16	)		–			–			(0.16	)		10.73		13.47			296		1.54		3.12		2.15^(e)		99
Year ended 10/31/16		9.49		0.14			0.11			0.25			(0.13	)		–			–			(0.13	)		9.61		2.76			69		1.65		4.54		1.51		85
Class Y
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^(d)		1.33^(d)		2.02^(d)		244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			11,108		1.03		2.10		2.02		106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		9,775		1.03		2.31		2.01		114
Year ended 10/31/17		9.62		0.27	^(e)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			10,685		1.04		2.62		2.65^(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			5,177		1.15		4.04		2.01		85
Class R5
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^(d)		1.15^(d)		2.02^(d)		244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			12		1.03		2.00		2.02		106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		10		1.03		2.19		2.01		114
Year ended 10/31/17		9.62		0.27	^(e)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			11		1.04		2.54		2.65^(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			10		1.15		4.02		2.01		85
Class R6
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^(d)		1.15^(d)		2.05^(d)		244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			12		1.03		2.00		2.02		106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		229		1.03		2.19		2.01		114
Year ended 10/31/17		9.62		0.27	^(e)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			194		1.04		2.54		2.65^(e)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			114		1.15		4.02		2.01		85

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $109,495,771 and sold of $26,558,548 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Oppenheimer Global Infrastructure Fund into the Fund.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $12,318, $1,818, $2,184, $12,300, $16 and $35,394 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.20 and 1.88%, $0.12 and 1.13%, $0.17 and 1.63%, $0.22 and 2.13%, $0.22 and 2.13% and $0.22 and 2.13% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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


14		Invesco Global Infrastructure Fund

Notes to Financial Statements

October 31, 2020

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 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.


15		Invesco Global Infrastructure Fund

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

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

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.

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.

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.

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.

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.


16		Invesco Global Infrastructure Fund

currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

M.	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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective April 17, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate

First $1 billion		0.840%

Next $ 1 billion		0.800%

Next $ 3 billion		0.780%

Over $5 billion		0.733%

Prior to April 17, 2020, the Fund accrued daily and paid 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 $2.5 billion		0.840%

Next $2 billion		0.800%

Next $3.5 billion		0.785%

Over $8 billion		0.770%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.84%.

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.00%, respectively, of average daily net assets (the “expense limits”). Prior to April 17, 2020, the Class R6 expense limit was 1.03%. 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, 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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $68,956 and reimbursed class level expenses of $26,232, $3,897, $4,651, $26,132, $5 and $11,359 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, 2020, 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.


17		Invesco Global Infrastructure 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, 2020, IDI advised the Fund that IDI retained $6,336 in front-end sales commissions from the sale of Class A shares and $5 and $45 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


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


	Level 1		Level 2		Level 3		Total

Investments in Securities

Australia	$	–	$	4,210,195		$–	$	4,210,195

Belgium		–		784,854		–		784,854

Brazil		49,564		–		–		49,564

Canada		9,576,661		–		–		9,576,661

China		–		3,052,641		–		3,052,641

France		–		4,162,313		–		4,162,313

Hong Kong		–		1,225,457		–		1,225,457

Italy		–		4,440,019		–		4,440,019

Japan		–		1,090,427		–		1,090,427

Luxembourg		–		248,333		–		248,333

Mexico		750,337		–		–		750,337

Spain		480,657		3,820,836		–		4,301,493

Switzerland		–		581,094		–		581,094

United Kingdom		–		4,150,355		–		4,150,355

United States		37,911,324		–		–		37,911,324

Money Market Funds		870,029		–		–		870,029

Total Investments	$	49,638,572	$	27,766,524		$–	$	77,405,096

NOTE 4–Expense Offset Arrangement(s)

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


18		Invesco Global Infrastructure Fund

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	1,304,900	$	326,568

Long-term capital gain		278,702		–

Total distributions	$	1,583,602	$	326,568

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

Tax Components of Net Assets at Period-End:


	2020
Undistributed ordinary income	$	247,518

Net unrealized appreciation — investments		421,074

Net unrealized appreciation—foreign currencies		1,620

Temporary book/tax differences		(12,781	)

Capital loss carryforward		(8,200,119	)

Shares of beneficial interest		85,150,486

Total net assets	$	77,607,798

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, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	8,094,511	$	105,608	$	8,200,119

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $83,677,729 and $109,719,353, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	3,590,633

Aggregate unrealized (depreciation) of investments		(3,169,559	)

Net unrealized appreciation of investments	$	421,074

Cost of investments for tax purposes is $76,984,022.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, on October 31, 2020, undistributed net investment income was increased by $53,437, undistributed net realized gain (loss) was increased by $5,636 and shares of beneficial interest was decreased by $59,073. Further, as a result of tax deferrals acquired in the reorganization of Invesco Oppenheimer Global Infrastructure Fund into the Fund, undistributed net investment income was decreased by $1,358, undistributed net realized gain (loss) was decreased by $4,292,662 and shares of beneficial interest was increased by $4,294,020. These reclassifications had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)				Year ended October 31, 2019
	Shares		Amount		Shares		Amount

Sold:

Class A		345,800	$	3,844,613		283,350	$	3,214,219

Class C		45,951		508,506		16,870		190,813

Class R		35,978		397,759		10,400		110,922

Class Y		576,913		6,139,269		140,970		1,578,918

Class R6		904,739		9,862,383		7,503		81,060


19		Invesco Global Infrastructure Fund


	Summary of Share Activity

	Year ended						Year ended
	October 31, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		28,115		$	310,338			7,683		$	84,669

Class C		3,720			41,763			913			9,939

Class R		3,663			39,943			497			5,515

Class Y		35,075			384,633			12,100			135,337

Class R6		56,840			609,205			337			3,708


Automatic conversion of Class C shares to Class A shares:
Class A		1,906			19,882			19,909			204,185

Class C		(1,910	)		(19,882	)		(19,948	)		(204,185	)


Issued in connection with acquisitions:^(b)
Class A		1,471,848			15,406,180			—			—

Class C		106,043			1,108,073			—			—

Class R		302,950			3,168,253			—			—

Class Y		144,045			1,507,977			—			—

Class R5		829			8,687			—			—

Class R6		8,189,334			85,839,760			—			—


Reacquired:
Class A		(1,405,490	)		(14,635,396	)		(369,342	)		(3,823,392	)

Class C		(45,616	)		(483,375	)		(55,397	)		(589,647	)

Class R		(58,807	)		(638,790	)		(4,252	)		(48,150	)

Class Y		(526,317	)		(5,614,186	)		(194,643	)		(2,101,192	)

Class R5		(883	)		(9,059	)		—			—

Class R6		(4,461,105	)		(48,363,686	)		(29,664	)		(335,438	)

Net increase (decrease) in share activity		5,753,621		$	59,432,850			(172,714	)	$	(1,482,719	)

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 8% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 63% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Global Infrastructure Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 10,215,049 shares of the Fund for 11,052,718 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $107,038,932, including $(3,148,121) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $22,613,908 and $129,652,840 immediately after the acquisition.


Net investment income	$	2,184,681

Net realized/unrealized gains (losses)		(24,946,439	)

Change in net assets resulting from operations	$	(22,761,758	)

NOTE 11–Coronavirus (COVID-19) Pandemic


20		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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


21		Invesco Global Infrastructure Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$997.30	$6.43	$1,018.70	$6.50	1.28%
Class C	1,000.00	993.50	10.17	1,014.93	10.28	2.03
Class R	1,000.00	996.00	7.68	1,017.44	7.76	1.53
Class Y	1,000.00	998.60	5.17	1,019.96	5.23	1.03
Class R5	1,000.00	998.60	5.17	1,019.96	5.23	1.03
Class R6	1,000.00	998.70	5.02	1,020.11	5.08	1.00

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 184/366 to reflect the most recent fiscal half year.


22		Invesco Global Infrastructure Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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, 2020. 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

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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, 2019 to the performance of funds in the Broadridge performance universe and against the Dow Jones Brookfield Global Infrastructure Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period, above the performance of the Index for the three year period and below the performance of the Index for the five year period. The Board noted that stock selection within certain infrastructure sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their 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 April 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. 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 does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee


23		Invesco Global Infrastructure Fund

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 and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


24		Invesco Global Infrastructure Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-term Capital Gain Distribution	$	278,702
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		54.68	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	171,071


25		Invesco Global Infrastructure Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey -1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes-1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Global Infrastructure Fund

LOGO

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



		Annual Report to Shareholders		October 31, 2020


		Invesco Global Strategic Income Fund
		Effective September 30, 2020, Invesco Oppenheimer Global Strategic Income Fund was renamed Invesco Global Strategic Income Fund.
		Nasdaq:
		A: OPSIX ∎ C: OSICX ∎ R: OSINX ∎ Y: OSIYX ∎ R5: GLSSX ∎ R6: OSIIX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Global Strategic Income Fund

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Global Strategic Income Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Global Strategic Income Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Barclays U.S. Aggregate Bond Index. Your Fund’s long-term performance appears later in this report.


Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	-1.20	%
Class C Shares	-1.96
Class R Shares	-1.45
Class Y Shares	-1.24
Class R5 Shares	-0.81
Class R6 Shares	-0.86
Bloomberg Barclays U.S. Aggregate Bond Index^▼	6.19

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2020, financial markets were predominantly driven by the COVID-19 pandemic and the swift response of extraordinary monetary and fiscal support globally.

News of the pandemic overwhelmed the market’s previous expectations for 2020 global growth, which were supported by receding global trade concerns and indications that the US Federal Reserve (the Fed) would hold interest rates steady. The first quarter of 2020 was characterized by extreme volatility in the capital markets as COVID-19 spread rapidly across the globe. As global equity markets spiraled downward and interest rates in developed markets (DM) generally fell, yield spreads between Treasuries and both credit and emerging market (EM) debt widened significantly. These trends were further exacerbated by funding pressures and lower oil prices that resulted from increased supply as Russia and Saudi Arabia began a price war.

Central banks and governments globally responded with monetary and fiscal stimulus of unprecedented scale. Major central banks, along with those in emerging market countries, swiftly cut interest rates and instituted other extraordinary policies. Notably, the Fed’s actions dwarfed those taken in 2008 and were implemented within a fraction of the time, including reducing short-term interest rates to zero, signaling unlimited quantitative easing in US Treasuries and reprising many of the 2008 liquidity programs. Investors reacted positively as funding concerns eased, and global equity and debt markets recovered some of their earlier losses by quarter end.

In the second quarter, the pandemic’s spread continued across the globe (albeit at a slower rate) and economic indicators signaled that the economies of many countries, including the US, bottomed in April. In Asia, China’s economic activity improved as lockdowns eased, raising hopes for economic recovery.

In Europe, to further boost support, the European Central Bank provided more favorable refinancing conditions in the form of targeted longer-term refinancing operations (TLTROs) and increased its bond purchasing program twice. In emerging market economies, more central banks elected to cut interest rates rather than hold rates steady, with 12 of the 20 primary EM central banks cutting rates by at least 1.50%.1 Buoyed by global policy support measures, investor sentiment improved as global equity and fixed income markets recovered throughout the quarter.

Several key trends from the second quarter developed further throughout the third quarter. US cases increased sharply early on, while several European countries had smaller flare-ups throughout the period, some of which caused reversals in reopening the economy. Second quarter GDP data released in July reflected COVID-19’s global economic impact with sharp contractions across multiple countries. US GDP showed a -31.4% annualized contraction.² However, more recent indicators suggest that economies of many countries, including the US, are gradually recovering. In Asia, a rise in retail sales and a tightening labor market in China suggest the region’s economic recovery has further to run.

Governments and policymakers across the world continue to provide fiscal and monetary policy support in response to the COVID-19 pandemic. In the third quarter, the Fed implemented further measures to boost dollar liquidity, such as extending its dollar swap lines with other central banks until the end of March 2021. The Fed left policy rates unchanged and adjusted its inflation target to an “average” of 2%, thereby giving itself more flexibility around monetary policy. This, coupled with Fed assurances that it would provide whatever monetary support is needed, improved investor sentiment. Meanwhile, European Union leaders launched a €750 billion package aimed at funding post-

pandemic relief efforts, while the European Central Bank held policy rates unchanged and granted Eurozone banks extra capital relief, enabling them to increase lending to governments, businesses and households. In emerging market economies, most central banks left policy rates unchanged, while central banks in Mexico, Colombia and Egypt cut interest rates to provide additional support to their economies.

Compared to the Bloomberg Barclays U.S. Aggregate Bond Index, which consists primarily of higher quality US exposures, the Fund takes a global perspective across the credit spectrum. Over the fiscal year, the Fund’s emerging market local rates and US investment grade credit contributed to performance, while positioning in developed market high yield and emerging market foreign currencies detracted.

Coming into 2020, the Fund’s portfolio positioning continued to favor emerging market rates and foreign currency (FX) exposure given attractive yields and additional room for central bank rate cuts amidst a low inflationary environment, as well as less attractive negative/low yielding rates and FX in DM countries. Beyond that, a supportive backdrop of recovering global growth and easier US financial conditions existed given a pausing (and perhaps cutting) Fed. However, a sharp reassessment of global growth prospects and a large correction in asset prices occurred in March. Global markets sold off as COVID-19 spread, but the severe liquidity stress experienced in the second half of the month, which added an additional leg of dislocation unwarranted by fundamentals, took markets by surprise. As a result, the Fund’s higher EM exposure and lower DM duration positioning led to underperformance versus the benchmark in the first quarter.

Rather than reducing the overall risk level of the portfolio, and thus inhibiting the Fund from taking advantage of opportunities, the team consolidated exposures to where they believed the best opportunities to be going forward, including focusing on areas well supported by global central banks. This included largely maintaining our emerging market rates exposure, as we believed these central banks had more room to cut, rotating into lower beta credit exposure, as well as creating more balanced foreign currency exposure between emerging and developed, with the expectation of the US dollar weakening over the longer term. The second quarter witnessed a fairly sharp market reversal and the beginning of a recovery trade, which largely continued in the third quarter, as the magnitude of the economic downturn was met with large policy easing by the Fed and global central banks, along with large fiscal spending. The seismic shift in global central bank policy created significant opportunities in EM and DM interest rates, which were among the first opportunities realized. The Fund rebounded strongly in the second quarter, benefiting


4		Invesco Global Strategic Income Fund

from emerging market rates positions, as most central banks materially cut their policy rates (by 1.50% on average) while longer-term rates had also fallen due to lowered inflation expectations, along with emerging and developed market credit positions, as spreads rebounded (although still remained wide of their tights in early February).

In terms of positioning, we continue to favor EM interest rate exposure, although we have shifted focus to the three- to five-year maturity range of country yield curves given what we believe to be attractive total return potential. We also increased our foreign currency exposure, as we believe there is a tremendous opportunity over the next two to three years with the Fed having removed much support for the US dollar. We incrementally increased the Fund’s exposure to US and developed market credit, while reducing emerging market credit exposure. Overall, fiscal and monetary policy actions globally continue to be supportive, and we remain quite constructive in seeking global income opportunities.

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 strategy 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 because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We 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 US Federal Reserve

2 US Bureau of Economic Analysis

Portfolio manager(s):

Hemant Baijal - Lead

Chris Kelly

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


5		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 10/31/10

LOGO

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.


6		Invesco Global Strategic Income Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/16/89)	6.31	%
10 Years	2.34
5 Years	1.64
1 Year	-5.48

Class C Shares
Inception (5/26/95)	5.30	%
10 Years	2.16
5 Years	1.73
1 Year	-2.92

Class R Shares
Inception (3/1/01)	4.79	%
10 Years	2.47
5 Years	2.24
1 Year	-1.45

Class Y Shares
Inception (1/26/98)	5.15	%
10 Years	2.99
5 Years	2.75
1 Year	-1.24

Class R5 Shares
10 Years	2.83	%
5 Years	2.61
1 Year	-0.81

Class R6 Shares
Inception (1/27/12)	3.17	%
5 Years	2.90
1 Year	-0.86

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.

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.

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


7		Invesco Global Strategic Income Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Global Strategic Income Fund

Fund Information

Portfolio Composition


By security type	% of total net assets

Non-U.S. Dollar Denominated Bonds & Notes		36.32	%
U.S. Dollar Denominated Bonds & Notes		35.89
U.S. Government Sponsored Agency Mortgage-Backed Securities		15.04
Asset-Backed Securities		10.83
Agency Credit Risk Transfer Notes		2.61
U.S. Treasury Securities		2.22
Variable Rate Senior Loan Interests		1.31
Security Types Each Less Than 1% of Portfolio		1.45
Money Market Funds Plus Other Assets Less Liabilities		(5.67	)

Top Five Debt Issuers*


		% of total net assets
1.	Uniform Mortgage-Backed Securities	13.33%
2.	Hellenic Republic Government Bond	9.26
3.	Australia Government Bond	4.66
4.	Italy Buoni Poliennali Del Tesoro	3.95
5.	India Government Bond	2.24

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, 2020.


9		Invesco Global Strategic Income Fund

Consolidated Schedule of Investments

October 31, 2020


		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–36.32%^(a)
Argentina–1.59%

Argentina Treasury Bond BONCER,
1.00%, 08/05/2021	ARS		2,333,037,313	$ 35,870,499
1.40%, 03/25/2023	ARS		207,540,000	2,683,850
1.50%, 03/25/2024	ARS		151,530,000	1,813,491
4.00%, 04/27/2025	ARS		88,500,000	2,319,482
Argentine Bonos del Tesoro, 18.20%, 10/03/2021	ARS		25,715,000	252,697
				42,940,019

Australia–4.66%

Australia Government Bond,
Series 152, 2.75%, 11/21/2028^(b)	AUD		56,400,000	46,237,864
Series 162, 1.75%, 06/21/2051^(b)	AUD		113,900,000	79,245,445
				125,483,309

Austria–0.06%
Erste Group Bank AG, 6.50%^(b)(c)(d)	EUR		1,200,000	1,490,107

Belgium–0.23%
KBC Group N.V., 4.25%^(b)(c)(d)	EUR		5,600,000	6,291,897

Brazil–0.37%
Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2045	BRL		10,550,000	7,849,435
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(b)	BRL		10,462,875	2,087,852
				9,937,287

Colombia–0.40%
Colombian TES,
Series B, 10.00%, 07/24/2024	COP		14,854,000,000	4,675,859
Series B, 6.25%, 11/26/2025	COP		21,300,000,000	5,994,669
				10,670,528

Cyprus–1.02%
Cyprus Government International Bond, 1.25%, 01/21/2040^(b)	EUR		22,695,000	27,582,307

Denmark–0.05%
Danske Bank A/S, 5.88%^(b)(c)(d)	EUR		1,080,000	1,287,695

Egypt–0.67%
Egypt Government Bond,
16.00%, 12/12/2020	EGP		72,000,000	4,608,819
16.00%, 06/11/2022	EGP		122,000,000	7,972,419


		Principal Amount		Value
Egypt–(continued)
Egypt Government International Bond, 4.75%, 04/16/2026^(b)	EUR		4,800,000	$ 5,408,607
				17,989,845

France–0.32%
Credit Agricole S.A., 6.50%^(b)(c)(d)	EUR		4,440,000	5,275,522
Societe Generale S.A., 6.75%^(b)(c)(d)	EUR		2,854,000	3,352,115
				8,627,637

Greece–9.26%
Hellenic Republic Government Bond,
1.50%, 06/18/2030^(b)	EUR		112,450,000	137,791,446
1.88%, 02/04/2035^(b)	EUR		75,200,000	95,854,447
4.20%, 01/30/2042^(b)	EUR		8,700,000	15,521,335
Series GDP, 1.00%, 10/15/2042^(e)	EUR		76,770,000	268,230
				249,435,458

India–2.23%

India Government Bond,
7.72%, 05/25/2025	INR		35,000,000	518,689
8.20%, 09/24/2025	INR		849,400,000	12,846,013
7.59%, 01/11/2026	INR		700,000,000	10,385,825
7.27%, 04/08/2026	INR		1,700,000,000	24,957,191
8.24%, 02/15/2027	INR		400,000,000	6,095,200
7.17%, 01/08/2028	INR		360,000,000	5,246,675
				60,049,593

Indonesia–3.40%

Indonesia Treasury Bond,
6.50%, 02/15/2031	IDR		240,000,000,000	16,324,046
Series FR56, 8.38%, 09/15/2026	IDR		260,905,000,000	19,891,219
Series FR59, 7.00%, 05/15/2027	IDR		195,000,000,000	13,816,000
Series FR64, 6.13%, 05/15/2028	IDR		40,000,000,000	2,667,487
Series FR78, 8.25%, 05/15/2029	IDR		70,900,000,000	5,342,345
Series FR82, 7.00%, 09/15/2030	IDR		165,000,000,000	11,626,154
Indonesian Treasury Bond, Series FR74, 7.50%, 08/15/2032	IDR		287,520,000,000	20,150,974
PT Jasa Marga (Persero) Tbk, 7.50%, 12/11/2020^(b)	IDR		24,180,000,000	1,631,414
				91,449,639

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
Italy–4.66%
Banca Monte dei Paschi di Siena S.p.A., 5.38%, 01/18/2028^(b)(c)	EUR		4,840,000	$ 4,390,417
Intesa Sanpaolo S.p.A.,
6.25%^(b)(c)(d)	EUR		3,700,000	4,290,775
4.13%^(b)(c)(d)	EUR		1,800,000	1,707,231
Italy Buoni Poliennali Del Tesoro,
1.70%, 09/01/2051^(b)	EUR		20,920,000	24,923,425
2.80%, 03/01/2067^(b)	EUR		54,059,000	81,699,368
UniCredit S.p.A.,
1.80%, 01/20/2030^(b)	EUR		1,875,000	2,164,304
9.25%^(b)(c)(d)	EUR		5,100,000	6,387,035
				125,562,555

Ivory Coast–0.48%
Ivory Coast Government International Bond,
5.25%, 03/22/2030^(b)	EUR		4,395,000	4,955,199
6.88%, 10/17/2040^(b)	EUR		6,950,000	7,940,364
				12,895,563

Japan–0.15%
SoftBank Group Corp.,
4.75%, 07/30/2025^(b)	EUR		1,480,000	1,831,626
4.00%, 09/19/2029^(b)	EUR		1,850,000	2,155,624
				3,987,250

Mexico–0.00%
J.P. Morgan S.A./Hipotecaria Su Casita S.A. de C.V., 6.47%, 08/26/2035^(b)(f)	MXN		20,232,961	129,868

Netherlands–0.26%
Cooperatieve Rabobank U.A., 4.38%^(b)(c)(d)	EUR		5,200,000	6,203,981
Maxeda DIY Holding B.V., 5.88%, 10/01/2026^(b)	EUR		625,000	724,186
				6,928,167

Portugal–0.54%
Banco Comercial Portugues S.A., 4.50%, 12/07/2027^(b)(c)	EUR		1,200,000	1,333,697
Caixa Geral de Depositos S.A., 10.75%^(b)(c)(d)	EUR		7,600,000	9,504,127
Novo Banco S.A.,
3.50%, 02/19/2043^(b)	EUR		2,250,000	2,158,134
3.50%, 03/18/2043^(b)	EUR		1,500,000	1,440,699
				14,436,657


		Principal Amount		Value
Russia–1.77%
Mos.ru, 5.00%, 08/22/2034	RUB		72,806,608	$ 0
Russian Federal Bond - OFZ,
Series 6212, 7.05%, 01/19/2028	RUB		750,000,000	10,144,914
Series 6221, 7.70%, 03/23/2033	RUB		366,700,000	5,149,021
Series 6225, 7.25%, 05/10/2034	RUB		1,562,500,000	21,242,821
Series 6228, 7.65%, 04/10/2030	RUB		800,000,000	11,195,846
				47,732,602

South Africa–1.09%
Republic of South Africa Government Bond,
Series 2037, 8.50%, 01/31/2037	ZAR		43,700,000	2,107,162
Series 2048, 8.75%, 02/28/2048	ZAR		130,000,000	6,074,322
Series R186, 10.50%, 12/21/2026	ZAR		296,525,000	21,202,028
				29,383,512

Spain–2.10%
Banco Bilbao Vizcaya Argentaria S.A.,
5.88%^(b)(c)(d)	EUR		7,375,000	8,465,823
6.00%^(b)(c)(d)	EUR		7,200,000	8,285,148
Banco Santander S.A.,
4.38%^(b)(c)(d)	EUR		3,800,000	3,862,181
6.25%^(b)(c)(d)	EUR		11,100,000	12,708,971
4.75%^(b)(c)(d)	EUR		3,800,000	3,904,999
Bankinter S.A., 8.63%^(b)(c)(d)	EUR		3,255,000	3,882,438
CaixaBank S.A., 5.25%^(b)(c)(d)	EUR		3,800,000	3,927,955
Spain Government Bond, 3.45%, 07/30/2066^(b)	EUR		5,550,000	11,599,717
				56,637,232

Supranational–0.11%
African Development Bank, 0.00%, 01/17/2050^(e)	ZAR		222,000,000	1,287,221
European Bank for Reconstruction and Development, 6.85%, 06/21/2021	IDR		20,200,000,000	1,401,687
International Finance Corp., 0.00%, 02/15/2029^(b)(e)	TRY		10,300,000	409,370
				3,098,278

Thailand–0.17%
Thailand Government Bond, 3.30%, 06/17/2038	THB		115,000,000	4,478,081

United Kingdom–0.24%
eG Global Finance PLC, 6.25%, 10/30/2025^(b)	EUR		428,000	476,463

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


11		Invesco Global Strategic Income Fund


		Principal Amount		Value
United Kingdom–(continued)
HSBC Holdings PLC, 6.00%^(b)(c)(d)	EUR		4,895,000	$ 6,052,455
				6,528,918

United States–0.49%
AT&T, Inc.,
2.05%, 05/19/2032	EUR		5,180,000	6,708,028
Series B2.88%^(c)(d)	EUR		5,800,000	6,455,860
				13,163,888
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,004,626,488)				978,197,892

U.S. Dollar Denominated Bonds & Notes–35.89%
Argentina–0.19%
Argentine Bonad Bonds, 0.10%, 11/30/2021		$	4,830,845	2,626,772
Argentine Republic Government International Bond, 2.50%, 07/09/2041^(g)			7,400,000	2,516,074
				5,142,846

Australia–0.01%
FMG Resources August 2006 Pty. Ltd., 4.75%, 05/15/2022^(b)			322,000	330,106

Belgium–0.06%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028^(b)			1,525,000	1,609,638

Bermuda–0.13%
Bermuda Government International Bond, 3.38%, 08/20/2050^(b)			3,450,000	3,618,188

Brazil–0.65%
Banco do Brasil S.A., 6.25%^(b)(c)(d)			1,875,000	1,805,859
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(b)			1,850,000	2,083,563
CSN Islands XI Corp., 6.75%, 01/28/2028^(b)			2,240,000	2,208,618
Embraer Netherlands Finance B.V., 6.95%, 01/17/2028^(b)			3,005,000	3,030,542
Petrobras Global Finance B.V.,
5.60%, 01/03/2031			3,520,000	3,797,112
6.85%, 06/05/2115			520,000	560,300
Yara International ASA, 3.15%, 06/04/2030^(b)			3,700,000	3,946,588
				17,432,582


	Principal Amount		Value
Canada–1.03%
1011778 BC ULC/New Red Finance, Inc.,
5.00%, 10/15/2025^(b)	$	566,000	$ 580,348
4.00%, 10/15/2030^(b)		1,761,000	1,752,195
Canadian Natural Resources Ltd., 2.05%, 07/15/2025		7,400,000	7,490,865
Cenovus Energy, Inc., 4.25%, 04/15/2027		1,803,000	1,835,542
Magna International, Inc., 2.45%, 06/15/2030		3,700,000	3,884,993
Norbord, Inc., 5.75%, 07/15/2027^(b)		1,501,000	1,581,394
Nutrien Ltd., 2.95%, 05/13/2030		3,700,000	4,006,551
Parkland Corp., 6.00%, 04/01/2026^(b)		1,745,000	1,804,984
Superior Plus L.P./Superior General Partner, Inc., 7.00%, 07/15/2026^(b)		1,047,000	1,123,274
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076^(c)		3,545,000	3,770,968
			27,831,114

Chile–0.13%
AES Gener S.A., 6.35%, 10/07/2079^(b)(c)		1,750,000	1,765,969
Antofagasta PLC, 2.38%, 10/14/2030^(b)		1,850,000	1,826,875
			3,592,844

China–0.87%
China Evergrande Group, 10.00%, 04/11/2023^(b)		787,000	634,687
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/2024^(b)		2,150,000	2,262,731
Country Garden Holdings Co. Ltd.,
5.40%, 05/27/2025^(b)		2,960,000	3,189,230
4.80%, 08/06/2030^(b)		1,850,000	1,967,284
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, 7.50%, 05/01/2025^(b)		492,000	346,860
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021^(b)		3,750,000	3,792,187
Kaisa Group Holdings Ltd., 6.75%, 02/18/2021^(b)		1,875,000	1,877,344
Logan Group Co. Ltd.,
7.50%, 08/25/2022^(b)		1,695,000	1,758,515
5.25%, 02/23/2023^(b)		3,750,000	3,796,699

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
China–(continued)
Tencent Holdings Ltd.,
3.24%, 06/03/2050^(b)	$	1,850,000	$ 1,858,871
3.29%, 06/03/2060^(b)		1,850,000	1,846,216
			23,330,624

Congo, Democratic Republic of the–0.13%
HTA Group Ltd., 7.00%, 12/18/2025^(b)		3,330,000	3,495,901

Denmark–0.09%
Danske Bank A/S, 6.13%^(b)(c)(d)		2,250,000	2,320,371

Dominican Republic–0.42%
AES Andres B.V./Dominican Power Partners/Empresa Generadora de Electricidad Itabo S.A., 7.95%, 05/11/2026^(b)		830,000	843,496
Dominican Republic International Bond,
4.88%, 09/23/2032^(b)		1,850,000	1,882,375
6.40%, 06/05/2049^(b)		3,490,000	3,560,149
5.88%, 01/30/2060^(b)		5,200,000	4,992,000
			11,278,020

Egypt–0.23%
Egypt Government International Bond, 8.70%, 03/01/2049^(b)		2,564,000	2,590,783
Egyptian Government International Bond, 8.50%, 01/31/2047^(b)		3,700,000	3,689,211
			6,279,994

France–1.62%
BNP Paribas S.A.,
7.63%^(b)(c)(d)		3,010,000	3,049,506
6.75%^(b)(c)(d)		6,000,000	6,144,360
7.38%^(b)(c)(d)		3,700,000	4,132,697
Credit Agricole S.A.,
8.13%^(b)(c)(d)		1,172,000	1,379,092
6.88%^(b)(c)(d)		4,400,000	4,713,786
7.88%^(b)(c)(d)		1,875,000	2,072,175
La Mondiale SAM, 4.80%, 01/18/2048^(b)(c)		2,442,000	2,541,138
Societe Generale S.A.,
7.38%^(b)(c)(d)		4,770,000	4,910,334
8.00%^(b)(c)(d)		6,455,000	7,256,522
Total Capital International S.A., 3.13%, 05/29/2050		7,400,000	7,432,019
			43,631,629


	Principal Amount		Value
Germany–0.03%
Mercer International, Inc., 5.50%, 01/15/2026	$	752,000	$ 713,930

Ghana–0.13%
Ghana Government International Bond, 8.95%, 03/26/2051^(b)		3,750,000	3,378,326

Hong Kong–0.35%
Melco Resorts Finance Ltd., 4.88%, 06/06/2025^(b)		9,250,000	9,312,649

India–0.59%
Azure Power Energy Ltd., 5.50%, 11/03/2022^(b)		3,485,000	3,574,390
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(b)		3,475,000	3,452,635
NTPC Ltd., 4.50%, 03/19/2028^(b)		1,850,000	1,979,263
Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029^(b)		1,850,000	1,845,125
Oil India International Pte. Ltd., 4.00%, 04/21/2027^(b)		4,881,000	5,008,126
			15,859,539

Indonesia–1.30%
Indonesia Government International Bond,
4.20%, 10/15/2050		750,000	867,392
4.45%, 04/15/2070		3,700,000	4,385,127
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026^(b)		5,215,000	5,371,450
PT Indonesia Asahan Aluminium (Persero),
4.75%, 05/15/2025^(b)		7,400,000	8,029,000
5.45%, 05/15/2030^(b)		3,700,000	4,216,856
PT Pertamina (Persero),
4.70%, 07/30/2049^(b)		1,850,000	2,007,250
4.18%, 01/21/2050^(b)		2,960,000	2,965,964
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.13%, 05/15/2027^(b)		3,700,000	4,009,172
PT Tower Bersama Infrastructure Tbk, 4.25%, 01/21/2025^(b)		1,850,000	1,868,018
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.88%, 07/17/2049^(b)		1,110,000	1,234,092
			34,954,321

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
Ireland–0.62%
AerCap Global Aviation Trust, 6.50%, 06/15/2045^(b)(c)	$	1,157,000	$ 1,026,837
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025^(b)(e)		1,886,268	1,880,982
Series 119, 0.00%, 04/30/2025^(b)(e)		1,806,083	1,801,022
Series 120, 0.00%, 04/30/2025^(b)(e)		2,511,957	2,504,917
Series 122, 0.00%, 04/30/2025^(b)(e)		1,980,781	1,975,230
Series 124, 0.00%, 04/30/2025^(b)(e)		1,590,885	1,586,427
Series 126, 0.00%, 04/30/2025^(b)		1,977,516	1,971,974
Series 127, 0.00%, 04/30/2025^(b)(e)		2,061,488	2,055,711
0.00%, 04/30/2025^(b)(e)		1,797,697	1,792,659
			16,595,759

Italy–0.21%
Telecom Italia Capital S.A., 7.20%, 07/18/2036		1,926,000	2,436,005
UniCredit S.p.A., 5.46%, 06/30/2035^(b)(c)		3,110,000	3,146,395
			5,582,400

Japan–0.17%
SoftBank Group Corp., 5.13%, 09/19/2027^(b)		812,000	822,141
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		3,700,000	3,731,947
			4,554,088

Kazakhstan–0.07%
Astana-Finance JSC, 0.00%, 12/22/2024^(b)(e)(f)		1,186,224	0
KazMunayGas National Co. JSC, 3.50%, 04/14/2033^(b)		1,850,000	1,911,331
			1,911,331

Luxembourg–0.31%
ArcelorMittal S.A., 3.60%, 07/16/2024		7,500,000	7,810,314
Intelsat Jackson Holdings S.A., 8.50%, 10/15/2024^(b)(h)		1,087,000	673,940
			8,484,254

Macau–0.60%
MGM China Holdings Ltd.,
5.38%, 05/15/2024^(b)		3,495,000	3,503,056
5.88%, 05/15/2026^(b)		3,200,000	3,239,680


	Principal Amount		Value
Macau–(continued)
Sands China Ltd.,
3.80%, 01/08/2026^(b)	$	1,480,000	$ 1,519,723
4.38%, 06/18/2030^(b)		1,850,000	1,901,837
Wynn Macau Ltd.,
4.88%, 10/01/2024^(b)		5,987,000	5,761,320
5.50%, 10/01/2027^(b)		164,000	154,111
			16,079,727

Malaysia–0.21%
Petronas Capital Ltd., 4.80%, 04/21/2060^(b)		4,090,000	5,593,178

Mexico–0.67%
Banco Mercantil del Norte S.A., 8.38%^(b)(c)(d)		1,850,000	1,966,106
Cemex S.A.B. de C.V., 5.45%, 11/19/2029^(b)		2,590,000	2,744,234
Petroleos Mexicanos,
6.88%, 10/16/2025^(b)		4,350,000	4,306,500
4.50%, 01/23/2026		5,469,000	4,830,768
6.38%, 01/23/2045		3,700,000	2,809,650
6.75%, 09/21/2047		1,850,000	1,439,106
			18,096,364

Netherlands–0.03%
UPC Holding B.V., 5.50%, 01/15/2028^(b)		720,000	744,750

Oman–0.26%
Oman Government International Bond, 3.88%, 03/08/2022^(b)		7,045,000	6,966,152

Panama–0.02%
AES Panama Generation Holdings SRL, 4.38%, 05/31/2030^(b)		440,000	466,814

Peru–0.16%
Banco de Credito del Peru, 3.13%, 07/01/2030^(b)(c)		1,850,000	1,873,606
Nexa Resources S.A., 6.50%, 01/18/2028^(b)		2,220,000	2,476,687
			4,350,293

Saudi Arabia–0.05%
ADES International Holding PLC, 8.63%, 04/24/2024^(b)		1,300,000	1,240,200

South Africa–0.12%
Republic of South Africa Government Bond, 5.75%, 09/30/2049		3,700,000	3,346,798

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
Sri Lanka–0.11%
Sri Lanka Government International Bond,
6.35%, 06/28/2024^(b)	$	2,790,000	$ 1,590,300
6.20%, 05/11/2027^(b)		490,000	264,600
6.75%, 04/18/2028^(b)		2,282,000	1,232,280
			3,087,180

Sweden–0.07%
Skandinaviska Enskilda Banken AB, 5.13%^(b)(c)(d)		1,800,000	1,831,324

Switzerland–1.49%
Argentum Netherlands B.V. for Swiss Re Ltd., 5.75%, 08/15/2050^(b)(c)		4,440,000	4,956,097
Credit Suisse Group AG,
7.13%^(b)(c)(d)		1,630,000	1,693,961
7.50%^(b)(c)(d)		1,850,000	1,965,644
7.50%^(b)(c)(d)		6,680,000	7,273,852
6.38%^(b)(c)(d)		1,675,000	1,799,930
6.25%^(b)(c)(d)		1,875,000	2,002,839
7.50%^(b)(c)(d)		1,475,000	1,567,202
UBS Group AG,
7.00%^(b)(c)(d)		7,195,000	8,047,068
7.13%^(b)(c)(d)		7,400,000	7,589,625
6.88%^(b)(c)(d)		1,355,000	1,374,023
5.13%^(b)(c)(d)		1,850,000	1,925,208
			40,195,449

Thailand–0.32%
Bangkok Bank PCL,
3.73%, 09/25/2034^(b)(c)		1,872,000	1,836,767
5.00%^(b)(c)(d)		3,420,000	3,408,768
Thaioil Treasury Center Co. Ltd., 3.75%, 06/18/2050^(b)		3,700,000	3,410,734
			8,656,269

Turkey–0.27%
Turkey Government International Bond, 6.38%, 10/14/2025		5,550,000	5,434,782
Ulker Biskuvi Sanayi A.S., 6.95%, 10/30/2025^(b)		1,850,000	1,863,875
			7,298,657

Ukraine–0.50%
Metinvest B.V.,
8.50%, 04/23/2026^(b)		3,750,000	3,801,937
7.65%, 10/01/2027^(b)		555,000	543,090
7.75%, 10/17/2029^(b)		2,680,000	2,575,882


	Principal Amount		Value
Ukraine–(continued)
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026^(b)	$	1,800,000	$ 1,695,167
Ukraine Government International Bond,
7.75%, 09/01/2025^(b)		2,812,000	2,887,713
7.30%, 03/15/2033^(b)		2,220,000	2,095,138
			13,598,927

United Arab Emirates–0.31%
Emirate of Dubai Government International Bond, 3.90%, 09/09/2050^(b)		4,850,000	4,564,384
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036^(b)		3,700,000	3,696,407
			8,260,791

United Kingdom–1.11%
BAT Capital Corp., 2.26%, 03/25/2028		7,400,000	7,382,824
BP Capital Markets PLC, 4.88%^(c)(d)		2,590,000	2,725,975
eG Global Finance PLC, 8.50%, 10/30/2025^(b)		688,000	704,856
HSBC Bank PLC, Series 2M, 0.75% (6 mo. USD
LIBOR + 0.25%)^(d)(i)		1,130,000	960,076
HSBC Holdings PLC, 6.38%^(c)(d)		4,285,000	4,419,142
Lloyds Bank PLC, Series 3, 0.31% (6 mo. USD
LIBOR + 0.10%)^(d)(i)		2,250,000	2,028,398
Standard Chartered PLC, 7.50%^(b)(c)(d)		4,625,000	4,795,177
Standard Life Aberdeen PLC, 4.25%, 06/30/2028^(b)		3,775,000	3,958,563
Virgin Media Secured Finance PLC,
5.50%, 08/15/2026^(b)		786,000	819,189
5.50%, 05/15/2029^(b)		317,000	339,190
Vodafone Group PLC, 7.00%, 04/04/2079^(c)		1,500,000	1,781,392
			29,914,782

United States–20.25%
AECOM, 5.13%, 03/15/2027		528,000	579,353
AES Corp. (The), 6.00%, 05/15/2026		301,000	315,958
Akumin, Inc., 7.00%, 11/01/2025^(b)		1,860,000	1,843,725

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)
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 03/15/2029^(b)	$	763,000	$ 741,331
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028^(b)		6,530,000	7,022,460
Ally Financial, Inc., 8.00%, 11/01/2031		783,000	1,082,473
AMC Entertainment Holdings, Inc., 10.50%, 04/24/2026^(b)		282,000	145,230
AMC Networks, Inc.,
5.00%, 04/01/2024		863,000	868,394
4.75%, 08/01/2025		306,000	306,000
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		1,336,000	1,466,507
Amsted Industries, Inc., 5.63%, 07/01/2027^(b)		485,000	512,189
AmWINS Group, Inc., 7.75%, 07/01/2026^(b)		475,000	508,754
Anagram International, Inc./Anagram Holdings LLC, 10.00% 5% PIK Rate, 5% Cash Rate, 08/15/2026^(b)(j)		54,119	45,731
Antero Resources Corp., 5.00%, 03/01/2025		1,394,000	1,048,114
Applied Materials, Inc., 2.75%, 06/01/2050		3,700,000	3,771,998
ASGN, Inc., 4.63%, 05/15/2028^(b)		691,000	711,716
Ashland LLC, 4.75%, 08/15/2022		56,000	58,995
Bank of New York Mellon Corp. (The), Series G, 4.70%^(c)(d)		3,700,000	3,968,250
Bausch Health Cos., Inc.,
7.00%, 03/15/2024^(b)		1,094,000	1,134,751
5.75%, 08/15/2027^(b)		495,000	531,816
Becton, Dickinson and Co., 3.79%, 05/20/2050		7,400,000	8,228,078
Belo Corp., 7.75%, 06/01/2027		640,000	725,776
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029^(b)		157,000	162,004
Blue Cube Spinco LLC, 9.75%, 10/15/2023		38,000	38,998
BMC East LLC, 5.50%, 10/01/2024^(b)		1,439,000	1,477,673
BorgWarner, Inc., 2.65%, 07/01/2027		3,700,000	3,884,905


	Principal Amount		Value
United States–(continued)
Brink’s Co. (The),
5.50%, 07/15/2025^(b)	$	149,000	$ 155,271
4.63%, 10/15/2027^(b)		1,822,000	1,862,458
Bunge Ltd. Finance Corp., 1.63%, 08/17/2025		5,920,000	5,967,654
Caesars Entertainment, Inc., 8.13%, 07/01/2027^(b)		537,000	561,165
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(b)		186,000	191,000
Calpine Corp.,
5.25%, 06/01/2026^(b)		738,000	759,122
5.00%, 02/01/2031^(b)		309,000	315,937
Calumet Specialty Products Partners L.P./Calumet Finance Corp.,
7.63%, 01/15/2022		404,000	401,380
9.25%, 07/15/2024^(b)		743,000	813,585
Camelot Finance S.A., 4.50%, 11/01/2026^(b)		719,000	749,108
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024^(b)		1,400,000	1,488,228
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025^(b)		1,148,000	1,162,229
Carnival Corp.,
11.50%, 04/01/2023^(b)		1,589,000	1,758,157
10.50%, 02/01/2026^(b)		505,000	549,819
Carrier Global Corp., 2.70%, 02/15/2031^(b)		3,700,000	3,873,851
CCM Merger, Inc., 6.38%, 05/01/2026^(b)		990,000	1,015,987
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/2023^(b)		293,000	296,479
5.38%, 05/01/2025^(b)		175,000	179,944
5.75%, 02/15/2026^(b)		1,276,000	1,324,373
5.13%, 05/01/2027^(b)		777,000	816,887
5.88%, 05/01/2027^(b)		175,000	182,767
5.00%, 02/01/2028^(b)		832,000	876,928
4.50%, 08/15/2030^(b)		1,647,000	1,712,888
Celanese US Holdings LLC, 5.88%, 06/15/2021		3,441,000	3,548,624

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
United States–(continued)
Centene Corp.,
5.38%, 06/01/2026^(b)	$	1,726,000	$ 1,818,272
5.38%, 08/15/2026^(b)		1,210,000	1,282,600
4.63%, 12/15/2029		1,373,000	1,496,611
3.38%, 02/15/2030		1,000,000	1,040,235
Charles River Laboratories International, Inc., 4.25%, 05/01/2028^(b)		1,377,000	1,441,292
Charles Schwab Corp. (The), Series G, 5.38%^(c)(d)		7,500,000	8,231,250
Choice Hotels International, Inc., 3.70%, 01/15/2031		14,830,000	15,372,333
CIT Group, Inc.,
4.13%, 03/09/2021		819,000	825,982
5.25%, 03/07/2025		492,000	549,503
Clarios Global L.P., 6.75%, 05/15/2025^(b)		345,000	365,414
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		282,000	294,634
Clearway Energy Operating LLC, 5.75%, 10/15/2025		228,000	239,258
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)		755,000	727,552
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025^(b)		1,018,000	1,165,610
CNX Resources Corp., 7.25%, 03/14/2027^(b)		1,333,000	1,408,008
Colfax Corp.,
6.00%, 02/15/2024^(b)		455,000	474,433
6.38%, 02/15/2026^(b)		228,000	240,327
Comstock Resources, Inc., 9.75%, 08/15/2026		1,292,000	1,363,060
Continental Resources, Inc.,
4.50%, 04/15/2023		1,640,000	1,573,498
3.80%, 06/01/2024		500,000	466,563
4.90%, 06/01/2044		341,000	283,669
CoreCivic, Inc.,
5.00%, 10/15/2022		114,000	109,556
4.63%, 05/01/2023		201,000	184,418
Cox Communications, Inc., 2.95%, 10/01/2050^(b)		2,720,000	2,607,908
Crown Castle International Corp.,
1.35%, 07/15/2025		3,700,000	3,735,073
3.25%, 01/15/2051		3,700,000	3,685,648


	Principal Amount		Value
United States–(continued)
CSC Holdings LLC,
5.88%, 09/15/2022	$	293,000	$ 309,664
5.50%, 04/15/2027^(b)		1,195,000	1,258,932
4.63%, 12/01/2030^(b)		2,294,000	2,296,558
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)		932,000	868,358
CVS Health Corp.,
1.30%, 08/21/2027		7,400,000	7,290,508
5.05%, 03/25/2048		3,700,000	4,682,824
Cxloyalty Group, Inc., 12.50% 15.50% PIK
Rate, 12.50% Cash Rate, 11/10/2022^(b)(j)		3,143,663	1,917,634
Dana Financing Luxembourg S.a.r.l., 6.50%, 06/01/2026^(b)		559,000	581,989
Dana, Inc.,
5.38%, 11/15/2027		477,000	493,397
5.63%, 06/15/2028		749,000	787,450
Darling Ingredients, Inc., 5.25%, 04/15/2027^(b)		230,000	244,231
DaVita, Inc., 4.63%, 06/01/2030^(b)		672,000	683,941
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024^(b)		1,226,000	1,271,705
6.20%, 07/15/2030^(b)		7,400,000	9,065,438
Delta Air Lines, Inc.,
7.00%, 05/01/2025^(b)		1,623,000	1,772,813
7.38%, 01/15/2026		4,969,000	5,141,089
Diamond Sports Group LLC/ Diamond Sports Finance Co.,
5.38%, 08/15/2026^(b)		2,482,000	1,450,419
6.63%, 08/15/2027^(b)		1,062,000	442,058
Discovery Communications LLC, 3.63%, 05/15/2030		2,960,000	3,276,234
DISH DBS Corp.,
5.88%, 11/15/2024		662,000	666,965
7.75%, 07/01/2026		400,000	424,500
DISH Network Corp., Conv., 3.38%, 08/15/2026		300,000	265,923
Diversified Healthcare Trust, 9.75%, 06/15/2025		1,463,000	1,611,290
DPL, Inc., 4.35%, 04/15/2029		573,000	621,966
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026^(b)		441,000	472,697
eBay, Inc., 2.70%, 03/11/2030		1,480,000	1,550,601
Edgewell Personal Care Co., 5.50%, 06/01/2028^(b)		660,000	694,561

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
United States–(continued)
Embarq Corp., 8.00%, 06/01/2036	$	939,000	$ 1,102,738
Encompass Health Corp., 4.75%, 02/01/2030		718,000	749,097
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025^(b)		425,000	441,601
Energy Transfer Operating L.P., Series A, 6.25%^(c)(d)		559,000	375,897
EnerSys, 5.00%, 04/30/2023^(b)		820,000	845,112
EnLink Midstream LLC, 5.38%, 06/01/2029		114,000	97,812
EnLink Midstream Partners L.P.,
4.85%, 07/15/2026		1,038,000	887,179
5.60%, 04/01/2044		1,148,000	713,821
EnPro Industries, Inc., 5.75%, 10/15/2026		1,157,000	1,218,969
EPR Properties, 3.75%, 08/15/2029		7,300,000	6,227,858
EQM Midstream Partners L.P.,
6.50%, 07/01/2027^(b)		754,000	791,858
5.50%, 07/15/2028		1,682,000	1,707,028
Everi Payments, Inc., 7.50%, 12/15/2025^(b)		542,000	550,751
Exelon Corp., 4.45%, 04/15/2046		3,700,000	4,483,904
Expedia Group, Inc., 3.60%, 12/15/2023^(b)		3,700,000	3,807,072
Flex Acquisition Co., Inc., 7.88%, 07/15/2026^(b)		708,000	717,133
Flex Ltd., 3.75%, 02/01/2026		7,881,000	8,631,338
Ford Motor Co.,
8.50%, 04/21/2023		2,006,000	2,217,322
9.00%, 04/22/2025		453,000	533,423
9.63%, 04/22/2030		244,000	327,962
4.75%, 01/15/2043		698,000	647,831
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		417,000	435,156
4.13%, 08/04/2025		7,500,000	7,463,887
4.39%, 01/08/2026		698,000	704,219
5.11%, 05/03/2029		1,782,000	1,853,280
Freeport-McMoRan, Inc.,
4.63%, 08/01/2030		6,290,000	6,725,740
5.40%, 11/14/2034		3,539,000	4,058,791
5.45%, 03/15/2043		205,000	234,301
Frontier Communications Corp.,
10.50%, 09/15/2022^(h)		4,321,000	1,786,798
11.00%, 09/15/2025^(h)		1,243,000	519,729
Gartner, Inc.,
4.50%, 07/01/2028^(b)		838,000	875,886
3.75%, 10/01/2030^(b)		621,000	635,811


	Principal Amount		Value
United States–(continued)
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025	$	442,000	$ 367,689
6.25%, 05/15/2026		861,000	691,133
7.75%, 02/01/2028		308,000	255,930
Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		1,396,000	1,380,295
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029^(b)		1,476,000	1,523,859
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		1,248,000	1,251,120
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		788,000	771,105
Hanesbrands, Inc.,
5.38%, 05/15/2025^(b)		887,000	934,676
4.88%, 05/15/2026^(b)		640,000	692,979
HCA, Inc.,
5.88%, 02/15/2026		231,000	261,319
5.38%, 09/01/2026		1,624,000	1,828,015
5.63%, 09/01/2028		924,000	1,077,130
4.13%, 06/15/2029		1,458,000	1,654,537
7.50%, 11/06/2033		665,000	900,649
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025^(b)		691,000	733,531
Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)		1,433,000	1,435,687
HighPoint Operating Corp., 8.75%, 06/15/2025		216,000	44,280
Hilcorp Energy I L.P./Hilcorp Finance Co.,
5.75%, 10/01/2025^(b)		225,000	208,806
6.25%, 11/01/2028^(b)		1,903,000	1,749,847
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026^(b)		283,000	291,755
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)		1,413,000	1,323,804
Hologic, Inc., 3.25%, 02/15/2029^(b)		775,000	780,328
Host Hotels & Resorts L.P., Series D, 3.75%, 10/15/2023		9,337,000	9,670,432
Howmet Aerospace, Inc., 6.88%, 05/01/2025		472,000	525,690
Hyundai Capital America, 1.80%, 10/15/2025^(b)		5,374,000	5,366,612
Ingles Markets, Inc., 5.75%, 06/15/2023		237,000	239,516

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


18		Invesco Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
International Game Technology PLC, 6.25%, 02/15/2022^(b)	$	4,036,000	$ 4,139,443
Intrado Corp., 5.38%, 07/15/2022^(b)		975,000	721,500
Iron Mountain, Inc.,
5.25%, 03/15/2028^(b)		472,000	484,685
4.88%, 09/15/2029^(b)		743,000	747,458
5.25%, 07/15/2030^(b)		1,120,000	1,150,800
4.50%, 02/15/2031^(b)		763,000	760,574
iStar, Inc., 4.75%, 10/01/2024		1,801,000	1,723,152
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		979,000	1,043,976
Jabil, Inc., 3.00%, 01/15/2031		3,700,000	3,742,450
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030^(b)		1,032,000	1,123,590
KB Home, 4.80%, 11/15/2029		560,000	605,850
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023^(b)		822,000	824,996
Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		1,000,000	1,336,930
5.00%, 06/04/2042		809,000	887,378
4.38%, 06/01/2046		1,130,000	1,157,177
5.50%, 06/01/2050^(b)		1,018,000	1,159,766
L Brands, Inc.,
7.50%, 06/15/2029		470,000	503,868
6.88%, 11/01/2035		490,000	498,269
Lamar Media Corp., 5.75%, 02/01/2026		556,000	576,280
Lennar Corp.,
4.75%, 05/30/2025		760,000	835,255
5.25%, 06/01/2026		503,000	572,796
5.00%, 06/15/2027		1,173,000	1,340,152
Level 3 Financing, Inc.,
5.38%, 05/01/2025		633,000	652,221
5.25%, 03/15/2026		1,434,000	1,482,254
3.63%, 01/15/2029^(b)		533,000	516,677
Lithia Motors, Inc.,
5.25%, 08/01/2025^(b)		1,392,000	1,445,794
4.63%, 12/15/2027^(b)		403,000	424,953
Louisiana-Pacific Corp., 4.88%, 09/15/2024		2,579,000	2,650,890
Macy’s, Inc., 8.38%, 06/15/2025^(b)		1,909,000	1,995,936
Marriott International, Inc.,
4.63%, 06/15/2030		4,445,000	4,748,397
Series GG, 3.50%, 10/15/2032		10,360,000	10,234,272


	Principal Amount		Value
United States–(continued)
Mattel, Inc., 6.75%, 12/31/2025^(b)	$	867,000	$ 912,734
Meredith Corp., 6.88%, 02/01/2026		866,000	719,321
Meritage Homes Corp., 5.13%, 06/06/2027		1,439,000	1,595,218
MetLife, Inc., Series G, 3.85%^(c)(d)		12,332,000	12,398,100
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc.,
5.63%, 05/01/2024		740,000	780,386
5.75%, 02/01/2027		228,000	246,400
MGM Resorts International,
6.00%, 03/15/2023		2,335,000	2,425,481
6.75%, 05/01/2025		920,000	969,197
5.75%, 06/15/2025		251,000	261,278
Michaels Stores, Inc., 8.00%, 07/15/2027^(b)		711,000	733,532
Motorola Solutions, Inc., 2.30%, 11/15/2030		1,480,000	1,471,919
MPLX L.P., 1.75%, 03/01/2026		5,180,000	5,157,518
MPT Operating Partnership L.P./MPT Finance Corp.,
6.38%, 03/01/2024		179,000	183,522
5.00%, 10/15/2027		170,000	178,198
4.63%, 08/01/2029		1,323,000	1,387,457
Mueller Industries, Inc., 6.00%, 03/01/2027		1,782,000	1,823,984
Murphy Oil Corp., 6.38%, 12/01/2042		545,000	407,388
Murphy Oil USA, Inc., 5.63%, 05/01/2027		290,000	305,532
Murray Energy Corp., 12.00%, 04/15/2024^(b)(h)		5,744,632	14,649
Navient Corp.,
6.63%, 07/26/2021		486,000	496,631
6.50%, 06/15/2022		470,000	480,575
6.13%, 03/25/2024		889,000	902,882
5.88%, 10/25/2024		651,000	647,745
6.75%, 06/25/2025		615,000	624,994
6.75%, 06/15/2026		346,000	349,244
5.00%, 03/15/2027		862,000	806,160
NetApp, Inc., 1.88%, 06/22/2025		5,180,000	5,354,827
Netflix, Inc.,
5.88%, 11/15/2028		2,996,000	3,584,954
5.38%, 11/15/2029^(b)		799,000	936,827
New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026^(b)		713,000	738,401
9.75%, 07/15/2028^(b)		606,000	657,510
Newell Brands, Inc.,
4.70%, 04/01/2026		825,000	879,805
5.88%, 04/01/2036		807,000	948,225

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
United States–(continued)
NGL Energy Partners L.P./NGL Energy Finance Corp.,
7.50%, 11/01/2023	$	241,000	$ 130,493
6.13%, 03/01/2025		774,000	388,935
7.50%, 04/15/2026		313,000	161,466
Nordstrom, Inc., 8.75%, 05/15/2025^(b)		603,000	660,683
NRG Energy, Inc., 6.63%, 01/15/2027		1,670,000	1,760,113
Nucor Corp., 2.70%, 06/01/2030		2,220,000	2,371,106
NuStar Logistics L.P., 6.00%, 06/01/2026		420,000	415,470
Occidental Petroleum Corp.,
2.70%, 08/15/2022		1,920,000	1,778,400
2.70%, 02/15/2023		440,000	394,625
6.95%, 07/01/2024		466,000	441,535
2.90%, 08/15/2024		2,700,000	2,251,800
3.20%, 08/15/2026		590,000	456,881
6.38%, 09/01/2028		381,000	334,089
6.20%, 03/15/2040		719,000	585,482
4.10%, 02/15/2047		545,000	357,139
Oceaneering International, Inc., 6.00%, 02/01/2028		74,000	54,945
Olin Corp.,
5.13%, 09/15/2027		223,000	226,624
5.63%, 08/01/2029		1,932,000	1,999,610
5.00%, 02/01/2030		238,000	240,336
Omnicare, Inc., 4.75%12/01/2022		5,295,000	5,631,597
OneMain Finance Corp.,
6.88%, 03/15/2025		1,336,000	1,472,105
8.88%, 06/01/2025		1,010,000	1,112,868
7.13%, 03/15/2026		1,673,000	1,857,222
Parsley Energy LLC/Parsley Finance Corp.,
5.38%, 01/15/2025^(b)		336,000	344,190
4.13%, 02/15/2028^(b)		300,000	312,728
Party City Holdings, Inc., 5.75% (6 mo. USD LIBOR + 5.00%), 07/15/2025^(b)(i)		100,119	70,584
Penske Automotive Group, Inc., 5.50%, 05/15/2026		489,000	505,504
Phillips 66, 2.15%, 12/15/2030		11,100,000	10,445,599
Pike Corp., 5.50%, 09/01/2028^(b)		503,000	515,681
Pilgrim’s Pride Corp.,
5.75%, 03/15/2025^(b)		473,000	484,825
5.88%, 09/30/2027^(b)		842,000	890,524
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		2,220,000	2,147,237


	Principal Amount		Value
United States–(continued)
PulteGroup, Inc.,
7.88%, 06/15/2032	$	450,000	$ 638,561
6.38%, 05/15/2033		450,000	575,561
6.00%, 02/15/2035		450,000	559,125
QEP Resources, Inc., 5.63%, 03/01/2026		1,543,000	982,891
Quicken Loans LLC, 5.25%, 01/15/2028^(b)		303,000	317,282
Radian Group, Inc., 4.88%, 03/15/2027		900,000	922,500
Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		1,210,000	1,149,046
6.88%, 04/15/2040^(b)		953,000	981,590
Roper Technologies, Inc.,
1.40%, 09/15/2027		3,700,000	3,700,462
2.00%, 06/30/2030		2,220,000	2,255,614
RR Donnelley & Sons Co., 8.25%, 07/01/2027		447,000	462,645
S&P Global, Inc., 2.30%, 08/15/2060		3,700,000	3,312,018
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025^(b)		538,000	592,473
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)		1,630,000	1,725,453
Scientific Games International, Inc.,
8.63%, 07/01/2025^(b)		381,000	396,594
8.25%, 03/15/2026^(b)		368,000	373,227
Seagate HDD Cayman, 4.13%, 01/15/2031^(b)		2,960,000	3,191,428
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)		820,000	837,466
Sempra Energy, 4.00%, 02/01/2048		3,700,000	4,166,446
Sensata Technologies B.V.,
4.88%, 10/15/2023^(b)		976,000	1,035,780
5.63%, 11/01/2024^(b)		149,000	163,948
Sensata Technologies, Inc., 3.75%, 02/15/2031^(b)		228,000	226,005
Service Corp. International, 4.63%, 12/15/2027		288,000	305,281
ServiceMaster Co. LLC (The), 7.45%, 08/15/2027		1,200,000	1,342,272
SM Energy Co., 10.00%, 01/15/2025^(b)		1,000,000	955,625
Southern Co. (The), Series B, 4.00%, 01/15/2051^(c)		8,100,000	8,246,234

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
United States–(continued)
Southwest Airlines Co.,
5.25%, 05/04/2025	$	2,220,000	$ 2,470,810
5.13%, 06/15/2027		3,700,000	4,119,287
Southwestern Energy Co.,
6.45%, 01/23/2025		116,000	116,435
7.50%, 04/01/2026		1,009,000	1,028,474
Sprint Capital Corp.,
6.88%, 11/15/2028		1,151,000	1,456,734
8.75%, 03/15/2032		957,000	1,433,069
Sprint Corp.,
7.88%, 09/15/2023		1,260,000	1,440,337
7.63%, 03/01/2026		1,183,000	1,441,468
Standard Industries, Inc., 5.00%, 02/15/2027^(b)		1,958,000	2,022,859
Steel Dynamics, Inc.,
2.40%, 06/15/2025		2,220,000	2,331,832
3.25%, 01/15/2031		2,220,000	2,400,812
Stryker Corp., 1.15%, 06/15/2025		2,590,000	2,618,974
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025^(b)		1,285,000	1,152,484
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		230,000	238,041
5.88%, 03/15/2028		1,500,000	1,561,590
Sysco Corp.,
3.75%, 10/01/2025		5,000,000	5,564,850
3.30%, 02/15/2050		14,805,000	14,012,541
Talen Energy Supply LLC,
7.25%, 05/15/2027^(b)		280,000	281,050
7.63%, 06/01/2028^(b)		1,138,000	1,115,951
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.13%, 02/01/2025		1,206,000	1,212,772
5.88%, 04/15/2026		1,372,000	1,402,012
6.50%, 07/15/2027		228,000	239,400
5.00%, 01/15/2028		760,000	751,925
5.50%, 03/01/2030^(b)		243,000	244,671
4.88%, 02/01/2031^(b)		231,000	225,782
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028^(b)		840,000	935,025
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023^(b)		840,000	891,437
TEGNA, Inc., 5.50%, 09/15/2024^(b)		182,000	185,696
Teleflex, Inc., 4.88%, 06/01/2026		1,209,000	1,261,664


	Principal Amount		Value
United States–(continued)
Tenet Healthcare Corp.,
7.50%, 04/01/2025^(b)	$	341,000	$ 367,811
5.13%, 11/01/2027^(b)		320,000	330,304
4.63%, 06/15/2028^(b)		145,000	147,356
6.13%, 10/01/2028^(b)		805,000	783,366
Tenneco, Inc., 5.38%, 12/15/2024		885,000	733,156
Terraform Global Operating LLC, 6.13%, 03/01/2026^(b)		696,000	705,438
TerraForm Power Operating LLC,
4.25%, 01/31/2023^(b)		318,000	324,161
5.00%, 01/31/2028^(b)		96,000	105,571
Titan International, Inc., 6.50%, 11/30/2023		1,033,000	809,505
Triumph Group, Inc., 8.88%, 06/01/2024^(b)		378,000	401,975
Universal Health Services, Inc., 2.65%, 10/15/2030^(b)		4,156,000	4,150,618
Upjohn, Inc.,
1.65%, 06/22/2025^(b)		4,440,000	4,538,146
3.85%, 06/22/2040^(b)		2,220,000	2,387,272
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		1,400,000	1,409,660
ViacomCBS, Inc., 4.95%, 05/19/2050		3,700,000	4,341,927
VICI Properties L.P./VICI Note Co., Inc.,
3.50%, 02/15/2025^(b)		330,000	329,794
3.75%, 02/15/2027^(b)		332,000	333,401
4.13%, 08/15/2030^(b)		1,155,000	1,170,881
Vistra Operations Co. LLC,
5.50%, 09/01/2026^(b)		258,000	267,353
5.63%, 02/15/2027^(b)		460,000	480,222
5.00%, 07/31/2027^(b)		969,000	1,013,574
Wabtec Corp., 3.20%, 06/15/2025		2,220,000	2,367,258
WESCO Distribution, Inc., 7.25%, 06/15/2028^(b)		717,000	785,900
Western Midstream Operating L.P.,
4.10%, 02/01/2025		376,000	354,835
4.50%, 03/01/2028		577,000	536,610
4.75%, 08/15/2028		889,000	833,437
5.45%, 04/01/2044		1,111,000	946,433

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


21		Invesco Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
William Carter Co. (The),
5.50%, 05/15/2025^(b)	$	226,000	$ 237,724
5.63%, 03/15/2027^(b)		637,000	669,646
WPX Energy, Inc.,
5.75%, 06/01/2026		1,147,000	1,179,689
5.25%, 10/15/2027		138,000	138,635
5.88%, 06/15/2028		72,000	73,711
4.50%, 01/15/2030		78,000	74,997
WRKCo, Inc., 3.00%, 06/15/2033		5,180,000	5,520,148
XPO Logistics, Inc.,
6.13%, 09/01/2023^(b)		991,000	1,005,246
6.75%, 08/15/2024^(b)		458,000	485,228
			545,384,726
Total U.S. Dollar Denominated Bonds & Notes (Cost $963,177,465)			966,352,835

U.S. Government Sponsored Agency Mortgage-Backed Securities–15.04%
Fannie Mae Grantor Trust, IO,
0.65%, 11/25/2040		3,082,957	48,662
0.37%, 12/25/2041		19,677,237	225,062
Fannie Mae Interest STRIPS, IO,
7.50%, 05/25/2023		33,126	2,187
7.50%, 10/25/2023		16,012	1,057
7.50%, 11/25/2023		4,202	303
7.50%, 01/25/2024		14,985	1,213
6.50%, 04/25/2029		72,113	11,477
7.50%, 11/25/2029		82,403	15,386
6.50%, 06/25/2031		640,533	97,993
6.50%, 02/25/2032		231,637	38,501
6.50%, 04/25/2032		401,739	81,763
6.50%, 07/25/2032		164,223	29,873
6.00%, 12/25/2032		146,150	25,901
6.00%, 02/25/2033		347,966	65,836
6.00%, 02/25/2033		283,736	54,200
6.00%, 03/25/2033		701,786	125,862
6.00%, 03/25/2033		405,925	74,643
5.50%, 11/25/2033		835,574	154,254
5.50%, 01/25/2034		245,523	42,843
5.50%, 04/25/2034		190,975	34,791
5.50%, 04/25/2034		101,158	18,284
5.50%, 02/25/2035		66,528	11,732
5.50%, 06/25/2035		135,276	22,424
6.00%, 08/25/2035		9,500	1,984
Fannie Mae REMICs,
3.00%, 12/25/2020		50	50
3.00%, 01/25/2021		4	4
4.50%, 08/25/2025		234,469	242,041
7.00%, 07/25/2026		17,533	19,390
4.00%, 08/25/2026		2,491	2,508
8.00%, 07/18/2027		205,197	238,103
6.50%, 10/25/2028		127,735	145,360
6.50%, 04/25/2029		5,903	6,487


	Principal Amount		Value
6.50%, 11/25/2029	$	215,736	$ 246,509
6.00%, 05/25/2031		74,316	82,817
6.00%, 01/25/2032		171,743	193,514
1.15% (1 mo. USD LIBOR +1.00%), 04/25/2032(i)(k)		89,272	91,202
1.15% (1 mo. USD LIBOR +1.00%), 04/25/2032(i)(k)		27,438	28,032
6.50%, 04/25/2032		220,182	258,420
1.15% (1 mo. USD LIBOR +1.00%), 09/25/2032(i)(k)		24,519	25,055
0.65% (1 mo. USD LIBOR +0.50%), 10/18/2032(i)(k)		60,399	60,671
0.65% (1 mo. USD LIBOR +0.50%), 12/25/2032(i)(k)		108,174	108,691
1.15% (1 mo. USD LIBOR +1.00%), 12/25/2032(i)(k)		17,968	18,360
0.55% (1 mo. USD LIBOR +0.40%), 11/25/2033(i)(k)		60,755	60,949
24.02% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(i)(k)		212,188	352,469
23.65% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(i)(k)		243,744	399,761
1.09% (1 mo. USD LIBOR +0.94%), 06/25/2037(i)(k)		98,590	101,041
5.00%, 04/25/2040		287,823	305,667
4.00%, 03/25/2041 IO,		121,159	131,478
5.50%, 06/25/2023		16,528	827
6.55% (1 mo. USD LIBOR + 6.70%), 02/25/2024(i)(k)		1,375	73
7.45% (1 mo. USD LIBOR + 7.60%), 06/25/2026(i)(k)		130,185	18,836
7.75% (7.90% - 1 mo. USD LIBOR), 11/18/2031(i)(k)		194,659	42,911
7.75% (7.90% - 1 mo. USD LIBOR), 11/25/2031(i)(k)		3,992	843
7.75% (7.90% - 1 mo. USD LIBOR), 12/18/2031(i)(k)		5,019	961
7.80% (1 mo. USD LIBOR + 7.95%), 01/25/2032(i)(k)		48,964	10,188
7.85% (8.00% - 1 mo. USD LIBOR), 03/18/2032(i)(k)		89,794	20,650
7.95% (1 mo. USD LIBOR + 8.10%), 03/25/2032(i)(k)		76,421	16,976
6.85% (7.00% - 1 mo. USD LIBOR), 04/25/2032(i)(k)		57,714	11,604

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


22		Invesco Global Strategic Income Fund


	Principal Amount		Value
7.65% (7.80% - 1 mo. USD LIBOR), 04/25/2032^(i)(k)	$	44,994	$ 9,805
7.95% (8.10% - 1 mo. USD LIBOR), 04/25/2032^(i)(k)		55,973	13,029
7.85% (8.00% - 1 mo. USD LIBOR), 07/25/2032^(i)(k)		65,719	14,639
7.85% (8.00% - 1 mo. USD LIBOR), 07/25/2032^(i)(k)		90,131	20,178
7.85% (8.00% - 1 mo. USD LIBOR), 09/25/2032^(i)(k)		42,893	9,584
7.95% (1 mo. USD LIBOR + 8.10%), 12/18/2032^(i)(k)		63,047	10,656
7.95% (8.10% - 1 mo. USD LIBOR), 12/18/2032^(i)(k)		98,327	22,300
8.05% (1 mo. USD LIBOR + 8.20%), 01/25/2033^(i)(k)		487,935	112,943
8.10% (8.25% - 1 mo. USD LIBOR), 02/25/2033^(i)(k)		105,359	24,780
7.00%, 03/25/2033		410,550	82,665
7.00%, 04/25/2033		251,247	55,127
7.00%, 04/25/2033		44,030	9,134
8.10% (1 mo. USD LIBOR + 8.25%), 05/25/2033^(i)(k)		217,512	51,838
7.40% (1 mo. USD LIBOR + 7.55%), 10/25/2033^(i)(k)		240,987	54,069
5.90% (6.05% - 1 mo. USD LIBOR), 03/25/2035^(i)(k)		156,363	28,781
6.60% (6.75% - 1 mo. USD LIBOR), 03/25/2035^(i)(k)		19,374	3,338
6.45% (1 mo. USD LIBOR + 6.60%), 05/25/2035^(i)(k)		518,186	84,959
6.55% (6.70% - 1 mo. USD LIBOR), 05/25/2035^(i)(k)		943,873	179,054
6.60% (6.75% - 1 mo. USD LIBOR), 05/25/2035^(i)(k)		387,241	59,610
7.08% (1 mo. USD LIBOR + 7.23%), 09/25/2036^(i)(k)		981,849	171,908
6.39% (1 mo. USD LIBOR + 6.54%), 06/25/2037^(i)(k)		1,278,733	268,410
5.90% (1 mo. USD LIBOR + 6.05%), 07/25/2038^(i)(k)		42,874	7,805
4.00%, 04/25/2041		1,728,661	168,353
6.40% (6.55% - 1 mo. USD LIBOR), 10/25/2041^(i)(k)		251,017	53,154


	Principal Amount		Value
6.00% (6.15% - 1 mo. USD LIBOR), 12/25/2042^(i)(k)	$	760,453	$ 151,380
Federal Home Loan Mortgage Corp.,
7.00%, 08/01/2021		3,325	3,373
7.00%, 12/01/2021		2,125	2,141
7.00%, 01/01/2022		8,766	8,837
6.50%, 02/01/2022		4,216	4,359
6.50%, 09/01/2022		7,655	7,925
6.00%, 10/01/2022		5,414	6,032
8.50%, 08/01/2031		29,305	34,476
Federal National Mortgage Association,
4.50%, 12/01/2020		8	8
9.50%, 03/15/2021		16	16
7.00%, 09/01/2021		1,008	1,021
5.00%, 11/01/2021		302	319
5.00%, 12/01/2021		147	155
5.50%, 01/01/2022		1,238	1,258
5.50%, 02/01/2022		2,203	2,242
5.50%, 02/01/2022		142	144
5.50%, 02/01/2022		6,391	6,483
5.50%, 02/01/2022		381	383
5.50%, 04/01/2022		695	704
5.50%, 05/01/2022		1,246	1,255
5.50%, 05/01/2022		1,270	1,279
5.50%, 05/01/2022		4,214	4,316
7.00%, 06/01/2022		7,839	8,044
5.50%, 07/01/2022		2,164	2,211
5.50%, 07/01/2022		1,177	1,201
7.00%, 07/01/2022		4,338	4,475
5.50%, 08/01/2022		8,624	8,827
7.00%, 08/01/2022		12,584	12,980
8.50%, 07/01/2032		3,612	3,626
7.50%, 03/01/2033		29,138	34,471
7.00%, 12/01/2033		15,140	17,329
5.50%, 02/01/2035		39,402	46,733
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, 0.65%, 02/25/2026		4,059,162	119,754
Series K735, Class X1, 1.10%, 05/25/2026		6,801,982	320,627
Series K093, Class X1, 0.95%, 05/25/2029		45,780,120	3,208,678
Freddie Mac REMICs,
7.50%, 09/15/2022		262,175	273,334
1.50%, 07/15/2023		161,695	163,008
5.00%, 09/15/2023		103,719	107,989
6.75%, 02/15/2024		10,910	11,600
6.50%, 02/15/2028		3,371	3,817
6.50%, 03/15/2028		3,251	3,648
6.50%, 04/15/2028		435,014	498,003
6.50%, 04/15/2028		3,296	3,792
6.00%, 01/15/2029		209,639	235,282
0.60% (1 mo. USD LIBOR +0.45%), 02/15/2029^(i)(k)		10,767	10,793

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


23		Invesco Global Strategic Income Fund


	Principal Amount		Value
0.80% (1 mo. USD LIBOR + 0.65%), 07/15/2029^(i)(k)	$	17,744	$ 17,882
6.50%, 01/15/2031		6,720	7,656
6.50%, 06/15/2031		55,567	63,854
6.50%, 10/15/2031		8,299	9,752
1.15% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(i)(k)		85,590	87,427
1.15% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(i)(k)		87,535	89,413
1.15% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(i)(k)		72,376	73,929
1.15% (1 mo. USD LIBOR + 1.00%), 03/15/2032^(i)(k)		89,165	89,666
6.50%, 03/15/2032		283,394	335,657
3.50%, 05/15/2032		116,051	124,556
6.50%, 06/15/2032		33,376	38,783
0.65% (1 mo. USD LIBOR + 0.50%), 01/15/2033^(i)(k)		10,232	10,341
24.21% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(i)(k)		177,671	295,935
4.00%, 06/15/2038		158,505	173,849
4.00%, 04/15/2040		162,789	166,496
3.00%, 05/15/2040 IO,		5,016	5,172
5.85% (1 mo. USD LIBOR + 6.00%), 03/15/2024^(i)(k)		365,393	27,982
7.00%, 03/15/2028		8,862	1,368
7.00%, 04/15/2028		49,793	8,003
8.55% (8.70% - 1 mo. USD LIBOR), 07/17/2028^(i)(k)		23,869	1,988
8.55% (8.70% - 1 mo. USD LIBOR), 07/17/2028^(i)(k)		50,499	5,285
7.95% (8.10% - 1 mo. USD LIBOR), 06/15/2029^(i)(k)		89,212	17,116
8.80% (1 mo. USD LIBOR + 8.95%), 08/15/2029^(i)(k)		44,344	8,290
6.90% (1 mo. USD LIBOR + 7.05%), 10/15/2033^(i)(k)		380,182	76,933
6.55% (6.70% - 1 mo. USD LIBOR), 01/15/2035^(i)(k)		654,863	122,550
6.60% (6.75% - 1 mo. USD LIBOR), 02/15/2035^(i)(k)		43,583	8,190
6.57% (1 mo. USD LIBOR + 6.72%), 05/15/2035^(i)(k)		783,729	161,681
6.57% (6.72% - 1 mo. USD LIBOR), 05/15/2035^(i)(k)		279,727	45,410


	Principal Amount		Value
6.00% (6.15% - 1 mo. USD LIBOR), 07/15/2035^(i)(k)	$	875,654	$ 123,865
6.85% (7.00% - 1 mo. USD LIBOR), 12/15/2037^(i)(k)		197,892	46,543
5.85% (1 mo. USD LIBOR + 6.00%), 04/15/2038^(i)(k)		66,448	11,895
5.92% (6.07% - 1 mo. USD LIBOR), 05/15/2038^(i)(k)		354,535	71,374
6.10% (1 mo. USD LIBOR + 6.25%), 12/15/2039^(i)(k)		164,213	31,486
Freddie Mac STRIPS, IO,
7.00%, 04/01/2027		61,799	8,623
7.00%, 04/01/2030		59,687	10,941
6.50%, 06/01/2031		50,337	9,436
6.50%, 02/01/2028		24,812	3,633
7.00%, 09/01/2029		167,846	30,294
7.50%, 12/15/2029		80,948	15,611
6.00%, 12/15/2032		144,869	23,722
Government National Mortgage Association, ARM, 2.25% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2027⁽ⁱ⁾		1,399	1,439
7.00%, 01/15/2028		8,842	9,861
7.00%, 01/15/2028		3,727	3,892
7.00%, 01/15/2028		4,569	4,636
7.00%, 01/15/2028		8,613	9,447
8.00%, 01/15/2028		8,212	8,247
8.00%, 01/15/2028		39,473	40,626
7.00%, 02/15/2028		3,931	4,307
8.00%, 02/15/2028		1,444	1,450
8.00%, 02/15/2028		9,016	10,241
7.00%, 03/15/2028		12,416	12,761
8.00%, 04/15/2028		4,324	4,330
8.00%, 05/15/2028		9,639	11,126
7.00%, 06/15/2028		403	405
7.00%, 06/15/2028		2,386	2,426
8.00%, 06/15/2028		43,963	50,070
7.00%, 07/15/2028		3,774	4,206
7.00%, 07/15/2028		862	865
7.00%, 07/15/2028		2,842	2,853
7.00%, 07/15/2028		646	726
7.00%, 07/15/2028		11,801	11,848
7.00%, 07/15/2028		3,469	3,483
7.00%, 07/15/2028		11,510	12,785
8.00%, 07/15/2028		14,912	14,976
7.00%, 08/15/2028		70,702	78,281
7.00%, 08/15/2028		5,744	6,031
7.00%, 08/15/2028		23,073	23,274
7.00%, 08/15/2028		22,351	22,438
8.00%, 09/15/2028		37,685	38,555
7.00%, 01/20/2030 IO,		29,418	34,673

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


24		Invesco Global Strategic Income Fund


	Principal Amount		Value

6.40% (6.55% - 1 mo. USD LIBOR), 04/16/2037^(i)(k)	$	673,645	$	140,087

6.50% (6.65% - 1 mo. USD LIBOR), 04/16/2041^(i)(k)		1,162,443		205,058
TBA, 2.50%, 11/01/2050^(l)		30,200,000		31,629,781

Uniform Mortgage-Backed Securities, TBA,

2.00%, 11/01/2035^(l)		28,350,000		29,397,621

2.00%, 11/01/2050^(l)		279,200,000		287,870,467

2.50%, 11/01/2050^(l)		40,000,000		41,679,687

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $435,525,947)				405,098,672


Asset-Backed Securities–10.83%

American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025^(b)		3,925,000		4,059,777

AmeriCredit Automobile Receivables Trust,
Series 2019-3, Class D, 2.58%, 09/18/2025		3,605,000		3,732,944

Series 2020-1, Class D, 1.80%, 12/18/2025		6,820,000		6,902,121

Series 2017-4, Class D, 3.08%, 12/18/2023		985,000		1,018,137

Series 2019-2, Class D, 2.99%, 06/18/2025		7,510,000		7,902,411

Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 3.84% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036⁽ⁱ⁾		24,802		25,186

Benchmark Mortgage Trust, Series 2018-B1, Class XA, 0.52%, 01/15/2051^(m)		13,131,652		387,582

Capital Auto Receivables Asset Trust, Series 2017-1, Class D, 3.15%, 02/20/2025^(b)		290,000		295,499

Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024^(b)(m)		21,184		257

CarMax Auto Owner Trust,
Series 2019-3, Class D, 2.85%, 01/15/2026		2,285,000		2,357,945

Series 2017-4, Class D, 3.30%, 05/15/2024		750,000		769,051

Series 2018-1, Class D, 3.37%, 07/15/2024		510,000		526,369


	Principal Amount		Value

CCG Receivables Trust,
Series 2018-1, Class C, 3.42%, 06/16/2025^(b)	$	175,000	$	177,375

Series 2019-1, Class B, 3.22%, 09/14/2026^(b)		335,000		348,590

Series 2019-1, Class C, 3.57%, 09/14/2026^(b)		80,000		82,830

Series 2018-1, Class B, 3.09%, 06/16/2025^(b)		615,000		623,014

CD Mortgage Trust, Series 2017-CD6, Class XA, 0.92%, 11/13/2050^(m)		5,274,724		223,562

Chase Funding Trust, Series 2003-2, Class 2A2, 0.71% (1 mo. USD LIBOR + 0.56%), 02/25/2033⁽ⁱ⁾		15,783		14,918

CHL Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		665,386		660,340

Series 2005-JA, Class A7, 5.50%, 11/25/2035		673,983		668,100
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, 1.10%, 10/12/2050^(m)		15,305,720		830,885

Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 3.85%, 05/25/2035^(m)		856,067		863,249

Series 2006-AR1, Class 1A1, 3.88% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035⁽ⁱ⁾		209,496		211,858

Series 2014-8, Class 1A2, 0.44% (1 mo. USD LIBOR + 0.29%), 07/20/2036^(b)(i)		899,782		873,463

CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		495,000		503,299

COMM Mortgage Trust,
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		690,000		747,402

Series 2014-CR21, Class AM, 3.99%, 12/10/2047		70,000		76,370

Commercial Mortgage Trust,
Series 2012-CR5, Class XA, 1.52%, 12/10/2045^(m)		6,656,501		176,689

Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		4,690,000		5,119,801

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


25		Invesco Global Strategic Income Fund


	Principal Amount		Value

Credit Acceptance Auto Loan Trust,
Series 2019-1A, Class B, 3.75%, 04/17/2028^(b)	$	200,000	$	207,592

Series 2019-1A, Class C, 3.94%, 06/15/2028^(b)		1,240,000		1,290,200

Series 2018-1A, Class B, 3.60%, 04/15/2027^(b)		2,520,000		2,553,360

Series 2018-1A, Class C, 3.77%, 06/15/2027^(b)		2,535,000		2,585,334

CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 0.38% (1 mo. USD LIBOR + 0.23%), 12/15/2035⁽ⁱ⁾		29,060		28,720

Series 2006-H, Class 2A1A, 0.30% (1 mo. USD LIBOR + 0.15%), 11/15/2036⁽ⁱ⁾		34,494		27,260

Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024^(b)		650,000		666,686

Series 2019-2, Class D, 2.48%, 04/22/2025^(b)		2,980,000		3,017,415

Deutsche Mortgage Securities, Inc., Series 2013-RS1, Class 1A2, 0.59% (1 mo. USD LIBOR + 0.44%), 07/22/2036^(b)(i)		344,379		342,373

Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18%, 10/15/2026		5,820,000		6,054,359

DT Auto Owner Trust,
Series 2019-3A, Class D, 2.96%, 04/15/2025^(b)		1,995,000		2,047,056

Series 2019-2A, Class D, 3.48%, 02/18/2025^(b)		655,000		680,370

Series 2019-4A, Class D, 2.85%, 07/15/2025^(b)		6,025,000		6,219,563

Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024^(b)		5,000,000		5,222,151

Series 2019-4A, Class D, 2.58%, 09/15/2025^(b)		6,290,000		6,451,873


	Principal Amount		Value

FREMF Mortgage Trust,
Series 2017-K62, Class B, 3.87%, 01/25/2050^(b)(m)	$	840,000	$	915,957

Series 2013-K25, Class C, 3.62%, 11/25/2045^(b)(m)		1,975,000		2,046,803

Series 2013-K26, Class C, 3.60%, 12/25/2045^(b)(m)		335,000		347,541

) Series 2013-K27, Class C, 3.50%, 01/25/2046^(b)(m)		4,187,000		4,347,120

Series 2013-K28, Class C, 3.49%, 06/25/2046^(b)(m)		7,865,000		8,195,992

Series 2013-K29, Class C, 3.48%, 05/25/2046^(b)(m)		4,700,000		4,905,819

Series 2014-K715, Class C, 4.15%, 02/25/2046^(b)(m)		25,000		25,054

Series 2015-K44, Class B, 3.68%, 01/25/2048^(b)(m)		7,345,000		7,930,088

Series 2015-K45, Class B, 3.71%, 04/25/2048^(b)(m)		13,050,000		14,055,756

Series 2017-K724, Class B, 3.60%, 11/25/2023^(b)(m)		4,465,000		4,712,518

Series 2016-K54, Class C, 4.05%, 04/25/2048^(b)(m)		4,190,000		4,458,230

Series 2016-K723, Class C, 3.70%, 11/25/2023^(b)(m)		1,885,000		1,943,519

GLS Auto Receivables Trust, Series 2018-1A, Class A, 2.82%, 07/15/2022^(b)		155,187		155,584

GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.35%, 07/25/2035^(m)		127,378		129,394

HomeBanc Mortgage Trust, Series 2005-3, Class A2, 0.46% (1 mo. USD LIBOR + 0.31%), 07/25/2035⁽ⁱ⁾		11,187		11,206

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


26		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	$	425,000	$	439,759

Series 2014-C20, Class AS, 4.04%, 07/15/2047		1,685,000		1,815,519

JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 3.44%, 07/25/2035^(m)		93,345		92,072

JPMBB Commercial Mortgage Securities Trust, Series 2014- C24, Class B, 4.12%, 11/15/2047^(m)		1,655,000		1,685,755

Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(b)(m)		28,356		18,305

MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.25% (1 mo. USD LIBOR + 0.10%), 08/25/2036⁽ⁱ⁾		3,495,297		1,632,691

Morgan Stanley BAML Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		1,565,000		1,631,986

Series 2014-C14, Class B, 4.75%, 02/15/2047^(m)		680,000		733,772

Morgan Stanley Capital I Trust, Series 2017- HR2, Class XA, 0.79%, 12/15/2050^(m)		4,955,099		223,239

Morgan Stanley ReRemic Trust, Series 2012-R3, Class 1B, 2.98%, 11/26/2036^(b)(m)		9,113,672		8,626,357


	Principal Amount		Value

Navistar Financial Dealer Note Master Owner Trust II,
Series 2019-1, Class C, 1.10% (1 mo. USD LIBOR + 0.95%), 05/25/2024^(b)(i)	$	605,000	$	604,374

Series 2019-1, Class D, 1.60% (1 mo. USD LIBOR + 1.45%), 05/25/2024^(b)(i)		580,000		579,904

Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(b)		3,250,000		3,332,410

RALI Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		39,872		36,848

Residential Asset Securitization Trust, Series 2005-A6CB, Class A7, 6.00%, 06/25/2035		3,615,151		3,353,768

Santander Drive Auto Receivables Trust,
Series 2019-2, Class D, 3.22%, 07/15/2025		380,000		393,007

Series 2019-3, Class D, 2.68%, 10/15/2025		4,445,000		4,569,568

Series 2018-2, Class D, 3.88%, 02/15/2024		370,000		382,854

Santander Retail Auto Lease Trust,
Series 2019-A, Class C, 3.30%, 05/22/2023^(b)		6,210,000		6,388,877

Series 2019-B, Class C, 2.77%, 08/21/2023^(b)		3,250,000		3,343,306

Series 2019-C, Class C, 2.39%, 11/20/2023^(b)		5,490,000		5,603,166

Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(b)		1,404,573		1,483,657

UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, 1.00%, 11/15/2050^(m)		9,638,174		474,905

United Auto Credit Securitization Trust, Series 2019-1, Class C, 3.16%, 08/12/2024^(b)		290,000		292,308

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


27		Invesco Global Strategic Income Fund


		Principal Amount		Value

Vendee Mortgage Trust,
Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025		$	118,657	$	1,440

Series 1992-2, Class IO, 0.00%, 09/15/2022^(m)			589,209		1

Series 1995-3, Class 1IO, 0.00%, 09/15/2025^(m)			3,575,731		4

WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003- AR10, Class A7, 2.56%, 10/25/2033^(m)			52,310		52,253

Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, 0.89%, 12/15/2050^(m)			6,501,958		337,928

Westlake Automobile Receivables Trust, Series 2020-1A, Class D, 2.80%, 06/16/2025^(b)			7,435,000		7,630,701

WFRBS Commercial Mortgage Trust,
Series 2011-C3, Class XA, 1.30%, 03/15/2044^(b)(m)			10,619,989		32,087

Series 2013-C14, Class AS, 3.49%, 06/15/2046			1,800,000		1,882,282

Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(m)			1,135,000		1,235,702

Series 2014-C20, Class AS, 4.18%, 05/15/2047			1,455,000		1,576,241

Alba PLC, Series 2007-1, Class F, 3.30% (3 mo. GBP LIBOR + 3.25%), 03/17/2039^(b)(i)	GBP		1,247,552		1,493,871


		Principal Amount		Value

Eurosail PLC,
Series 2006-2X, Class E1C, 3.31% (3 mo. GBP LIBOR + 3.25%), 12/15/2044^(b)(i)	GBP		5,550,000	$	6,330,614

Series 2007-1X, Class C1A, 0.00% (3 mo. EURIBOR + 0.44%), 03/13/2045^(b)(i)	EUR		22,106,000		21,950,058

Series 2006-3X, Class D1C, 0.96% (3 mo. GBP LIBOR + 0.90%), 09/10/2044^(b)(i)	GBP		4,000,000		4,212,286

Gemgarto PLC, Series 2018-1, Class E, 2.30% (3 mo. GBP LIBOR + 2.25%), 09/16/2065^(b)(i)	GBP		6,523,475		8,107,890

Ludgate Funding PLC, Series 2007-1, Class MA, 0.30% (3 mo. GBP LIBOR + 0.24%), 01/01/2061^(b)(i)	GBP		3,629,676		4,371,661

Prosil Acquisition S.A., Series 2019-1, Class A, 1.49% (3 mo. EURIBOR + 2.00%), 10/31/2039^(b)(i)	EUR		6,787,171		6,608,873

Alhambra SME Funding,
Series 2019-1, Class A, 2.00% (1 mo. EURIBOR + 2.00%), 11/30/2028^(b)(i)	EUR		12,879,486		14,446,965

Series 2019-1, Class B, 2.50% (1 mo. EURIBOR + 2.50%), 11/30/2028^(b)(i)	EUR		1,875,000		2,083,978

Series 2019-1, Class D, 8.73% (1 mo. EURIBOR + 9.25%), 11/30/2028^(b)(i)	EUR		424,277		424,634

Futura S.r.l., Series 2019-1, Class A, 2.68% (6 mo. EURIBOR + 3.00%), 07/31/2044^(b)(i)	EUR		7,126,997		7,964,621

BBVA Consumer Auto, Series 2018-1, Class C, 2.30%, 07/20/2031^(b)	EUR		15,000,000		17,547,509

IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044^(b)(i)	EUR		3,467,541		3,704,442

Element Rail Leasing I LLC, Series 2014-1A, Class A1, 2.30%, 04/19/2044^(b)		$	83,999		84,226

Total Asset-Backed Securities (Cost $285,307,804)					291,572,591

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


28		Invesco Global Strategic Income Fund


	Principal Amount		Value

Agency Credit Risk Transfer Notes–2.61%
United States–2.61%
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1M2,
Series 2018-R07, Class 1M2, 2.55% (1 mo. USD LIBOR + 2.40%), 04/25/2031^(b)(i)(k)	$	3,139,303	$	3,134,714

Series 2019-R02, Class 1M2, 2.45% (1 mo. USD LIBOR + 2.30%), 08/25/2031^(b)(i)(k)		918,096		915,963

Fannie Mae Connecticut Avenue Securities, Series 2016-C05, Class 2M2,
Series 2016-C05, Class 2M2, 4.60% (1 mo. USD LIBOR + 4.45%), 01/25/2029^(i)(k)		2,156,773		2,238,006

Series 2017-C01, Class 1M2, 3.70% (1 mo. USD LIBOR + 3.55%), 07/25/2029^(i)(k)		8,185,333		8,445,752

Series 2017-C04, Class 2M2, 3.00% (1 mo. USD LIBOR + 2.85%), 11/25/2029^(i)(k)		2,604,126		2,613,463

Series 2017-C07, Class 1M2, 2.55% (1 mo. USD LIBOR + 2.40%), 05/25/2030^(i)(k)		1,090,276		1,078,760

Series 2018-C04, Class 2M2, 2.70% (1 mo. USD LIBOR + 2.55%), 12/25/2030^(i)(k)		1,656,685		1,632,300

Series 2018-C06, Class 2M2, 2.25% (1 mo. USD LIBOR + 2.10%), 03/25/2031^(i)(k)		4,660,048		4,567,811

Series 2019-R03, Class 1M2, 2.30% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(b)(i)(k)		2,031,453		2,026,132


	Principal Amount		Value

United States–(continued)
Freddie Mac, Series 2014-DN3, Class M3, STACR^®,
Series 2014-DN3, Class M3, STACR^®, 4.15% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(i)(k)	$	3,143,910	$	3,180,131

Series 2014-HQ2, Class M3, STACR^®, 3.90% (1 mo. USD LIBOR + 3.75%), 09/25/2024^(i)(k)		2,495,000		2,557,967

Series 2016-DNA2, Class M3, STACR^®, 4.80% (1 mo. USD LIBOR + 4.65%), 10/25/2028^(i)(k)		1,726,397		1,800,742

Series 2016-DNA3, Class M3, STACR^®, 5.15% (1 mo. USD LIBOR + 5.00%), 12/25/2028^(i)(k)		5,747,336		6,050,082

Series 2016-HQA3, Class M3, STACR^®, 4.00% (1 mo. USD LIBOR + 3.85%), 03/25/2029^(i)(k)		9,805,000		10,195,915

Series 2016-HQA4, Class M3, STACR^®, 4.05% (1 mo. USD LIBOR + 3.90%), 04/25/2029^(i)(k)		9,428,083		9,787,761

Series 2017-DNA1, Class M2, STACR^®, 3.40% (1 mo. USD LIBOR + 3.25%), 07/25/2029^(i)(k)		5,215,675		5,387,601

Series 2018-DNA1, Class M2, STACR^®, 1.95% (1 mo. USD LIBOR + 1.80%), 07/25/2030^(i)(k)		2,704,907		2,651,813

Series 2019-HRP1, Class M2, STACR^®, 1.55% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(b)(i)(k)		1,700,685		1,640,512

Freddie Mac Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 3.40% (1 mo. USD LIBOR + 3.25%), 10/15/2049^(b)(i)(k)		320,000		296,302

Total Agency Credit Risk Transfer Notes (Cost $69,073,364)				70,201,727


U.S. Treasury Securities-2.22%
U.S. Treasury Inflation – Indexed Notes–2.22%
0.13%, 04/15/ 2025 (Cost $58,573,627)⁽ⁿ⁾		58,573,627		59,841,409

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


29		Invesco Global Strategic Income Fund


	Principal Amount		Value

Variable Rate Senior Loan Interests–1.31%^(o)(p)
Canada–0.05%
Valeant Pharmaceuticals International, Inc., First Lien Incremental Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), 11/27/2025		1,418,057	$	1,388,221


Colombia–1.08%
Avianca Holdings S.A., Delayed Draw Term Loan, 11/10/2021		10,770,918		10,504,970

Avianca Holdings S.A., Delayed Draw Term Loan, 11/10/2021		5,956,554		5,809,479

Avianca Holdings S.A., Term Loan A-2, 11/10/2021^(q)		13,000,000		12,935,000

				29,249,449


Luxembourg–0.04%
Altice Financing S.A., Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), 07/15/2025		1,088,718		1,041,315


United States–0.14%
Caesars Resort Collection LLC, Term Loan B, 2.90% (1 mo. USD LIBOR + 2.75%), 12/23/2024		1,658,680		1,559,856

Claire’s Stores, Inc., Term Loan, 6.65% (1 mo. USD LIBOR + 6.50%), 12/18/2026^(k)		189,555		150,033

Dun & Bradstreet Corp. (The), Term Loan, 3.89% (1 mo. USD LIBOR + 3.75%), 02/08/2026^(k)		1,037,785		1,023,946

PetSmart, Inc., First Lien Term Loan, 4.50% (1 mo. USD LIBOR + 4.00%), 03/11/2022^(k)		882,550		875,260

Windstream Services LLC, Term Loan B-6, 4.75% (3 mo. Prime Rate + 5.00%), 03/29/2021^(q)(r)		184,810		113,672

				3,722,767

Total Variable Rate Senior Loan Interests (Cost $34,310,888)				35,401,752


Investment Companies–0.30%
United States–0.30%
Invesco Master Event-Linked Bond Fund, Class R6,^(s)(Cost $6,292,016)		500,557		7,986,838


	Shares		Value

Common Stocks & Other Equity Interests–0.02%
Kazakhstan–0.00%
Astana-Finance JSC, GDR^(b)(f)(t)		1,681,848	$	2


United States–0.02%
Claire’s Stores, Inc.^(t)		614		220,656

Cxloyalty Group, Inc., Wts., expiring 4/10/2024^(f)(t)		2,297		0

McDermott International Ltd.^(t)		38,319		65,142

McDermott International Ltd., Series A, Wts., expiring 6/30/2027^(t)		76,715		24,932

McDermott International Ltd., Series B, Wts., expiring 6/30/2027^(t)		85,239		17,048

Murray Energy Corp.^(t)(u)		1,781		16,029

Murray Energy Corp.^(t)(u)		348		3,132

Party City Holdco, Inc.^(t)		10,188		20,274

Quicksilver Resources, Inc.^(f)(t)		12,760,000		0

Sabine Oil & Gas Holdings, Inc.^(t)		2,510		35,140

Whiting Petroleum Corp.^(t)		8,849		129,196

				531,549

Total Common Stocks & Other Equity Interests (Cost $17,928,728)				531,551


Preferred Stocks–0.00%
United States–0.00%
Claire’s Stores, Inc., Series A, Pfd. (Cost $97,198)		195		34,125


Money Market Funds–2.57%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(s)(v)		24,182,945		24,182,945

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(s)(v)		17,257,665		17,264,568

Invesco Treasury Portfolio, Institutional Class, 0.01%^(s)(v)		27,637,651		27,637,651

Total Money Market Funds (Cost $69,087,063)				69,085,164


Options Purchased–1.13%
(Cost $42,134,045)^(w)				30,553,945

TOTAL INVESTMENTS IN SECURITIES–108.24% (Cost $2,986,134,633)				2,914,858,501

OTHER ASSETS LESS LIABILITIES–(8.24)%				(221,928,000	)

NET ASSETS–100.00%			$	2,692,930,501

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


30		Invesco Global Strategic Income Fund


Investment Abbreviations:

ARM		– Adjustable Rate Mortgage
ARS		– Argentina Peso
AUD		– Australian Dollar
BRL		– Brazilian Real
CNH		– Chinese Renminbi
Conv.		– Convertible
COP		– Colombia Peso
Ctfs.		– Certificates
EGP		– Egypt Pound
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
GDR		– Global Depositary Receipt
IDR		– Indonesian Rupiah
INR		– Indian Rupee
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
Pfd.		– Preferred
PIK		– Pay-in-Kind
REMICs		– Real Estate Mortgage Investment Conduits
RUB		– Russian Ruble
STACR^®		– Structured Agency Credit Risk
STRIPS		– Separately Traded Registered Interest and Principal Security
TBA		– To Be Announced
THB		– Thai Baht
TRY		– Turkish Lira
USD		– U.S. Dollar
Wts.		– Warrants
ZAR		– South African Rand

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


31		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, 2020 was $1,380,857,834, which represented 51.28% 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)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(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, 2020 was $2,995,116, 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, 2020.

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

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

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

^(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, 2020.

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

^(o)

^(p)

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

^(q)	This variable rate interest will settle after October 31, 2020, at which time the interest rate will be determined.

^(r)	The borrower has filed for protection in federal bankruptcy court.

^(s)


											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value
	October 31, 2019			at Cost			from Sales				(Depreciation)				(Loss)				October 31, 2020			Dividend Income
Invesco Master Event-Linked Bond Fund, Class R6*		$	70,479,468		$	1,062,960		$	(62,905,606	)		$	(18,716,596	)		$	18,066,612			$	7,986,838		$	1,664,703
Invesco Oppenheimer Ultra-Short Duration Fund			46,961,543			520,201			(35,429,997	)			88,852				(12,140,599	)			-			495,902
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			428,982,245			2,098,056,583			(2,502,242,619	)			(613,264	)			-				24,182,945			1,870,952
Invesco Liquid Assets Portfolio, Institutional Class			-			181,476,605			(164,203,072	)			(1,899	)			(7,066	)			17,264,568			8,446
Invesco Treasury Portfolio, Institutional Class			-			290,362,566			(262,724,915	)			-				-				27,637,651			3,347
Investments in Other Affiliates:
OFI Carlyle Private Credit Fund, CI.I			1,530,295			65,675			-				78,987				(1,674,957	)			-			36,041
Total		$	547,953,551		$	2,571,544,590		$	(3,027,506,209	)		$	(19,163,920	)		$	4,243,990			$	77,072,002		$	4,079,391

At October 31, 2020, this security was no longer an affiliate of the Fund.

^(t)	Non-income producing security.

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

^(v)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(w)	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

Currency Risk

AUD versus USD

Call

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

02/01/2021

USD

0.73

AUD 82,135,524

442,800

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


32		Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a)–(continued)

Type of

Expiration

Exercise

Notional

Description

Contract

Counterparty

Date

Price

Value

Currency Risk

EUR versus CZK

Put

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

01/05/2021

CZK

26.65

EUR

60,000,000

257,574

EUR versus JPY

Put

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

11/16/2020

JPY

123.00

EUR

90,000,000

1,362,116

EUR versus JPY

Put

Morgan Stanley & Co. International PLC

11/16/2020

JPY

123.00

EUR

60,000,000

908,078

EUR versus NOK

Put

Goldman Sachs International

12/18/2020

NOK

10.33

EUR

93,750,000

68,460

EUR versus NOK

Put

Goldman Sachs International

01/06/2021

NOK

8.36

EUR

8,850,000

4,339

EUR versus NOK

Put

Goldman Sachs International

01/06/2021

NOK

8.65

EUR

8,850,000

7,926

EUR versus NOK

Put

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

08/26/2021

NOK

8.90

EUR

8,750,000

172,426

EUR versus PLN

Put

Morgan Stanley & Co. International PLC

10/28/2021

PLN

4.20

EUR

7,500,000

403,743

NZD versus USD

Put

Morgan Stanley & Co. International PLC

01/19/2021

USD

0.64

NZD

93,603,744

596,380

USD versus BRL

Put

Goldman Sachs International

11/10/2020

BRL

5.32

USD

37,500,000

10,463

USD versus BRL

Put

Goldman Sachs International

12/11/2020

BRL

5.42

USD

45,000,000

264,420

USD versus BRL

Put

Goldman Sachs International

02/12/2021

BRL

3.85

USD

3,750,000

3,855

USD versus BRL

Put

Goldman Sachs International

04/26/2021

BRL

4.75

USD

3,750,000

155,494

USD versus BRL

Put

Goldman Sachs International

08/17/2021

BRL

3.85

USD

3,540,000

44,094

USD versus CAD

Put

Morgan Stanley & Co. International PLC

11/27/2020

CAD

1.29

USD

60,000,000

61,500

USD versus CNH

Put

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

07/15/2021

CNH

6.35

USD

1,875,000

136,661

USD versus CNH

Put

Standard Chartered Bank PLC

12/01/2020

CNH

6.63

USD

67,500,000

317,790

USD versus CNH

Put

Standard Chartered Bank PLC

01/07/2021

CNH

6.53

USD

4,300,000

1,723,212

USD versus CNH

Put

Standard Chartered Bank PLC

07/28/2021

CNH

6.40

USD

4,300,000

1,249,086

USD versus IDR

Put

Goldman Sachs International

02/23/2021

IDR

15,000.00

USD

37,000,000

945,646

USD versus IDR

Put

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

05/17/2021

IDR

14,790.00

USD

56,250,000

1,209,656

USD versus INR

Put

Goldman Sachs International

04/09/2021

INR

69.50

USD

3,700,000

322,644

USD versus INR

Put

Goldman Sachs International

06/11/2021

INR

71.00

USD

3,750,000

864,892

USD versus INR

Put

Goldman Sachs International

07/02/2021

INR

70.50

USD

3,750,000

715,327

USD versus INR

Put

Standard Chartered Bank PLC

04/09/2021

INR

69.70

USD

3,700,000

358,563

USD versus JPY

Put

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

01/06/2021

JPY

104.00

USD

90,000,000

987,570

USD versus MXN

Put

Bank of America, N.A.

12/23/2020

MXN

21.00

USD

3,750,000

1,614,232

USD versus MXN

Put

Citibank N.A.

03/04/2021

MXN

19.98

USD

37,500,000

406,838

USD versus MXN

Put

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

01/21/2021

MXN

20.85

USD

56,250,000

1,159,594

USD versus MXN

Put

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

01/06/2022

MXN

20.10

USD

75,000,000

1,610,925

USD versus MXN

Put

Morgan Stanley & Co. International PLC

05/07/2021

MXN

22.10

USD

35,000,000

2,064,265

USD versus NOK

Put

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

01/26/2021

NOK

9.06

USD

42,500,000

366,733

USD versus RUB

Put

Goldman Sachs International

03/08/2021

RUB

67.99

USD

67,300,000

140,253

USD versus RUB

Put

Goldman Sachs International

03/26/2021

RUB

74.80

USD

67,300,000

869,045

USD versus RUB

Put

Goldman Sachs International

04/29/2021

RUB

70.00

USD

9,000,000

43,641

USD versus RUB

Put

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

11/12/2020

RUB

71.50

USD

37,500,000

1,763

Subtotal – Foreign Currency Put Options Purchased

21,429,204

Total Foreign Currency Options Purchased

21,872,004

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $18,732,000.

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


33		Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Pay/

Receive

Type of

Exercise

Floating Rate

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Index

Frequency

Date

Value

Interest Rate Risk

1 Year Interest Rate Swap

Put

Bank of America, N.A.

0.41

Pay

6 Month EUR LIBOR

Semi Annual

02/08/2021

EUR

937,500,000

54,374

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.27

Pay

3 Month USD LIBOR

Quarterly

12/02/2020

USD

135,000,000

585

2 Year Interest Rate Swap

Put

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

0.61

Pay

6 Month EUR LIBOR

Semi Annual

04/06/2021

EUR

354,000,000

1,905

2 Year Interest Rate Swap

Put

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

0.62

Pay

6 Month EUR LIBOR

Semi Annual

04/12/2021

EUR

353,750,000

2,039

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.00

Pay

3 Month USD LIBOR

Quarterly

05/31/2022

USD

133,200,000

4,521,481

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.00

Pay

3 Month USD LIBOR

Quarterly

09/26/2022

USD

104,700,000

4,100,572

5 Year Interest Rate Swap

Put

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

1.12

Pay

6 Month EUR LIBOR

Annual

03/29/2021

EUR

353,800,000

985

Total Interest Rate Swaptions Purchased

8,681,941

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $18,732,000.


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

						(Pay)/
						Receive						Implied
	Type of	Exercise			Reference	Fixed			Payment	Expiration		Credit			Premiums			Notional					Unrealized
Counterparty	Contract	Rate			Entity	Rate			Frequency	Date		Spread^(b)			Received			Value		Value			Appreciation

Credit Risk

J.P. Morgan Chase Bank, N.A.	Put		4.50	%	Markit iTraxx Europe Corssover Index, Series 32, Version 1		(5.00	)	Quarterly		12/16/2020		3.670	%		$(548,507	)	EUR	44,400,000	$	(489,357	)		$ 59,150

Credit Risk

J.P. Morgan Chase Bank, N.A.	Call		2.75		Markit iTraxx Europe Corssover Index, Series 32, Version 1		5.00		Quarterly		12/16/2020		3.670			(289,925	)	EUR	44,400,000		(33,288	)		256,637

Total Credit Default Swaptions Written																$(838,432	)			$	(522,645	)		$315,787

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $18,732,000.

^(b)

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


34		Invesco Global Strategic Income Fund


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

Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)

Currency Risk

EUR versus CZK		Call	J.P. Morgan Chase Bank, N.A.		01/05/2021		CZK	27.60	$	(438,785	)		EUR	60,000,000	$	(532,758	)	$	(93,973	)

EUR versus ZAR		Call	J.P. Morgan Chase Bank, N.A.		12/08/2020		ZAR	19.05		(1,073,444	)		EUR	34,900,000		(859,181	)		214,263

NZD versus USD		Call	Morgan Stanley & Co. International PLC		01/19/2021		USD	0.69		(412,800	)		NZD	87,463,557		(388,450	)		24,350

USD versus BRL		Call	Goldman Sachs International		12/11/2020		BRL	5.91		(771,840	)		USD	45,000,000		(789,390	)		(17,550	)

USD versus BRL		Call	J.P. Morgan Chase Bank, N.A.		04/26/2021		BRL	6.50		(375,000	)		USD	9,375,000		(180,891	)		194,109

USD versus CNH		Call	Standard Chartered Bank PLC		12/01/2020		CNH	7.05		(366,795	)		USD	67,500,000		(77,895	)		288,900

USD versus CNH		Call	Standard Chartered Bank PLC		07/28/2021		CNH	7.13		(504,820	)		USD	43,000,000		(463,110	)		41,710

USD versus IDR		Call	Goldman Sachs International		02/23/2021		IDR	16,000.00		(536,500	)		USD	37,000,000		(307,581	)		228,919

USD versus IDR		Call	J.P. Morgan Chase Bank, N.A.		05/17/2021		IDR	16,485.00		(863,140	)		USD	56,250,000		(678,544	)		184,596

USD versus INR		Call	Goldman Sachs International		04/09/2021		INR	77.50		(596,440	)		USD	3,700,000		(1,075,053	)		(478,613	)

USD versus INR		Call	Goldman Sachs International		06/11/2021		INR	83.00		(630,000	)		USD	3,750,000		(261,401	)		368,599

USD versus INR		Call	Goldman Sachs International		07/02/2021		INR	84.05		(373,125	)		USD	3,750,000		(243,866	)		129,259

USD versus INR		Call	Standard Chartered Bank PLC		04/09/2021		INR	77.75		(657,491	)		USD	3,700,000		(995,334	)		(337,843	)

USD versus MXN		Call	Citibank N.A.		03/04/2021		MXN	22.52		(754,103	)		USD	37,500,000		(940,238	)		(186,135	)

USD versus MXN		Call	J.P. Morgan Chase Bank, N.A.		01/21/2021		MXN	22.70		(821,249	)		USD	56,250,000		(900,787	)		(79,538	)

USD versus MXN		Call	J.P. Morgan Chase Bank, N.A.		01/06/2022		MXN	23.09		(1,710,375	)		USD	75,000,000		(4,123,500	)		(2,413,125	)

USD versus NOK		Call	J.P. Morgan Chase Bank, N.A.		01/26/2021		NOK	10.19		(624,962	)		USD	42,500,000		(467,967	)		156,995

USD versus RUB		Call	Goldman Sachs International		02/24/2021		RUB	80.00		(1,017,375	)		USD	3,750,000		(1,792,481	)		(775,106	)

USD versus RUB		Call	Goldman Sachs International		03/26/2021		RUB	88.69		(1,481,812	)		USD	67,300,000		(1,151,436	)		330,376

USD versus RUB		Call	Goldman Sachs International		04/29/2021		RUB	95.00		(859,824	)		USD	72,000,000		(878,904	)		(19,080	)

USD versus RUB		Call	Goldman Sachs International		08/23/2021		RUB	85.00		(864,000	)		USD	3,750,000		(1,321,249	)		(457,249	)

USD versus ZAR		Call	Goldman Sachs International		11/27/2020		ZAR	17.53		(369,367	)		USD	21,200,000		(78,164	)		291,203

USD versus ZAR		Call	J.P. Morgan Chase Bank, N.A.		01/27/2021		ZAR	17.21		(1,438,313	)		USD	56,250,000		(1,007,044	)		431,269

Subtotal – Foreign Currency Call Options Written										(17,541,560	)					(19,515,224	)		(1,973,664	)

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


35		Invesco Global Strategic Income Fund


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

Description	Type of Contract		Counterparty		Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)

Currency Risk

AUD versus USD		Put		J.P.Morgan Chase Bank, N.A.		02/01/2021		USD	0.68	$	(581,400	)		AUD	88,626,292	$	(581,400	)	$	-

EUR versus JPY		Put		J.P. Morgan Chase Bank, N.A.		11/16/2020		JPY	119.00		(373,309	)		EUR	90,000,000		(202,090	)		171,219

EUR versus JPY		Put		Morgan Stanley & Co. International PLC		11/16/2020		JPY	119.00		(237,190	)		EUR	60,000,000		(134,727	)		102,463

USD versus BRL		Put		Goldman Sachs International		12/11/2020		BRL	5.10		(212,138	)		USD	45,000,000		(33,660	)		178,478

USD versus CLP		Put		Morgan Stanley & Co. International PLC		12/22/2020		CLP	750.00		(841,380	)		USD	74,000,000		(543,308	)		298,072

USD versus IDR		Put		Goldman Sachs International		02/23/2021		IDR	14,500.00		(462,500	)		USD	37,000,000		(365,597	)		96,903

USD versus IDR		Put		J.P. Morgan Chase Bank, N.A.		05/17/2021		IDR	14,100.00		(355,612	)		USD	56,250,000		(380,306	)		(24,694	)

USD versus JPY		Put		J.P. Morgan Chase Bank, N.A.		01/06/2021		JPY	100.00		(337,157	)		USD	90,000,000		(262,530	)		74,627

USD versus MXN		Put		Citibank N.A.		03/04/2021		MXN	18.57		(299,192	)		USD	37,500,000		(80,625	)		218,567

USD versus MXN		Put		J.P. Morgan Chase Bank, N.A.		01/21/2021		MXN	19.70		(335,436	)		USD	56,250,000		(306,113	)		29,323

USD versus MXN		Put		J.P. Morgan Chase Bank, N.A.		01/06/2022		MXN	18.40		(673,800	)		USD	75,000,000		(515,925	)		157,875

Subtotal – Foreign Currency Put Options Written											(4,709,114	)					(3,406,281	)		1,302,833

Total – Foreign Currency Options Written										$	(22,250,674	)				$	(22,921,505	)	$	(670,831	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $18,732,000.


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		Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

10 Year Interest Rate Swap	Call	Bank of America, N.A.		0.63	%		3 Month USD LIBOR		Receive		Quarterly		11/30/2020	$	(906,499	)		USD	185,000,000	$	(256,824	)	$	649,675

20 Year Interest Rate Swap	Call	J.P. Morgan Chase Bank, N.A.		0.90			3 Month USD LIBOR		Receive		Quarterly		12/21/2020		(701,704	)		USD	110,100,000		(576,239	)		125,465

30 Year Interest Rate Swap	Call	Morgan Stanley & Co. International PLC		0.77			3 Month USD LIBOR		Receive		Quarterly		03/02/2021		(1,586,000	)		USD	61,000,000		(600,267	)		985,733

Subtotal–Interest Rate Call Swaptions Written															(3,194,203	)					(1,433,330	)		1,760,873

Interest Rate Risk

5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.79			3 Month CDOR		Pay		Quarterly		11/23/2020		(167,503	)		CAD	86,300,000		(106,592	)		60,911

5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.78			3 Month CDOR		Pay		Quarterly		11/02/2020		(87,459	)		CAD	58,000,000		(32,209	)		55,250

5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.77			3 Month CDOR		Pay		Quarterly		11/16/2020		(85,581	)		CAD	43,100,000		(57,650	)		27,931

5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.77			3 Month CDOR		Pay		Quarterly		11/16/2020		(73,653	)		CAD	38,100,000		(50,962	)		22,691

5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.76			3 Month CDOR		Pay		Quarterly		11/27/2020		(129,365	)		CAD	71,000,000		(118,027	)		11,338

5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.79			3 Month CDOR		Pay		Quarterly		12/01/2020		(152,682	)		CAD	85,650,000		(152,682	)		–

5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.75			3 Month CDOR		Pay		Quarterly		11/30/2020		(127,074	)		CAD	70,500,000		(164,144	)		(37,070	)

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


36		Invesco Global Strategic Income 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		Premiums Received				Notional Value		Value			Unrealized Appreciation (Depreciation)

10 Year Interest Rate Swap	Put	Bank of America, N.A.		0.83	%	3 Month USD LIBOR		Pay		Quarterly		11/30/2020	$	(1,054,500	)	USD		185,000,000	$	(2,195,332	)		$(1,140,832	)

10 Year Interest Rate Swap	Put	Goldman Sachs International		0.90		3 Month USD LIBOR		Pay		Quarterly		12/09/2020		(610,500	)	USD		185,000,000		(1,768,435	)		(1,157,935	)

30 Year Interest Rate Swap	Put	Goldman Sachs International		1.40		3 Month USD LIBOR		Pay		Quarterly		01/27/2021		(4,850,219	)	USD		202,000,000		(6,838,150	)		(1,987,931	)

20 Year Interest Rate Swap	Put	J.P. Morgan Chase Bank, N.A.		1.30		3 Month USD LIBOR		Pay		Quarterly		12/21/2020		(1,629,480	)	USD		110,100,000		(2,123,172	)		(493,692	)

30 Year Interest Rate Swap	Put	Morgan Stanley & Co. International PLC		1.37		3 Month USD LIBOR		Pay		Quarterly		03/02/2021		(1,574,909	)	USD		61,000,000		(2,671,718	)		(1,096,809	)

5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77		3 Month CDOR		Pay		Quarterly		11/05/2020		(256,087	)	CAD		133,200,000		(121,415	)		134,672

5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.79		3 Month CDOR		Pay		Quarterly		11/23/2020		(123,477	)	CAD		63,610,000		(75,636	)		47,841

5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77		3 Month CDOR		Pay		Quarterly		11/19/2020		(146,077	)	CAD		73,400,000		(108,611	)		37,466

5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77		3 Month CDOR		Pay		Quarterly		11/26/2020		(84,227	)	CAD		47,300,000		(79,258	)		4,969

5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77		3 Month CDOR		Pay		Quarterly		11/30/2020		(87,030	)	CAD		47,300,000		(88,708	)		(1,678	)

Subtotal–Interest Rate Put Swaptions Written														(11,239,823	)					(16,752,701	)		(5,512,878	)

Total Open Over-The-Counter Interest Rate Swaptions Written													$	(14,434,026	)				$	(18,186,031	)		$(3,752,005	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $18,732,000.


Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

U.S. Treasury 2 Year Notes		2		December-2020	$	441,688	$	43			$ 43

U.S. Treasury Long Bonds		1,470		December-2020		253,529,062		(6,185,445	)		(6,185,445	)

Subtotal–Long Futures Contracts								(6,185,402	)		(6,185,402	)

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


37		Invesco Global Strategic Income Fund


Open Futures Contracts–(continued)

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

Canada 10 Year Bonds		2,422		December-2020	$	(274,576,957	)	$	608,358			$ 608,358

Euro Bobl		10		December-2020		(1,582,410	)		(7,703	)		(7,703	)

Euro-BTP		1,523		December-2020		(265,337,067	)		(6,388,417	)		(6,388,417	)

Euro Bund		48		December-2020		(9,847,349	)		(114,108	)		(114,108	)

Euro Buxl 30 Year Bonds		301		December-2020		(80,194,031	)		(1,178,378	)		(1,178,378	)

U.S. Treasury 5 Year Notes		405		December-2020		(50,868,633	)		107,789			107,789

U.S. Treasury 10 Year Notes		599		December-2020		(82,793,031	)		787,048			787,048

U.S. Treasury 10 Year Ultra Bonds		711		December-2020		(111,826,969	)		1,514,554			1,514,554

U.S. Treasury Ultra Bonds		1,413		December-2020		(303,795,000	)		8,178,758			8,178,758

Subtotal–Short Futures Contracts									3,507,901			3,507,901

Total Futures Contracts								$	(2,677,501	)		$(2,677,501	)


Open Forward Foreign Currency Contracts

Settlement Date		Contract to							Unrealized Appreciation
									Unrealized Appreciation
	Counterparty			Deliver			Receive		(Depreciation)

Currency Risk

11/04/2020	Bank of America, N.A.		USD		8,704,953	JPY		912,453,200	$	10,393

11/05/2020	Bank of America, N.A.		EUR		27,930,000	USD		33,189,219		659,106

12/02/2020	Bank of America, N.A.		GBP		3,500,000	AUD		6,463,275		8,665

12/16/2020	Bank of America, N.A.		CHF		54,946,329	USD		60,639,800		635,543

12/16/2020	Bank of America, N.A.		EUR		59,878,000	USD		71,100,334		1,291,541

12/16/2020	Bank of America, N.A.		MXN		634,831,500	USD		30,000,000		212,148

12/16/2020	Bank of America, N.A.		USD		5,286,036	AUD		7,523,000		3,107

12/16/2020	Bank of America, N.A.		USD		15,377,908	GBP		11,999,180		172,096

12/16/2020	Bank of America, N.A.		USD		44,991,031	JPY		4,772,378,622		619,417

12/16/2020	Bank of America, N.A.		USD		87,382,959	KRW		103,531,329,759		3,673,707

12/16/2020	Bank of America, N.A.		USD		59,335,257	MXN		1,298,250,283		1,581,832

12/17/2020	Bank of America, N.A.		USD		58,795,421	ZAR		1,001,109,633		2,404,896

12/17/2020	Bank of America, N.A.		ZAR		341,500,000	USD		20,989,551		112,808

01/15/2021	Bank of America, N.A.		USD		22,700,000	MXN		490,093,000		220,769

08/30/2021	Bank of America, N.A.		EUR		36,421,200	USD		42,777,792		64,004

11/04/2020	Citibank, N.A.		BRL		104,536,481	USD		18,584,263		365,826

11/04/2020	Citibank, N.A.		USD		18,111,591	BRL		104,536,481		106,846

12/02/2020	Citibank, N.A.		BRL		151,860,000	USD		26,975,034		545,837

12/16/2020	Citibank, N.A.		COP		47,047,160,000	USD		12,177,166		45,026

12/16/2020	Citibank, N.A.		EUR		193,305,000	USD		230,068,905		4,704,180

12/16/2020	Citibank, N.A.		RUB		5,563,170,642	USD		73,508,155		3,784,117

12/16/2020	Citibank, N.A.		USD		13,753,776	MXN		300,520,000		347,361

11/04/2020	Goldman Sachs International		BRL		114,363,000	USD		20,512,623		581,637

11/04/2020	Goldman Sachs International		USD		19,814,096	BRL		114,363,000		116,890

11/05/2020	Goldman Sachs International		RUB		596,242,620	EUR		8,100,000		1,930,376

11/13/2020	Goldman Sachs International		BRL		40,599,375	USD		7,500,000		427,420

12/01/2020	Goldman Sachs International		USD		7,500,000	ZAR		122,712,750		15,914

12/10/2020	Goldman Sachs International		USD		7,500,000	ZAR		144,987,750		1,370,786

12/10/2020	Goldman Sachs International		ZAR		4,247,010	USD		260,115		270

12/16/2020	Goldman Sachs International		EUR		6,705,000	USD		7,979,218		162,191

12/16/2020	Goldman Sachs International		IDR		402,095,000,000	USD		27,255,135		167,029

12/16/2020	Goldman Sachs International		MXN		635,950,500	USD		30,000,000		159,642

12/16/2020	Goldman Sachs International		NZD		71,000,000	USD		47,384,690		437,800

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


38		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)

Settlement Date		Contract to							Unrealized Appreciation
									Unrealized Appreciation
	Counterparty			Deliver			Receive		(Depreciation)

12/16/2020	Goldman Sachs International		USD		19,161,208	MXN		411,862,500	$	164,392

12/17/2020	Goldman Sachs International		USD		31,000,341	ZAR		527,136,000		1,224,792

01/08/2021	Goldman Sachs International		NOK		585,800,000	USD		69,698,044		8,346,757

01/11/2021	Goldman Sachs International		RUB		2,118,585,060	USD		28,624,306		2,140,586

01/11/2021	Goldman Sachs International		USD		25,800,000	RUB		2,118,585,060		683,720

01/11/2021	Goldman Sachs International		USD		18,275,000	ZAR		338,760,020		2,374,151

02/08/2021	Goldman Sachs International		RUB		1,589,400,000	USD		21,411,540		1,596,509

02/24/2021	Goldman Sachs International		RUB		714,843,750	USD		9,375,000		477,936

02/25/2021	Goldman Sachs International		RUB		2,223,375,000	USD		31,796,849		4,127,244

02/25/2021	Goldman Sachs International		USD		26,250,000	RUB		2,223,375,000		1,419,605

03/08/2021	Goldman Sachs International		BRL		95,000,000	USD		23,069,451		6,585,420

03/09/2021	Goldman Sachs International		RUB		247,254,816	USD		3,365,000		291,796

03/17/2021	Goldman Sachs International		RUB		596,242,620	USD		8,001,807		597,105

04/15/2021	Goldman Sachs International		INR		2,068,762,500	USD		27,750,000		480,316

04/30/2021	Goldman Sachs International		RUB		1,595,691,900	USD		19,800,000		73,604

05/10/2021	Goldman Sachs International		USD		24,500,000	MXN		536,530,400		262,387

08/24/2021	Goldman Sachs International		RUB		466,800,000	USD		6,000,000		298,408

11/04/2020	J.P. Morgan Chase Bank, N.A.		BRL		151,860,000	USD		27,247,281		781,383

11/04/2020	J.P. Morgan Chase Bank, N.A.		JPY		774,632,000	USD		7,400,000		1,060

11/04/2020	J.P. Morgan Chase Bank, N.A.		USD		26,310,683	BRL		151,860,000		155,215

11/04/2020	J.P. Morgan Chase Bank, N.A.		USD		15,920,028	JPY		1,668,753,200		19,160

11/13/2020	J.P. Morgan Chase Bank, N.A.		RUB		555,487,500	USD		7,500,000		514,834

12/16/2020	J.P. Morgan Chase Bank, N.A.		AUD		262,827,279	USD		191,721,986		6,937,841

12/16/2020	J.P. Morgan Chase Bank, N.A.		CHF		24,043,367	USD		26,310,000		53,389

12/16/2020	J.P. Morgan Chase Bank, N.A.		COP		48,081,000,000	USD		12,926,564		527,825

12/16/2020	J.P. Morgan Chase Bank, N.A.		CZK		545,889,195	USD		24,407,646		1,059,800

12/16/2020	J.P. Morgan Chase Bank, N.A.		EUR		549,464,617	USD		652,930,677		12,337,098

12/16/2020	J.P. Morgan Chase Bank, N.A.		INR		4,516,700,000	USD		61,081,907		734,132

12/16/2020	J.P. Morgan Chase Bank, N.A.		KRW		34,710,218,370	USD		30,560,150		32,224

12/16/2020	J.P. Morgan Chase Bank, N.A.		NZD		90,216,141	USD		60,232,987		579,927

12/16/2020	J.P. Morgan Chase Bank, N.A.		PLN		109,411,672	USD		27,720,000		77,972

12/16/2020	J.P. Morgan Chase Bank, N.A.		SEK		69,791,050	USD		7,992,905		145,451

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		18,375,000	CNY		125,280,750		266,885

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		5,167,708	EUR		4,433,000		507

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		111,117,575	GBP		86,409,937		862,992

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		102,361,950	IDR		1,550,271,737,500		2,075,867

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		12,139,866	JPY		1,287,426,704		164,294

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		77,680,405	MXN		1,687,153,366		1,484,971

12/17/2020	J.P. Morgan Chase Bank, N.A.		USD		14,242,636	ZAR		236,910,000		240,260

01/29/2021	J.P. Morgan Chase Bank, N.A.		ZAR		539,594,100	USD		32,895,059		70,255

02/08/2021	J.P. Morgan Chase Bank, N.A.		RUB		3,178,800,000	USD		44,724,815		5,094,753

03/17/2021	J.P. Morgan Chase Bank, N.A.		THB		822,220,000	USD		26,437,942		70,314

03/17/2021	J.P. Morgan Chase Bank, N.A.		USD		27,787,512	THB		872,250,000		184,520

04/28/2021	J.P. Morgan Chase Bank, N.A.		BRL		10,762,500	USD		1,875,000		11,091

08/30/2021	J.P. Morgan Chase Bank, N.A.		NOK		378,550,000	USD		42,143,994		2,514,482

08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		42,144,165	EUR		36,225,000		339,525

08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		22,822,873	NOK		218,232,312		23,356

01/10/2022	J.P. Morgan Chase Bank, N.A.		MXN		421,076,475	USD		20,250,000		1,377,287

12/16/2020	Morgan Stanley & Co. International PLC		CHF		27,135,077	USD		29,690,000		57,080

12/16/2020	Morgan Stanley & Co. International PLC		COP		61,689,820,000	USD		15,973,907		65,835

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


39		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)

									Unrealized Appreciation
Settlement Date		Contract to

	Counterparty			Deliver			Receive		(Depreciation)

12/16/2020	Morgan Stanley & Co. International PLC		KRW		28,901,607,000	USD		25,455,000	$	35,796

12/16/2020	Morgan Stanley & Co. International PLC		MXN		308,934,300	USD		14,524,222		28,266

12/16/2020	Morgan Stanley & Co. International PLC		RUB		457,632,000	USD		5,760,000		24,431

08/26/2021	Morgan Stanley & Co. International PLC		EUR		19,210,000	USD		22,975,160		448,283

12/16/2020	Royal Bank of Canada		EUR		164,198,689	USD		195,847,140		4,416,021

12/16/2020	Royal Bank of Canada		USD		5,501,696	EUR		4,725,000		6,948

12/16/2020	Royal Bank of Canada		USD		12,579,693	GBP		9,710,000		3,713

12/16/2020	Royal Bank of Canada		USD		17,734,176	JPY		1,880,000,000		233,309

12/16/2020	Royal Bank of Scotland PLC		EUR		2,410,000	USD		2,876,841		67,141

12/16/2020	Standard Charted Bank PLC		AUD		21,375,000	USD		15,635,428		607,455

12/16/2020	Standard Charted Bank PLC		IDR		201,200,000,000	USD		13,599,189		44,863

12/16/2020	Standard Charted Bank PLC		USD		33,077,643	CNY		227,121,020		718,163

04/15/2021	Standard Charted Bank PLC		INR		2,713,698,400	USD		36,260,000		489,003

Subtotal–Appreciation										104,068,885


Currency Risk

11/04/2020	Bank of America, N.A.		JPY		912,453,200	USD		8,560,000		(155,346	)

11/05/2020	Bank of America, N.A.		USD		33,190,000	RUB		2,446,725,578		(2,397,988	)

12/02/2020	Bank of America, N.A.		AUD		19,489,575	GBP		10,500,000		(96,120	)

12/02/2020	Bank of America, N.A.		GBP		7,000,000	AUD		12,594,505		(216,100	)

12/16/2020	Bank of America, N.A.		GBP		59,372,009	USD		76,514,628		(426,884	)

12/16/2020	Bank of America, N.A.		JPY		4,612,484,360	USD		43,806,858		(275,453	)

12/16/2020	Bank of America, N.A.		MXN		594,747,900	USD		27,000,000		(907,031	)

12/16/2020	Bank of America, N.A.		USD		82,306,367	AUD		113,767,472		(2,320,662	)

12/16/2020	Bank of America, N.A.		USD		24,307,659	CZK		543,470,632		(1,063,256	)

12/16/2020	Bank of America, N.A.		USD		42,139,467	EUR		35,890,116		(296,959	)

12/16/2020	Bank of America, N.A.		USD		29,595,000	GBP		22,787,646		(63,980	)

12/16/2020	Bank of America, N.A.		USD		21,501,104	HUF		6,467,102,200		(979,425	)

12/16/2020	Bank of America, N.A.		USD		13,367,767	INR		992,088,800		(112,436	)

12/16/2020	Bank of America, N.A.		USD		106,438,711	NOK		960,290,052		(5,865,510	)

12/16/2020	Bank of America, N.A.		USD		5,989,140	NZD		9,000,000		(38,126	)

12/16/2020	Bank of America, N.A.		USD		17,197,235	PLN		64,444,918		(915,716	)

12/16/2020	Bank of America, N.A.		USD		8,075,198	SEK		70,581,270		(138,890	)

12/17/2020	Bank of America, N.A.		USD		17,511,144	ZAR		285,291,558		(70,563	)

12/17/2020	Bank of America, N.A.		ZAR		365,076,800	USD		21,400,000		(918,051	)

12/28/2020	Bank of America, N.A.		MXN		666,900,000	USD		29,250,000		(2,001,148	)

01/15/2021	Bank of America, N.A.		MXN		590,200,500	USD		25,700,000		(1,902,617	)

01/15/2021	Bank of America, N.A.		USD		27,200,000	MXN		578,788,800		(131,087	)

04/19/2021	Bank of America, N.A.		USD		44,152,100	EUR		37,000,000		(891,280	)

05/28/2021	Bank of America, N.A.		USD		20,657,533	ZAR		341,500,000		(131,457	)

05/28/2021	Bank of America, N.A.		ZAR		341,500,000	USD		20,000,000		(526,075	)

11/04/2020	Citibank, N.A.		BRL		151,860,000	USD		26,310,683		(155,215	)

11/04/2020	Citibank, N.A.		USD		26,997,333	BRL		151,860,000		(531,435	)

12/02/2020	Citibank, N.A.		USD		18,568,913	BRL		104,536,481		(375,740	)

12/16/2020	Citibank, N.A.		CLP		3,198,375,000	USD		4,014,277		(121,271	)

12/16/2020	Citibank, N.A.		EGP		61,500,000	USD		3,807,107		(54,331	)

12/16/2020	Citibank, N.A.		GBP		58,005,000	USD		74,665,196		(504,778	)

12/16/2020	Citibank, N.A.		MXN		919,550,200	USD		42,697,488		(450,064	)

12/16/2020	Citibank, N.A.		USD		27,644,078	COP		105,555,000,000		(424,408	)

12/16/2020	Citibank, N.A.		USD		5,557,793	EUR		4,669,684		(113,639	)

12/16/2020	Citibank, N.A.		USD		13,349,801	INR		988,312,500		(144,926	)

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


40		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)

									Unrealized
Settlement Date		Contract to							Appreciation

	Counterparty			Deliver			Receive		(Depreciation)

12/16/2020	Citibank, N.A.		USD		47,506,532	NOK		427,250,000	$	(2,759,740	)

12/16/2020	Citibank, N.A.		USD		18,482,130	RUB		1,398,746,052		(951,439	)

11/04/2020	Goldman Sachs International		BRL		108,040,356	USD		18,718,659		(110,427	)

11/04/2020	Goldman Sachs International		USD		19,285,000	BRL		108,040,355		(455,914	)

11/05/2020	Goldman Sachs International		USD		8,114,242	RUB		596,242,620		(610,536	)

12/01/2020	Goldman Sachs International		USD		226,757	ZAR		3,698,410		(236	)

12/01/2020	Goldman Sachs International		ZAR		126,411,160	USD		7,550,000		(192,434	)

12/16/2020	Goldman Sachs International		USD		100,629,460	EUR		84,559,729		(2,045,460	)

01/08/2021	Goldman Sachs International		USD		70,174,200	EUR		58,000,000		(2,512,482	)

01/11/2021	Goldman Sachs International		ZAR		338,760,020	USD		18,362,669		(2,286,482	)

02/08/2021	Goldman Sachs International		USD		23,350,008	RUB		1,589,400,000		(3,534,977	)

02/18/2021	Goldman Sachs International		USD		9,525,000	BRL		48,205,072		(1,155,003	)

02/25/2021	Goldman Sachs International		IDR		226,500,000,000	USD		15,000,000		(134,231	)

03/08/2021	Goldman Sachs International		USD		22,902,604	BRL		95,000,000		(6,418,572	)

03/09/2021	Goldman Sachs International		USD		7,500,000	RUB		603,160,500		(3,138	)

03/17/2021	Goldman Sachs International		USD		59,788,881	RUB		4,455,078,810		(4,461,520	)

04/28/2021	Goldman Sachs International		BRL		27,433,350	USD		4,725,000		(26,058	)

06/15/2021	Goldman Sachs International		INR		2,033,775,000	USD		25,875,000		(755,223	)

08/19/2021	Goldman Sachs International		USD		10,900,000	BRL		55,120,210		(1,432,378	)

11/04/2020	J.P. Morgan Chase Bank, N.A.		BRL		110,859,126	USD		19,207,028		(113,308	)

11/04/2020	J.P. Morgan Chase Bank, N.A.		JPY		894,121,200	USD		8,400,000		(140,247	)

11/04/2020	J.P. Morgan Chase Bank, N.A.		USD		19,890,754	BRL		110,859,126		(570,417	)

11/25/2020	J.P. Morgan Chase Bank, N.A.		MXN		506,688,750	USD		22,500,000		(1,331,152	)

11/25/2020	J.P. Morgan Chase Bank, N.A.		USD		23,625,000	MXN		500,110,537		(103,242	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		CLP		5,041,065,000	USD		6,325,844		(192,330	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		CNY		12,744,563	USD		1,854,405		(41,997	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		EUR		3,135,000	USD		3,648,786		(6,155	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		GBP		80,578,000	USD		103,903,316		(519,516	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		IDR		1,358,873,000,000	USD		89,724,199		(1,819,577	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		JPY		3,898,117,811	USD		37,016,180		(238,807	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		MXN		1,967,265,658	USD		91,618,684		(690,248	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		45,294,067	AUD		63,974,469		(315,983	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		117,293,351	CHF		106,170,897		(1,349,196	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		344,805,095	EUR		291,451,450		(5,016,287	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		55,405,000	GBP		42,666,964		(111,929	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		36,683,439	HUF		11,086,395,568		(1,503,625	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		65,668,209	INR		4,856,391,205		(781,809	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		5,004,490	NOK		45,000,000		(291,545	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		41,937,893	NZD		62,814,000		(403,781	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD		41,268,354	PLN		154,649,029		(2,197,452	)

12/17/2020	J.P. Morgan Chase Bank, N.A.		USD		50,548,176	ZAR		824,742,600		(129,613	)

12/17/2020	J.P. Morgan Chase Bank, N.A.		ZAR		3,353,933,329	USD		196,435,737		(8,598,534	)

01/29/2021	J.P. Morgan Chase Bank, N.A.		USD		32,850,000	ZAR		539,594,100		(25,196	)

02/08/2021	J.P. Morgan Chase Bank, N.A.		USD		21,413,847	RUB		1,589,400,000		(1,598,817	)

03/17/2021	J.P. Morgan Chase Bank, N.A.		THB		1,065,550,000	USD		33,863,431		(307,504	)

05/19/2021	J.P. Morgan Chase Bank, N.A.		IDR		420,131,250,000	USD		26,250,000		(1,553,560	)

08/30/2021	J.P. Morgan Chase Bank, N.A.		USD		17,250,000	NOK		164,306,250		(49,164	)

01/10/2022	J.P. Morgan Chase Bank, N.A.		USD		13,500,000	MXN		280,724,400		(917,889	)

12/16/2020	Morgan Stanley & Co. International PLC		CLP		15,439,130,000	USD		19,391,428		(571,602	)

12/16/2020	Morgan Stanley & Co. International PLC		PLN		110,981,357	USD		27,995,497		(43,099	)

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


41		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)

									Unrealized
Settlement Date		Contract to							Appreciation

	Counterparty			Deliver			Receive		(Depreciation)

12/16/2020	Morgan Stanley & Co. International PLC		USD		28,007,575	AUD		39,807,519	$	(20,380	)

12/16/2020	Morgan Stanley & Co. International PLC		USD		27,318,400	NZD		41,140,000		(115,653	)

08/26/2021	Morgan Stanley & Co. International PLC		USD		22,980,000	BRL		124,161,170		(1,668,154	)

12/16/2020	Royal Bank of Canada		JPY		1,973,526,076	USD		18,738,379		(122,951	)

12/16/2020	Royal Bank of Canada		USD		25,650,786	EUR		21,545,797		(531,609	)

11/17/2020	Standard Charted Bank PLC		USD		5,920,000	INR		435,356,800		(86,396	)

12/16/2020	Standard Charted Bank PLC		USD		12,166,272	IDR		180,000,000,000		(40,136	)

12/29/2020	Standard Charted Bank PLC		KRW		12,257,952,000	USD		10,360,000		(422,878	)

Subtotal–Depreciation										(90,105,955	)

Total Forward Foreign Currency Contracts									$	13,962,930


Open Centrally Cleared Credit Default Swap Agreements

Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(a)			Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk

Host Hotels & Resorts, L.P.		Buy		(1.00	)%		Quarterly		12/20/2023		1.2056	%		USD	9,337,000	$	31,433		$	60,737			$ 29,304

ViacomCBS, Inc.		Buy		(1.00	)		Quarterly		12/20/2025		0.7328			USD	3,700,000		(52,019	)		(50,820	)		1,199

CVS Health Corp.		Buy		(1.00	)		Quarterly		12/20/2025		0.5435			USD	3,700,000		(99,546	)		(86,584	)		12,962

Exelon Corp.		Buy		(1.00	)		Quarterly		12/20/2025		0.3067			USD	3,700,000		(138,320	)		(132,416	)		5,904

Sempra Energy		Buy		(1.00	)		Quarterly		12/20/2025		0.4817			USD	3,700,000		(114,974	)		(100,081	)		14,893

Brazilian Government International Bonds		Sell		1.00			Quarterly		06/20/2022		1.1180			USD	7,500,000		(144,709	)		(8,055	)		136,654

Subtotal - Appreciation																	(518,135	)		(317,219	)		200,916

Credit Risk

Indonesia Government International Bond		Buy		(1.00	)		Quarterly		12/20/2025		0.9880			USD	14,485,000		111,930			(4,838	)		(116,768)

South Africa Government International Bond		Buy		(1.00	)		Quarterly		12/20/2025		2.7773			USD	7,400,000		698,783			626,958			(71,825)

Subtotal - Depreciation																	810,713			622,120			(188,593)

Total Centrally Cleared Credit Default Swap Agreements																$	292,578		$	304,901			$ 12,323

^(a)

Open Centrally Cleared Interest Rate Swap Agreements

Pay/
Receive
Floating
Rate

Floating Rate Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Receive

6 Month CLICP

Semi-Annually

(0.52

Semi-Annually

06/26/2022

CLP

37,875,000,000

–

4,419

$ 4,419

Pay

3 Month COOVIBR

Quarterly

3.09

Quarterly

07/09/2025

COP

27,375,000,000

–

12,157

Pay

3 Month COOVIBR

Quarterly

3.08

Quarterly

07/09/2025

COP

57,750,000,000

–

18,969

Receive

28 Day MXN TIIE

28 Day

(4.53

)

28 Day

10/03/2022

MXN

1,275,000,000

–

20,287

Receive

28 Day MXN TIIE

28 Day

(4.52

)

28 Day

10/04/2022

MXN

1,256,250,000

–

37,173

Pay

6 Month CLICP

Semi-Annually

1.20

Semi-Annually

06/26/2025

CLP

15,375,000,000

–

40,195

Pay

3 Month CDOR

Semi-Annually

0.76

Semi-Annually

06/29/2025

CAD

204,240,000

(757

)

52,629

53,386

Pay

6 Month THB

Semi-Annually

0.76

Semi-Annually

06/25/2025

THB

712,500,000

–

59,073

Receive

6 Month AUD BBSW

Semi-Annually

(1.22

)

Semi-Annually

08/17/2050

AUD

9,940,000

–

82,338

Pay

28 Day MXN TIIE

28 Day

4.90

28 Day

06/07/2023

MXN

562,500,000

–

146,895

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


42		Invesco Global Strategic Income Fund

Open Centrally Cleared Interest Rate Swap Agreements–(continued)

Pay/
Receive
Floating
Rate

Floating Rate Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Pay

BZDIOVRA

At Maturity

6.63

At Maturity

01/02/2025

BRL

27,736,204

$ –

181,110

$ 181,110

Receive

6 Month AUD BBSW

Semi-Annually

(1.22)

Semi-Annually

08/18/2050

AUD

29,660,000

–

245,927

Pay

BZDIOVRA

At Maturity

6.53

At Maturity

01/02/2024

BRL

34,406,328

–

316,886

Pay

28 Day MXN TIIE

28 Day

6.91

28 Day

12/16/2026

MXN

741,375,000

–

370,137

Pay

3 Month COOVIBR

Quarterly

5.20

Quarterly

08/01/2029

COP

30,347,000,000

–

766,172

Pay

3 Month COOVIBR

Quarterly

5.56

Quarterly

08/26/2026

COP

29,197,000,000

–

944,948

Pay

BZDIOVRA

At Maturity

5.56

At Maturity

01/02/2023

BRL

235,915,011

–

1,234,121

Pay

1 Month BZDIOVRA

At Maturity

8.42

At Maturity

01/02/2025

BRL

60,391,035

–

1,606,779

Pay

1 Month BZDIOVRA

At Maturity

8.68

At Maturity

01/04/2027

BRL

56,292,938

–

1,632,053

Subtotal – Appreciation

(757

)

7,772,268

7,773,025

Interest Rate Risk

Pay

6 Month CDOR

Semi-Annually

1.06

Semi-Annually

03/26/2030

CAD

327,575,000

–

(849,529)

Pay

28 Day MXN TIIE

28 Day

4.80

28 Day

07/23/2025

MXN

1,373,500,000

–

(822,341)

Pay

28 Day MXN TIIE

28 Day

4.81

28 Day

07/23/2025

MXN

1,361,600,000

–

(793,160)

Pay

3 Month CNRR007

Quarterly

2.04

Quarterly

06/18/2022

CNY

652,500,000

–

(587,738)

Pay

BZDIOVRA

At Maturity

3.98

At Maturity

01/02/2023

BRL

178,026,661

–

(543,423)

Pay

3 Month CNRR007

Quarterly

1.99

Quarterly

06/15/2022

CNY

525,000,000

–

(530,331)

Pay

BZDIOVRA

At Maturity

5.10

At Maturity

01/02/2024

BRL

123,546,629

–

(508,098)

Pay

BZDIOVRA

At Maturity

4.11

At Maturity

01/02/2023

BRL

184,306,183

–

(464,873)

Pay

3 Month CNRR007

Quarterly

2.13

Quarterly

06/30/2022

CNY

543,750,000

–

(386,629)

Pay

BZDIOVRA

At Maturity

4.30

At Maturity

01/02/2023

BRL

179,889,471

–

(360,730)

Pay

BZDIOVRA

At Maturity

4.38

At Maturity

01/02/2023

BRL

183,713,112

–

(318,980)

Pay

3 Month CNRR007

Quarterly

2.23

Quarterly

07/07/2022

CNY

681,820,000

–

(317,645)

Receive

3 Month CNRR007

Quarterly

(2.77)

Quarterly

10/16/2025

CNY

267,000,000

–

(309,124)

Receive

28 Day MXN TIIE

28 Day

(7.07)

28 Day

12/12/2029

MXN

321,750,000

–

(239,631)

Pay

BZDIOVRA

At Maturity

6.61

At Maturity

01/02/2023

BRL

717,750,992

–

(233,491)

Receive

28 Day MXN TIIE

28 Day

(4.80)

28 Day

06/09/2021

MXN

1,650,000,000

–

(169,463)

Pay

28 Day MXN TIIE

28 Day

4.67

28 Day

07/02/2024

MXN

429,450,000

–

(160,385)

Pay

BZDIOVRA

At Maturity

4.76

At Maturity

01/02/2023

BRL

191,785,995

–

(136,553)

Pay

BZDIOVRA

At Maturity

5.75

At Maturity

01/02/2025

BRL

39,321,559

–

(121,276)

Pay

3 Month CNRR007

Quarterly

2.13

Quarterly

06/29/2022

CNY

135,000,000

–

(95,958)

Pay

BZDIOVRA

At Maturity

3.02

At Maturity

01/03/2022

BRL

655,701,194

–

(75,601)

Pay

BZDIOVRA

At Maturity

5.93

At Maturity

01/02/2025

BRL

65,660,405

–

(53,701)

Pay

3 Month CNRR007

Quarterly

2.40

Quarterly

07/13/2022

CNY

675,000,000

–

(41,867)

Pay

BZDIOVRA

At Maturity

4.92

At Maturity

01/02/2023

BRL

201,394,098

–

(40,048)

Receive

6 Month CLICP

Semi-Annually

(0.57)

Semi-Annually

07/13/2022

CLP

36,187,500,000

–

(30,870)

Pay

6 Month CLICP

Semi-Annually

1.16

Semi-Annually

07/13/2025

CLP

14,625,000,000

–

(15,583)

Pay

3 Month COOVIBR

Quarterly

3.03

Quarterly

07/10/2025

COP

23,000,000,000

–

(6,840)

Pay

BZDIOVRA

At Maturity

6.03

At Maturity

01/02/2025

BRL

69,882,169

–

(222)

Subtotal – Depreciation

–

(8,214,090)

Total Centrally Cleared Interest Rate Swap Agreements

$(757

)

(441,822)

$ (441,065

)

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


43		Invesco Global Strategic Income 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

Bank of America, N.A.	Uruguay Government International Bond		Sell		1.00	%		Quarterly		12/20/2021		0.8898	%		USD	7,501,000	$	(31,852	)	$	9,478		$	41,330

Barclays Bank PLC	SoftBank Group Corp.		Buy		(1.00	)		Quarterly		12/20/2025		2.6141			JPY	185,000,000		121,482			135,428			13,946

Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00	)		Quarterly		12/20/2024		1.2621			EUR	3,750,000		40,483			47,478			6,995

J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)		Buy		(1.00	)		Quarterly		12/20/2025		2.7988			EUR	3,700,000		304,351			381,840			77,489

Subtotal–Appreciation																		434,464			574,224			139,760

Credit Risk

Citibank, N.A.	Assicurazioni Generali S.p.A.		Sell		1.00			Quarterly		12/20/2024		0.6960			EUR	7,500,000		124,640			110,757			(13,883)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		1.3935			EUR	10,000,000		1,045,099			909,286			(135,813)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		1.3935			EUR	35,000,000		3,721,006			3,182,501			(538,505)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9		Sell		5.00			Quarterly		12/20/2022		14.6456			EUR	7,500,000		154,943			(1,616,659	)		(1,771,602)

J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)		Buy		(1.00	)		Quarterly		12/20/2021		0.4634			EUR	7,500,000		56,027			(54,199	)		(110,226)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Index, Series 32, Version 1		Sell		5.00			Quarterly		12/20/2021		8.2090			EUR	7,500,000		(189,964	)		(310,402	)		(120,438)

J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)		Sell		1.00			Quarterly		12/20/2025		0.7767			EUR	14,800,000		340,721			198,188			(142,533)

Subtotal–Depreciation																		5,252,472			2,419,472			(2,833,000)

Total Open Over-The-Counter Credit Default Swap Agreements																	$	5,686,936		$	2,993,696		$	(2,693,240)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $18,732,000.

^(b)

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

Counterparty

Pay/
Receive
Floating
Rate

Floating Rate
Index

Payment
Frequency

(Pay)/
Received
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional

Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Bank of America, N.A.

Pay

FBIL Overnight
MIBOR

Semi-Annually

6.33

Semi-Annually

01/31/2022

INR

590,000,000

$–

315,690

$ 315,690

Goldman Sachs International

Pay

3 Month
MOSKP

Annually

6.77

Annually

01/14/2030

RUB

595,000,000

–

310,335

Subtotal–Appreciation

–

626,025

Interest Rate Risk

Standard Chartered Bank PLC

Receive

FBIL Overnight
MIBOR

Semi-Annually

(6.44

)

Semi-Annually

01/10/2024

INR

600,000,000

–

(661,260

)

(661,260)

Total Over-The-Counter Interest Rate Swap Aggreements

$–

(35,235

)

$ (35,235)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $18,732,000.

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


44		Invesco Global Strategic Income Fund


Investment Abbreviations:

AUD		–Australian Dollar
BBSW		–Bank Bill Swap Rate
BRL		–Brazilian Real
BZDIOVRA		–Brazil Ceptip DI Interbank Deposit Rate
CAD		–Canadian Dollar
CDOR		–Canadian Dealer Offered Rate
CHF		–Swiss Franc
CLICP		–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP		–Chile Peso
CNH		–Chinese Renminbi
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
EGP		–Egypt Pound
EUR		–Euro
FBIL		–Financial Benchmarks India Private Ltd.
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JPY		–Japanese Yen
KRW		–South Korean Won
LIBOR		–London Interbank Offered Rate
MIBOR		–Mumbai Interbank Offered Rate
MOSKP		–Moscow Prime Offered Rate
MXN		–Mexican Peso
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PLN		–Polish Zloty
RUB		–Russian Ruble
SEK		–Swedish Krona
THB		–Thai Baht
TIIE		–Interbank Equilibrium Interest Rate
USD		–U.S. Dollar
ZAR		–South African Rand

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


45		Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $2,910,755,554)	$	2,837,786,499


Investments in affiliates, at value (Cost $75,379,079)		77,072,002


Other investments:
Variation margin receivable – futures contracts		49,711,160


Unrealized appreciation on swap agreements – OTC		765,785


Premiums paid on swap agreements – OTC		5,686,936


Unrealized appreciation on forward foreign currency contracts outstanding		104,068,885


Deposits with brokers:
Cash collateral – centrally cleared swap agreements		57,958,109


Cash collateral – OTC Derivatives		18,732,000


Cash		97,597,784


Foreign currencies, at value (Cost $298,536)		1,027,230


Receivable for:
Investments sold		197,210,537


Fund shares sold		479,574


Dividends		83,903


Interest		24,549,797


Investment for trustee deferred compensation and retirement plans		471,830


Other assets		553,470


Total assets		3,473,755,501



Liabilities:
Other investments:
Options written, at value (premiums received $37,523,132)		41,630,181


Variation margin payable – centrally cleared swap agreements		4,785,971


Unrealized depreciation on forward foreign currency contracts outstanding		90,105,955


Swaps payable – OTC		1,307,100


Unrealized depreciation on swap agreements–OTC		3,494,260


Payable for:
Investments purchased		630,510,533


Dividends		988,551


Fund shares reacquired		3,155,022


Accrued foreign taxes		891,833


Accrued fees to affiliates		1,480,296


Accrued trustees’ and officers’ fees and benefits		3,411


Accrued other operating expenses		1,903,147


Trustee deferred compensation and retirement plans		471,830


Collateral with broker - exchange-traded futures contracts		96,910


Total liabilities		780,825,000


Net assets applicable to shares outstanding	$	2,692,930,501


Net assets consist of:
Shares of beneficial interest	$	3,621,983,432


Distributable earnings (loss)		(929,052,931	)


	$	2,692,930,501



Net Assets:
Class A	$	2,236,548,006


Class C	$	154,642,455


Class R	$	79,116,399


Class Y	$	201,674,940


Class R5	$	9,720


Class R6	$	20,938,981



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		624,083,846


Class C		43,270,534


Class R		22,059,711


Class Y		56,357,334


Class R5		2,710


Class R6		5,871,890


Class A:
Net asset value per share	$	3.58


Maximum offering price per share (Net asset value of $3.58 ÷ 95.75%)	$	3.74


Class C:
Net asset value and offering price per share	$	3.57


Class R:
Net asset value and offering price per share	$	3.59


Class Y:
Net asset value and offering price per share	$	3.58


Class R5:
Net asset value and offering price per share	$	3.59


Class R6:
Net asset value and offering price per share	$	3.57

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


46		Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:
Interest (net of foreign withholding taxes of $1,989,389)	$	104,247,674


Dividends from affiliates		4,079,391


Dividends		1,020,409


Total investment income		109,347,474



Expenses:
Advisory fees		16,230,331


Administrative services fees		428,554


Custodian fees		(2,969	)


Distribution fees:


Class A		5,655,495


Class C		1,832,879


Class R		429,025


Transfer agent fees – A, C, R and Y		4,746,025


Transfer agent fees – R5		7


Transfer agent fees – R6		11,060


Trustees’ and officers’ fees and benefits		48,905


Registration and filing fees		179,836


Reports to shareholders		339,404


Professional services fees		114,022


Other		63,278


Total expenses		30,075,852


Less: Fees waived and/or expense offset arrangement(s)		(433,733	)


Net expenses		29,642,119


Net investment income		79,705,355



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $1,188,815)		(112,354,968	)


Affiliated investment securities		(13,822,622	)


Foreign currencies		(40,714,981	)


Forward foreign currency contracts		(6,032,258	)


Futures contracts		36,770,050


Option contracts written		(37,779,852	)


Swap agreements		33,610,723


		(140,323,908	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $134,006)		1,099,061


Affiliated investment securities		(447,324	)


Foreign currencies		1,308,101


Forward foreign currency contracts		23,814,761


Futures contracts		(6,474,519	)


Option contracts written		(14,640,486	)


Swap agreements		(16,973,651	)


		(12,314,057	)


Net realized and unrealized gain (loss)		(152,637,965	)


Net increase (decrease) in net assets resulting from operations	$	(72,932,610	)

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


47		Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the year ended October 31, 2020, period ended October 31, 2019, and the year ended September 30, 2019


	Year Ended October 31, 2020			One Month Ended October 31, 2019			Year Ended September 30, 2019


Operations:
Net investment income		$ 79,705,355			$ 10,734,448			$ 181,634,506


Net realized gain (loss)		(140,323,908	)		(18,653,514	)		(89,298,509)


Change in net unrealized appreciation (depreciation)		(12,314,057	)		46,954,101			68,299,543


Net increase (decrease) in net assets resulting from operations		(72,932,610	)		39,035,035			160,635,540



Distributions to shareholders from distributable earnings:
Class A		(32,840,824	)		(3,800,606	)		(87,772,855)


Class C		(2,533,763	)		(248,545	)		(12,840,455)


Class R		(1,182,445	)		(132,004	)		(3,399,687)


Class Y		(4,013,668	)		(504,387	)		(11,958,984)


Class R5		(134	)		(16	)		(105)


Class R6		(325,758	)		(57,732	)		(1,460,735)


Total distributions from distributable earnings		(40,896,592	)		(4,743,290	)		(117,432,821)



Return of capital:
Class A		(42,081,663	)		(4,205,210	)		(44,853,599)


Class C		(1,895,583	)		(275,004	)		(6,561,716)


Class R		(1,311,576	)		(146,056	)		(1,737,304)


Class Y		(5,925,941	)		(558,082	)		(6,111,268)


Class R5		(208	)		(18	)		(54)


Class R6		(520,291	)		(63,879	)		(746,463)


Total return of capital		(51,735,262	)		(5,248,249	)		(60,010,404)


Total distributions		(92,631,854	)		(9,991,539	)		(177,443,225)



Share transactions–net:
Class A		(306,195,365	)		(25,362,027	)		(13,542,333)


Class C		(54,967,634	)		(5,447,267	)		(317,660,779)


Class R		(15,853,398	)		(1,057,362	)		(11,280,336)


Class Y		(111,534,682	)		2,927,053			(39,068,226)


Class R5		—			—			10,000


Class R6		(14,544,657	)		(157,844	)		(4,870,151)


Net increase (decrease) in net assets resulting from share transactions		(503,095,736	)		(29,097,447	)		(386,411,825)


Net increase (decrease) in net assets		(668,660,200	)		(53,951	)		(403,219,510)



Net assets:
Beginning of year		3,361,590,701			3,361,644,652			3,764,864,162


End of year		$2,692,930,501			$3,361,590,701			$3,361,644,652

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


48		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 10/31/20		$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)(g)		0.99	%^(f)(g)		2.70	%^(f)(g)		273	%
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		(1.11	)		2,669,175		0.96	^(h)		1.00	^(h)		3.80	^(h)		25
Year ended 09/30/19		3.73		0.19		(0.01	)		0.18			(0.13	)		(0.06	)		(0.19	)		3.72		5.08			2,671,046		0.95			1.00			5.25			114
Year ended 09/30/18		3.96		0.18		(0.23	)		(0.05	)		(0.18	)		–			(0.18	)		3.73		(1.49	)		2,699,688		1.00			1.07			4.79			67
Year ended 09/30/17		3.95		0.16		0.01			0.17			(0.11	)		(0.05	)		(0.16	)		3.96		4.45			3,124,887		1.01			1.08			4.13			69
Year ended 09/30/16		3.87		0.15		0.08			0.23			(0.14	)		(0.01	)		(0.15	)		3.95		6.07			3,607,387		1.02			1.06			3.87			78
Class C
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	^(g)		1.75	^(g)		1.94	^(g)		273
One month ended 10/31/19		3.71		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.74		1.04			220,077		1.72	^(h)		1.76	^(h)		3.03	^(h)		25
Year ended 09/30/19		3.72		0.17		(0.02	)		0.15			(0.11	)		(0.05	)		(0.16	)		3.71		4.28			224,035		1.71			1.76			4.49			114
Year ended 09/30/18		3.95		0.16		(0.24	)		(0.08	)		(0.15	)		–			(0.15	)		3.72		(2.26	)		540,465		1.76			1.83			4.03			67
Year ended 09/30/17		3.94		0.13		0.01			0.14			(0.09	)		(0.04	)		(0.13	)		3.95		3.67			696,936		1.77			1.84			3.37			69
Year ended 09/30/16		3.87		0.12		0.07			0.19			(0.11	)		(0.01	)		(0.12	)		3.94		5.01			850,319		1.77			1.81			3.12			78
Class R
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	^(g)		1.25	^(g)		2.44	^(g)		273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		1.09			99,920		1.22	^(h)		1.26	^(h)		3.53	^(h)		25
Year ended 09/30/19		3.73		0.18		(0.01	)		0.17			(0.12	)		(0.06	)		(0.18	)		3.72		4.81			100,112		1.21			1.26			4.99			114
Year ended 09/30/18		3.96		0.17		(0.23	)		(0.06	)		(0.17	)		–			(0.17	)		3.73		(1.75	)		111,816		1.26			1.33			4.53			67
Year ended 09/30/17		3.95		0.15		0.01			0.16			(0.10	)		(0.05	)		(0.15	)		3.96		4.19			123,825		1.27			1.34			3.87			69
Year ended 09/30/16		3.88		0.14		0.07			0.21			(0.13	)		(0.01	)		(0.14	)		3.95		5.53			149,098		1.27			1.31			3.61			78
Class Y
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	^(g)		0.75	^(g)		2.94	^(g)		273
One month ended 10/31/19		3.71		0.01		0.04			0.05			(0.00	)		(0.01	)		(0.01	)		3.75		1.40			335,775		0.72	^(h)		0.77	^(h)		4.03	^(h)		25
Year ended 09/30/19		3.73		0.20		(0.02	)		0.18			(0.13	)		(0.07	)		(0.20	)		3.71		5.05			329,963		0.72			0.77			5.49			114
Year ended 09/30/18		3.96		0.19		(0.23	)		(0.04	)		(0.19	)		–			(0.19	)		3.73		(1.26	)		371,434		0.76			0.83			5.03			67
Year ended 09/30/17		3.95		0.17		0.01			0.18			(0.11	)		(0.06	)		(0.17	)		3.96		4.70			494,017		0.77			0.84			4.43			69
Year ended 09/30/16		3.87		0.16		0.08			0.24			(0.15	)		(0.01	)		(0.16	)		3.95		6.33			369,088		0.77			0.81			4.11			78
Class R5
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	^(g)		0.64	^(g)		3.04	^(g)		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 10/31/20		3.73		0.11		(0.15	)		(0.04	)		(0.05	)		(0.07	)		(0.12	)		3.57		(0.86	)		20,939		0.63	^(g)		0.63	^(g)		3.05	^(g)		273
One month ended 10/31/19		3.70		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.73		1.14			36,634		0.57	^(h)		0.62	^(h)		4.18	^(h)		25
Year ended 09/30/19		3.71		0.21		(0.01	)		0.20			(0.14	)		(0.07	)		(0.21	)		3.70		5.49			36,479		0.57			0.62			5.63			114
Year ended 09/30/18		3.94		0.20		(0.23	)		(0.03	)		(0.20	)		–			(0.20	)		3.71		(1.15	)		41,461		0.61			0.68			5.18			67
Year ended 09/30/17		3.93		0.18		0.01			0.19			(0.12	)		(0.06	)		(0.18	)		3.94		4.89			47,348		0.59			0.65			4.57			69
Year ended 09/30/16		3.86		0.16		0.07			0.23			(0.15	)		(0.01	)		(0.16	)		3.93		6.27			45,840		0.58			0.62			4.30			78

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.04%, 0.04%, 0.01%, 0.01% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017 and 2016, respectively.

^(d)

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $$364,949,527 and $405,130,315, $5,760,311,794 and $5,754,174,138, $6,366,360,171 and $6,415,700,475, $5,559,676,349 and $5,415,035,851 and $4,468,857,111 and $4,304,402,600 for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017 and 2016, respectively.

^(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 year ended ended October 31, 2020.

^(g)	Ratios are based on average daily net assets (000’s omitted) of $2,382,070, $183,534, $85,924, $291,928, $10 and $23,627 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(h)	Annualized.

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

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


49		Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

October 31, 2020

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 Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

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

The 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.

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

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


50		Invesco Global Strategic Income Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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.

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


51		Invesco Global Strategic Income Fund

(i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

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.

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.

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


52		Invesco Global Strategic Income Fund

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.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

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.


53		Invesco Global Strategic Income Fund

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

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.

T.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $200 million		0.600%


Next $4 billion		0.500%


Next $5 billion		0.480%


Over $10 billion		0.460%

*	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, 2020, the effective advisory fee rate incurred by the Fund was 0.55%.


54		Invesco Global Strategic Income Fund

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.04%, 1.79%, 1.29%, 0.79%, 0.70% and 0.65%, respectively, of 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 May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2020, the Adviser waived advisory fees of $396,612.

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, 2020, 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 master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $88,473 in front-end sales commissions from the sale of Class A shares and $2,716 and $6,510 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


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


55		Invesco Global Strategic Income Fund

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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	$	–		$	978,068,024			$129,868	$	978,197,892


U.S. Dollar Denominated Bonds & Notes		–			966,352,835			–		966,352,835


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			405,098,672			–		405,098,672


Asset-Backed Securities		–			291,572,591			–		291,572,591


Agency Credit Risk Transfer Notes		–			70,201,727			–		70,201,727


U.S. Treasury Securities		–			59,841,409			–		59,841,409


Variable Rate Senior Loan Interests		–			35,401,752			–		35,401,752


Investment Companies		7,986,838			–			–		7,986,838


Common Stocks & Other Equity Interests		252,884			278,665			2		531,551


Preferred Stocks		–			34,125			–		34,125


Money Market Funds		69,085,164			–			–		69,085,164


Options Purchased		–			30,553,945			–		30,553,945


Total Investments in Securities		77,324,886			2,837,403,745			129,870		2,914,858,501



Other Investments - Assets*


Futures Contracts		11,196,550			–			–		11,196,550


Forward Foreign Currency Contracts		–			104,068,885			–		104,068,885


Swap Agreements		–			8,739,726			–		8,739,726


		11,196,550			112,808,611			–		124,005,161



Other Investments - Liabilities*


Futures Contracts		(13,874,051	)		–			–		(13,874,051	)


Forward Foreign Currency Contracts		–			(90,105,955	)		–		(90,105,955	)


Options Written		–			(41,630,181	)		–		(41,630,181	)


Swap Agreements		–			(11,896,943	)		–		(11,896,943	)


		(13,874,051	)		(143,633,079	)		–		(157,507,130	)


Total Other Investments		(2,677,501	)		(30,824,468	)		–		(33,501,969	)


Total Investments	$	74,647,385		$	2,806,579,277			$129,870	$	2,881,356,532

*	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

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, 2020:


	Value
Derivative Assets	Credit Risk			Currency Risk		Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	-	$	11,196,550		$	11,196,550

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		200,916			-		7,773,025			7,973,941

Unrealized appreciation on forward foreign currency contracts outstanding		-			104,068,885		-			104,068,885

Unrealized appreciation on swap agreements – OTC		139,760			-		626,025			765,785

Options purchased, at value – OTC^(b)		-			21,872,004		8,681,941			30,553,945


Total Derivative Assets		340,676			125,940,889		28,277,541			154,559,106


Derivatives not subject to master netting agreements		(200,916	)		-		(18,969,575	)		(19,170,491	)


Total Derivative Assets subject to master netting agreements	$	139,760		$	125,940,889	$	9,307,966		$	135,388,615

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

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


56		Invesco Global Strategic Income Fund


	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	(13,874,051	)	$	(13,874,051	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(188,593	)		–			(8,214,090	)		(8,402,683	)

Unrealized depreciation on forward foreign currency contracts outstanding		–			(90,105,955	)		–			(90,105,955	)

Unrealized depreciation on swap agreements – OTC		(2,833,000	)		–			(661,260	)		(3,494,260	)

Options written, at value – OTC^(b)		(522,645	)		(22,921,505	)		(18,186,031	)		(41,630,181	)


Total Derivative Liabilities		(3,544,238	)		(113,027,460	)		(40,935,432	)		(157,507,130	)


Derivatives not subject to master netting agreements		188,593			–			22,088,141			22,276,734


Total Derivative Liabilities subject to master netting agreements	$	(3,355,645	)	$	(113,027,460	)	$	(18,847,291	)	$	(135,230,396	)

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

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2020.


																								Collateral
	Financial Derivative Assets								Financial Derivative Liabilities															(Received/Pledged)
	Forward								Forward
	Foreign								Foreign
	Currency		Options		Swap		Total		Currency			Options			Swap			Total			Net Value of									Net
Counterparty	Contracts		Purchased		Agreements		Assets		Contracts			Written			Agreements			Liabilities			Derivatives			Non-Cash			Cash			Amount

Bank of America, N.A.		$ 11,670,032		$ 1,668,606		$357,020		$ 13,695,658		$(22,842,160	)		$ (3,134,422	)		$ –			$ (25,976,582	)		$(12,280,924	)		$ –			$11,570,000			$ (710,924	)

Barclays Bank PLC		–		–		13,946		13,946		–			–			–			–			13,946			–			–			13,946

Citibank, N.A.		9,899,193		406,838		6,995		10,313,026		(6,586,986	)		(1,020,863	)		(13,883	)		(7,621,732	)		2,691,294			–			(1,500,000	)		1,191,294

Goldman Sachs
International		36,514,683		13,083,137		310,335		49,908,155		(26,135,071	)		(16,905,367	)		–			(43,040,438	)		6,867,717			–			(6,867,717	)		–

J.P. Morgan Chase
Bank, N.A.		38,738,670		7,712,747		77,489		46,528,906		(30,918,880	)		(14,221,092	)		(2,819,117	)		(47,959,089	)		(1,430,183	)		–			1,052,000			(378,183	)

Morgan Stanley & Co.
International PLC		659,691		4,033,966		–		4,693,657		(2,418,888	)		(4,338,470	)		–			(6,757,358	)		(2,063,701	)		–			2,063,701			–

Royal Bank of Canada		4,659,991		–		–		4,659,991		(654,560	)		–			–			(654,560	)		4,005,431			–			(3,570,000	)		435,431

Royal Bank of Scotland
PLC		67,141		–		–		67,141		–			–			–			–			67,141			–			–			67,141

Standard Charted Bank
PLC		1,859,484		3,648,651		–		5,508,135		(549,410	)		(1,536,339	)		(661,260	)		(2,747,009	)		2,761,126			(2,223,665	)		(280,000	)		257,461

Toronto- Dominion
Bank (The)		–		–		–		–		–			(473,628	)		–			(473,628	)		(473,628	)		–			473,628			–


Total		$104,068,885		$30,553,945		$765,785		$135,388,615		$(90,105,955	)		$(41,630,181	)		$(3,494,260	)		$(135,230,396	)		$ 158,219			(2,223,665	)		2,941,612			$ 876,166

Effect of Derivative Investments for the year ended October 31, 2020

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


	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit		Currency			Equity		Interest
	Risk		Risk			Risk		Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-	$	(6,032,258	)	$	-	$	-		$	(6,032,258	)

Futures contracts		-		-			-		36,770,050			36,770,050

Options purchased^(a)		-		(2,433,820	)		-		(12,053,450	)		(14,487,270	)

Options written		-		(29,773,816	)		-		(8,006,036	)		(37,779,852	)

Swap agreements		39,828,002		-			-		(6,217,279	)		33,610,723


57		Invesco Global Strategic Income Fund


	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Credit			Currency			Equity		Interest
	Risk			Risk			Risk		Rate Risk			Total

Change in Net Unrealized Appreciation
(Depreciation):
Forward foreign currency contracts	$	-		$	23,814,761		$	-	$	-		$	23,814,761

Futures contracts		-			-			-		(6,474,519	)		(6,474,519	)

Options purchased^(a)		952,690			6,282,975			3,881,693		1,369,841			12,487,199

Options written		4,900,863			(45,163,283	)		3,444,623		22,177,311			(14,640,486	)

Swap agreements		(6,037,016	)		-			-		(10,936,635	)		(16,973,651	)


Total	$	39,644,539		$	(53,305,441	)	$	7,326,316	$	16,629,283		$	10,294,697

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

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


							Foreign				Foreign
	Forward						Currency				Currency
	Foreign Currency		Futures		Swaptions		Options		Swaptions		Options		Swap
	Contracts		Contracts		Purchased		Purchased		Written		Written		Agreements

Average notional value	$	5,185,691,208	$	1,502,192,737	$	3,848,244,720	$	1,216,224,048	$	2,917,683,194	$	1,909,453,861	$	7,563,540,956

NOTE 5–Security Transactions with Affiliated Funds

NOTE 6–Expense Offset Arrangement(s)

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. 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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Year Ended October 31, 2020, Period Ended October 31, 2019 and the Year Ended September 30, 2019:


	Year Ended October 31, 2020		One month Ended October 31, 2019		Year Ended September 30, 2019

Ordinary income*		$40,896,592		$4,743,290		$117,432,821

Return of capital		51,735,262		5,248,249		60,010,404

Total distributions		$92,631,854		$9,991,539		$177,443,225

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


58		Invesco Global Strategic Income Fund

Tax Components of Net Assets at Period-End:


	2020

Net unrealized appreciation (depreciation) – investments	$	(74,094,159	)

Net unrealized appreciation - foreign currencies		1,089,128

Temporary book/tax differences		(470,966	)

Capital loss carryforward		(855,576,934	)

Shares of beneficial interest		3,621,983,432


Total net assets	$	2,692,930,501

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, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	465,996,317	$	389,580,617	$	855,576,934

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

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $7,185,995,559 and $7,194,850,525, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $212,732,147 and $364,686,802, 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	$	207,507,400

Aggregate unrealized (depreciation) of investments		(281,601,559	)


Net unrealized appreciation (depreciation) of investments	$	(74,094,159	)

Cost of investments for tax purposes is $2,961,429,448.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and return of capital, on October 31, 2020, undistributed net investment income was increased by $16,082,374, undistributed net realized gain (loss) was increased by $20,519,513 and shares of beneficial interest was decreased by $36,601,887. This reclassification had no effect on the net assets of the Fund.

NOTE 12–Share Information


	Summary of Share Activity

	Year ended				One month ended				Year ended
	October 31, 2020^(a)				October 31, 2019				September 30, 2019
	Shares		Amount		Shares		Amount		Shares		Amount

Sold:
Class A		29,832,443	$	107,578,242		3,502,381	$	13,076,926		97,740,334	$	366,266,996

Class C		4,765,288		17,064,552		664,592		2,469,921		6,876,726		25,377,218

Class R		2,784,068		9,976,042		231,474		863,273		3,511,582		13,005,802

Class Y		39,906,017		140,851,296		2,403,508		8,971,911		24,687,266		91,370,991

Class R5^(b)		-		-		-		-		2,710		10,000

Class R6		1,455,833		5,101,504		84,172		311,904		2,204,222		8,143,953



Issued as reinvestment of dividends:
Class A		17,183,869		60,767,093		1,973,066		7,381,031		33,657,168		124,308,085

Class C		1,166,147		4,127,050		133,352		497,859		5,134,688		18,860,505

Class R		685,844		2,429,219		71,072		266,435		1,345,120		4,971,262

Class Y		2,452,224		8,694,339		268,826		1,008,098		4,731,719		17,473,621

Class R6		224,553		799,363		32,355		120,681		610,572		2,207,198


59		Invesco Global Strategic Income Fund


	Summary of Share Activity

	Year ended						One month ended						Year ended
	October 31, 2020^(a)						October 31, 2019						September 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount


Automatic conversion of Class C shares to Class A shares:
Class A		7,225,200		$	25,774,220			-		$	-			-		$	-

Class C		(7,245,597	)		(25,774,220	)		-			-			-			-



Reacquired:
Class A		(142,057,208	)		(500,314,920	)		(12,282,156	)		(45,819,984	)		(136,359,676	)		(504,117,414	)

Class C		(14,281,260	)		(50,385,016	)		(2,260,414	)		(8,415,047	)		(96,846,338	)		(361,898,502	)

Class R		(8,038,707	)		(28,258,659	)		(585,476	)		(2,187,070	)		(7,895,947	)		(29,257,400	)

Class Y		(75,626,117	)		(261,080,317	)		(1,891,214	)		(7,052,956	)		(40,225,951	)		(147,912,838	)

Class R6		(5,622,436	)		(20,445,524	)		(158,991	)		(590,429	)		(4,122,974	)		(15,221,302	)


Net increase (decrease) in share activity		(145,189,839	)	$	(503,095,736	)		(7,813,453	)	$	(29,097,447	)		(104,948,779	)	$	(386,411,825	)

^(a)

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

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

NOTE 13–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.


60		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 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the periods indicated in the table below, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Consolidated Statement of Changes in Net Assets		Consolidated Financial Highlights
For the year ended October 31, 2020, the period October 1, 2019 through October 31, 2019 and the year ended September 30, 2019.		For the year ended October 31, 2020, the period October 1, 2019 through October 31, 2019 and the year ended September 30, 2019 for Class A, Class C, Class R Class Y and Class R6.
		For the year ended October 31, 2020, the period October 1, 2019 through October 31, 2019 and the period May 24, 2019 (inception of offering) through September 30, 2019 for Class R5.

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

Basis for Opinion

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, 2020 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


61		Invesco Global Strategic Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)¹		Expenses Paid During Period²		Ending Account Value (10/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,114.50		$5.16		$1,020.26		$4.93		0.97%
Class C		1,000.00		1,110.60		9.18		1,016.44		8.77		1.73
Class R		1,000.00		1,113.10		6.53		1,018.95		6.24		1.23
Class Y		1,000.00		1,112.80		3.88		1,021.47		3.71		0.73
Class R5		1,000.00		1,116.90		3.51		1,021.82		3.35		0.66
Class R6		1,000.00		1,117.20		3.41		1,021.92		3.25		0.64

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 184/366 to reflect the most recent fiscal half year.


62		Invesco Global Strategic Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 (formerly, Invesco Oppenheimer Global Strategic Income Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period, 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, below the performance of the Index for the three year period and reasonably comparable to the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that an underweight allocation to U.S. fixed income investments and exposure to certain foreign currencies negatively impacted 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


63		Invesco Global Strategic Income Fund

information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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 and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


64		Invesco Global Strategic Income Fund

Tax Information

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, 2020:


Federal and State Income Tax
Qualified Dividend Income*	18.40	%
Corporate Dividends Received Deduction*	2.51	%
Business Interest Income*	97.49	%
U.S. Treasury Obligations*	0.72	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


65		Invesco Global Strategic Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Global Strategic Income Fund

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



		Annual Report to Shareholders		October 31, 2020

		Invesco Global Targeted Returns Fund
		Nasdaq:
		A: GLTAX ∎ C: GLTCX ∎ R: GLTRX ∎ Y: GLTYX ∎ R5: GLTFX ∎ R6: GLTSX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

have on markets in a world faced with shuttered businesses and global lockdowns. Equity markets began to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package - the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns - millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Global Targeted Returns Fund


Bruce Crockett		Dear Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions. ∎ Assessing each portfolio management team’s investment performance within the context of the investment
strategy described in the fund’s prospectus.
∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Global Targeted Returns Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2020, Class A shares of Invesco Global Targeted Returns Fund (the Fund), at net asset value (NAV), underperformed the FTSE US 3-Month Treasury Bill Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.


Fund vs. Indexes Total returns, 10/31/19 to 10/31/20, 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	-2.47	%
Class C Shares	-3.11
Class R Shares	-2.64
Class Y Shares	-2.16
Class R5 Shares	-2.15
Class R6 Shares	-2.05
FTSE US 3-Month Treasury Bill Index^q(Broad Market/Style-Specific Index)	0.86

Source(s):^qRIMES Technologies Corp.

Market conditions and your Fund

The Fund’s investment objective is to seek a positive total return over the long term in all market environments. The Fund targets an annual gross return of 5% above three-month US Treasury bills and aims to achieve this with less than half the volatility of global equities (as represented by the MSCI World 100% Hedged to USD Index), over a rolling three-year period. The Fund seeks to achieve these targets by investing in long-term investment ideas (typically 20-30 ideas) that are combined through a risk-managed process into a single portfolio. There is no guarantee that the Fund will achieve either a positive return or its target return, and an investor may lose money by investing in the Fund. Each idea reflects a fundamental macroeconomic view with regard to asset classes, geographies, currencies or sectors globally that have the potential to deliver a positive return over a two- to three-year time horizon. This can include investments in a wide range of asset types, including derivative instruments and physical securities.

The fiscal year began with an increase in investors’ risk appetites, which, along with several factors, led capital markets to end 2019 on a high note. A breakthrough of a ‘phase one’ trade deal between the US and China, greater clarity around Brexit after the conservative party’s decisive election win, and relatively stable corporate and economic data in the world’s main economies all played a role in pushing markets higher. Global equities generally rose amid continued support from central banks and a more positive global trade outlook. As risk appetites rose during the quarter, corporate and government bond yields moved higher, that is bonds sold off. Among currencies, the US dollar, euro and yen all fell during the quarter.

The remainder of the fiscal year was record-breaking for all the wrong reasons. The coronavirus (COVID-19) pandemic spread

westward, bringing with it unprecedented levels of volatility. Lockdowns in many countries led investors to lower their risk appetite as they grappled with the seemingly impossible task of calculating the pandemic’s impact on global growth. Policymakers across the globe scrambled to mitigate the adverse economic impacts of the virus and the shutdowns, with central banks and governments introducing measures that were unprecedented in nature. To add to the mix, oil prices collapsed as a supply-side price war between Saudi Arabia and Russia erupted and global demand outlook continued to fall. As the year progressed, the COVID-19 pandemic remained in the spotlight, as markets weighed both the spread of the virus and the magnitude of its lasting impact. Global equities made back much of their initial losses, as speculation of a V-shaped economic recovery grew. In fixed income, credit spreads followed moves in other risk assets, and the US dollar fell relative to most G10 currencies as investors’ risk appetites rose. Oil was ultimately a strong performer during the first half of 2020 but saw extreme volatility along the way. As the fiscal year drew to a close, the pandemic remained in the spotlight as the US battled a second wave of infections and rising cases in Europe pointed to a similar fate. The mid-year stimulus measures continued, as the US Federal Reserve (the Fed) extended its lending facilities and European Union members agreed on the Recovery Fund. Global equities continued their march higher, but later reversed as Brexit concerns, stalling US relief package negotiations, a rise in virus cases in Europe and the looming US election weighed on investors. In fixed income, credit spreads followed moves in other risk assets during the quarter, with US high-yield outperforming.

The Fund saw numerous ideas stemming from a wide variety of asset classes which performed well over the fiscal year. Specifically, the Interest Rates - Yield Compression idea was a top performer, as it benefitted

from the sharp narrowing in the spread between US and French interest rates. The Credit - Selective Credit idea also added to the Fund’s performance. Here, accommodative central bank policies and investors’ perceptions in the Fed’s willingness to backstop any major credit events boosted returns. In the latter part of the fiscal year, inflation data for the UK surprised to the downside, which led the Inflation - Short UK idea to be another strong performer. Elsewhere, several commodity ideas such as the Currency - Mexican Peso vs Brazilian Real and short New Zealand dollar contributed to the Fund’s returns. For the real, markets priced in concerns over Brazil’s government releasing details of a widely anticipated government spending program, and the New Zealand dollar followed the general fall of emerging market currencies, as investors rushed into perceived safe havens. The Commodity - Commodity Short idea benefited from the broad-based fall in commodities as global demand prospects waned due to COVID-19. Lastly, several volatility ideas positively contributed to the Fund’s performance as 2020 proved to be a volatile year.

Among the most significant detractors from the Fund’s performance for the fiscal year was the Equity - Global idea. This was primarily due to a preference for global energy stocks. Security selection within the idea also detracted from Fund performance. Other equity ideas that dragged on performance for the fiscal year included Equity - European Divergence, as well as exposure to UK equities and a short position in Brazilian equities. Elsewhere, several currency ideas that favored emerging markets dragged on performance, as investors favored perceived safe havens throughout the pandemic. Currency - US Dollar vs Euro and Currency - US Dollar vs Asia ideas also underperformed, as the dollar whipsawed, but ultimately fell during the fiscal year, stemming from concerns over the ability of the US to successfully contain the virus and pass a second round of stimulus measures.

Over our time horizon of the next two to three years, we see global economies emerging from the pandemic shock, but we believe the pace of the recovery will be modest. High debt remains a constraint on private sector demand although there may be upside risk to growth from an extraordinary fiscal impulse. We also see accelerated structural change broadening inequality occurring across countries and regions. We believe inflation is not an immediate issue, as monetary financed fiscal expansion is filling a shortfall left by private sector caution. Additionally, we believe significant slack in economies will keep monetary policy loose for an extended period and high unemployment is likely to suppress wage growth. With traditional monetary policy exhausted, we believe an emphasis on fiscal measures with central bank support should continue, even as we have seen emergency

4 Invesco Global Targeted Returns Fund

measures starting to be scaled back. In some areas, policy effectiveness looks to be hampered by complex challenges creating economic divergence. We believe this dispersion is creating greater relative value and select directional opportunities for the Fund. In our view, companies with strong balance sheets and access to credit are in a position to outperform and shifting patterns of demand look to continue to support technology and some consumer sectors. Additionally, we see increasing divergence in emerging market performance depending on credit worthiness. Finally, we believe volatility will remain elevated. We see higher currency volatility occurring partly as a result of suppressed interest rate volatility. We anticipate that increasing reliance on policy support should ultimately produce equity volatility as well.

Our investment ideas make significant use of derivative instruments. Therefore, the performance of the Fund, both positive and negative, can be attributed largely 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 Global Targeted Returns Fund.

Portfolio manager(s):

Richard Batty

Sebastian Mackay

David Millar - Lead

Gwilym Satchell

Danielle Singer

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

5 Invesco Global Targeted Returns Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 12/19/13

LOGO

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.

6 Invesco Global Targeted Returns Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges



Class A Shares
Inception (12/19/13)	-0.11	%
5 Years	-1.10
1 Year	-7.85

Class C Shares
Inception (12/19/13)	-0.02	%
5 Years	-0.70
1 Year	-4.05

Class R Shares
Inception (12/19/13)	0.47	%
5 Years	-0.22
1 Year	-2.64

Class Y Shares
Inception (12/19/13)	0.98	%
5 Years	0.30
1 Year	-2.16

Class R5 Shares
Inception (12/19/13)	0.98	%
5 Years	0.28
1 Year	-2.15

Class R6 Shares
Inception (12/19/13)	0.98	%
5 Years	0.30
1 Year	-2.05

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.

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

7 Invesco Global Targeted Returns Fund

Invesco Global Targeted Returns Fund’s investment objective is to seek a positive total return over the long term in all market environments.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The FTSE US 3-Month Treasury Bill Index is an unmanaged index representative of three-month US Treasury bills.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Global Targeted Returns Fund

Fund Information

Portfolio Composition

By asset type


	Risk Allocation⁽¹⁾			Notional Value as % of Total Net Assets⁽²⁾			Value as % of Total Net Assets⁽³⁾
Commodity		5.80	%		27.05	%		0.16	%
Credit		9.97			54.88			19.25
Currency		37.26			245.42			0.06
Equity		27.60			149.49			20.47
Inflation		6.30			91.78			1.44
Interest Rate		11.03			196.46			14.04
Volatility		2.04			1.38			0.90
Money Market Funds Plus Other Assets Less Liabilities		-			-			43.68

(1) The values in this column represent the Adviser’s proprietary measure of risk that each asset type contributes to the Fund. The risk associated with each asset type is calculated by aggregating the independent risk, as of the end of the fiscal period, of each of the Fund’s investment ideas that are included in that asset type. Independent risk is determined by measuring the historical price volatility of the assets or asset classes that comprise the investment idea using a statistical measurement called standard deviation. Standard deviation measures how much historical prices vary from their average over a certain period of time. The risk of each investment idea takes into account the Adviser’s evaluation of the risk dynamics and expected correlation of the components of the investment idea based on historical price movements. Historical price movements may not be representative of future price movements and, therefore, the actual risk of each asset type may be much greater or lower than the values shown. In addition, there are ways to measure risk other than standard deviation which, if used, may have resulted in a different risk allocation.

(2) The values in this column represent the gross notional amount of the derivative instruments and other investments held by the Fund, including purchased and written options, futures, swaps and investment companies. The notional amount of a derivative is the nominal or face amount used to calculate payments made on the instrument. The gross notional amount does not reflect any offsetting or netting of long and short positions. The notional amounts of derivatives and other investments denominated in foreign currencies have been adjusted to the U.S. dollar equivalent using spot exchange rates. See the Consolidated Schedule of Investments for a complete list of derivative instruments held by the Fund as of October 31, 2020.

(3) The percentages in this column were calculated by adding the market value of purchased options, the net unrealized appreciation/depreciation of written options, futures, swaps and forwards, and the net asset value of affiliated money market funds held by the Fund. See the Consolidated Schedule of Investments for the complete list of derivative instruments held by the Fund as of October 31, 2020.

(4) Includes the volatility and variance swaps held by the Fund, the gains and losses on which are driven by the volatility (i.e., the positive and negative changes in value over time) of a particular asset, such as stocks or currencies, and not by the asset itself. Data presented here are as of October 31, 2020.

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

Data presented here are as of October 31, 2020.

9 Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

October 31, 2020


	Principal Amount		Value

Non-U.S. Dollar Denominated Bonds & Notes–19.34%^(a)
Australia–0.33%
BHP Billiton Finance Ltd., 6.50%, 10/22/2077^(b)(c)	GBP	100,000	$	141,857


Belgium–0.30%
Solvay Finance S.A., 5.87%^(b)(c)(d)	EUR	100,000		129,426


France–1.11%
Burger King France S.A.S, 5.25% (3 mo. EURIBOR + 5.25%), 05/01/2023^(b)(e)	EUR	100,000		110,053

Electricite de France S.A., 5.88%^(b)(c)(d)	GBP	100,000		140,730

La Financiere Atalian S.A.S.U., 6.63%, 05/15/2025^(b)	GBP	100,000		113,189

Picard Groupe S.A.S., 3.00% (3 mo. EURIBOR + 3.00%), 11/30/2023^(b)(e)	EUR	100,000		113,352

				477,324


Germany–0.48%
Bayer AG, 3.75%, 07/01/2074^(b)(c)	EUR	50,000		60,065

Volkswagen International Finance N.V., 3.38%, 11/16/2026^(b)	GBP	100,000		143,415

				203,480


Israel–0.28%
Teva Pharmaceutical Finance Netherlands II B.V., 6.00%, 01/31/2025	EUR	100,000		121,272


Italy–0.40%
Italy Buoni Poliennali Del Tesoro, 1.45%, 03/01/2036^(b)	EUR	60,000		73,551

Pro-Gest S.p.A., 3.25%, 12/15/2024^(b)	EUR	100,000		95,813

				169,364


Mexico–12.12%
Mexican Bonos,
Series M 20, 10.00%, 12/05/2024	MXN	71,800,000		4,007,044

Series M 20, 7.50%, 06/03/2027	MXN	1,500,000		77,842

Series M 20, 8.50%, 05/31/2029	MXN	18,800,000		1,034,857

Petroleos Mexicanos, 8.25%, 06/02/2022^(b)	GBP	50,000		68,563

				5,188,306


Netherlands–0.28%
Hema Bondco I B.V., 6.25%, 10/19/2025^(b)	EUR	100,000		119,959


Portugal–0.19%
Portugal Obrigacoes do Tesouro OT, 2.88%, 10/15/2025^(b)	EUR	60,000		81,369


	Principal Amount		Value

Russia–0.06%
Russian Federal Bond - OFZ, Series 6225, 7.25%, 05/10/2034	RUB	2,000,000	$	27,191


South Africa–0.07%
Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048	ZAR	650,000		30,372


Spain–0.77%
Banco de Sabadell S.A., 5.63%, 05/06/2026^(b)	EUR	100,000		123,527

Codere Finance 2 (Luxembourg) S.A.,
10.75%, 09/30/2023^(b)	EUR	25,000		29,553

10.75%, 09/30/2023^(b)	EUR	40,000		45,159

6.75%, 11/01/2023^(b)	EUR	100,000		57,184

Spain Government Bond, 1.95%, 04/30/2026^(b)	EUR	55,000		72,145

				327,568


United Kingdom–2.65%
Algeco Global Finance PLC, 6.50%, 02/15/2023^(b)	EUR	100,000		115,796

Barclays PLC, 7.88%^(b)(c)(d)	GBP	200,000		266,089

InterContinental Hotels Group PLC, 2.13%, 08/24/2026^(b)	GBP	100,000		123,782

Nationwide Building Society, 10.25%^(b)(d)	GBP	38,000		82,643

Next Group PLC, 3.63%, 05/18/2028^(b)	GBP	100,000		136,037

Rl Finance Bonds No. 3 PLC, 6.13%, 11/13/2028^(b)	GBP	100,000		157,317

Tesco Property Finance 2 PLC, 6.05%, 10/13/2039^(b)	GBP	40,874		70,195

United Kingdom Gilt Inflation-Linked, 0.13%, 03/22/2026^(b)	GBP	22,717		34,851

Vodafone Group PLC, 3.38%, 08/08/2049^(b)	GBP	100,000		148,124

				1,134,834


United States–0.30%
Netflix, Inc., 3.88%, 11/15/2029^(b)	EUR	100,000		129,569

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $8,094,607)				8,281,891


	Shares
Common Stocks & Other Equity Interests–18.92%
Australia–0.68%
Alumina Ltd.		36,417		36,924

AMP Ltd.		30,864		33,240

BHP Group PLC		1,301		25,250

Glencore PLC^(f)		15,221		30,766

Metcash Ltd.		2,335		4,846

Newcrest Mining Ltd.		1,822		37,619

Origin Energy Ltd.		11,370		32,162

QBE Insurance Group Ltd.		5,963		34,746

Woodside Petroleum Ltd.		3,016		37,355

Worley Ltd.		2,942		19,572

				292,480

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

10 Invesco Global Targeted Returns Fund


	Shares		Value
Belgium–0.06%
Colruyt S.A.		156	$	9,235
Proximus SADP		460		8,945
Telenet Group Holding N.V.		175		6,729
				24,909

Brazil–0.11%
Itau Unibanco Holding S.A., Preference Shares		800		3,274
Wheaton Precious Metals Corp.		519		23,931
Yara International ASA		529		18,439
				45,644

Canada–0.25%
Agnico Eagle Mines Ltd.		319		25,293
Alimentation Couche-Tard, Inc., Class B		290		8,931
Barrick Gold Corp.		2,775		74,184
				108,408

China–2.10%
Alibaba Group Holding Ltd.^(f)		300		11,421
Alibaba Group Holding Ltd., ADR^(f)		631		192,259
Baidu, Inc., ADR^(f)		184		24,481
BeiGene Ltd., ADR^(f)		87		25,797
China Mobile Ltd.		4,500		27,385
China Oilfield Services Ltd., H Shares		14,000		8,457
China Overseas Land & Investment Ltd.		6,500		16,275
China Pacific Insurance (Group) Co. Ltd., H Shares		9,200		28,683
CNOOC Ltd.		33,000		30,148
COSCO SHIPPING Ports Ltd.		22,000		12,880
Dongfeng Motor Group Co. Ltd., H Shares		50,000		35,172
JD.com, Inc., ADR^(f)		1,092		89,020
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares		2,200		55,339
Minth Group Ltd.		4,000		16,521
NetEase, Inc., ADR		742		64,398
Suofeiya Home Collection Co Ltd., A Shares		4,300		18,193
Tencent Holdings Ltd.		2,800		214,778
Wuxi Biologics Cayman, Inc.^(b)(f)		1,000		28,097
				899,304

Denmark–0.37%
AP Moller - Maersk A/S, Class B		8		12,797
Carlsberg A/S, Class B		146		18,490
Chr. Hansen Holding A/S		198		19,947
Coloplast A/S, Class B		86		12,557
Genmab A/S^(f)		36		12,006
Novo Nordisk A/S, Class B		556		35,557
Pandora A/S		181		14,351
Royal Unibrew A/S		77		7,525
Vestas Wind Systems A/S		139		23,761
				156,991

Finland–0.26%
Elisa OYJ		224		11,023
Kone OYJ, Class B		172		13,694
Nokia OYJ^(f)		2,633		8,839
Orion OYJ, Class B		243		10,403
Stora Enso OYJ, Class R		1,617		23,613
UPM-Kymmene OYJ		1,103		31,192


	Shares		Value
Finland–(continued)
Valmet OYJ		453	$	10,807
				109,571

France–0.97%
Atos SE^(f)		23		1,570
AXA S.A.		1,199		19,370
BNP Paribas S.A.^(f)		425		14,902
Capgemini SE		203		23,479
Carrefour S.A.		1,771		27,604
Cie de Saint-Gobain^(f)		339		13,299
Cie Generale des Etablissements Michelin S.C.A.		91		9,824
Electricite de France S.A.		544		6,323
ENGIE S.A.^(f)		1,372		16,631
Iliad S.A.		71		13,739
L’Oreal S.A.		66		21,375
Orange S.A.		1,818		20,426
Peugeot S.A.^(f)		984		17,700
Publicis Groupe S.A.		335		11,670
Sanofi		857		77,472
Sartorius Stedim Biotech		40		15,224
SEB S.A.		47		7,643
TOTAL SE		3,142		95,149
				413,400

Germany–0.56%
Aurubis AG		154		9,858
Brenntag AG		88		5,626
Deutsche Post AG		1,008		44,674
Deutsche Telekom AG		2,511		38,238
Fielmann AG^(f)		165		12,532
HelloFresh SE^(f)		81		4,337
Infineon Technologies AG		469		13,134
Merck KGaA		114		16,882
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		84		19,658
SAP SE		86		9,165
Software AG		149		5,339
TAG Immobilien AG^(f)		449		13,232
Telefonica Deutschland Holding AG		1,067		2,694
United Internet AG		320		11,238
Volkswagen AG, Preference Shares		76		11,073
Zalando SE^(b)(f)		225		21,025
				238,705

Hong Kong–0.38%
AIA Group Ltd.		5,800		54,702
CK Asset Holdings Ltd.		10,500		48,650
CK Hutchison Holdings Ltd.		8,000		48,398
Pacific Basin Shipping Ltd.		73,000		10,641
				162,391

India–0.63%
Housing Development Finance Corp. Ltd.		2,238		58,050
ICICI Bank Ltd., ADR^(f)		3,947		41,641
Infosys Ltd., ADR		1,096		15,640
Kotak Mahindra Bank Ltd.^(f)		483		10,081
Larsen & Toubro Ltd.		3,692		46,388
Mahindra & Mahindra Ltd.		6,512		52,161
Shriram Transport Finance Co. Ltd.		3,364		31,448

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

11 Invesco Global Targeted Returns Fund


	Shares		Value
India–(continued)
UPL Ltd.		2,258	$	13,839
				269,248

Indonesia–0.05%
PT Astra International Tbk		61,600		22,766

Ireland–0.10%
CRH PLC		492		17,347
Flutter Entertainment PLC^(f)		90		15,586
Ryanair Holdings PLC, ADR^(f)		119		9,592
				42,525

Israel–0.07%
Nice Ltd., ADR^(f)		139		31,728

Italy–0.22%
Buzzi Unicem S.p.A.		519		11,237
De Longhi S.p.A.		119		3,807
DiaSorin S.p.A.		71		15,595
Enel S.p.A.		3,081		24,538
Intesa Sanpaolo S.p.A.^(f)		4,943		8,200
Iren S.p.A.		1,976		4,491
Reply S.p.A.		37		3,979
Telecom Italia S.p.A.		47,244		16,045
UniCredit S.p.A.^(f)		1,127		8,443
				96,335

Japan–0.04%
Sony Corp.		200		16,669

Jordan–0.03%
Hikma Pharmaceuticals PLC		462		15,027

Luxembourg–0.03%
ArcelorMittal S.A.^(f)		1,031		13,999

Malaysia–0.00%
British American Tobacco Malaysia Bhd.		600		1,459

Netherlands–0.35%
Adyen N.V.^(b)(f)		6		10,125
BE Semiconductor Industries N.V.		281		11,358
ING Groep N.V.^(f)		2,150		14,752
Intertrust N.V.^(b)		175		2,712
Koninklijke Ahold Delhaize N.V.		553		15,196
Koninklijke KPN N.V.		5,728		15,482
Koninklijke Philips N.V.^(f)		319		14,820
Randstad N.V.^(f)		310		15,496
SBM Offshore N.V.		1,452		23,493
Signify N.V.^(f)		409		14,574
Wolters Kluwer N.V.		165		13,375
				151,383

Norway–0.08%
Equinor ASA		1,185		15,203
Orkla ASA		1,473		13,907
Salmar ASA^(f)		77		3,893
				33,003

Portugal–0.05%
EDP - Energias de Portugal S.A.		4,350		21,411


	Shares		Value
Russia–0.04%
Sberbank of Russia PJSC, ADR		640	$	6,468
Sberbank of Russia PJSC, ADR		39		394
Yandex N.V., Class A^(f)		165		9,499
				16,361

Singapore–0.19%
Genting Singapore Ltd.^(f)		44,300		20,967
Jardine Cycle & Carriage Ltd.		1,100		14,300
United Overseas Bank Ltd.		3,300		45,871
				81,138

South Africa–0.20%
Anglo American PLC		2,003		47,035
Naspers Ltd., Class N		190		37,165
				84,200

South Korea–0.92%
Hyundai Motor Co.		167		24,429
Hyundai Motor Co., Second Pfd.		359		25,465
KB Financial Group, Inc.		981		35,015
LG Corp.		833		49,979
POSCO		136		25,109
Samsung Electronics Co. Ltd.		2,668		133,790
Samsung Electronics Co. Ltd., Preference Shares		1,313		58,258
Samsung Fire & Marine Insurance Co. Ltd.		253		40,128
				392,173

Spain–0.29%
Amadeus IT Group S.A.		316		15,146
Banco Bilbao Vizcaya Argentaria S.A.		4,520		13,014
CaixaBank S.A.		7,624		13,927
Cellnex Telecom S.A.^(b)		524		33,661
Endesa S.A.		573		15,360
Iberdrola S.A.		1,174		13,850
Industria de Diseno Textil S.A.		504		12,471
Viscofan S.A.		96		6,480
				123,909

Sweden–0.35%
Atlas Copco AB, Class A		279		12,322
Autoliv, Inc.		75		5,685
Axfood AB		184		4,280
Biotage AB^(f)		333		5,551
Bravida Holding AB^(b)		201		2,320
Essity AB, Class B		397		11,499
Getinge AB, Class B		1,111		21,771
Husqvarna AB, Class B		1,355		14,014
ICA Gruppen AB		235		11,124
Lundin Energy AB		441		8,421
Sandvik AB^(f)		1,043		18,583
SSAB AB, Class A^(f)		1,460		4,248
SSAB AB, Class B^(f)		4,484		12,129
Swedish Match AB		198		14,928
Thule Group AB^(b)(f)		157		5,125
				152,000

Switzerland–0.97%
ABB Ltd.		612		14,840
Adecco Group AG		283		13,868

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

12 Invesco Global Targeted Returns Fund


	Shares		Value
Switzerland–(continued)
Allreal Holding AG		12	$	2,542
Bachem Holding AG, Class B		7		2,830
BKW AG		25		2,487
EMS-Chemie Holding AG		13		11,429
Forbo Holding AG		6		9,177
Galenica AG^(b)		165		10,411
Geberit AG		26		14,787
Kuehne + Nagel International AG		53		10,587
LafargeHolcim Ltd.^(f)		346		14,829
Logitech International S.A.		199		16,763
Lonza Group AG		42		25,402
Nestle S.A.		219		24,605
Novartis AG		693		54,086
PSP Swiss Property AG		115		13,911
Roche Holding AG		266		85,390
SFS Group AG		34		3,171
SIG Combibloc Group AG^(f)		389		7,990
Swiss Prime Site AG		76		6,387
Swisscom AG		28		14,230
Tecan Group AG, Class R		52		24,679
VAT Group AG^(b)(f)		73		13,685
Zurich Insurance Group AG		48		15,894
				413,980

Taiwan–1.05%
Asustek Computer, Inc.		11,000		93,429
Delta Electronics, Inc.		6,000		39,820
Hon Hai Precision Industry Co. Ltd.		13,400		36,352
MediaTek, Inc.		3,000		70,726
Taiwan Semiconductor Manufacturing Co. Ltd.		14,000		211,288
				451,615

Thailand–0.10%
Kasikornbank PCL, NVDR		16,700		40,981

United Kingdom–4.54%
3i Group PLC		725		9,032
Ashtead Group PLC		992		35,997
AstraZeneca PLC		23		2,315
Avast PLC^(b)		1,560		9,597
Aviva PLC		7,696		25,773
B&M European Value Retail S.A.		2,026		12,729
Babcock International Group PLC		6,187		17,414
BAE Systems PLC		13,404		68,955
Balfour Beatty PLC^(f)		4,628		12,816
Barclays PLC^(f)		61,793		85,826
Barratt Developments PLC^(f)		3,221		20,097
Berkeley Group Holdings PLC		275		14,441
BP PLC		33,146		84,771
British American Tobacco PLC		3,989		126,738
Bunzl PLC		1,117		34,743
Compass Group PLC		1,558		21,311
Computacenter PLC		103		3,036
ConvaTec Group PLC^(b)		2,369		5,549
Cranswick PLC		92		3,837
Croda International PLC		188		14,699
Diageo PLC		249		8,055
Domino’s Pizza Group PLC		1,159		4,979


	Shares		Value
United Kingdom–(continued)
DS Smith PLC^(f)		4,040	$	14,830
easyJet PLC		1,403		9,198
Experian PLC		1,153		42,088
Fevertree Drinks PLC		713		18,598
G4S PLC^(f)		11,604		30,695
GlaxoSmithKline PLC		7,529		125,615
Hays PLC^(f)		9,434		13,056
HomeServe PLC		969		13,875
Imperial Brands PLC		496		7,868
International Consolidated Airlines Group S.A.		9,132		11,389
International Consolidated Airlines Group S.A., ADR		1,951		4,936
J Sainsbury PLC		13,775		35,990
JD Sports Fashion PLC		2,111		20,228
Kingfisher PLC^(f)		4,035		15,015
Legal & General Group PLC		8,699		20,914
Marks & Spencer Group PLC		16,561		19,088
Meggitt PLC^(f)		5,700		20,196
Melrose Industries PLC		6,497		10,077
National Grid PLC		9,174		109,192
Natwest Group PLC^(f)		21,771		35,056
Next PLC		835		63,203
Pearson PLC		3,595		23,787
Pennon Group PLC		844		10,832
RELX PLC		3,437		68,035
Rightmove PLC^(f)		1,775		14,223
Rolls-Royce Holdings PLC		1,707		1,578
Rolls-Royce Holdings PLC, Rts., expiring 11/06/2020^(f)		6,193		3,129
Royal Dutch Shell PLC, Class B		3,069		37,015
RSA Insurance Group PLC		11,516		63,396
Severn Trent PLC		588		18,517
Shaftesbury PLC		694		4,092
Shaftesbury PLC, Rts., expiring 11/18/2020^(f)		83		59
Smith & Nephew PLC		1,205		20,950
SSE PLC		6,407		104,197
Standard Chartered PLC^(f)		5,459		24,985
Tate & Lyle PLC		1,682		12,974
Tesco PLC		17,252		45,942
Travis Perkins PLC^(f)		1,384		19,038
Ultra Electronics Holdings PLC		849		20,680
Unilever N.V.		255		14,403
United Utilities Group PLC		2,866		32,138
Vectura Group PLC^(f)		4,948		6,602
Vodafone Group PLC		80,605		107,674
Whitbread PLC^(f)		535		14,892
WM Morrison Supermarkets PLC		5,427		11,457
				1,944,412

United States–2.88%
ABIOMED, Inc.^(f)		31		7,808
Accenture PLC, Class A		30		6,507
Agilent Technologies, Inc.		67		6,840
Alphabet, Inc., Class A^(f)		24		38,787
Alphabet, Inc., Class C^(f)		19		30,799
Alteryx, Inc., Class A^(f)		195		24,443
Amazon.com, Inc.^(f)		17		51,615

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

13 Invesco Global Targeted Returns Fund


	Shares		Value
United States–(continued)
American Express Co.		168	$	15,328
Automatic Data Processing, Inc.		43		6,792
Berkshire Hathaway, Inc., Class B^(f)		56		11,306
Bristol-Myers Squibb Co.		514		30,043
Citigroup, Inc.		99		4,101
CME Group, Inc., Class A		86		12,962
Coca-Cola Co. (The)		531		25,520
Colgate-Palmolive Co.		260		20,511
Copart, Inc.^(f)		49		5,408
Crowdstrike Holdings, Inc., Class A^(f)		396		49,041
Equifax, Inc.		46		6,284
Facebook, Inc., Class A^(f)		332		87,353
Ferguson PLC		295		29,602
First Republic Bank		90		11,353
Home Depot, Inc. (The)		32		8,535
IHS Markit Ltd.		326		26,364
Illumina, Inc.^(f)		117		34,246
Installed Building Products, Inc.^(f)		63		5,704
JPMorgan Chase & Co.		358		35,098
Markel Corp.^(f)		12		11,194
Mastercard, Inc., Class A		163		47,048
Microsoft Corp.		178		36,040
National Oilwell Varco, Inc.		341		2,864
Newmont Corp.		662		41,600
Okta, Inc.^(f)		68		14,268
Old Dominion Freight Line, Inc.		33		6,282
PayPal Holdings, Inc.^(f)		232		43,182
PepsiCo, Inc.		68		9,064
Progressive Corp. (The)		307		28,213
QIAGEN N.V.^(f)		313		14,860
QUALCOMM, Inc.		104		12,829
salesforce.com, inc.^(f)		235		54,583
ServiceNow, Inc.^(f)		115		57,221
Sims Ltd.		3,276		22,042
Splunk, Inc.^(f)		171		33,865
Texas Instruments, Inc.		232		33,545
Thermo Fisher Scientific, Inc.		85		40,215
TJX Cos., Inc. (The)		403		20,472
Twilio, Inc., Class A^(f)		255		71,137
Twist Bioscience Corp.^(f)		159		12,186
Uber Technologies, Inc.^(f)		540		18,041
Wells Fargo & Co.		290		6,221
Whiting Petroleum Corp.^(f)		167		2,438
				1,231,760
Total Common Stocks & Other Equity Interests (Cost $6,946,816)				8,099,885

	Principal Amount
U.S. Dollar Denominated Bonds & Notes–12.83%
Argentina–0.08%
Argentine Republic Government International Bond,
1.00%, 07/09/2029	$	4,402		1,818
1.13%, 07/09/2035^(g)		97,000		31,913
				33,731

Brazil–0.48%
MARB BondCo PLC, 7.00%, 03/15/2024^(b)		200,000		205,402


	Principal Amount		Value
Canada–0.35%
1011778 BC ULC/New Red Finance, Inc.,
5.00%, 10/15/2025^(b)	$	8,000	$	8,203
4.00%, 10/15/2030^(b)		24,000		23,880
Bombardier, Inc.,
5.75%, 03/15/2022^(b)		23,000		21,873
6.00%, 10/15/2022^(b)		7,000		6,374
7.50%, 03/15/2025^(b)		23,000		16,761
Cenovus Energy, Inc., 4.25%, 04/15/2027		22,000		22,397
Norbord, Inc., 5.75%, 07/15/2027^(b)		15,000		15,803
Parkland Corp., 6.00%, 04/01/2026^(b)		26,000		26,894
Precision Drilling Corp., 5.25%, 11/15/2024		12,000		7,808
Superior Plus L.P./Superior General Partner, Inc., 7.00%, 07/15/2026^(b)		2,000		2,146
				152,139

France–0.48%
Societe Generale S.A., 7.38%^(b)(c)(d)		200,000		206,079

Germany–0.03%
Mercer International, Inc., 5.50%, 01/15/2026		14,000		13,291

Italy–0.05%
Telecom Italia Capital S.A.,
6.38%, 11/15/2033		8,000		9,481
7.20%, 07/18/2036		8,000		10,119
				19,600

Luxembourg–0.06%
Intelsat (Luxembourg) S.A., 7.75%, 06/01/2021^(h)		15,000		713
Intelsat Connect Finance S.A., 9.50%, 02/15/2023^(b)(h)		9,000		2,458
Intelsat Jackson Holdings S.A.,
5.50%, 08/01/2023^(h)		10,000		5,887
8.50%, 10/15/2024^(b)(h)		19,000		11,780
9.75%, 07/15/2025^(b)(h)		7,000		4,386
				25,224

Mexico–0.42%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.38%, 04/17/2025^(b)		150,000		168,190
Petroleos Mexicanos, 6.88%, 10/16/2025^(b)		10,000		9,900
				178,090

Netherlands–0.17%
Shell International Finance B.V., 2.75%, 04/06/2030		69,000		74,435

United Kingdom–0.96%
Barclays Bank PLC, 0.56%^(d)		20,000		17,395
National Westminster Bank PLC, Series B, 0.41% (6 mo. USD LIBOR + 0.25%)^(d)(e)		100,000		90,962

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

14 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United Kingdom–(continued)
Natwest Group PLC,
6.00%^(c)(d)	$	200,000	$	207,440

Series U, 2.54% (3 mo. USD LIBOR + 2.32%)^(d)(e)		100,000		96,061

Valaris PLC, 7.75%, 02/01/2026^(h)		18,000		867

				412,725


United States–9.75%
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024		15,000		15,392

Adient US LLC,
9.00%, 04/15/2025^(b)		4,000		4,404

7.00%, 05/15/2026^(b)		10,000		10,684

Akumin, Inc., 7.00%, 11/01/2025^(b)		25,000		24,781

Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC,
7.50%, 03/15/2026^(b)		9,000		9,989

5.88%, 02/15/2028^(b)		9,000		9,533

3.50%, 03/15/2029^(b)		10,000		9,716

AMC Entertainment Holdings, Inc., 10.50%, 04/24/2026^(b)		7,000		3,605

AMC Networks, Inc., 5.00%, 04/01/2024		17,000		17,106

AmWINS Group, Inc., 7.75%, 07/01/2026^(b)		10,000		10,711

Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.75%, 01/15/2028^(b)		22,000		19,633

Antero Resources Corp.,
5.63%, 06/01/2023		6,000		5,048

5.00%, 03/01/2025		15,000		11,278

ASGN, Inc., 4.63%, 05/15/2028^(b)		9,000		9,270

Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027^(b)		21,000		23,385

Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 10.50%, 05/15/2025^(b)		30,000		34,519

Bausch Health Americas, Inc., 9.25%, 04/01/2026^(b)		18,000		19,868

Bausch Health Cos., Inc.,
6.13%, 04/15/2025^(b)		20,000		20,580

5.75%, 08/15/2027^(b)		7,000		7,521

6.25%, 02/15/2029^(b)		14,000		14,448

Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029^(b)		2,000		2,064

Boeing Co. (The), 5.15%, 05/01/2030		100,000		110,847

Booking Holdings, Inc., 4.50%, 04/13/2027		19,000		22,181

Boxer Parent Co., Inc.,
7.13%, 10/02/2025^(b)		5,000		5,368

9.13%, 03/01/2026^(b)		8,000		8,530

Boyd Gaming Corp., 6.38%, 04/01/2026		18,000		18,701

Brink’s Co. (The),
5.50%, 07/15/2025^(b)		12,000		12,505

4.63%, 10/15/2027^(b)		28,000		28,622

Caesars Entertainment, Inc., 8.13%, 07/01/2027^(b)		15,000		15,675


	Principal Amount		Value
United States–(continued)
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(b)	$	13,000	$	13,349

Calpine Corp., 5.00%, 02/01/2031^(b)		10,000		10,225

Calumet Specialty Products Partners L.P./Calumet Finance Corp.,
7.63%, 01/15/2022		8,000		7,948

9.25%, 07/15/2024^(b)		14,000		15,330

Camelot Finance S.A., 4.50%, 11/01/2026^(b)		8,000		8,335

Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024^(b)		35,000		37,206

Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025^(b)		19,000		19,236

Carnival Corp.,
11.50%, 04/01/2023^(b)		26,000		28,768

10.50%, 02/01/2026^(b)		11,000		11,976

CCM Merger, Inc., 6.38%, 05/01/2026^(b)		15,000		15,394

CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026^(b)		18,000		18,682

5.13%, 05/01/2027^(b)		100,000		105,133

5.00%, 02/01/2028^(b)		26,000		27,404

4.50%, 08/15/2030^(b)		24,000		24,960

Centene Corp.,
5.38%, 06/01/2026^(b)		21,000		22,123

4.63%, 12/15/2029		7,000		7,630

3.00%, 10/15/2030		13,000		13,516

Clarios Global L.P., 6.75%, 05/15/2025^(b)		6,000		6,355

Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		18,000		18,806

Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)		37,000		35,655

Cleveland-Cliffs, Inc.,
9.88%, 10/17/2025^(b)		14,000		16,030

6.25%, 10/01/2040		4,000		3,421

CNX Resources Corp., 7.25%, 03/14/2027^(b)		19,000		20,069

Colony Capital, Inc., Conv., 5.00%, 04/15/2023		9,000		8,858

CommScope, Inc., 8.25%, 03/01/2027^(b)		29,000		30,051

Community Health Systems, Inc.,
6.63%, 02/15/2025^(b)		12,000		11,731

8.00%, 03/15/2026^(b)		19,000		19,095

Comstock Resources, Inc., 9.75%, 08/15/2026		19,000		20,045

Continental Resources, Inc., 4.50%, 04/15/2023		19,000		18,230

3.80%, 06/01/2024		2,000		1,866

Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024^(b)(i)		42,000		42,442

CSC Holdings LLC, 6.75%, 11/15/2021		42,000		43,969

Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)		25,000		23,293

Dana, Inc.,
5.50%, 12/15/2024		14,000		14,236

5.38%, 11/15/2027		8,000		8,275

5.63%, 06/15/2028		2,000		2,103

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

15 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
DaVita, Inc.,
4.63%, 06/01/2030^(b)	$	8,000	$	8,142

3.75%, 02/15/2031^(b)		8,000		7,705

Dell International LLC/EMC Corp.,
7.13%, 06/15/2024^(b)		32,000		33,193

8.10%, 07/15/2036^(b)		100,000		134,871

Delta Air Lines, Inc.,
7.00%, 05/01/2025^(b)		20,000		21,846

7.38%, 01/15/2026		8,000		8,277

Diamond Offshore Drilling, Inc., 4.88%, 11/02/2043^(h)		12,000		840

Diamond Sports Group LLC/Diamond Sports Finance Co.,
5.38%, 08/15/2026^(b)		24,000		14,025

6.63%, 08/15/2027^(b)		26,000		10,823

DISH DBS Corp., 5.88%, 11/15/2024		19,000		19,143

DISH Network Corp., Conv., 3.38%, 08/15/2026		21,000		18,615

DPL, Inc., 4.35%, 04/15/2029		19,000		20,624

Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026^(b)		6,000		6,431

10.25%, 02/15/2027^(b)		6,000		6,732

Edgewell Personal Care Co., 5.50%, 06/01/2028^(b)		10,000		10,524

Element Solutions, Inc., 3.88%, 09/01/2028^(b)		4,000		3,958

Embarq Corp., 8.00%, 06/01/2036		28,000		32,882

Encompass Health Corp., 4.75%, 02/01/2030		10,000		10,433

Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025^(b)		3,000		3,117

Energizer Holdings, Inc.,
7.75%, 01/15/2027^(b)		13,000		14,129

4.75%, 06/15/2028^(b)		10,000		10,304

EnerSys, 5.00%, 04/30/2023^(b)		29,000		29,888

EnLink Midstream Partners L.P., 5.60%, 04/01/2044		11,000		6,840

EnPro Industries, Inc., 5.75%, 10/15/2026		22,000		23,178

EQM Midstream Partners L.P.,
6.50%, 07/01/2027^(b)		10,000		10,502

5.50%, 07/15/2028		13,000		13,193

Flex Acquisition Co., Inc., 7.88%, 07/15/2026^(b)		16,000		16,206

Ford Motor Co.,
8.50%, 04/21/2023		135,000		149,222

9.00%, 04/22/2025		17,000		20,018

9.63%, 04/22/2030		14,000		18,817

4.75%, 01/15/2043		11,000		10,209

Freeport-McMoRan, Inc., 5.40%, 11/14/2034		32,000		36,700

Fresh Market, Inc. (The), 9.75%, 05/01/2023^(b)		20,000		19,175

Frontier Communications Corp.,
10.50%, 09/15/2022^(h)		48,000		19,849

11.00%, 09/15/2025^(h)		32,000		13,380

Gartner, Inc., 4.50%, 07/01/2028^(b)		11,000		11,497

3.75%, 10/01/2030^(b)		8,000		8,191


	Principal Amount		Value
United States–(continued)
GCP Applied Technologies, Inc., 5.50%, 04/15/2026^(b)	$	29,000	$	29,828

Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		5,000		4,310

6.25%, 05/15/2026		25,000		20,068

7.75%, 02/01/2028		12,000		9,971

Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		19,000		18,786

Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029^(b)		19,000		19,616

Gray Television, Inc., 7.00%, 05/15/2027^(b)		17,000		18,360

Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		12,000		12,030

Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		43,000		42,078

Hanesbrands, Inc., 5.38%, 05/15/2025^(b)		62,000		65,332

HCA, Inc.,
5.88%, 02/15/2026		12,000		13,575

5.38%, 09/01/2026		14,000		15,759

Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025^(b)		12,000		12,739

Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		50,000		57,513

Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028^(b)		31,000		28,505

HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026^(b)		10,000		10,309

Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)		20,000		18,738

Hologic, Inc., 3.25%, 02/15/2029^(b)		11,000		11,076

iHeartCommunications, Inc., 8.38%, 05/01/2027		16,000		15,633

IRB Holding Corp.,
7.00%, 06/15/2025^(b)		4,000		4,270

6.75%, 02/15/2026^(b)		37,000		37,139

Iron Mountain, Inc.,
5.25%, 07/15/2030^(b)		15,000		15,413

4.50%, 02/15/2031^(b)		10,000		9,968

iStar, Inc., 4.75%, 10/01/2024		31,000		29,660

J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		40,000		42,655

JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025^(b)		27,000		27,823

KB Home, 4.80%, 11/15/2029		11,000		11,901

Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023^(b)		21,000		21,077

Koppers, Inc., 6.00%, 02/15/2025^(b)		26,000		26,634

Kraft Heinz Foods Co. (The),
6.88%, 01/26/2039		10,000		13,369

5.00%, 06/04/2042		18,000		19,744

5.50%, 06/01/2050^(b)		16,000		18,228

L Brands, Inc., 6.88%, 11/01/2035		36,000		36,607

Lennar Corp., 5.25%, 06/01/2026		7,000		7,971

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

16 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
Level 3 Financing, Inc.,
5.25%, 03/15/2026	$	14,000	$	14,471

3.63%, 01/15/2029^(b)		7,000		6,786

Lithia Motors, Inc.,
5.25%, 08/01/2025^(b)		9,000		9,348

4.63%, 12/15/2027^(b)		7,000		7,381

4.38%, 01/15/2031^(b)		2,000		2,069

LPL Holdings, Inc., 5.75%, 09/15/2025^(b)		13,000		13,455

Macy’s, Inc., 8.38%, 06/15/2025^(b)		27,000		28,230

Mattel, Inc., 6.75%, 12/31/2025^(b)		19,000		20,002

Meredith Corp., 6.88%, 02/01/2026		24,000		19,935

Meritage Homes Corp., 6.00%, 06/01/2025		11,000		12,388

MGM Resorts International,
6.75%, 05/01/2025		14,000		14,749

4.63%, 09/01/2026		30,000		29,541

Michaels Stores, Inc., 8.00%, 07/15/2027^(b)		11,000		11,349

MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		11,000		11,530

MTS Systems Corp., 5.75%, 08/15/2027^(b)		18,000		18,191

Mueller Industries, Inc., 6.00%, 03/01/2027		40,000		40,942

Murphy Oil USA, Inc., 5.63%, 05/01/2027		9,000		9,482

Nabors Industries, Inc., 5.75%, 02/01/2025		4,000		1,068

Navient Corp.,
7.25%, 01/25/2022		30,000		31,031

7.25%, 09/25/2023		16,000		16,810

5.00%, 03/15/2027		12,000		11,223

NCL Corp. Ltd., 12.25%, 05/15/2024^(b)		22,000		24,447

Netflix, Inc.,
5.88%, 11/15/2028		19,000		22,735

5.38%, 11/15/2029^(b)		9,000		10,553

New Enterprise Stone & Lime Co., Inc.,
6.25%, 03/15/2026^(b)		10,000		10,356

9.75%, 07/15/2028^(b)		8,000		8,680

Newell Brands, Inc.,
4.88%, 06/01/2025		6,000		6,504

5.88%, 04/01/2036		2,000		2,350

NFP Corp., 6.88%, 08/15/2028^(b)		12,000		11,655

NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		27,000		13,928

NIKE, Inc., 2.85%, 03/27/2030		46,000		51,379

Nordstrom, Inc., 8.75%, 05/15/2025^(b)		9,000		9,861

NRG Energy, Inc., 5.25%, 06/15/2029^(b)		15,000		16,291

NuStar Logistics L.P., 6.00%, 06/01/2026		4,000		3,957


	Principal Amount		Value
United States–(continued)
Occidental Petroleum Corp.,
2.70%, 08/15/2022	$	18,000	$	16,673

2.90%, 08/15/2024		11,000		9,174

3.20%, 08/15/2026		8,000		6,195

6.38%, 09/01/2028		5,000		4,384

3.50%, 08/15/2029		5,000		3,615

6.20%, 03/15/2040		12,000		9,772

4.10%, 02/15/2047		17,000		11,140

Olin Corp., 5.63%, 08/01/2029		29,000		30,015

OneMain Finance Corp., 8.88%, 06/01/2025		17,000		18,731

Oracle Corp., 2.95%, 04/01/2030		14,000		15,419

Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		16,000		16,981

Parsley Energy LLC/Parsley Finance Corp.,
5.38%, 01/15/2025^(b)		5,000		5,122

4.13%, 02/15/2028^(b)		4,000		4,170

Penske Automotive Group, Inc., 5.50%, 05/15/2026		15,000		15,506

Pike Corp., 5.50%, 09/01/2028^(b)		7,000		7,176

Pilgrim’s Pride Corp., 5.88%, 09/30/2027^(b)		15,000		15,864

Post Holdings, Inc.,
5.63%, 01/15/2028^(b)		8,000		8,455

4.63%, 04/15/2030^(b)		12,000		12,330

QEP Resources, Inc., 5.63%, 03/01/2026		23,000		14,651

Rayonier A.M. Products, Inc., 5.50%, 06/01/2024^(b)		29,000		21,276

Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		20,000		18,993

6.88%, 04/15/2040^(b)		14,000		14,420

Royal Caribbean Cruises Ltd., 9.13%, 06/15/2023^(b)		8,000		8,340

Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025^(b)		9,000		9,911

Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)		36,000		38,108

Scientific Games International, Inc.,
8.63%, 07/01/2025^(b)		5,000		5,205

8.25%, 03/15/2026^(b)		6,000		6,085

7.00%, 05/15/2028^(b)		10,000		9,950

SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)		12,000		12,256

Sensata Technologies B.V., 4.88%, 10/15/2023^(b)		10,000		10,613

Sensata Technologies, Inc., 3.75%, 02/15/2031^(b)		3,000		2,974

ServiceMaster Co. LLC (The), 5.13%, 11/15/2024^(b)		24,000		24,666

Simmons Foods, Inc., 5.75%, 11/01/2024^(b)		16,000		15,900

SM Energy Co.,
10.00%, 01/15/2025^(b)		10,000		9,556

6.75%, 09/15/2026		5,000		1,943

6.63%, 01/15/2027		11,000		4,157

Southwestern Energy Co.,
7.50%, 04/01/2026		2,000		2,039

7.75%, 10/01/2027		10,000		10,344

Sprint Corp., 7.88%, 09/15/2023		26,000		29,721

Standard Industries, Inc., 5.00%, 02/15/2027^(b)		10,000		10,331

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

17 Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025^(b)	$	44,000	$	39,462

Sysco Corp., 5.65%, 04/01/2025		10,000		11,799

Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)		8,000		7,845

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.13%, 02/01/2025		6,000		6,034

5.88%, 04/15/2026		17,000		17,372

5.50%, 03/01/2030^(b)		3,000		3,021

4.88%, 02/01/2031^(b)		3,000		2,932

Taylor Morrison Communities, Inc.,
6.63%, 07/15/2027^(b)		22,000		23,787

5.75%, 01/15/2028^(b)		10,000		11,131

Tenet Healthcare Corp.,
7.50%, 04/01/2025^(b)		15,000		16,179

4.63%, 06/15/2028^(b)		2,000		2,033

6.13%, 10/01/2028^(b)		21,000		20,436

Tenneco, Inc., 5.00%, 07/15/2026		17,000		13,048

Titan International, Inc., 6.50%, 11/30/2023		55,000		43,100

Triumph Group, Inc.,
8.88%, 06/01/2024^(b)		5,000		5,317

7.75%, 08/15/2025		31,000		20,111

USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		20,000		20,138

VICI Properties L.P./VICI Note Co., Inc.,
3.50%, 02/15/2025^(b)		6,000		5,996

3.75%, 02/15/2027^(b)		6,000		6,025

4.13%, 08/15/2030^(b)		6,000		6,083

Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)		18,000		18,232

WESCO Distribution, Inc., 7.25%, 06/15/2028^(b)		11,000		12,057

Western Midstream Operating L.P.,
4.10%, 02/01/2025		7,000		6,606

4.75%, 08/15/2028		14,000		13,125

William Carter Co. (The),
5.50%, 05/15/2025^(b)		2,000		2,104

5.63%, 03/15/2027^(b)		8,000		8,410

WPX Energy, Inc.,
5.75%, 06/01/2026		9,000		9,257

5.25%, 10/15/2027		2,000		2,009

5.88%, 06/15/2028		2,000		2,048

4.50%, 01/15/2030		2,000		1,923


	Principal Amount			Value
United States–(continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027^(b)	$	10,000		$	9,319

Yum! Brands, Inc., 7.75%, 04/01/2025^(b)		4,000			4,399

					4,174,049

Total U.S. Dollar Denominated Bonds & Notes (Cost $5,320,316)					5,494,765


U.S. Treasury Securities–0.59%
U.S. Treasury Bonds–0.33%
1.13%, 05/15/2040		149,420			142,570


U.S. Treasury Inflation – Indexed Bonds–0.19%
0.75%, 07/15/2028		68,578	^(j)		79,101


U.S. Treasury Inflation – Indexed Notes–0.07%
0.13%, 01/15/2023		28,208	^(j)		28,855

Total U.S. Treasury Securities (Cost $246,206)					250,526


Asset-Backed Securities–0.06%
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(b) (Cost $24,833)		24,833			26,231


	Shares

Money Market Funds–34.42%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(k)(l)		2,847,029			2,847,029

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(k)(l)		2,124,777			2,125,627

Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.11%^(k)(l)		6,509,172			6,509,172

Invesco Treasury Portfolio, Institutional Class, 0.01%^(k)(l)		3,253,747			3,253,747

Total Money Market Funds (Cost $14,735,039)					14,735,575


Options Purchased–2.11%
(Cost $1,274,642)^(m)					904,328

TOTAL INVESTMENTS IN SECURITIES–88.27% (Cost $36,642,459)					37,793,201

OTHER ASSETS LESS LIABILITIES–11.73%					5,021,412

NET ASSETS–100.00%				$	42,814,613

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

18 Invesco Global Targeted Returns Fund


Investment Abbreviations:

ADR		– American Depositary Receipt
Conv.		– Convertible
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
NVDR		– Non-Voting Depositary Receipt
Pfd.		– Preferred
PIK		– Pay-in-Kind
Rts.		– Rights
RUB		– Russian Ruble
USD		– U.S. Dollar
ZAR		– South African Rand

Notes to Consolidated Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $6,343,006, which represented 14.82% of the Fund’s Net Assets.

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

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

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2020.

^(f)	Non-income producing security.

^(g)	Step coupon bond. Rate shown is the rate in effect on October 31, 2020.

^(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, 2020 was $60,160, which represented less than 1% of the Fund’s Net Assets.

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

^(j)	Principal amount of security and interest payments are adjusted for inflation.

^(k)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,244,358		$	22,534,327		$	(23,931,656	)		$	-			$	-			$	2,847,029		$	19,770
Invesco Liquid Assets Portfolio, Institutional Class			3,033,274			16,410,699			(17,316,701	)			(281	)			(1,364	)			2,125,627			19,075
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			7,777,988			15,381,584			(16,650,400	)			-				-				6,509,172			53,438
Invesco Treasury Portfolio, Institutional Class			4,850,694			25,753,518			(27,350,465	)			-				-				3,253,747			21,915
Total		$	19,906,314		$	80,080,128		$	(85,249,222	)		$	(281	)		$	(1,364	)		$	14,735,575		$	114,198

^(l)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(m)	The table below details options purchased.

Open Over-The-Counter Index Options Purchased^(a)

Description

Type of
Contract

Counterparty

Expiration
Date

Number of
Contracts

Exercise
Price

Notional Value^(b)

Value

Equity Risk

S&P 500 Index

Call

Barclays Bank PLC

03/19/2021

USD 3,750.00

USD

9,375,000

72,891

S&P 500 Index

Call

Barclays Bank PLC

03/19/2021

USD 3,750.00

USD

13,125,000

102,047

Total Index Options Purchased

174,938

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

^(b)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

19 Invesco Global Targeted Returns Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional

Value

Currency Risk

EUR versus SEK

Call

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

07/09/2021

SEK

10.75

EUR

368,404

5,074

EUR versus SEK

Call

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

07/09/2021

SEK

10.75

EUR

481,762

6,635

EUR versus USD

Call

Goldman Sachs International

01/22/2021

USD

1.20

EUR

200,000

306

USD versus ZAR

Call

Goldman Sachs International

04/30/2021

ZAR

21.50

USD

119,772

583

USD versus ZAR

Call

UBS AG

04/30/2021

ZAR

21.50

USD

119,772

583

USD versus ZAR

Call

UBS AG

04/30/2021

ZAR

21.50

USD

244,149

1,189

Subtotal — Foreign Currency Call Options Purchased

14,370

Currency Risk

EUR versus SEK

Put

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

07/09/2021

SEK

10.00

EUR

1,525,982

13,299

EUR versus SEK

Put

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

07/09/2021

SEK

10.00

EUR

1,525,982

13,299

EUR versus SEK

Put

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

07/09/2021

SEK

10.00

EUR

1,525,982

13,299

EUR versus SEK

Put

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

07/09/2021

SEK

10.00

EUR

1,525,982

13,299

EUR versus SEK

Put

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

07/09/2021

SEK

10.00

EUR

281,204

2,451

EUR versus SEK

Put

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

07/09/2021

SEK

10.00

EUR

200,859

1,751

EUR versus SEK

Put

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

07/09/2021

SEK

10.00

EUR

321,376

2,801

Subtotal — Foreign Currency Put Options Purchased

60,199

Total Foreign Currency Options Purchased

74,569

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

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

Interest Rate Risk

10 Year Interest Rate Swap

Put

Bank of America, N.A.

1.06

Pay

3 Month USD LIBOR

Quarterly

04/08/2021

USD

4,419,000

52,996

10 Year Interest Rate Swap

Put

Bank of America, N.A.

1.26

Pay

3 Month USD LIBOR

Quarterly

04/08/2021

USD

6,628,000

44,155

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.35

Pay

3 Month USD LIBOR

Quarterly

09/23/2030

USD

805,000

62,876

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.37

Pay

3 Month USD LIBOR

Quarterly

09/23/2030

USD

805,000

62,143

5 Year Interest Rate Swap

Put

Barclays Bank PLC

1.72

Pay

3 Month USD LIBOR

Quarterly

12/02/2020

USD

4,521,000

5 Year Interest Rate Swap

Put

Barclays Bank PLC

1.59

Pay

3 Month USD LIBOR

Quarterly

02/04/2021

USD

154,000

10 Year Interest Rate Swap

Put

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

1.08

Pay

3 Month USD LIBOR

Quarterly

07/15/2030

USD

980,000

89,962

10 Year Interest Rate Swap

Put

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

1.05

Pay

3 Month USD LIBOR

Quarterly

07/16/2030

USD

2,260,000

210,785

10 Year Interest Rate Swap

Put

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

1.05

Pay

3 Month USD LIBOR

Quarterly

07/17/2030

USD

1,410,000

131,900

Total Interest Rate Swaptions Purchased

654,821

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

Open Over-The-Counter Index Options Written^(a)


Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Exercise Price		Premiums Received			Notional Value^(b)		Value			Unrealized Appreciation (Depreciation)
Equity Risk

S&P 500 Index		Call	Barclays Bank PLC		03/19/2021		13		USD 3,540.00	$	(254,800	)		USD 4,602,000	$	(111,033	)	$	143,767

S&P 500 Index		Call	Barclays Bank PLC		03/19/2021		17		USD 3,540.00		(333,200	)		USD 6,018,000		(145,197	)		188,003

Subtotal — Index Call Options Written							30				(588,000	)				(256,230	)		331,770

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

20 Invesco Global Targeted Returns Fund


Open Over-The-Counter Index Options Written^(a)—(continued)

Description	Type of Contract		Counterparty	Expiration Date	Number of Contracts	Exercise Price		Premiums Received			Notional Value^(b)	Value			Unrealized Appreciation (Depreciation)

Equity Risk

S&P 500 Index		Put	Barclays Bank PLC	01/15/2021	6	USD	3,010.00	$	(28,200	)	USD 1,806,000	$	(60,154	)		$ (31,954)

S&P 500 Index		Put	Barclays Bank PLC	01/15/2021	9	USD	3,010.00		(42,300	)	USD 2,709,000		(90,232	)		(47,932)

Subtotal — Index Put Options Written					15				(70,500	)			(150,386	)		(79,886)

Total — Index Options Written					45			$	(658,500	)		$	(406,616	)		$251,884

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

^(b)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


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

Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Premiums Received				Notional Value		Value			Unrealized Appreciation

Currency Risk

EUR versus SEK		Call	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.75	$	(16,247	)	EUR		1,017,322	$	(14,011	)		$ 2,236

EUR versus SEK		Call	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.75		(19,012	)	EUR		1,017,321		(14,010	)		5,002

EUR versus SEK		Call	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.75		(18,560	)	EUR		1,017,321		(14,010	)		4,550

EUR versus SEK		Call	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.75		(16,552	)	EUR		1,017,321		(14,011	)		2,541

EUR versus SEK		Call	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.75		(3,050	)	EUR		187,469		(2,582	)		468

EUR versus SEK		Call	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.75		(2,134	)	EUR		133,906		(1,844	)		290

EUR versus SEK		Call	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.75		(3,114	)	EUR		214,250		(2,951	)		163

Subtotal - Foreign Currency Call Options Written										(78,669	)					(63,419	)		15,250

Currency Risk

EUR versus SEK		Put	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.00		(8,127	)	EUR		552,606		(4,816	)		3,311

EUR versus SEK		Put	J.P. Morgan Chase Bank, N.A.		07/09/2021		SEK	10.00		(8,763	)	EUR		722,642		(6,298	)		2,465

Subtotal - Foreign Currency Put Options Written										(16,890	)					(11,114	)		5,776

Total – Foreign Currency Options Written									$	(95,559	)				$	(74,533	)		$21,026

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.


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	Premiums Received			Notional Value	Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

10 Year Interest Rate Swap	Put	J.P. Morgan Chase Bank, N.A.	0.78%	3 Month USD LIBOR	Pay	Quarterly	07/15/2022		$ (34,826	)	USD 981,000	$	(49,033	)		$(14,207)

10 Year Interest Rate Swap	Put	J.P. Morgan Chase Bank, N.A.	0.75	3 Month USD LIBOR	Pay	Quarterly	07/18/2022		(31,027	)	USD 881,000		(45,719	)		(14,692)

10 Year Interest Rate Swap	Put	J.P. Morgan Chase Bank, N.A.	0.76	3 Month USD LIBOR	Pay	Quarterly	07/18/2022		(61,811	)	USD1,760,000		(90,756	)		(28,945)

10 Year Interest Rate Swap	Put	Morgan Stanley and Co. International PLC	0.90	3 Month USD LIBOR	Pay	Quarterly	09/21/2022		(21,096	)	USD 617,000		(28,071	)		(6,975)

10 Year Interest Rate Swap	Put	Morgan Stanley and Co. International PLC	0.91	3 Month USD LIBOR	Pay	Quarterly	09/22/2022		(20,512	)	USD 617,000		(27,666	)		(7,154)

Total Open Over-The-Counter Interest Rate Swaptions Written									$(169,272	)		$	(241,245	)		$(71,973)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

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

21 Invesco Global Targeted Returns Fund


Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Equity Risk

E-Mini S&P 500 Index		6		December-2020		$	979,410		$	(78,702)		$	(78,702)

EURO STOXX 600 Index		1		December-2020			31,067			(1,905)			(1,905)

Hang Seng China Enterprises Index		28		November-2020			1,767,224			(36,615)			(36,615)

Nikkei 225 Index		22		December-2020			2,403,935			(14,949)			(14,949)

S&P/ASX 200 Index		20		December-2020			2,070,041			18,408			18,408
Subtotal										(113,763)			(113,763)
Interest Rate Risk

Euro Bobl		1		December-2020			158,241			1,303			1,303

Euro Buxl 30 Year Bonds		1		December-2020			266,425			16,036			16,036

Euro-Bund		2		December-2020			410,306			8,056			8,056

U.S. Treasury Ultra Bonds		19		December-2020			4,085,000			(114,545)			(114,545)
Subtotal										(89,150)			(89,150)
Subtotal—Long Futures Contracts										(202,913)			(202,913)

Short Futures Contracts

Equity Risk

E-Mini Russell 2000 Index		37		December-2020			(2,843,080)			(60,652)			(60,652)

EURO STOXX 50 Index		35		December-2020			(1,206,170)			146,899			146,899

EURO STOXX 600 Index		34		December-2020			(431,619)			31,789			31,789

FTSE 100 Index		1		December-2020			(72,075)			(312)			(312)

FTSE UK Mid Cap Tradable Plus Index		9		December-2020			(428,977)			15,171			15,171

MSCI AC Asia ex Japan Index		46		December-2020			(2,536,767)			(75,446)			(75,446)

MSCI World Index		25		December-2020			(1,706,250)			69,632			69,632

SGX Nifty 50 Index		53		November-2020			(1,233,310)			18,337			18,337

Swiss Market Index		3		December-2020			(312,056)			28,801			28,801
Subtotal										174,219			174,219
Interest Rate Risk

Long Gilt		4		December-2020			(703,093)			2,040			2,040

U.S. Treasury 10 Year Notes		3		December-2020			(414,656)			2,228			2,228

U.S. Treasury 10 Year Ultra Bonds		27		December-2020			(4,246,594)			53,730			53,730
Subtotal										57,998			57,998
Subtotal—Short Futures Contracts										232,217			232,217
Total Futures Contracts									$	29,304		$	29,304


Open Centrally Cleared Credit Default Swap Agreements


Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(a)			Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk

Markit CDX North America High Yield Index, Series 35, Version 1		Buy		(5.00	)%		Quarterly		12/20/2025		4.226	%		USD	1,217,000	$	(157,942	)	$	(148,891	)	$	9,051

Markit iTraxx Europe Index, Series 32, Version 1		Sell		1.00			Quarterly		12/20/2024		0.647			EUR	150,000		(509	)		2,562			3,071

Subtotal – Appreciation																	(158,451	)		(146,329	)		12,122

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

22 Invesco Global Targeted Returns Fund


Open Centrally Cleared Credit Default Swap Agreements—(continued)


Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(a)			Notional Value			Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)

Credit Risk

Markit iTraxx Europe Crossover Index, Series 33, Version 4		Buy		(5.00	)%		Quarterly		06/20/2025		3.536	%		EUR	150,000	$	133,684	$	96,878	$	(36,806	)

Markit CDX North America Investment Grade Index, Series 35, Version 1		Sell		1.00			Quarterly		12/20/2025		0.658			USD	6,705,000		140,393		115,963		(24,430	)

Markit CDX North America High Yield Index, Series 35, Version 1		Sell		5.00			Quarterly		12/20/2025		4.226			USD	3,287,000		153,185		115,209		(37,976	)

Subtotal - Depreciation																	427,262		328,050		(99,212	)

Total Centrally Cleared Credit Default Swap Agreements																$	268,811	$	181,721	$	(87,090	)

^(a)

Open Centrally Cleared Interest Rate Swap Agreements

Pay/

Receive
Floating

Rate

Floating Rate Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Pay

6 Month AUD BBSW

Semi-Annually

1.25%

Semi-Annually

06/18/2030

AUD

609,104

$–

$ 43

Pay

6 Month AUD BBSW

Semi-Annually

1.25

Semi-Annually

06/18/2030

AUD

609,104

–

Pay

6 Month AUD BBSW

Semi-Annually

1.25

Semi-Annually

06/18/2030

AUD

609,104

–

Pay

6 Month JPY LIBOR

Semi-Annually

0.61

Semi-Annually

09/20/2050

JPY

16,115,600

–

154

Pay

6 Month JPY LIBOR

Semi-Annually

0.61

Semi-Annually

09/20/2050

JPY

16,115,600

–

176

Pay

6 Month AUD BBSW

Semi-Annually

1.26

Semi-Annually

06/18/2030

AUD

609,105

–

353

Pay

6 Month AUD BBSW

Semi-Annually

1.26

Semi-Annually

06/18/2030

AUD

1,218,209

–

500

Pay

6 Month JPY LIBOR

Semi-Annually

0.64

Semi-Annually

12/19/2050

JPY

10,063,000

–

508

Pay

6 Month JPY LIBOR

Semi-Annually

0.63

Semi-Annually

09/20/2050

JPY

16,115,600

–

655

Pay

6 Month AUD BBSW

Semi-Annually

1.29

Semi-Annually

06/18/2030

AUD

527,086

–

753

Pay

28 Day MXN TIIE

28 Day

6.93

28 Day

06/16/2021

MXN

1,500,000

–

1,092

Pay

6 Month AUD BBSW

Semi-Annually

1.29

Semi-Annually

06/18/2030

AUD

853,146

–

1,219

Pay

6 Month AUD BBSW

Semi-Annually

1.31

Semi-Annually

06/18/2030

AUD

527,086

–

1,272

Pay

6 Month AUD BBSW

Semi-Annually

1.32

Semi-Annually

06/18/2030

AUD

527,085

–

1,308

Receive

6 Month EUR LIBOR

Semi-Annually

(0.20)

Yearly

06/19/2040

EUR

283,550

–

1,354

Receive

6 Month EUR LIBOR

Semi-Annually

(0.19)

Yearly

06/19/2040

EUR

283,550

–

1,696

Pay

6 Month EUR LIBOR

Semi-Annually

0.33

Yearly

09/19/2040

EUR

149,410

–

1,704

Pay

6 Month EUR LIBOR

Semi-Annually

0.34

Yearly

09/19/2040

EUR

149,410

–

1,854

Pay

6 Month EUR LIBOR

Semi-Annually

0.11

Yearly

01/02/2025

EUR

100,500

–

1,950

Pay

6 Month EUR LIBOR

Semi-Annually

0.35

Yearly

09/19/2040

EUR

147,180

–

1,995

Pay

6 Month AUD BBSW

Semi-Annually

1.36

Semi-Annually

06/18/2030

AUD

527,086

–

2,024

Pay

6 Month AUD BBSW

Semi-Annually

1.36

Semi-Annually

06/18/2030

AUD

527,085

–

2,078

Pay

6 Month EUR LIBOR

Semi-Annually

0.32

Yearly

06/19/2040

EUR

218,000

–

2,085

Receive

6 Month EUR LIBOR

Semi-Annually

(0.17)

Yearly

06/19/2040

EUR

283,550

–

2,466

Pay

6 Month EUR LIBOR

Semi-Annually

0.34

Yearly

09/16/2025

EUR

350,000

–

2,992

Pay

6 Month EUR LIBOR

Semi-Annually

0.28

Yearly

06/17/2025

EUR

273,000

–

3,254

Receive

6 Month AUD BBSW

Semi-Annually

(1.23)

Semi-Annually

09/17/2030

AUD

1,699,000

–

3,580

Pay

6 Month EUR LIBOR

Semi-Annually

0.45

Yearly

06/19/2040

EUR

144,000

–

3,681

Pay

6 Month EUR LIBOR

Semi-Annually

0.21

Yearly

09/19/2040

EUR

365,000

–

3,769

Pay

6 Month EUR LIBOR

Semi-Annually

0.46

Yearly

06/19/2040

EUR

144,000

–

3,820

Pay

6 Month AUD BBSW

Semi-Annually

1.45

Semi-Annually

06/18/2030

AUD

609,105

–

4,180

Pay

6 Month AUD BBSW

Semi-Annually

1.45

Semi-Annually

06/18/2030

AUD

609,104

–

4,180

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

23 Invesco Global Targeted Returns Fund


Open Centrally Cleared Interest Rate Swap Agreements—(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate	Payment Frequency	Maturity Date	Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Pay	6 Month AUD BBSW	Semi-Annually	1.48%	Semi-Annually	06/18/2030	AUD	527,085	$–	$	4,222		$	4,222
Pay	6 Month AUD BBSW	Semi-Annually	1.45	Semi-Annually	06/18/2030	AUD	609,105	–		4,335			4,335
Pay	6 Month AUD BBSW	Semi-Annually	1.45	Semi-Annually	06/18/2030	AUD	609,104	–		4,335			4,335
Pay	6 Month AUD BBSW	Semi-Annually	1.49	Semi-Annually	06/18/2030	AUD	527,085	–		4,378			4,378
Pay	6 Month AUD BBSW	Semi-Annually	1.49	Semi-Annually	06/18/2030	AUD	527,086	–		4,405			4,405
Pay	6 Month EUR LIBOR	Semi-Annually	0.19	Yearly	06/17/2025	EUR	272,000	–		4,485			4,485
Pay	6 Month AUD BBSW	Semi-Annually	1.46	Semi-Annually	06/18/2030	AUD	609,104	–		4,491			4,491
Pay	6 Month AUD BBSW	Semi-Annually	1.46	Semi-Annually	06/18/2030	AUD	609,105	–		4,491			4,491
Pay	6 Month AUD BBSW	Semi-Annually	1.50	Semi-Annually	06/18/2030	AUD	527,085	–		4,669			4,669
Pay	6 Month AUD BBSW	Semi-Annually	1.50	Semi-Annually	06/18/2030	AUD	527,085	–		4,669			4,669
Pay	6 Month EUR LIBOR	Semi-Annually	0.24	Yearly	06/17/2025	EUR	346,000	–		4,770			4,770
Pay	6 Month AUD BBSW	Semi-Annually	1.48	Semi-Annually	06/18/2030	AUD	612,016	–		4,969			4,969
Receive	6 Month AUD BBSW	Semi-Annually	(1.16)	Semi-Annually	09/17/2030	AUD	1,676,000	–		7,389			7,389
Pay	6 Month EUR LIBOR	Semi-Annually	1.02	Yearly	06/20/2040	EUR	50,000	–		12,316			12,316
Pay	6 Month EUR LIBOR	Semi-Annually	0.29	Yearly	09/19/2040	EUR	2,189,000	–		12,685			12,685
Receive	6 Month EUR LIBOR	Semi-Annually	(0.19)	Yearly	06/19/2040	EUR	4,820,350	–		28,825			28,825
Subtotal - Appreciation								–		172,319			172,319
Interest Rate Risk
Receive	6 Month EUR LIBOR	Semi-Annually	(0.31)	Yearly	09/18/2024	EUR	6,031,000	–		(56,955	)		(56,955	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.13)	Yearly	06/17/2025	EUR	780,000	–		(15,588	)		(15,588	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.20)	Yearly	09/19/2050	EUR	122,000	–		(5,472	)		(5,472	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.18)	Yearly	09/19/2050	EUR	122,000	–		(5,057	)		(5,057	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.37)	Yearly	09/19/2040	EUR	322,428	–		(4,943	)		(4,943	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.21)	Yearly	09/19/2050	EUR	122,000	–		(4,845	)		(4,845	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.20)	Yearly	09/19/2050	EUR	122,000	–		(4,801	)		(4,801	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.36)	Yearly	09/19/2040	EUR	322,429	–		(4,650	)		(4,650	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.20)	Yearly	09/19/2050	EUR	122,000	–		(4,646	)		(4,646	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.19)	Yearly	09/19/2050	EUR	122,000	–		(4,590	)		(4,590	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.19)	Yearly	09/19/2050	EUR	122,000	–		(4,424	)		(4,424	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.18)	Yearly	09/19/2050	EUR	122,000	–		(4,380	)		(4,380	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.18)	Yearly	09/19/2050	EUR	122,000	–		(4,291	)		(4,291	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.35)	Yearly	09/19/2040	EUR	322,428	–		(4,261	)		(4,261	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.34)	Yearly	09/19/2040	EUR	322,429	–		(4,068	)		(4,068	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.34)	Yearly	09/19/2040	EUR	322,428	–		(4,009	)		(4,009	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.34)	Yearly	09/19/2040	EUR	322,429	–		(3,970	)		(3,970	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.51	Semi-Annually	12/19/2050	JPY	31,905,974	–		(3,852	)		(3,852	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.16)	Yearly	09/19/2050	EUR	122,000	–		(3,826	)		(3,826	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.40)	Yearly	12/18/2024	EUR	755,000	–		(3,818	)		(3,818	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.33)	Yearly	09/19/2040	EUR	322,429	–		(3,659	)		(3,659	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.50	Semi-Annually	12/19/2050	JPY	26,423,026	–		(3,350	)		(3,350	)
Receive	6 Month AUD BBSW	Semi-Annually	(1.40)	Semi-Annually	06/18/2030	AUD	602,000	–		(3,167	)		(3,167	)
Pay	6 Month AUD BBSW	Semi-Annually	1.14	Semi-Annually	06/18/2030	AUD	609,104	–		(2,232	)		(2,232	)
Pay	6 Month AUD BBSW	Semi-Annually	1.16	Semi-Annually	06/18/2030	AUD	609,104	–		(1,638	)		(1,638	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.43)	Yearly	12/16/2025	EUR	514,000	–		(1,605	)		(1,605	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.02)	Yearly	12/19/2050	EUR	178,080	–		(1,481	)		(1,481	)
Receive	6 Month AUD BBSW	Semi-Annually	(1.31)	Semi-Annually	06/18/2030	AUD	661,000	–		(1,457	)		(1,457	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.04)	Yearly	12/19/2050	EUR	122,960	–		(1,425	)		(1,425	)
Pay	6 Month EUR LIBOR	Semi-Annually	0.21	Yearly	09/19/2040	EUR	365,000	–		(1,322	)		(1,322	)
Pay	6 Month AUD BBSW	Semi-Annually	1.18	Semi-Annually	06/18/2030	AUD	609,104	–		(1,250	)		(1,250	)
Pay	6 Month AUD BBSW	Semi-Annually	1.18	Semi-Annually	06/18/2030	AUD	609,105	–		(1,250	)		(1,250	)

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

24 Invesco Global Targeted Returns Fund


Open Centrally Cleared Interest Rate Swap Agreements—(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate	Payment Frequency	Maturity Date	Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.02)%	Yearly	12/19/2050	EUR	122,960	$–	$	(978	)	$	(978	)
Pay	6 Month AUD BBSW	Semi-Annually	1.20	Semi-Annually	06/18/2030	AUD	609,105	–		(939	)		(939	)
Pay	6 Month AUD BBSW	Semi-Annually	1.20	Semi-Annually	06/18/2030	AUD	609,105	–		(836	)		(836	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.56	Semi-Annually	09/20/2050	JPY	16,115,600	–		(803	)		(803	)
Receive	6 Month EUR LIBOR	Semi-Annually	(0.47)	Yearly	09/18/2024	EUR	384,000	–		(772	)		(772	)
Receive	6 Month AUD BBSW	Semi-Annually	(1.33)	Semi-Annually	09/17/2030	AUD	553,346	–		(619	)		(619	)
Receive	6 Month AUD BBSW	Semi-Annually	(1.32)	Semi-Annually	09/17/2030	AUD	558,654	–		(615	)		(615	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.58	Semi-Annually	09/20/2050	JPY	16,115,600	–		(433	)		(433	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.58	Semi-Annually	09/20/2050	JPY	16,115,600	–		(411	)		(411	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.58	Semi-Annually	09/20/2050	JPY	16,115,600	–		(390	)		(390	)
Pay	6 Month EUR LIBOR	Semi-Annually	0.21	Yearly	12/18/2040	EUR	125,000	–		(381	)		(381	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.58	Semi-Annually	09/20/2050	JPY	16,115,600	–		(368	)		(368	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.58	Semi-Annually	09/20/2050	JPY	16,115,600	–		(335	)		(335	)
Pay	6 Month JPY LIBOR	Semi-Annually	0.58	Semi-Annually	09/20/2050	JPY	16,115,600	–		(335	)		(335	)
Pay	6 Month AUD BBSW	Semi-Annually	1.24	Semi-Annually	06/18/2030	AUD	609,104	–		(112	)		(112	)
Pay	6 Month EUR LIBOR	Semi-Annually	0.04	Yearly	12/19/2050	EUR	53,000	–		(86	)		(86	)
Pay	6 Month EUR LIBOR	Semi-Annually	0.24	Yearly	09/19/2040	EUR	408,000	–		(11	)		(11	)
Subtotal — Depreciation								–		(184,706	)		(184,706	)
Total Centrally Cleared Interest Rate Swap Agreements								$–	$	(12,387	)	$	(12,387	)

Open Centrally Cleared Inflation Rate Swap Agreements

Pay/
Receive

Floating Rate Index

Payment
Frequency

Fixed
Rate

Payment
Frequency

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Pay

United Kingdom RPI

At Maturity

3.63%

At Maturity

01/15/2027

GBP

885,159

$–

70,061

Pay

United Kingdom RPI

At Maturity

3.53

At Maturity

12/15/2029

GBP

2,000,000

–

62,766

Pay

United Kingdom RPI

At Maturity

3.64

At Maturity

01/15/2027

GBP

644,420

–

51,236

Pay

United Kingdom RPI

At Maturity

3.63

At Maturity

01/15/2027

GBP

644,421

–

50,662

Pay

United Kingdom RPI

At Maturity

3.41

At Maturity

05/15/2027

GBP

1,022,000

–

45,678

Pay

United Kingdom RPI

At Maturity

3.25

At Maturity

07/15/2025

GBP

681,299

–

37,018

Pay

United Kingdom RPI

At Maturity

3.76

At Maturity

09/15/2029

GBP

71,000

–

5,760

Pay

United Kingdom RPI

At Maturity

3.76

At Maturity

09/15/2029

GBP

71,000

–

5,760

Pay

United Kingdom RPI

At Maturity

3.75

At Maturity

09/15/2029

GBP

71,000

–

5,678

Pay

United Kingdom RPI

At Maturity

3.39

At Maturity

02/15/2028

GBP

499,000

–

5,614

Pay

United Kingdom RPI

At Maturity

3.73

At Maturity

09/15/2029

GBP

71,000

–

5,476

Pay

United Kingdom RPI

At Maturity

3.73

At Maturity

09/15/2029

GBP

71,000

–

5,419

Pay

United Kingdom RPI

At Maturity

3.73

At Maturity

09/15/2029

GBP

71,000

–

5,381

Pay

United Kingdom RPI

At Maturity

3.73

At Maturity

09/15/2029

GBP

71,000

–

5,356

Pay

United Kingdom RPI

At Maturity

3.71

At Maturity

09/15/2029

GBP

71,000

–

5,205

Pay

United Kingdom RPI

At Maturity

3.71

At Maturity

09/15/2029

GBP

71,000

–

5,192

Pay

United Kingdom RPI

At Maturity

3.53

At Maturity

09/15/2027

GBP

337,899

–

4,134

Pay

United Kingdom RPI

At Maturity

3.52

At Maturity

09/15/2027

GBP

337,899

–

3,890

Pay

United Kingdom RPI

At Maturity

3.51

At Maturity

09/15/2027

GBP

337,899

–

3,665

Pay

United Kingdom RPI

At Maturity

3.51

At Maturity

09/15/2027

GBP

337,899

–

3,665

Pay

United Kingdom RPI

At Maturity

3.49

At Maturity

09/15/2027

GBP

383,598

–

3,310

Pay

United Kingdom RPI

At Maturity

3.51

At Maturity

09/15/2027

GBP

168,903

–

1,739

Pay

United Kingdom RPI

At Maturity

3.51

At Maturity

09/15/2027

GBP

168,903

–

1,701

Pay

Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA

At Maturity

1.33

At Maturity

10/15/2050

EUR

218,560

–

1,234

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

25 Invesco Global Targeted Returns Fund


Open Centrally Cleared Inflation Rate Swap Agreements—(continued)
Pay/ Receive	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency	Maturity Date	Notional Value		Upfront Payments Paid (Received)	Value		Unrealized Appreciation (Depreciation)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.34	%	At Maturity	09/15/2050	EUR	95,620	$–	$	1,081		$ 1,081
Pay	United States CPI Urban Consumers NSA	At Maturity		1.89		At Maturity	09/04/2025	USD	493,784	–		445		445
Pay	United States CPI Urban Consumers NSA	At Maturity		1.89		At Maturity	09/03/2025	USD	492,175	–		370		370
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.33		At Maturity	09/15/2050	EUR	95,620	–		305		305
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.32		At Maturity	10/15/2050	EUR	191,240	–		284		284
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.32		At Maturity	09/15/2050	EUR	95,620	–		191		191
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.32		At Maturity	09/15/2050	EUR	95,620	–		176		176
Receive	United Kingdom RPI	At Maturity		(3.30	)	At Maturity	06/15/2028	GBP	462,000	–		7,425		7,425
Receive	United Kingdom RPI	At Maturity		(3.41	)	At Maturity	08/15/2027	GBP	774,000	–		5,992		5,992
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.85	)	At Maturity	09/24/2030	USD	346,750	–		5,559		5,559
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.87	)	At Maturity	09/24/2030	USD	346,750	–		5,079		5,079
Receive	United Kingdom RPI	At Maturity		(3.43	)	At Maturity	07/15/2028	GBP	584,000	–		5,066		5,066
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.88	)	At Maturity	09/23/2030	USD	346,750	–		4,747		4,747
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.88	)	At Maturity	09/23/2030	USD	346,750	–		4,555		4,555
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.92	)	At Maturity	09/08/2030	USD	232,269	–		2,485		2,485
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.93	)	At Maturity	09/10/2030	USD	232,268	–		2,179		2,179
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.93	)	At Maturity	09/10/2030	USD	232,269	–		2,115		2,115
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.94	)	At Maturity	09/08/2030	USD	232,269	–		1,955		1,955
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.94	)	At Maturity	09/10/2030	USD	232,269	–		1,953		1,953
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.94	)	At Maturity	09/10/2030	USD	232,269	–		1,953		1,953
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.96	)	At Maturity	09/08/2030	USD	232,269	–		1,611		1,611
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.96	)	At Maturity	09/08/2030	USD	232,269	–		1,527		1,527
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.96	)	At Maturity	09/08/2030	USD	232,269	–		1,449		1,449
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.96	)	At Maturity	09/11/2030	USD	232,268	–		1,335		1,335
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.99	)	At Maturity	09/14/2030	USD	425,611	–		1,220		1,220
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.98	)	At Maturity	09/04/2030	USD	232,269	–		1,059		1,059
Receive	United States CPI Urban Consumers NSA	At Maturity		(1.98	)	At Maturity	09/11/2030	USD	232,269	–		1,010		1,010
Receive	United Kingdom RPI	At Maturity		(3.41	)	At Maturity	06/15/2028	GBP	499,000	–		962		962
Receive	United States CPI Urban Consumers NSA	At Maturity		(2.00	)	At Maturity	09/14/2030	USD	232,269	–		308		308
Receive	United States CPI Urban Consumers NSA	At Maturity		(2.02	)	At Maturity	09/03/2030	USD	231,625	–		207		207
Subtotal – Appreciation										–		460,203		460,203
Interest Rate Risk
Pay	United States CPI Urban Consumers NSA	At Maturity		1.83		At Maturity	09/14/2025	USD	493,783	–		(410)		(410	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.85		At Maturity	09/04/2025	USD	493,784	–		(607)		(607	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.31		At Maturity	10/15/2050	EUR	95,620	–		(644)		(644	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.31		At Maturity	10/15/2050	EUR	191,240	–		(722)		(722	)
Pay	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity		1.31		At Maturity	10/15/2050	EUR	286,860	–		(824)		(824	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.81		At Maturity	09/11/2025	USD	493,784	–		(1,140)		(1,140	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.81		At Maturity	09/08/2025	USD	493,784	–		(1,362)		(1,362	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.80		At Maturity	09/11/2025	USD	493,783	–		(1,403)		(1,403	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.81		At Maturity	09/08/2025	USD	493,784	–		(1,493)		(1,493	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.80		At Maturity	09/08/2025	USD	493,784	–		(1,572)		(1,572	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.78		At Maturity	09/10/2025	USD	493,784	–		(2,034)		(2,034	)
Pay	United States CPI Urban Consumers NSA	At Maturity		1.78		At Maturity	09/08/2025	USD	493,784	–		(2,071)		(2,071	)

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

26 Invesco Global Targeted Returns Fund


Open Centrally Cleared Inflation Rate Swap Agreements—(continued)
Pay/ Receive	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date	Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.78%	At Maturity	09/10/2025	USD	493,783	$–	$	(2,132	)	$	(2,132	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.80	At Maturity	09/14/2025	USD	896,853	–		(2,175	)		(2,175	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.77	At Maturity	09/10/2025	USD	493,784	–		(2,198	)		(2,198	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.77	At Maturity	09/10/2025	USD	493,783	–		(2,263	)		(2,263	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.78	At Maturity	09/08/2025	USD	493,784	–		(2,280	)		(2,280	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.73	At Maturity	09/23/2025	USD	744,382	–		(3,546	)		(3,546	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.72	At Maturity	09/23/2025	USD	744,382	–		(4,137	)		(4,137	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.70	At Maturity	09/24/2025	USD	744,383	–		(4,568	)		(4,568	)
Pay	United States CPI Urban Consumers NSA	At Maturity	1.68	At Maturity	09/24/2025	USD	743,853	–		(5,302	)		(5,302	)
Pay	United Kingdom RPI	At Maturity	3.11	At Maturity	06/15/2026	GBP	1,196,950	–		(9,418	)		(9,418	)
Pay	United Kingdom RPI	At Maturity	3.15	At Maturity	03/15/2028	GBP	936,000	–		(18,041	)		(18,041	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.03)	At Maturity	09/04/2030	USD	232,269	–		(49	)		(49	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.05)	At Maturity	10/15/2035	EUR	95,480	–		(225	)		(225	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.06)	At Maturity	09/15/2035	EUR	95,480	–		(516	)		(516	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.06)	At Maturity	09/15/2035	EUR	95,480	–		(540	)		(540	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.06)	At Maturity	09/15/2035	EUR	95,480	–		(566	)		(566	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.07)	At Maturity	09/15/2035	EUR	95,480	–		(716	)		(716	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.34)	At Maturity	10/15/2050	EUR	64,000	–		(797	)		(797	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.06)	At Maturity	10/15/2035	EUR	190,960	–		(873	)		(873	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.07)	At Maturity	10/15/2035	EUR	190,960	–		(1,280	)		(1,280	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.06)	At Maturity	10/15/2035	EUR	286,440	–		(1,349	)		(1,349	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	At Maturity	(1.07)	At Maturity	10/15/2035	EUR	218,240	–		(1,715	)		(1,715	)
Receive	United Kingdom RPI	At Maturity	(3.35)	At Maturity	03/15/2028	GBP	1,173,000	–		(8,025	)		(8,025	)
Receive	United Kingdom RPI	At Maturity	(3.47)	At Maturity	12/15/2027	GBP	314,000	–		(8,379	)		(8,379	)
Subtotal – Depreciation								–		(95,372	)		(95,372	)
Total – Centrally Cleared Inflation Swap Agreements								$–	$	364,831		$	364,831

Open Over-The-Counter Variance Swap Agreements^(a)

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike Rate

Payment
Frequency

Maturity
Date

Notional Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

Bank of America, N.A.

Russell 2000 Index

Receive

21.90

At Maturity

12/18/2020

USD

298

$ 2,412

Barclays Bank PLC

Russell 2000 Index

Pay

51.25

At Maturity

12/18/2020

USD

7,661

68,174

Barclays Bank PLC

Russell 2000 Index

Pay

55.15

At Maturity

12/18/2020

USD

3,527

48,699

Barclays Bank PLC

Russell 2000 Index

Receive

23.30

At Maturity

12/18/2020

USD

1,645

40,094

BNP Paribas S.A.

Nikkei 225 Index

Receive

22.85

At Maturity

12/10/2021

JPY

775,992

7,860

BNP Paribas S.A.

Nikkei 225 Index

Receive

23.99

At Maturity

12/10/2021

JPY

148,665

3,825

BNP Paribas S.A.

Nikkei 225 Index

Receive

23.95

At Maturity

12/10/2021

JPY

140,826

3,683

Goldman Sachs International

Russell 2000 Index

Receive

21.75

At Maturity

12/18/2020

USD

1,978

16,425

Goldman Sachs International

Russell 2000 Index

Receive

21.00

At Maturity

12/18/2020

USD

1,539

14,410

Goldman Sachs International

Russell 2000 Index

Receive

21.50

At Maturity

12/18/2020

USD

1,539

13,315

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

Hang Seng China Enterprise Index

Pay

44.50

At Maturity

12/30/2020

HKD

12,605

25,467

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

27 Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements^(a)—(continued)

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike Rate

Payment
Frequency

Maturity
Date

Notional Value

Unrealized
Appreciation
(Depreciation)

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

Hang Seng Index

Pay

42.21%

At Maturity

12/30/2020

HKD

6,528

11,950

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

Hang Seng Index

Receive

20.73

At Maturity

12/30/2020

HKD

43,803

10,389

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

KOSPI 200 Index

Pay

47.00

At Maturity

12/10/2020

KRW

1,805,594

24,008

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

Russell 2000 Index

Pay

48.50

At Maturity

12/18/2020

USD

3,411

12,041

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

Russell 2000 Index

Pay

47.15

At Maturity

12/18/2020

USD

749

7,744

Merrill Lynch International

Russell 2000 Index

Pay

62.50

At Maturity

12/18/2020

USD

8,102

154,753

Merrill Lynch International

Russell 2000 Index

Pay

62.00

At Maturity

12/18/2020

USD

7,045

132,093

Merrill Lynch International

Russell 2000 Index

Receive

20.30

At Maturity

12/18/2020

USD

10,272

490,076

Merrill Lynch International

Russell 2000 Index

Receive

21.50

At Maturity

12/18/2020

USD

923

7,988

Merrill Lynch International

Russell 2000 Index

Receive

21.65

At Maturity

12/18/2020

USD

616

5,202

Societe Generale

Hang Seng China Enterprise Index

Pay

47.50

At Maturity

12/30/2020

HKD

12,605

28,907

Societe Generale

Hang Seng China Enterprise Index

Pay

34.75

At Maturity

12/30/2020

HKD

16,347

20,720

Societe Generale

Hang Seng China Enterprise Index

Pay

33.30

At Maturity

12/30/2020

HKD

16,348

18,415

Societe Generale

Hang Seng China Enterprise Index

Receive

22.20

At Maturity

12/30/2020

HKD

48,844

17,330

Societe Generale

Hang Seng China Enterprise Index

Receive

23.15

At Maturity

12/30/2020

HKD

31,975

3,131

Societe Generale

Hang Seng Index

Pay

45.00

At Maturity

12/30/2020

HKD

6,528

13,761

Societe Generale

Hang Seng Index

Pay

31.80

At Maturity

12/30/2020

HKD

2,362

2,368

Societe Generale

Hang Seng Index

Pay

30.75

At Maturity

12/30/2020

HKD

2,362

2,110

Societe Generale

Hang Seng Index

Receive

22.10

At Maturity

12/30/2020

HKD

12,980

1,841

Societe Generale

KOSPI 200 Index

Pay

50.10

At Maturity

12/10/2020

KRW

1,805,594

27,951

Societe Generale

KOSPI 200 Index

Pay

34.55

At Maturity

12/10/2020

KRW

1,408,141

11,149

Societe Generale

KOSPI 200 Index

Pay

33.75

At Maturity

12/10/2020

KRW

1,408,141

10,348

Societe Generale

KOSPI 200 Index

Receive

17.40

At Maturity

12/10/2020

KRW

4,524,610

51,037

Societe Generale

Nikkei 225 Index

Receive

23.65

At Maturity

12/11/2020

JPY

810,968

28,084

Societe Generale

Nikkei 225 Index

Receive

24.25

At Maturity

12/11/2020

JPY

808,475

22,729

Societe Generale

Nikkei 225 Index

Receive

23.95

At Maturity

12/11/2020

JPY

469,781

14,727

Societe Generale

Nikkei 225 Index

Receive

22.55

At Maturity

12/10/2021

JPY

698,544

25,222

Societe Generale

Nikkei 225 Index

Receive

22.78

At Maturity

12/10/2021

JPY

698,544

23,439

Societe Generale

Nikkei 225 Index

Receive

23.90

At Maturity

12/10/2021

JPY

358,910

9,579

Societe Generale

Nikkei 225 Index

Receive

24.00

At Maturity

12/10/2021

JPY

348,375

8,926

Societe Generale

Nikkei 225 Index

Receive

23.90

At Maturity

12/10/2021

JPY

282,170

7,531

Societe Generale

Russell 2000 Index

Pay

52.00

At Maturity

12/18/2020

USD

6,822

64,916

Societe Generale

Russell 2000 Index

Pay

52.00

At Maturity

12/18/2020

USD

1,705

16,219

Societe Generale

Russell 2000 Index

Pay

43.00

At Maturity

12/18/2020

USD

554

6,534

Societe Generale

Russell 2000 Index

Pay

40.00

At Maturity

12/18/2020

USD

538

5,152

Societe Generale

Russell 2000 Index

Pay

36.50

At Maturity

12/18/2020

USD

277

1,887

Societe Generale

Russell 2000 Index

Receive

21.40

At Maturity

12/18/2020

USD

1,574

52,449

Societe Generale

Russell 2000 Index

Receive

21.40

At Maturity

12/18/2020

USD

1,503

50,331

Societe Generale

Russell 2000 Index

Receive

22.35

At Maturity

12/18/2020

USD

1,575

49,730

Societe Generale

Russell 2000 Index

Receive

23.75

At Maturity

12/18/2020

USD

1,645

38,248

Societe Generale

Russell 2000 Index

Receive

21.40

At Maturity

12/18/2020

USD

2,379

Societe Generale

S&P 500 Index

Pay

32.85

At Maturity

12/17/2021

USD

338

792

Societe Generale

S&P 500 Index

Pay

31.00

At Maturity

12/17/2021

USD

338

171

Societe Generale

S&P 500 Index

Pay

30.50

At Maturity

12/17/2021

USD

686

UBS AG

Hang Seng China Enterprise Index

Pay

31.05

At Maturity

12/30/2020

HKD

28,970

26,483

UBS AG

Hang Seng China Enterprise Index

Pay

39.00

At Maturity

12/30/2020

HKD

12,605

20,463

UBS AG

Hang Seng China Enterprise Index

Receive

23.20

At Maturity

12/30/2020

HKD

23,516

3,932

UBS AG

Hang Seng Index

Pay

29.05

At Maturity

12/30/2020

HKD

22,532

16,404

UBS AG

Hang Seng Index

Pay

37.50

At Maturity

12/30/2020

HKD

6,528

9,817

UBS AG

Hang Seng Index

Receive

20.80

At Maturity

12/30/2020

HKD

14,412

4,205

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

28 Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements^(a)—(continued)

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike Rate

Payment
Frequency

Maturity
Date

Notional Value

Unrealized
Appreciation
(Depreciation)

UBS AG

Hang Seng Index

Receive

22.95%

At Maturity

12/30/2020

HKD

6,311

594

UBS AG

Hang Seng Index

Receive

22.20

At Maturity

12/30/2020

HKD

1,692

502

UBS AG

Hang Seng Index

Receive

21.70

At Maturity

12/30/2020

HKD

23,514

240

UBS AG

Hang Seng Index

Receive

26.49

At Maturity

12/30/2021

HKD

11,389

680

UBS AG

KOSPI 200 Index

Pay

33.05

At Maturity

12/10/2020

KRW

3,573,377

23,230

UBS AG

KOSPI 200 Index

Pay

38.00

At Maturity

12/10/2020

KRW

1,805,594

16,729

UBS AG

KOSPI 200 Index

Receive

17.45

At Maturity

12/10/2020

KRW

7,120,554

71,302

UBS AG

KOSPI 200 Index

Receive

17.90

At Maturity

12/10/2020

KRW

3,687,422

25,820

UBS AG

KOSPI 200 Index

Receive

17.80

At Maturity

12/10/2020

KRW

1,143,155

13,174

UBS AG

Nikkei 225 Index

Receive

24.10

At Maturity

12/11/2020

JPY

806,694

23,979

UBS AG

Nikkei 225 Index

Receive

23.95

At Maturity

12/11/2020

JPY

469,782

14,727

UBS AG

Nikkei 225 Index

Receive

24.00

At Maturity

12/11/2020

JPY

422,672

13,021

UBS AG

Nikkei 225 Index

Receive

24.00

At Maturity

12/11/2020

JPY

148,989

4,590

UBS AG

Nikkei 225 Index

Receive

22.95

At Maturity

12/10/2021

JPY

772,176

24,468

UBS AG

Nikkei 225 Index

Receive

23.00

At Maturity

12/10/2021

JPY

775,993

24,164

UBS AG

Nikkei 225 Index

Receive

23.08

At Maturity

12/10/2021

JPY

696,295

21,076

UBS AG

Nikkei 225 Index

Receive

24.00

At Maturity

12/10/2021

JPY

229,328

5,876

Subtotal – Appreciation

2,104,260

Equity Risk

Bank of America, N.A.

S&P 500 Index

Pay

19.40

At Maturity

12/18/2020

USD

298

(1,888

)

Barclays Bank PLC

S&P 500 Index

Pay

20.80

At Maturity

12/18/2020

USD

1,645

(27,881

)

Barclays Bank PLC

S&P 500 Index

Receive

48.00

At Maturity

12/18/2020

USD

7,661

(102,615

)

Barclays Bank PLC

S&P 500 Index

Receive

52.00

At Maturity

12/18/2020

USD

3,527

(59,577

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

20.40

At Maturity

12/11/2020

JPY

743,741

(54,787

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

22.94

At Maturity

12/11/2020

JPY

205,944

(8,771

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

23.21

At Maturity

12/11/2020

JPY

269,435

(10,651

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

21.06

At Maturity

12/10/2021

JPY

536,229

(28,638

)

Goldman Sachs International

Russell 2000 Index

Receive

33.00

At Maturity

12/17/2021

USD

1,282

(1,316

)

Goldman Sachs International

Russell 2000 Index

Receive

33.56

At Maturity

12/17/2021

USD

333

(424

)

Goldman Sachs International

S&P 500 Index

Pay

18.50

At Maturity

12/18/2020

USD

1,539

(11,643

)

Goldman Sachs International

S&P 500 Index

Pay

19.00

At Maturity

12/18/2020

USD

1,539

(10,579

)

Goldman Sachs International

S&P 500 Index

Pay

19.25

At Maturity

12/18/2020

USD

1,978

(12,929

)

Goldman Sachs International

S&P 500 Index

Pay

29.20

At Maturity

12/17/2021

USD

1,282

(1,877

)

Goldman Sachs International

S&P 500 Index

Pay

29.86

At Maturity

12/17/2021

USD

338

(171

)

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

Hang Seng China Enterprise Index

Pay

25.81

At Maturity

12/30/2021

HKD

10,597

(2,099

)

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

Hang Seng China Enterprise Index

Receive

27.74

At Maturity

12/30/2021

HKD

11,389

(635

)

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

Hang Seng Index

Pay

25.36

At Maturity

12/30/2021

HKD

10,903

(2,303

)

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

S&P 500 Index

Receive

42.15

At Maturity

12/18/2020

USD

749

(9,302

)

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

S&P 500 Index

Receive

43.50

At Maturity

12/18/2020

USD

3,411

(26,226

)

Merrill Lynch International

Russell 2000 Index

Receive

32.25

At Maturity

12/17/2021

USD

1,282

(375

)

Merrill Lynch International

Russell 2000 Index

Receive

32.90

At Maturity

12/17/2021

USD

1,282

(1,192

)

Merrill Lynch International

Russell 2000 Index

Receive

33.25

At Maturity

12/17/2021

USD

1,282

(1,626

)

Merrill Lynch International

S&P 500 Index

Pay

17.70

At Maturity

12/18/2020

USD

10,272

(371,261

)

Merrill Lynch International

S&P 500 Index

Pay

19.00

At Maturity

12/18/2020

USD

923

(6,345

)

Merrill Lynch International

S&P 500 Index

Pay

19.25

At Maturity

12/18/2020

USD

616

(4,026

)

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/17/2021

USD

1,282

(2,147

)

Merrill Lynch International

S&P 500 Index

Pay

29.25

At Maturity

12/17/2021

USD

1,282

(1,810

)

Merrill Lynch International

S&P 500 Index

Pay

29.50

At Maturity

12/17/2021

USD

1,282

(1,476

)

Merrill Lynch International

S&P 500 Index

Receive

58.50

At Maturity

12/18/2020

USD

7,045

(149,025

)

Merrill Lynch International

S&P 500 Index

Receive

59.50

At Maturity

12/18/2020

USD

8,102

(176,536

)

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

29 Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements^(a)—(continued)

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike
Rate

Payment
Frequency

Maturity
Date

Notional Value

Unrealized
Appreciation
(Depreciation)

Societe Generale

KOSPI 200 Index

Pay

23.26

At Maturity

12/09/2021

KRW

1,604,304

(2,204

)

Societe Generale

KOSPI 200 Index

Receive

30.70

At Maturity

12/10/2020

KRW

182,373

(1,008

)

Societe Generale

KOSPI 200 Index

Receive

25.25

At Maturity

12/09/2021

KRW

1,741,559

(707

)

Societe Generale

Nikkei 225 Index

Pay

20.48

At Maturity

12/11/2020

JPY

740,287

(53,755

)

Societe Generale

Nikkei 225 Index

Pay

21.26

At Maturity

12/10/2021

JPY

536,231

(27,348

)

Societe Generale

Nikkei 225 Index

Pay

21.40

At Maturity

12/10/2021

JPY

642,232

(35,385

)

Societe Generale

Nikkei 225 Index

Pay

21.51

At Maturity

12/10/2021

JPY

536,231

(25,757

)

Societe Generale

Nikkei 225 Index

Pay

21.71

At Maturity

12/10/2021

JPY

536,231

(24,499

)

Societe Generale

Russell 2000 Index

Receive

33.60

At Maturity

12/17/2021

USD

588

(618

)

Societe Generale

Russell 2000 Index

Receive

34.25

At Maturity

12/17/2021

USD

586

(1,106

)

Societe Generale

Russell 2000 Index

Receive

35.35

At Maturity

12/17/2021

USD

333

(996

)

Societe Generale

Russell 2000 Index

Receive

37.25

At Maturity

12/17/2021

USD

333

(1,566

)

Societe Generale

S&P 500 Index

Pay

18.90

At Maturity

12/18/2020

USD

(1,718

)

Societe Generale

S&P 500 Index

Pay

18.90

At Maturity

12/18/2020

USD

1,505

(36,959

)

Societe Generale

S&P 500 Index

Pay

18.90

At Maturity

12/18/2020

USD

1,575

(38,493

)

Societe Generale

S&P 500 Index

Pay

19.85

At Maturity

12/18/2020

USD

1,575

(35,897

)

Societe Generale

S&P 500 Index

Pay

21.25

At Maturity

12/18/2020

USD

1,645

(26,345

)

Societe Generale

S&P 500 Index

Pay

30.60

At Maturity

12/17/2021

USD

569

(169

)

Societe Generale

S&P 500 Index

Receive

30.50

At Maturity

12/18/2020

USD

(253

)

Societe Generale

S&P 500 Index

Receive

30.50

At Maturity

12/18/2020

USD

227

(1,146

)

Societe Generale

S&P 500 Index

Receive

34.00

At Maturity

12/18/2020

USD

538

(4,222

)

Societe Generale

S&P 500 Index

Receive

34.00

At Maturity

12/18/2020

USD

770

(6,041

)

Societe Generale

S&P 500 Index

Receive

36.50

At Maturity

12/18/2020

USD

554

(5,388

)

Societe Generale

S&P 500 Index

Receive

47.00

At Maturity

12/18/2020

USD

1,705

(21,603

)

Societe Generale

S&P 500 Index

Receive

48.00

At Maturity

12/18/2020

USD

6,822

(91,376

)

UBS AG

Hang Seng China Enterprise Index

Pay

22.50

At Maturity

12/30/2020

HKD

3,495

(1,347

)

UBS AG

Hang Seng China Enterprise Index

Pay

23.41

At Maturity

12/30/2020

HKD

7,283

(3,945

)

UBS AG

Hang Seng China Enterprise Index

Receive

24.45

At Maturity

12/30/2020

HKD

56,839

(15,718

)

UBS AG

Hang Seng Index

Pay

22.61

At Maturity

12/30/2020

HKD

7,749

(3,028

)

UBS AG

Hang Seng Index

Receive

26.75

At Maturity

12/30/2020

HKD

156

(80

)

UBS AG

KOSPI 200 Index

Pay

17.60

At Maturity

12/10/2020

KRW

315,683

(4,311

)

UBS AG

KOSPI 200 Index

Pay

22.01

At Maturity

12/10/2020

KRW

967,823

(5,329

)

UBS AG

KOSPI 200 Index

Receive

27.50

At Maturity

12/10/2020

KRW

98,077

(326

)

UBS AG

Nikkei 225 Index

Pay

20.20

At Maturity

12/11/2020

JPY

743,740

(56,756

)

UBS AG

Nikkei 225 Index

Pay

20.60

At Maturity

12/11/2020

JPY

737,905

(52,426

)

UBS AG

Nikkei 225 Index

Pay

21.28

At Maturity

12/10/2021

JPY

536,230

(27,220

)

UBS AG

Nikkei 225 Index

Pay

21.75

At Maturity

12/10/2021

JPY

709,930

(36,130

)

UBS AG

Nikkei 225 Index

Pay

22.05

At Maturity

12/10/2021

JPY

1,072,461

(44,784

)

Subtotal — Depreciation

(1,786,090

)

Total — Variance Swap Agreements

318,170

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

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

30 Invesco Global Targeted Returns Fund

Open Over-The-Counter Volatility Swap Agreements^(a)

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike Rate

Payment
Frequency

Maturity
Date

Notional Value

Unrealized
Appreciation
(Depreciation)

Currency Risk

Barclays Bank PLC

EUR/USD

Receive

6.45%

At Maturity

12/14/2022

EUR

7,698

$ 11,855

BNP Paribas S.A.

EUR/USD

Pay

7.63

At Maturity

12/14/2022

EUR

4,334

269

BNP Paribas S.A.

EUR/USD

Receive

6.75

At Maturity

12/14/2022

EUR

7,965

9,549

BNP Paribas S.A.

USD/JPY

Receive

7.25

At Maturity

01/23/2023

USD

6,316

5,439

BNP Paribas S.A.

USD/JPY

Receive

7.33

At Maturity

01/23/2023

USD

12,985

10,848

BNP Paribas S.A.

USD/JPY

Receive

7.40

At Maturity

01/23/2023

USD

6,316

4,694

Goldman Sachs International

EUR/USD

Receive

7.19

At Maturity

06/10/2021

EUR

4,994

264

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

EUR/USD

Receive

5.98

At Maturity

12/14/2022

EUR

3,746

8,482

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

EUR/USD

Receive

6.31

At Maturity

12/14/2022

EUR

8,559

16,227

Morgan Stanley and Co. International PLC

EUR/USD

Pay

9.40

At Maturity

12/14/2022

EUR

4,645

9,937

Morgan Stanley and Co. International PLC

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

4,280

7,258

Morgan Stanley and Co. International PLC

EUR/USD

Receive

7.00

At Maturity

12/14/2022

EUR

23,893

21,941

Morgan Stanley and Co. International PLC

USD/JPY

Pay

7.60

At Maturity

01/23/2023

USD

2,808

Societe Generale

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

8,340

12,381

Societe Generale

EUR/USD

Receive

6.80

At Maturity

12/14/2022

EUR

4,673

5,372

Subtotal — Appreciation

124,552

Currency Risk

BNP Paribas S.A.

EUR/USD

Pay

6.70

At Maturity

12/14/2022

EUR

2,778

(3,596

)

BNP Paribas S.A.

USD/JPY

Receive

7.98

At Maturity

06/10/2021

USD

6,404

(6,293

)

BNP Paribas S.A.

USD/JPY

Receive

8.08

At Maturity

06/10/2021

USD

6,404

(7,012

)

BNP Paribas S.A.

USD/JPY

Receive

8.05

At Maturity

07/07/2021

USD

7,643

(8,217

)

Goldman Sachs International

EUR/USD

Receive

7.74

At Maturity

06/10/2021

EUR

4,994

(3,312

)

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

USD/JPY

Receive

8.74

At Maturity

01/23/2023

USD

3,734

(4,749

)

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

USD/JPY

Receive

8.93

At Maturity

01/23/2023

USD

3,734

(5,425

)

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

USD/JPY

Receive

9.00

At Maturity

01/23/2023

USD

3,734

(5,473

)

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

USD/JPY

Receive

9.10

At Maturity

01/23/2023

USD

3,734

(5,929

)

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

USD/JPY

Receive

9.14

At Maturity

01/23/2023

USD

3,734

(6,102

)

Morgan Stanley and Co. International PLC

USD/JPY

Receive

8.00

At Maturity

01/23/2023

USD

3,160

(1,430

)

Subtotal — Depreciation

(57,538

)

Total — Volatility Swap Agreements

$ 67,014

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

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

31 Invesco Global Targeted Returns 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
BNP Paribas S.A.	Receive		BNP Paribas DR Alpha BNP Paribas DR Alpha Index		0.15	%		Monthly		9,955		June–2021	$	2,710,850		$–	$	12,747		$	12,747
BNP Paribas S.A.	Receive		BNP Paribas DR Alpha BNP Paribas DR Alpha Index		0.15			Monthly		2,427		June–2021		660,897		–		3,108			3,108
BNP Paribas S.A.	Receive		BNP Paribas DR Alpha BNP Paribas DR Alpha Index		0.15			Monthly		2,427		June–2021		660,897		–		3,108			3,108
BNP Paribas S.A.	Receive		BNP Paribas DR Alpha BNP Paribas DR Alpha Index		0.15			Monthly		2,286		June–2021		622,502		–		2,927			2,927
BNP Paribas S.A.	Receive		BNP Paribas DR Alpha BNP Paribas DR Alpha Index		0.15			Monthly		2,285		June–2021		622,229		–		2,926			2,926
Macquarie Bank Ltd.	Pay		Macquarie MQCP641E Index		0.12			Monthly		16,086		February–2021		2,897,249		–		120,830			120,830
Macquarie Bank Ltd.	Pay		Macquarie MQCP641E Index		0.12			Monthly		2,182		February–2021		393,000		–		16,390			16,390
Macquarie Bank Ltd.	Pay		Macquarie MQCP641E Index		0.12			Monthly		1,112		February–2021		200,282		–		8,353			8,353
Subtotal																–		170,389			170,389
Equity Risk
Morgan Stanley and Co. International PLC	Pay		SGX Nifty 50 Index		–			Monthly		42		November–2020		499,098		–		10,428			10,428
Subtotal – Appreciation																–		180,817			180,817
Commodity Risk
BNP Paribas S.A.	Pay		BNP Paribas DR Alpha BNP Paribas DR Alpha Index		0.15			Monthly		1,587		June–2021		432,157		–		(2,032	)		(2,032	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		398		February–2021		71,684		–		(2,990	)		(2,990	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		706		February–2021		127,158		–		(5,303	)		(5,303	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		808		February–2021		145,529		–		(6,069	)		(6,069	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		873		February–2021		157,236		–		(6,558	)		(6,558	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		956		February–2021		172,185		–		(7,181	)		(7,181	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		1,079		February–2021		194,339		–		(8,105	)		(8,105	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		1,242		February–2021		223,697		–		(9,329	)		(9,329	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		3,575		February–2021		643,893		–		(26,854	)		(26,854	)
Macquarie Bank Ltd.	Receive		Macquarie MQCP641E Index		0.12			Monthly		3,576		February–2021		644,073		–		(26,861	)		(26,861	)
Subtotal –Depreciation																–		(101,282	)		(101,282	)
Total –Total Return Swap Agreements																$–	$	79,535		$	79,535

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

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

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

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

Counterparty

Pay/

Receive

Reference Entity

Floating Rate

Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid

(Received)

Value

Unrealized
Appreciation

(Depreciation)

Equity Risk

Goldman Sachs International

Pay

STOXX Europe
600 Insurance
Gross Return
Index

3 Month EURIBOR
+ 0.450%

Quarterly

2,390

August–2021

341,343

$–

48,291

Merrill Lynch International

Pay

STOXX Europe
600 Insurance
Gross Return
Index

3 Month EURIBOR
+ 0.450%

Quarterly

2,409

August–2021

344,067

–

48,677

Morgan Stanley and Co. International PLC

Pay

Consumer
Discretionary
Select Sector
Total Return
Index

1 Month USD
LIBOR +0.150%

Quarterly

195

June–2021

926,344

–

48,955

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

32 Invesco Global Targeted Returns Fund


			Open Over-The-Counter Total Return Swap Agreements^(a)(b)—(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index	Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Morgan Stanley and Co. International PLC		Pay	Consumer Discretionary Select Sector Total Return Index	1 Month USD LIBOR +0.150%		Quarterly		30		June–2021	$	144,071	$–	$	7,625		$	7,625
Societe Generale		Receive	SG Strong Balance Sheet 250 Index	3 Month USD LIBOR +0.260%		Quarterly		504		October–2021		515,381	–		4,082			4,082
Societe Generale		Receive	SG Strong Balance Sheet 250 Index	3 Month USD LIBOR +0.260%		Quarterly		497		October–2021		510,256	–		1,992			1,992
UBS AG		Pay	S&P Homebuilders Select Industry Total Return Index	3 Month USD LIBOR +0.270%		Quarterly		55		October–2021		359,305	–		5,424			5,424
UBS AG		Pay	S&P Homebuilders Select Industry Total Return Index	3 Month USD LIBOR +0.270%		Quarterly		25		October–2021		163,194	–		2,339			2,339
UBS AG		Pay	STOXX Europe 600 Industrial Goods & Services Gross Return Index	3 Month EURIBOR - 0.010%		Quarterly		2,789		July–2021		934,601	–		62,462			62,462
UBS AG		Pay	STOXX Europe 600 Insurance Gross Return Index	3 Month EURIBOR + 0.450%		Quarterly		1,801		August–2021		257,233	–		36,392			36,392
UBS AG		Pay	Thomson Reuters CRB Precious Metals Equity Total Return Index	3 Month USD LIBOR - 0.600%		Quarterly		46		September–2021		220,979	–		4,458			4,458
Subtotal — Appreciation													–		270,697			270,697
Equity Risk
Societe Generale		Receive	SG Strong Balance Sheet 250 Index	3 Month USD LIBOR +0.260%		Quarterly		152		October–2021		156,327	–		(138	)		(138	)
Societe Generale		Receive	SG Strong Balance Sheet 250 Index	3 Month USD LIBOR +0.260%		Quarterly		345		October–2021		356,362	–		(303	)		(303	)
Societe Generale		Receive	SG Strong Balance Sheet 250 Index	3 Month USD LIBOR +0.260%		Quarterly		501		October–2021		517,822	–		(1,451	)		(1,451	)
Societe Generale		Receive	SG Strong Balance Sheet 250 Index	3 Month USD LIBOR +0.260%		Quarterly		233		October–2021		253,248	–		(13,100	)		(13,100	)
Societe Generale		Receive	SG Strong Balance Sheet 250 Index	3 Month USD LIBOR +0.260%		Quarterly		226		October–2021		248,636	–		(15,702	)		(15,702	)
UBS AG		Pay	S&P Homebuilders Select Industry Total Return Index	3 Month USD LIBOR +0.270%		Quarterly		53		October–2021		340,752	–		(324	)		(324	)
UBS AG		Receive	S&P Homebuilders Select Industry Total Return Index	3 Month USD LIBOR +0.270%		Quarterly		186		October–2021		1,309,625	–		(71,938	)		(71,938	)
Subtotal — Depreciation													–		(102,956	)		(102,956	)
Total — Total Return Swap Agreements													$–	$	167,741		$	167,741

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $915,000.

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

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

33 Invesco Global Targeted Returns Fund


Reference Entity Components
Reference Entity	Underlying Components	Percentage
Macquarie MQCP641E Index


Long Futures Contracts

Aluminum			13.76%

Heating Oil			8.57

High Grade Copper			19.16

Natural Gas			19.02

Nickel			6.75

Unleaded Gasoline			8.73

WTI Crude			16.18

Zinc			7.83

Total			100.00%

Short Futures Contracts

Aluminum			(13.76)%

Heating Oil			(8.57)

High Grade Copper			(19.16)

Natural Gas			(19.02)

Nickel			(6.75)

Unleaded Gasoline			(8.73)

WTI Crude			(16.18)

Zinc			(7.83)

Total			(100.00)%


Open Forward Foreign Currency Contracts
Settlement		Contract to					Unrealized Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
Currency Risk
11/12/2020	Barclays Bank PLC	BRL	596,464		USD	109,697	$ 5,785
11/12/2020	Barclays Bank PLC	CLP	1,002,986,900		USD	1,302,496	5,602
11/12/2020	Barclays Bank PLC	EUR	592,528		JPY	74,295,800	19,480
11/12/2020	Barclays Bank PLC	USD	66,031		CLP	51,613,413	706
12/11/2020	Barclays Bank PLC	EUR	524,656		JPY	66,110,500	20,182
12/11/2020	Barclays Bank PLC	USD	169,549		MXN	3,691,167	3,746
01/12/2021	Barclays Bank PLC	PLN	623,809		EUR	136,268	1,370
01/12/2021	Barclays Bank PLC	USD	572,180		MXN	12,442,999	9,946
11/12/2020	BNP Paribas S.A.	CAD	1,137,892		USD	858,340	4,226
11/12/2020	BNP Paribas S.A.	EUR	236,238		JPY	29,050,633	2,314
11/12/2020	BNP Paribas S.A.	PLN	1,994,109		EUR	434,691	2,609
11/12/2020	BNP Paribas S.A.	USD	1,666,413		MXN	37,969,225	122,057
12/11/2020	BNP Paribas S.A.	BRL	5,357,000		USD	1,013,836	81,761
12/11/2020	BNP Paribas S.A.	PLN	335,972		EUR	73,148	388
12/11/2020	BNP Paribas S.A.	USD	1,983,702		JPY	210,410,438	27,023
01/12/2021	BNP Paribas S.A.	CAD	1,072,952		USD	808,854	3,199
01/12/2021	BNP Paribas S.A.	EUR	1,012,766		JPY	125,770,033	21,011
01/12/2021	BNP Paribas S.A.	PLN	1,301,110		EUR	283,483	1,996
11/12/2020	Citibank, N.A.	BRL	5,577,215		USD	1,049,155	77,533
11/12/2020	Citibank, N.A.	USD	241,267		CLP	189,008,562	3,127
11/12/2020	Citibank, N.A.	USD	79,431		MXN	1,734,306	2,261
11/13/2020	Citibank, N.A.	EUR	660,000		USD	778,223	9,385
11/13/2020	Citibank, N.A.	GBP	470,000		USD	614,111	5,187
12/11/2020	Citibank, N.A.	BRL	797,790		USD	142,812	4,003
12/11/2020	Citibank, N.A.	EUR	236,343		JPY	29,050,633	2,112

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

34 Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement		Contract to					Unrealized Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
12/11/2020	Citibank, N.A.	EUR	650,000		USD	767,247		$ 9,552
12/11/2020	Citibank, N.A.	GBP	510,000		USD	664,859		3,974
12/11/2020	Citibank, N.A.	PLN	623,809		EUR	136,432		1,439
01/22/2021	Citibank, N.A.	GBP	30,000		USD	38,960		71
11/12/2020	Deutsche Bank AG	BRL	198,995		USD	35,202		534
01/12/2021	Deutsche Bank AG	PLN	623,809		EUR	136,374		1,494
11/12/2020	Goldman Sachs International	HKD	2,302,000		USD	296,965		33
11/12/2020	Goldman Sachs International	HUF	496,581,901		EUR	1,430,940		90,475
11/12/2020	Goldman Sachs International	PLN	623,809		EUR	136,158		1,021
11/12/2020	Goldman Sachs International	USD	1,044,463		JPY	110,256,787		8,756
11/12/2020	Goldman Sachs International	USD	106,798		MXN	2,314,027		2,201
11/17/2020	Goldman Sachs International	USD	84,848		JPY	9,000,000		1,129
12/11/2020	Goldman Sachs International	BRL	295,519		USD	53,299		1,881
12/11/2020	Goldman Sachs International	CLP	569,492,050		USD	736,739		399
12/11/2020	Goldman Sachs International	HUF	129,605,392		EUR	359,267		7,506
12/11/2020	Goldman Sachs International	PLN	1,947,062		EUR	424,519		2,952
12/11/2020	Goldman Sachs International	USD	25,814		GBP	20,000		103
12/11/2020	Goldman Sachs International	USD	141,403		MXN	3,188,467		8,289
01/12/2021	Goldman Sachs International	BRL	4,774,667		USD	841,729		11,633
01/12/2021	Goldman Sachs International	PLN	623,809		EUR	136,159		1,242
01/12/2021	Goldman Sachs International	TWD	26,347,744		USD	928,162		6,754
01/22/2021	Goldman Sachs International	EUR	30,000		USD	35,202		194
11/12/2020	J.P. Morgan Chase Bank, N.A.	HUF	20,643,820		EUR	56,743		565
11/12/2020	J.P. Morgan Chase Bank, N.A.	PLN	1,671,183		EUR	365,351		3,414
11/12/2020	J.P. Morgan Chase Bank, N.A.	USD	102,148		CLP	80,207,325		1,563
12/11/2020	J.P. Morgan Chase Bank, N.A.	BRL	298,023		USD	53,610		1,756
12/11/2020	J.P. Morgan Chase Bank, N.A.	PLN	860,076		EUR	187,945		1,796
01/12/2021	J.P. Morgan Chase Bank, N.A.	HUF	362,637,606		EUR	1,009,542		27,389
01/22/2021	J.P. Morgan Chase Bank, N.A.	EUR	30,000		USD	35,274		266
11/12/2020	Merrill Lynch International	CAD	158,245		USD	118,847		66
11/12/2020	Morgan Stanley and Co. International PLC	BRL	292,610		USD	52,702		1,726
11/12/2020	Morgan Stanley and Co. International PLC	CAD	26,319		USD	19,773		18
11/12/2020	Morgan Stanley and Co. International PLC	PLN	623,809		EUR	136,239		1,114
12/11/2020	Morgan Stanley and Co. International PLC	CAD	1,151,497		USD	879,521		15,077
12/11/2020	Morgan Stanley and Co. International PLC	USD	38,403		MXN	859,866		1,966
11/12/2020	Standard Chartered Bank PLC	BRL	1,491,047		USD	266,800		7,040
11/12/2020	Standard Chartered Bank PLC	USD	299,549		CNY	2,026,686		2,703
11/12/2020	Standard Chartered Bank PLC	USD	65,900		KRW	75,100,000		281
11/02/2020	State Street Bank & Trust Co.	USD	23,896		IDR	350,448,000		65
11/27/2020	State Street Bank & Trust Co.	AUD	789,646		USD	559,458		4,344
11/27/2020	State Street Bank & Trust Co.	BRL	82,000		USD	14,612		338
11/27/2020	State Street Bank & Trust Co.	CAD	65,677		USD	49,978		678
11/27/2020	State Street Bank & Trust Co.	CHF	421,104		USD	466,423		6,857
11/27/2020	State Street Bank & Trust Co.	CNY	2,850,592		USD	428,232		3,586
11/27/2020	State Street Bank & Trust Co.	DKK	1,113,244		USD	177,441		3,185
11/27/2020	State Street Bank & Trust Co.	EUR	1,847,060		USD	2,191,008		38,691
11/27/2020	State Street Bank & Trust Co.	GBP	1,922,814		USD	2,509,199		17,824
11/27/2020	State Street Bank & Trust Co.	HKD	9,137,147		USD	1,178,616		28
11/27/2020	State Street Bank & Trust Co.	INR	16,116,000		USD	218,280		1,269
11/27/2020	State Street Bank & Trust Co.	JPY	3,556,179		USD	33,990		15

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

35 Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
11/27/2020	State Street Bank & Trust Co.		KRW	870,957,372		USD	768,901		$ 1,395
11/27/2020	State Street Bank & Trust Co.		MXN	217,000		USD	10,271		67
11/27/2020	State Street Bank & Trust Co.		NOK	628,340		USD	68,311		2,500
11/27/2020	State Street Bank & Trust Co.		SEK	1,514,288		USD	173,688		3,470
11/27/2020	State Street Bank & Trust Co.		SGD	119,518		USD	88,239		740
11/27/2020	State Street Bank & Trust Co.		TWD	16,616,602		USD	584,681		3,710
11/27/2020	State Street Bank & Trust Co.		USD	11,439		CNY	77,009		33
11/27/2020	State Street Bank & Trust Co.		USD	74,346		JPY	7,790,000		80
01/12/2021	State Street Bank & Trust Co.		EUR	176,333		USD	207,964		2,240
01/12/2021	State Street Bank & Trust Co.		GBP	43,000		USD	55,752		13
01/12/2021	UBS AG		PLN	623,809		EUR	135,798		821
Subtotal—Appreciation									757,330
Currency Risk
11/12/2020	Barclays Bank PLC		USD	301,593		EUR	254,167		(5,519	)
11/12/2020	Barclays Bank PLC		USD	91,101		GBP	69,500		(1,058	)
11/12/2020	Barclays Bank PLC		USD	278,470		JPY	29,107,667		(422	)
12/11/2020	Barclays Bank PLC		EUR	1,541,754		PLN	6,876,271		(59,987	)
12/11/2020	Barclays Bank PLC		MXN	23,547,967		USD	1,081,643		(23,896	)
12/11/2020	Barclays Bank PLC		USD	78,078		GBP	60,000		(327	)
01/12/2021	Barclays Bank PLC		CLP	447,124,651		USD	565,658		(12,556	)
01/12/2021	Barclays Bank PLC		MXN	40,165,969		USD	1,846,997		(32,106	)
11/12/2020	BNP Paribas S.A.		GBP	560,564		NOK	6,649,333		(29,752	)
11/12/2020	BNP Paribas S.A.		MXN	29,504,725		USD	1,294,919		(94,847	)
12/11/2020	BNP Paribas S.A.		GBP	191,637		NOK	2,281,333		(9,404	)
12/11/2020	BNP Paribas S.A.		JPY	28,087,667		USD	266,036		(2,376	)
12/11/2020	BNP Paribas S.A.		TWD	15,053,146		USD	517,274		(9,064	)
12/11/2020	BNP Paribas S.A.		USD	889,199		RUB	67,451,332		(43,398	)
01/12/2021	BNP Paribas S.A.		GBP	709,945		NOK	8,527,333		(27,190	)
01/12/2021	BNP Paribas S.A.		JPY	10,364,667		USD	98,241		(864	)
01/22/2021	BNP Paribas S.A.		GBP	410,000		USD	531,233		(247	)
11/12/2020	Citibank, N.A.		MXN	3,826,936		USD	170,601		(9,660	)
11/12/2020	Citibank, N.A.		USD	284,181		RUB	21,400,100		(15,051	)
12/11/2020	Citibank, N.A.		MXN	1,820,000		USD	82,615		(2,831	)
12/11/2020	Citibank, N.A.		ZAR	609,968		USD	35,589		(1,726	)
11/12/2020	Goldman Sachs International		CNY	11,067,303		USD	1,582,015		(68,518	)
11/12/2020	Goldman Sachs International		MXN	1,863,627		USD	84,515		(3,268	)
11/12/2020	Goldman Sachs International		USD	296,990		HKD	2,302,000		(58	)
12/11/2020	Goldman Sachs International		GBP	407,834		NOK	4,825,000		(23,159	)
12/11/2020	Goldman Sachs International		MXN	5,804,777		USD	265,685		(6,840	)
01/12/2021	Goldman Sachs International		USD	1,055,380		RUB	83,557,033		(10,960	)
08/20/2021	Goldman Sachs International		HKD	34,484,000		USD	4,442,069		(5,221	)
11/12/2020	J.P. Morgan Chase Bank, N.A.		EUR	2,322,556		PLN	10,231,672		(120,762	)
11/12/2020	J.P. Morgan Chase Bank, N.A.		MXN	5,668,776		USD	252,879		(14,138	)
11/13/2020	J.P. Morgan Chase Bank, N.A.		USD	47,475		EUR	40,000		(879	)
12/11/2020	J.P. Morgan Chase Bank, N.A.		MXN	932,793		USD	41,301		(2,492	)
12/11/2020	J.P. Morgan Chase Bank, N.A.		USD	278,773		JPY	29,107,667		(615	)
01/12/2021	J.P. Morgan Chase Bank, N.A.		EUR	1,740,260		PLN	7,844,413		(48,353	)
01/12/2021	J.P. Morgan Chase Bank, N.A.		KRW	1,125,324,121		USD	967,779		(24,057	)
11/12/2020	Merrill Lynch International		MXN	4,643,291		USD	207,201		(11,513	)
12/11/2020	Merrill Lynch International		CAD	127,349		USD	95,058		(544	)

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

36 Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

11/12/2020	Morgan Stanley and Co. International PLC		CAD	26,429		USD	19,712		$ (127)

11/12/2020	Morgan Stanley and Co. International PLC		CLP	58,671,500		USD	73,940		(1,924)

11/12/2020	Morgan Stanley and Co. International PLC		MXN	1,386,461		USD	62,170		(3,136)

12/11/2020	Morgan Stanley and Co. International PLC		CAD	84,309		USD	62,883		(408)

12/11/2020	Morgan Stanley and Co. International PLC		MXN	2,796,420		USD	127,508		(3,779)

11/12/2020	Royal Bank Of Canada		CAD	158,134		USD	118,661		(36)

12/11/2020	Royal Bank Of Canada		CAD	157,470		USD	117,838		(377)

11/12/2020	Standard Chartered Bank PLC		TWD	48,913,557		USD	1,688,246		(21,855)

12/11/2020	Standard Chartered Bank PLC		KRW	1,466,288,741		USD	1,232,683		(59,486)

11/02/2020	State Street Bank & Trust Co.		IDR	350,448,000		USD	23,513		(449)

11/27/2020	State Street Bank & Trust Co.		IDR	334,193,000		USD	22,748		(52)

11/27/2020	State Street Bank & Trust Co.		THB	1,245,000		USD	39,766		(172)

11/27/2020	State Street Bank & Trust Co.		USD	114,947		AUD	162,475		(728)

11/27/2020	State Street Bank & Trust Co.		USD	2,252		CAD	3,000		(0)

11/27/2020	State Street Bank & Trust Co.		USD	23,374		CHF	21,274		(157)

11/27/2020	State Street Bank & Trust Co.		USD	12,505		DKK	79,000		(138)

11/27/2020	State Street Bank & Trust Co.		USD	102,339		EUR	87,003		(958)

11/27/2020	State Street Bank & Trust Co.		USD	119,531		GBP	92,000		(328)

11/27/2020	State Street Bank & Trust Co.		USD	150,691		HKD	1,168,000		(32)

11/27/2020	State Street Bank & Trust Co.		USD	30,579		KRW	34,634,000		(60)

11/27/2020	State Street Bank & Trust Co.		USD	1,307		NOK	12,000		(50)

11/27/2020	State Street Bank & Trust Co.		USD	16,081		SEK	141,000		(231)

11/27/2020	State Street Bank & Trust Co.		USD	3,663		SGD	5,000		(2)

11/27/2020	State Street Bank & Trust Co.		USD	42,281		TWD	1,199,000		(360)

11/27/2020	State Street Bank & Trust Co.		ZAR	555,000		USD	33,730		(279)

12/11/2020	State Street Bank & Trust Co.		USD	284,113		EUR	239,167		(5,320)

12/11/2020	State Street Bank & Trust Co.		USD	68,569		GBP	51,500		(1,833)

Subtotal—Depreciation									(825,935)

Total Forward Foreign Currency Contracts									$ (68,605)

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

37 Invesco Global Targeted Returns Fund


Abbreviations:

AUD		–Australian Dollar
BBSW		–Bank Bill Swap Rate
BRL		–Brazilian Real
CAD		–Canadian Dollar
CHF		–Swiss Franc
CLP		–Chile Peso
CNY		–Chinese Yuan Renminbi
CPI		–Consumer Price Index
CRB		–Commodity Research Bureau
DKK		–Danish Krone
EUR		–Euro
EURIBOR		–Euro Interbank Offered Rate
GBP		–British Pound Sterling
HICP		–Harmonised Index of Consumer Prices
HKD		–Hong Kong Dollar
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JPY		–Japanese Yen
KRW		–South Korean Won
LIBOR		–London Interbank Offered Rate
MXN		–Mexican Peso
NOK		–Norwegian Krone
NSA		–Non-Seasonally Adjusted
PLN		–Polish Zloty
RPI		–Retail Price Index
RUB		–Russian Ruble
SEK		–Swedish Krona
SGD		–Singapore Dollar
THB		–Thai Baht
TIIE		–Interbank Equilibrium Interest Rate
TWD		–Taiwan New Dollar
USD		–U.S. 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.

38 Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $21,907,420)	$	23,057,626

Investments in affiliated money market funds, at value (Cost $14,735,039)		14,735,575

Other investments:
Variation margin receivable – futures contracts		1,427,129

Variation margin receivable–centrally cleared swap agreements		1,324,516

Swaps receivable – OTC		169,082

Unrealized appreciation on swap agreements – OTC		2,680,326

Unrealized appreciation on forward foreign currency contracts outstanding		757,330

Deposits with brokers:
Cash collateral – OTC Derivatives		915,000

Cash		195,294

Foreign currencies, at value (Cost $1,253,814)		1,249,132

Receivable for:
Investments sold		50,967

Fund shares sold		358,298

Dividends		63,456

Interest		318,872

Investment for trustee deferred compensation and retirement plans		18,111

Other assets		137,030

Total assets		47,457,744


Liabilities:

Other investments:
Options written, at value (premiums received $923,331)		722,394

Unrealized depreciation on forward foreign currency contracts outstanding		825,935

Swaps payable – OTC		29,622

Unrealized depreciation on swap agreements–OTC		2,047,866

Payable for:
Investments purchased		106,168

Fund shares reacquired		85,519

Accrued foreign taxes		992

Accrued fees to affiliates		47,200

Accrued other operating expenses		759,324

Trustee deferred compensation and retirement plans		18,111

Total liabilities		4,643,131

Net assets applicable to shares outstanding	$	42,814,613


Net assets consist of:
Shares of beneficial interest	$	51,852,788

Distributable earnings (loss)		(9,038,175	)

	$	42,814,613


Net Assets:
Class A	$	11,402,621

Class C	$	3,166,036

Class R	$	50,739

Class Y	$	27,023,463

Class R5	$	9,200

Class R6	$	1,162,554


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,247,121

Class C		353,933

Class R		5,589

Class Y		2,938,603

Class R5		1,000

Class R6		126,192

Class A:
Net asset value per share	$	9.14

Maximum offering price per share (Net asset value of $9.14 ÷ 94.50%)	$	9.67

Class C:
Net asset value and offering price per share	$	8.95

Class R:
Net asset value and offering price per share	$	9.08

Class Y:
Net asset value and offering price per share	$	9.20

Class R5:
Net asset value and offering price per share	$	9.20

Class R6:
Net asset value and offering price per share	$	9.21

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

39 Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:

Interest (net of foreign withholding taxes of $818)	$	990,854

Dividends (net of foreign withholding taxes of $36,649)		377,969

Dividends from affiliated money market funds		114,198

Total investment income		1,483,021


Expenses:
Advisory fees		627,029

Administrative services fees		9,392

Custodian fees		146,496

Distribution fees:
Class A		29,410

Class C		38,069

Class R		215

Transfer agent fees – A, C, R and Y		55,062

Transfer agent fees – R6		462

Trustees’ and officers’ fees and benefits		17,877

Registration and filing fees		74,333

Licensing fees		200,643

Reports to shareholders		31,658

Professional services fees		110,924

Other		56,433

Total expenses		1,398,003

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(677,261	)

Net expenses		720,742

Net investment income		762,279


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $190)		(2,523,566	)

Foreign currencies		(31,015	)

Forward foreign currency contracts		(1,453,433	)

Futures contracts		397,564

Option contracts written		1,369,644

Swap agreements		(1,697,142	)

		(3,937,948	)


Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $2,817)		41,766

Foreign currencies		(13,701	)

Forward foreign currency contracts		601,530

Futures contracts		(397,552	)

Option contracts written		(629,586	)

Swap agreements		2,547,888

		2,150,345

Net realized and unrealized gain (loss)		(1,787,603	)

Net increase (decrease) in net assets resulting from operations	$	(1,025,324	)

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

40 Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	762,279		$	1,417,516

Net realized gain (loss)		(3,937,948	)		(1,215,956	)

Change in net unrealized appreciation		2,150,345			2,101,565

Net increase (decrease) in net assets resulting from operations		(1,025,324	)		2,303,125


Distributions to shareholders from distributable earnings:

Class A		(478,375	)		(209,288	)

Class C		(129,371	)		(61,092	)

Class R		(1,429	)		(310	)

Class Y		(1,634,267	)		(1,197,534	)

Class R5		(424	)		(207	)

Class R6		(514,506	)		(232,723	)

Total distributions from distributable earnings		(2,758,372	)		(1,701,154	)


Share transactions–net:
Class A		624,835			30,867

Class C		(990,135	)		(3,043,531	)

Class R		18,497			14,380

Class Y		(10,377,556	)		(31,171,087	)

Class R6		(10,073,223	)		839,701

Net increase (decrease) in net assets resulting from share transactions		(20,797,582	)		(33,329,670	)

Net increase (decrease) in net assets		(24,581,278	)		(32,727,699	)


Net assets:
Beginning of year		67,395,891			100,123,590

End of year	$	42,814,613		$	67,395,891

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

41 Invesco Global Targeted Returns 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			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 10/31/20		$9.76		$0.11		$	(0.34	)	$	(0.23	)		$(0.39)		$ –			$ –			$(0.39)		$9.14		(2.47	)%		$11,403		1.40	%^(d)		2.60	%^(d)		1.20	%^(d)		145%
Year ended 10/31/19		9.64		0.17			0.13			0.30			(0.18)		–			–			(0.18)		9.76		3.14			11,566		1.39			2.52			1.77			77
Year ended 10/31/18		10.00		0.13			(0.49	)		(0.36	)		–		–			–			–		9.64		(3.60	)		11,416		1.40			2.69			1.26			67
Year ended 10/31/17		10.32		0.12			0.00			0.12			(0.12)		(0.31	)		(0.01	)		(0.44)		10.00		1.32			19,360		1.29			2.16			1.24			121
Year ended 10/31/16		10.33		0.05			0.14			0.19			(0.06)		(0.14	)		–			(0.20)		10.32		1.90			29,309		1.31	^(e)		2.35			0.51			23
Class C
Year ended 10/31/20		9.52		0.04			(0.32	)		(0.28	)		(0.29)		–			–			(0.29)		8.95		(3.11	)		3,166		2.15	^(d)		3.35	^(d)		0.45	^(d)		145
Year ended 10/31/19		9.38		0.10			0.12			0.22			(0.08)		–			–			(0.08)		9.52		2.38			4,388		2.14			3.27			1.02			77
Year ended 10/31/18		9.80		0.05			(0.47	)		(0.42	)		–		–			–			–		9.38		(4.29	)		7,351		2.15			3.44			0.51			67
Year ended 10/31/17		10.13		0.05			(0.01	)		0.04			(0.06)		(0.31	)		(0.00	)		(0.37)		9.80		0.52			12,263		2.04			2.91			0.49			121
Year ended 10/31/16		10.19		(0.02	)		0.14			0.12			(0.04)		(0.14	)		–			(0.18)		10.13		1.17			16,428		2.06	^(e)		3.10			(0.24	)		23
Class R
Year ended 10/31/20		9.69		0.09			(0.34	)		(0.25	)		(0.36)		–			–			(0.36)		9.08		(2.74	)		51		1.65	^(d)		2.85	^(d)		0.95	^(d)		145
Year ended 10/31/19		9.56		0.15			0.12			0.27			(0.14)		–			–			(0.14)		9.69		2.92			35		1.64			2.77			1.52			77
Year ended 10/31/18		9.94		0.10			(0.48	)		(0.38	)		–		–			–			–		9.56		(3.82	)		20		1.65			2.94			1.01			67
Year ended 10/31/17		10.27		0.10			(0.01	)		0.09			(0.10)		(0.31	)		(0.01	)		(0.42)		9.94		0.99			26		1.54			2.41			0.99			121
Year ended 10/31/16		10.29		0.03			0.14			0.17			(0.05)		(0.14	)		–			(0.19)		10.27		1.65			17		1.56	^(e)		2.60			0.26			23
Class Y
Year ended 10/31/20		9.82		0.14			(0.34	)		(0.20	)		(0.42)		–			–			(0.42)		9.20		(2.16	)		27,023		1.15	^(d)		2.35	^(d)		1.45	^(d)		145
Year ended 10/31/19		9.70		0.20			0.13			0.33			(0.21)		–			–			(0.21)		9.82		3.48			39,571		1.14			2.27			2.02			77
Year ended 10/31/18		10.04		0.15			(0.49	)		(0.34	)		–		–			–			–		9.70		(3.39	)		70,488		1.15			2.44			1.51			67
Year ended 10/31/17		10.37		0.15			(0.01	)		0.14			(0.15)		(0.31	)		(0.01	)		(0.47)		10.04		1.48			108,068		1.04			1.91			1.49			121
Year ended 10/31/16		10.37		0.08			0.15			0.23			(0.09)		(0.14	)		–			(0.23)		10.37		2.24			175,284		1.06	^(e)		2.10			0.76			23
Class R5
Year ended 10/31/20		9.83		0.14			(0.35	)		(0.21	)		(0.42)		–			–			(0.42)		9.20		(2.25	)		9		1.15	^(d)		2.25	^(d)		1.45	^(d)		145
Year ended 10/31/19		9.71		0.20			0.13			0.33			(0.21)		–			–			(0.21)		9.83		3.47			10		1.13			2.17			2.03			77
Year ended 10/31/18		10.05		0.15			(0.49	)		(0.34	)		–		–			–			–		9.71		(3.38	)		10		1.15			2.35			1.51			67
Year ended 10/31/17		10.37		0.15			0.00			0.15			(0.15)		(0.31	)		(0.01	)		(0.47)		10.05		1.58			10		1.04			1.87			1.49			121
Year ended 10/31/16		10.38		0.08			0.14			0.22			(0.09)		(0.14	)		–			(0.23)		10.37		2.15			63		1.06	^(e)		2.09			0.76			23
Class R6
Year ended 10/31/20		9.82		0.14			(0.33	)		(0.19	)		(0.42)		–			–			(0.42)		9.21		(2.04	)		1,163		1.15	^(d)		2.25	^(d)		1.45	^(d)		145
Year ended 10/31/19		9.70		0.20			0.13			0.33			(0.21)		–			–			(0.21)		9.82		3.48			11,826		1.13			2.17			2.03			77
Year ended 10/31/18		10.04		0.15			(0.49	)		(0.34	)		–		–			–			–		9.70		(3.39	)		10,839		1.15			2.35			1.51			67
Year ended 10/31/17		10.36		0.15			0.00			0.15			(0.15)		(0.31	)		(0.01	)		(0.47)		10.04		1.59			8,626		1.04			1.81			1.49			121
Year ended 10/31/16		10.37		0.08			0.14			0.22			(0.09)		(0.14	)		–			(0.23)		10.36		2.14			10		1.06	^(e)		2.00			0.76			23

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $11,768, $3,808, $43, $32,255, $10 and $9,120 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds was 0.44% for the year ended October 31, 2016.

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

42 Invesco Global Targeted Returns Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1—Significant Accounting Policies

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

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

The Fund’s investment objective is to seek a positive total return over the long term in all market environments.

The 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.

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

43 Invesco Global Targeted Returns Fund

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.

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.

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.

44 Invesco Global Targeted Returns 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 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.

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.

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

45 Invesco Global Targeted Returns Fund

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.

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.

46 Invesco Global Targeted Returns Fund

Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

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

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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate

First $250 million		1.100%

Next $250 million		1.080%

Next $500 million		1.050%

Next $1.5 billion		1.030%

Next $2.5 billion		1.000%

Next $2.5 billion		0.980%

Next $2.5 billion		0.950%

Over $10 billion		0.930%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 1.10%.

47 Invesco Global Targeted Returns Fund

and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $625,335 and reimbursed class level expenses of $12,600, $4,088, $46, $34,672, $0 and $462 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, 2020, 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.

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, 2020, IDI advised the Fund that IDI retained $515 in front-end sales commissions from the sale of Class A shares and $0 and $421 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


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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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	$	82,643	$	8,199,248	$-	$	8,281,891

Common Stocks & Other Equity Interests		1,819,068		6,280,817	-		8,099,885

U.S. Dollar Denominated Bonds & Notes		-		5,494,765	-		5,494,765

U.S. Treasury Securities		-		250,526	-		250,526

Asset-Backed Securities		-		26,231	-		26,231

Money Market Funds		14,735,575		-	-		14,735,575

Options Purchased		-		904,328	-		904,328

Total Investments in Securities		16,637,286		21,155,915	-		37,793,201

48 Invesco Global Targeted Returns Fund


	Level 1			Level 2			Level 3	Total


Other Investments – Assets*

Futures Contracts	$	412,430		$	-		$-	$	412,430

Forward Foreign Currency Contracts		-			757,330		-		757,330

Swap Agreements		-			3,324,970		-		3,324,970

		412,430			4,082,300		-		4,494,730


Other Investments - Liabilities*

Futures Contracts		(383,126	)		-		-		(383,126	)

Forward Foreign Currency Contracts		-			(825,935	)	-		(825,935	)

Options Written		-			(722,394	)	-		(722,394	)

Swap Agreements		-			(2,427,156	)	-		(2,427,156	)

		(383,126	)		(3,975,485	)	-		(4,358,611	)

Total Other Investments		29,304			106,815		-		136,119

Total Investments	$	16,666,590		$	21,262,730		$-	$	37,929,320

*	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

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, 2020:


	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)		$ -		$	-		$	-		$	329,037		$	83,393		$	412,430

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		-			12,122			-			-			632,522			644,644

Unrealized appreciation on forward foreign currency contracts outstanding		-			-			757,330			-			-			757,330

Unrealized appreciation on swap agreements – OTC		170,389			-			124,552			2,385,385			-			2,680,326

Options purchased, at value – OTC^(b)		-			-			74,569			174,938			654,821			904,328

Total Derivative Assets		170,389			12,122			956,451			2,889,360			1,370,736			5,399,058

Derivatives not subject to master netting agreements		-			(12,122	)		-			(329,037	)		(715,915	)		(1,057,074	)

Total Derivative Assets subject to master netting agreements		$170,389		$	-		$	956,451		$	2,560,323		$	654,821		$	4,341,984


	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)		$ -		$	-		$	-		$	(268,581	)	$	(114,545	)	$	(383,126	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)		-			(99,212	)		-			-			(280,078	)		(379,290	)

Unrealized depreciation on forward foreign currency contracts outstanding		-			-			(825,935	)		-			-			(825,935	)

Unrealized depreciation on swap agreements – OTC		(101,282	)		-			(57,538	)		(1,889,046	)		-			(2,047,866	)

Options written, at value – OTC		-			-			(74,533	)		(406,616	)		(241,245	)		(722,394	)

Total Derivative Liabilities		(101,282	)		(99,212	)		(958,006	)		(2,564,243	)		(635,868	)		(4,358,611	)

Derivatives not subject to master netting agreements		-			99,212			-			268,581			394,623			762,416

Total Derivative Liabilities subject to master netting agreements		$(101,282)		$	-		$	(958,006	)	$	(2,295,662	)	$	(241,245	)	$	(3,596,195)

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

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

49 Invesco Global Targeted Returns 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, 2020.


	Financial Derivative Assets								Financial Derivative Liabilities												Net Value of Derivatives			Collateral (Received)/Pledged					Net Amount^(a)
	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities						Non-Cash		Cash

Fund
Bank of America, N.A.		$ -		$ 97,151		$ 2,412		$ 99,563		$ -			$ -			$ (1,888	)		$ (1,888	)		$ 97,675			$-		$ (97,675	)		$ -

Barclays Bank PLC		66,817		174,942		168,822		410,581		(135,871	)		(406,616	)		(190,073	)		(732,560	)		(321,979	)		-		321,979			-

BNP Paribas S.A.		266,584		-		46,167		312,751		(217,142	)		-			(127,965	)		(345,107	)		(32,356	)		-		-			(32,356	)

Citibank, N.A.		118,644		-		-		118,644		(29,268	)		-			-			(29,268	)		89,376			-		(89,376	)		-

Deutsche Bank AG		2,028		-		-		2,028		-			-			-			-			2,028			-		-			2,028

Goldman Sachs International		144,568		889		92,705		238,162		(118,024	)		-			(42,251	)		(160,275	)		77,887			-		(77,887	)		-

J.P. Morgan Chase Bank, N.A.		36,749		504,555		116,308		657,612		(211,296	)		(260,041	)		(68,243	)		(539,580	)		118,032			-		(118,032	)		-

Merrill Lynch International		66		-		1,007,871		1,007,937		(12,057	)		-			(745,441	)		(757,498	)		250,439			-		(90,000	)		160,439

Morgan Stanley and Co. International PLC		19,901		125,019		106,180		251,100		(9,374	)		(55,737	)		(1,430	)		(66,541	)		184,559			-		(150,000	)		34,559

Royal Bank of Canada		-		-		-		-		(413	)		-			-			(413	)		(413	)		-		-			(413	)

Societe Generale		-		-		662,003		662,003		-			-			(475,253	)		(475,253	)		186,750			-		(186,750	)		-

Standard Chartered Bank PLC		10,024		-		-		10,024		(81,341	)		-			-			(81,341	)		(71,317	)		-		-			(71,317	)

State Street Bank & Trust Co.		91,128		-		-		91,128		(11,149	)		-			-			(11,149	)		79,979			-		-			79,979

UBS AG		821		1,772		476,551		479,144		-			-			(323,662	)		(323,662	)		155,482			-		(120,000	)		35,482

Subtotal – Fund		757,330		904,328		2,679,019		4,340,677		(825,935	)		(722,394	)		(1,976,206	)		(3,524,535	)		816,142			-		(607,741	)		208,401

Subsidiary
BNP Paribas S.A.		-		-		24,816		24,816		-			-			(2,032	)		(2,032	)		22,784			-		-			22,784

Macquarie Bank Ltd.		-		-		145,573		145,573		-			-			(99,250	)		(99,250	)		46,323			-		-			46,323

Subtotal - Subsidiary		-		-		170,389		170,389		-			-			(101,282	)		(101,282	)		69,107			-		-			69,107

Total		$757,330		$904,328		$2,849,408		$4,511,066		$(825,935	)		$(722,394	)		$(2,077,488	)		$(3,625,817	)		$885,249			$-		$(607,741	)		$277,508

^(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, 2020

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


	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk		Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts		$ -		$ -			$(1,453,433	)		$ -			$ -			$(1,453,433	)

Futures contracts		0		-			-			(158,486	)		556,050			397,564

Options purchased^(a)		-		-			(372,401	)		(1,461,659	)		1,742,120			(91,940	)

Options written		-		-			451,541			994,375			(76,272	)		1,369,644

Swap agreements		504,508		318,606			0			(3,567,895	)		1,047,639			(1,697,142	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-		-			601,530			-			-			601,530

Futures contracts		-		-			-			(115,484	)		(282,068	)		(397,552	)

Options purchased^(a)		-		-			(22,950	)		(249,741	)		(690,740	)		(963,431	)

Options written		-		-			791			(542,145	)		(88,232	)		(629,586	)

Swap agreements		122,249		(76,761	)		363,349			1,697,237			441,814			2,547,888

Total		$626,757		$241,845			$ (431,573	)		$(3,403,798	)		$2,650,311			$ (316,458	)

^(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.

50 Invesco Global Targeted Returns Fund

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

Forward
Foreign Currency
Contracts

Futures
Contracts

Index
Options
Purchased

Swaptions
Purchased

Foreign
Currency
Options
Purchased

Index
Options
Written

Swaptions
Written

Foreign
Currency
Options
Written

Swap
Agreements

Average notional value

$133,737,398

$49,518,729

$74,810,453

$15,847,198

$19,535,330

$58,738,779

$3,025,885

$11,968,710

$172,791,054

Average Contracts

–

583

–

355

–

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits

NOTE 7—Cash Balances

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, 2020 and 2019:
	2020		2019

Ordinary income*		$2,736,030		$1,701,154

Return of capital		22,342		–

Total distributions		$2,758,372		$1,701,154

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

Tax Components of Net Assets at Period-End:
			2020

Net unrealized appreciation – investments				$ 832,900

Net unrealized appreciation (depreciation) - foreign currencies				(2,259	)

Temporary book/tax differences				(13,713	)

Capital loss carryforward				(9,855,103	)

Shares of beneficial interest				51,852,788

Total net assets				$42,814,613

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

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$3,811,388

$6,043,715

$9,855,103

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

NOTE 9—Investment Transactions

51 Invesco Global Targeted Returns Fund

obligations were $21,124,446 and $21,181,976, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	5,790,890

Aggregate unrealized (depreciation) of investments		(4,957,990	)

Net unrealized appreciation of investments	$	832,900

Cost of investments for tax purposes is $37,365,231.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and income from swap agreements, on October 31, 2020, undistributed net investment income was decreased by $1,641,466, undistributed net realized gain (loss) was increased by $3,023,246 and shares of beneficial interest was decreased by $1,381,780. This reclassification had no effect on the net assets of the Fund.

NOTE 11—Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		436,719		$	4,146,614			365,843		$	3,540,317

Class C		9,558			88,981			5,243			49,072

Class R		1,858			17,427			2,175			20,960

Class Y		731,103			6,920,432			931,970			9,028,781

Class R6		167,660			1,588,441			176,070			1,721,431


Issued as reinvestment of dividends:
Class A		45,176			429,626			15,830			148,007

Class C		12,050			112,908			4,992			45,826

Class R		113			1,070			18			166

Class Y		163,363			1,558,482			114,033			1,069,629

Class R6		53,887			514,082			24,788			232,515


Automatic conversion of Class C shares to Class A shares:
Class A		8,584			80,174			31,486			304,591

Class C		(8,761	)		(80,174	)		(32,197	)		(304,591	)


Reacquired:
Class A		(427,897	)		(4,031,579	)		(413,224	)		(3,962,048	)

Class C		(119,638	)		(1,111,850	)		(301,183	)		(2,833,838	)

Class R		-			-			(701	)		(6,746	)

Class Y		(1,984,148	)		(18,856,470	)		(4,282,329	)		(41,269,497	)

Class R6		(1,299,622	)		(12,175,746	)		(114,009	)		(1,114,245	)

Net increase (decrease) in share activity		(2,209,995	)	$	(20,797,582	)		(3,471,195	)	$	(33,329,670	)

^(a)

NOTE 12—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

52 Invesco Global Targeted Returns 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 Targeted Returns Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Targeted Returns Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

53 Invesco Global Targeted Returns Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$967.20	$6.92	$1,018.10	$ 7.10	1.40%
Class C	1,000.00	964.40	10.62	1,014.33	10.89	2.15
Class R	1,000.00	967.00	8.16	1,016.84	8.36	1.65
Class Y	1,000.00	969.40	5.69	1,019.36	5.84	1.15
Class R5	1,000.00	969.40	5.69	1,019.36	5.84	1.15
Class R6	1,000.00	970.50	5.70	1,019.36	5.84	1.15

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 184/366 to reflect the most recent fiscal half year.

54 Invesco Global Targeted Returns Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 Targeted Returns 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, 2020. 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

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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, 2019 to the performance of funds in the Broadridge performance universe and against the FTSE US 3-Month Treasury Bill 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 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 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 and specifically that the Fund’s peer group is highly diverse and therefore relative rankings may provide limited insight into the portfolio management team’s investment skill. The Board noted the Fund’s idea-based investment approach and discussed ideas that detracted from Fund performance. The Board considered the Fund’s relative performance in the context of its objective to achieve absolute return with less volatility than global equities. 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

55 Invesco Global Targeted Returns Fund

included. The Board also reviewed the methodology used by Broadridge in providing 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 expenses were in the fifth and fourth quintile, respectively, of its expense group and discussed with management reasons for such relative contractual management fees and total expenses.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

56 Invesco Global Targeted Returns Fund

Tax Information

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, 2020:


Federal and State Income Tax
Qualified Dividend Income*	29.90	%
Corporate Dividends Received Deduction*	3.41	%
Business Interest Income*	96.59	%
U.S. Treasury Obligations*	0.43	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

57 Invesco Global Targeted Returns Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee

Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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 Targeted Returns 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

Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)

David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association

Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)

Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle,hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine

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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

T-2 Invesco Global Targeted Returns 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)

Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None

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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

T-3 Invesco Global Targeted Returns 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)

Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None

Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None

Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None

James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

T-4 Invesco Global Targeted Returns Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-5 Invesco Global Targeted Returns Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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, The Invesco Funds and Senior Vice President 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

T-6 Invesco Global Targeted Returns 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)

Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-7 Invesco Global Targeted Returns Fund

LOGO

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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

Fund holdings and proxy voting information


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


		Annual Report to Shareholders		October 31, 2020
		Invesco Greater China Fund
		Nasdaq:
		A: AACFX ∎ C: CACFX ∎ Y: AMCYX ∎ R5: IACFX ∎ R6: CACSX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

As 2020 dawned, US investors were treated to equity gains culminating in record highs on

February 19, 2020. The first half of the quarter, however, belied the impact that the coronavirus (COVID-19) would have on markets in a world faced with shuttered businesses and global lockdowns. Equity markets began to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Greater China Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and subadvisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper, Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Greater China Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Greater China Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/19 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	27.92	%
Class C Shares	26.94
Class Y Shares	28.26
Class R5 Shares	28.45
Class R6 Shares	28.42
MSCI China Index^▼(Broad Market Index)	35.19
MSCI China All Shares Index^∎(Style-Specific Index)	34.39
Lipper China Region Funds Index^◆(Peer Group Index)	33.06
Source(s): ^▼RIMES Technologies Corp.;^∎Bloomberg L.P.; ^◆Lipper Inc.

Market conditions and your Fund

countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

For the fiscal year, stock selection had a negative impact on the Fund’s performance relative to the Fund’s style-specific benchmark, the MSCI China All Shares Index. Specifically, stock selection in the consumer staples sector detracted from the Fund’s relative performance. The top detractor from the Fund’s relative performance was Chinese beverage and instant noodle company Uni-President Chain Store.

Stock selection in the consumer discretionary sector also underperformed that of the style-specific index during the fiscal year and detracted from the Fund’s relative results. Pou Sheng International, a sportswear retailer in China, was a key detractor in this sector.

Stock selection in the materials sector also detracted from the Fund’s performance relative to the style-specific index during the fiscal year. Within the sector, Asia Cement (China) Holdings a Hong Kong based cement and concrete company was a notable detractor from the Fund’s relative performance.

In contrast, the Fund’s underweight exposure to the financials sector contributed to the Fund’s performance relative to the style-specific benchmark during the fiscal year.

Also, the lack of exposure to the energy sector helped the Fund’s relative performance.

Stock selection in and overweight exposure to the health care sector contributed to the Fund’s relative performance versus the style-specific index during the fiscal year. This was mainly due to the Fund’s positions in MicroPort Scientific and Shandong Weigao Group Medical Polymer.

Our investment strategy remains purely focused on bottom-up stock opportunities that we believe add the most value to the Fund. We adopt a selective approach, favoring companies with sustainable leadership and competitive advantages. This has led to the Fund having meaningful exposure in consumer-related sectors. We believe the Fund’s holdings are well-positioned to gain from structural opportunities in China’s consumer sector.

At the close of the fiscal year, the Chinese economy had largely recovered from the pandemic impact and we believe it could be the only major economy that can deliver positive growth in 2020. We expect growth recovery to extend into next year as economic activities benefit from a low base and further normalization. We believe consumption will play a key role in driving growth recovery. We expect Chinese consumers to become more confident with social interactions as the COVID-19 situation is under effective control. This could lead to improving growth of offline activities, such as shopping, dining and travelling, that are most affected by the pandemic.

China’s equity market is the second largest in the world. Japan, despite being the third largest, is only around 40% of China’s size. Japan is already considered a separate asset class as it is excluded from the rest of Asia’s economy. We believe China will continue to deliver premium growth.

Thank you for your continued investment in Invesco Greater China Fund.

Portfolio manager(s):

Mike Shiao

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


4		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 10/31/10

LOGO

1 Source: Lipper Inc.

2 Source: RIMES Technologies Corp.

3 Source: Bloomberg L.P.

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.


5		Invesco Greater China Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	9.46	%
10 Years	4.95
5 Years	10.34
1 Year	20.89

Class C Shares
Inception (3/31/06)	9.43	%
10 Years	4.91
5 Years	10.76
1 Year	25.94

Class Y Shares
Inception (10/3/08)	10.29	%
10 Years	5.81
5 Years	11.88
1 Year	28.26

Class R5 Shares
Inception (3/31/06)	10.39	%
10 Years	6.02
5 Years	12.07
1 Year	28.45

Class R6 Shares
10 Years	5.69	%
5 Years	11.92
1 Year	28.42
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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, 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.


6		Invesco Greater China Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

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

About indexes used in this report

∎

The MSCI China Index (Net) 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 (Net) 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.

∎


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


7		Invesco Greater China Fund

Fund Information


Portfolio Composition
By sector				% of total net assets

Consumer Discretionary				30.40%
Communication Services				28.08
Consumer Staples				15.49
Health Care				14.61
Information Technology				3.07
Other Sectors, Each Less than 2% of Net Assets				5.63
Money Market Funds Plus Other Assets Less Liabilities				2.72



Top 10 Equity Holdings*
		% of total net assets
1.	Tencent Holdings Ltd.	10.19%
2.	JD.com, Inc., ADR	9.54
3.	Alibaba Group Holding Ltd., ADR	8.88
4.	Weibo Corp., ADR	5.53
5.	Meituan Dianping, B Shares	5.22
6.	Jiangsu Hengrui Medicine Co. Ltd., A Shares	4.92
7.	Dali Foods Group Co. Ltd.	4.63
8.	NetEase, Inc., ADR	4.55
9.	China Mobile Ltd.	4.28
10.	Uni-President China Holdings Ltd.	4.11

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, 2020.


8		Invesco Greater China Fund

Schedule of Investments^(a)

October 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests-97.28%^(b)
Apparel Retail-2.64%
Pou Sheng International (Holdings) Ltd. (Hong Kong)^(c)		9,404,000	$	2,143,901


Automobile Manufacturers-0.31%
Jiangling Motors Corp. Ltd., B Shares		311,100		255,532


Construction Materials-1.52%
Asia Cement China Holdings Corp.		1,343,500		1,233,095


Electronic Components-0.39%
Largan Precision Co. Ltd. (Taiwan)		3,000		318,941


Electronic Manufacturing Services-0.12%
FIH Mobile Ltd.^(c)		877,000		96,474


Footwear-2.51%
Stella International Holdings Ltd.⁽^c)		1,991,500		2,040,212


Gas Utilities-1.11%
Towngas China Co. Ltd.		1,977,000		897,401


Health Care Equipment-2.26%
MicroPort Scientific Corp.		520,000		1,837,691


Health Care Supplies-3.51%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		1,468,000		2,847,054


Hotels, Resorts & Cruise Lines-0.80%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		381,578		648,504


Household Products-3.87%
Vinda International Holdings Ltd. (Hong Kong)		1,181,000		3,139,217


Hypermarkets & Super Centers-2.88%
Sun Art Retail Group Ltd.		2,157,500		2,340,418


Interactive Home Entertainment-4.55%
NetEase, Inc., ADR		42,570		3,694,650


Interactive Media & Services-19.25%
Autohome, Inc., ADR		29,987		2,865,258

Tencent Holdings Ltd.		107,800		8,268,952

Weibo Corp., ADR^(c)		108,050		4,489,477

				15,623,687


Internet & Direct Marketing Retail-23.64%
Alibaba Group Holding Ltd., ADR^(c)		23,653		7,206,833


	Shares		Value

Internet & Direct Marketing Retail-(continued)
JD.com, Inc., ADR^(c)		95,042	$	7,747,824

Meituan Dianping, B Shares^(c)		113,200		4,234,460

				19,189,117


Life & Health Insurance-1.91%
AIA Group Ltd. (Hong Kong)		164,400		1,550,508


Marine Ports & Services-1.09%
Qingdao Port International Co. Ltd., H Shares^(d)		1,562,000		886,811


Packaged Foods & Meats-8.74%
Dali Foods Group Co. Ltd.^(d)		6,045,500		3,755,193

Uni-President China Holdings Ltd.		3,853,000		3,337,621

				7,092,814


Pharmaceuticals-8.84%
Jiangsu Hengrui Medicine Co. Ltd., A Shares		300,320		3,996,362

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., H Shares		615,000		290,303

Sino Biopharmaceutical Ltd.		2,862,000		2,888,331

				7,174,996


Restaurants-0.50%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,195,000		404,202


Technology Hardware, Storage & Peripherals-2.56%
Asustek Computer, Inc. (Taiwan)		245,000		2,080,920


Wireless Telecommunication Services-4.28%
China Mobile Ltd.		571,000		3,474,857

Total Common Stocks & Other Equity Interests (Cost $59,251,528)				78,971,002


Money Market Funds-2.86%
Invesco Government & Agency Portfolio,Institutional Class, 0.01%^(e)(f)		835,025		835,025

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(e)(f)		530,117		530,329

Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		954,314		954,314

Total Money Market Funds (Cost $2,319,742)				2,319,668

TOTAL INVESTMENTS IN SECURITIES-100.14% (Cost $61,571,270)				81,290,670

OTHER ASSETS LESS LIABILITIES-(0.14)%				(115,922	)

NET ASSETS-100.00%			$	81,174,748

Investment Abbreviations:

ADR - American Depositary Receipt

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


9		Invesco Greater China Fund

Notes to Schedule of Investments:

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

^(b)	Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c)	Non-income producing security.

^(d)

Security 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, 2020 was $4,642,004, which represented 5.72% of the Fund’s Net Assets.

^(e)


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$2,367,915		$12,246,790		$(13,779,680	)		$ -			$ -		$ 835,025		$ 8,421
Invesco Liquid Assets Portfolio, Institutional Class		1,691,911		8,847,591		(10,008,998	)		(205	)		30		530,329		8,167
Invesco Treasury Portfolio, Institutional Class		2,706,189		13,996,331		(15,748,206	)		-			-		954,314		9,063
Total		$6,766,015		$35,090,712		$(39,536,884	)		$(205	)		$30		$2,319,668		$25,651

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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


10		Invesco Greater China Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $ 59,251,528)	$	78,971,002
Investments in affiliated money market funds, at value (Cost $ 2,319,742)		2,319,668
Foreign currencies, at value and cost		300
Receivable for: Fund shares sold		17,927
Dividends		21,243
Investment for trustee deferred compensation and retirement plans		57,321
Other assets		33,961
Total assets		81,421,422

Liabilities:
Payable for:
Fund shares reacquired		41,408
Accrued fees to affiliates		51,206
Accrued trustees’ and officers’ fees and benefits		57
Accrued other operating expenses		90,827
Trustee deferred compensation and retirement plans		63,176
Total liabilities		246,674
Net assets applicable to shares outstanding	$	81,174,748

Net assets consist of:
Shares of beneficial interest	$	62,196,387
Distributable earnings		18,978,361
	$	81,174,748


Net Assets:
Class A	$	68,874,861
Class C	$	3,646,709
Class Y	$	7,754,223
Class R5	$	32,098
Class R6	$	866,857

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,341,756
Class C		128,550
Class Y		263,368
Class R5		1,090
Class R6		29,457
Class A:
Net asset value per share	$	29.41
Maximum offering price per share (Net asset value of $29.41 ÷ 94.50%)	$	31.12
Class C:
Net asset value and offering price per share	$	28.37
Class Y:
Net asset value and offering price per share	$	29.44
Class R5:
Net asset value and offering price per share	$	29.45
Class R6:
Net asset value and offering price per share	$	29.43

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


11		Invesco Greater China Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $37,170)	$	1,273,242

Dividends from affiliated money market funds		25,651

Total investment income		1,298,893


Expenses:
Advisory fees		720,804

Administrative services fees		10,935

Custodian fees		25,086

Distribution fees:
Class A		161,586

Class C		40,539

Transfer agent fees – A, C and Y		188,054

Transfer agent fees – R5		22

Transfer agent fees – R6		595

Trustees’ and officers’ fees and benefits		18,454

Registration and filing fees		58,060

Reports to shareholders		28,126

Professional services fees		45,286

Other		11,576

Total expenses		1,309,123

Less: Fees waived and/or expense offset arrangement(s)		(5,685	)

Net expenses		1,303,438

Net investment income (loss)		(4,545	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		3,196,626

Foreign currencies		(89,673	)

		3,106,953

Change in net unrealized appreciation (depreciation) of:
Investment securities		15,717,425

Foreign currencies		(10	)

		15,717,415

Net realized and unrealized gain		18,824,368

Net increase in net assets resulting from operations	$	18,819,823

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


12		Invesco Greater China Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:
Net investment income (loss)	$	(4,545	)	$	661,973

Net realized gain (loss)		3,106,953			(3,672,911	)

Change in net unrealized appreciation		15,717,415			9,911,154

Net increase in net assets resulting from operations		18,819,823			6,900,216


Distributions to shareholders from distributable earnings:
Class A		(682,071	)		(9,832,851	)

Class C		(1,933	)		(1,650,955	)

Class Y		(125,477	)		(1,260,617	)

Class R5		(360	)		(4,188	)

Class R6		(8,603	)		(112,199	)

Total distributions from distributable earnings		(818,444	)		(12,860,810	)


Share transactions-net:
Class A		(8,989,218	)		7,652,688

Class C		(2,495,312	)		(3,908,555	)

Class Y		(3,466,519	)		2,010,543

Class R5		4,750			983

Class R6		46,889			53,858

Net increase (decrease) in net assets resulting from share transactions		(14,899,410	)		5,809,517

Net increase (decrease) in net assets		3,101,969			(151,077	)


Net assets:
Beginning of year		78,072,779			78,223,856

End of year	$	81,174,748		$	78,072,779

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


13		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 10/31/20		$23.24		$0.00	^(d)		$6.42			$6.42			$(0.25)			$ –			$(0.25	)		$29.41		27.92	%		$68,875		1.66	%^(e)		1.67	%^(e)		0.02	%^(d)(e)		59	%
Year ended 10/31/19		25.52		0.20	^(d)		1.77			1.97			(0.21	)		(4.04	)		(4.25	)		23.24		9.33			62,869		1.76			1.76			0.86	^(d)		59
Year ended 10/31/18		29.40		0.34	^(d)		(4.06	)^(f)		(3.72	)		(0.16	)		–			(0.16	)		25.52		(12.71	)^(f)		59,615		1.79			1.80			1.15	^(d)		45
Year ended 10/31/17		22.23		0.05			7.27			7.32			(0.15	)		–			(0.15	)		29.40		33.19			69,843		1.93			1.93			0.22			56
Year ended 10/31/16		21.10		0.15			1.20			1.35			(0.22	)		–			(0.22	)		22.23		6.51			52,479		1.93			1.93			0.74			52
Class C
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	^(e)		2.42	^(e)		(0.73	)^(d)(e)		59
Year ended 10/31/19		24.65		0.02	^(d)		1.72			1.74			–			(4.04	)		(4.04	)		22.35		8.51			5,198		2.51			2.51			0.11	^(d)		59
Year ended 10/31/18		28.45		0.11	^(d)		(3.91	)^(f)		(3.80	)		–			–			–			24.65		(13.36	)^(f)		10,155		2.54			2.55			0.40	^(d)		45
Year ended 10/31/17		21.52		(0.13	)		7.06			6.93			–			–			–			28.45		32.20			13,422		2.68			2.68			(0.53	)		56
Year ended 10/31/16		20.39		(0.00	)		1.16			1.16			(0.03	)		–			(0.03	)		21.52		5.73			11,879		2.68			2.68			(0.01	)		52
Class Y
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	^(e)		1.42	^(e)		0.27	^(d)(e)		59
Year ended 10/31/19		25.57		0.26	^(d)		1.76			2.02			(0.29	)		(4.04	)		(4.33	)		23.26		9.56			9,339		1.51			1.51			1.11	^(d)		59
Year ended 10/31/18		29.44		0.42	^(d)		(4.07	)^(f)		(3.65	)		(0.22	)		–			(0.22	)		25.57		(12.48	)^(f)		7,801		1.54			1.55			1.40	^(d)		45
Year ended 10/31/17		22.26		0.12			7.27			7.39			(0.21	)		–			(0.21	)		29.44		33.53			11,444		1.68			1.68			0.47			56
Year ended 10/31/16		21.14		0.21			1.19			1.40			(0.28	)		–			(0.28	)		22.26		6.77			5,216		1.68			1.68			0.99			52
Class R5
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	^(e)		1.27	^(e)		0.42	^(d)(e)		59
Year ended 10/31/19		25.58		0.30	^(d)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.27		9.79			23		1.33			1.33			1.29	^(d)		59
Year ended 10/31/18		29.46		0.46	^(d)		(4.08	)^(f)		(3.62	)		(0.26	)		–			(0.26	)		25.58		(12.38	)^(f)		25		1.40			1.40			1.54	^(d)		45
Year ended 10/31/17		22.28		0.16			7.28			7.44			(0.26	)		–			(0.26	)		29.46		33.80			72		1.50			1.50			0.65			56
Year ended 10/31/16		21.17		0.25			1.19			1.44			(0.33	)		–			(0.33	)		22.28		7.00			54		1.45			1.45			1.22			52
Class R6
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	^(e)		1.26	^(e)		0.43	^(d)(e)		59
Year ended 10/31/19		25.57		0.30	^(d)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.26		9.79			642		1.33			1.33			1.29	^(d)		59
Year ended 10/31/18		29.45		0.46	^(d)		(4.07	)^(f)		(3.61	)		(0.27	)		–			(0.27	)		25.57		(12.36	)^(f)		629		1.40			1.40			1.54	^(d)		45
Year ended 10/31/17^(g)		23.28		0.25			5.92			6.17			–			–			–			29.45		26.50			107		1.47	^(h)		1.47	^(h)		0.68	^(h)		56

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.05) and (0.17)%, $(0.23) and (0.92)%, $0.01 and 0.08%, $0.06 and 0.23% and $0.06 and 0.24% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.05 and 0.20%, $(0.13) and (0.55)%, $0.11 and 0.45%, $0.15 and 0.63% and $0.15 and 0.63% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.18 and 0.60%, $(0.05) and (0.15)%, $0.26 and 0.85%, $0.30 and 0.99% and $0.30 and 0.99% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $64,634, $4,054, $8,102, $24 and $729 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)

Includes litigation proceeds received during the year. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(4.16), $(4.01), $(4.17), $(4.18) and $(4.17) for Class A, Class C, Class Y, Class R5, and Class R6 shares, respectively. Total returns would have been lower.

^(g)	Commencement date of April 4, 2017.

^(h)	Annualized.

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


14		Invesco Greater China Fund

Notes to Financial Statements

October 31, 2020

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 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.

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.


15		Invesco Greater China Fund

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

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.

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.

K.	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


16		Invesco Greater China Fund

countries. The political and economic conditions and changes in regulatory, tax or economic policy in a single country could significantly affect the market in that country and in surrounding or related countries.

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar.

Transaction costs are often higher and there may be delays in settlement procedures.

Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than U.S. securities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2020, the effective advisory fee rate incurred by the Fund was 0.93%.

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

For the year ended October 31, 2020, the Adviser waived advisory fees of $4,488.

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, 2020, IDI advised the Fund that IDI retained $9,398 in front-end sales commissions from the sale of Class A shares and $517 and $853 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


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


17		Invesco Greater China Fund


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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	26,004,042	$	52,966,960		$–	$	78,971,002
Money Market Funds		2,319,668		–		–		2,319,668
Total Investments	$	28,323,710	$	52,966,960		$–	$	81,290,670

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	594,948	$	4,193,841
Long-term capital gain		223,496		8,666,969
Total distributions	$	818,444	$	12,860,810

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

Tax Components of Net Assets at Period-End:


	2020
Undistributed long-term capital gain	$	289,044
Net unrealized appreciation – investments		18,740,307
Net unrealized appreciation (depreciation) – foreign currencies		(7	)
Temporary book/tax differences		(50,983	)
Shares of beneficial interest		62,196,387
Total net assets	$	81,174,748

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


18		Invesco Greater China Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $42,718,494 and $54,123,852, 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	$	25,361,429
Aggregate unrealized (depreciation) of investments		(6,621,122	)
Net unrealized appreciation of investments	$	18,740,307

Cost of investments for tax purposes is $62,550,363.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and distributions, on October 31, 2020, undistributed net investment income (loss) was increased by $228,982, undistributed net realized gain (loss) was decreased by $133,824 and shares of beneficial interest was decreased by $95,158. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019

	Shares			Amount			Shares			Amount
Sold:
Class A		342,657		$	8,833,626			311,654		$	7,298,558

Class C		22,769			582,376			58,820			1,306,818

Class Y		110,005			2,686,790			250,488			5,728,727

Class R5		674			18,633			8			192

Class R6		19,521			484,229			13,440			300,415


Issued as reinvestment of dividends:
Class A		27,259			641,679			440,672			9,337,827

Class C		74			1,688			75,847			1,555,617

Class Y		5,031			118,279			55,199			1,168,565

Class R5		4			97			46			984

Class R6		350			8,219			5,123			108,248


Automatic conversion of Class C shares to Class A shares:
Class A		26,492			681,501			215,385			4,785,457

Class C		(27,405	)		(681,501	)		(222,977	)		(4,785,457	)


Reacquired:
Class A		(759,987	)		(19,146,024	)		(598,165	)		(13,769,154	)

Class C		(99,526	)		(2,397,875	)		(91,029	)		(1,985,533	)

Class Y		(253,128	)		(6,271,588	)		(209,325	)		(4,886,749	)

Class R5		(592	)		(13,980	)		(8	)		(193	)

Class R6		(18,026	)		(445,559	)		(15,531	)		(354,805	)

Net increase (decrease) in share activity		(603,828	)	$	(14,899,410	)		289,647		$	5,809,517

(a)

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

NOTE 11–Coronavirus (COVID-19) Pandemic


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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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

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, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


20		Invesco Greater China Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,240.40	$9.07	$1,017.04	$8.16	1.61%
Class C	1,000.00	1,235.70	13.26	1,013.27	11.94	2.36
Class Y	1,000.00	1,242.20	7.67	1,018.30	6.90	1.36
Class R5	1,000.00	1,243.30	6.94	1,018.95	6.24	1.23
Class R6	1,000.00	1,242.90	6.93	1,018.95	6.24	1.23

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 184/366 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 3, 2020, 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, 2020. 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

sessions with the Senior Officer and with independent legal counsel.

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

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI China All Shares 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 for the one year period and above the performance of the Index for the three and five year periods. The Board noted that the Fund was re-named reflecting broader China region exposure on June 15, 2015 and that performance results for periods prior to that date were not reflective of the Fund’s current broader China region mandate. The Board further noted that the Fund’s benchmark changed from the MSCI Golden Dragon Index to the MSCI China All Shares Index effective August 1, 2019 and that the new benchmark better reflects the team’s approach to invest in opportunities across China share classes regardless of their listing. The Board noted that stock selection in certain sectors was the primary detractor from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


22		Invesco Greater China Fund

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 six funds (including the Fund) in the expense group.

D.	Economies of Scale and Breakpoints

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 noted 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 certain Funds on an individual fund level. 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 received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.


23		Invesco Greater China Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	223,496
Qualified Dividend Income*		85.07	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco Greater China Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort –1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801


T-7		Invesco Greater China Fund

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



		Annual Report to Shareholders		October 31, 2020

		Invesco Health Care Fund
		Nasdaq:
		A: GGHCX ∎ C: GTHCX ∎ Y: GGHYX ∎ Investor: GTHIX ∎ R6: GGHSX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Health Care Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment

strategy

described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Health Care Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2020, Class A shares of Invesco Health Care Fund (the Fund), at net asset value (NAV), outperformed the MSCI World Health Care Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes


Class A Shares	12.32	%
Class C Shares	11.46
Class Y Shares	12.62
Investor Class Shares	12.33
Class R6 Shares	12.65
MSCI World Index^q(Broad Market Index)	4.36
MSCI World Health Care Index^q(Style-Specific Index)	9.45
Lipper Global Health/Biotechnology Funds Index^⬛(Peer Group Index)	12.16
Source(s): ^qRIMES Technologies Corp.; ^⬛Lipper Inc.

Market conditions and your Fund

At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the possibility of a contested election. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.

Stock selection in the biotechnology and life science tools and services industries, where the fund is overweight, and an underweight exposure to the pharmaceuticals industry contributed the most to relative performance compared to the MSCI World Health Care Index. Stock selection in the health care equipment and supplies industry detracted the most from relative performance.

On a geographic basis, stock selection in North America and Europe, where the Fund is overweight, contributed the most to relative Fund performance; while overweight exposure to Latin America detracted the most from relative Fund performance.

The top three individual contributors to relative Fund performance during the fiscal year were Thermo Fisher Scientific, Immunomedics (we sold our position in this company during the fiscal year) and Axsome Therapeutics. Thermo Fisher Scientific delivered strong business performance across its segments, and continues to benefit from health care innovation. Immunomedics is a leading biopharmaceutical company in the area of antibody-drug conjugates. In the second quarter, their asset Trdodelvy was approved on an accelerated basis for metastatic triple-negative breast cancer, a cancer with a

particularly high unmet need and few treatment options. Shares also climbed in September when it was announced that Gilead would be acquiring the company at a greater than 100% premium to its prior stock price. Axsome Therapeutics is developing therapies for the treatment of central nervous system diseases using several platform approaches to drug development, modification and delivery. AXS-05, its lead candidate, has generated positive phase II and III data in the treatment of major depressive disorder and has breakthrough therapy designation for the therapy. It also has a robust pipeline that has been very encouraging.

The top three individual detractors from relative Fund performance were Boston Scientific, Milestone Pharmaceuticals and Nippon Shinyaku. Boston Scientific was negatively impacted in the second quarter by COVID-19 crowding out many of the elective procedures associated with its product portfolio and some of its clinical trials were also put on hold. However, there has been marked improvement in recent months and we are confident the firm can bolster its competitive position through its robust product lineup and commercialization activities that have turned around as providers have resumed caring for non-pandemic patients. Milestone Pharmaceuticals shares fell sharply when the pivotal study for its lead program, etripamil, a potential treatment for paroxysmal supraventricular tachycardia, failed its primary efficacy endpoint. The company subsequently negotiated a path forward for this program with the FDA. Nippon Shinyaku shares declined due to concerns about sales trends for Uptravi used for the treatment of PAH and NS-065 for Duchenne muscular dystrophy. We exited the position during the fiscal year.

Looking ahead, the Fund continues to invest around four long term themes, underpinned by our research team’s fundamental insights: 1) Innovation - health care is in an unprecedented era of research & development, 2) the intersection between health care and other top performing sectors such as technology & consumer, 3) addressing the cost of care, and 4) aging demographics globally. In our increasingly globalized and interconnected world, the current crisis has shined a light on health care’s essential role in safeguarding the world’s economy and justified increased spending to address the current catastrophe and to mitigate and prevent future episodes.

We thank you for your investment in In-vesco Health Care Fund.

Portfolio manager(s):

Henry Wu

4 Invesco Health Care Fund

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.

5 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 10/31/10

LOGO

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.

6 Invesco Health Care Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	10.42	%
10 Years	11.20
5 Years	5.18
1 Year	6.13
Class C Shares
Inception (3/1/99)	8.60	%
10 Years	11.16
5 Years	5.57
1 Year	10.46
Class Y Shares
Inception (10/3/08)	10.88	%
10 Years	12.11
5 Years	6.64
1 Year	12.62
Investor Class Shares
Inception (7/15/05)	8.65	%
10 Years	11.83
5 Years	6.37
1 Year	12.33
Class R6 Shares
10 Years	11.95	%
5 Years	6.60
1 Year	12.65

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.

7 Invesco Health Care Fund

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, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data 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(Net) is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎	The MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Global Health/Biotechnology Funds Index is an unmanaged index considered representative of global health/ biotechnology funds tracked by Lipper.

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

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

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.

8 Invesco Health Care Fund

Fund Information


Portfolio Composition
By sector	% of total net assets
Health Care		97.18	%
Consumer Staples		0.74
Money Market Funds Plus Other Assets Less Liabilities		2.08


Top 10 Equity Holdings*
	% of total net assets
1. Thermo Fisher Scientific, Inc.		6.57	%
2. UnitedHealth Group, Inc.		4.90
3. Johnson & Johnson		3.92
4. AstraZeneca PLC, ADR		3.88
5. Medtronic PLC		3.80
6. Novartis AG, ADR		3.66
7. Abbott Laboratories		3.03
8. Sanofi, ADR		2.43
9. Eli Lilly and Co.		2.39
10. Boston Scientific Corp.		2.34

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, 2020.

9 Invesco Health Care Fund

Schedule of Investments^(a)

October 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests-97.92%

Biotechnology-16.70%

ACADIA Pharmaceuticals, Inc.^(b)		468,384	$	21,756,437
Altimmune, Inc.^(b)		309,582		3,544,714
Arcus Biosciences, Inc.^(b)		196,231		4,277,836
Ascendis Pharma A/S, ADR (Denmark)^(b)		63,409		10,357,860
Biogen, Inc.^(b)		70,090		17,667,586
BioMarin Pharmaceutical, Inc.^(b)		242,120		18,020,992
Cardiff Oncology, Inc.^(b)		290,441		4,594,777
Exact Sciences Corp.^(b)		181,525		22,478,241
Forte Biosciences, Inc.^(b)		87,102		3,323,812
Global Blood Therapeutics, Inc.^(b)		126,658		6,697,675
Incyte Corp.^(b)		51,952		4,501,121
Iovance Biotherapeutics, Inc.^(b)		249,637		8,907,048
Kadmon Holdings, Inc.^(b)		1,252,546		4,258,656
Keros Therapeutics, Inc.^(b)		136,118		7,568,161
Kronos Bio, Inc.^(b)		272,060		7,642,166
Mersana Therapeutics, Inc.^(b)		285,299		5,141,088
Neurocrine Biosciences, Inc.^(b)		94,182		9,292,938
Novavax, Inc.^(b)		111,339		8,986,171
PMV Pharmaceuticals, Inc.^(b)		304,020		10,655,901
Rocket Pharmaceuticals, Inc.^(b)		278,357		7,777,295
Sarepta Therapeutics, Inc.^(b)		75,710		10,289,746
Trillium Therapeutics, Inc. (Canada)^(b)		324,425		4,039,091
Vertex Pharmaceuticals, Inc.^(b)		141,676		29,519,611
Zentalis Pharmaceuticals, Inc.^(b)		197,621		7,823,815
				239,122,738

Drug Retail-0.48%

Raia Drogasil S.A. (Brazil)		1,632,890		6,846,929

Health Care Equipment-18.87%

Abbott Laboratories		412,982		43,408,538
Baxter International, Inc.		211,003		16,367,503
Becton, Dickinson and Co.		53,612		12,391,342
Boston Scientific Corp.^(b)		975,087		33,416,231
Edwards Lifesciences Corp.^(b)		351,500		25,199,035
Globus Medical, Inc., Class A^(b)		61,565		3,208,768
Insulet Corp.^(b)		30,843		6,854,857
Intuitive Surgical, Inc.^(b)		13,318		8,884,171
Koninklijke Philips N.V. (Netherlands)^(b)		545,657		25,349,689
Medtronic PLC		541,327		54,441,256
Outset Medical, Inc.^(b)		25,255		1,173,600
Stryker Corp.		38,448		7,766,880
Zimmer Biomet Holdings, Inc.		239,842		31,683,128
				270,144,998

Health Care Facilities-1.39%

HCA Healthcare, Inc.		160,378		19,877,249

Health Care Services-2.53%

Cigna Corp.		110,596		18,466,214
CVS Health Corp.		263,400		14,774,106
Oak Street Health, Inc.^(b)		62,526		2,975,612
				36,215,932

Health Care Supplies-3.94%

Alcon, Inc. (Switzerland)^(b)		135,673		7,711,653


	Shares		Value
Health Care Supplies-(continued)
Align Technology, Inc.^(b)		34,031	$	14,499,928
Ansell Ltd. (Australia)		188,121		5,328,993
Pulmonx Corp.^(b)		180,114		7,575,595
Silk Road Medical, Inc.^(b)		352,475		21,359,985
				56,476,154

Health Care Technology-3.04%

American Well Corp., Class A^(b)(c)		136,512		3,523,375
GoodRx Holdings, Inc., Class A^(b)		53,370		2,582,574
HMS Holdings Corp.^(b)		212,547		5,658,001
Inspire Medical Systems, Inc.^(b)		169,455		20,238,011
Ping An Healthcare and Technology Co. Ltd. (China)^(b)(d)		890,700		11,554,812
				43,556,773

Household Products-0.27%

Reckitt Benckiser Group PLC (United Kingdom)		43,158		3,802,849

Life Sciences Tools & Services-9.86%
10X Genomics, Inc., Class A^(b)		63,231		8,656,324
Bio-Rad Laboratories, Inc., Class A^(b)		21,830		12,801,549
Eurofins Scientific SE (Luxembourg)^(b)		12,238		9,766,718
Illumina, Inc.^(b)		24,601		7,200,713
IQVIA Holdings, Inc.^(b)		23,885		3,678,051
Lonza Group AG (Switzerland)		8,245		4,986,602
Thermo Fisher Scientific, Inc.		198,671		93,995,226
				141,085,183

Managed Health Care-11.42%

Anthem, Inc.		86,352		23,556,826
Centene Corp.^(b)		287,070		16,965,837
Hapvida Participacoes e Investimentos S.A. (Brazil)^(d)		1,000,200		11,220,536
HealthEquity, Inc.^(b)		76,107		3,918,749
Humana, Inc.		65,715		26,238,685
Notre Dame Intermedica Participacoes S.A. (Brazil)		1,000,061		11,459,495
UnitedHealth Group, Inc.		229,782		70,115,680
				163,475,808

Pharmaceuticals-29.42%

AstraZeneca PLC, ADR (United Kingdom)		1,106,918		55,523,007
Axsome Therapeutics, Inc.^(b)		236,277		15,667,528
Bristol-Myers Squibb Co.		521,955		30,508,270
Elanco Animal Health, Inc.^(b)		386,406		11,982,450
Eli Lilly and Co.		262,736		34,276,538
Johnson & Johnson		409,647		56,166,700
Liquidia Technologies, Inc.^(b)(c)		740,868		3,422,810
Lyra Therapeutics, Inc.^(b)		142,757		1,527,500
Merck & Co., Inc.		340,570		25,614,270
Milestone Pharmaceuticals, Inc. (Canada)^(b)		229,128		1,319,777
Novartis AG, ADR (Switzerland)		670,998		52,391,524
Novo Nordisk A/S, Class B (Denmark)		470,711		30,102,801
Odonate Therapeutics, Inc.^(b)		183,668		2,646,656
Pfizer, Inc.		600,426		21,303,114
Relmada Therapeutics, Inc.^(b)(c)		191,415		5,920,466

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

10 Invesco Health Care Fund


	Shares		Value

Pharmaceuticals-(continued)

Roche Holding AG (Switzerland)		84,024	$	26,973,022
Sanofi, ADR (France)		767,213		34,754,749
Zoetis, Inc.		54,366		8,619,729
Zogenix, Inc.^(b)		118,431		2,524,949
				421,245,860
Total Common Stocks & Other Equity Interests (Cost $867,734,308)				1,401,850,473
Money Market Funds-1.94%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(e)(f)		9,212,825		9,212,825
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(e)(f)		8,096,079		8,099,318
Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		10,528,943		10,528,943
Total Money Market Funds (Cost $27,838,350)				27,841,086
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $895,572,658)				1,429,691,559


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.41%
Invesco Private Government Fund, 0.04%^(e)(f)(g)		2,336,493	$	2,336,493
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		3,503,688		3,504,739
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,841,232)				5,841,232
TOTAL INVESTMENTS IN SECURITIES-100.27% (Cost $901,413,890)				1,435,532,791
OTHER ASSETS LESS LIABILITIES-(0.27)%				(3,920,539	)
NET ASSETS-100.00%			$	1,431,612,252

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, 2020.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $22,775,348, which represented 1.59% of the Fund’s Net Assets.

^(e)


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	6,583,523	$	93,474,918	$	(90,845,616	)	$	-	$	-	$	9,212,825	$	65,181
Invesco Liquid Assets Portfolio, Institutional Class		4,704,943		68,156,838		(64,771,760	)		1,376		7,921		8,099,318		81,678
Invesco Treasury Portfolio, Institutional Class		7,524,027		106,828,477		(103,823,561	)		-		-		10,528,943		67,183
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		104,382,913		(102,046,420	)		-		-		2,336,493		1,744	*
Invesco Private Prime Fund		-		44,000,232		(40,496,327	)		-		834		3,504,739		1,617	*
Total	$	18,812,493	$	416,843,378	$	(401,983,684	)	$	1,376	$	8,755	$	33,682,318	$	217,403

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

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

11 Invesco Health Care Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $867,734,308)*	$	1,401,850,473
Investments in affiliated money market funds, at value (Cost $33,679,582)		33,682,318
Foreign currencies, at value (Cost $5,364)		5,470
Receivable for:
Investments sold		3,247,217
Fund shares sold		177,744
Dividends		2,865,347
Investment for trustee deferred compensation and retirement plans		260,181
Other assets		160,209
Total assets		1,442,248,959

Liabilities:
Payable for:
Investments purchased		2,482,407
Fund shares reacquired		1,046,772
Collateral upon return of securities loaned		5,841,232
Accrued fees to affiliates		747,330
Accrued other operating expenses		191,197
Trustee deferred compensation and retirement plans		327,769
Total liabilities		10,636,707
Net assets applicable to shares outstanding	$	1,431,612,252

Net assets consist of:
Shares of beneficial interest	$	797,982,799
Distributable earnings		633,629,453
	$	1,431,612,252


Net Assets:
Class A	$	740,884,402
Class C	$	27,720,367
Class Y	$	43,815,574
Investor Class	$	618,818,199
Class R6	$	373,710

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,716,676
Class C		1,026,966
Class Y		1,021,397
Investor Class		14,795,289
Class R6		8,696
Class A:
Net asset value per share	$	41.82
Maximum offering price per share (Net asset value of $41.82 ÷ 94.50%)	$	44.25
Class C:
Net asset value and offering price per share	$	26.99
Class Y:
Net asset value and offering price per share	$	42.90
Investor Class:
Net asset value and offering price per share	$	41.83
Class R6:
Net asset value and offering price per share	$	42.97

*	At October 31, 2020, securities with an aggregate value of $5,591,953 were on loan to brokers.

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

12 Invesco Health Care Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:

Dividends (net of foreign withholding taxes of $733,841)	$	16,086,136
Dividends from affiliated money market funds (includes securities lending income of $51,704)		265,746
Total investment income		16,351,882

Expenses:

Advisory fees		8,928,825
Administrative services fees		199,807
Custodian fees		93,769
Distribution fees:
Class A		1,846,355
Class C		265,370
Investor Class		1,560,143
Transfer agent fees – A, C, Y and Investor		2,038,443
Transfer agent fees – R6		111
Trustees’ and officers’ fees and benefits		34,543
Registration and filing fees		97,249
Reports to shareholders		124,169
Professional services fees		67,888
Other		22,021
Total expenses		15,278,693
Less: Fees waived and/or expense offset arrangement(s)		(56,924	)
Net expenses		15,221,769
Net investment income		1,130,113

Realized and unrealized gain from:
Net realized gain from:
Investment securities		99,474,585
Foreign currencies		73,009
		99,547,594
Change in net unrealized appreciation of:
Investment securities		62,488,085
Foreign currencies		65,316
		62,553,401
Net realized and unrealized gain		162,100,995
Net increase in net assets resulting from operations	$	163,231,108

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

13 Invesco Health Care Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019
Operations:
Net investment income	$	1,130,113		$	2,788,733
Net realized gain		99,547,594			48,453,868
Change in net unrealized appreciation		62,553,401			80,595,633
Net increase in net assets resulting from operations		163,231,108			131,838,234

Distributions to shareholders from distributable earnings:
Class A		(26,366,873	)		(52,354,831	)
Class C		(1,306,960	)		(5,049,774	)
Class Y		(1,567,121	)		(2,626,962	)
Investor Class		(22,563,713	)		(44,427,867	)
Class R6		(3,940	)		(3,125	)
Total distributions from distributable earnings		(51,808,607	)		(104,462,559	)

Share transactions-net:
Class A		(18,107,030	)		(2,750,883	)
Class C		1,624,450			(18,515,860	)
Class Y		2,617,317			575,153
Investor Class		(27,198,605	)		782,507
Class R6		329,365			8,617
Net increase (decrease) in net assets resulting from share transactions		(40,734,503	)		(19,900,466	)
Net increase in net assets		70,687,998			7,475,209

Net assets:
Beginning of year		1,360,924,254			1,353,449,045
End of year	$	1,431,612,252		$	1,360,924,254

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

14 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 10/31/20	$	38.59	$	0.03		$	4.67		$	4.70		$	(0.10	)	$	(1.37	)	$	(1.47	)	$	41.82		12.32	%	$	740,884		1.06	%^(d)		1.06	%^(d)		0.08	%^(d)		17	%
Year ended 10/31/19		37.89		0.08			3.52			3.60			–			(2.90	)		(2.90	)		38.59		10.46			700,483		1.08			1.08			0.22			11
Year ended 10/31/18		37.84		(0.02	)		2.52			2.50			–			(2.45	)		(2.45	)		37.89		7.03			687,513		1.09			1.09			(0.06	)		36
Year ended 10/31/17		32.93		(0.05	)		5.77			5.72			(0.07	)		(0.74	)		(0.81	)		37.84		17.73			722,643		1.12			1.12			(0.12	)		36
Year ended 10/31/16		43.70		0.08			(5.09	)		(5.01	)		–			(5.76	)		(5.76	)		32.93		(12.87	)		725,053		1.09			1.09			0.23			21
Class C
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	^(d)		1.81	^(d)		(0.67	)^(d)		17
Year ended 10/31/19		26.20		(0.13	)		2.31			2.18			–			(2.90	)		(2.90	)		25.48		9.62			24,570		1.83			1.83			(0.53	)		11
Year ended 10/31/18		27.10		(0.21	)		1.76			1.55			–			(2.45	)		(2.45	)		26.20		6.24			45,895		1.84			1.84			(0.81	)		36
Year ended 10/31/17		23.91		(0.22	)		4.15			3.93			–			(0.74	)		(0.74	)		27.10		16.84			56,741		1.87			1.87			(0.87	)		36
Year ended 10/31/16		33.56		(0.14	)		(3.75	)		(3.89	)		–			(5.76	)		(5.76	)		23.91		(13.53	)		66,699		1.84			1.84			(0.52	)		21
Class Y
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	^(d)		0.81	^(d)		0.33	^(d)		17
Year ended 10/31/19		38.67		0.18			3.59			3.77			–			(2.90	)		(2.90	)		39.54		10.70			38,519		0.83			0.83			0.47			11
Year ended 10/31/18		38.47		0.07			2.58			2.65			–			(2.45	)		(2.45	)		38.67		7.32			36,930		0.84			0.84			0.19			36
Year ended 10/31/17		33.48		0.05			5.85			5.90			(0.17	)		(0.74	)		(0.91	)		38.47		18.01			35,924		0.87			0.87			0.13			36
Year ended 10/31/16		44.24		0.17			(5.17	)		(5.00	)		–			(5.76	)		(5.76	)		33.48		(12.67	)		22,548		0.84			0.84			0.48			21
Investor Class
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	^(d)		1.06	^(d)		0.08	^(d)		17
Year ended 10/31/19		37.90		0.08			3.52			3.60			–			(2.90	)		(2.90	)		38.60		10.45			597,301		1.08			1.08			0.22			11
Year ended 10/31/18		37.85		(0.02	)		2.52			2.50			–			(2.45	)		(2.45	)		37.90		7.03			583,069		1.09			1.09			(0.06	)		36
Year ended 10/31/17		32.94		(0.04	)		5.76			5.72			(0.07	)		(0.74	)		(0.81	)		37.85		17.72			595,801		1.12			1.12			(0.12	)		36
Year ended 10/31/16		43.71		0.08			(5.09	)		(5.01	)		–			(5.76	)		(5.76	)		32.94		(12.87	)		563,411		1.09			1.09			0.23			21
Class R6
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	^(d)		0.77	^(d)		0.37	^(d)		17
Year ended 10/31/19		38.71		0.20			3.60			3.80			–			(2.90	)		(2.90	)		39.61		10.77			52		0.77			0.77			0.53			11
Year ended 10/31/18		38.49		0.09			2.58			2.67			–			(2.45	)		(2.45	)		38.71		7.37			41		0.79			0.79			0.24			36
Period ended 10/31/17^(e)		36.35		0.05			2.09			2.14			–			–			–			38.49		5.89			14		0.78	^(f)		0.78	^(f)		0.22	^(f)		36

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Ratios are based on average daily net assets (000’s omitted) of $738,272, $26,528, $43,772, $623,830 and $111 for Class A, Class C, Class Y, Investor Class and Class R6 shares, respectively.

^(e)	Commencement date of April 04, 2017.

^(f)	Annualized.

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

15 Invesco Health Care Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

The 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.

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. 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.

16 Invesco Health Care Fund

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

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.

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.

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

17 Invesco Health Care Fund

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

L.	Other Risks - The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

The Fund has invested in non-publicly traded companies, some of which are in the startup or development stages. These investments are inherently risky, as the market for the technologies or products these companies are developing are typically in the early stages and may never materialize. The Fund could lose its entire investment in these companies. These investments are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Trustees. Investments in privately held venture capital securities are illiquid.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2020, the effective advisory fee rate incurred by the Fund was 0.62%.

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

For the year ended October 31, 2020, the Adviser waived advisory fees of $44,976.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

18 Invesco Health Care 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, 2020, IDI advised the Fund that IDI retained $76,351 in front-end sales commissions from the sale of Class A shares and $354 and $615 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

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


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,283,984,987	$	117,865,486	$	–	$	1,401,850,473
Money Market Funds		27,841,086		5,841,232		–		33,682,318
Total Investments	$	1,311,826,073	$	123,706,718	$	–	$	1,435,532,791

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019
Ordinary income*	$	3,603,383	$	4,052,897
Long-term capital gain		48,205,224		100,409,662
Total distributions	$	51,808,607	$	104,462,559

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

19 Invesco Health Care Fund


Tax Components of Net Assets at Period-End:
	2020
Undistributed ordinary income	$	16,339,203
Undistributed long-term capital gain		83,401,211
Net unrealized appreciation – investments		534,110,949
Net unrealized appreciation - foreign currencies		58,362
Temporary book/tax differences		(280,272	)
Shares of beneficial interest		797,982,799
Total net assets	$	1,431,612,252

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $237,040,502 and $338,373,286, 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	$	562,276,980
Aggregate unrealized (depreciation) of investments		(28,166,031	)
Net unrealized appreciation of investments	$	534,110,949

Cost of investments for tax purposes is $901,421,842.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2020, undistributed net investment income was increased by $79,549 and undistributed net realized gain was decreased by $79,549. 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 October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		1,293,821		$	51,850,610			820,361		$	29,930,079
Class C		366,145			9,605,592			172,952			4,192,240
Class Y		410,958			17,042,917			444,200			16,528,640
Investor Class		150,759			5,981,461			163,824			5,980,611
Class R6		7,776			345,817			213			7,971

Issued as reinvestment of dividends:
Class A		588,599			23,755,862			1,402,255			48,153,428
Class C		47,165			1,236,669			209,277			4,775,696
Class Y		33,361			1,378,148			64,599			2,268,073
Investor Class		522,381			21,083,288			1,226,589			42,121,076
Class R6		40			1,655			66			2,326

Automatic conversion of Class C shares to Class A shares:
Class A		42,503			1,734,470			545,028			19,038,952
Class C		(65,583	)		(1,734,470	)		(821,208	)		(19,038,952	)

20 Invesco Health Care Fund


	Summary of Share Activity
	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(2,360,788	)	$	(95,447,972	)		(2,757,964	)	$	(99,873,342	)
Class C		(285,183	)		(7,483,341	)		(348,416	)		(8,444,844	)
Class Y		(397,046	)		(15,803,748	)		(489,739	)		(18,221,560	)
Investor Class		(1,353,682	)		(54,263,354	)		(1,298,537	)		(47,319,180	)
Class R6		(421	)		(18,107	)		(45	)		(1,680	)
Net increase (decrease) in share activity		(999,195	)	$	(40,734,503	)		(666,545	)	$	(19,900,466	)

^(a)

NOTE 11–Coronavirus (COVID-19) Pandemic

21 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

22 Invesco Health Care Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,050.00	$5.41	$1,019.86	$5.33	1.05%
Class C	1,000.00	1,045.70	9.26	1,016.09	9.12	1.80
Class Y	1,000.00	1,051.50	4.13	1,021.11	4.06	0.80
Investor Class	1,000.00	1,049.90	5.41	1,019.86	5.33	1.05
Class R6	1,000.00	1,051.40	3.97	1,021.27	3.91	0.77

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 184/366 to reflect the most recent fiscal half year.

23 Invesco Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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, 2020. 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

sessions with the Senior Officer and with independent legal counsel.

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI World Health Care 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, the third quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period, and below the performance of the Index for the five year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund and its performance peer funds and specifically that, unlike the Fund, several peers in the health care space focus narrowly on certain sub-sectors. The Board noted that security selection in certain health care industries and sub-sectors negatively impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

24 Invesco Health Care Fund

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

under the federal securities laws and consistent with best execution obligations.

25 Invesco Health Care Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	48,205,224
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		99.88	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

26 Invesco Health Care Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

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)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

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
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey -1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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

T-6 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)
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

T-7 Invesco Health Care Fund

LOGO

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

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

∎

Fund reports and prospectuses

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∎

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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

Fund holdings and proxy voting information


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


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



		Annual Report to Shareholders		October 31, 2020


		Invesco International Bond Fund Effective September 30, 2020, Invesco Oppenheimer International Bond Fund was renamed Invesco International Bond Fund.

		Nasdaq:
		A: OIBAX ∎ C: OIBCX ∎ R: OIBNX ∎ Y: OIBYX ∎ R5: INBQX ∎ R6: OIBIX

LOGO

Letters to Shareholders

LOGO

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco International Bond Fund


				Dear Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions. ∎ Assessing each portfolio management team’s investment performance within the context
of the investment strategy described in the fund’s prospectus.
∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco International Bond Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco International Bond Fund (the Fund), at net asset value (NAV), underperformed the FTSE Non-U.S. Dollar World Govenment Bond Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	1.35	%
Class C Shares	0.58
Class R Shares	0.90
Class Y Shares	1.60
Class R5 Shares	1.71
Class R6 Shares	1.57
FTSE Non-U.S. Dollar World Government Bond Index^▼	4.99
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index^∎	-3.81
JP Morgan EMBI Global Diversified Index^∎	0.98
Custom Invesco International Bond Index^◆	1.66

Source(s): ^▼RIMES Technologies Corp.; ^∎FactSet Research Systems Inc.;^◆Invesco, FactSet Research Systems Inc., RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2020, financial markets were predominantly driven by the COVID-19 pandemic and the swift response of extraordinary monetary and fiscal support globally.

In the second quarter, the pandemic’s spread continued across the globe (albeit at a

slower rate) and economic indicators signaled that the economies of many countries, including the US, bottomed in April. In Asia, China’s economic activity improved as lockdowns eased, raising hopes for economic recovery. In Europe, to further boost support, the European Central Bank provided more favorable refinancing conditions in the form of targeted longer-term refinancing operations (TLTROs) and increased its bond purchasing program twice. In emerging market economies, more central banks elected to cut interest rates rather than hold rates steady, with 12 of the 20 primary EM central banks cutting rates by at least 1.50%.¹ Buoyed by global policy support measures, investor sentiment improved as global equity and fixed income markets recovered throughout the quarter.

Several key trends from the second quarter developed further throughout the third quarter. US cases increased sharply early on, while several European countries had smaller flare-ups throughout the period, some of which caused reversals in reopening the economy. Second quarter GDP data released in July reflected COVID- 19’s global economic impact with sharp contractions across multiple countries. US GDP showed a -31.4% annualized contraction.²However, more recent indicators suggest that economies of many countries, including the US, are gradually recovering. In Asia, a rise in retail sales and a tightening labor market in China suggest the region’s economic recovery has further to run.

with other central banks until the end of March 2021. The Fed left policy rates unchanged and adjusted its inflation target to an “average” of 2%, thereby giving itself more flexibility around monetary policy. This, coupled with Fed assurances that it would provide whatever monetary support is needed, improved investor sentiment. Meanwhile, European Union leaders launched a €750 billion package aimed at funding post-pandemic relief efforts, while the European Central Bank held policy rates unchanged and granted Eurozone banks extra capital relief, enabling them to increase lending to governments, businesses and households. In emerging market economies, most central banks left policy rates unchanged, while central banks in Mexico, Colombia and Egypt cut interest rates to provide additional support to their economies.

Compared to the FTSE Non-U.S. Dollar World Government Bond Index, the Fund’s interest rate exposure and credit exposure contributed positively to relative Fund performance, while foreign currency exposure detracted. The top contributors to relative performance were interest rate positioning in Mexico, India and Canada, while the top detractors were positioning in the Argentinian peso, Russian ruble and Japanese yen.

Coming into 2020, portfolio positioning continued to favor emerging market rates and foreign currency (FX) exposure given attractive yields and additional room for central bank rate cuts amidst a low inflationary environment, as well as less attractive negative/ low yielding rates and FX in DM countries. Beyond that, a supportive backdrop of recovering global growth and easier US financial conditions existed given a pausing (and perhaps cutting) Fed. However, a sharp reassessment of global growth prospects and a large correction in asset prices occurred in March. Global markets sold off as COVID-19 spread, but the severe liquidity stress experienced in the second half of the month, which added an additional leg of dislocation unwarranted by fundamentals, is what truly took markets by surprise. As a result, the Fund’s higher EM exposure and lower DM duration positioning led to underperformance in the first quarter.


4		Invesco International Bond Fund

emerging and developed, with the expectation of the US dollar weakening over the longer term.

The second quarter witnessed a fairly sharp market reversal and the beginning of a recovery trade, which largely continued in the third quarter, as the magnitude of the economic downturn was met with large policy easing by the Federal Reserve and global central banks, along with large fiscal spending. The seismic shift in global central bank policy created significant opportunities in EM and DM interest rates, which we correctly anticipated to be among the first opportunities realized. The Fund rebounded strongly in the second quarter, benefiting from emerging market rates positions, as most central banks materially cut their policy rates (by 1.50% on average) while longer-term rates had also fallen due to lowered inflation expectations, along with developed market credit positions, as spreads rebounded (although still remained wide of their tights in early February).

We continue to favor EM interest rate exposure, although we have shifted focus to the three- to five-year maturity range of country yield curves given attractive total return potential. We have increased our overall DM rate exposure where we observed relative value, but also continue to maintain country exposures that are well-supported by central bank policy. We reduced our overall credit exposure and increased our foreign currency exposure as we see a tremendous opportunity over the next two to three years with the Fed having removed much support for the US dollar. Overall, fiscal and monetary policy actions globally continue to be supportive, and we remain quite constructive on the asset class, continuing to seek the best opportunities across developed and emerging markets.

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.

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 US Federal Reserve

2 US Bureau of Economic Analysis

Portfolio manager(s):

Hemant Baijal

Chris Kelly

Wim Vandenhoeck

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


5		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 10/31/10

LOGO

1	Source: FactSet Research Systems Inc.

2	Source: Invesco, FactSet Research Systems Inc., RIMES Technologies Corp.

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.


6		Invesco International Bond Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (6/15/95)	6.55	%
10 Years	1.33
5 Years	2.62
1 Year	-3.03

Class C Shares
Inception (6/15/95)	6.46	%
10 Years	1.18
5 Years	2.74
1 Year	-0.39

Class R Shares
Inception (3/1/01)	6.07	%
10 Years	1.47
5 Years	3.26
1 Year	0.90

Class Y Shares
Inception (9/27/04)	5.18	%
10 Years	2.03
5 Years	3.77
1 Year	1.60

Class R5 Shares
10 Years	1.82	%
5 Years	3.60
1 Year	1.71

Class R6 Shares
Inception (1/27/12)	2.58	%
5 Years	3.94
1 Year	1.57

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.

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


7		Invesco International Bond Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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 U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.

∎


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


8		Invesco International Bond Fund

Fund Information

Portfolio Composition


By security type	% of total net assets

Non-U.S. Dollar Denominated Bonds & Notes		61.43	%
U.S. Dollar Denominated Bonds & Notes		11.54
U.S. Treasury Securities		6.25
Asset-Backed Securities		5.83
Money Market Funds Plus Other Assets Less Liabilities		14.95

Top Five Debt Issuers*


		% of total net assets
1.	Hellenic Republic Government Bond		11.68	%
2.	India Government Bond		7.66
3.	Indonesia Treasury Bond		6.73	%
4.	U.S. Treasury		6.25
5.	Italy Buoni Poliennali Del Tesoro		5.44

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, 2020.


9		Invesco International Bond Fund

Consolidated Schedule of Investments

October 31, 2020


		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–61.43%^(a)
Argentina–2.23%
Argentina Treasury Bond BONCER,
1.00%, 08/05/2021	ARS		2,471,444,668	$ 37,998,515
1.40%, 03/25/2023	ARS		677,070,000	8,755,682
1.50%, 03/25/2024	ARS		496,990,000	5,947,912
4.00%, 04/27/2025	ARS		117,500,000	3,079,539
Argentine Bonos del Tesoro,
18.20%, 10/03/2021	ARS		212,805,000	2,091,198
15.50%, 10/17/2026	ARS		135,000,000	629,919
Banco Hipotecario S.A., Series 1, 34.11% (BADLAR + 6.15%), 02/15/2021^(b)(c)	ARS		79,018,000	1,068,397
Provincia de Buenos Aires Government Bonds, 34.96%, 04/12/2025^(d)	ARS		120,000,000	1,091,515
				60,662,677

Australia–4.33%
Australia Government Bond,
Series 152, 2.75%, 11/21/2028^(d)	AUD		75,000,000	61,486,522
Series 162, 1.75%, 06/21/2051^(d)	AUD		81,000,000	56,355,408
				117,841,930

Belgium–0.23%
KBC Group N.V., 4.25%^(d)(e)(f)	EUR		5,600,000	6,291,897

Brazil–0.99%
Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2045	BRL		32,000,000	23,808,711
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(d)	BRL		14,946,965	2,982,646
				26,791,357

Colombia–2.93%
Colombian TES, Series B, 6.25%, 11/26/2025	COP		270,000,000,000	75,988,758
Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044^(d)	COP		8,000,000,000	2,087,785
Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034^(d)	COP		5,916,031,565	1,588,701
				79,665,244

Cyprus–2.63%
Cyprus Government International Bond, 1.25%, 01/21/2040^(d)	EUR		58,940,000	71,632,570


		Principal Amount		Value
Egypt–1.35%
Egypt Government Bond,
18.15%, 12/11/2021	EGP		162,000,000	$ 10,754,743
16.00%, 06/11/2022	EGP		116,700,000	7,626,076
16.30%, 01/01/2023	EGP		10,200,000	676,070
14.35%, 09/10/2024	EGP		50,000,000	3,196,795
Egypt Government International Bond, 4.75%, 04/16/2026^(d)	EUR		12,900,000	14,535,631
				36,789,315

France–0.05%
Societe Generale S.A., 6.75%^(d)(e)(f)	EUR		1,115,000	1,309,603

Greece–11.68%
Hellenic Republic Government Bond,
1.50%, 06/18/2030^(d)	EUR		140,000,000	171,550,044
1.88%, 02/04/2035^(d)	EUR		102,500,000	130,652,670
4.20%, 01/30/2042^(d)	EUR		8,350,000	14,896,913
Series GDP, 1.00%, 10/15/2042	EUR		107,000,000	373,853
				317,473,480

India–8.47%
India Government Bond,
8.40%, 07/28/2024	INR		1,997,000,000	30,046,837
7.72%, 05/25/2025	INR		730,000,000	10,818,372
8.20%, 09/24/2025	INR		3,715,000,000	56,184,292
8.15%, 11/24/2026	INR		500,000,000	7,610,751
8.24%, 02/15/2027	INR		4,935,000,000	75,199,524
7.17%, 01/08/2028	INR		1,955,000,000	28,492,363
State of Gujarat India, 7.52%, 05/24/2027	INR		500,000,000	7,177,467
State of Maharashtra India, 7.99%, 10/28/2025	INR		500,000,000	7,335,487
State of Tamil Nadu India, 8.53%, 03/09/2026	INR		500,000,000	7,544,062
				230,409,155

Indonesia–6.73%
Indonesia Treasury Bond,
Series FR56, 8.38%, 09/15/2026	IDR		488,430,000,000	37,237,569
Series FR59, 7.00%, 05/15/2027	IDR		480,750,000,000	34,061,754
Series FR71, 9.00%, 03/15/2029	IDR		159,350,000,000	12,454,360
Series FR73, 8.75%, 05/15/2031	IDR		560,080,000,000	43,129,032
Series FR77, 8.13%, 05/15/2024	IDR		350,000,000,000	26,152,479
Series FR78, 8.25%, 05/15/2029	IDR		398,080,000,000	29,995,498
				183,030,692

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


10		Invesco International Bond Fund


		Principal Amount		Value
Italy–5.83%
Banca Monte dei Paschi di Siena S.p.A., 5.38%, 01/18/2028^(d)(e)	EUR		6,500,000	$ 5,896,221
Intesa Sanpaolo S.p.A., 4.13%^(d)(e)(f)	EUR		2,000,000	1,896,924
Italy Buoni Poliennali Del Tesoro,
1.70%, 09/01/2051^(d)	EUR		28,500,000	33,953,997
2.80%, 03/01/2067^(d)	EUR		75,325,000	113,838,674
UniCredit S.p.A., 1.80%, 01/20/2030^(d)	EUR		2,500,000	2,885,738
				158,471,554

Ivory Coast–0.63%
Ivory Coast Government International Bond,
5.25%, 03/22/2030^(d)	EUR		5,636,000	6,354,380
6.88%, 10/17/2040^(d)	EUR		9,500,000	10,853,735
				17,208,115

Japan–0.20%
SoftBank Group Corp.,
4.75%, 07/30/2025^(d)	EUR		2,000,000	2,475,170
4.00%, 09/19/2029^(d)	EUR		2,500,000	2,913,006
				5,388,176

Mexico–2.56%
J.P. Morgan S.A./Hipotecaria Su Casita S.A. de C.V., 6.47%, 08/26/2035^(d)(g)	MXN		34,101,099	218,882
Mexican Bonos,
Series M, 8.00%, 12/07/2023	MXN		730,000,000	37,629,338
Series M, 5.75%, 03/05/2026	MXN		660,000,000	31,688,028
				69,536,248

Netherlands–0.32%
Cooperatieve Rabobank U.A., 4.38%^(d)(e)(f)	EUR		7,200,000	8,590,128

Portugal–0.58%
Banco Comercial Portugues S.A., 4.50%, 12/07/2027^(d)(e)	EUR		2,100,000	2,333,969
Caixa Geral de Depositos S.A., 10.75%^(d)(e)(f)	EUR		7,000,000	8,753,801
Novo Banco S.A.,
3.50%, 02/19/2043^(d)	EUR		3,000,000	2,877,513
3.50%, 03/18/2043^(d)	EUR		2,000,000	1,920,932
				15,886,215

Russia–1.47%
Mos.ru, 5.00%, 08/22/2034	RUB		103,214,252	0


		Principal Amount		Value
Russia–(continued)
Russian Federal Bond - OFZ,
Series 6221, 7.70%, 03/23/2033	RUB		500,000,000	$ 7,020,754
Series 6228, 7.65%, 04/10/2030	RUB		1,000,000,000	13,994,808
Series 6229, 7.15%, 11/12/2025	RUB		1,400,000,000	18,937,069
				39,952,631

South Africa–4.04%
Republic of South Africa Government Bond,
Series 2032, 8.25%, 03/31/2032	ZAR		187,300,000	9,897,558
Series 2037, 8.50%, 01/31/2037	ZAR		82,600,000	3,982,874
Series 2048, 8.75%, 02/28/2048	ZAR		290,125,000	13,556,252
Series R186, 10.50%, 12/21/2026	ZAR		1,153,900,000	82,505,755
				109,942,439

Spain–1.95%
Banco Bilbao Vizcaya Argentaria S.A.,
5.88%^(d)(e)(f)	EUR		6,000,000	6,887,449
6.00%^(d)(e)(f)	EUR		5,000,000	5,846,194
Banco Santander S.A.,
4.38%^(d)(e)(f)	EUR		7,800,000	7,927,634
6.25%^(d)(e)(f)	EUR		10,000,000	11,449,524
4.75%^(d)(e)(f)	EUR		5,000,000	5,138,157
Spain Government Bond, 3.45%, 07/30/2066^(d)	EUR		7,500,000	15,675,293
				52,924,251

Supranational–0.38%
African Development Bank,
0.00%, 04/05/2046^(h)	ZAR		600,000,000	4,408,640
0.00%, 01/17/2050^(h)	ZAR		310,000,000	1,797,471
European Bank for Reconstruction and Development, 6.85%, 06/21/2021	IDR		60,400,000,000	4,191,184
				10,397,295

Thailand–1.36%
Thailand Government Bond, 3.30%, 06/17/2038	THB		950,000,000	36,992,841

United Kingdom–0.38%
HSBC Holdings PLC, 6.00%^(d)(e)(f)	EUR		8,250,000	10,200,767

United States–0.11%
AT&T, Inc.Series B, 2.88%^(e)(f)	EUR		2,700,000	3,005,314
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,729,196,953)				1,670,393,894

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


11		Invesco International Bond Fund


		Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–11.54%
Argentina–0.23%
Argentine Bonad Bonds, 0.10%, 11/30/2021	$		5,117,405	$ 2,782,589
Argentine Republic Government International Bond, 2.50%, 07/09/2041⁽ⁱ⁾			10,000,000	3,400,100
				6,182,689

Bermuda–0.09%
Bermuda Government International Bond, 3.38%, 08/20/2050^(d)			2,335,000	2,448,831

Brazil–0.99%
Banco do Brasil S.A., 6.25%^(d)(e)(f)			2,500,000	2,407,813
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(d)			2,500,000	2,815,625
CSN Islands XI Corp., 6.75%, 01/28/2028^(d)			2,500,000	2,464,975
Embraer Netherlands Finance B.V., 6.95%, 01/17/2028^(d)			4,035,000	4,069,297
Petrobras Global Finance B.V.,
5.60%, 01/03/2031			4,760,000	5,134,731
6.85%, 06/05/2115			9,255,000	9,972,262
				26,864,703

Chile–0.18%
AES Gener S.A., 6.35%, 10/07/2079^(d)(e)			2,500,000	2,522,813
Antofagasta PLC, 2.38%, 10/14/2030^(d)			2,500,000	2,468,750
				4,991,563

China–0.36%
China Evergrande Group, 10.00%, 04/11/2023^(d)			1,038,000	837,110
CIFI Holdings Group Co. Ltd., 6.45%, 11/07/2024^(d)			450,000	473,595
Country Garden Holdings Co. Ltd.,
5.40%, 05/27/2025^(d)			1,000,000	1,077,442
4.80%, 08/06/2030^(d)			2,500,000	2,658,492
Logan Group Co. Ltd., 7.50%, 08/25/2022^(d)			2,260,000	2,344,687
Tencent Holdings Ltd., 3.24%, 06/03/2050^(d)			2,500,000	2,511,988
				9,903,314

Congo, Democratic Republic of the–0.17%
HTA Group Ltd., 7.00%, 12/18/2025^(d)			4,500,000	4,724,190


		Principal Amount		Value
Denmark–0.11%
Danske Bank A/S, 6.13%^(d)(e)(f)	$		3,000,000	$ 3,093,828

Dominican Republic–0.71%
AES Andres B.V./Dominican Power Partners/Empresa Generadora de Electricidad Itabo S.A., 7.95%, 05/11/2026^(d)			2,070,000	2,103,658
Dominican Republic International Bond,
4.88%, 09/23/2032^(d)			2,500,000	2,543,750
6.40%, 06/05/2049^(d)			5,000,000	5,100,500
5.88%, 01/30/2060^(d)			10,000,000	9,600,000
				19,347,908

Egypt–0.33%
Egypt Government International Bond, 8.70%, 03/01/2049^(d)			4,059,000	4,101,400
Egyptian Government International Bond, 8.50%, 01/31/2047^(d)			5,000,000	4,985,420
				9,086,820

France–0.54%
Credit Agricole S.A., 7.88%^(d)(e)(f)			2,500,000	2,762,900
Societe Generale S.A.,
7.38%^(d)(e)(f)			4,700,000	4,838,274
8.00%^(d)(e)(f)			6,400,000	7,194,693
				14,795,867

Ghana–0.17%
Ghana Government International Bond, 8.95%, 03/26/2051^(d)			5,000,000	4,504,435

Hong Kong–0.09%
Melco Resorts Finance Ltd., 4.88%, 06/06/2025^(d)			2,500,000	2,516,932

India–0.39%
NTPC Ltd., 4.50%, 03/19/2028^(d)			2,500,000	2,674,679
Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029^(d)			2,500,000	2,493,413
Oil India Ltd., 5.13%, 02/04/2029^(d)			5,000,000	5,419,300
				10,587,392

Indonesia–0.77%
Indonesia Government International Bond,
4.20%, 10/15/2050			1,000,000	1,156,523
4.45%, 04/15/2070			5,000,000	5,925,847

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


12		Invesco International Bond Fund


		Principal Amount		Value
Indonesia–(continued)
PT Indonesia Asahan Aluminium (Persero), 5.45%, 05/15/2030^(d)	$		2,500,000	$ 2,849,227
PT Pertamina (Persero),
4.70%, 07/30/2049^(d)			2,500,000	2,712,499
4.18%, 01/21/2050^(d)			4,000,000	4,008,060
PT Tower Bersama Infrastructure Tbk, 4.25%, 01/21/2025^(d)			2,500,000	2,524,349
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.88%, 07/17/2049^(d)			1,500,000	1,667,692
				20,844,197

Ireland–0.53%
Coriolanus DAC, Series 116,
Series 116, 0.00%, 04/30/2025^(d)(h)			1,733,256	1,728,398
Series 119, 0.00%, 04/30/2025^(d)(h)			1,659,575	1,654,924
Series 120, 0.00%, 04/30/2025^(d)(h)			2,308,188	2,301,720
Series 122, 0.00%, 04/30/2025^(d)(h)			1,820,101	1,815,001
Series 124, 0.00%, 04/30/2025^(d)(h)			1,461,834	1,457,737
Series 126, 0.00%, 04/30/2025^(d)			1,817,101	1,812,009
Series 127, 0.00%, 04/30/2025^(d)(h)			1,894,261	1,888,953
0.00%, 04/30/2025^(d)(h)			1,651,869	1,647,239
				14,305,981

Italy–0.10%
UniCredit S.p.A., 5.46%, 06/30/2035^(d)(e)			2,800,000	2,832,768

Kazakhstan–0.38%
Astana-Finance JSC, 0.00%, 12/22/2024^(d)(g)(h)			612,810	0
KazMunayGas National Co. JSC, 3.50%, 04/14/2033^(d)			2,500,000	2,582,880
KazTransGas JSC, 4.38%, 09/26/2027^(d)			7,065,000	7,731,795
				10,314,675

Macau–0.19%
MGM China Holdings Ltd., 5.88%, 05/15/2026^(d)			2,500,000	2,531,000
Sands China Ltd., 4.38%, 06/18/2030^(d)			2,500,000	2,570,050
				5,101,050


		Principal Amount		Value
Malaysia–0.28%
Petronas Capital Ltd., 4.80%, 04/21/2060^(d)	$		5,460,000	$ 7,466,688

Mexico–0.63%
Banco Mercantil del Norte S.A., 8.38%^(d)(e)(f)			2,500,000	2,656,900
Cemex S.A.B. de C.V., 5.45%, 11/19/2029^(d)			3,500,000	3,708,425
Petroleos Mexicanos,
6.88%, 10/16/2025^(d)			5,000,000	4,950,000
6.38%, 01/23/2045			5,000,000	3,796,825
6.75%, 09/21/2047			2,500,000	1,944,738
				17,056,888

Peru–0.22%
Banco de Credito del Peru, 3.13%, 07/01/2030^(d)(e)			2,500,000	2,531,900
Nexa Resources S.A., 6.50%, 01/18/2028^(d)			3,000,000	3,346,875
				5,878,775

Saudi Arabia–0.10%
ADES International Holding PLC, 8.63%, 04/24/2024^(d)			2,750,000	2,623,500

South Africa–0.17%
Republic of South Africa Government Bond, 5.75%, 09/30/2049			5,000,000	4,522,700

Sri Lanka–0.11%
Sri Lanka Government International Bond,
6.20%, 05/11/2027^(d)			1,310,000	707,400
6.75%, 04/18/2028^(d)			4,345,000	2,346,300
				3,053,700

Sweden–0.10%
Skandinaviska Enskilda Banken AB, 5.13%^(d)(e)(f)			2,600,000	2,645,245

Switzerland–1.20%
Credit Suisse Group AG,
7.50%^(d)(e)(f)			2,500,000	2,656,275
7.50%^(d)(e)(f)			10,000,000	10,889,000
6.38%^(d)(e)(f)			2,260,000	2,428,562
6.25%^(d)(e)(f)			2,500,000	2,670,453
UBS Group AG,
7.00%^(d)(e)(f)			7,900,000	8,835,557
6.88%^(d)(e)(f)			2,520,000	2,555,378
5.13%^(d)(e)(f)			2,500,000	2,601,633
				32,636,858

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


13		Invesco International Bond Fund


		Principal Amount		Value
Thailand–0.30%
Bangkok Bank PCL,
3.73%, 09/25/2034^(d)(e)	$		2,533,000	$ 2,485,326
5.00%^(d)(e)(f)			1,150,000	1,146,223
Thaioil Treasury Center Co. Ltd., 3.75%, 06/18/2050^(d)			5,000,000	4,609,100
				8,240,649

Turkey–0.36%
Turkey Government International Bond, 6.38%, 10/14/2025			7,500,000	7,344,300
Ulker Biskuvi Sanayi A.S., 6.95%, 10/30/2025^(d)			2,500,000	2,518,750
				9,863,050

Ukraine–0.49%
Metinvest B.V.,
7.65%, 10/01/2027^(d)			745,000	729,012
7.75%, 10/17/2029^(d)			3,840,000	3,690,816
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026^(d)			2,400,000	2,260,222
Ukraine Government International Bond,
7.75%, 09/01/2025^(d)			3,750,000	3,850,969
7.30%, 03/15/2033^(d)			3,000,000	2,831,268
				13,362,287

United Arab Emirates–0.41%
Emirate of Dubai Government International Bond, 3.90%, 09/09/2050^(d)			6,500,000	6,117,215
Galaxy Pipeline Assets Bidco Ltd., 2.63%, 03/31/2036^(d)			5,000,000	4,995,145
				11,112,360

United Kingdom–0.84%
BP Capital Markets PLC, 4.88%^(e)(f)			3,500,000	3,683,750
HSBC Bank PLC, Series 2M, 0.75% (6 mo. USD LIBOR + 0.25%)^(c)(f)			1,500,000	1,274,437
HSBC Holdings PLC, 6.38%^(e)(f)			5,750,000	5,930,004
Lloyds Bank PLC, Series 3, 0.31% (6 mo. USD LIBOR + 0.10%)^(c)(f)			3,000,000	2,704,530
Standard Chartered PLC, 7.50%^(d)(e)(f)			3,750,000	3,887,981


		Principal Amount		Value
United Kingdom–(continued)
Standard Life Aberdeen PLC, 4.25%, 06/30/2028^(d)	$		5,000,000	$ 5,243,130
				22,723,832
Total U.S. Dollar Denominated Bonds & Notes (Cost $310,858,062)				313,633,675

U.S. Treasury Securities–6.25%
U.S. Treasury Bills–6.25%
0.11%, 01/28/2021 (Cost $169,956,990)^(j)(k)			169,956,990	169,964,052

Asset-Backed Securities–5.83%
Alba PLC, Series 2007-1, Class F, 3.30% (3 mo. GBP LIBOR + 3.25%), 03/17/2039^(c)(d)	GBP		1,667,850	1,997,153
Eurohome UK Mortgages PLC,
Series 2007-1, Class M2, 0.56% (3 mo. GBP LIBOR + 0.50%), 06/15/2044^(c)(d)	GBP		4,000,000	4,434,044
Series 2007-1, Class B1, 0.96% (3 mo. GBP LIBOR + 0.90%), 06/15/2044^(c)(d)	GBP		5,275,000	5,531,635
Series 2007-2, Class B1, 1.46% (3 mo. GBP LIBOR + 1.40%), 09/15/2044^(c)(d)	GBP		4,000,000	4,359,522
Series 2007-1, Class M1, 0.36% (3 mo. GBP LIBOR + 0.30%), 06/15/2044^(c)(d)	GBP		5,200,000	6,095,914
Eurosail PLC,
Series 2007-4X, Class D1A, 1.81% (3 mo. GBP LIBOR + 1.75%), 06/13/2045^(c)(d)	GBP		5,951,138	6,980,212
Series 2006-3X, Class D1C, 0.96% (3 mo. GBP LIBOR + 0.90%), 09/10/2044^(c)(d)	GBP		5,500,000	5,791,893
Great Hall Mortgages No.1 PLC,
Series 2007-1, Class DA, 0.83% (3 mo. GBP LIBOR + 0.78%), 03/18/2039^(c)(d)	GBP		8,000,000	9,348,232

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


14		Invesco International Bond Fund


		Principal Amount		Value
Grifonas Finance No. 1 PLC,
Class A, 0.00% (6 mo. EURIBOR + 0.28%), 08/28/2039^(c)(d)	EUR		14,970,120	$ 16,918,371
Class B, 0.08% (6 mo. EURIBOR + 0.52%), 08/28/2039^(c)(d)	EUR		5,000,000	5,057,615
Ludgate Funding PLC, Series 2007-1, Class RES, 1.00%, 01/01/2061^(d)(l)	GBP		207,500,000	11,675,761
Newgate Funding PLC,
Series 2006-2, Class CB, 0.00% (3 mo. EURIBOR + 0.43%), 12/01/2050^(c)(d)	EUR		2,130,414	2,250,377
Series 2007-2X, Class CB, 0.00% (3 mo. EURIBOR + 0.44%), 12/15/2050^(c)(d)	EUR		2,865,232	2,846,719
Series 2007-1X, Class CB, 0.07% (3 mo. EURIBOR + 0.38%), 12/01/2050^(c)(d)	EUR		1,600,081	1,585,555
BBVA Consumer Auto, Series 2018-1, Class C, 2.30%, 07/20/2031^(d)	EUR		11,100,000	12,985,157
IM Pastor 4, FTA,
Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044^(c)(d)	EUR		12,911,059	13,793,136
Series B, 0.00% (3 mo. EURIBOR + 0.19%), 03/22/2044^(c)(d)	EUR		3,800,000	2,246,382
Titulizacion de Activos Sociedad Gestora de Fondos de Titulizacion S.A., Series 27, Class A3, 0.00% (3 mo. EURIBOR + 0.19%), 12/28/2050^(c)(d)	EUR		35,000,000	32,818,622
Capital Mortgage S.r.l., Series 2007-1, Class B, 0.00% (3 mo. EURIBOR + 0.22%), 01/30/2047^(c)(d)	EUR		8,000,000	6,611,979
Sestante Finance S.r.l., Series 2005, Class C1, 0.29% (3 mo. EURIBOR + 0.80%), 07/15/2045^(c)(d)	EUR		9,700,000	5,304,138
Total Asset-Backed Securities (Cost $157,016,779)				158,632,417


	Shares		Value
Common Stocks & Other Equity Interests–0.00%
Kazakhstan–0.00%
Astana-Finance JSC, GDR^(d)(g)(m)		868,851	$ 1

Money Market Funds–10.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(n)(o)		95,184,516	95,184,516
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(n)(o)		67,944,468	67,971,646
Invesco Treasury Portfolio, Institutional Class, 0.01%^(n)(o)		108,782,305	108,782,305
Total Money Market Funds (Cost $271,945,542)			271,938,467

Options Purchased–1.47%
(Cost $59,163,584)^(p)			40,023,589
TOTAL INVESTMENTS IN SECURITIES–96.52% (Cost $2,698,137,910)			2,624,586,095
OTHER ASSETS LESS LIABILITIES–3.48%			94,628,261
NET ASSETS–100.00%			$2,719,214,356

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


15		Invesco International Bond Fund


Investment Abbreviations:

ARS		– Argentina Peso
AUD		– Australian Dollar
BADLAR		– Buenos Aires Deposits of Large Amounts Rate
BRL		– Brazilian Real
COP		– Colombia Peso
EGP		– Egypt Pound
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
GDR		– Global Depositary Receipt
IDR		– Indonesian Rupiah
INR		– Indian Rupee
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
RUB		– Russian Ruble
THB		– Thai Baht
USD		– U.S. Dollar
ZAR		– South African Rand

Notes to Consolidated Schedule of Investments:

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

^(b)	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, 2020 was $1,068,397, which represented less than 1% of the Fund’s Net Assets.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2020.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $1,218,042,750, which represented 44.79% of the Fund’s Net Assets.

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

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

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

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

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

^(j)	All or a portion of the value was pledged and/or designated as collateral to cover margin requirements for open futures contracts and swap agreements. See Note 1L and Note 10.

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

^(l)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2020.

^(m)	Non-income producing security.

⁽ⁿ⁾


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	232,541,098		$	3,560,562,572		$	(3,697,919,154	)		$	-			$	-			$	95,184,516		$	1,360,405
Invesco Liquid Assets Portfolio, Institutional Class			-			293,991,869			(226,002,929	)			(7,075	)			(10,219	)			67,971,646			15,409
Invesco Treasury Portfolio, Institutional Class			-			470,386,991			(361,604,686	)			-				-				108,782,305			5,059
Investments in Other Affiliates:
OFI Carlyle Private Credit Fund, Cl. I			1,530,295			65,675			(1,595,550	)			78,987				(79,407	)			-			36,042
Total		$	234,071,393		$	4,325,007,107		$	(4,287,122,319	)		$	71,912			$	(89,626	)		$	271,938,467		$	1,416,915

^(o)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(p)	The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

USD Versus AUD

Call

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

02/01/2021

AUD

0.73

USD

60,000,000

442,800

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 Foreign Currency Options Purchased–(continued)

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

EUR Versus CZK

Put

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

01/05/2021

CZK

26.65

EUR

60,000,000

257,574

EUR Versus JPY

Put

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

11/16/2020

JPY

123.00

EUR

90,000,000

1,362,116

EUR Versus JPY

Put

Morgan Stanley and Co. International PLC

11/16/2020

JPY

123.00

EUR

60,000,000

908,078

EUR Versus NOK

Put

Goldman Sachs International

12/17/2020

NOK

8.40

EUR

12,500,000

2,388

EUR Versus NOK

Put

Goldman Sachs International

12/17/2020

NOK

8.71

EUR

12,500,000

4,833

EUR Versus NOK

Put

Goldman Sachs International

12/18/2020

NOK

10.33

EUR

125,000,000

91,279

EUR Versus NOK

Put

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

08/26/2021

NOK

8.90

EUR

12,500,000

246,323

EUR Versus PLN

Put

Morgan Stanley and Co. International PLC

10/28/2021

PLN

4.20

EUR

7,500,000

403,743

USD Versus BRL

Put

Goldman Sachs International

11/10/2020

BRL

5.32

USD

50,000,000

13,950

USD Versus BRL

Put

Goldman Sachs International

12/11/2020

BRL

5.42

USD

65,000,000

381,940

USD Versus BRL

Put

Goldman Sachs International

02/12/2021

BRL

3.85

USD

5,000,000

5,140

USD Versus BRL

Put

Goldman Sachs International

04/26/2021

BRL

4.75

USD

5,000,000

207,325

USD Versus BRL

Put

Goldman Sachs International

08/17/2021

BRL

3.85

USD

5,000,000

62,280

USD Versus CAD

Put

Morgan Stanley and Co. International PLC

11/27/2020

CAD

1.29

USD

60,000,000

61,500

USD Versus CNH

Put

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

07/15/2021

CNH

6.35

USD

2,500,000

182,215

USD Versus CNH

Put

Standard Chartered Bank PLC

12/01/2020

CNH

6.63

USD

60,000,000

282,480

USD Versus CNH

Put

Standard Chartered Bank PLC

01/07/2021

CNH

6.53

USD

4,300,000

1,723,212

USD Versus CNH

Put

Standard Chartered Bank PLC

07/28/2021

CNH

6.40

USD

4,300,000

1,249,086

USD Versus IDR

Put

Goldman Sachs International

02/23/2021

IDR

15,000.00

USD

50,000,000

1,277,900

USD Versus IDR

Put

Standard Chartered Bank PLC

03/02/2021

IDR

14,900.00

USD

100,000,000

2,204,600

USD Versus INR

Put

Bank of America, N.A.

11/25/2020

INR

73.00

USD

150,000,000

204,750

USD Versus INR

Put

Goldman Sachs International

04/09/2021

INR

69.50

USD

5,000,000

436,005

USD Versus INR

Put

Goldman Sachs International

06/11/2021

INR

71.00

USD

5,000,000

1,153,190

USD Versus INR

Put

Goldman Sachs International

07/02/2021

INR

70.50

USD

5,000,000

953,770

USD Versus INR

Put

Standard Chartered Bank PLC

04/09/2021

INR

69.70

USD

5,000,000

484,545

USD Versus JPY

Put

Bank of America, N.A.

02/02/2021

JPY

100.00

USD

25,000,000

2,790,775

USD Versus JPY

Put

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

01/06/2021

JPY

104.00

USD

90,000,000

987,570

USD Versus MXN

Put

Bank of America, N.A.

12/23/2020

MXN

21.00

USD

5,000,000

2,152,310

USD Versus MXN

Put

Citibank, N.A.

03/04/2021

MXN

19.98

USD

50,000,000

542,450

USD Versus MXN

Put

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

01/21/2021

MXN

20.85

USD

75,000,000

1,546,125

USD Versus MXN

Put

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

01/06/2022

MXN

20.10

USD

100,000,000

2,147,900

USD Versus MXN

Put

Morgan Stanley and Co. International PLC

05/07/2021

MXN

22.10

USD

50,000,000

2,948,950

USD Versus NOK

Put

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

01/26/2021

NOK

9.06

USD

57,500,000

496,168

USD Versus NZD

Put

Morgan Stanley and Co. International PLC

01/19/2021

NZD

0.64

USD

60,000,000

596,380

USD Versus RUB

Put

Goldman Sachs International

03/08/2021

RUB

67.99

USD

96,750,000

201,627

USD Versus RUB

Put

Goldman Sachs International

03/26/2021

RUB

74.80

USD

96,750,000

1,249,333

USD Versus RUB

Put

Goldman Sachs International

04/29/2021

RUB

70.00

USD

12,500,000

60,613

USD Versus RUB

Put

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

11/12/2020

RUB

71.50

USD

50,000,000

2,350

Subtotal – Foreign Currency Put Options Purchased

29,882,773

Total Foreign Currency Options Purchased

30,325,573

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


17		Invesco International Bond Fund

Open Over-The-Counter Interest Rate Swaptions Purchased

Description

Type of
Contract

Counterparty

Exercise
Rate

Pay/
Receive
Exercise
Rate

Floating Rate

Index

Payment
Frequency

Expiration
Date

Notional

Value

Interest Rate Risk

1 Year Interest Rate Swap

Put

Bank of America, N.A.

0.41

Pay

6 Month EUR LIBOR

Semi-Annual

02/08/2021

EUR

1,250,000,000

72,499

10 Year Interest Rate Swap

Put

Goldman Sachs
International

2.27

Pay

3 Month USD LIBOR

Quarterly

12/02/2020

USD

120,000,000

520

2 Year Interest Rate Swap

Put

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

0.61

Pay

6 Month EUR LIBOR

Semi-Annual

04/06/2021

EUR

500,000,000

2,690

2 Year Interest Rate Swap

Put

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

0.62

Pay

6 Month EUR LIBOR

Semi-Annual

04/12/2021

EUR

500,000,000

2,883

30 Year Interest Rate Swap

Put

Goldman Sachs
International

2.00

Pay

3 Month USD LIBOR

Quarterly

05/31/2022

USD

120,000,000

4,073,406

30 Year Interest Rate Swap

Put

Goldman Sachs
International

2.00

Pay

3 Month USD LIBOR

Quarterly

09/26/2022

USD

141,500,000

5,541,843

5 Year Interest Rate Swap

Put

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

1.12

Pay

6 Month EUR LIBOR

Semi-Annual

03/29/2021

EUR

1,500,000,000

4,175

Total Interest Rate Swaptions Purchased

9,698,016


Open Over-The-Counter Credit Default Swaptions Written
Counterparty	Type of Contract		Exercise Rate			Reference Entity	(Pay)/ Receive Fixed Rate			Payment Frequency		Expiration Date		Implied Credit Spread^(a)			Premiums Received			Notional Value			Value			Unrealized Appreciation

Credit Risk

J.P. Morgan Chase Bank, N.A.		Call		2.75	%	Markit iTraxx Europe Index, Series 34, Version 1		5.00	%		Quarterly		12/16/2020		3.670	%	$	(261,194	)		EUR	40,000,000	$	(29,990	)	$	231,204

Credit Risk

J.P. Morgan Chase Bank, N.A.		Put		4.50		Markit iTraxx Europe Index, Series 34, Version 1		(5.00	)		Quarterly		12/16/2020		3.670			(494,151	)		EUR	40,000,000		(440,862	)		53,289

Total Credit Default Swaptions Written																	$	(755,345	)				$	(470,852	)	$	284,493

^(a)

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 Foreign Currency Options Written
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
Currency Risk
EUR Versus CZK	Call	J.P. Morgan Chase Bank, N.A.		01/05/2021		CZK	27.60	$	(438,785	)		EUR	60,000,000	$	(532,758	)	$	(93,973	)
EUR Versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		12/08/2020		ZAR	19.05		(1,490,059	)		EUR	50,000,000		(1,230,919	)		259,140
USD Versus BRL	Call	Goldman Sachs International		12/11/2020		BRL	5.91		(1,114,881	)		USD	65,000,000		(1,140,230	)		(25,349	)
USD Versus BRL	Call	J.P. Morgan Chase Bank, N.A.		04/26/2021		BRL	6.50		(500,000	)		USD	12,500,000		(241,187	)		258,812
USD Versus CNH	Call	Standard Chartered Bank PLC		12/01/2020		CNH	7.05		(326,040	)		USD	60,000,000		(69,240	)		256,800
USD Versus CNH	Call	Standard Chartered Bank PLC		07/28/2021		CNH	7.13		(504,820	)		USD	43,000,000		(463,110	)		41,710
USD Versus IDR	Call	Goldman Sachs International		02/23/2021		IDR	16,000.00		(725,000	)		USD	50,000,000		(415,650	)		309,350
USD Versus IDR	Call	Standard Chartered Bank PLC		03/02/2021		IDR	16,200.00		(1,410,000	)		USD	100,000,000		(756,700	)		653,300
USD Versus INR	Call	Goldman Sachs International		04/09/2021		INR	77.50		(806,000	)		USD	5,000,000		(1,452,775	)		(646,775	)
USD Versus INR	Call	Goldman Sachs International		06/11/2021		INR	83.00		(840,000	)		USD	5,000,000		(348,535	)		491,466
USD Versus INR	Call	Goldman Sachs International		07/02/2021		INR	84.05		(497,500	)		USD	5,000,000		(325,155	)		172,345
USD Versus INR	Call	Standard Chartered Bank PLC		04/09/2021		INR	77.75		(888,500	)		USD	5,000,000		(1,345,045	)		(456,545	)
USD versus JPY	Call	Bank of America, N.A.		02/02/2021		JPY	112.00		(2,485,500	)		USD	15,000,000		–			2,485,500
USD Versus MXN	Call	Citibank, N.A.		03/04/2021		MXN	22.52		(1,005,469	)		USD	50,000,000		(1,253,650	)		(248,181	)
USD Versus MXN	Call	J.P. Morgan Chase Bank, N.A.		01/21/2021		MXN	22.70		(1,095,000	)		USD	75,000,000		(1,201,050	)		(106,050	)
USD Versus MXN	Call	J.P. Morgan Chase Bank, N.A.		01/06/2022		MXN	23.09		(2,280,500	)		USD	100,000,000		(5,498,000	)		(3,217,500	)
USD Versus NOK	Call	J.P. Morgan Chase Bank, N.A.		01/26/2021		NOK	10.19		(845,537	)		USD	57,500,000		(633,132	)		212,405
USD Versus NZD	Call	Morgan Stanley and Co. International PLC		01/19/2021		NZD	0.69		(412,800	)		USD	60,000,000		(388,450	)		24,350
USD Versus RUB	Call	Goldman Sachs International		02/24/2021		RUB	80.00		(1,356,500	)		USD	5,000,000		(2,389,975	)		(1,033,475	)
USD Versus RUB	Call	Goldman Sachs International		03/26/2021		RUB	88.69		(2,130,241	)		USD	96,750,000		(1,655,296	)		474,946
USD Versus RUB	Call	Goldman Sachs International		04/29/2021		RUB	95.00		(1,194,200	)		USD	100,000,000		(1,220,700	)		(26,500	)
USD Versus RUB	Call	Goldman Sachs International		08/23/2021		RUB	85.00		(1,152,000	)		USD	5,000,000		(1,761,665	)		(609,665	)
USD Versus ZAR	Call	Goldman Sachs International		11/27/2020		ZAR	17.53		(548,824	)		USD	31,500,000		(116,140	)		432,684
Subtotal – Foreign Currency Call Options Written									(24,048,156	)					(24,439,362	)		(391,205	)

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


19		Invesco International Bond Fund


Open Over-The-Counter Foreign Currency Options Written–(continued)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
Currency Risk
EUR Versus JPY	Put	J.P. Morgan Chase Bank, N.A.		11/16/2020		JPY	119.00	$	(373,309	)		EUR	90,000,000	$	(202,090	)	$	171,219
EUR Versus JPY	Put	Morgan Stanley and Co. International PLC		11/16/2020		JPY	119.00		(237,190	)		EUR	60,000,000		(134,727	)		102,463
USD Versus AUD	Put	J.P. Morgan Chase Bank, N.A.		02/01/2021		USD	0.68		(581,400	)		AUD	60,000,000		(581,400	)		–
USD Versus BRL	Put	Goldman Sachs International		12/11/2020		BRL	5.10		(306,422	)		USD	65,000,000		(48,620	)		257,802
USD Versus CLP	Put	Morgan Stanley and Co. International PLC		12/22/2020		CLP	750.00		(568,500	)		USD	50,000,000		(367,100	)		201,400
USD Versus IDR	Put	Goldman Sachs International		02/23/2021		IDR	14,500.00		(625,000	)		USD	50,000,000		(494,050	)		130,950
USD Versus IDR	Put	Standard Chartered Bank PLC		03/02/2021		IDR	14,135.00		(542,700	)		USD	100,000,000		(444,100	)		98,600
USD Versus JPY	Put	J.P. Morgan Chase Bank, N.A.		01/06/2021		JPY	100.00		(337,157	)		USD	90,000,000		(262,530	)		74,627
USD Versus MXN	Put	Citibank, N.A.		03/04/2021		MXN	18.57		(398,923	)		USD	50,000,000		(107,500	)		291,422
USD Versus MXN	Put	J.P. Morgan Chase Bank, N.A.		01/21/2021		MXN	19.70		(447,248	)		USD	75,000,000		(408,150	)		39,098
USD Versus MXN	Put	J.P. Morgan Chase Bank, N.A.		01/06/2022		MXN	18.40		(898,400	)		USD	100,000,000		(687,900	)		210,500
Subtotal – Foreign Currency Put Options Written									(5,316,249	)					(3,738,167	)		1,578,081
Total – Foreign Currency Options Written								$	(29,364,405	)				$	(28,177,529	)	$	1,186,876


Open Over-The-Counter Interest Rate Swaptions Written
Description	Type of Contract	Counterparty	Exercise Rate			Floating Rate Index		Pay/ Receive Exercise Rate	Payment Frequency	Expiration Date	Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

10 Year Interest Rate Swap	Call	Bank of America, N.A.		0.63	%		3 Month USD LIBOR	Receive	Quarterly	11/30/2020	$	(1,225,000	)		USD250,000,000	$	(347,060	)	$	877,940

20 Year Interest Rate Swap	Call	J.P. Morgan Chase Bank, N.A.		0.90			3 Month USD LIBOR	Receive	Quarterly	12/21/2020		(956,000	)		USD150,000,000		(785,067	)		170,933

30 Year Interest Rate Swap	Call	Morgan Stanley and Co. International PLC		0.77			3 Month USD LIBOR	Receive	Quarterly	03/02/2021		(2,145,000	)		USD 82,500,000		(811,836	)		1,333,164

Subtotal–Interest Rate Call Swaptions Written												(4,326,000	)				(1,943,963	)		2,382,037

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


20		Invesco International Bond Fund


Open Over-The-Counter Interest Rate Swaptions Written–(continued)

Description	Type of Contract	Counterparty	Exercise Rate			Floating Rate Index		Pay/ Receive Exercise Rate	Payment Frequency	Expiration Date	Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)


Interest Rate Risk


5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.79	%		3 Month CDOR	Pay	Quarterly	11/23/2020	$	(355,191	)		CAD183,000,000	$	(226,028	)	$	129,163


5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.78			3 Month CDOR	Pay	Quarterly	11/02/2020		(183,964	)		CAD122,000,000		(67,749	)		116,215


5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.77			3 Month CDOR	Pay	Quarterly	11/16/2020		(183,273	)		CAD 92,300,000		(123,459	)		59,815


5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.77			3 Month CDOR	Pay	Quarterly	11/16/2020		(191,960	)		CAD 99,300,000		(132,822	)		59,139


5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.78			3 Month CDOR	Pay	Quarterly	11/27/2020		(373,520	)		CAD205,000,000		(340,784	)		32,736


5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.79			3 Month CDOR	Pay	Quarterly	12/01/2020		(327,960	)		CAD183,975,000		(327,960	)		–


5 Year Interest Rate Swap	Put	Bank of America, N.A.		0.75			3 Month CDOR	Pay	Quarterly	11/30/2020		(371,491	)		CAD206,100,000		(479,860	)		(108,370	)


10 Year Interest Rate Swap	Put	Bank of America, N.A.		0.83			3 Month USD LIBOR	Pay	Quarterly	11/30/2020		(1,425,000	)		USD250,000,000		(2,966,665	)		(1,541,665	)


10 Year Interest Rate Swap	Put	Goldman Sachs International		0.90			3 Month USD LIBOR	Pay	Quarterly	12/09/2020		(825,000	)		USD250,000,000		(2,389,778	)		(1,564,778	)


30 Year Interest Rate Swap	Put	Goldman Sachs International		1.40			3 Month USD LIBOR	Pay	Quarterly	01/27/2021		(4,370,000	)		USD182,000,000		(6,161,106	)		(1,791,106	)


10 Year Interest Rate Swap	Put	J.P. Morgan Chase Bank, N.A.		0.46			6 Month GBP LIBOR	Pay	Semi-Annual	11/26/2020		(736,932	)		GBP100,000,000		(643,525	)		93,407


20 Year Interest Rate Swap	Put	J.P. Morgan Chase Bank, N.A.		1.30			3 Month USD LIBOR	Pay	Quarterly	12/21/2020		(2,220,000	)		USD150,000,000		(2,892,605	)		(672,605	)


10 Year Interest Rate Swap	Put	Morgan Stanley and Co. International PLC		0.47			6 Month GBP LIBOR	Pay	Semi-Annual	11/23/2020		(986,202	)		GBP140,000,000		(743,961	)		242,241


30 Year Interest Rate Swap	Put	Morgan Stanley and Co. International PLC		1.37			3 Month USD LIBOR	Pay	Quarterly	03/02/2021		(2,130,000	)		USD 82,500,000		(3,613,389	)		(1,483,389	)


5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77			3 Month CDOR	Pay	Quarterly	11/05/2020		(346,062	)		CAD180,000,000		(164,074	)		181,989


5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.79			3 Month CDOR	Pay	Quarterly	11/23/2020		(221,447	)		CAD114,080,000		(135,648	)		85,799


5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.76			3 Month CDOR	Pay	Quarterly	11/16/2020		(397,126	)		CAD200,000,000		(325,545	)		71,580


5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77			3 Month CDOR	Pay	Quarterly	11/19/2020		(199,014	)		CAD100,000,000		(147,971	)		51,043

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


21		Invesco International Bond Fund


Open Over-The-Counter Interest Rate Swaptions Written–(continued)

Description	Type of Contract	Counterparty	Exercise Rate			Floating Rate Index	Pay/ Receive Exercise Rate	Payment Frequency	Expiration Date	Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)


5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77	%	3 Month CDOR	Pay	Quarterly	11/26/2020	$	(243,957	)		CAD137,000,000	$	(229,563	)	$	14,394


5 Year Interest Rate Swap	Put	Toronto- Dominion Bank (The)		0.77		3 Month CDOR	Pay	Quarterly	11/30/2020		(252,075	)		CAD137,000,000		(256,933	)		(4,859	)


Subtotal–Interest Rate Put Swaptions Written											(16,340,174	)				(22,369,425	)		(6,029,251	)


Total Open Over-The-Counter Interest Rate Swaptions Written										$	(20,666,174	)			$	(24,313,388	)	$	(3,647,214	)


Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

U.S. Treasury Long Bonds		500		December-2020	$	86,234,375		$	(2,188,385	)	$	(2,188,385	)


Short Futures Contracts

Interest Rate Risk

Canada 10 Year Bonds		3,244		December-2020		(367,765,338	)		814,828			814,828

Euro Bobl		14		December-2020		(2,215,374	)		(10,785	)		(10,785	)

Euro-BTP		1,462		December-2020		(254,709,647	)		(6,132,545	)		(6,132,545	)

Euro Bund		14		December-2020		(2,872,144	)		(33,118	)		(33,118	)

Euro Buxl 30 Year Bonds		524		December-2020		(139,606,884	)		(2,051,542	)		(2,051,542	)

U.S. Treasury 10 Year Notes		1,174		December-2020		(162,268,812	)		1,510,262			1,510,262

U.S. Treasury 10 Year Ultra Bonds		175		December-2020		(27,524,219	)		326,734			326,734

U.S. Treasury Ultra Bonds		1,585		December-2020		(340,775,000	)		8,645,090			8,645,090

Subtotal–Short Futures Contracts									3,068,924			3,068,924

Total Futures Contracts								$	880,539		$	880,539

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

11/04/2020

Bank of America, N.A.

USD

8,704,953

JPY

912,453,200

10,393

11/05/2020

Bank of America, N.A.

EUR

40,950,000

USD

48,660,885

966,359

12/02/2020

Bank of America, N.A.

GBP

5,000,000

AUD

9,233,250

12,378

12/16/2020

Bank of America, N.A.

CHF

54,975,354

USD

60,671,832

635,879

12/16/2020

Bank of America, N.A.

EUR

144,011,889

USD

171,002,596

3,106,269

12/16/2020

Bank of America, N.A.

MXN

613,670,450

USD

29,000,000

205,076

12/16/2020

Bank of America, N.A.

PLN

114,256,250

USD

30,489,473

1,623,499

12/16/2020

Bank of America, N.A.

SEK

160,627,088

USD

18,377,334

316,082

12/16/2020

Bank of America, N.A.

USD

7,143,140

AUD

10,166,000

4,199

12/16/2020

Bank of America, N.A.

USD

2,675,939

GBP

2,088,000

29,947

12/16/2020

Bank of America, N.A.

USD

4,710,920

JPY

499,706,136

64,858

12/16/2020

Bank of America, N.A.

USD

98,774,408

KRW

117,027,918,183

4,152,620

12/16/2020

Bank of America, N.A.

USD

63,920,541

MXN

1,397,575,305

1,657,123

12/17/2020

Bank of America, N.A.

USD

81,784,590

ZAR

1,392,546,200

3,345,218

12/17/2020

Bank of America, N.A.

ZAR

461,025,000

USD

28,335,895

152,291

01/15/2021

Bank of America, N.A.

USD

22,700,000

MXN

490,093,000

220,769

04/19/2021

Bank of America, N.A.

EUR

98,700,000

USD

117,661,257

2,260,095

06/17/2021

Bank of America, N.A.

EUR

110,000,000

USD

131,301,500

2,515,475

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


22		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)

								Unrealized
Settlement		Contract to						Appreciation

Date	Counterparty	Deliver				Receive		(Depreciation)

11/02/2020	Citibank, N.A.		INR	1,883,750,000	USD		25,468,127	$	48,972

11/04/2020	Citibank, N.A.		BRL	80,145,186	USD		14,248,033		280,469

11/04/2020	Citibank, N.A.		USD	13,885,649	BRL		80,145,186		81,916

12/02/2020	Citibank, N.A.		BRL	278,873,728	USD		49,536,601		1,002,370

12/16/2020	Citibank, N.A.		COP	53,751,700,000	USD		13,912,495		51,441

12/16/2020	Citibank, N.A.		EUR	214,155,000	USD		254,884,283		5,211,576

12/16/2020	Citibank, N.A.		RUB	7,539,780,959	USD		99,625,809		5,128,623

12/16/2020	Citibank, N.A.		SEK	604,450,000	USD		69,224,779		1,259,131

12/16/2020	Citibank, N.A.		USD	5,483,557	GBP		4,260,000		37,072

12/16/2020	Citibank, N.A.		USD	148,697,240	JPY		15,774,621,000		2,063,543

12/16/2020	Citibank, N.A.		USD	53,709,645	MXN		1,163,970,000		906,685

11/04/2020	Goldman Sachs International		BRL	165,584,000	USD		29,699,834		842,141

11/04/2020	Goldman Sachs International		USD	28,688,451	BRL		165,584,000		169,242

11/05/2020	Goldman Sachs International		RUB	794,990,160	EUR		10,800,000		2,573,835

11/13/2020	Goldman Sachs International		BRL	54,132,500	USD		10,000,000		569,893

12/01/2020	Goldman Sachs International		USD	11,160,000	ZAR		182,596,572		23,680

12/10/2020	Goldman Sachs International		USD	20,500,000	ZAR		396,299,850		3,746,816

12/10/2020	Goldman Sachs International		ZAR	7,805,656	USD		478,070		496

12/16/2020	Goldman Sachs International		AUD	75,010,000	USD		54,718,295		1,981,536

12/16/2020	Goldman Sachs International		EUR	10,440,000	USD		12,424,018		252,539

12/16/2020	Goldman Sachs International		MXN	614,752,150	USD		29,000,000		154,320

12/16/2020	Goldman Sachs International		NZD	101,500,000	USD		67,740,085		625,869

12/16/2020	Goldman Sachs International		USD	47,909,845	JPY		5,080,863,000		648,842

12/16/2020	Goldman Sachs International		USD	44,580,219	MXN		958,233,980		382,471

12/17/2020	Goldman Sachs International		USD	80,370,732	ZAR		1,366,640,000		3,175,365

12/21/2020	Goldman Sachs International		NOK	768,075,000	USD		90,750,390		10,308,342

01/11/2021	Goldman Sachs International		RUB	2,822,727,187	USD		38,138,004		2,852,040

01/11/2021	Goldman Sachs International		USD	34,375,000	RUB		2,822,727,187		910,964

01/11/2021	Goldman Sachs International		USD	24,375,000	ZAR		451,834,500		3,166,617

02/08/2021	Goldman Sachs International		RUB	2,279,500,000	USD		30,708,195		2,289,696

02/24/2021	Goldman Sachs International		RUB	953,125,000	USD		12,500,000		637,249

02/25/2021	Goldman Sachs International		RUB	2,964,500,000	USD		42,395,799		5,502,992

02/25/2021	Goldman Sachs International		USD	35,000,000	RUB		2,964,500,000		1,892,806

03/08/2021	Goldman Sachs International		BRL	138,847,000	USD		33,717,096		9,624,903

03/09/2021	Goldman Sachs International		RUB	355,635,456	USD		4,840,000		419,701

03/17/2021	Goldman Sachs International		RUB	794,990,160	USD		10,669,076		796,140

04/15/2021	Goldman Sachs International		INR	2,795,625,000	USD		37,500,000		649,075

04/30/2021	Goldman Sachs International		RUB	2,216,238,750	USD		27,500,000		102,227

05/10/2021	Goldman Sachs International		USD	35,000,000	MXN		766,472,000		374,838

08/24/2021	Goldman Sachs International		RUB	622,400,000	USD		8,000,000		397,878

11/02/2020	J.P. Morgan Chase Bank, N.A.		IDR	1,127,600,000,000	USD		77,738,711		637,856

11/04/2020	J.P. Morgan Chase Bank, N.A.		BRL	264,229,019	USD		47,408,947		1,359,570

11/04/2020	J.P. Morgan Chase Bank, N.A.		JPY	1,046,800,000	USD		10,000,000		1,433

11/04/2020	J.P. Morgan Chase Bank, N.A.		USD	45,779,310	BRL		264,229,019		270,067

11/04/2020	J.P. Morgan Chase Bank, N.A.		USD	18,516,530	JPY		1,940,921,200		22,285

11/13/2020	J.P. Morgan Chase Bank, N.A.		RUB	740,650,000	USD		10,000,000		686,445

11/17/2020	J.P. Morgan Chase Bank, N.A.		INR	146,250,000	USD		1,989,309		29,618

12/16/2020	J.P. Morgan Chase Bank, N.A.		AUD	258,621,379	USD		188,653,951		6,826,817

12/16/2020	J.P. Morgan Chase Bank, N.A.		CHF	24,595,515	USD		26,920,261		60,677

12/16/2020	J.P. Morgan Chase Bank, N.A.		COP	328,621,700,000	USD		88,349,854		3,607,551

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


23		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)

								Unrealized
Settlement		Contract to						Appreciation

Date	Counterparty	Deliver				Receive		(Depreciation)

12/16/2020	J.P. Morgan Chase Bank, N.A.		CZK	544,565,463	USD		24,348,459	$	1,057,230

12/16/2020	J.P. Morgan Chase Bank, N.A.		EUR	704,449,099	USD		837,196,332		15,914,019

12/16/2020	J.P. Morgan Chase Bank, N.A.		INR	18,723,994,402	USD		252,763,940		2,592,044

12/16/2020	J.P. Morgan Chase Bank, N.A.		KRW	34,710,218,370	USD		30,560,150		32,224

12/16/2020	J.P. Morgan Chase Bank, N.A.		NOK	14,191,451	USD		1,578,244		91,943

12/16/2020	J.P. Morgan Chase Bank, N.A.		NZD	88,682,944	USD		59,209,345		570,071

12/16/2020	J.P. Morgan Chase Bank, N.A.		PLN	241,816,153	USD		63,052,359		1,959,345

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	24,500,000	CNY		167,041,000		355,847

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	6,983,924	EUR		5,991,000		686

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	302,838,894	GBP		234,899,408		1,572,496

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	220,128,899	JPY		23,344,559,720		2,979,097

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	298,889,979	MXN		6,435,961,688		3,101,143

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	6,493,922	THB		203,000,000		17,799

12/17/2020	J.P. Morgan Chase Bank, N.A.		USD	35,113,611	ZAR		597,350,470		1,403,906

12/21/2020	J.P. Morgan Chase Bank, N.A.		EUR	75,000,000	USD		90,735,000		3,283,793

12/21/2020	J.P. Morgan Chase Bank, N.A.		NOK	768,075,000	USD		84,635,431		4,193,383

01/29/2021	J.P. Morgan Chase Bank, N.A.		RUB	5,701,800,000	USD		76,905,854		5,750,796

01/29/2021	J.P. Morgan Chase Bank, N.A.		USD	68,000,000	RUB		5,701,800,000		3,155,057

02/08/2021	J.P. Morgan Chase Bank, N.A.		RUB	2,279,500,000	USD		33,432,332		5,013,833

03/17/2021	J.P. Morgan Chase Bank, N.A.		THB	953,310,000	USD		30,653,055		81,524

04/28/2021	J.P. Morgan Chase Bank, N.A.		BRL	14,350,000	USD		2,500,000		14,788

08/30/2021	J.P. Morgan Chase Bank, N.A.		NOK	540,775,000	USD		60,204,513		3,592,046

08/30/2021	J.P. Morgan Chase Bank, N.A.		USD	60,205,950	EUR		51,750,000		485,036

01/10/2022	J.P. Morgan Chase Bank, N.A.		MXN	561,435,300	USD		27,000,000		1,836,382

06/27/2022	J.P. Morgan Chase Bank, N.A.		USD	70,563,204	IDR		1,127,600,000,000		385,830

12/16/2020	Morgan Stanley and Co. International PLC		CHF	27,148,787	USD		29,705,000		57,109

12/16/2020	Morgan Stanley and Co. International PLC		COP	70,481,050,000	USD		18,250,300		75,218

12/16/2020	Morgan Stanley and Co. International PLC		KRW	28,901,607,000	USD		25,455,000		35,796

12/16/2020	Morgan Stanley and Co. International PLC		MXN	411,912,400	USD		19,365,629		37,688

12/16/2020	Morgan Stanley and Co. International PLC		PEN	3,030,000	USD		856,150		18,038

12/16/2020	Morgan Stanley and Co. International PLC		RUB	635,600,000	USD		8,000,000		33,931

08/26/2021	Morgan Stanley and Co. International PLC		EUR	27,500,000	USD		32,890,000		641,738

12/16/2020	Royal Bank of Canada		EUR	288,761,202	USD		344,535,591		7,883,210

12/16/2020	Royal Bank of Canada		USD	4,477,041	EUR		3,845,000		5,654

12/16/2020	Royal Bank of Canada		USD	60,514,673	GBP		46,710,000		17,859

12/16/2020	Royal Bank of Canada		USD	127,440,807	JPY		13,510,000,000		1,676,600

11/02/2020	Standard Charted Bank PLC		INR	1,883,750,000	USD		25,537,179		118,024

11/02/2020	Standard Charted Bank PLC		USD	25,000,000	INR		1,883,750,000		419,155

12/16/2020	Standard Charted Bank PLC		AUD	28,500,000	USD		20,847,237		809,940

12/16/2020	Standard Charted Bank PLC		USD	33,316,960	CNY		228,764,240		723,359

04/15/2021	Standard Charted Bank PLC		INR	3,667,160,000	USD		49,000,000		660,814

04/27/2021	Standard Charted Bank PLC		USD	60,000,000	IDR		920,400,000,000		1,068,407

Subtotal–Appreciation									179,648,018


Currency Risk
11/04/2020	Bank of America, N.A.		JPY	912,453,200	USD		8,560,000		(155,346	)

11/05/2020	Bank of America, N.A.		USD	48,665,000	RUB		3,587,523,358		(3,516,062	)

11/27/2020	Bank of America, N.A.		INR	2,098,600,000	USD		28,000,000		(92,891	)

12/02/2020	Bank of America, N.A.		AUD	27,842,250	GBP		15,000,000		(137,314	)

12/02/2020	Bank of America, N.A.		GBP	10,000,000	AUD		17,992,150		(308,714	)

12/16/2020	Bank of America, N.A.		GBP	70,034,555	USD		90,179,534		(579,810	)

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


24		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)

								Unrealized
Settlement		Contract to						Appreciation

Date	Counterparty	Deliver				Receive		(Depreciation)

12/16/2020	Bank of America, N.A.		JPY	21,379,373,963	USD		201,658,316	$	(2,668,060	)

12/16/2020	Bank of America, N.A.		MXN	782,893,255	USD		35,711,918		(1,023,355	)

12/16/2020	Bank of America, N.A.		USD	109,576,858	AUD		152,120,641		(2,626,456	)

12/16/2020	Bank of America, N.A.		USD	24,248,187	CZK		542,140,972		(1,060,654	)

12/16/2020	Bank of America, N.A.		USD	490,038,339	EUR		412,947,092		(8,603,779	)

12/16/2020	Bank of America, N.A.		USD	30,310,000	GBP		23,338,184		(65,526	)

12/16/2020	Bank of America, N.A.		USD	21,506,147	HUF		6,468,618,875		(979,655	)

12/16/2020	Bank of America, N.A.		USD	97,602,177	INR		7,243,545,600		(820,929	)

12/16/2020	Bank of America, N.A.		USD	118,789,592	NOK		1,071,719,703		(6,546,129	)

12/16/2020	Bank of America, N.A.		USD	11,662,187	NZD		17,525,000		(74,239	)

12/16/2020	Bank of America, N.A.		USD	17,197,235	PLN		64,444,918		(915,716	)

12/17/2020	Bank of America, N.A.		ZAR	463,740,000	USD		27,224,291		(1,125,287	)

12/28/2020	Bank of America, N.A.		MXN	889,200,000	USD		39,000,000		(2,668,197	)

01/15/2021	Bank of America, N.A.		MXN	590,200,500	USD		25,700,000		(1,902,617	)

01/15/2021	Bank of America, N.A.		USD	27,700,000	MXN		589,428,300		(133,497	)

02/04/2021	Bank of America, N.A.		JPY	15,003,810,000	USD		141,000,000		(2,503,524	)

04/19/2021	Bank of America, N.A.		USD	117,778,710	EUR		98,700,000		(2,377,548	)

05/28/2021	Bank of America, N.A.		USD	27,887,669	ZAR		461,025,000		(177,467	)

05/28/2021	Bank of America, N.A.		ZAR	461,025,000	USD		27,000,000		(710,202	)

06/17/2021	Bank of America, N.A.		EUR	65,000,000	USD		74,230,000		(1,870,833	)

06/17/2021	Bank of America, N.A.		USD	209,070,250	EUR		175,000,000		(4,183,392	)

11/02/2020	Citibank, N.A.		USD	25,537,179	INR		1,883,750,000		(118,024	)

11/04/2020	Citibank, N.A.		BRL	278,873,728	USD		48,316,596		(285,035	)

11/04/2020	Citibank, N.A.		USD	49,577,552	BRL		278,873,728		(975,920	)

12/02/2020	Citibank, N.A.		USD	14,236,264	BRL		80,145,186		(288,070	)

12/16/2020	Citibank, N.A.		CLP	3,601,860,000	USD		4,520,690		(136,570	)

12/16/2020	Citibank, N.A.		EGP	82,000,000	USD		5,076,142		(72,441	)

12/16/2020	Citibank, N.A.		EUR	675,521	RUB		60,906,527		(24,206	)

12/16/2020	Citibank, N.A.		GBP	4,175,000	USD		5,374,143		(36,332	)

12/16/2020	Citibank, N.A.		MXN	7,816,973,600	USD		362,965,658		(3,825,930	)

12/16/2020	Citibank, N.A.		USD	236,024,295	EUR		198,308,747		(4,825,949	)

12/16/2020	Citibank, N.A.		USD	25,356,369	INR		1,883,750,000		(187,524	)

12/16/2020	Citibank, N.A.		USD	52,259,966	NOK		470,000,000		(3,035,875	)

12/16/2020	Citibank, N.A.		USD	853,617	PEN		3,030,000		(15,506	)

12/16/2020	Citibank, N.A.		USD	31,381,013	PLN		117,570,000		(1,677,846	)

12/17/2020	Citibank, N.A.		ZAR	358,620,000	USD		21,022,950		(900,381	)

11/04/2020	Goldman Sachs International		BRL	156,080,078	USD		27,041,838		(159,528	)

11/04/2020	Goldman Sachs International		USD	27,860,000	BRL		156,080,078		(658,634	)

11/05/2020	Goldman Sachs International		USD	10,818,989	RUB		794,990,160		(814,048	)

12/01/2020	Goldman Sachs International		USD	394,490	ZAR		6,434,156		(411	)

12/01/2020	Goldman Sachs International		ZAR	189,030,728	USD		11,290,000		(287,759	)

12/16/2020	Goldman Sachs International		USD	216,481,833	EUR		181,911,392		(4,400,352	)

12/21/2020	Goldman Sachs International		USD	90,750,000	EUR		75,000,000		(3,298,793	)

01/11/2021	Goldman Sachs International		ZAR	451,834,500	USD		24,491,931		(3,049,685	)

02/08/2021	Goldman Sachs International		USD	33,488,324	RUB		2,279,500,000		(5,069,825	)

02/18/2021	Goldman Sachs International		USD	12,650,000	BRL		64,020,385		(1,533,941	)

02/25/2021	Goldman Sachs International		IDR	317,100,000,000	USD		21,000,000		(187,924	)

03/08/2021	Goldman Sachs International		USD	33,473,240	BRL		138,847,000		(9,381,048	)

03/09/2021	Goldman Sachs International		USD	10,800,000	RUB		868,551,120		(4,519	)

03/17/2021	Goldman Sachs International		USD	81,842,246	RUB		6,098,352,187		(6,107,170	)

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


25		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)

								Unrealized
Settlement		Contract to						Appreciation

Date	Counterparty	Deliver				Receive		(Depreciation)

04/28/2021	Goldman Sachs International		BRL	36,577,800	USD		6,300,000	$	(34,744	)

06/15/2021	Goldman Sachs International		INR	2,711,700,000	USD		34,500,000		(1,006,964	)

08/19/2021	Goldman Sachs International		USD	15,400,000	BRL		77,876,260		(2,023,727	)

11/02/2020	J.P. Morgan Chase Bank, N.A.		USD	80,000,000	IDR		1,127,600,000,000		(2,899,145	)

11/04/2020	J.P. Morgan Chase Bank, N.A.		BRL	75,004,399	USD		12,994,975		(76,662	)

11/04/2020	J.P. Morgan Chase Bank, N.A.		JPY	894,121,200	USD		8,400,000		(140,247	)

11/04/2020	J.P. Morgan Chase Bank, N.A.		USD	13,457,566	BRL		75,004,399		(385,929	)

11/25/2020	J.P. Morgan Chase Bank, N.A.		MXN	675,585,000	USD		30,000,000		(1,774,870	)

11/25/2020	J.P. Morgan Chase Bank, N.A.		USD	31,500,000	MXN		666,814,050		(137,656	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		CLP	5,677,015,000	USD		7,123,874		(216,593	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		EUR	1,335,092	NOK		14,294,265		(59,449	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		EUR	4,025,000	USD		4,684,645		(7,903	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		GBP	260,094,490	USD		335,348,463		(1,713,798	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		IDR	2,921,274,684,034	USD		192,887,071		(3,911,686	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		JPY	4,590,893,557	USD		43,527,863		(348,102	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		MXN	1,467,369,672	USD		68,368,263		(484,324	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	88,337,625	AUD		122,456,155		(2,243,228	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	61,275,945	CHF		55,429,546		(743,991	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	5,230	COP		19,452,869		(214	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	962,797,642	EUR		810,782,888		(17,546,031	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	56,732,075	GBP		43,688,936		(114,607	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	36,678,439	HUF		11,084,884,478		(1,503,420	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	54,998,151	INR		4,067,008,418		(658,720	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	32,043,747	NOK		288,135,000		(1,866,761	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	59,804,260	NZD		89,574,000		(575,799	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	78,285,949	PLN		293,368,767		(4,168,559	)

12/16/2020	J.P. Morgan Chase Bank, N.A.		USD	7,802,025	SEK		68,124,357		(141,977	)

12/17/2020	J.P. Morgan Chase Bank, N.A.		ZAR	4,560,288,649	USD		267,249,100		(11,532,669	)

12/21/2020	J.P. Morgan Chase Bank, N.A.		USD	90,734,952	NOK		768,075,000		(10,292,905	)

02/08/2021	J.P. Morgan Chase Bank, N.A.		USD	76,830,723	RUB		5,701,800,000		(5,746,451	)

03/17/2021	J.P. Morgan Chase Bank, N.A.		THB	2,084,955,000	USD		66,292,493		(569,562	)

01/10/2022	J.P. Morgan Chase Bank, N.A.		USD	18,000,000	MXN		374,299,200		(1,223,851	)

12/16/2020	Morgan Stanley and Co. International PLC		CLP	17,386,825,000	USD		21,837,718		(643,712	)

12/16/2020	Morgan Stanley and Co. International PLC		PLN	110,981,357	USD		27,995,497		(43,099	)

12/16/2020	Morgan Stanley and Co. International PLC		USD	28,007,575	AUD		39,807,519		(20,380	)

12/16/2020	Morgan Stanley and Co. International PLC		USD	27,318,400	NZD		41,140,000		(115,653	)

12/16/2020	Morgan Stanley and Co. International PLC		USD	79,723,579	SEK		692,600,000		(1,846,157	)

08/26/2021	Morgan Stanley and Co. International PLC		USD	32,890,000	BRL		177,704,999		(2,387,536	)

12/16/2020	Royal Bank of Canada		USD	51,753,213	EUR		43,433,907		(1,115,772	)

11/17/2020	Standard Charted Bank PLC		USD	8,000,000	INR		588,320,000		(116,751	)

12/29/2020	Standard Charted Bank PLC		KRW	16,564,800,000	USD		14,000,000		(571,457	)

03/04/2021	Standard Charted Bank PLC		IDR	699,430,000,000	USD		46,000,000		(696,580	)

04/27/2021	Standard Charted Bank PLC		IDR	250,425,000,000	USD		15,000,000		(1,615,662	)

Subtotal–Depreciation									(182,509,748	)

Total Forward Foreign Currency Contracts								$	(2,861,730	)

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


26		Invesco International Bond Fund


	Open Centrally Cleared Credit Default Swap Agreements
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(a)		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk

Brazilian Government International Bonds		Sell		1.00%		Quarterly		06/20/2022		1.118%	USD	15,000,000		$ (289,418	)	$	(16,110	)		$ 273,308

Credit Risk

Indonesia Government International Bond		Buy		(1.00)		Quarterly		12/20/2025		0.988	USD	18,000,000		137,311			(6,012	)		(143,323	)

South Africa Government International Bond		Buy		(1.00)		Quarterly		12/20/2025		2.777	USD	10,000,000		944,300			847,240			(97,060	)

Subtotal - Depreciation														1,081,611			841,228			(240,383	)

Total Centrally Cleared Credit Default Swap Agreements														$ 792,193		$	825,118			$ 32,925

^(a)

Open Centrally Cleared Interest Rate Swap Agreements

Pay/ Receive Floating
Rate

Floating Rate
Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Receive

6 Month CLICP

Semi-Annually

(0.52

Semi-Annually

06/26/2022

CLP

50,500,000,000

$–

$ 5,892

Pay

3 Month COOVIBR

Quarterly

3.09

Quarterly

07/09/2025

COP

36,500,000,000

–

16,209

Pay

6 Month CLICP

Semi-Annually

1.20

Semi-Annually

06/26/2025

CLP

20,500,000,000

–

53,593

Pay

6 Month THB

Semi-Annually

0.76

Semi-Annually

06/25/2025

THB

950,000,000

–

78,764

Receive

28 Day MXN TIIE

28 Day

(4.51

)

28 Day

10/07/2022

MXN

2,220,000,000

–

88,645

Receive

6 Month AUD BBSW

Semi-Annually

(1.22

)

Semi-Annually

08/17/2050

AUD

13,250,000

–

109,756

Pay

28 Day MXN TIIE

28 Day

4.90

28 Day

06/07/2023

MXN

750,000,000

–

195,861

Receive

6 Month AUD BBSW

Semi-Annually

(1.16

)

Semi-Annually

06/20/2051

AUD

15,425,000

–

311,543

Receive

6 Month AUD BBSW

Semi-Annually

(1.22

)

Semi-Annually

08/18/2050

AUD

39,550,000

–

327,930

Pay

BZDIOVRA

At Maturity

6.63

At Maturity

01/02/2025

BRL

80,378,388

–

524,848

Pay

BZDIOVRA

At Maturity

5.60

At Maturity

01/02/2023

BRL

120,968,056

–

651,945

Pay

28 Day MXN TIIE

28 Day

6.91

28 Day

12/16/2026

MXN

1,318,000,000

–

658,021

Pay

BZDIOVRA

At Maturity

6.53

At Maturity

01/02/2024

BRL

98,444,537

–

906,684

Pay

3 Month COOVIBR

Quarterly

5.20

Quarterly

08/01/2029

COP

44,884,000,000

–

1,133,187

Pay

BZDIOVRA

At Maturity

5.56

At Maturity

01/02/2023

BRL

514,810,140

–

2,693,081

Pay

3 Month C00VIBR

Quarterly

5.70

Quarterly

11/15/2029

COP

109,300,000,000

–

3,854,360

Subtotal – Appreciation

–

11,610,319

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


27		Invesco International Bond Fund


				Open Centrally Cleared Interest Rate Swap Agreements–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay	28 Day MXN TIIE		28 Day		4.81	%		28 Day		07/23/2025		MXN	2,484,500,000		$–	$	(1,447,272	)	$	(1,447,272	)

Pay	6 Month CDOR		Semi-Annually		1.06			Semi-Annually		03/26/2030		CAD	499,700,000		–		(1,295,916	)		(1,295,916	)

Pay	BZDIOVRA		At Maturity		4.11			At Maturity		01/02/2023		BRL	491,483,154		–		(1,239,660	)		(1,239,660	)

Pay	3 Month CNRR007		Quarterly		2.04			Quarterly		06/18/2022		CNY	900,000,000		–		(810,673	)		(810,673	)

Pay	BZDIOVRA		At Maturity		3.98			At Maturity		01/02/2023		BRL	237,368,882		–		(724,564	)		(724,564	)

Pay	3 Month CNRR007		Quarterly		1.99			Quarterly		06/15/2022		CNY	700,000,000		–		(707,107	)		(707,107	)

Pay	28 Day MXN TIIE		28 Day		4.80			28 Day		07/23/2025		MXN	1,168,700,000		–		(699,724	)		(699,724	)

Pay	BZDIOVRA		At Maturity		5.10			At Maturity		01/02/2024		BRL	164,728,839		–		(677,463	)		(677,463	)

Pay	3 Month CNRR007		Quarterly		2.13			Quarterly		06/30/2022		CNY	725,000,000		–		(515,505	)		(515,505	)

Pay	28 Day MXN TIIE		28 Day		4.67			28 Day		07/02/2024		MXN	1,295,250,000		–		(483,730	)		(483,730	)

Pay	BZDIOVRA		At Maturity		4.30			At Maturity		01/02/2023		BRL	239,852,627		–		(480,973	)		(480,973	)

Receive	28 Day MXN TIIE		28 Day		(7.07	)		28 Day		12/12/2029		MXN	572,000,000		–		(426,010	)		(426,010	)

Pay	BZDIOVRA		At Maturity		4.38			At Maturity		01/02/2023		BRL	244,950,817		–		(425,306	)		(425,306	)

Pay	3 Month CNRR007		Quarterly		2.23			Quarterly		07/07/2022		CNY	909,090,000		–		(423,526	)		(423,526	)

Receive	3 Month CNRR007		Quarterly		(2.77	)		Quarterly		10/16/2025		CNY	356,000,000		–		(412,165	)		(412,165	)

Receive	28 Day MXN TIIE		28 Day		(4.80	)		28 Day		06/09/2021		MXN	2,200,000,000		–		(225,951	)		(225,951	)

Pay	BZDIOVRA		At Maturity		4.76			At Maturity		01/02/2023		BRL	261,288,822		–		(186,040	)		(186,040	)

Pay	BZDIOVRA		At Maturity		5.75			At Maturity		01/02/2025		BRL	56,173,655		–		(173,251	)		(173,251	)

Pay	3 Month CNRR007		Quarterly		2.13			Quarterly		06/29/2022		CNY	180,000,000		–		(127,944	)		(127,944	)

Pay	BZDIOVRA		At Maturity		5.93			At Maturity		01/02/2025		BRL	131,320,810		–		(107,402	)		(107,402	)

Pay	BZDIOVRA		At Maturity		6.48			At Maturity		01/02/2029		BRL	8,723,671		–		(106,176	)		(106,176	)

Pay	BZDIOVRA		At Maturity		3.02			At Maturity		01/03/2022		BRL	874,268,259		–		(100,801	)		(100,801	)

Pay	3 Month CNRR007		Quarterly		2.40			Quarterly		07/13/2022		CNY	900,000,000		–		(55,823	)		(55,823	)

Pay	BZDIOVRA		At Maturity		4.92			At Maturity		01/02/2023		BRL	268,525,463		–		(53,397	)		(53,397	)

Receive	6 Month CLICP		Semi-Annually		(0.57	)		Semi-Annually		07/13/2022		CLP	48,250,000,000		–		(41,160	)		(41,160	)

Pay	BZDIOVRA		At Maturity		6.61			At Maturity		01/02/2023		BRL	119,625,165		–		(38,915	)		(38,915	)

Pay	6 Month CLICP		Semi-Annually		1.16			Semi-Annually		07/13/2025		CLP	19,500,000,000		–		(20,778	)		(20,778	)

Pay	3 Month COOVIBR		Quarterly		3.03			Quarterly		07/10/2025		COP	64,600,000,000		–		(19,212	)		(19,212	)

Pay	BZDIOVRA		At Maturity		6.03			At Maturity		01/02/2025		BRL	139,764,338		–		(444	)		(444	)

Subtotal – Depreciation															–		(12,026,888	)		(12,026,888	)

Total Centrally Cleared Interest Rate Swap Agreements															$–	$	(416,569	)	$	(416,569	)

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


28		Invesco International Bond Fund


		Open Over-The-Counter Credit Default Swap Agreements


Counterparty	Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(a)		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)



Credit Risk



Bank of America, N.A.	Uruguay Government International Bond	Sell		1.00%		Quarterly		12/20/2021		0.890%		USD	14,802,000		$ (62,856	)	$	18,702			$ 81,559



Barclays Bank PLC	SoftBank Group Corp.	Buy		(1.00)		Quarterly		12/20/2025		2.614		JPY	250,000,000		164,165			183,011			18,846



Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy		(1.00)		Quarterly		12/20/2024		1.262		EUR	5,000,000		53,968			63,305			9,336



J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)		Quarterly		12/20/2025		2.799		EUR	5,000,000		411,284			516,000			104,715



Subtotal–Appreciation															566,561			781,018			214,456



Credit Risk



Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell		1.00		Quarterly		12/20/2024		0.696		EUR	10,000,000		166,158			147,676			(18,482	)



J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00		Quarterly		12/20/2022		14.646		EUR	5,000,000		103,262			(1,077,772	)		(1,181,034	)



J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)		Quarterly		12/20/2021		0.463		EUR	5,000,000		37,328			(36,133	)		(73,460	)



J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Index, Series 32, Version 1	Sell		5.00		Quarterly		12/20/2021		8.209		EUR	5,000,000		(126,641	)		(206,935	)		(80,294	)



J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Sell		1.00		Quarterly		12/20/2025		0.777		EUR	20,000,000		460,434			267,822			(192,612	)



Subtotal–Depreciation															640,541			(905,342	)		(1,545,882	)



Total Open Over-The-Counter Credit Default Swap Agreements															$1,207,102		$	(124,324	)		$(1,331,426	)

^(a)

Open Over-The-Counter Interest Rate Swap Agreements

Counterparty

Pay/
Receive

Floating
Rate

Floating Rate
Index

Payment
Frequency

(Pay)/
Received
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional

Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

6.55%

Annual

11/01/2021

RUB

694,000,000

$–

145,452

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

5.63

Annual

04/23/2023

RUB

1,400,000,000

–

193,899

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

6.35

Annual

02/28/2025

RUB

1,150,000,000

–

471,014

Subtotal–Appreciation

–

810,365

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


29		Invesco International Bond Fund


		Open Over-The-Counter Interest Rate Swap Agreements–(continued)


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



Goldman Sachs International	Pay		3 Month MOSKP		Quarterly		4.89			Annual		07/01/2023		RUB	3,850,000,000		$–	$	(361,611	)		$ (361,611	)



Goldman Sachs International	Pay		3 Month MOSKP		Quarterly		4.97			Annual		07/07/2023		RUB	3,888,000,000		–		(269,584	)		(269,584	)



Goldman Sachs International	Pay		3 Month MOSKP		Quarterly		4.81			Annual		07/10/2023		RUB	2,555,000,000		–		(307,401	)		(307,401	)



Standard Charted Bank PLC	Receive		6 Month FBIL Overnight MIBOR		Semi-Annually		(6.44	)		Semi-Annually		01/10/2024		INR	1,700,000,000		–		(1,873,570	)		(1,873,570	)



Goldman Sachs International	Pay		3 Month MOSKP		Quarterly		4.90			Annual		08/05/2023		RUB	1,700,000,000		–		(168,153	)		(168,153	)



Subtotal–Depreciation																	–		(2,980,319	)		(2,980,319	)



Total Over-The-Counter Interest Rate Swap Aggreements																	$–	$	(2,169,954	)		$(2,169,954	)


Abbreviations:

AUD		–Australian Dollar
BBSW		–Bank Bill Swap Rate
BRL		–Brazilian Real
BZDIOVRA		–Brazil Ceptip DI Interbank Deposit Rate
CAD		–Canadian Dollar
CDOR		–Canadian Dealer Offered Rate
CHF		–Swiss Franc
CLICP		–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP		–Chile Peso
CNH		–Chinese Renminbi
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
EGP		–Egypt Pound
EUR		–Euro
FBIL		–Financial Benchmarks India Private Ltd.
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JPY		–Japanese Yen
KRW		–South Korean Won
LIBOR		–London Interbank Offered Rate
MIBOR		–Mumbai Interbank Offered Rate
MOSKP		–Moscow Prime Offered Rate
MXN		–Mexican Peso
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PEN		–Peruvian Sol
PLN		–Polish Zloty
RUB		–Russian Ruble
SEK		–Swedish Krona
THB		–Thai Baht
TIIE		–Interbank Equilibrium Interest Rate
USD		–U.S. Dollar
ZAR		–South African Rand

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


30		Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $2,426,192,368)	$	2,352,647,628


Investments in affiliated money market funds, at value (Cost $271,945,542)		271,938,467


Other investments:
Variation margin receivable – futures contracts		6,971,267


Swaps receivable – OTC		4,410,737


Unrealized appreciation on swap agreements – OTC		1,024,821


Premiums paid on swap agreements – OTC		1,207,102


Unrealized appreciation on forward foreign currency contracts outstanding		179,648,018


Deposits with brokers:
Cash collateral – centrally cleared swap agreements		50,541,123


Cash		92,193,631


Foreign currencies, at value (Cost $5,019,257)		4,584,257


Receivable for:
Investments sold		14,333,165


Fund shares sold		700,165


Dividends		15,550


Interest		31,670,985


Investment for trustee deferred compensation and retirement plans		401,018


Other assets		274,862


Total assets		3,012,562,796



Liabilities:
Other investments:
Options written, at value (premiums received $50,785,924)		52,961,769


Variation margin payable – centrally cleared swap agreements		1,651,875


Unrealized depreciation on forward foreign currency contracts outstanding		182,509,748


Swaps payable – OTC		55,933


Unrealized depreciation on swap agreements – OTC		4,526,201


Payable for:
Investments purchased		38,390,454


Dividends		960,348


Fund shares reacquired		4,886,181


Accrued foreign taxes		3,724,810


Accrued fees to affiliates		953,766


Accrued trustees’ and officers’ fees and benefits		5,657


Accrued other operating expenses		2,320,680


Trustee deferred compensation and retirement plans		401,018


Total liabilities		293,348,440


Net assets applicable to shares outstanding	$	2,719,214,356


Net assets consist of:
Shares of beneficial interest	$	3,057,635,480


Distributable earnings (loss)		(338,421,124	)


	$	2,719,214,356



Net Assets:
Class A	$	894,797,829


Class C	$	64,440,430


Class R	$	79,762,854


Class Y	$	1,105,508,136


Class R5	$	9,995


Class R6	$	574,695,112



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		165,533,040


Class C		11,966,476


Class R		14,798,739


Class Y		204,566,087


Class R5		1,848


Class R6		106,457,891


Class A:
Net asset value per share	$	5.41


Maximum offering price per share
(Net asset value of $5.41 ÷ 95.75%)	$	5.65


Class C:
Net asset value and offering price per share	$	5.39


Class R:
Net asset value and offering price per share	$	5.39


Class Y:
Net asset value and offering price per share	$	5.40


Class R5:
Net asset value and offering price per share	$	5.41


Class R6:
Net asset value and offering price per share	$	5.40

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


31		Invesco International Bond Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:
Interest (net of foreign withholding taxes of $5,357,779)	$	129,079,720


Dividends from affiliated money market funds		1,416,915


Total investment income		130,496,635



Expenses:
Advisory fees		17,017,424


Administrative services fees		451,830


Custodian fees		650,760


Distribution fees:


Class A		2,296,502


Class C		848,371


Class R		428,545


Transfer agent fees – A, C, R and Y		4,355,499


Transfer agent fees – R5		2


Transfer agent fees – R6		57,831


Trustees’ and officers’ fees and benefits		51,805


Registration and filing fees		187,707


Reports to shareholders		529,969


Professional services fees		120,854


Other		52,343


Total expenses		27,049,442


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(850,246	)


Net expenses		26,199,196


Net investment income		104,297,439



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $1,704,305) (includes net gains from securities sold to affiliates of $837,234)		(288,383,556	)


Foreign currencies		(622,992	)


Forward foreign currency contracts		46,772,522


Futures contracts		18,523,517


Option contracts written		11,501,446


Swap agreements		48,819,388


		(163,389,675	)


Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $123,274)		48,840,457


Foreign currencies		891,756


Forward foreign currency contracts		41,976,985


Futures contracts		(958,728	)


Option contracts written		(17,520,796	)


Swap agreements		(33,975,224	)


		39,254,450


Net realized and unrealized gain (loss)		(124,135,225	)


Net increase (decrease) in net assets resulting from operations	$	(19,837,786	)

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


32		Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the year ended October 31, 2020, period ended October 31, 2019, and the year ended September 30, 2019


	Year Ended October 31, 2020			One Month Ended October 31, 2019			Year Ended September 30, 2019


Operations:
Net investment income	$	104,297,439		$	15,146,883		$	250,035,396


Net realized gain (loss)		(163,389,675	)		(5,091,087	)		(276,168,070	)


Change in net unrealized appreciation		39,254,450			89,347,679			250,048,605


Net increase (decrease) in net assets resulting from operations		(19,837,786	)		99,403,475			223,915,931



Distributions to shareholders from distributable earnings:
Class A		(20,409,731	)		–			–


Class C		(1,523,192	)		–			–


Class R		(1,757,929	)		–			–


Class Y		(31,683,922	)		–			–


Class R5		(234	)		–			–


Class R6		(17,704,326	)		–			–


Total distributions from distributable earnings		(73,079,334	)		–			–



Return of capital:
Class A		(12,584,992	)		(3,965,134	)		(52,731,735	)


Class C		(939,221	)		(367,267	)		(10,455,145	)


Class R		(1,083,963	)		(354,905	)		(5,328,769	)


Class Y		(19,536,738	)		(6,486,852	)		(123,937,645	)


Class R5		(144	)		(41	)		(176	)


Class R6		(10,916,729	)		(3,610,322	)		(59,436,588	)


Total return of capital		(45,061,787	)		(14,784,521	)		(251,890,058	)


Total distributions		(118,141,121	)		–			–



Share transactions–net:
Class A		(118,606,584	)		(19,951,766	)		(27,973,352	)


Class C		(45,052,132	)		(5,433,229	)		(176,957,426	)


Class R		(16,467,445	)		(1,538,186	)		(18,127,871	)


Class Y		(443,976,101	)		(24,711,199	)		(978,206,520	)


Class R5		–			–			10,000


Class R6		(276,644,428	)		1,453,054			(541,379,288	)


Net increase (decrease) in net assets resulting from share transactions		(900,746,690	)		(50,181,326	)		(1,742,634,457	)


Net increase (decrease) in net assets		(1,038,725,597	)		34,437,628			(1,770,608,584	)



Net assets:
Beginning of year		3,757,939,953			3,723,502,325			5,494,110,909


End of year	$	2,719,214,356		$	3,757,939,953		$	3,723,502,325

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


33		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 10/31/20		$	5.53		$	0.17		$	(0.10	)		$	0.07			$	(0.12	)		$	(0.07	)		$	(0.19	)		$	5.41		1.35	%		$	894,798		1.00	%^(e)		1.04	%^(e)		3.17	%^(e)		162	%
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.60				1,043,265		1.01	^(f)		1.03	^(f)		4.60	^(f)		7
Year ended 09/30/19			5.47			0.28			(0.06	)			0.22				–				(0.28	)			(0.28	)			5.41		4.15				1,039,683		0.99			1.02			5.15			105
Year ended 09/30/18			5.95			0.25			(0.48	)			(0.23	)			(0.13	)			(0.12	)			(0.25	)			5.47		(4.20	)			1,082,539		0.99			1.01			4.31			115
Year ended 09/30/17			5.95			0.23			0.03				0.26				(0.10	)			(0.16	)			(0.26	)			5.95		4.67				1,280,770		1.02			1.05			3.94			96

Year ended 09/30/16			5.62			0.22			0.33				0.55				(0.10	)			(0.12	)			(0.22	)			5.95		9.95				1,611,584		1.03			1.05			3.78			128
Class C
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	^(e)		1.79	^(e)		2.42	^(e)		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		1.7	⁷^(f)		1.79	^(f)		3.84	^(f)		7
Year ended 09/30/19			5.45			0.24			(0.06	)			0.18				–				(0.24	)			(0.24	)			5.39		3.36				116,134		1.74			1.77			4.39			105
Year ended 09/30/18			5.93			0.21			(0.48	)			(0.27	)			(0.11	)			(0.10	)			(0.21	)			5.45		(4.79	)			291,793		1.74			1.76			3.56			115
Year ended 09/30/17			5.92			0.18			0.05				0.23				(0.08	)			(0.14	)			(0.22	)			5.93		3.89				369,679		1.77			1.80			3.20			96

Year ended 09/30/16			5.60			0.17			0.32				0.49				(0.07	)			(0.10	)			(0.17	)			5.92		8.97				493,319		1.78			1.80			3.04			128
Class R
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	^(e)		1.29	^(e)		2.92	^(e)		162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.59				99,080		1.27	^(f)		1.29	^(f)		4.34	^(f)		7
Year ended 09/30/19			5.45			0.27			(0.06	)			0.21				—				(0.27	)			(0.27	)			5.39		3.88				98,380		1.24			1.27			4.90			105
Year ended 09/30/18			5.93			0.24			(0.49	)			(0.25	)			(0.12	)			(0.11	)			(0.23	)			5.45		(4.47	)			117,668		1.23			1.25			4.06			115
Year ended 09/30/17			5.93			0.21			0.04				0.25				(0.09	)			(0.16	)			(0.25	)			5.93		4.41				131,112		1.27			1.30			3.67			96

Year ended 09/30/16			5.60			0.20			0.33				0.53				(0.09	)			(0.11	)			(0.20	)			5.93		9.70				146,479		1.27			1.29			3.54			128
Class Y
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	^(e)		0.79	^(e)		3.42	^(e)		162
One month ended 10/31/19			5.41			0.02			0.12				0.14				—				(0.02	)			(0.02	)			5.53		2.62				1,623,640		0.77	^(f)		0.79	^(f)		4.84	^(f)		7
Year ended 09/30/19			5.47			0.29			(0.05	)			0.24				–				(0.30	)			(0.30	)			5.41		4.40				1,611,797		0.74			0.77			5.39			105
Year ended 09/30/18			5.95			0.26			(0.48	)			(0.22	)			(0.14	)			(0.12	)			(0.26	)			5.47		(3.80	)			2,597,821		0.74			0.76			4.56			115
Year ended 09/30/17			5.95			0.24			0.04				0.28				(0.11	)			(0.17	)			(0.28	)			5.95		4.75				2,345,993		0.77			0.80			4.13			96

Year ended 09/30/16			5.61			0.23			0.34				0.57				(0.10	)			(0.13	)			(0.23	)			5.95		10.42				2,072,160		0.78			0.80			4.03			128
Class R5
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	^(e)		0.62	^(e)		3.56	^(e)		162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				10		0.68	^(f)		0.68	^(f)		4.93	^(f)		7

Period ended 09/30/19^(g)			5.41			0.11			(0.01	)			0.10				–				(0.10	)			(0.10	)			5.41		1.74				10		0.65	^(f)		0.67	^(f)		5.48	^(f)		105
Class R6
Year ended 10/31/20			5.52			0.19			(0.10	)			0.09				(0.13	)			(0.08	)			(0.21	)			5.40		1.75				574,695		0.61	^(e)		0.62	^(e)		3.56	^(e⁾		162
One month ended 10/31/19			5.40			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.52		2.64				878,616		0.60	^(f)		0.62	^(f)		5.01	^(f)		7
Year ended 09/30/19			5.46			0.30			(0.06	)			0.24				–				(0.30	)			(0.30	)			5.40		4.55				857,498		0.60			0.62			5.53			105
Year ended 09/30/18			5.94			0.27			(0.48	)			(0.21	)			(0.14	)			(0.13	)			(0.27	)			5.46		(3.83	)			1,404,290		0.58			0.60			4.71			115
Year ended 09/30/17			5.94			0.25			0.04				0.29				(0.11	)			(0.18	)			(0.29	)			5.94		5.12				1,194,372		0.59			0.61			4.37			96
Year ended 09/30/16			5.61			0.24			0.33				0.57				(0.10	)			(0.14	)			(0.24	)			5.94		10.45				1,631,480		0.58			0.60			4.28			128

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01%, 0.01%, 0.01% and 0.00% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018, 2017 and 2016 respectively.

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

^(e)	Ratios are based on average daily net assets (000’s omitted) of $933,018, $85,000, $85,812, $1,316,177, $10 and $709,855 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	Annualized.

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

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


34		Invesco International Bond Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

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

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

The Fund’s investment objective is total return. Prior to February 28, 2020, the Fund’s objective was total return, comprised of current income and capital appreciation.

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.


35		Invesco International Bond Fund

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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.

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


36		Invesco International Bond Fund

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.

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.

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

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.


37		Invesco International Bond Fund

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

P.	LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On


38		Invesco International Bond Fund

July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2020, the effective advisory fee rate incurred by the Fund was 0.54%.

The Adviser has contractually agreed, through at least February 28, 2022 to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.01%, 1.76%, 1.26%, 0.76%, 0.67%, and 0.62%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. 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. 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.

For the year ended October 31, 2020, the Adviser waived advisory fees of $178,035 and reimbursed class level expenses of $236,828, $21,291, $24,132, $377,786, $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, 2020, 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.


39		Invesco International Bond Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2020, 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, 2020, IDI advised the Fund that IDI retained $26,479 in front-end sales commissions from the sale of Class A shares and $1,834 and $3,228 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


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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total


Investments in Securities


Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	1,670,175,012		$	218,882	$	1,670,393,894


U.S. Dollar Denominated Bonds & Notes		–			313,633,675			–		313,633,675


U.S. Treasury Securities		–			169,964,052			–		169,964,052


Asset-Backed Securities		–			158,632,417			–		158,632,417


Common Stocks & Other Equity Interests		–			–			1		1


Money Market Funds		271,938,467			–			–		271,938,467


Options Purchased		–			40,023,589			–		40,023,589


Total Investments in Securities		271,938,467			2,352,428,745			218,883		2,624,586,095


Other Investments - Assets*


Futures Contracts		11,296,914			–			–		11,296,914


Forward Foreign Currency Contracts		–			179,648,018			–		179,648,018


Swap Agreements		–			12,908,448			–		12,908,448


		11,296,914			192,556,466			–		203,853,380



Other Investments - Liabilities*


Futures Contracts		(10,416,375	)		–			–		(10,416,375	)


Forward Foreign Currency Contracts		–			(182,509,748	)		–		(182,509,748	)


Options Written		–			(52,961,769	)		–		(52,961,769	)


Swap Agreements		–			(16,793,472	)		–		(16,793,472	)


		(10,416,375	)		(252,264,989	)		–		(262,681,364	)


Total Other Investments		880,539			(59,708,523	)		–		(58,827,984	)


Total Investments	$	272,819,006		$	2,292,720,222		$	218,883	$	2,565,758,111

*	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


40		Invesco International Bond Fund

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, 2020:


	Value
	Credit			Currency			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	-		$	11,296,914		$	11,296,914

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		273,308			-			11,610,319			11,883,627

Unrealized appreciation on forward foreign currency contracts outstanding		-			179,648,018			-			179,648,018

Unrealized appreciation on swap agreements – OTC		(3,967,834	)		-			4,992,655			1,024,821

Options purchased, at value – OTC^(b)		-			30,325,573			9,698,016			40,023,589


Total Derivative Assets		(3,694,526	)		209,973,591			37,597,904			243,876,969


Derivatives not subject to master netting agreements		(273,308	)		-			(18,724,943	)		(18,998,251	)


Total Derivative Assets subject to master netting agreements	$	(3,967,834	)	$	209,973,591		$	18,872,961		$	224,878,718



	Value
	Credit			Currency			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total

Unrealized depreciation on futures contracts - Exchange-Traded^(a)	$	-		$	-		$	(10,416,375	)	$	(10,416,375	)

Unrealized depreciation on swap agreements - Centrally Cleared^(a)		(240,383	)		-			(12,026,888	)		(12,267,271	)

Unrealized depreciation on forward foreign currency contracts outstanding		-			(182,509,748	)		-			(182,509,748	)

Unrealized depreciation on swap agreements - OTC		(1,545,882	)		-			(2,980,319	)		(4,526,201	)

Options written, at value - OTC		(470,852	)		(28,177,529	)		(24,313,388	)		(52,961,769	)


Total Derivative Liabilities		(2,257,117	)		(210,687,277	)		(49,736,970	)		(262,681,364	)


Derivatives not subject to master netting agreements		240,383			-			22,443,263			22,683,646


Total Derivative Liabilities subject to master netting agreements	$	(2,016,734	)	$	(210,687,277	)	$	(27,293,707	)	$	(239,997,718	)

^(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, 2020.


																								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 Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount
Bank of America, N.A.	$	21,278,530	$	5,220,334	$	81,559	$	26,580,423	$	(47,827,199	)	$	(5,012,387	)	$	-		$	(52,839,586	)	$	(26,259,163	)	$	-	$	25,172,558		$	(1,086,605	)
Barclays Bank PLC		-		-		18,846		18,846		-			-			-			-			18,846			-		-			18,846
Citibank, N.A.		16,071,798		542,450		9,336		16,623,584		(16,405,609	)		(1,361,150	)		(18,482	)		(17,785,241	)		(1,161,657	)		-		417,802			(743,855	)
Goldman Sachs International		55,072,513		15,717,342		810,365		71,600,220		(38,019,072	)		(19,919,675	)		(1,106,749	)		(59,045,496	)		12,554,724			-		(14,052,772	)		(1,498,048	)
J.P. Morgan Chase Bank, N.A.		72,942,637		7,680,889		104,715		80,728,241		(71,085,109	)		(16,271,165	)		(1,527,400	)		(88,883,674	)		(8,155,433	)		-		8,155,433			-
Morgan Stanley and Co. International PLC		899,518		4,918,651		-		5,818,169		(5,056,537	)		(6,059,463	)		-			(11,116,000	)		(5,297,831	)		-		5,627,392			329,561
Royal Bank of Canada		9,583,323		-		-		9,583,323		(1,115,772	)		-			-			(1,115,772	)		8,467,551			-		-			8,467,551
Standard Chartered Bank PLC		3,799,699		5,943,923		-		9,743,622		(3,000,450	)		(3,078,195	)		-			(6,078,645	)		3,664,977			-		(2,075,830	)		1,589,147
Toronto- Dominion Bank (The)		-		-		-		-		-			(1,259,734	)		-			(1,259,734	)		(1,259,734	)		-		1,099,632			(160,102	)
Total	$	179,648,018	$	40,023,589	$	1,024,821	$	220,696,428	$	(182,509,748	)	$	(52,961,769	)	$	(2,652,631	)	$	(238,124,148	)	$	(17,427,720	)	$	-	$	24,344,215		$	6,916,495


41		Invesco International Bond Fund

Effect of Derivative Investments for the year ended October 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit			Currency			Equity			Interest
	Risk			Risk			Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	46,772,522		$	-		$	-		$	46,772,522
Futures contracts		-			-			-			18,523,517			18,523,517
Options purchased^(a)		-			(809,401	)		(106,811,101	)		(11,507,901	)		(119,128,403	)
Options written		-			(50,813,914	)		107,796,107			(45,480,747	)		11,501,446
Swap agreements		41,169,488			-			-			7,649,900			48,819,388
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			41,976,985			-			-			41,976,985
Futures contracts		-			-			-			(958,728	)		(958,728	)
Options purchased^(a)		471,746			12,538,010			2,741,611			5,115,351			20,866,718
Options written		1,465,993			(42,676,894	)		2,432,428			21,257,677			(17,520,796	)
Swap agreements		(18,762,493	)		-			-			(15,212,731	)		(33,975,224	)
Total	$	24,344,734		$	6,987,308		$	6,159,045		$	(20,613,662	)	$	16,877,425

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.


							Foreign				Foreign
	Forward						Currency				Currency
	Foreign Currency		Futures		Swaptions		Options		Swaptions		Options		Swap
	Contracts		Contracts		Purchased		Purchased		Written		Written		Agreements
Average notional value	$	12,250,504,543	$	1,083,714,606	$	6,469,443,208	$	1,740,613,328	$	2,891,645,226	$	2,577,851,328	$	9,858,196,652

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco 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 or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended October 31, 2020, the Fund engaged in securities sales of $4,354,733, which resulted in net realized gains of $837,234.

NOTE 6–Expense Offset Arrangement(s)

NOTE 7–Trustees’ and Officers’ Fees and Benefits

NOTE 8–Cash Balances


42		Invesco International Bond Fund

NOTE 9–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Year Ended October 31, 2020, Period Ended October 31, 2019 and the Year Ended September 30, 2019:


	Year Ended October 31, 2020		One month Ended October 31, 2019		Year Ended September 30, 2019
Ordinary income*	$	73,079,334	$	–	$	–
Return of capital		45,061,787		14,784,521		251,890,058
Total distributions	$	118,141,121	$	14,784,521	$	251,890,058

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020


Net unrealized appreciation (depreciation) – investments	$	(102,067,078	)


Net unrealized appreciation (depreciation) – foreign currencies		(218,950	)


Temporary book/tax differences		(400,027	)


Capital loss carryforward		(235,735,069	)


Shares of beneficial interest		3,057,635,480


Total net assets	$	2,719,214,356

The Fund has a capital loss carryforward as of October 31, 2020, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	158,377,557	$	77,357,512	$	235,735,069

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $3,961,503,240 and $4,811,828,610, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $129,785,843 and $136,581,459, 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	$	278,008,301


Aggregate unrealized (depreciation) of investments		(380,075,379	)


Net unrealized appreciation (depreciation) of investments	$	(102,067,078	)

Cost of investments for tax purposes is $2,669,032,291.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, return of capital and straddle losses deferred, on October 31, 2020, undistributed net investment income was decreased by $13,027,974, undistributed net realized gain (loss) was increased by $58,089,761 and shares of beneficial interest was decreased by $45,061,787. This reclassification had no effect on the net assets of the Fund.


43		Invesco International Bond Fund

NOTE 12–Share Information


	Summary of Share Activity


	Year ended						One month ended						Year ended
	October 31, 2020^(a)						October 31, 2019						September 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount


Sold:
Class A		26,001,326		$	138,285,569			2,132,170		$	11,702,100			46,707,276		$	257,635,501


Class C		1,089,680			5,845,149			142,846			775,884			2,127,191			11,585,168


Class R		2,335,386			12,397,914			178,269			973,465			2,563,830			13,975,234


Class Y		54,924,076			292,087,108			4,979,925			27,290,342			91,187,125			498,357,038


Class R5^(b)		-			-			-			-			1,848			10,000


Class R6		38,722,105			207,171,403			1,984,096			10,816,472			72,871,683			394,934,516



Issued as reinvestment of dividends:
Class A		5,196,346			27,241,863			668,094			3,691,378			8,909,930			48,606,856


Class C		413,899			2,157,374			59,609			328,035			1,782,006			9,681,973


Class R		532,941			2,784,152			62,026			342,303			931,053			5,063,654


Class Y		7,469,088			39,200,481			1,088,978			6,022,050			21,383,562			116,687,657


Class R6		4,911,505			25,788,764			636,035			3,517,275			10,541,778			57,440,267



Automatic conversion of Class C shares to Class A shares:
Class A		5,077,757			27,007,066			-			-			-			-


Class C		(5,096,737	)		(27,007,066	)		-			-			-			-



Reacquired:
Class A		(59,360,812	)		(311,141,082	)		(6,459,573	)		(35,345,244	)		(61,358,992	)		(334,215,709	)


Class C		(5,007,250	)		(26,047,589	)		(1,194,160	)		(6,537,148	)		(35,923,525	)		(198,224,567	)


Class R		(6,035,135	)		(31,649,511	)		(522,065	)		(2,853,954	)		(6,834,225	)		(37,166,759	)


Class Y		(151,453,160	)		(775,263,690	)		(10,603,717	)		(58,023,591	)		(289,686,550	)		(1,593,251,215	)


Class R6		(96,206,785	)		(509,604,595	)		(2,354,096	)		(12,880,693	)		(181,831,910	)		(993,754,071	)


Net increase (decrease) in share activity		(176,485,770	)	$	(900,746,690	)		(9,201,563	)	$	(50,181,326	)		(316,627,920	)	$	(1,742,634,457	)

^(a)

In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date after the close of business on May 24, 2019.

NOTE 13–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.


44		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 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the periods indicated in the table below, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Consolidated Statement of Changes in Net Assets		Consolidated Financial Highlights
For the year ended October 31, 2020, the period October 1, 2019 through October 31, 2019 and the year ended September 30, 2019.		For the year ended October 31, 2020, the period October 1, 2019 through October 31, 2019 and the year ended September 30, 2019 for Class A, Class C, Class R Class Y and Class R6.
		For the year ended October 31, 2020, the period October 1, 2019 through October 31, 2019 and the period May 24, 2019 (inception of offering) through September 30, 2019 for Class R5.

The consolidated financial statements of Invesco International Bond Fund (formerly Oppenheimer International Bond Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for each of the periods ended on or prior to September 30, 2018 (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated November 28, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


45		Invesco International Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,141.40	$5.44	$1,020.06	$5.13	1.01%
Class C	1,000.00	1,137.70	9.46	1,016.29	8.92	1.76
Class R	1,000.00	1,138.20	6.77	1,018.80	6.39	1.26
Class Y	1,000.00	1,142.80	4.09	1,021.32	3.86	0.76
Class R5	1,000.00	1,143.80	3.07	1,022.27	2.90	0.57
Class R6	1,000.00	1,141.60	3.34	1,022.02	3.15	0.62

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 184/366 to reflect the most recent fiscal half year.


46		Invesco International Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 (formerly, Invesco Oppenheimer International Bond Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Oppenheimer International Bond 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 and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and the below the performance of the Index for the three year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses


47		Invesco International Bond Fund

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 and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.


48		Invesco International Bond Fund

Tax Information

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, 2020:


Federal and State Income Tax
Qualified Dividend Income*	6.83	%
Corporate Dividends Received Deduction*	0.00	%
Business Interest Income*	88.77	%
U.S. Treasury Obligations*	0.55	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


49		Invesco International Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett – 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields – 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort – 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk – 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco International Bond Fund

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LOGO

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Fund reports and prospectuses

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. O-IBD-AR-1



		Annual Report to Shareholders		October 31, 2020

		Invesco Macro Allocation Strategy Fund
		Nasdaq:
		A: GMSDX ∎ C: GMSEX ∎ R: GMSJX ∎ Y: GMSHX ∎ R5: GMSKX ∎ R6: GMSLX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Macro Allocation Strategy Fund


Bruce Crockett		Dear Shareholders: Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate. As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to: ∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time. ∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎

Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Macro Allocation Strategy Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Macro Allocation Strategy Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Barclays 3-Month Treasury Bellwether Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	-6.91	%
Class C Shares	-7.61
Class R Shares	-7.22
Class Y Shares	-6.66
Class R5 Shares	-6.64
Class R6 Shares	-6.66
Bloomberg Barclays 3-Month Treasury Bellwether Index^q(Broad Market/Style- Specific Index)	0.92
Lipper Absolute Return Funds Index^∎(Peer Group Index)	3.40
Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2020, the Fund at NAV reported negative absolute performance as two of the major asset classes in which the Fund invests (stocks and commodities) detracted from results. The Fund invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of US and international fixed income, equity and commodity markets. The strategic allocation portion of the investment process involves first selecting representative assets for each asset class (equities, fixed income and commodities) from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our equity, fixed income and commodity allocations. Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try and take advantage of shorter-term market dynamics. The Fund’s strategic allocation process is applied to about 20% of the Fund’s portfolio risk and its tactical allocation process is applied to the remainder of the Fund’s portfolio.

The results from the Fund’s smaller risk-balanced strategic allocation were positive for the fiscal year, as the exposure to government bonds overcame losses from the other asset classes in which the Fund invests (stocks and commodities).

Results from the larger tactical allocation were negative for the fiscal year, as positioning across each asset class, most notably stocks, detracted in aggregate.

In the early months of 2020, global equity markets witnessed one of the most rapid descents into bear market territory on record, due to the economic shutdowns triggered by the global spread of the coronavirus (COVID-19). This was followed by a rather choppy

rebound in the latter part of the fiscal year, as equity markets started to recover in response to the gradual reopening of economies and the large-scale fiscal and monetary policy actions of central banks. Against this backdrop, the Fund’s exposure to equities was the largest detractor from Fund results during the fiscal year, due primarily to long exposure heading into the steep selloff in February and March. The Fund’s defensive options positions helped offset some of the decline but were not up sufficiently enough to overcome losses from long positions across most equity markets. At an individual country level, UK and European equities were weighed down by ongoing challenges to contain the spread of COVID-19 within the region as well as weak economic data and heightened Brexit tensions. The Fund’s US large cap exposure ended the fiscal year with negative results due to its long exposure in February and ill-timed short positions in the latter part of the fiscal year. Long exposure to US small caps provided positive results in aggregate, benefiting from the aforementioned US stimulus. Although the Fund’s average long exposure to equities ultimately delivered negative returns for the fiscal year, US large cap and EAFE factor-based exposures (momentum, quality and value) contributed to the Fund’s results.

The Fund’s average long exposure to global government bonds provided the largest contribution to the Fund’s performance. The global spread of COVID-19 ushered-in significant economic uncertainty during the fiscal year, which created a favorable environment for government bonds. Yields fell in each of the bond markets in which the Fund was invested, as these securities delivered safe haven returns with investors seeking to escape the volatility in risky assets and as central banks pointed to rates being held at exceptionally low levels for the foreseeable

future. While returns were positive over the fiscal year, the path there was anything but. During the height of the cash crunch in March, bonds became a source of liquidity, sending prices lower and volatility higher. Massive intervention by central banks in March to thaw frozen credit markets and exhaustion of selling pressure combined to buoy bond prices back into positive territory. Results in the asset class were led by the US, followed by Canada and the UK. Each of these markets benefited from the Fund’s average long exposure over the fiscal year. Meanwhile, the Fund maintained an average short position to Japanese bonds, which proved beneficial during a few select months, namely May, June and August, but produced slightly negative results in aggregate. Select short positions in German bunds also proved detrimental to Fund performance as yields fell.

The Fund’s allocation to commodities detracted from results for the fiscal year. Overall, our exposure to the precious metals complex was largely long, while the other three complexes–agriculture, energy and industrial–experienced varied exposures during the fiscal year. Our mostly long exposure to precious metals benefited Fund performance as a result of loosened monetary policy, a weaker US dollar and investors flocking to safe havens amid volatility in risky assets. Exposure to industrial metals also contributed to Fund performance mainly due to gains from copper. Copper prices advanced as China’s manufacturing data improved once the COVID-19 lockdowns started to lift and due to the nation’s infrastructure-based stimulus measures. Additionally, supply outages reduced copper inventories as mines closed in Chile, Peru and other parts of Latin America which further supported prices. The Fund’s allocation to agriculture and energy detracted from the Fund’s results, as our style premia strategy offset positive results from short positions across energy commodities and the long-biased strategic exposure to agricultural commodities.

Please note that our strategy is principally implemented with derivative instruments that include futures and swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

We thank you for your investment in Invesco Macro Allocation Strategy Fund.

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead


4		Invesco Macro Allocation Strategy Fund

See important Fund and, if applicable, index disclosures later in this report.


5		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 9/26/12

LOGO

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.


6		Invesco Macro Allocation Strategy Fund


		Average Annual Total Returns
		As of 10/31/20, including maximum applicable sales charges



Class A Shares
Inception (8/28/13)	1.44	%
5 Years	0.99
1 Year	-12.02

Class C Shares
Inception (8/28/13)	1.39	%
5 Years	1.36
1 Year	-8.48

Class R Shares
Inception (8/28/13)	1.91	%
5 Years	1.88
1 Year	-7.22

Class Y Shares
Inception (9/26/12)	2.41	%
5 Years	2.39
1 Year	-6.66

Class R5 Shares
Inception (8/28/13)	2.43	%
5 Years	2.39
1 Year	-6.64

Class R6 Shares
Inception (8/28/13)	2.40	%
5 Years	2.37
1 Year	-6.66

On August 28, 2013, Class H1 shares converted to Class Y shares.

Class A, Class C and Class R shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class A, Class C and Class R shares.

Class R5 shares and Class R6 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value and includes the 12b-1 fees applicable to that class.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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.


7		Invesco Macro Allocation Strategy Fund

Invesco Macro Allocation 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, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Barclays 3-Month Treasury Bellwether Index measures the performance of Treasury bills with maturities of less than three months.

∎	The Lipper Absolute Return Funds Index is an unmanaged index considered representative of absolute return funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco Macro Allocation Strategy Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2020

By asset class


Asset Class	Target Risk Contribution*			Notional Asset Weights**
Equities		39.15	%		43.47	%
Fixed Income		9.40			30.25
Commodities		51.45			41.48
Total		100.00	%		115.20	%

*	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.


9		Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments^(a)

October 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–19.29%
Aerospace & Defense–0.13%
BAE Systems PLC (United Kingdom)		7,327	$	37,693
General Dynamics Corp.		71		9,324
Lockheed Martin Corp.		218		76,328
Northrop Grumman Corp.		181		52,457
Raytheon Technologies Corp.		639		34,711
Safran S.A. (France)^(b)		179		19,022
				229,535

Agricultural & Farm Machinery–0.01%
Deere & Co.		108		24,398

Air Freight & Logistics–0.06%
Deutsche Post AG (Germany)		384		17,018
DSV Panalpina A/S (Denmark)		181		29,329
FedEx Corp.		214		55,527
				101,874

Airlines–0.01%
Delta Air Lines, Inc.		358		10,969
Southwest Airlines Co.		256		10,120
				21,089

Airport Services–0.01%
Aena SME S.A. (Spain)^(b)(c)		71		9,590

Alternative Carriers–0.02%
CenturyLink, Inc.		1,465		12,628
Liberty Global PLC, Class C (United Kingdom)^(b)		1,143		21,329
				33,957

Apparel Retail–0.01%
Hennes & Mauritz AB, Class B (Sweden)		557		9,056
Industria de Diseno Textil S.A. (Spain)^(b)		357		8,834
				17,890

Apparel, Accessories & Luxury Goods–0.23%
adidas AG (Germany)^(b)		73		21,691
Hermes International (France)		73		68,027
Kering S.A. (France)		181		109,506
lululemon athletica, inc.^(b)		108		34,483
LVMH Moet Hennessy Louis Vuitton SE (France)		399		187,322
Swatch Group AG (The), BR (Switzerland)		40		8,451
				429,480

Application Software–0.36%
Adobe, Inc.^(b)		399		178,393
Atlassian Corp. PLC, Class A^(b)		181		34,683
Autodesk, Inc.^(b)		254		59,827
Cadence Design Systems, Inc.^(b)		322		35,217
Citrix Systems, Inc.		170		19,256
Dassault Systemes SE (France)		181		30,943
DocuSign, Inc.^(b)		108		21,843
Intuit, Inc.		254		79,929
salesforce.com, inc.^(b)		85		19,743


	Shares		Value
Application Software–(continued)
SAP SE (Germany)		1,233	$	131,405
Synopsys, Inc.^(b)		145		31,010
Zoom Video Communications, Inc., Class A^(b)		36		16,593
				658,842

Asset Management & Custody Banks–0.09%
Ameriprise Financial, Inc.		181		29,110
BlackRock, Inc.		36		21,571
Blackstone Group, Inc. (The), Class A		145		7,311
Partners Group Holding AG (Switzerland)		13		11,706
Schroders PLC (United Kingdom)		682		23,111
State Street Corp.		554		32,631
T. Rowe Price Group, Inc.		254		32,172
				157,612

Auto Parts & Equipment–0.03%
Aptiv PLC^(b)		357		34,447
Continental AG (Germany)		85		9,041
Denso Corp. (Japan)		200		9,325
				52,813

Automobile Manufacturers–0.46%
Daimler AG (Germany)		384		19,868
Ferrari N.V. (Italy)		218		38,899
Fiat Chrysler Automobiles N.V. (United Kingdom)^(b)		1,875		23,041
Ford Motor Co.		5,498		42,500
General Motors Co.^(b)		2,285		78,901
Honda Motor Co. Ltd. (Japan)		3,400		80,173
Peugeot S.A. (France)^(b)		715		12,861
Tesla, Inc.^(b)		544		211,094
Toyota Motor Corp. (Japan)		4,500		294,718
Volkswagen AG, Preference Shares (Germany)		214		31,178
				833,233

Automotive Retail–0.04%
AutoZone, Inc.^(b)		36		40,643
O’Reilly Automotive, Inc.^(b)		73		31,872
				72,515

Biotechnology–0.60%
AbbVie, Inc.		2,466		209,857
Alexion Pharmaceuticals, Inc.^(b)		143		16,465
Amgen, Inc.		761		165,091
Biogen, Inc.^(b)		508		128,051
CSL Ltd. (Australia)		1,560		317,064
Genmab A/S (Denmark)^(b)		73		24,346
Gilead Sciences, Inc.		1,705		99,146
Grifols S.A. (Spain)		464		12,536
Incyte Corp.^(b)		384		33,270
Moderna, Inc.^(b)		143		9,648
Regeneron Pharmaceuticals, Inc.^(b)		36		19,568
Seagen, Inc.^(b)		71		11,843
Vertex Pharmaceuticals, Inc.^(b)		291		60,633
				1,107,518

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


10		Invesco Macro Allocation Strategy Fund


	Shares		Value
Brewers–0.07%
Anheuser-Busch InBev S.A./N.V. (Belgium)		1,777	$	92,278
Heineken Holding N.V. (Netherlands)		107		8,272
Kirin Holdings Co. Ltd. (Japan)		1,600		28,891
				129,441

Broadcasting–0.01%
Fox Corp., Class A		298		7,903
ViacomCBS, Inc., Class B		500		14,285
				22,188

Building Products–0.07%
Cie de Saint-Gobain (France)^(b)		500		19,615
Daikin Industries Ltd. (Japan)		500		93,610
Geberit AG (Switzerland)		15		8,531
Trane Technologies PLC		85		11,284
				133,040

Cable & Satellite–0.12%
Charter Communications, Inc., Class A^(b)		256		154,578
Comcast Corp., Class A		1,705		72,019
				226,597

Casinos & Gaming–0.07%
Flutter Entertainment PLC (Ireland)^(b)		580		100,442
Galaxy Entertainment Group Ltd. (Macau)		4,000		26,385
				126,827

Commodity Chemicals–0.05%
Dow, Inc.		979		44,535
LyondellBasell Industries N.V., Class A		690		47,230
				91,765

Communications Equipment–0.14%
Arista Networks, Inc.^(b)		38		7,938
Cisco Systems, Inc.		4,570		164,063
Nokia OYJ (Finland)^(b)		6,965		23,381
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		6,166		68,707
				264,089

Computer & Electronics Retail–0.02%
Best Buy Co., Inc.		326		36,365

Construction & Engineering–0.03%
Bouygues S.A. (France)		250		8,208
Ferrovial S.A. (Spain)		322		6,967
Vinci S.A. (France)		508		40,199
				55,374

Construction Machinery & Heavy Trucks–0.11%
Caterpillar, Inc.		617		96,900
Cummins, Inc.		214		47,056
Epiroc AB, Class A (Sweden)		643		9,613
Komatsu Ltd. (Japan)		400		8,978
PACCAR, Inc.		143		12,209
Volvo AB, Class B (Sweden)^(b)		1,669		32,496
				207,252

Construction Materials–0.01%
LafargeHolcim Ltd. (Switzerland)^(b)		426		18,257


	Shares		Value
Consumer Electronics–0.14%
Panasonic Corp. (Japan)		5,200	$	48,101
Sony Corp. (Japan)		2,500		208,368
				256,469

Consumer Finance–0.09%
American Express Co.		761		69,434
Capital One Financial Corp.		143		10,450
Discover Financial Services		464		30,165
Synchrony Financial		2,395		59,923
				169,972

Data Processing & Outsourced Services–0.42%
Adyen N.V. (Netherlands)^(b)(c)		181		305,432
Amadeus IT Group S.A. (Spain)		798		38,250
Automatic Data Processing, Inc.		71		11,215
FleetCor Technologies, Inc.^(b)		73		16,126
Mastercard, Inc., Class A		798		230,335
PayPal Holdings, Inc.^(b)		871		162,119
				763,477

Distillers & Vintners–0.04%
Constellation Brands, Inc., Class A		218		36,020
Diageo PLC (United Kingdom)		1,160		37,523
				73,543

Diversified Banks–0.59%
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		4,109		11,831
Banco Santander S.A. (Spain)^(b)		13,552		27,132
Bank of America Corp.		8,669		205,455
Barclays PLC (United Kingdom)^(b)		10,897		15,135
BNP Paribas S.A. (France)^(b)		895		31,382
Citigroup, Inc.		3,446		142,733
Credit Agricole S.A. (France)^(b)		857		6,819
Danske Bank A/S (Denmark)^(b)		715		9,513
DNB ASA (Norway)		1,023		13,820
ING Groep N.V. (Netherlands)^(b)		3,196		21,929
Intesa Sanpaolo S.p.A. (Italy)^(b)		8,074		13,395
JPMorgan Chase & Co.		2,539		248,924
Lloyds Banking Group PLC (United Kingdom)^(b)		67,719		24,599
Mitsubishi UFJ Financial Group, Inc. (Japan)		10,900		42,967
Mizuho Financial Group, Inc. (Japan)		1,380		17,013
Societe Generale S.A. (France)^(b)		1,705		23,284
Standard Chartered PLC (United Kingdom)^(b)		2,644		12,101
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,700		47,083
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		300		8,028
U.S. Bancorp		1,414		55,075
UniCredit S.p.A. (Italy)^(b)		2,216		16,601
Wells Fargo & Co.		4,280		91,806
				1,086,625

Diversified Capital Markets–0.01%
Credit Suisse Group AG (Switzerland)^(b)		1,250		11,807

Diversified Chemicals–0.02%
BASF SE (Germany)		690		37,837

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


11		Invesco Macro Allocation Strategy Fund


	Shares		Value
Diversified Metals & Mining–0.27%
Anglo American PLC (South Africa)		1,270	$	29,822
BHP Group Ltd. (Australia)		3,047		73,268
BHP Group PLC (Australia)		3,736		72,508
Glencore PLC (Australia)^(b)		5,931		11,989
Rio Tinto Ltd. (Australia)		2,212		144,248
Rio Tinto PLC (Australia)		3,011		170,630
				502,465

Diversified Real Estate Activities–0.09%
Mitsubishi Estate Co. Ltd. (Japan)		600		8,965
New World Development Co. Ltd. (Hong Kong)		2,250		10,738
Sun Hung Kai Properties Ltd. (Hong Kong)		11,500		147,456
				167,159

Diversified REITs–0.01%
Gecina S.A. (France)		71		8,837

Diversified Support Services–0.02%
Brambles Ltd. (Australia)		4,099		27,733

Drug Retail–0.02%
Walgreens Boots Alliance, Inc.		1,306		44,456

Electric Utilities–0.46%
Chubu Electric Power Co., Inc. (Japan)		2,100		23,498
CLP Holdings Ltd. (Hong Kong)		4,500		41,399
Duke Energy Corp.		298		27,449
Endesa S.A. (Spain)		318		8,524
Enel S.p.A. (Italy)		18,137		144,449
Exelon Corp.		1,193		47,589
FirstEnergy Corp.		1,016		30,196
Iberdrola S.A. (Spain)		13,239		156,178
Kansai Electric Power Co., Inc. (The) (Japan)		1,300		11,796
NextEra Energy, Inc.		2,468		180,682
Orsted A/S (Denmark)^(c)		399		63,387
Power Assets Holdings Ltd. (Hong Kong)		2,500		12,855
PPL Corp.		1,023		28,133
Southern Co. (The)		384		22,061
SSE PLC (United Kingdom)		2,466		40,104
				838,300

Electrical Components & Equipment–0.26%
ABB Ltd. (Switzerland)		2,648		64,210
Eaton Corp. PLC		508		52,725
Emerson Electric Co.		761		49,305
Legrand S.A. (France)		107		7,921
Nidec Corp. (Japan)		200		20,106
Rockwell Automation, Inc.		326		77,301
Schneider Electric SE (France)		1,669		202,838
				474,406

Electronic Components–0.14%
Amphenol Corp., Class A		73		8,237
Corning, Inc.		1,193		38,140
Kyocera Corp. (Japan)		500		27,545
Murata Manufacturing Co. Ltd. (Japan)		2,600		180,341
				254,263


	Shares		Value
Electronic Equipment & Instruments–0.17%
Hexagon AB, Class B (Sweden)		472	$	34,470
Hitachi Ltd. (Japan)		700		23,606
Keyence Corp. (Japan)		500		226,736
Keysight Technologies, Inc.^(b)		170		17,828
				302,640

Electronic Manufacturing Services–0.03%
TE Connectivity Ltd.		472		45,727

Environmental & Facilities Services–0.02%
Waste Management, Inc.		291		31,402

Financial Exchanges & Data–0.47%
Deutsche Boerse AG (Germany)		1,052		154,849
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		6,100		292,582
Intercontinental Exchange, Inc.		107		10,101
London Stock Exchange Group PLC (United Kingdom)		1,923		206,304
MarketAxess Holdings, Inc.		73		39,336
Moody’s Corp.		36		9,464
MSCI, Inc.		108		37,783
Nasdaq, Inc.		128		15,487
S&P Global, Inc.		291		93,914
				859,820

Food Distributors–0.01%
Sysco Corp.		429		23,728

Food Retail–0.20%
Jeronimo Martins SGPS S.A. (Portugal)		679		10,779
Koninklijke Ahold Delhaize N.V. (Netherlands)		3,809		104,670
Kroger Co. (The)		1,160		37,364
Seven & i Holdings Co. Ltd. (Japan)		1,400		42,758
Tesco PLC (United Kingdom)		29,236		77,855
Woolworths Group Ltd. (Australia)		3,264		87,861
				361,287

Footwear–0.01%
NIKE, Inc., Class B		170		20,414

Gas Utilities–0.03%
Hong Kong & China Gas Co. Ltd. (The) (Hong Kong)		8,050		11,590
Naturgy Energy Group S.A. (Spain)		362		6,703
Tokyo Gas Co. Ltd. (Japan)		1,600		36,128
				54,421

General Merchandise Stores–0.09%
Dollar General Corp.		73		15,236
Target Corp.		617		93,919
Wesfarmers Ltd. (Australia)		1,886		61,160
				170,315

Gold–0.02%
Newmont Corp.		469		29,472

Health Care Distributors–0.03%
McKesson Corp.		399		58,848

Health Care Equipment–0.24%
Abbott Laboratories		213		22,388

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


12		Invesco Macro Allocation Strategy Fund


	Shares		Value
Health Care Equipment–(continued)
Baxter International, Inc.		508	$	39,406
Boston Scientific Corp.^(b)		286		9,801
Danaher Corp.		85		19,511
DexCom, Inc.^(b)		108		34,515
Edwards Lifesciences Corp.^(b)		580		41,580
IDEXX Laboratories, Inc.^(b)		73		31,012
Koninklijke Philips N.V. (Netherlands)^(b)		511		23,740
Medtronic PLC		322		32,383
Olympus Corp. (Japan)		3,900		74,569
Sartorius AG, Preference Shares (Germany)		108		45,682
Smith & Nephew PLC (United Kingdom)		679		11,805
Sysmex Corp. (Japan)		300		28,233
Terumo Corp. (Japan)		900		33,165
				447,790

Health Care Facilities–0.03%
HCA Healthcare, Inc.		384		47,593

Health Care Services–0.11%
Cigna Corp.		218		36,399
CVS Health Corp.		1,560		87,500
Fresenius Medical Care AG & Co. KGaA (Germany)		435		33,227
Fresenius SE & Co. KGaA (Germany)		639		23,698
Laboratory Corp. of America Holdings^(b)		128		25,571
				206,395

Health Care Supplies–0.10%
Align Technology, Inc.^(b)		36		15,339
Coloplast A/S, Class B (Denmark)		472		68,916
Hoya Corp. (Japan)		900		101,900
				186,155

Health Care Technology–0.11%
Cerner Corp.		469		32,872
M3, Inc. (Japan)		2,500		168,679
				201,551

Heavy Electrical Equipment–0.07%
Mitsubishi Electric Corp. (Japan)		4,100		52,666
Siemens Gamesa Renewable Energy S.A. (Spain)		500		14,171
Vestas Wind Systems A/S (Denmark)		399		68,205
				135,042

Highways & Railtracks–0.01%
Atlantia S.p.A. (Italy)^(b)		557		8,541

Home Improvement Retail–0.24%
Home Depot, Inc. (The)		1,197		319,252
Lowe’s Cos., Inc.		726		114,780
				434,032

Homebuilding–0.03%
D.R. Horton, Inc.		128		8,552
Lennar Corp., Class A		179		12,571
Sekisui House Ltd. (Japan)		1,500		24,873
				45,996

Homefurnishing Retail–0.01%
Nitori Holdings Co. Ltd. (Japan)		100		20,636


	Shares		Value
Hotels, Resorts & Cruise Lines–0.02%
Hilton Worldwide Holdings, Inc.		214	$	18,791
Marriott International, Inc., Class A		213		19,784
				38,575

Household Products–0.49%
Clorox Co. (The)		108		22,383
Colgate-Palmolive Co.		1,378		108,710
Essity AB, Class B (Sweden)		1,414		40,956
Kimberly-Clark Corp.		362		47,998
Procter & Gamble Co. (The)		3,337		457,503
Reckitt Benckiser Group PLC (United Kingdom)		1,669		147,063
Unicharm Corp. (Japan)		1,700		78,929
				903,542

Human Resource & Employment Services–0.01%
Recruit Holdings Co. Ltd. (Japan)		600		22,918

Hypermarkets & Super Centers–0.18%
Aeon Co. Ltd. (Japan)		1,900		48,591
Carrefour S.A. (France)		857		13,358
Coles Group Ltd. (Australia)		5,079		63,533
Costco Wholesale Corp.		73		26,106
Walmart, Inc.		1,233		171,079
				322,667

Industrial Conglomerates–0.17%
3M Co.		472		75,501
CK Hutchison Holdings Ltd. (Hong Kong)		3,500		21,174
General Electric Co.		6,947		51,547
Honeywell International, Inc.		690		113,816
Siemens AG (Germany)		362		42,434
				304,472

Industrial Gases–0.08%
Air Liquide S.A. (France)		979		143,299
Linde PLC (United Kingdom)		43		9,475
				152,774

Industrial Machinery–0.27%
Atlas Copco AB, Class A (Sweden)		3,555		157,010
FANUC Corp. (Japan)		100		21,255
Illinois Tool Works, Inc.		326		63,857
Kone OYJ, Class B (Finland)		653		51,991
Parker-Hannifin Corp.		108		22,503
Sandvik AB (Sweden)^(b)		2,902		51,705
Schindler Holding AG, PC (Switzerland)		85		21,716
SMC Corp. (Japan)		200		105,600
				495,637

Industrial REITs–0.01%
Prologis, Inc.		179		17,757

Insurance Brokers–0.05%
Aon PLC, Class A		254		46,739
Marsh & McLennan Cos., Inc.		435		45,005
				91,744

Integrated Oil & Gas–0.15%
BP PLC (United Kingdom)		11,592		29,647
Chevron Corp.		1,524		105,918

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


13		Invesco Macro Allocation Strategy Fund


	Shares		Value
Integrated Oil & Gas–(continued)
Eni S.p.A. (Italy)		1,894	$	13,329
Equinor ASA (Norway)		557		7,146
Exxon Mobil Corp.		907		29,586
Repsol S.A. (Spain)		1,322		8,249
Royal Dutch Shell PLC, Class A (United Kingdom)		3,409		42,972
TOTAL SE (France)		1,414		42,820
				279,667

Integrated Telecommunication Services–0.54%
AT&T, Inc.		1,233		33,316
BT Group PLC (United Kingdom)		10,540		13,872
Cellnex Telecom S.A. (Spain)^(c)		1,669		107,213
Nippon Telegraph & Telephone Corp. (Japan)		6,900		145,692
Orange S.A. (France)		1,000		11,236
Swisscom AG (Switzerland)		73		37,099
Telefonica S.A. (Spain)		3,037		9,929
Telenor ASA (Norway)		750		11,576
Verizon Communications, Inc.		10,773		613,953
				983,886

Interactive Home Entertainment–0.35%
Activision Blizzard, Inc.		214		16,206
Electronic Arts, Inc.^(b)		170		20,371
Nexon Co. Ltd. (Japan)		1,200		33,582
Nintendo Co. Ltd. (Japan)		400		218,423
Sea Ltd., ADR (Taiwan)^(b)		2,177		343,313
				631,895

Interactive Media & Services–0.99%
Alphabet, Inc., Class A^(b)		545		880,780
Facebook, Inc., Class A^(b)		3,121		821,166
Match Group, Inc.^(b)		107		12,496
Twitter, Inc.^(b)		213		8,810
Z Holdings Corp. (Japan)		12,300		85,700
				1,808,952

Internet & Direct Marketing Retail–0.64%
Amazon.com, Inc.^(b)		291		883,520
Booking Holdings, Inc.^(b)		73		118,442
Delivery Hero SE (Germany)^(b)(c)		943		108,925
eBay, Inc.		1,378		65,634
				1,176,521

Internet Services & Infrastructure–0.01%
Akamai Technologies, Inc.^(b)		179		17,026

Investment Banking & Brokerage–0.14%
Charles Schwab Corp. (The)		464		19,075
Goldman Sachs Group, Inc. (The)		435		82,232
Morgan Stanley		1,524		73,381
Nomura Holdings, Inc. (Japan)		19,200		85,606
				260,294

IT Consulting & Other Services–0.16%
Accenture PLC, Class A		544		117,999
Capgemini SE (France)		218		25,214
Cognizant Technology Solutions Corp., Class A		617		44,066
Fujitsu Ltd. (Japan)		600		69,769


	Shares		Value
IT Consulting & Other Services–(continued)
International Business Machines Corp.		362	$	40,421
				297,469

Leisure Products–0.01%
Shimano, Inc. (Japan)		100		22,812

Life & Health Insurance–0.11%
Aflac, Inc.		679		23,052
Dai-ichi Life Holdings, Inc. (Japan)		5,000		74,487
Legal & General Group PLC (United Kingdom)		6,819		16,394
MetLife, Inc.		852		32,248
Prudential Financial, Inc.		653		41,805
Prudential PLC (United Kingdom)		1,747		21,337
				209,323

Life Sciences Tools & Services–0.10%
IQVIA Holdings, Inc.^(b)		145		22,328
Lonza Group AG (Switzerland)		108		65,319
Mettler-Toledo International, Inc.^(b)		36		35,925
Sartorius Stedim Biotech (France)		73		27,784
Thermo Fisher Scientific, Inc.		38		17,979
Waters Corp.^(b)		85		18,940
				188,275

Managed Health Care–0.11%
Anthem, Inc.		108		29,462
Centene Corp.^(b)		143		8,451
Humana, Inc.		145		57,896
UnitedHealth Group, Inc.		326		99,476
				195,285

Marine–0.02%
AP Moller - Maersk A/S, Class B (Denmark)		11		17,595
Kuehne + Nagel International AG (Switzerland)		108		21,574
				39,169

Metal & Glass Containers–0.01%
Ball Corp.		286		25,454

Movies & Entertainment–0.05%
Netflix, Inc.^(b)		108		51,380
Spotify Technology S.A.^(b)		145		34,784
				86,164

Multi-line Insurance–0.08%
Allianz SE (Germany)		254		44,710
American International Group, Inc.		286		9,006
Assicurazioni Generali S.p.A. (Italy)		822		11,027
Aviva PLC (United Kingdom)		7,981		26,728
AXA S.A. (France)		822		13,279
Hartford Financial Services Group, Inc. (The)		426		16,410
Zurich Insurance Group AG (Switzerland)		73		24,172
				145,332

Multi-Sector Holdings–0.10%
EXOR N.V. (Netherlands)		179		9,327
Investor AB, Class B (Sweden)		2,975		178,737
				188,064

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


14		Invesco Macro Allocation Strategy Fund


	Shares		Value
Multi-Utilities–0.22%
Ameren Corp.		256	$	20,767
Consolidated Edison, Inc.		357		28,021
E.ON SE (Germany)		4,752		49,557
ENGIE S.A. (France)^(b)		2,301		27,892
National Grid PLC (United Kingdom)		10,193		121,320
Public Service Enterprise Group, Inc.		1,306		75,944
RWE AG (Germany)		1,160		43,100
WEC Energy Group, Inc.		291		29,260
				395,861

Oil & Gas Exploration & Production–0.06%
ConocoPhillips		2,140		61,247
EOG Resources, Inc.		679		23,249
INPEX Corp. (Japan)		2,100		10,043
Pioneer Natural Resources Co.		286		22,754
				117,293

Oil & Gas Refining & Marketing–0.05%
Neste OYJ (Finland)		726		37,921
Phillips 66		938		43,767
Valero Energy Corp.		464		17,915
				99,603

Oil & Gas Storage & Transportation–0.02%
ONEOK, Inc.		429		12,441
Williams Cos., Inc. (The)		1,279		24,544
				36,985

Other Diversified Financial Services–0.01%
ORIX Corp. (Japan)		1,800		21,004

Packaged Foods & Meats–0.45%
Ajinomoto Co., Inc. (Japan)		900		18,068
Chocoladefabriken Lindt & Spruengli AG, PC
(Switzerland)		7		55,465
General Mills, Inc.		250		14,780
Hershey Co. (The)		128		17,595
Kerry Group PLC, Class A (Ireland)		326		39,005
Kraft Heinz Co. (The)		767		23,463
MEIJI Holdings Co. Ltd. (Japan)		300		21,749
Mondelez International, Inc., Class A		393		20,876
Nestle S.A. (Switzerland)		5,187		582,777
Tyson Foods, Inc., Class A		143		8,184
WH Group Ltd. (Hong Kong)		37,500		29,476
				831,438

Paper Packaging–0.01%
International Paper Co.		572		25,025

Paper Products–0.03%
UPM-Kymmene OYJ (Finland)		1,596		45,134

Personal Products–0.23%
Estee Lauder Cos., Inc. (The), Class A		250		54,915
Kao Corp. (Japan)		1,600		113,756
L’Oreal S.A. (France)		544		176,179
Unilever N.V. (United Kingdom)		617		34,851
Unilever PLC (United Kingdom)		597		34,041
				413,742


	Shares		Value
Pharmaceuticals–1.62%
Astellas Pharma, Inc. (Japan)		5,100	$	70,190
AstraZeneca PLC (United Kingdom)		1,705		171,620
Bayer AG (Germany)		724		34,026
Bristol-Myers Squibb Co.		2,576		150,567
Chugai Pharmaceutical Co. Ltd. (Japan)		3,600		138,910
Daiichi Sankyo Co. Ltd. (Japan)		2,300		60,567
Eisai Co. Ltd. (Japan)		1,200		93,346
Eli Lilly and Co.		979		127,720
GlaxoSmithKline PLC (United Kingdom)		7,799		130,120
Johnson & Johnson		291		39,899
Merck & Co., Inc.		2,829		212,769
Merck KGaA (Germany)		341		50,498
Novartis AG (Switzerland)		3,954		308,594
Novo Nordisk A/S, Class B (Denmark)		5,006		320,143
Ono Pharmaceutical Co. Ltd. (Japan)		1,100		31,273
Otsuka Holdings Co. Ltd. (Japan)		500		18,533
Pfizer, Inc.		2,068		73,373
Roche Holding AG (Switzerland)		1,777		570,445
Sanofi (France)		2,503		226,269
Shionogi & Co. Ltd. (Japan)		400		18,884
Takeda Pharmaceutical Co. Ltd. (Japan)		2,700		83,557
UCB S.A. (Belgium)		322		31,684
				2,962,987

Property & Casualty Insurance–0.14%
Allstate Corp. (The)		469		41,624
Chubb Ltd.		85		11,042
Progressive Corp. (The)		544		49,994
Tokio Marine Holdings, Inc. (Japan)		2,700		120,973
Travelers Cos., Inc. (The)		254		30,660
				254,293

Railroads–0.16%
Central Japan Railway Co. (Japan)		100		12,091
CSX Corp.		979		77,282
East Japan Railway Co. (Japan)		100		5,243
Kansas City Southern		128		22,546
Norfolk Southern Corp.		254		53,116
Union Pacific Corp.		690		122,261
				292,539

Real Estate Development–0.02%
CK Asset Holdings Ltd. (Hong Kong)		3,000		13,900
Sino Land Co. Ltd. (Hong Kong)		14,000		16,618
				30,518

Real Estate Operating Companies–0.20%
Deutsche Wohnen SE (Germany)		3,446		174,424
Vonovia SE (Germany)		2,975		189,933
				364,357

Regional Banks–0.04%
M&T Bank Corp.		170		17,609
PNC Financial Services Group, Inc. (The)		107		11,971
Regions Financial Corp.		1,179		15,681
Truist Financial Corp.		469		19,754
				65,015

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


15		Invesco Macro Allocation Strategy Fund


	Shares		Value
Reinsurance–0.02%
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Germany)		108	$	25,275
Swiss Re AG (Switzerland)		256		18,362
				43,637

Research & Consulting Services–0.07%
Experian PLC (United Kingdom)		536		19,566
RELX PLC (United Kingdom)		750		14,845
SGS S.A. (Switzerland)		9		22,462
Verisk Analytics, Inc.		128		22,780
Wolters Kluwer N.V. (Netherlands)		617		50,012
				129,665

Restaurants–0.13%
Compass Group PLC (United Kingdom)		597		8,166
McDonald’s Corp.		544		115,872
Starbucks Corp.		943		82,003
Yum! Brands, Inc.		326		30,426
				236,467

Retail REITs–0.01%
Link REIT (Hong Kong)		1,100		8,400
Simon Property Group, Inc.		214		13,441
				21,841

Security & Alarm Services–0.02%
Secom Co. Ltd. (Japan)		400		33,795

Semiconductor Equipment–0.50%
Applied Materials, Inc.		1,125		66,634
ASML Holding N.V. (Netherlands)		1,813		659,125
KLA Corp.		179		35,295
Lam Research Corp.		145		49,602
Tokyo Electron Ltd. (Japan)		400		107,207
				917,863

Semiconductors–0.92%
Advanced Micro Devices, Inc.^(b)		690		51,950
Analog Devices, Inc.		71		8,416
Broadcom, Inc.		435		152,089
Infineon Technologies AG (Germany)		1,487		41,642
Intel Corp.		6,856		303,584
Marvell Technology Group Ltd.		250		9,378
Maxim Integrated Products, Inc.		298		20,756
Micron Technology, Inc.^(b)		1,160		58,394
NVIDIA Corp.		798		400,085
NXP Semiconductors N.V. (Netherlands)		362		48,913
QUALCOMM, Inc.		2,322		286,442
Skyworks Solutions, Inc.		218		30,801
STMicroelectronics N.V. (Switzerland)		3,083		94,038
Texas Instruments, Inc.		1,052		152,109
Xilinx, Inc.		286		33,945
				1,692,542

Soft Drinks–0.03%
Coca-Cola European Partners PLC (United Kingdom)		250		8,927
Monster Beverage Corp.^(b)		426		32,619
PepsiCo, Inc.		145		19,327
				60,873


	Shares		Value
Specialized REITs–0.13%
American Tower Corp.		108	$	24,802
Crown Castle International Corp.		128		19,994
Digital Realty Trust, Inc.		71		10,245
Equinix, Inc.		108		78,974
SBA Communications Corp., Class A		291		84,498
Weyerhaeuser Co.		536		14,627
				233,140

Specialty Chemicals–0.38%
Celanese Corp.		179		20,318
DuPont de Nemours, Inc.		145		8,248
Ecolab, Inc.		341		62,604
EMS-Chemie Holding AG (Switzerland)		19		16,704
Evonik Industries AG (Germany)		1,197		28,937
Givaudan S.A. (Switzerland)		36		146,529
Koninklijke DSM N.V. (Netherlands)		326		52,201
Nippon Paint Holdings Co. Ltd. (Japan)		500		45,060
Novozymes A/S, Class B (Denmark)		761		45,786
PPG Industries, Inc.		254		32,949
Sherwin-Williams Co. (The)		73		50,222
Shin-Etsu Chemical Co. Ltd. (Japan)		700		93,667
Sika AG (Switzerland)		399		98,089
				701,314

Specialty Stores–0.00%
Ulta Beauty, Inc.^(b)		40		8,271

Steel–0.13%
Fortescue Metals Group Ltd. (Australia)		17,702		217,046
Nucor Corp.		429		20,489
				237,535

Systems Software–0.19%
Check Point Software Technologies Ltd. (Israel)^(b)		128		14,536
Fortinet, Inc.^(b)		145		16,004
Microsoft Corp.		690		139,704
Oracle Corp.		2,793		156,715
ServiceNow, Inc.^(b)		43		21,396
VMware, Inc., Class A^(b)		36		4,634
				352,989

Technology Hardware, Storage & Peripherals–0.67%
Apple, Inc.		9,903		1,078,041
Canon, Inc. (Japan)		700		12,182
Dell Technologies, Inc., Class C^(b)		128		7,713
FUJIFILM Holdings Corp. (Japan)		1,000		50,976
Hewlett Packard Enterprise Co.		3,324		28,719
HP, Inc.		1,322		23,743
NetApp, Inc.		250		10,973
Seagate Technology PLC		322		15,398
				1,227,745

Tires & Rubber–0.02%
Bridgestone Corp. (Japan)		700		22,815
Cie Generale des Etablissements Michelin S.C.A. (France)		170		18,353
				41,168

Tobacco–0.23%
Altria Group, Inc.		3,192		115,167

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


16		Invesco Macro Allocation Strategy Fund


	Shares		Value
Tobacco–(continued)
British American Tobacco PLC (United Kingdom)		6,384	$	202,832
Imperial Brands PLC (United Kingdom)		893		14,166
Japan Tobacco, Inc. (Japan)		700		13,238
Philip Morris International, Inc.		1,052		74,713
				420,116

Trading Companies & Distributors–0.13%
Ferguson PLC		213		21,373
ITOCHU Corp. (Japan)		4,200		101,036
Mitsubishi Corp. (Japan)		1,100		24,601
Mitsui & Co. Ltd. (Japan)		3,500		54,904
Sumitomo Corp. (Japan)		1,200		13,226
W.W. Grainger, Inc.		38		13,301
				228,441

Trucking–0.01%
Old Dominion Freight Line, Inc.		128		24,367

Water Utilities–0.02%
American Water Works Co., Inc.		250		37,627

Wireless Telecommunication Services–0.20%
KDDI Corp. (Japan)		2,600		69,629
NTT DOCOMO, Inc. (Japan)		5,400		203,828
Softbank Corp. (Japan)		2,200		25,542
SoftBank Group Corp. (Japan)		900		59,146
Vodafone Group PLC (United Kingdom)		11,933		15,940
				374,085
Total Common Stocks & Other Equity Interests (Cost $35,647,527)				35,355,644


	Principal Amount		Value
U.S. Treasury Securities–12.19%

U.S. Treasury Bills–12.19%^(d)
0.10% - 0.18%, 12/03/2020	$	11,140,000	$	11,138,855
0.19%, 12/10/2020		1,770,000		1,769,842
0.10%, 04/22/2021		9,430,000		9,425,689
Total U.S. Treasury Securities (Cost $22,334,124)				22,334,386

	Shares

Money Market Funds–53.54%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(e)(f)		43,201,676		43,201,676
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(e)(f)		17,058,452		17,065,275
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class, 0.11%^(e)(f)		10,541,153		10,541,153
Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		27,341,344		27,341,344

Total Money Market Funds (Cost $98,151,854)				98,149,448

TOTAL INVESTMENTS IN SECURITIES–85.02% (Cost $156,133,505)				155,839,478

OTHER ASSETS LESS LIABILITIES–14.98%				27,466,904

NET ASSETS–100.00%			$	183,306,382

Investment Abbreviations:

ADR - American Depositary Receipt

BR - Bearer Shares

PC - Participation Certificate

REIT - 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)	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, 2020 was $594,547, which represented less than 1% of the Fund’s Net Assets.

^(d)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(e)


	Value October 31, 2019	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain	Value October 31, 2020	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$ 5,908,864	$ 78,790,961	$ (41,498,149)	$ -	$ -	$43,201,676	$35,150
Invesco Liquid Assets Portfolio, Institutional Class	2,087,313	43,467,323	(28,486,438)	(3,040)	117	17,065,275	20,210
Invesco STIC (Global Series) PLC, U.S. Dollar
Liquidity Portfolio, Institutional Class	1,131,100	56,030,799	(46,620,746)	-	-	10,541,153	13,102
Invesco Treasury Portfolio, Institutional Class	3,338,130	69,429,670	(45,426,456)	-	-	27,341,344	20,045
Total	$12,465,407	$247,718,753	$(162,031,789)	$(3,040)	$117	$98,149,448	$88,507

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


17		Invesco Macro Allocation Strategy Fund

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.


Open Exchange-Traded Index Options Written^(a)
	Type of		Expiration		Number of		Exercise		Premiums			Notional					Unrealized Appreciation
Description	Contract		Date		Contracts		Price		Received			Value^(b)		Value			(Depreciation)
Equity Risk
MSCI EAFE Index		Put		11/20/2020		42	$	1,760.00	$	(120,168	)	$	7,392,000	$	(156,030	)	$(35,862)
MSCI Emerging Index		Put		11/20/2020		71		1,020.00		(123,609	)		7,242,000		(63,545	)	60,064
S&P 500 Mini Index		Put		11/20/2020		230		315.00		(148,593	)		7,245,000		(160,885	)	(12,292)
Total Exchange-Traded Equity Options Written									$	(392,370	)			$	(380,460	)	$ 11,910

^(a)	Open Exchange-Traded Options Written collateralized by $4,095,000 cash held with Morgan Stanley & Co..

^(b)	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		3		March-2021	$	119,070	$	(24,247	)	$	(24,247	)
Cocoa		270		December-2020		6,191,100		(158,547	)		(158,547	)
Coffee ‘C’		84		December-2020		3,288,600		(746,514	)		(746,514	)
Cotton No. 2		52		December-2020		1,791,920		106,520			106,520
Gasoline Reformulated Blendstock Oxygenate Blending		60		November-2020		2,601,144		(306,638	)		(306,638	)
Gold 100 Oz		64		December-2020		12,031,360		(762,951	)		(762,951	)
Live Cattle		56		December-2020		2,425,920		(104,109	)		(104,109	)
LME Copper		4		November-2020		671,375		129,414			129,414
LME Nickel		22		November-2020		1,996,896		111,076			111,076
LME Zinc		39		November-2020		2,452,369		182,760			182,760
Silver		50		December-2020		5,911,500		(694,285	)		(694,285	)
Soybeans		150		July-2021		7,824,375		106,144			106,144
Soybean Meal		237		December-2020		8,972,820		1,496,866			1,496,866
Soybean Oil		129		December-2020		2,601,414		1,577			1,577
Sugar No. 11		180		February-2021		2,894,976		216,504			216,504
Wheat		36		December-2020		1,077,300		158,233			158,233
Subtotal								(288,197	)		(288,197	)
Equity Risk
E-Mini Russell 2000 Index		185		December-2020		14,215,400		273,733			273,733
EURO STOXX 50 Index		183		December-2020		6,306,545		(746,861	)		(746,861	)
FTSE 100 Index		111		December-2020		8,000,338		(668,922	)		(668,922	)
Hang Seng Index		42		November-2020		6,543,657		(154,019	)		(154,019	)
MSCI Emerging Markets Index		91		December-2020		5,013,645		73,310			73,310
S&P/TSX 60 Index		78		December-2020		10,835,578		(429,042	)		(429,042	)
Tokyo Stock Price Index		165		December-2020		24,790,582		(430,180	)		(430,180	)
Subtotal								(2,081,981	)		(2,081,981	)
Interest Rate Risk
Australia 10 Year Bonds		463		December-2020		48,658,302		223,759			223,759
Canada 10 Year Bonds		260		December-2020		29,475,644		(149,500	)		(149,500	)
Long Gilt		126		December-2020		22,147,446		(23,588	)		(23,588	)
U.S. Treasury Long Bonds		70		December-2020		12,072,812		(261,434	)		(261,434	)
Subtotal								(210,763	)		(210,763	)
Subtotal–Long Futures Contracts								(2,580,941	)		(2,580,941	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


18		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
Corn		166	December-2020	$	(3,307,550	)	$	(541,085	)	$	(541,085	)
KC HRW Wheat		37	December-2020		(1,001,313	)		(107,945	)		(107,945	)
Lean Hogs		166	December-2020		(4,354,180	)		(935,688	)		(935,688	)
LME Copper		4	November-2020		(671,375	)		(61,037	)		(61,037	)
LME Nickel		33	November-2020		(2,995,344	)		83,604			83,604
LME Zinc		28	November-2020		(1,760,675	)		21,641			21,641
Low Sulphur Gas Oil		44	December-2020		(1,350,800	)		308,055			308,055
Natural Gas		257	November-2020		(8,619,780	)		(1,077,360	)		(1,077,360	)
New York Harbor Ultra-Low Sulfur Diesel		28	March-2021		(1,316,767	)		54,173			54,173
WTI Crude		14	April-2021		(528,640	)		34,391			34,391
Subtotal								(2,221,251	)		(2,221,251	)
Equity Risk
E-Mini S&P 500 Index		76	December-2020		(12,405,860	)		475,342			475,342
MSCI EAFE Index		273	December-2020		(24,350,235	)		1,331,686			1,331,686
Subtotal								1,807,028			1,807,028
Interest Rate Risk
10 Year Mini Japanese Government Bonds		55	December-2020		(7,978,796	)		(114	)		(114	)
Subtotal–Short Futures Contracts								(414,337	)		(414,337	)
Total Futures Contracts							$	(2,995,278	)	$	(2,995,278	)

^(a)	Futures contracts collateralized by $24,130,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.


Open Over-The-Counter Total Return Swap Agreements^(a)(b)
Counterparty	Pay/ Receive	Reference Entity^(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Merrill Lynch International	Pay	MLCX Dynamic Enhanced Copper Excess Return Index		0.25	%		Monthly		5,710		September-2021	$	3,539,571	$	—	$	0		$	0
Morgan Stanley Capital Services LLC	Pay	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30			Monthly		31,900		July-2021		2,704,992		—		28,549			28,549
Subtotal – Appreciation															—		28,549			28,549
Commodity Risk
Barclays Bank PLC	Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26			Monthly		12,700		July-2021		6,786,705		—		(33,458	)		(33,458	)
Total –Total Return Swap Agreements														$	—	$	(4,909	)	$	(4,909	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $530,000.

^(b)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(c)	The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.


Reference Entity Components
Reference Entity	Long Futures Contracts	Percentage
MLCX Dynamic Enhanced Copper Excess Return Index
	Long Futures Contracts

	Copper		100.00	%


S&P GSCI Aluminum Dynamic Roll Index Excess Return

	Long Futures Contracts

	Aluminum		100.00	%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


19		Invesco Macro Allocation Strategy Fund


Reference Entity Components–(continued)
Reference Entity	Long Futures Contracts	Percentage

Barclays Commodity Strategy 1452 Excess Return Index

	Long Futures Contracts

	Copper		100.00	%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


20		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $57,981,651)	$	57,690,030
Investments in affiliated money market funds, at value (Cost $98,151,854)		98,149,448
Other investments:
Unrealized appreciation on LME futures contracts		528,495
Swaps receivable – OTC		21,805
Unrealized appreciation on swap agreements – OTC		28,549
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		24,130,000
Cash collateral – exchange-traded options contracts		4,095,000
Cash collateral – OTC Derivatives		530,000
Foreign currencies, at value (Cost $21,573)		22,215
Receivable for:
Fund shares sold		4,457
Dividends		86,595
Investment for trustee deferred compensation and retirement plans		24,515
Other assets		52,682
Total assets		185,363,791

Liabilities:
Other investments:
Options written, at value (premiums received $392,370)		380,460
Variation margin payable-futures contracts		881,742
Swaps payable – OTC		1,927
Unrealized depreciation on LME futures contracts		61,037
Unrealized depreciation on swap agreements – OTC		33,458
Payable for:
Fund shares reacquired		10,939
Accrued fees to affiliates		547,040
Accrued other operating expenses		115,271
Trustee deferred compensation and retirement plans		25,535
Total liabilities		2,057,409
Net assets applicable to shares outstanding	$	183,306,382


Net assets consist of:

Shares of beneficial interest	$	187,869,601
Distributable earnings (loss)		(4,563,219	)
	$	183,306,382

Net Assets:

Class A	$	2,110,939
Class C	$	827,749
Class R	$	98,294
Class Y	$	10,377,046
Class R5	$	7,859
Class R6	$	169,884,495

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		257,911
Class C		102,442
Class R		12,033
Class Y		1,258,206
Class R5		952
Class R6		20,631,888
Class A:
Net asset value per share	$	8.18
Maximum offering price per share (Net asset value of $8.18 ÷ 94.50%)	$	8.66
Class C:
Net asset value and offering price per share	$	8.08
Class R:
Net asset value and offering price per share	$	8.17
Class Y:
Net asset value and offering price per share	$	8.25
Class R5:
Net asset value and offering price per share	$	8.26
Class R6:
Net asset value and offering price per share	$	8.23

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


21		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2020


Investment income:

Dividends (net of foreign withholding taxes of $9,731)	$	225,464

Dividends from affiliated money market funds		88,507

Interest		88,244

Total investment income		402,215


Expenses:
Advisory fees		700,615

Administrative services fees		3,178

Custodian fees		15,670

Distribution fees:
Class A		7,673

Class C		18,707

Class R		540

Transfer agent fees – A, C, R and Y		25,804

Transfer agent fees – R5		8

Transfer agent fees – R6		45,141

Trustees’ and officers’ fees and benefits		17,448

Registration and filing fees		65,694

Reports to shareholders		20,137

Professional services fees		70,703

Other		46,830

Total expenses		1,038,148

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(289,731	)

Net expenses		748,417

Net investment income (loss)		(346,202	)


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities		(33,994	)

Foreign currencies		15,899

Futures contracts		(827,660	)

Option contracts written		271,449

Swap agreements		166,762

		(407,544	)

Change in net unrealized appreciation (depreciation) of:
Investment securities		(291,066	)

Foreign currencies		1,074

Futures contracts		(3,165,529	)

Option contracts written		30,758

Swap agreements		4,422

		(3,420,341	)

Net realized and unrealized gain (loss)		(3,827,885	)

Net increase (decrease) in net assets resulting from operations	$	(4,174,087	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


22		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:

Net investment income (loss)	$	(346,202	)	$	348,757

Net realized gain (loss)		(407,544	)		564,468

Change in net unrealized appreciation (depreciation)		(3,420,341	)		2,139,695

Net increase (decrease) in net assets resulting from operations		(4,174,087	)		3,052,920


Distributions to shareholders from distributable earnings:

Class A		(346,939	)		(8,941	)

Class C		(189,555	)		(2,712	)

Class R		(8,631	)		(132	)

Class Y		(1,267,811	)		(90,851	)

Class R5		(666	)		(26	)

Class R6		(22,043	)		(1,402	)

Total distributions from distributable earnings		(1,835,645	)		(104,064	)


Share transactions–net:

Class A		(2,219,668	)		140,945

Class C		(2,100,202	)		(3,216,646	)

Class R		(11,807	)		20,547

Class Y		(4,743,301	)		(14,993,601	)

Class R6		171,930,483			(226,782	)

Net increase (decrease) in net assets resulting from share transactions		162,855,505			(18,275,537	)

Net increase (decrease) in net assets		156,845,773			(15,326,681	)


Net assets:

Beginning of year		26,460,609			41,787,290

End of year	$	183,306,382		$	26,460,609

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


23		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 10/31/20		$ 9.47		$	(0.06	)		$	(0.56	)		$	(0.62	)		$(0.67)			$ –			$	(0.67	)		$ 8.18		(7.02	)%		$	2,111		1.38	%^(d)		1.85	%^(d)		(0.75	)%^(d)		120	%
Year ended 10/31/19		8.81			0.08				0.60				0.68			(0.02)			–				(0.02	)		9.47		7.67				4,982		1.37	^(e)		2.12	^(e)		0.87	^(e)		0
Year ended 10/31/18		9.60			0.03				(0.40	)			(0.37	)		–			(0.42	)			(0.42	)		8.81		(4.03	)			4,491		1.36			2.12			0.29			94
Year ended 10/31/17		10.26			(0.06	)			0.68				0.62			(1.28	)		–				(1.28	)		9.60		6.55				4,645		1.41			2.30			(0.66	)		25
Year ended 10/31/16		9.70			(0.13	)			0.91				0.78			(0.22	)		–				(0.22	)		10.26		8.21				5,865		1.63			2.19			(1.31	)		75
Class C
Year ended 10/31/20		9.30			(0.13	)			(0.54	)			(0.67	)		(0.55)			–				(0.55	)		8.08		(7.61	)			828		2.13	^(d)		2.60	^(d)		(1.50	)^(d)		120
Year ended 10/31/19		8.71			0.01				0.58				0.59			(0.00)			–				(0.00	)		9.30		6.82				3,329		2.12	^(e)		2.87	^(e)		0.12	^(e)		0
Year ended 10/31/18		9.57			(0.04	)			(0.40	)			(0.44	)		–			(0.42	)			(0.42	)		8.71		(4.80	)			6,167		2.11			2.87			(0.46	)		94
Year ended 10/31/17		10.20			(0.13	)			0.69				0.56			(1.19)			–				(1.19	)		9.57		5.90				7,398		2.16			3.05			(1.41	)		25
Year ended 10/31/16		9.62			(0.20	)			0.90				0.70			(0.12)			–				(0.12	)		10.20		7.41				7,540		2.38			2.94			(2.06	)		75
Class R
Year ended 10/31/20		9.44			(0.08	)			(0.56	)			(0.64	)		(0.63)			–				(0.63	)		8.17		(7.22	)			98		1.63	^(d)		2.10	^(d)		(1.00	)^(d)		120
Year ended 10/31/19		8.80			0.06				0.59				0.65			(0.01)			–				(0.01	)		9.44		7.41				128		1.62	^(e)		2.37	^(e)		0.62	^(e)		0
Year ended 10/31/18		9.61			0.00				(0.39	)			(0.39	)		–			(0.42	)			(0.42	)		8.80		(4.24	)			100		1.61			2.37			0.04			94
Year ended 10/31/17		10.25			(0.09	)			0.70				0.61			(1.25)			–				(1.25	)		9.61		6.42				54		1.66			2.55			(0.91	)		25
Year ended 10/31/16		9.69			(0.15	)			0.90				0.75			(0.19)			–				(0.19	)		10.25		7.86				42		1.88			2.44			(1.56	)		75
Class Y
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	^(d)		1.60	^(d)		(0.50	)^(d)		120
Year ended 10/31/19		8.87			0.10				0.60				0.70			(0.03)			–				(0.03	)		9.54		7.88				17,768		1.12	^(e)		1.87	^(e)		1.12	^(e)		0
Year ended 10/31/18		9.64			0.05				(0.40	)			(0.35	)		–			(0.42	)			(0.42	)		8.87		(3.80	)			30,581		1.11			1.87			0.54			94
Year ended 10/31/17		10.29			(0.04	)			0.70				0.66			(1.31)			–				(1.31	)		9.64		6.93				30,657		1.16			2.05			(0.41	)		25
Year ended 10/31/16		9.73			(0.10	)			0.91				0.81			(0.25)			–				(0.25	)		10.29		8.51				38,019		1.38			1.94			(1.06	)		75
Class R5
Year ended 10/31/20		9.54			(0.04	)			(0.54	)			(0.58	)		(0.70)			–				(0.70	)		8.26		(6.55	)			8		1.13	^(d)		1.58	^(d)		(0.50	)^(d)		120
Year ended 10/31/19		8.88			0.11				0.58				0.69			(0.03)			–				(0.03	)		9.54		7.76				9		1.12	^(e)		1.83	^(e)		1.12	^(e)		0
Year ended 10/31/18		9.65			0.05				(0.40	)			(0.35	)		–			(0.42	)			(0.42	)		8.88		(3.79	)			8		1.11			1.82			0.54			94
Year ended 10/31/17		10.30			(0.04	)			0.70				0.66			(1.31)			–				(1.31	)		9.65		6.93				9		1.15			1.97			(0.40	)		25
Year ended 10/31/16		9.74			(0.10	)			0.91				0.81			(0.25)			–				(0.25	)		10.30		8.50				10		1.38			1.83			(1.06	)		75
Class R6
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	^(d)		1.58	^(d)		(0.50	)^(d)		120
Year ended 10/31/19		8.86			0.10				0.60				0.70			(0.03)			–				(0.03	)		9.53		7.89				244		1.12	^(e)		1.83	^(e)		1.12	^(e)		0
Year ended 10/31/18		9.63			0.05				(0.40	)			(0.35	)		–			(0.42	)			(0.42	)		8.86		(3.80	)			440		1.11			1.82			0.54			94
Year ended 10/31/17		10.29			(0.04	)			0.69				0.65			(1.31)			–				(1.31	)		9.63		6.83				345		1.15			1.97			(0.40	)		25
Year ended 10/31/16		9.73			(0.10	)			0.91				0.81			(0.25)			–				(0.25	)		10.29		8.51				234		1.38			1.83			(1.06	)		75

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $3,068, $1,870, $108, $13,519, $8 and $45,119 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.11% for the years ended October 31, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


24		Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Macro Allocation Strategy Fund (the “Fund”), is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

The 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.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


25		Invesco Macro Allocation Strategy Fund

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.

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.


26		Invesco Macro Allocation Strategy Fund

K.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.


27		Invesco Macro Allocation Strategy 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. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Q.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

R.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser 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, 2020, the effective advisory fee rate incurred by the Fund was 1.10%.

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).


28		Invesco Macro Allocation Strategy Fund

extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $222,723 and reimbursed class level expenses of $3,606, $2,235, $126, $15,806, $8 and $45,141 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, 2020, 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.

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, 2020, IDI advised the Fund that IDI retained $341 in front-end sales commissions from the sale of Class A shares and $0 and $11 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


Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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	$	18,404,319	$	16,951,325		$–	$	35,355,644

U.S. Treasury Securities		–		22,334,386		–		22,334,386

Money Market Funds		98,149,448		–		–		98,149,448

Total Investments in Securities		116,553,767		39,285,711		–		155,839,478

Other Investments - Assets*

Futures Contracts		5,388,788		–		–		5,388,788

Swap Agreements		–		28,549		–		28,549

		5,388,788		28,549		–		5,417,337


29		Invesco Macro Allocation Strategy Fund


	Level 1			Level 2			Level 3		Total

Other Investments - Liabilities*

Futures Contracts	$	(8,384,066	)	$	–		$	–	$	(8,384,066	)

Options Written		(380,460	)		–			–		(380,460	)

Swap Agreements		–			(33,458	)		–		(33,458	)

		(8,764,526	)		(33,458	)		–		(8,797,984	)

Total Other Investments		(3,375,738	)		(4,909	)		–		(3,380,647	)

Total Investments	$	113,178,029		$	39,280,802		$	–	$	152,458,831

*	Futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

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, 2020:


	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	3,010,958		$	2,154,071		$	223,759		$	5,388,788

Unrealized appreciation on swap agreements – OTC		28,549			-			-			28,549

Total Derivative Assets		3,039,507			2,154,071			223,759			5,417,337

Derivatives not subject to master netting agreements		(3,010,958	)		(2,154,071	)		(223,759	)		(5,388,788	)

Total Derivative Assets subject to master netting agreements	$	28,549		$	-		$	-		$	28,549


	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(5,520,406	)	$	(2,429,024	)	$	(434,636	)	$	(8,384,066	)

Unrealized depreciation on swap agreements – OTC		(33,458	)		-			-			(33,458	)

Options written, at value – Exchange-Traded		-			(380,460	)		-			(380,460	)

Total Derivative Liabilities		(5,553,864	)		(2,809,484	)		(434,636	)		(8,797,984	)

Derivatives not subject to master netting agreements		5,520,406			2,809,484			434,636			8,764,526

Total Derivative Liabilities subject to master netting agreements	$	(33,458	)	$	-		$	-		$	(33,458	)

^(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, 2020.


	Financial		Financial
	Derivative		Derivative				Collateral
	Assets		Liabilities				(Received)/Pledged
					Net Value of						Net
Counterparty	Swap Agreements		Swap Agreements		Derivatives		Non-Cash		Cash		Amount

Barclays Bank PLC		$ -		$(34,266)		$(34,266)		$-		$34,266		$ -

Merrill Lynch International		21,805		(770)		21,035		-		-		21,035

Morgan Stanley Capital Services LLC		28,549		(349)		28,200		-		-		28,200

Total		$50,354		$(35,385)		$ 14,969		$-		$34,266		$49,235


30		Invesco Macro Allocation Strategy Fund

Effect of Derivative Investments for the year ended October 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity			Equity			Interest
	Risk			Risk			Rate Risk			Total

Realized Gain (Loss):
Futures contracts	$	2,115,518		$	(2,482,914	)	$	(460,264	)	$	(827,660	)

Options written		-			271,449			-			271,449

Swap agreements		166,762			-			-			166,762

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(2,492,126	)		(593,229	)		(80,174	)		(3,165,529	)

Options written		-			30,758			-			30,758

Swap agreements		4,422			-			-			4,422

Total	$	(205,424	)	$	(2,773,936	)	$	(540,438	)	$	(3,519,798	)

The table below summarizes the average notional value of derivatives held during the period.


			Index
	Futures		Options		Swap
	Contracts		Written		Agreements

Average notional value		$113,681,049		$8,420,100		$9,163,232

Average Contracts		-		137		—

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	1,835,645	$	104,064

* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Period-End:
			2020

Net unrealized appreciation (depreciation) – investments			$	(1,092,203	)

Net unrealized appreciation – foreign currencies				1,074

Temporary book/tax differences				(19,775	)

Late-Year ordinary loss deferral				(218,169	)

Capital loss carryforward				(3,234,146	)

Shares of beneficial interest				187,869,601

Total net assets			$	183,306,382


31		Invesco Macro Allocation Strategy 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, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	1,801,661	$	1,432,485	$	3,234,146

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $43,354,370 and $7,662,727, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $2,150,000 and $9,251,875, 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	$	6,893,718

Aggregate unrealized (depreciation) of investments		(7,985,921	)

Net unrealized appreciation (depreciation) of investments	$	(1,092,203	)

Cost of investments for tax purposes is $153,551,034.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, income from the Subsidiary and net operating losses, on October 31, 2020, undistributed net investment income (loss) was increased by $128,047, undistributed net realized gain (loss) was increased by $689,864 and shares of beneficial interest was decreased by $817,911. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		40,646		$	333,600			160,245		$	1,447,381

Class C		30,721			251,039			31,584			283,409

Class R		1,307			10,681			2,178			20,426

Class Y		312,667			2,686,841			1,133,962			10,444,941

Class R6^(b)		20,736,821			173,033,857			29,770			277,704

Issued as reinvestment of dividends:
Class A		28,184			247,461			738			6,626

Class C		19,893			173,465			275			2,441

Class R		915			8,030			13			121

Class Y		117,375			1,036,418			6,331			57,167

Class R6		2,426			21,377			153			1,376

Automatic conversion of Class C shares to Class A shares:
Class A		21,452			178,384			131,466			1,235,964

Class C		(21,662	)		(178,384	)		(133,522	)		(1,235,964	)


32		Invesco Macro Allocation Strategy Fund


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(358,612	)	$	(2,979,113	)		(275,862	)	$	(2,549,026	)

Class C		(284,321	)		(2,346,322	)		(248,288	)		(2,266,532	)

Class R		(3,791	)		(30,518	)		-			-

Class Y		(1,033,615	)		(8,466,560	)		(2,725,709	)		(25,495,709	)

Class R6		(132,923	)		(1,124,751	)		(54,011	)		(505,862	)

Net increase (decrease) in share activity		19,477,483		$	162,855,505			(1,940,677	)	$	(18,275,537	)

^(a)	93% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	On July 21, 2020 and August 5, 2020, 10,452,000 Class R6 shares valued at $86,438,040 and 10,173,395 Class R6 shares valued at $85,659,987, respectively, were sold to affiliated mutual funds.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.


33		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 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related consolidated statement of operations for the year ended October 31, 2020, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


34		Invesco Macro Allocation Strategy Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)			Ending Account Value (10/31/20)¹		Expenses Paid During Period²		Ending Account Value (10/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$	1,000.00		$1,026.30		$6.98		$1,018.25		$6.95		1.37%
Class C			1,000.00		1,022.80		10.73		1,014.53		10.68		2.11
Class R			1,000.00		1,025.10		8.25		1,016.99		8.21		1.62
Class Y			1,000.00		1,027.40		5.71		1,019.51		5.69		1.12
Class R5			1,000.00		1,028.60		5.81		1,019.41		5.79		1.14
Class R6			1,000.00		1,027.40		5.76		1,019.46		5.74		1.13

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 184/366 to reflect the most recent fiscal half year.


35		Invesco Macro Allocation Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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, 2020. 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

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class Y shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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


36		Invesco Macro Allocation Strategy Fund

regarding the Fund’s total expense ratio and its various components.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


37		Invesco Macro Allocation Strategy Fund

Tax Information

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, 2020:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	42.58	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


38		Invesco Macro Allocation Strategy Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


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)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School—Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman -1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis -1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


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
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


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
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey -1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		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)
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246.

Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-7		Invesco Macro Allocation Strategy Fund

LOGO

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Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		MAS-AR-1



		Annual Report to Shareholders		October 31, 2020

		Invesco Multi-Asset Income Fund Nasdaq: A: PIAFX ∎ C: PICFX ∎ R: PIRFX ∎ Y: PIYFX ∎ R5: IPNFX ∎ R6: PIFFX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Multi-Asset Income Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Multi-Asset Income Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2020, 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, 10/31/19 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares				-8.97%
Class C Shares				-9.68
Class R Shares				-9.11
Class Y Shares				-8.75
Class R5 Shares				-8.81
Class R6 Shares				-8.68
Bloomberg Barclays U.S. Aggregate Bond Index^▼(Broad Market Index)				6.19
Custom Invesco Multi-Asset Income Index^⬛(Style-Specific Index)				6.09
Lipper Mixed-Asset Target Allocation Conservative Funds Index^◆(Peer Group Index)				3.76

Source(s): ^▼RIMES Technologies Corp.; ^⬛Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

Market conditions and your Fund

The fiscal year ended October 31, 2020, provided a challenging environment for Invesco Multi-Asset Income Fund as it reported negative absolute performance. The fiscal year started off strong with positive investor sentiment due to reaching a US-China trade resolution, and evidence that prior central bank policy actions were beginning to have the intended effects helped to push the prices of risky assets higher. This resulted in a decline in enthusiasm for bonds as safe-haven assets were eschewed in favor of riskier assets. Gains were erased in the first quarter of 2020 as the health crisis from the global spread of the COVID-19 virus was coupled with an oil price war between Saudi Arabia and Russia and a credit and liquidity crisis stemming from the sharp drop in prices for risky assets. Global equity markets witnessed one of the most rapid descents into bear market territory on record. From peak to trough (February 13, 2020 to March 23, 2020), most of the Fund’s strategic asset classes posted large negative returns with core positions, such as high yield debt, preferred stock, and emerging debt declining by 15-30%. Smaller allocations, such as equity real estate investment trusts (REITs) and Master Limited Partnerships (MLPs), were down more than 40% and 60%, respectively. The Fund’s equity-linked notes (ELN) structure, however, limited the impact of equity REITs and MLPs to ~60% of their drawdowns. The Fund’s rally since the bottom of the crisis has been strong, both in absolute terms and on a relative basis. With the exception of long US Treasuries, with a flat return, all strategic asset classes have had impressive gains from March 23, 2020 through the end of the fiscal year.

Exposure to US MLPs was the top detractor from Fund performance during the fiscal

year. The asset class suffered the steepest declines during the pandemic-induced pull-back in March due to several factors. An oil price war between Saudi Arabia and Russia sent energy prices sharply lower which prompted concerns that US energy producers would be forced to reduce output as production potentially had become uneconomical. This in turn had the potential to lead to a credit crisis for some firms. This fear of lower production led to concerns that MLP revenue would be impacted as lower production would mean less product would be passing through MLP firms’ infrastructure. The sharp decline in MLP shares likely led to forced liquidation by levered players in the space exacerbating already sharp declines. Additionally, efforts to curtail the spread of the COVID-19 outbreak had a meaningful impact on economic activity leading to fears of demand destruction for energy. The Fund’s exposure to MLPs is obtained through equity-linked notes which helped to buffer losses and outperformed the Alerian MLP index, the leading gauge of energy MLPs, by 20% during the drawdown. Demand rebounded from March lows but still remained suppressed in the remaining months of the fiscal year as OPEC, Russia and the US reduced supply.

US REITs also detracted from Fund performance with losses primarily concentrated around the March market pullback. The asset class began the fiscal year on a positive note, benefitting from lower interest rates. Gains were erased in February and March as the efforts to contain the spread of COVID-19, which included shuttering non-essential businesses and limiting gatherings to just a handful of people, created fears for the outlook for revenues. Further, concerns about how the future for different property types may change once the COVID-19 pandemic is behind us may hit certain segments of the REIT

space (retail, office) while potentially benefitting others (distribution centers). Performance rebounded in April as aggressive fiscal and monetary stimulus packages were deployed, keeping interest rates low. The gains were muted at the end of the fiscal year as the US witnessed an uptick of new COVID-19 cases, which led to an increased focus on containment measures and increased consumer anxiety.

US preferred equities and emerging market government bonds also detracted from Fund performance during the fiscal year, as gains from April through October were unable to recover losses from the first quarter. Preferred equities were negatively impacted by investors’ dash for cash as investors indiscriminately sold their positions with no regard for credit quality and the underlying company’s viability as an operating business. Performance improved once volatility subsided and investor confidence improved. The negative performance of emerging market government debt was impacted by a country’s ability to service foreign currency denominated debt which is contingent, not only on the currency’s valuation, but also the country’s ability to attract foreign investment. With uncertainty around the effects of COVID-19, the specter of a global economic slowdown sent performance tumbling. Performance improved in the remaining months due to the softening dollar which made foreign currency denominated debt easier to service.

The Fund’s high yield debt exposure contributed to Fund results as gains outweighed the losses incurred in March. Similar to preferred equities, high yield assets experienced indiscriminate selling as investors sought cash with complete disregard to credit rating. Performance improved following the roll out of unprecedented stimulus packages which boosted investor confidence to take up additional risk. US Treasuries also contributed to performance and provided a buffer to performance during the March drawdown.

In May 2020, the Fund implemented a new equity income sleeve intended to diversify equity exposure through ELNs. The Fund now has a more diversified hedged equity portfolio with exposure to utilities, consumer staples, equity REITs, and energy (both large cap stocks and MLPs). We intend to manage the Fund so that no single common equity sector accounts for more than 8% of the portfolio.

The Fund’s tactical positioning, obtained by the use of futures, detracted from performance over the fiscal year with losses primarily concentrated in February and March. The speed of the drawdown was extremely rapid. Our tactical risk management overall is not designed to react to short term movements (up or down), which we believe helps us avoid “whipsaws” and adds more value over the long-term than if we reacted to short-term gyrations.

4 Invesco Multi-Asset Income Fund

As anticipated, volatility returned to markets toward the end of the fiscal year as markets seemed to need a respite after trading hot in the second quarter of the 2020. In our opinion, the environment will continue to be dominated by events directly and indirectly related to the US elections, agreements over further economic stimulus programs, the containment of the virus and the production of the proverbial effective vaccine. With that in mind, it seems appropriate to anticipate a continuation of market uncertainty.

Please note that our strategy utilizes derivative instruments that includes futures. Therefore, some 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 Multi-Asset Income Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Peter Hubbard

Christian Ulrich

Scott Wolle - Lead

See important Fund and, if applicable, index disclosures later in this report.

5 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 12/14/11

LOGO

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.

6 Invesco Multi-Asset Income Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (12/14/11)	3.88	%
5 Years	2.50
1 Year	-13.99

Class C Shares
Inception (12/14/11)	3.83	%
5 Years	2.89
1 Year	-10.54

Class R Shares
Inception (12/14/11)	4.29	%
5 Years	3.45
1 Year	-9.11

Class Y Shares
Inception (12/14/11)	4.79	%
5 Years	3.93
1 Year	-8.75

Class R5 Shares
Inception (12/14/11)	4.80	%
5 Years	3.93
1 Year	-8.81

Class R6 Shares
Inception (9/24/12)	4.78	%
5 Years	3.94
1 Year	-8.68

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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.

7 Invesco Multi-Asset Income Fund

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, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

∎

The Custom Invesco Multi-Asset Income Index comprises the following indexes: 60% of the Bloomberg Barclays U.S. Aggregate Bond Index and 40% of the MSCI World Index. The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market. 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.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

8 Invesco Multi-Asset Income Fund

Fund Information

Portfolio Composition


By security type	% of total net assets
U.S. Dollar Denominated Bonds & Notes		37.87	%
Preferred Stocks		21.55
Equity Linked Notes		20.07
U.S. Treasury Securities		7.56
Security Types Each Less Than 1% of Portfolio		0.81
Money Market Funds Plus Other Assets Less Liabilities		12.14

Top Five Debt Issuers*


	% of total net assets
1. U.S. Treasury Bonds		7.51	%
2. Republic of Indonesia Bond		0.83
3. Colombia Government International Bond		0.74
4. Turkey Government International Bond		0.58
5. Saudi Government Bond		0.56

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, 2020.

9 Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

October 31, 2020


	Principal Amount			Value
U.S. Dollar Denominated Bonds & Notes–37.87%

Aerospace & Defense–0.68%
Bombardier, Inc. (Canada), 5.75%, 03/15/2022^(b)		$	663,000		$	630,513
6.00%, 10/15/2022^(b)			790,000			719,394
7.50%, 03/15/2025^(b)			3,525,000			2,568,844
7.88%, 04/15/2027^(b)			1,486,000			1,084,780
TransDigm UK Holdings PLC, 6.88%, 05/15/2026			4,064,000			4,056,380
TransDigm, Inc., 6.50%, 07/15/2024			615,000			615,384
6.50%, 05/15/2025			391,000			391,733
6.25%, 03/15/2026^(b)			420,000			438,377
Triumph Group, Inc., 8.88%, 06/01/2024^(b)			600,000			638,055
7.75%, 08/15/2025^(c)			2,635,000			1,709,456
						12,852,916

Agricultural & Farm Machinery–0.18%
Titan International, Inc., 6.50%, 11/30/2023			4,268,000			3,344,597

Airlines–0.17%
Delta Air Lines, Inc., 7.00%, 05/01/2025^(b)			2,038,000			2,226,120
7.38%, 01/15/2026			898,000			929,100
						3,155,220

Alternative Carriers–0.12%
Level 3 Financing, Inc., 5.38%, 05/01/2025			1,268,000			1,306,503
5.25%, 03/15/2026			135,000			139,543
3.63%, 01/15/2029^(b)			847,000			821,060
						2,267,106

Apparel Retail–0.26%
L Brands, Inc., 6.88%, 11/01/2035			3,395,000			3,452,291
6.75%, 07/01/2036			190,000			192,294
Michaels Stores, Inc., 8.00%, 07/15/2027^(b)(c)			1,280,000			1,320,563
						4,965,148

Apparel, Accessories & Luxury Goods–0.06%
William Carter Co. (The), 5.50%, 05/15/2025^(b)			178,000			187,234
5.63%, 03/15/2027^(b)			853,000			896,716
						1,083,950

Auto Parts & Equipment–0.40%
Adient Global Holdings Ltd., 4.88%, 08/15/2026^(b)			1,328,000			1,273,061
Clarios Global L.P., 6.75%, 05/15/2025^(b)			620,000			656,685
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)			1,244,000			1,299,731


	Principal Amount			Value
Auto Parts & Equipment–(continued)
Dana, Inc., 5.50%, 12/15/2024		$	1,302,000		$	1,323,971
5.38%, 11/15/2027			1,107,000			1,145,053
5.63%, 06/15/2028			245,000			257,577
Tenneco, Inc., 5.00%, 07/15/2026			2,041,000			1,566,468
						7,522,546

Automobile Manufacturers–0.49%
Ford Motor Co., 4.75%, 01/15/2043			1,475,000			1,368,984
Ford Motor Credit Co. LLC, 5.60%, 01/07/2022			37,000			37,981
5.13%, 06/16/2025			682,000			711,694
5.11%, 05/03/2029			2,829,000			2,942,160
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)			3,958,000			4,220,693
						9,281,512

Automotive Retail–0.56%
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024^(b)			3,864,000			4,107,509
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)			1,465,000			1,468,663
Lithia Motors, Inc., 5.25%, 08/01/2025^(b)			489,000			507,898
4.63%, 12/15/2027^(b)			990,000			1,043,930
4.38%, 01/15/2031^(b)			297,000			307,209
Murphy Oil USA, Inc., 5.63%, 05/01/2027			791,000			833,366
4.75%, 09/15/2029			223,000			234,109
Penske Automotive Group, Inc., 5.50%, 05/15/2026			2,028,000			2,096,445
						10,599,129

Broadcasting–0.25%
AMC Networks, Inc., 5.00%, 04/01/2024			124,000			124,775
4.75%, 08/01/2025			607,000			607,000
Gray Television, Inc., 7.00%, 05/15/2027^(b)			1,591,000			1,718,280
iHeartCommunications, Inc., 8.38%, 05/01/2027			1,793,000			1,751,877
TV Azteca S.A.B. de C.V. (Mexico), 8.25%, 08/09/2024^(b)			849,000			499,849
						4,701,781

Building Products–0.06%
Standard Industries, Inc., 5.00%, 02/15/2027^(b)			1,170,000			1,208,756

Cable & Satellite–1.39%
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026^(b)			2,239,000			2,339,755
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 02/15/2026^(b)			5,902,000			6,125,745
5.00%, 02/01/2028^(b)			1,996,000			2,103,784
4.50%, 08/15/2030^(b)			290,000			301,601

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Multi-Asset Income Fund


	Principal Amount			Value
Cable & Satellite–(continued)
CSC Holdings LLC, 5.50%, 05/15/2026^(b)		$	623,000		$	647,920
6.50%, 02/01/2029^(b)			2,393,000			2,659,568
4.63%, 12/01/2030^(b)			3,565,000			3,568,975
DISH DBS Corp., 5.88%, 11/15/2024			2,395,000			2,412,962
7.75%, 07/01/2026			169,000			179,351
DISH Network Corp., Conv., 3.38%, 08/15/2026			2,055,000			1,821,572
Intelsat Jackson Holdings S.A. (Luxembourg), 5.50%, 08/01/2023^(d)			2,049,000			1,206,349
8.50%, 10/15/2024^(b)(d)			1,613,000			1,000,060
9.75%, 07/15/2025^(b)(d)			746,000			467,444
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028^(b)			400,000			422,200
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028^(b)			1,107,000			1,145,053
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 08/15/2026^(b)			16,000			16,676
						26,419,015

Casinos & Gaming–0.89%
Boyd Gaming Corp., 8.63%, 06/01/2025^(b)			621,000			680,585
6.38%, 04/01/2026			729,000			757,409
6.00%, 08/15/2026			567,000			583,018
4.75%, 12/01/2027			284,000			276,778
Caesars Entertainment, Inc., 8.13%, 07/01/2027^(b)			1,727,000			1,804,715
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(b)			1,431,000			1,469,465
CCM Merger, Inc., 6.38%, 05/01/2026^(b)			1,640,000			1,683,050
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.63%, 11/01/2023^(b)			375,000			184,140
MGM Resorts International, 7.75%, 03/15/2022			404,000			425,089
6.75%, 05/01/2025			1,584,000			1,668,704
4.63%, 09/01/2026			2,473,000			2,435,138
Scientific Games International, Inc., 8.63%, 07/01/2025^(b)			626,000			651,622
8.25%, 03/15/2026^(b)			593,000			601,424
7.00%, 05/15/2028^(b)			1,713,000			1,704,435
Station Casinos LLC, 4.50%, 02/15/2028^(b)			775,000			735,766
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025^(b)			1,221,000			1,171,397
						16,832,735

Coal & Consumable Fuels–0.26%
Parsley Energy LLC/Parsley Finance Corp., 5.38%, 01/15/2025^(b)			568,000			581,845
4.13%, 02/15/2028^(b)			413,000			430,522


	Principal Amount			Value
Coal & Consumable Fuels–(continued)
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025^(b)		$	4,358,000		$	3,908,581
						4,920,948

Commodity Chemicals–0.21%
Koppers, Inc., 6.00%, 02/15/2025^(b)			1,589,000			1,627,732
Olin Corp., 5.63%, 08/01/2029			2,247,000			2,325,634
						3,953,366

Communications Equipment–0.04%
CommScope Technologies LLC, 6.00%, 06/15/2025^(b)			743,000			737,598

Construction & Engineering–0.16%
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/2026^(b)			1,128,000			1,168,185
9.75%, 07/15/2028^(b)			990,000			1,074,150
Pike Corp., 5.50%, 09/01/2028^(b)			802,000			822,218
						3,064,553

Consumer Finance–0.31%
Navient Corp., 7.25%, 01/25/2022			630,000			651,656
7.25%, 09/25/2023			2,349,000			2,467,918
5.00%, 03/15/2027			750,000			701,415
OneMain Finance Corp., 8.88%, 06/01/2025			1,808,000			1,992,145
						5,813,134

Copper–0.37%
First Quantum Minerals Ltd. (Zambia), 7.50%, 04/01/2025^(b)			2,424,000			2,437,635
Freeport-McMoRan, Inc., 5.40%, 11/14/2034			3,996,000			4,582,913
						7,020,548

Data Processing & Outsourced Services–0.11%
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025^(b)			1,982,000			2,006,567

Department Stores–0.32%
Kohl’s Corp., 5.55%, 07/17/2045			1,721,000			1,557,288
Macy’s, Inc., 8.38%, 06/15/2025^(b)			3,167,000			3,311,225
Nordstrom, Inc., 8.75%, 05/15/2025^(b)			1,028,000			1,126,338
						5,994,851

Distributors–0.19%
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024^(b)(e)			3,499,000			3,535,810

Diversified Banks–0.63%
Banco Nacional de Desenvolvimento Economico e Social (Brazil), 5.75%, 09/26/2023^(b)			1,637,000			1,810,759
Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025^(b)			1,441,000			1,222,448

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 Banks–(continued)
Credit Agricole S.A. (France), 8.13%^(b)(f)(g)		$	1,939,000		$	2,281,621
Development Bank of Kazakhstan JSC (Kazakhstan), 4.13%, 12/10/2022^(b)			1,250,000			1,310,313
Export-Import Bank of India (India), 3.88%, 02/01/2028^(b)			1,961,000			2,070,090
Vnesheconombank Via VEB Finance PLC (Russia), 5.94%, 11/21/2023^(b)			1,450,000			1,603,062
6.80%, 11/22/2025^(b)			1,418,000			1,686,150
						11,984,443

Diversified Capital Markets–0.14%
Credit Suisse Group AG (Switzerland), 7.50%^(b)(f)(g)			2,445,000			2,597,837

Diversified Chemicals–0.21%
CNAC HK Finbridge Co. Ltd. (China), 5.13%, 03/14/2028^(b)			2,200,000			2,491,500
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025^(b)			1,516,000			1,541,583
						4,033,083

Diversified Metals & Mining–0.32%
Corp. Nacional del Cobre de Chile (Chile), 5.63%, 09/21/2035^(b)			1,450,000			1,868,597
6.15%, 10/24/2036^(b)			1,390,000			1,874,620
5.63%, 10/18/2043^(b)			95,000			126,456
4.88%, 11/04/2044^(b)			105,000			128,554
4.50%, 08/01/2047^(b)			1,740,000			2,050,026
						6,048,253

Diversified REITs–0.32%
Colony Capital, Inc., Conv., 5.00%, 04/15/2023			1,253,000			1,233,287
iStar, Inc., 4.75%, 10/01/2024			3,233,000			3,093,254
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025^(b)			515,000			514,678
3.75%, 02/15/2027^(b)			517,000			519,182
4.13%, 08/15/2030^(b)			679,000			688,336
						6,048,737

Electric Utilities–0.29%
DPL, Inc., 4.35%, 04/15/2029			1,091,000			1,184,232
NextEra Energy Capital Holdings, Inc., Series K, Investment Units, 5.25%, 06/01/2076			73,652			1,904,641
NRG Energy, Inc., 7.25%, 05/15/2026			541,000			572,643
5.25%, 06/15/2029^(b)			990,000			1,075,204
Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)			864,000			847,260
						5,583,980

Electrical Components & Equipment–0.17%
EnerSys, 5.00%, 04/30/2023^(b)			2,194,000			2,261,191
Sensata Technologies B.V., 4.88%, 10/15/2023^(b)			988,000			1,048,515
						3,309,706


	Principal Amount			Value
Electronic Components–0.02%
Sensata Technologies, Inc., 3.75%, 02/15/2031^(b)		$	361,000		$	357,841

Electronic Equipment & Instruments–0.10%
MTS Systems Corp., 5.75%, 08/15/2027^(b)			1,834,000			1,853,486

Environmental & Facilities Services–0.10%
Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)			1,846,000			1,869,823

Food Distributors–0.10%
Prosperous Ray Ltd. (China), 4.63%,11/12/2023^(b)			1,750,000			1,898,075

Food Retail–0.41%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 7.50%, 03/15/2026^(b)			168,000			186,459
4.63%, 01/15/2027^(b)			488,000			506,815
5.88%, 02/15/2028^(b)			353,000			373,894
3.50%, 03/15/2029^(b)			1,212,000			1,177,579
Fresh Market, Inc. (The), 9.75%, 05/01/2023^(b)			2,350,000			2,253,074
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)			1,355,000			1,383,862
Simmons Foods, Inc., 5.75%, 11/01/2024^(b)			1,919,000			1,907,006
						7,788,689

Forest Products–0.08%
Norbord, Inc. (Canada), 5.75%, 07/15/2027^(b)			1,460,000			1,538,198

Gas Utilities–0.09%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026			1,355,000			1,487,363
Superior Plus L.P./Superior General Partner, Inc. (Canada), 7.00%, 07/15/2026^(b)			195,000			209,206
						1,696,569

Health Care Equipment–0.06%
Hologic, Inc., 3.25%, 02/15/2029^(b)			1,208,000			1,216,305

Health Care Facilities–0.67%
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024			1,477,000			1,515,616
Community Health Systems, Inc., 6.63%, 02/15/2025^(b)			1,704,000			1,665,830
8.00%, 03/15/2026^(b)			1,358,000			1,364,790
Encompass Health Corp., 4.75%, 02/01/2030			1,112,000			1,160,161
HCA, Inc., 5.38%, 02/01/2025			743,000			823,850
5.88%, 02/15/2026			1,322,000			1,495,512
5.38%, 09/01/2026			1,261,000			1,419,413
Tenet Healthcare Corp., 7.50%, 04/01/2025^(b)			561,000			605,109
4.63%, 06/15/2028^(b)			253,000			257,111
6.13%, 10/01/2028^(b)			2,462,000			2,395,834
						12,703,226

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Multi-Asset Income Fund


	Principal Amount			Value
Health Care REITs–0.08%
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		$	1,362,000		$	1,427,682

Health Care Services–0.57%
Akumin, Inc., 7.00%, 11/01/2025^(b)			3,080,000			3,053,050
DaVita, Inc., 4.63%, 06/01/2030^(b)			863,000			878,335
3.75%, 02/15/2031^(b)			1,001,000			964,088
Global Medical Response, Inc., 6.50%, 10/01/2025^(b)			2,188,000			2,163,385
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)			3,021,000			2,956,230
Team Health Holdings, Inc., 6.38%, 02/01/2025^(b)			1,220,000			757,254
						10,772,342

Homebuilding–0.46%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027^(b)			2,320,000			2,583,459
KB Home, 4.80%, 11/15/2029			733,000			793,014
Lennar Corp., 5.25%, 06/01/2026			1,133,000			1,290,215
Meritage Homes Corp., 6.00%, 06/01/2025			589,000			663,332
5.13%, 06/06/2027			328,000			363,608
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027^(b)			958,000			1,035,838
5.75%, 01/15/2028^(b)			1,264,000			1,406,990
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023^(b)			600,000			636,741
						8,773,197

Hotel & Resort REITs–0.07%
Service Properties Trust, 4.95%, 10/01/2029			1,581,000			1,299,384

Hotels, Resorts & Cruise Lines–0.15%
Carnival Corp., 11.50%, 04/01/2023^(b)			1,241,000			1,373,111
10.50%, 02/01/2026^(b)			1,342,000			1,461,102
						2,834,213

Household Products–0.06%
Energizer Holdings, Inc., 7.75%, 01/15/2027^(b)			891,000			968,406
4.75%, 06/15/2028^(b)			245,000			252,453
						1,220,859

Housewares & Specialties–0.05%
Newell Brands, Inc., 4.88%, 06/01/2025			679,000			736,070
5.88%, 04/01/2036			252,000			296,100
						1,032,170

Independent Power Producers & Energy Traders–0.17%
AES Corp. (The), 5.50%, 04/15/2025			671,000			690,516
AES Panama Generation Holdings SRL (Panama), 4.38%, 05/31/2030^(b)			720,000			763,877


	Principal Amount			Value
Independent Power Producers & Energy Traders–(continued)
Calpine Corp., 5.13%, 03/15/2028^(b)		$	608,000		$	627,772
5.00%, 02/01/2031^(b)			1,140,000			1,165,593
						3,247,758

Industrial Machinery–0.51%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023^(b)			3,859,000			3,718,706
EnPro Industries, Inc., 5.75%, 10/15/2026			2,826,000			2,977,361
Mueller Industries, Inc., 6.00%, 03/01/2027			2,847,000			2,914,075
						9,610,142

Integrated Oil & Gas–1.33%
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027			2,483,000			2,527,815
KazMunayGas National Co. JSC (Kazakhstan), 6.38%, 10/24/2048^(b)			1,000,000			1,334,740
Occidental Petroleum Corp., 2.70%, 08/15/2022			2,476,000			2,293,395
2.90%, 08/15/2024			952,000			793,968
3.20%, 08/15/2026			1,257,000			973,389
6.38%, 09/01/2028			605,000			530,509
3.50%, 08/15/2029			1,058,000			764,998
4.10%, 02/15/2047			2,302,000			1,508,501
Petroleos Mexicanos (Mexico), 6.88%, 10/16/2025^(b)(c)			1,065,000			1,054,350
6.84%, 01/23/2030			3,100,000			2,774,190
6.63%, 06/15/2035			3,555,000			2,933,284
7.69%, 01/23/2050			4,600,000			3,828,649
Saudi Arabian Oil Co. (Saudi Arabia), 4.25%, 04/16/2039^(b)			2,812,000			3,217,933
Sinopec Group Overseas Development (2012) Ltd. (China), 3.90%, 05/17/2022^(b)			794,000			828,942
						25,364,663

Integrated Telecommunication Services–0.71%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027^(b)			1,841,000			2,033,154
Altice France S.A. (France), 7.38%, 05/01/2026^(b)			2,200,000			2,298,560
CommScope, Inc., 8.25%, 03/01/2027^(b)			1,490,000			1,544,013
Embarq Corp., 8.00%, 06/01/2036			2,050,000			2,407,469
Frontier Communications Corp., 10.50%, 09/15/2022^(d)			5,204,000			2,151,932
11.00%, 09/15/2025^(d)			1,784,000			745,935
Telecom Italia Capital S.A. (Italy), 6.38%, 11/15/2033			202,000			239,405
7.20%, 07/18/2036			1,677,000			2,121,070
						13,541,538

Interactive Media & Services–0.23%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026^(b)			1,823,000			1,698,517

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Multi-Asset Income Fund


	Principal Amount			Value
Interactive Media & Services–(continued)
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026^(b)		$	3,003,000		$	1,754,878
6.63%, 08/15/2027^(b)(c)			2,352,000			979,020
						4,432,415

Internet & Direct Marketing Retail–0.08%
QVC, Inc., 5.45%, 08/15/2034			1,581,000			1,565,190

Investment Banking & Brokerage–0.25%
MDGH - GMTN B.V. (United Arab Emirates), 4.50%, 11/07/2028^(b)			1,180,000			1,411,480
3.75%, 04/19/2029^(b)			1,740,000			1,981,242
NFP Corp., 6.88%, 08/15/2028^(b)			1,409,000			1,368,491
						4,761,213

IT Consulting & Other Services–0.12%
Gartner, Inc., 4.50%, 07/01/2028^(b)			1,310,000			1,369,225
3.75%, 10/01/2030^(b)			967,000			990,063
						2,359,288

Leisure Products–0.09%
Mattel, Inc., 6.75%, 12/31/2025^(b)			1,587,000			1,670,714

Managed Health Care–0.20%
Centene Corp., 5.38%, 06/01/2026^(b)			736,000			775,347
5.38%, 08/15/2026^(b)			645,000			683,700
4.63%, 12/15/2029			839,000			914,535
3.00%, 10/15/2030			1,434,000			1,490,934
						3,864,516

Marine Ports & Services–0.20%
DP World PLC (United Arab Emirates), 6.85%, 07/02/2037^(b)			3,000,000			3,776,403

Metal & Glass Containers–0.08%
Flex Acquisition Co., Inc., 7.88%, 07/15/2026^(b)			1,561,000			1,581,137

Movies & Entertainment–0.20%
AMC Entertainment Holdings, Inc., 10.50%, 04/24/2026^(b)			527,000			271,405
Netflix, Inc., 5.88%, 11/15/2028			2,754,000			3,295,381
5.38%, 11/15/2029^(b)			270,000			316,575
						3,883,361

Multi-Utilities–0.28%
Dominion Energy, Inc., Series A, Investment Units, 5.25%, 07/30/2076			91,215			2,340,577
DTE Energy Co., Series B, Investment Units, 5.38%, 06/01/2076			35,820			920,932
Series F, Investment Units, 6.00%, 12/15/2076			33,432			879,261
Series E, Investment Units, 5.25%, 12/01/2077			47,761			1,269,010
						5,409,780


	Principal Amount			Value
Oil & Gas Drilling–0.25%
Diamond Offshore Drilling, Inc., 4.88%, 11/02/2043^(d)		$	462,000		$	32,340
Nabors Industries, Inc., 5.75%, 02/01/2025			473,000			126,291
Precision Drilling Corp. (Canada), 7.75%, 12/15/2023			144,000			107,010
5.25%, 11/15/2024			1,351,000			878,994
Rockies Express Pipeline LLC, 4.80%, 05/15/2030^(b)			2,000,000			1,899,250
6.88%, 04/15/2040^(b)			1,577,000			1,624,310
Valaris PLC (United Kingdom), 7.75%, 02/01/2026^(d)			2,387,000			114,946
						4,783,141

Oil & Gas Equipment & Services–0.19%
Oceaneering International, Inc., 6.00%, 02/01/2028			120,000			89,100
Oil and Gas Holding Co. BSCC (The) (Bahrain), 7.50%, 10/25/2027^(b)			1,000,000			1,057,678
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027			2,500,000			2,517,250
						3,664,028

Oil & Gas Exploration & Production–1.17%
Antero Resources Corp., 5.63%, 06/01/2023^(c)			763,000			641,874
5.00%, 03/01/2025			1,693,000			1,272,924
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027^(b)			264,000			257,400
CNX Resources Corp., 7.25%, 03/14/2027^(b)			2,206,000			2,330,132
Comstock Resources, Inc., 9.75%, 08/15/2026			2,138,000			2,255,590
Continental Resources, Inc., 4.50%, 04/15/2023			1,980,000			1,899,711
3.80%, 06/01/2024			305,000			284,603
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025^(b)			325,000			337,695
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024			12,000			10,345
6.25%, 05/15/2026			2,951,000			2,368,797
7.75%, 02/01/2028			1,691,000			1,405,120
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028^(b)			3,400,000			3,126,368
QEP Resources, Inc., 5.63%, 03/01/2026^(c)			2,618,000			1,667,666
SM Energy Co., 10.00%, 01/15/2025(b)			1,133,000			1,082,723
6.75%, 09/15/2026			725,000			281,706
6.63%, 01/15/2027			1,154,000			436,102
Southwestern Energy Co., 7.50%, 04/01/2026			510,000			519,843
7.75%, 10/01/2027			568,000			587,525

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Multi-Asset Income Fund


	Principal Amount			Value
Oil & Gas Exploration & Production–(continued)
WPX Energy, Inc., 5.75%, 06/01/2026		$	940,000		$	966,790
5.25%, 10/15/2027			235,000			236,081
5.88%, 06/15/2028			117,000			119,781
4.50%, 01/15/2030			110,000			105,765
						22,194,541

Oil & Gas Refining & Marketing–0.66%
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022^(c)			925,000			919,001
9.25%, 07/15/2024^(b)			1,703,000			1,864,785
EnLink Midstream Partners L.P., 5.60%, 04/01/2044			759,000			471,942
NuStar Logistics L.P., 6.00%, 06/01/2026			701,000			693,440
Parkland Corp. (Canada), 6.00%, 04/01/2026^(b)			2,391,000			2,473,191
Petroliam Nasional Bhd. (Malaysia), 7.63%, 10/15/2026^(b)			1,920,000			2,597,353
Petronas Capital Ltd. (Malaysia), 4.50%, 03/18/2045^(b)			1,250,000			1,602,670
4.55%, 04/21/2050^(b)			1,582,000			1,997,977
						12,620,359

Oil & Gas Storage & Transportation–1.00%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047^(b)			1,587,000			1,897,370
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024			220,000			206,294
5.75%, 03/01/2027^(b)			155,000			139,791
5.75%, 01/15/2028^(b)			2,174,000			1,940,078
EQM Midstream Partners L.P., 6.50%, 07/01/2027^(b)			1,239,000			1,301,210
Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029^(b)			2,235,000			2,307,470
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)			2,339,000			2,191,351
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026			3,343,000			1,724,537
Southern Gas Corridor CJSC (Azerbaijan), 6.88%, 03/24/2026^(b)			2,800,000			3,198,852
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.88%, 04/15/2026			927,000			947,278
5.50%, 03/01/2030^(b)			1,638,000			1,649,261
4.88%, 02/01/2031^(b)			367,000			358,709
Western Midstream Operating L.P., 4.10%, 02/01/2025			792,000			747,418
4.75%, 08/15/2028			467,000			437,812
						19,047,431

Other Diversified Financial Services–0.20%
eG Global Finance PLC (United Kingdom), 6.75%, 02/07/2025^(b)			2,410,000			2,365,415
8.50%, 10/30/2025^(b)			415,000			425,168


	Principal Amount			Value
Other Diversified Financial Services–(continued)
LPL Holdings, Inc., 5.75%, 09/15/2025^(b)		$	1,037,000		$	1,073,295
						3,863,878

Packaged Foods & Meats–0.63%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030^(b)			1,968,000			2,142,660
Kraft Heinz Foods Co. (The), 6.88%, 01/26/2039			1,581,000			2,113,686
5.00%, 06/04/2042			1,744,000			1,912,963
5.50%, 06/01/2050^(b)			2,175,000			2,477,889
Pilgrim’s Pride Corp., 5.88%, 09/30/2027^(b)			664,000			702,267
Post Holdings, Inc., 5.63%, 01/15/2028^(b)			1,905,000			2,013,347
4.63%, 04/15/2030^(b)			654,000			671,985
						12,034,797

Paper Products–0.23%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026			1,059,000			1,005,388
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)			3,255,000			3,445,613
						4,451,001

Personal Products–0.13%
Edgewell Personal Care Co., 5.50%, 06/01/2028^(b)			1,051,000			1,106,036
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025^(b)			1,326,000			1,407,615
						2,513,651

Pharmaceuticals–0.59%
Bausch Health Americas, Inc., 9.25%, 04/01/2026^(b)			2,094,000			2,311,357
Bausch Health Cos., Inc., 5.88%, 05/15/2023^(b)			6,000			5,990
6.13%, 04/15/2025^(b)			913,000			939,477
5.50%, 11/01/2025^(b)			490,000			503,867
9.00%, 12/15/2025^(b)			1,632,000			1,787,366
5.75%, 08/15/2027^(b)			135,000			145,040
6.25%, 02/15/2029^(b)			1,522,000			1,570,704
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/2027^(b)			849,000			912,323
6.00%, 06/30/2028^(b)			10,000			7,735
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026^(b)			1,296,000			1,336,092
Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)			1,658,000			1,759,652
						11,279,603

Property & Casualty Insurance–0.05%
AmWINS Group, Inc., 7.75%, 07/01/2026^(b)			873,000			935,035

Publishing–0.14%
Meredith Corp., 6.88%, 02/01/2026			3,312,000			2,751,030

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Multi-Asset Income Fund


	Principal Amount			Value
Railroads–0.22%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050^(b)		$	1,550,000		$	1,876,663
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023^(b)(c)			2,357,000			2,365,591
						4,242,254

Research & Consulting Services–0.07%
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026^(b)			693,000			742,809
10.25%, 02/15/2027^(b)			583,000			654,135
						1,396,944

Restaurants–0.32%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025^(b)			572,000			586,500
4.00%, 10/15/2030^(b)			2,850,000			2,835,750
IRB Holding Corp., 7.00%, 06/15/2025^(b)			429,000			457,962
6.75%, 02/15/2026^(b)			2,225,000			2,233,344
						6,113,556

Security & Alarm Services–0.13%
Brink’s Co. (The), 5.50%, 07/15/2025^(b)			245,000			255,311
4.63%, 10/15/2027^(b)			2,167,000			2,215,118
						2,470,429

Sovereign Debt–13.09%
Abu Dhabi Government International Bond (United Arab Emirates), 2.50%, 04/16/2025^(b)			600,000			637,680
4.13%, 10/11/2047^(b)			900,000			1,109,385
3.13%, 09/30/2049^(b)			1,090,000			1,151,655
Angolan Government International Bond (Angola), 9.50%, 11/12/2025^(b)			2,220,000			1,914,455
9.13%, 11/26/2049^(b)			1,140,000			873,188
Argentine Republic Government International Bond (Argentina), 0.50%, 07/09/2030^(h)			8,545,000			3,136,015
Bahrain Government International Bond (Bahrain), 6.13%, 07/05/2022^(b)			2,800,000			2,925,437
6.75%, 09/20/2029^(b)			1,100,000			1,193,373
6.00%, 09/19/2044^(b)			1,200,000			1,124,853
Bolivian Government International Bond (Bolivia), 4.50%, 03/20/2028^(b)			699,000			609,877
Brazilian Government International Bond (Brazil), 4.25%, 01/07/2025			4,600,000			5,009,699
5.63%, 01/07/2041			910,000			998,497
5.63%, 02/21/2047			600,000			660,177
Chile Government International Bond (Chile), 3.13%, 01/21/2026			1,820,000			1,999,270
3.24%, 02/06/2028			200,000			222,219


	Principal Amount			Value
Sovereign Debt–(continued)
Colombia Government International Bond (Colombia), 3.88%, 04/25/2027		$	6,700,000		$	7,268,227
4.50%, 03/15/2029			1,640,000			1,846,738
7.38%, 09/18/2037			3,500,000			4,939,375
Costa Rica Government International Bond (Costa Rica), 5.63%, 04/30/2043^(b)			1,300,000			952,250
7.16%, 03/12/2045^(b)			800,000			639,000
Croatia Government International Bond (Croatia), 5.50%, 04/04/2023^(b)			2,264,000			2,501,969
6.00%, 01/26/2024^(b)			1,000,000			1,154,110
Dominican Republic International Bond (Dominican Republic), 5.95%, 01/25/2027^(b)			2,228,000			2,434,090
7.45%, 04/30/2044^(b)			2,935,000			3,364,977
6.85%, 01/27/2045^(b)			2,902,000			3,123,423
6.40%, 06/05/2049^(b)			935,000			953,793
Ecuador Government International Bond (Ecuador), 5.00%, 07/31/2030^(b)(h)			3,135,000			2,100,481
Egypt Government International Bond (Egypt), 5.88%, 06/11/2025^(b)			1,500,000			1,541,521
7.60%, 03/01/2029^(b)			200,000			208,599
8.50%, 01/31/2047^(b)			2,896,000			2,887,555
7.90%, 02/21/2048^(b)			1,200,000			1,141,488
8.70%, 03/01/2049^(b)			2,110,000			2,132,041
El Salvador Government International Bond (El Salvador), 7.65%, 06/15/2035^(b)			1,110,000			886,346
7.12%, 01/20/2050^(b)			1,120,000			840,000
Ghana Government International Bond (Ghana), 7.63%, 05/16/2029^(b)			818,000			760,331
8.13%, 03/26/2032^(b)			2,590,000			2,389,441
8.95%, 03/26/2051^(b)			738,000			664,855
Hazine Mustesarligi Varlik Kiralama A.S. (Turkey), 5.00%, 04/06/2023^(b)			320,000			313,613
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024			1,210,000			1,389,425
Indonesia Government International Bond (Indonesia), 8.50%, 10/12/2035^(b)			5,230,000			8,388,162
6.63%, 02/17/2037^(b)			1,100,000			1,538,344
7.75%, 01/17/2038^(b)			830,000			1,282,631
6.75%, 01/15/2044^(b)			3,030,000			4,564,332
5.95%, 01/08/2046^(b)			420,000			594,250
Ivory Coast Government International Bond (Ivory Coast), 6.38%, 03/03/2028^(b)			650,000			684,343
Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028			1,600,000			1,849,600
Jordan Government International Bond (Jordan), 6.13%, 01/29/2026^(b)			1,000,000			1,054,234
5.75%, 01/31/2027^(b)			1,200,000			1,242,079

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Multi-Asset Income Fund


	Principal Amount			Value
Sovereign Debt–(continued)
Kazakhstan Government International Bond (Kazakhstan), 3.88%, 10/14/2024^(b)		$	1,650,000		$	1,811,246
6.50%, 07/21/2045^(b)			700,000			1,107,174
Kenya Government International Bond (Kenya), 6.88%, 06/24/2024^(b)			1,100,000			1,167,732
7.25%, 02/28/2028^(b)			1,100,000			1,154,924
Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027^(b)			6,750,000			7,645,320
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026^(b)			250,000			278,437
Mexico Government International Bond (Mexico), 4.15%, 03/28/2027			2,500,000			2,789,062
5.55%, 01/21/2045			500,000			611,875
4.60%, 01/23/2046			1,050,000			1,144,421
5.75%, 10/12/2110			420,000			490,054
Series A, 6.05%, 01/11/2040			3,682,000			4,636,908
Mongolia Government International Bond (Mongolia), 8.75%, 03/09/2024^(b)			1,716,000			1,964,661
Nigeria Government International Bond (Nigeria), 8.75%, 01/21/2031^(b)			2,550,000			2,658,069
7.88%, 02/16/2032^(b)			2,470,000			2,404,960
Oman Government International Bond (Oman), 4.75%, 06/15/2026^(b)			2,310,000			2,119,818
5.63%, 01/17/2028^(b)			4,875,000			4,466,426
6.75%, 01/17/2048^(b)			1,054,000			866,109
Pakistan Government International Bond (Pakistan), 8.25%, 04/15/2024^(b)			1,640,000			1,713,570
Panama Government International Bond (Panama), 4.00%, 09/22/2024			3,725,000			4,092,844
7.13%, 01/29/2026			1,110,000			1,406,714
3.88%, 03/17/2028			1,000,000			1,136,095
Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026^(b)			1,000,000			1,141,510
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 4.33%, 05/28/2025^(b)			300,000			338,355
4.15%, 03/29/2027^(b)			2,600,000			2,918,890
Peruvian Government International Bond (Peru), 7.35%, 07/21/2025			600,000			768,687
2.84%, 06/20/2030			1,170,000			1,280,050
8.75%, 11/21/2033			721,000			1,220,069
6.55%, 03/14/2037			1,084,000			1,644,206
5.63%, 11/18/2050			802,000			1,278,224
Philippine Government International Bond (Philippines), 4.20%, 01/21/2024			100,000			111,255
10.63%, 03/16/2025			3,444,000			4,891,823
9.50%, 02/02/2030			80,000			131,227
6.38%, 10/23/2034			850,000			1,232,548
3.95%, 01/20/2040			900,000			1,061,206


	Principal Amount			Value
Sovereign Debt–(continued)
Qatar Government International Bond (Qatar), 4.00%, 03/14/2029^(b)		$	200,000		$	234,742
5.75%, 01/20/2042^(b)			2,330,000			3,433,768
5.10%, 04/23/2048^(b)			3,660,000			5,057,172
4.82%, 03/14/2049^(b)			1,100,000			1,469,297
RAK Capital (United Arab Emirates), 3.09%, 03/31/2025^(b)			743,000			788,464
Republic of Poland Government International Bond (Poland), 3.00%, 03/17/2023			599,000			635,983
4.00%, 01/22/2024			3,380,000			3,766,976
Republic of South Africa Government Bond (South Africa), 5.75%, 09/30/2049			1,800,000			1,628,172
Republic of South Africa Government International Bond (South Africa), 5.88%, 06/22/2030			3,200,000			3,389,360
5.38%, 07/24/2044			2,250,000			1,996,785
Romanian Government International Bond (Romania), 4.38%, 08/22/2023^(b)			833,000			908,707
6.13%, 01/22/2044^(b)			5,390,000			7,280,489
Russian Foreign Bond - Eurobond (Russia), 4.75%, 05/27/2026^(b)			3,200,000			3,663,840
12.75%, 06/24/2028^(b)			1,000,000			1,708,277
5.10%, 03/28/2035^(b)			3,600,000			4,384,800
5.63%, 04/04/2042^(b)			1,600,000			2,108,971
Saudi Government International Bond (Saudi Arabia), 3.25%, 10/26/2026^(b)			500,000			545,793
3.63%, 03/04/2028^(b)			3,100,000			3,445,309
4.38%, 04/16/2029^(b)			538,000			633,987
4.63%, 10/04/2047^(b)			5,640,000			6,835,906
5.00%, 04/17/2049^(b)			2,548,000			3,261,063
5.25%, 01/16/2050^(b)			2,680,000			3,553,964
Slovakia Government International Bond (Slovakia), 4.38%, 05/21/2022^(b)			1,658,000			1,764,842
Sri Lanka Government International Bond (Sri Lanka), 6.83%, 07/18/2026^(b)			2,510,000			1,367,798
6.20%, 05/11/2027^(b)			2,100,000			1,134,000
6.75%, 04/18/2028^(b)			1,776,000			959,040
7.85%, 03/14/2029^(b)			1,041,000			572,550
Trinidad & Tobago Government International Bond (Trinidad), 4.50%, 08/04/2026^(b)			1,730,000			1,816,500
Turkey Government International Bond (Turkey), 4.88%, 10/09/2026			326,000			295,017
6.00%, 03/25/2027			1,890,000			1,789,216
7.63%, 04/26/2029			2,430,000			2,455,236
11.88%, 01/15/2030			1,920,000			2,483,117
8.00%, 02/14/2034			1,580,000			1,633,824
6.88%, 03/17/2036			1,218,000			1,125,127
7.25%, 03/05/2038			1,170,000			1,110,418

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Multi-Asset Income Fund


	Principal Amount			Value
Sovereign Debt–(continued)
Ukraine Government International Bond (Ukraine), 7.75%, 09/01/2022^(b)		$	657,000		$	686,250
7.75%, 09/01/2023^(b)			650,000			677,980
7.75%, 09/01/2024^(b)			650,000			674,446
7.75%, 09/01/2026^(b)			4,450,000			4,512,433
7.75%, 09/01/2027^(b)			1,090,000			1,100,666
9.75%, 11/01/2028^(b)			900,000			983,772
Uruguay Government International Bond (Uruguay), 4.38%, 01/23/2031			2,420,000			2,925,937
7.88%, 01/15/2033			1,430,000			2,216,243
Vietnam Government International Bond (Vietnam), 4.80%, 11/19/2024^(b)			1,000,000			1,119,914
						249,018,023

Specialized Consumer Services–0.11%
ServiceMaster Co. LLC (The), 5.13%, 11/15/2024^(b)			367,000			377,184
7.45%, 08/15/2027			1,473,000			1,647,639
						2,024,823

Specialized REITs–0.32%
Iron Mountain, Inc., 5.25%, 03/15/2028^(b)			1,488,000			1,527,990
5.25%, 07/15/2030^(b)			640,000			657,600
4.50%, 02/15/2031^(b)			1,212,000			1,208,146
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024^(b)			3,542,000			2,598,570
						5,992,306

Specialty Chemicals–0.10%
Element Solutions, Inc., 3.88%, 09/01/2028^(b)			481,000			475,889
GCP Applied Technologies, Inc., 5.50%, 04/15/2026^(b)			1,444,000			1,485,241
						1,961,130

Steel–0.12%
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029^(b)			244,000			251,777
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025^(b)			1,491,000			1,707,195
6.25%, 10/01/2040			480,000			410,494
						2,369,466

Systems Software–0.15%
Boxer Parent Co., Inc., 7.13%, 10/02/2025^(b)			533,000			572,207
9.13%, 03/01/2026^(b)			978,000			1,042,793
Camelot Finance S.A., 4.50%, 11/01/2026^(b)			1,224,000			1,275,255
						2,890,255

Technology Hardware, Storage & Peripherals–0.11%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024^(b)			1,592,000			1,651,350
8.10%, 07/15/2036^(b)			357,000			481,490
						2,132,840


	Principal Amount			Value
Textiles–0.10%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025^(b)		$	2,783,000		$	1,962,015

Trading Companies & Distributors–0.23%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045^(b)(f)			1,615,000			1,433,312
BMC East LLC, 5.50%, 10/01/2024^(b)			1,577,000			1,619,382
WESCO Distribution, Inc., 7.25%, 06/15/2028^(b)			1,241,000			1,360,254
						4,412,948

Wireless Telecommunication Services–0.48%
Intelsat (Luxembourg) S.A. (Luxembourg), 7.75%, 06/01/2021(d)			883,000			41,943
Intelsat Connect Finance S.A. (Luxembourg), 9.50%, 02/15/2023^(b)(d)			277,000			75,656
SoftBank Group Corp. (Japan), 5.13%, 09/19/2027^(b)			1,288,000			1,304,086
Sprint Corp., 7.88%, 09/15/2023			5,467,000			6,249,464
7.63%, 02/15/2025			667,000			788,311
7.63%, 03/01/2026			518,000			631,175
						9,090,635
Total U.S. Dollar Denominated Bonds & Notes (Cost $726,521,683)						720,454,121

	Shares
Preferred Stocks–21.55%
Alternative Carriers–0.41%
Qwest Corp., 6.50%, Pfd.			121,015			3,074,991
Qwest Corp., 6.75%, Pfd.			78,805			2,059,175
Qwest Corp., 6.13%, Pfd.			88,364			2,228,540
Qwest Corp., 7.00%, Pfd.			15,000			382,950
						7,745,656

Asset Management & Custody Banks–0.93%
Affiliated Managers Group, Inc., 5.88%, Pfd.			34,206			917,063
Affiliated Managers Group, Inc., 4.75%, Pfd.			25,000			649,500
Allied Capital Corp., 6.88%, Pfd.			26,224			673,432
Apollo Global Management, Inc., 6.38%, Series A, Pfd.			31,355			814,289
Apollo Global Management, Inc., 6.38%, Series B, Pfd.			34,206			906,117
Ares Management Corp., 7.00%, Series A, Pfd.			35,346			919,703
Bank of New York Mellon Corp. (The), 5.20%, Pfd.			66,416			1,689,623
Brightsphere Investment Group, Inc., 5.13%, Pfd.			14,925			373,540
KKR & Co., Inc., 6.75%, Series A, Pfd.			39,336			1,025,883
KKR & Co., Inc., 6.50%, Series B, Pfd.			17,673			467,097
Legg Mason, Inc., 6.38%, Pfd.			21,374			546,106
Legg Mason, Inc., 5.45%, Pfd.			63,237			1,625,823
Northern Trust Corp., 4.70%, Series E, Pfd.			45,607			1,207,673

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Multi-Asset Income Fund


	Shares		Value
Asset Management & Custody Banks–(continued)
Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		20,523		$	548,375
Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		26,794			717,811
Prospect Capital Corp., 6.25%, Pfd.		26,731			681,641
State Street Corp., 5.35%, Series G, Pfd.^(f)		57,009			1,616,775
State Street Corp., 5.90%, Series D, Pfd.^(f)		85,514			2,351,635
					17,732,086

Automobile Manufacturers–0.24%
Ford Motor Co., 6.20%, Pfd.		85,514			2,191,724
Ford Motor Co., 6.00%, Pfd.		91,215			2,305,915
					4,497,639

Consumer Finance–0.86%
Capital One Financial Corp., 5.20%, Series G, Pfd.		85,081			2,174,670
Capital One Financial Corp., 6.00%, Series H, Pfd.		63,049			1,643,057
Capital One Financial Corp., 6.20%, Series F, Pfd.		59,564			1,515,904
Capital One Financial Corp., 5.00%, Series I, Pfd.		178,692			4,494,104
Capital One Financial Corp., 4.80%, Series J, Pfd.		134,973			3,343,281
Capital One Financial Corp., 4.63%, Series K, Pfd.		10,000			251,100
Navient Corp., 6.00%, Pfd.		34,206			754,584
Synchrony Financial, 5.63%, Series A, Pfd.		89,551			2,246,835
					16,423,535

Department Stores–0.03%
Dillard’s Capital Trust I, 7.50%, Pfd.		23,880			545,419

Diversified Banks–4.98%
Bank of America Corp., 6.20%, Series CC, Pfd.		125,420			3,175,634
Bank of America Corp., 6.00%, Series EE, Pfd.		116,975			2,996,899
Bank of America Corp., 6.00%, Series GG, Pfd.		184,975			4,962,879
Bank of America Corp., 5.88%, Series HH, Pfd.		128,350			3,451,331
Bank of America Corp., 5.38%, Series KK, Pfd.		188,053			4,977,763
Bank of America Corp., 5.00%, Series LL, Pfd.		179,200			4,668,160
Citigroup, Inc., 6.30%, Series S, Pfd.		120,580			3,068,761
Citigroup, Inc., 7.13%, Series J, Pfd.^(f)		110,431			3,122,989
Citigroup, Inc., 6.88%, Series K, Pfd.^(f)		173,505			4,813,029
JPMorgan Chase & Co., 6.10%,
Series AA, Pfd.		166,758			4,217,310
JPMorgan Chase & Co., 6.15%,
Series BB, Pfd.		131,121			3,327,851
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		200,071			5,419,923
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		217,387			5,945,534
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		104,715			2,779,136


	Shares		Value
Diversified Banks–(continued)
U.S. Bancorp, 5.50%, Series K, Pfd.		87,394		$	2,360,512
U.S. Bancorp, 6.50%, Series F, Pfd.^(f)		150,532			4,014,688
U.S. Bancorp, 5.15%, Pfd.		10,000			253,300
Wells Fargo & Co., 5.70%, Series W, Pfd.		134,273			3,410,534
Wells Fargo & Co., 5.50%, Series X, Pfd.		204,223			5,201,560
Wells Fargo & Co., 5.63%, Series Y, Pfd.		109,537			2,838,104
Wells Fargo & Co., 5.20%, Pfd.		85,514			2,160,939
Wells Fargo & Co., 5.13%, Series O, Pfd.		74,112			1,866,140
Wells Fargo & Co., 5.25%, Series P, Pfd.		71,262			1,792,239
Wells Fargo & Co., 5.85%, Series Q, Pfd.^(f)		186,634			4,831,954
Wells Fargo & Co., 6.63%, Series R, Pfd.^(f)		95,248			2,665,992
Wells Fargo & Co., 6.00%, Series T, Pfd.		15,050			382,722
Wells Fargo & Co., 6.00%, Series V, Pfd.		134,123			3,397,336
Wells Fargo & Co., 4.75%, Series Z, Pfd.		105,464			2,634,491
					94,737,710

Diversified Chemicals–0.03%
EI du Pont de Nemours & Co., 4.50%, Series B, Pfd.		4,994			542,848

Diversified REITs–0.26%
iStar, Inc., 8.00%, Series D, Pfd.		11,940			296,112
iStar, Inc., 7.50%, Series I, Pfd.		14,925			354,469
PS Business Parks, Inc., 5.20%, Series W, Pfd.		22,656			589,282
PS Business Parks, Inc., 5.25%, Series X, Pfd.		27,462			711,815
PS Business Parks, Inc., 5.20%, Series Y, Pfd.		23,880			625,895
PS Business Parks, Inc., 4.88%, Series Z, Pfd.		38,805			1,007,766
VEREIT, Inc., 6.70%, Series F, Pfd.		56,332			1,416,750
					5,002,089

Electric Utilities–1.59%
Alabama Power Co., 5.00%, Series A, Pfd.		28,505			779,042
Duke Energy Corp., 5.13%, Pfd.		57,009			1,465,131
Duke Energy Corp., 5.63%, Pfd.		57,009			1,572,878
Duke Energy Corp., 5.75%, Series A, Pfd.		114,018			3,215,308
Entergy Arkansas LLC, 4.88%, Pfd.		48,955			1,267,935
Entergy Louisiana LLC, 4.88%, Pfd.		32,238			831,418
Entergy Louisiana LLC, 5.25%, Pfd.		22,804			594,956
Entergy Louisiana LLC, 4.70%, Pfd.		11,940			303,634
Entergy Mississippi LLC, 4.90%, Pfd.		29,645			787,371
Entergy New Orleans LLC, 5.50%, Pfd.		13,134			337,938
Entergy Texas, Inc., 5.63%, Pfd.		16,119			406,521
Georgia Power Co., 5.00%, Series 2017A, Pfd.		32,238			844,636
Interstate Power and Light Co., 5.10%, Series D, Pfd.		23,880			613,238

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Multi-Asset Income Fund


	Shares		Value
Electric Utilities–(continued)
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.		94,550		$	2,650,237
PPL Capital Funding, Inc., 5.90%, Series B, Pfd.		51,308			1,303,223
SCE Trust II, 5.10%, Pfd.		15,526			368,122
SCE Trust III, 5.75%, Series H, Pfd.^(f)		27,902			616,634
SCE Trust IV, 5.38%, Series J, Pfd.^(f)		32,020			709,883
SCE Trust V, 5.45%, Series K, Pfd.^(f)		28,611			649,470
SCE Trust VI, 5.00%, Pfd.		96,986			2,215,160
Southern Co. (The), 5.25%, Pfd.		111,383			2,889,275
Southern Co. (The), 5.25%, Pfd.		66,488			1,774,565
Southern Co. (The), 4.95%, Series 2020, Pfd.		89,324			2,356,367
Southern Co. (The), 4.20%, Series C, Pfd.		70,000			1,774,500
					30,327,442

Gas Utilities–0.08%
South Jersey Industries, Inc., 5.63%, Pfd.		23,880			608,224
Spire, Inc., 5.90%, Series A, Pfd.		29,850			816,696
					1,424,920

Health Care REITs–0.07%
Diversified Healthcare Trust, 5.63%, Pfd.		73,801			1,384,507

Integrated Telecommunication Services–0.80%
AT&T, Inc., 5.35%, Pfd.		150,789			3,961,227
AT&T, Inc., 5.63%, Pfd.		94,065			2,540,696
AT&T, Inc., 5.00%, Series A, Pfd.		136,822			3,569,686
AT&T, Inc., 4.75%, Series C, Pfd.		199,532			5,046,164
					15,117,773

Internet & Direct Marketing Retail–0.40%
eBay, Inc., 6.00%, Pfd.		85,514			2,184,883
Qurate Retail, Inc., 8.00%, Pfd.		35,000			3,423,700
QVC, Inc., 6.38%, Pfd.		18,437			459,634
QVC, Inc., 6.25%, Pfd.		65,325			1,541,017
					7,609,234

Investment Banking & Brokerage–1.46%
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		85,514			2,214,813
Charles Schwab Corp. (The), 6.00%, Series C, Pfd.		68,411			1,743,112
Goldman Sachs Group, Inc. (The), 6.30%, Series N, Pfd.		80,596			2,107,585
Goldman Sachs Group, Inc. (The), 5.50%, Series J, Pfd.^(f)		114,018			2,988,412
Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.^(f)		83,581			2,321,880
Morgan Stanley, 5.85%, Series K, Pfd.^(f)		119,401			3,364,720
Morgan Stanley, 7.13%, Series E, Pfd.^(f)		98,984			2,845,790
Morgan Stanley, 6.88%, Series F, Pfd.^(f)		101,491			2,835,659
Morgan Stanley, 6.38%, Series I, Pfd.^(f)		119,401			3,374,272
Morgan Stanley, 4.88%, Series L, Pfd.		59,701			1,597,002
Stifel Financial Corp., 6.25%, Series A, Pfd.		17,910			464,585


	Shares		Value
Investment Banking & Brokerage–(continued)
Stifel Financial Corp., 5.20%, Pfd.		26,865		$	707,355
Stifel Financial Corp., 6.25%, Series B, Pfd.		19,104			518,101
Stifel Financial Corp., 6.13%, Series C, Pfd.		26,865			724,549
					27,807,835

Leisure Products–0.09%
Brunswick Corp., 6.50%, Pfd.		21,093			561,707
Brunswick Corp., 6.63%, Pfd.		14,925			407,154
Brunswick Corp., 6.38%, Pfd.		26,224			703,852
					1,672,713

Life & Health Insurance–1.38%
AEGON Funding Co. LLC, 5.10%, Pfd.		105,467			2,748,470
American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.^(f)		45,607			1,135,614
American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.^(f)		35,738			931,332
Athene Holding Ltd., 6.35%, Series A, Pfd.^(f)		103,352			2,767,767
Athene Holding Ltd., 5.63%, Series B, Pfd.		34,937			898,929
Athene Holding Ltd., 6.38%, Series C, Pfd.^(f)		68,411			1,840,256
Brighthouse Financial, Inc., 6.25%, Pfd.		34,062			897,874
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		64,337			1,705,574
Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		40,000			1,092,800
Globe Life, Inc., 6.13%, Pfd.		35,820			926,663
MetLife, Inc., 5.63%, Series E, Pfd.		115,286			3,110,416
MetLife, Inc., 4.75%, Series F, Pfd.		89,787			2,357,807
Prudential Financial, Inc., 5.63%, Pfd.		67,462			1,841,038
Prudential Financial, Inc., 4.13%, Pfd.		53,750			1,360,138
Prudential PLC, 6.75%, Pfd.		57,916			1,505,237
Prudential PLC, 6.50%, Pfd.		8,800			236,544
Unum Group, 6.25%, Pfd.		34,206			904,407
					26,260,866

Multi-line Insurance–0.37%
American Financial Group, Inc., 6.00%, Pfd.		17,910			454,556
American Financial Group, Inc., 5.88%, Pfd.		14,925			410,288
American Financial Group, Inc., 5.13%, Pfd.		22,804			615,708
American Financial Group, Inc., 5.63%, Pfd.		17,869			487,824
American Financial Group, Inc., 4.50%, Pfd.		20,000			536,600
American International Group, Inc., 5.85%, Series A, Pfd.		57,009			1,544,944
Hartford Financial Services Group, Inc. (The), 7.88%, Pfd.^(f)		89,684			2,462,723
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		17,937			492,729
					7,005,372

Multi-Sector Holdings–0.10%
PartnerRe Ltd., 7.25%, Series H, Pfd.		62,358			1,629,414

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Multi-Asset Income Fund


	Shares		Value
Multi-Sector Holdings–(continued)
PartnerRe Ltd., 5.88%, Series I, Pfd.		7,000		$	180,110
PartnerRe Ltd., 6.50%, Series G, Pfd.		5,500			143,000
					1,952,524

Multi-Utilities–0.55%
Algonquin Power & Utilities Corp., 6.88%, Pfd.^(f)		32,780			875,554
Algonquin Power & Utilities Corp., 6.20%, Series 19-A, Pfd.^(f)		39,994			1,076,638
CMS Energy Corp., 5.63%, Pfd.		12,500			337,875
CMS Energy Corp., 5.88%, Pfd.		17,335			476,192
CMS Energy Corp., 5.88%, Pfd.		97,174			2,666,455
Integrys Holding, Inc., 6.00%, Pfd.^(f)		40,250			1,098,825
NiSource, Inc., 6.50%, Series B, Pfd.^(f)		57,009			1,582,570
Sempra Energy, 5.75%, Pfd.		86,369			2,299,143
					10,413,252

Office REITs–0.28%
Boston Properties, Inc., 5.25%, Series B, Pfd.		22,804			581,502
Office Properties Income Trust, 5.88%, Pfd.		37,014			933,863
Office Properties Income Trust, 6.38%, Pfd.		17,000			438,600
SL Green Realty Corp., 6.50%, Series I, Pfd.		27,462			703,027
Vornado Realty Trust, 5.40%, Series L, Pfd.		93,552			2,267,701
Vornado Realty Trust, 5.25%, Series M, Pfd.		17,000			413,780
					5,338,473

Office Services & Supplies–0.05%
Pitney Bowes, Inc., 6.70%, Pfd.		48,458			925,063

Oil & Gas Storage & Transportation–0.40%
DCP Midstream L.P., 7.88%, Series B, Pfd.^(f)		19,253			333,847
DCP Midstream L.P., 7.95%, Series C, Pfd.^(f)		13,134			228,269
Enbridge, Inc., 6.38%, Series B, Pfd.^(f)		68,411			1,745,849
Energy Transfer Operating L.P., 7.38%, Series C, Pfd.^(f)		37,128			679,071
Energy Transfer Operating L.P., 7.63%, Series D, Pfd.^(f)		41,778			782,920
Energy Transfer Operating L.P., 7.60%, Series E, Pfd.^(f)		114,948			2,235,739
NuStar Energy L.P., 8.50%, Series A, Pfd.^(f)		25,825			483,702
NuStar Energy L.P., 9.00%, Series C, Pfd.^(c)(f)		20,597			410,086
NuStar Energy L.P., 7.63%, Series B, Pfd.^(f)		43,897			726,495
					7,625,978

Other Diversified Financial Services–0.22%
Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		33,900			849,195
Equitable Holdings, Inc., 5.25%, Series A, Pfd.		91,215			2,306,827
Voya Financial, Inc., 5.35%, Series B, Pfd.^(f)		35,820			1,016,930
					4,172,952


	Shares		Value
Property & Casualty Insurance–1.02%
Allstate Corp. (The), 5.63%, Series G, Pfd.		66,425		$	1,837,316
Allstate Corp. (The), 5.10%, Pfd.^(f)		57,009			1,482,234
Allstate Corp. (The), 5.10%, Series H, Pfd.		131,121			3,511,420
Allstate Corp. (The), 4.75%, Series I, Pfd.		34,206			906,801
Arch Capital Group Ltd., 5.25%, Series E, Pfd.		70,374			1,793,833
Arch Capital Group Ltd., 5.45%, Series F, Pfd.		20,374			531,761
Argo Group International Holdings Ltd., 7.00%, Pfd.^(f)		17,000			426,530
Argo Group U.S., Inc., 6.50%, Pfd.		17,164			441,801
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		28,505			728,018
Aspen Insurance Holdings Ltd., 5.95%, Pfd.^(f)		31,355			821,188
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		28,505			714,050
Assured Guaranty Municipal Holdings, Inc., 6.25%, Pfd.		48,319			1,275,622
AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		62,710			1,597,851
W R Berkley Corp., 4.25%, Pfd.		25,000			641,250
W.R. Berkley Corp., 5.75%, Pfd.		34,626			891,273
W.R. Berkley Corp., 5.70%, Pfd.		22,089			590,439
W.R. Berkley Corp., 5.90%, Pfd.		13,134			337,544
W.R. Berkley Corp., 5.10%, Pfd.		34,206			913,642
					19,442,573

Real Estate Operating Companies–0.09%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		20,979			438,041
Brookfield Property Partners L.P., 6.38%, Series A2, Pfd.		28,505			575,801
Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		32,780			635,932
					1,649,774

Regional Banks–2.61%
Associated Banc-Corp., 5.88%, Series E, Pfd.		11,940			319,753
Associated Banc-Corp., 5.63%, Series F, Pfd.		11,913			323,438
BancorpSouth Bank, 5.50%, Series A, Pfd.		20,597			537,582
BOK Financial Corp., 5.38%, Pfd.		17,910			457,600
CIT Group, Inc., 5.63%, Series B, Pfd.		23,730			605,115
Citizens Financial Group, Inc., 6.35%, Series D, Pfd.^(f)		21,249			565,223
Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		67,474			1,707,092
Dime Community Bancshares, Inc., 5.50%, Series A, Pfd.		15,782			383,187
F.N.B. Corp., 7.25%, Pfd.^(f)		13,239			365,264
Fifth Third Bancorp, 6.63%, Series I, Pfd.^(f)		63,774			1,803,529
Fifth Third Bancorp, 6.00%, Series A, Pfd.		12,500			332,000
Fifth Third Bancorp, 4.95%, Series K, Pfd.		26,374			690,471

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Multi-Asset Income Fund


	Shares		Value
Regional Banks–(continued)
First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		41,193		$	1,105,208
First Horizon National Corp., 6.20%, Series A, Pfd.		11,940			304,351
First Horizon National Corp., 6.50%, Pfd.		17,869			474,422
First Midwest Bancorp, Inc., 7.00%, Series A, Pfd.		12,866			350,856
First Midwest Bancorp, Inc., 7.00%, Series C, Pfd.		14,500			405,565
First Republic Bank, 5.50%, Series G, Pfd.		17,910			461,899
First Republic Bank, 5.13%, Series H, Pfd.		23,880			624,462
First Republic Bank, 5.50%, Series I, Pfd.		35,820			972,513
First Republic Bank, 4.70%, Series J, Pfd.^(c)		47,164			1,228,151
First Republic Bank, 4.13%, Series K, Pfd.		55,000			1,384,350
Hancock Whitney Corp., 5.95%, Pfd.		17,910			452,048
Hancock Whitney Corp., 6.25%, Pfd.		21,000			571,515
Huntington Bancshares, Inc., 6.25%, Series D, Pfd.		69,088			1,770,035
Huntington Bancshares, Inc., 5.88%, Series C, Pfd.		10,932			290,463
KeyCorp, 6.13%, Series E, Pfd.^(f)		59,966			1,695,239
KeyCorp, 5.65%, Series F, Pfd.		48,458			1,283,652
KeyCorp, 5.63%, Series G, Pfd.		53,731			1,453,423
People’s United Financial, Inc., 5.63%, Series A, Pfd.^(f)		28,505			773,341
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.^(f)		171,028			4,568,158
Popular Capital Trust I, 6.70%, Pfd.		20,645			536,770
Popular Capital Trust II, 6.13%, Pfd.		15,522			397,674
Regions Financial Corp., 6.38%, Series A, Pfd.		57,009			1,461,711
Regions Financial Corp., 6.38%, Series B, Pfd.^(f)		57,009			1,619,056
Regions Financial Corp., 5.70%, Series C, Pfd.^(f)		57,009			1,564,897
SVB Financial Group, 5.25%, Series A, Pfd.		41,790			1,085,704
Synovus Financial Corp., 6.30%, Series D, Pfd.^(f)		23,880			613,955
Synovus Financial Corp., 5.88%, Series E, Pfd.^(f)		41,790			1,076,928
TCF Financial Corp., 5.70%, Series C, Pfd.		20,895			547,449
Texas Capital Bancshares, Inc., 6.50%, Series A, Pfd.		17,910			452,944
Texas Capital Bancshares, Inc., 6.50%, Pfd.		13,254			336,917
Truist Financial Corp., 5.63%, Series H, Pfd.		132,569			3,469,331
Truist Financial Corp., 5.20%, Series G, Pfd.		25,800			656,352
Truist Financial Corp., 5.20%, Series F, Pfd.		10,000			254,200
Truist Financial Corp., 5.25%, Series O, Pfd.		68,499			1,846,048
Truist Financial Corp., 4.75%, Series R, Pfd.		100,000			2,609,000


	Shares		Value
Regional Banks–(continued)
Valley National Bancorp, 5.50%, Series B, Pfd.^(f)		11,940		$	288,112
Valley National Bancorp, 6.25%, Series A, Pfd.^(f)		13,731			363,048
Webster Financial Corp., 5.25%, Series F, Pfd.		17,910			476,943
Wintrust Financial Corp., 6.50%, Series D, Pfd.^(f)		14,925			389,990
Wintrust Financial Corp., 6.88%, Series E, Pfd.^(f)		34,249			911,708
Zions Bancorporation N.A., 6.30%, Series G, Pfd.^(f)		16,524			450,279
					49,668,921

Reinsurance–0.30%
Enstar Group Ltd., 7.00%, Series D, Pfd.^(f)		50,195			1,336,191
Enstar Group Ltd., 7.00%, Series E, Pfd.		9,125			240,900
Reinsurance Group of America, Inc., 5.75%, Pfd.^(f)		63,649			1,732,526
Reinsurance Group of America, Inc., 6.20%, Pfd.^(f)		29,999			791,374
RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		29,850			804,457
RenaissanceRe Holdings Ltd., 5.38%, Series E, Pfd.		32,835			827,770
					5,733,218

Renewable Electricity–0.03%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		22,804			591,992

Residential REITs–0.13%
American Homes 4 Rent, 5.88%, Series F, Pfd.		24,233			636,116
American Homes 4 Rent, 5.88%, Series G, Pfd.		4,500			118,350
American Homes 4 Rent, 6.50%, Series D, Pfd.		37,089			959,864
American Homes 4 Rent, 6.35%, Series E, Pfd.		27,462			707,421
American Homes 4 Rent, 6.25%, Series H, Pfd.		4,000			108,120
					2,529,871

Retail REITs–0.23%
Federal Realty Investment Trust, 5.00%, Series C, Pfd.		17,910			462,794
Kimco Realty Corp., 5.13%, Series L, Pfd.		25,654			666,491
Kimco Realty Corp., 5.25%, Class M, Pfd.		30,158			772,950
National Retail Properties, Inc., 5.20%, Series F, Pfd.^(c)		39,336			1,005,821
SITE Centers Corp., 6.38%, Series A, Pfd.		20,895			509,838
SITE Centers Corp., 6.25%, Series K, Pfd.		17,910			429,661
Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		20,597			533,874
					4,381,429

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Multi-Asset Income Fund


	Shares		Value
Specialized Finance–0.04%
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		28,505		$	775,336

Specialized REITs–0.86%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		22,804			598,833
Digital Realty Trust, Inc., 6.63%, Series C, Pfd.		24,030			629,345
Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		23,944			664,446
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		41,193			1,095,734
EPR Properties, 5.75%, Series G, Pfd.		17,910			316,828
Public Storage, 5.40%, Series B, Pfd.		41,175			1,049,551
Public Storage, 5.13%, Series C, Pfd.		72,074			1,849,419
Public Storage, 4.95%, Series D, Pfd.		99,750			2,555,595
Public Storage, 4.90%, Series E, Pfd.		97,449			2,503,465
Public Storage, 5.15%, Series F, Pfd.		9,700			255,595
Public Storage, 5.05%, Series G, Pfd.		21,400			559,396
Public Storage, 5.60%, Series H, Pfd.		21,200			599,960
Public Storage, 4.88%, Series I, Pfd.		33,500			904,835
Public Storage, 4.70%, Series J, Pfd.		10,000			268,000
Public Storage, 4.75%, Series K, Pfd.		18,500			508,750
Public Storage, 4.63%, Series L, Pfd.		59,564			1,573,085
QTS Realty Trust, Inc., 7.13%, Series A, Pfd.		12,747			345,444
					16,278,281

Thrifts & Mortgage Finance–0.08%
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.^(f)		58,720			1,522,610

Trading Companies & Distributors–0.24%
Air Lease Corp., 6.15%, Series A, Pfd.^(f)		28,505			653,905
Fortress Transportation and Infrastructure Investors LLC, 8.00%, Series B, Pfd.^(f)		10,000			189,300
GATX Corp., 5.63%, Pfd.		17,910			468,347
Triton International Ltd., 8.00%, Pfd.		17,164			431,503
Triton International Ltd., 7.38%, Pfd.		20,895			517,987
Triton International Ltd., 6.88%, Pfd.		17,910			428,765
WESCO International, Inc., 10.63%, Series A, Pfd.^(f)		64,000			1,854,720
					4,544,527

Wireless Telecommunication Services–0.34%
Telephone & Data Systems, Inc., 7.00%, Pfd.		35,820			903,739
Telephone & Data Systems, Inc., 5.88%, Pfd.		23,283			580,678
Telephone & Data Systems, Inc., 6.88%, Pfd.		26,865			680,759
Telephone & Data Systems, Inc., 6.63%, Pfd.		13,880			356,855
United States Cellular Corp., 7.25%, Pfd.		34,206			868,148
United States Cellular Corp., 6.95%, Pfd.		38,994			992,787
United States Cellular Corp., 7.25%, Pfd.		31,355			807,078


	Shares			Value
Wireless Telecommunication Services–(continued)
United States Cellular Corp., 6.25%, Pfd.			50,000		$	1,314,500
						6,504,544
Total Preferred Stocks (Cost $405,085,957)						409,888,962

	Principal Amount
Equity Linked Notes–20.07%
Diversified Banks–15.63%
Bank of Montreal (Canada), 16.59%, 11/16/2020^(b)		$	16,913,000			15,903,410
15.02%, 11/24/2020^(b)			16,460,000			15,611,904
Barclays Bank PLC (United Kingdom), 20.24%, 11/12/2020^(b)			17,316,000			16,400,628
54.15%, 11/17/2020^(b)			8,910,000			8,576,827
BNP Paribas Issuance B.V. (France), 17.14%, 11/09/2020^(b)			8,880,000			8,731,041
13.48%, 11/10/2020^(b)			16,992,000			17,215,609
14.90%, 11/16/2020^(b)			17,012,000			15,792,740
16.86%, 11/30/2020^(b)			8,790,000			8,387,475
Canadian Imperial Bank of Commerce (Canada), 16.13%, 11/06/2020^(b)			16,445,000			16,020,882
Series 1,13.91%, 11/23/2020^(b)			16,547,000			15,345,529
Citigroup Global Markets Holdings, Inc., 16.17%, 11/19/2020^(b)			17,144,000			16,358,713
16.82%, 11/27/2020^(b)			16,783,000			16,236,288
HSBC Bank USA N.A., 14.20%, 11/13/2020^(b)			16,872,000			16,879,121
13.75%, 12/08/2020^(b)			17,176,000			17,078,857
12.40%, 12/09/2020^(b)			17,220,000			17,085,547
JPMorgan Chase Bank N.A., 18.02%, 11/04/2020^(b)			16,753,000			16,367,377
49.50%, 11/18/2020^(b)			8,576,000			8,246,075
Royal Bank of Canada (Canada), 12.37%, 11/02/2020^(b)			17,141,000			17,946,750
19.40%, 11/17/2020^(b)			8,465,000			7,947,872
18.69%, 11/18/2020^(b)			8,539,000			8,130,979
17.36%, 12/07/2020^(b)			8,730,000			8,679,689
41.19%, 12/07/2020^(b)			8,730,000			8,510,160
						297,453,473

Diversified Capital Markets–2.64%
Credit Suisse AG (Switzerland), 15.00%, 11/03/2020			17,126,000			17,787,500
13.60%, 11/20/2020^(b)			16,475,000			16,255,662
15.10%, 12/03/2020^(b)			16,658,000			16,138,271
						50,181,433

Investment Banking & Brokerage–1.80%
Goldman Sachs Group, Inc. (The), 19.20%, 11/09/2020^(b)			8,880,000			9,171,280
45.27%, 11/30/2020^(b)			8,790,000			8,208,138
18.45%, 12/10/2020^(b)			16,797,000			16,797,000
						34,176,418
Total Equity Linked Notes (Cost $391,120,000)						381,811,324

U.S. Treasury Securities–7.56%
U.S. Treasury Bills–0.05%
0.09% - 0.11%, 02/04/2021^(i)(j)			942,000			941,779

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Multi-Asset Income Fund


	Principal Amount			Value
U.S. Treasury Bonds–7.51%
4.25%, 11/15/2040^(k)		$	94,800,000		$	142,951,735
Total U.S. Treasury Securities (Cost $125,208,786)						143,893,514

Asset-Backed Securities–0.44%
Apidos CLO XV, Series 2013-15A, Class CRR, 2.07% (3 mo. USD LIBOR + 1.85%), 04/20/2031^(b)(l)			1,400,000			1,338,230
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2019-1A, Class C, 2.97% (3 mo. USD LIBOR + 2.75%), 04/18/2032^(b)(l)			1,300,000			1,291,836
Series 2019-3A, Class C, 3.06% (3 mo. USD LIBOR + 2.85%), 10/21/2032^(b)(l)			923,000			918,399
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037			84,113			82,194
GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037^(m)			3,913			4,063
Magnetite XXIII Ltd., Series 2019-23A, Class C, 2.61% (3 mo. USD LIBOR + 2.40%), 10/25/2032^(b)(l)			1,405,000			1,396,412
Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class C1, 2.82% (3 mo. USD LIBOR + 2.60%), 01/20/2033^(b)(l)			1,405,000			1,397,003
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(b)			1,762,173			1,861,392
Total Asset-Backed Securities (Cost $8,234,171)						8,289,529

Non-U.S. Dollar Denominated Bonds & Notes–0.26%⁽ⁿ⁾

Building Products–0.06%

Maxeda DIY Holding B.V. (Netherlands), 5.88%, 10/01/2026^(b)		EUR	978,000			1,133,206

Casinos & Gaming–0.01%

Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023^(b)		EUR	211,000			249,427

Diversified Banks–0.16%

Erste Group Bank AG (Austria), 6.50%^(b)(f)(g)		EUR	2,400,000			2,980,214

Food Retail–0.02%

Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025^(b)		GBP	250,000			309,323

Other Diversified Financial Services–0.01%

eG Global Finance PLC (United Kingdom), 6.25%, 10/30/2025^(b)		EUR	200,000			222,646


	Principal Amount			Value
Textiles–0.00%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023^(b)		EUR	100,000		$	78,614
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $5,156,078)						4,973,430

Variable Rate Senior Loan Interests–0.08%^(o)(p)
Cable & Satellite–0.02%
Altice Financing S.A. (Luxembourg), Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), 07/15/2025		$	403,458			385,891

Oil & Gas Exploration & Production–0.03%
Ascent Resources Utica Holdings LLC, Term Loan, 9.00% (1 mo. USD LIBOR + 9.00%), 11/01/2025			548,000			581,223

Pharmaceuticals–0.03%
Valeant Pharmaceuticals International, Inc. (Canada), First Lien Incremental Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), 11/27/2025			517,486			506,598
Total Variable Rate Senior Loan Interests (Cost $1,463,872)						1,473,712

	Shares
Common Stocks & Other Equity Interests–0.02%
Oil & Gas Exploration & Production–0.02%

Whiting Petroleum Corp.^(q)(Cost $923,277)			20,168			294,453

	Principal Amount

Agency Credit Risk Transfer Notes–0.01%

Freddie Mac Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 3.40% (1 mo. USD LIBOR + 3.25%), 10/15/2049 (Cost $294,000)^(b)(l)		$	294,000			272,227

U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Collateralized Mortgage Obligations–0.00%
Fannie Mae REMICs, 3.00%, 12/25/2020 to 01/25/2021			71			72
13.80% (1 mo. USD LIBOR + 14.10%), 12/25/2033^(l)			1,714			1,742
IO,
6.55% (1 mo. USD LIBOR + 6.70%), 02/25/2024^(l)(r)			1,209			64
9.65% (1 mo. USD LIBOR + 9.80%), 03/17/2031^(l)(r)			59			4
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,104)						1,882

	Shares

Money Market Funds–14.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(s)(t)			91,650,571			91,650,571
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(s)(t)			70,600,839			70,629,080

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Multi-Asset Income Fund


	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(s)(t)		104,743,510		$	104,743,510
Total Money Market Funds (Cost $267,005,678)					267,023,161
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.90% (Cost $1,931,016,606)					1,938,376,315
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.49%
Invesco Private Government Fund, 0.04%^(s)(t)(u)		3,753,133			3,753,133


	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(s)(t)(u)		5,628,012		$	5,629,700
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,382,833)					9,382,833
TOTAL INVESTMENTS IN SECURITIES–102.39% (Cost $1,940,399,439)					1,947,759,148
OTHER ASSETS LESS LIABILITIES–(2.39)%					(45,439,378	)
NET ASSETS–100.00%				$	1,902,319,770

Investment Abbreviations:


CLO		- Collateralized Loan Obligation
Conv.		- Convertible
EUR		- Euro
GBP		- British Pound Sterling
IO		- Interest Only
LIBOR		- London Interbank Offered Rate
Pfd.		- Preferred
PIK		- Pay-in-Kind
REIT		- Real Estate Investment Trust
REMICs		- Real Estate Mortgage Investment Conduits
USD		- U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Multi-Asset Income Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $842,807,246, which represented 44.30% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2020.

^(d)	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, 2020 was $5,836,605, which represented less than 1% of the Fund’s Net Assets.

^(e)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(f)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)	Perpetual bond with no specified maturity date.

^(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 designated as collateral to cover margin requirements for swap agreements. See Note 1R.

^(j)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(k)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

^(l⁾	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2020.

^(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, 2020.

⁽ⁿ⁾	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(o⁾

^(p)

^(q)	Non-income producing security.

^(r)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(s)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	20,918,386		$	876,275,021		$	(805,542,836	)		$	-		$	-			$	91,650,571		$	245,794
Invesco Liquid Assets Portfolio, Institutional Class			14,949,795			461,165,596			(405,495,172	)			16,089			(7,228	)			70,629,080			278,409
Invesco Treasury Portfolio, Institutional Class			23,906,727			735,778,594			(654,941,811	)			-			-				104,743,510			220,609
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			33,056,415			(29,303,282	)			-			-				3,753,133			513*
Invesco Private Prime Fund			-			14,732,030			(9,102,492	)			-			162				5,629,700			782*
Total		$	59,774,908		$	2,121,007,656		$	(1,904,385,593	)		$	16,089		$	(7,066	)		$	276,405,994		$	746,107

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(t)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(u)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1L.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Multi-Asset Income Fund


Open Futures Contracts^(a)

											Unrealized
	Number of		Expiration		Notional						Appreciation
Long Futures Contracts	Contracts		Month		Value			Value			(Depreciation)

Equity Risk

E-Mini Russell 2000 Index		425		December-2020	$	32,657,000		$	798,999		$	798,999

E-Mini S&P 500 Index		155		December-2020		25,301,425			(970,168	)		(970,168	)

EURO STOXX 50 Index		270		December-2020		9,304,739			(1,130,784	)		(1,130,784	)

FTSE 100 Index		175		December-2020		12,613,146			(1,103,986	)		(1,103,986	)

Hang Seng Index		75		November-2020		11,685,102			(274,291	)		(274,291	)

Tokyo Stock Price Index		245		December-2020		36,810,258			(632,654	)		(632,654	)

Subtotal									(3,312,884	)		(3,312,884	)

Interest Rate Risk

Long Gilt		278		December-2020		48,865,000			(146,879	)		(146,879	)

U.S. Treasury 5 Year Notes		34		December-2020		4,270,453			(10,694	)		(10,694	)

U.S. Treasury 10 Year Ultra Notes		76		December-2020		11,953,375			(184,404	)		(184,404	)

U.S. Treasury Long Bonds		398		December-2020		68,642,563			(1,509,198	)		(1,509,198	)

U.S. Treasury Ultra Bonds		60		December-2020		12,900,000			(445,202	)		(445,202	)

Subtotal									(2,296,377	)		(2,296,377	)

Subtotal–Long Futures Contracts									(5,609,261	)		(5,609,261	)


Short Futures Contracts

Interest Rate Risk

U.S. Treasury 10 Year Notes		18		December-2020		(2,487,938	)		18,198			18,198

U.S. Treasury Long Bonds		137		December-2020		(23,628,219	)		555,805			555,805

Subtotal–Short Futures Contracts									574,003			574,003

Total Futures Contracts								$	(5,035,258	)		(5,035,258)

^(a)	Futures contracts collateralized by $10,960,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized

Date

Counterparty

Deliver

Receive

Appreciation

Currency Risk

11/20/2020

Canadian Imperial Bank of Commerce

GBP

165,000

USD

215,563

1,782

11/20/2020

Citibank, N.A.

EUR

1,900,000

USD

2,251,203

37,539

11/20/2020

Goldman Sachs International

EUR

1,642,000

USD

1,940,120

27,048

Total Forward Foreign Currency Contracts

66,369


Open Centrally Cleared Credit Default Swap Agreements
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread^(a)			Notional Value		Upfront Payments Paid (Received)				Value				Unrealized Appreciation (Depreciation)
Credit Risk
Markit CDX North America High Yield Index, Series 34, Version 9		Buy		5.00	%		Quarterly		06/20/2025		3.958	%		USD 8,280,000		$	(51,444	)		$	(359,029	)		$	(307,585	)

^(a)

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:

Investments in securities, at value (Cost $1,664,010,928)*	$	1,671,353,154
Investments in affiliated money market funds, at value (Cost $276,388,511)		276,405,994
Other investments:
Variation margin receivable-centrally cleared swap agreements		8,715
Unrealized appreciation on forward foreign currency contracts outstanding		66,369
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		10,960,000
Cash		16,755,208
Foreign currencies, at value (Cost $288,176)		304,917
Receivable for:
Investments sold		35,960,964
Fund shares sold		557,839
Dividends		2,572,817
Interest		14,916,983
Investment for trustee deferred compensation and retirement plans		226,484
Other assets		51,797
Total assets		2,030,141,241

Liabilities:

Other investments:
Variation margin payable - futures contracts		2,049,236
Payable for:
Investments purchased		110,178,460
Fund shares reacquired		4,070,157
Collateral upon return of securities loaned		9,382,833
Accrued fees to affiliates		767,691
Accrued other operating expenses		1,100,377
Trustee deferred compensation and retirement plans		272,717
Total liabilities		127,821,471
Net assets applicable to shares outstanding	$	1,902,319,770


Net assets consist of:

Shares of beneficial interest	$	2,409,965,165

Distributable earnings (loss)		(507,645,395	)

	$	1,902,319,770


Net Assets:

Class A	$	1,209,154,048

Class C	$	210,967,224

Class R	$	55,930,020

Class Y	$	360,565,437

Class R5	$	85,200

Class R6	$	65,617,841


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		130,511,222

Class C		22,777,776

Class R		6,030,450

Class Y		38,881,989

Class R5		9,193

Class R6		7,076,362

Class A:
Net asset value per share	$	9.26

Maximum offering price per share (Net asset value of $9.26 ÷ 94.50%)	$	9.80

Class C:
Net asset value and offering price per share	$	9.26

Class R:
Net asset value and offering price per share	$	9.27

Class Y:
Net asset value and offering price per share	$	9.27

Class R5:
Net asset value and offering price per share	$	9.27

Class R6:
Net asset value and offering price per share	$	9.27

*	At October 31, 2020, securities with an aggregate value of $9,077,366 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Multi-Asset Income Fund

Statement of Operations

For the year ended October 31, 2020



Investment income:

Interest (net of foreign withholding taxes of $58,770)	$	83,353,389

Dividends (net of foreign withholding taxes of $1,745)		17,704,460

Dividends from affiliated money market funds (includes securities lending income of $20,597)		765,409

Total investment income		101,823,258


Expenses:

Advisory fees		6,608,964

Administrative services fees		218,436

Custodian fees		24,360

Distribution fees:
Class A		1,783,061

Class C		1,836,695

Class R		166,564

Transfer agent fees – A, C, R and Y		2,297,020

Transfer agent fees – R5		77

Transfer agent fees – R6		3,404

Trustees’ and officers’ fees and benefits		31,116

Registration and filing fees		136,076

Licensing fees		577,829

Reports to shareholders		47,562

Professional services fees		52,301

Taxes		6,297

Other		2,802

Total expenses		13,792,564

Less: Fees waived and/or expense offset arrangement(s)		(1,457,126	)

Net expenses		12,335,438

Net investment income		89,487,820


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities		(125,514,275	)

Foreign currencies		73,198

Forward foreign currency contracts		(140,786	)

Futures contracts		(9,449,457	)

Option contracts written		157,955

Swap agreements		(1,589,814	)

		(136,463,179	)

Change in net unrealized appreciation (depreciation) of:
Investment securities		76,863,073

Foreign currencies		36,187

Forward foreign currency contracts		76,722

Futures contracts		(9,078,914	)

Option contracts written		7,873

Swap agreements		(308,245	)

		67,596,696

Net realized and unrealized gain (loss)		(68,866,483	)

Net increase in net assets resulting from operations	$	20,621,337

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:
Net investment income	$	89,487,820		$	32,746,989

Net realized gain (loss)		(136,463,179	)		(8,230,798	)

Change in net unrealized appreciation		67,596,696			49,924,873

Net increase in net assets resulting from operations		20,621,337			74,441,064


Distributions to shareholders from distributable earnings:
Class A		(43,417,650	)		(8,046,699	)

Class C		(9,182,693	)		(4,404,348	)

Class R		(1,823,413	)		(158,155	)

Class Y		(25,144,721	)		(18,244,593	)

Class R5		(5,020	)		(7,039	)

Class R6		(4,004,038	)		(3,184,274	)

Total distributions from distributable earnings		(83,577,535	)		(34,045,108	)


Share transactions–net:
Class A		1,000,267,355			47,016,424

Class C		104,140,912			27,173,051

Class R		49,020,979			2,790,424

Class Y		27,485,746			88,523,815

Class R5		(9,326	)		(52,932	)

Class R6		14,917,961			1,874,966

Net increase in net assets resulting from share transactions		1,195,823,627			167,325,748

Net increase in net assets		1,132,867,429			207,721,704


Net assets:
Beginning of year		769,452,341			561,730,637

End of year	$	1,902,319,770		$	769,452,341

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30 Invesco Multi-Asset Income Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/20		$	10.79		$	0.58		$	(1.55	)		$	(0.97	)		$	(0.56	)		$	-			$	(0.56	)		$	9.26		(8.97	)%^(d)		$	1,209,154		0.82	%^(d)(e)		0.92	%^(d)(e)		6.13	%^(d)(e)		117	%
Year ended 10/31/19			10.07			0.55			0.74				1.29				(0.57	)			-				(0.57	)			10.79		13.18				188,655		0.84			0.97			5.21			76
Year ended 10/31/18			11.01			0.51			(0.84	)			(0.33	)			(0.52	)			(0.09	)			(0.61	)			10.07		(3.13	)			131,971		0.85			1.00			4.76			59
Year ended 10/31/17			10.51			0.49			0.50				0.99				(0.49	)			-				(0.49	)			11.01		9.64				191,395		0.86			1.06			4.53			40
Year ended 10/31/16			10.09			0.47			0.45				0.92				(0.50	)			-				(0.50	)			10.51		9.44				91,585		1.04			1.28			4.60			101
Class C
Year ended 10/31/20			10.78			0.51			(1.54	)			(1.03	)			(0.49	)			-				(0.49	)			9.26		(9.58	)			210,967		1.59	^(e)		1.69	^(e)		5.36	^(e)		117
Year ended 10/31/19			10.06			0.47			0.74				1.21				(0.49	)			-				(0.49	)			10.78		12.35				118,619		1.59			1.72			4.46			76
Year ended 10/31/18			11.00			0.43			(0.84	)			(0.41	)			(0.44	)			(0.09	)			(0.53	)			10.06		(3.87	)			85,370		1.60			1.75			4.01			59
Year ended 10/31/17			10.50			0.41			0.50				0.91				(0.41	)			-				(0.41	)			11.00		8.83				74,211		1.61			1.81			3.78			40
Year ended 10/31/16			10.08			0.39			0.45				0.84				(0.42	)			-				(0.42	)			10.50		8.62				24,238		1.79			2.03			3.85			101
Class R
Year ended 10/31/20			10.78			0.55			(1.52	)			(0.97	)			(0.54	)			-				(0.54	)			9.27		(9.02	)			55,930		1.09	^(e)		1.19	^(e)		5.86	^(e)		117
Year ended 10/31/19			10.07			0.52			0.74				1.26				(0.55	)			-				(0.55	)			10.78		12.80				5,202		1.09			1.22			4.96			76
Year ended 10/31/18			11.01			0.48			(0.84	)			(0.36	)			(0.49	)			(0.09	)			(0.58	)			10.07		(3.38	)			2,220		1.10			1.25			4.51			59
Year ended 10/31/17			10.51			0.46			0.50				0.96				(0.46	)			-				(0.46	)			11.01		9.37				1,608		1.11			1.31			4.28			40
Year ended 10/31/16			10.08			0.44			0.46				0.90				(0.47	)			-				(0.47	)			10.51		9.28				538		1.29			1.53			4.35			101
Class Y
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			-				(0.59	)			9.27		(8.65	)			360,565		0.59	^(e)		0.69	^(e)		6.36	^(e)		117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			-				(0.60	)			10.79		13.47				397,303		0.59			0.72			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			288,116		0.60			0.75			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			-				(0.52	)			11.01		9.91				328,798		0.61			0.81			4.78			40
Year ended 10/31/16			10.09			0.50			0.44				0.94				(0.52	)			-				(0.52	)			10.51		9.71				31,049		0.79			1.03			4.85			101
Class R5
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			-				(0.59	)			9.27		(8.63	)			85		0.59	^(e)		0.63	^(e)		6.36	^(e)		117
Year ended 10/31/19			10.08			0.57			0.74				1.31				(0.60	)			-				(0.60	)			10.79		13.35				104		0.59			0.68			5.46			76
Year ended 10/31/18			11.01			0.53			(0.82	)			(0.29	)			(0.55	)			(0.09	)			(0.64	)			10.08		(2.79	)			150		0.60			0.69			5.01			59
Year ended 10/31/17			10.52			0.52			0.49				1.01				(0.52	)			-				(0.52	)			11.01		9.81				30		0.61			0.72			4.78			40
Year ended 10/31/16			10.09			0.50			0.45				0.95				(0.52	)			-				(0.52	)			10.52		9.82				19		0.79			0.90			4.85			101
Class R6
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			-				(0.59	)			9.27		(8.59	)			65,618		0.53	^(e)		0.54	^(e)		6.42	^(e)		117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			-				(0.60	)			10.79		13.47				59,569		0.59			0.60			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			53,904		0.60			0.63			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			-				(0.52	)			11.01		9.91				61,077		0.61			0.69			4.78			40
Year ended 10/31/16			10.09			0.49			0.45				0.94				(0.52	)			—				(0.52	)			10.51		9.71				49,388		0.79			0.90			4.85			101

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,279,950,104 in connection with the acquisition of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% for Class A for the year ended October 31, 2020.

^(e)	Ratios are based on average daily net assets (000’s omitted) of $760,084, $183,670, $33,313, $421,957, $84 and $65,634 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.

31 Invesco Multi-Asset Income Fund

Notes to Financial Statements

October 31, 2020

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 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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

32 Invesco Multi-Asset Income Fund

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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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.

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.

Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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.

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. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

Exchange-traded Notes — The Fund may invest in exchange-traded notes (“ETNs”) which are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy, minus applicable fees. ETNs can be traded on an exchange and/or they can be held to maturity. At maturity, the issuer pays the investor a cash amount equal to the principal amount, subject to the day’s market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying market, changes in the applicable interest rates, and economic legal, political, or geographic events that affect the referenced underlying market or assets. ETNs are subject to credit risk, including the credit risk of the issuer, and counterparty risk.

Equity-Linked Notes — The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, exchange-traded note, or an index or basket of securities (underlying securities)) and a related equity derivative, such as a put or call option. Generally, when purchasing an ELN, a Fund pays the counterparty the current value of the underlying securities plus a commission. Upon the maturity of the note, the Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the

33 Invesco Multi-Asset Income Fund

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.

Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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.

Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Call Options Purchased and Written — The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

34 Invesco Multi-Asset Income Fund

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.

Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

35 Invesco Multi-Asset Income Fund

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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.

LIBOR Risk — The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

Other Risks — The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

U.	Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

V.	Collateral — To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2020, the effective advisory fee rate incurred by the Fund was 0.45%.

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, 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.

36 Invesco Multi-Asset Income Fund

For the year ended October 31, 2020, the Adviser waived advisory fees of $198,552 and reimbursed class level expenses of $681,946, $161,454, $30,079, $379,960, $21 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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, 2020, IDI advised the Fund that IDI retained $142,937 in front-end sales commissions from the sale of Class A shares and $7,482 and $29,695 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

Level 1 -

Prices are determined using quoted prices in an active market for identical assets.

Level 2 -

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 -

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3			Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	7,314,421		$	713,139,700		$	–		$	720,454,121
Preferred Stocks			409,888,962			–			–			409,888,962
Equity Linked Notes			–			381,811,324			–			381,811,324
U.S. Treasury Securities			–			143,893,514			–			143,893,514
Asset-Backed Securities			–			8,289,529			–			8,289,529
Non-U.S. Dollar Denominated Bonds & Notes			–			4,973,430			–			4,973,430
Variable Rate Senior Loan Interests			–			1,473,712			–			1,473,712
Common Stocks & Other Equity Interests			294,453			–			–			294,453
Agency Credit Risk Transfer Notes			–			272,227			–			272,227
U.S. Government Sponsored Agency Mortgage-Backed Securities			–			1,882			–			1,882
Money Market Funds			267,023,161			9,382,833			–			276,405,994
Total Investments in Securities			684,520,997			1,263,238,151			–			1,947,759,148

Other Investments - Assets*
Futures Contracts			1,373,002			–			–			1,373,002
Forward Foreign Currency Contracts			–			66,369			–			66,369
			1,373,002			66,369			–			1,439,371

37 Invesco Multi-Asset Income Fund


	Level 1				Level 2				Level 3			Total

Other Investments - Liabilities*
Futures Contracts		$	(6,408,260	)		$	-			$	-		$	(6,408,260	)
Swap Agreements			-				(307,585	)			-			(307,585	)
			(6,408,260	)			(307,585	)			-			(6,715,845	)
Total Other Investments			(5,035,258	)			(241,216	)			-			(5,276,474	)
Total Investments		$	679,485,739			$	1,262,996,935			$	-		$	1,942,482,674

*	Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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, 2020:


	Value
Derivative Assets	Credit Risk				Currency Risk			Equity Risk				Interest Rate Risk				Total
Unrealized appreciation on futures contracts - Exchange-Traded^(a)		$	-			$	-		$	798,999			$	574,003			$	1,373,002
Unrealized appreciation on forward foreign currency contracts outstanding			-				66,369			-				-				66,369
Total Derivative Assets			-				66,369			798,999				574,003				1,439,371
Derivatives not subject to master netting agreements			-				-			(798,999	)			(574,003	)			(1,373,002	)
Total Derivative Assets subject to master netting agreements		$	-			$	66,369		$	-			$	-			$	66,369

	Value
Derivative Liabilities	Credit Risk				Currency Risk			Equity Risk				Interest Rate Risk				Total
Unrealized depreciation on futures contracts - Exchange-Traded^(a)		$	-			$	-		$	(4,111,883	)		$	(2,296,377	)		$	(6,408,260	)
Unrealized depreciation on swap agreements - Centrally Cleared^(a)			(307,585	)			-			-				-				(307,585	)
Total Derivative Liabilities			(307,585	)			-			(4,111,883	)			(2,296,377	)			(6,715,845	)
Derivatives not subject to master netting agreements			307,585				-			4,111,883				2,296,377				6,715,845
Total Derivative Liabilities subject to master netting agreements		$	-			$	-		$	-			$	-			$	-

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2020.


	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
Canadian Imperial Bank of Commerce		$	1,782		$	-		$	1,782		$	-		$	-		$	1,782
Citibank, N.A.			37,539			-			37,539			-			-			37,539
Goldman Sachs International			27,048			-			27,048			-			-			27,048
Total		$	66,369		$	-		$	66,369		$	-		$	-		$	66,369

38 Invesco Multi-Asset Income Fund

Effect of Derivative Investments for the year ended October 31, 2020

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		$	-			$	(140,786	)		$	-			$	-			$	(140,786	)
Futures contracts			-				-				(21,235,992	)			11,786,535				(9,449,457	)
Options purchased^(a)			-				-				-				(239,945	)			(239,945	)
Options written			157,955				-				-				-				157,955
Swap agreements			(1,113,858	)			-				(475,956	)			-				(1,589,814	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts			-				76,722				-				-				76,722
Futures contracts			-				-				(7,537,571	)			(1,541,343	)			(9,078,914	)
Options purchased^(a)			-				-				-				(12,659	)			(12,659	)
Options written			7,873				-				-				-				7,873
Swap agreements			(307,585	)			-				(660	)			-				(308,245	)
Total		$	(1,255,615	)		$	(64,064	)		$	(29,250,179	)		$	9,992,588			$	(20,577,270	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts			Futures Contracts			Swaptions Purchased			Swaptions Written			Swap Agreements
Average notional value		$	1,898,901		$	501,211,257		$	19,000,000		$	15,400,000		$	6,093,636

NOTE 5–Expense Offset Arrangement(s)

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

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, 2020 and 2019:


	2020			2019
Ordinary income*		$	83,577,535		$	34,045,108

^*	Includes short-term capital gain distributions, if any.

39 Invesco Multi-Asset Income Fund

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	12,944,573

Net unrealized appreciation (depreciation) - investments		(2,607,438	)

Net unrealized appreciation - foreign currencies		80,866

Temporary book/tax differences		(263,436	)

Capital loss carryforward		(517,799,960	)

Shares of beneficial interest		2,409,965,165

Total net assets	$	1,902,319,770

The Fund has a capital loss carryforward as of October 31, 2020, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	376,650,333	$	141,149,627	$	517,799,960

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $632,754,885 and $953,356,124, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $49,551,102 and $54,933,064, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$50,980,743

Aggregate unrealized (depreciation) of investments	(53,588,181	)

Net unrealized appreciation (depreciation) of investments	$ (2,607,438	)

Cost of investments for tax purposes is $1,945,090,112.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of target merger attributes, on October 31, 2020, undistributed net investment income was increased by $4,211,157, undistributed net realized gain (loss) was decreased by $4,204,897 and shares of beneficial interest was decreased by $6,260. Further, as a result of tax deferrals acquired in the reorganizations of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund into the Fund, undistributed net investment income was decreased by $752,149, undistributed net realized gain (loss) was decreased by $353,747,739 and shares of beneficial interest was increased by $354,499,888. These reclassifications had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)				Year ended October 31, 2019
	Shares		Amount		Shares		Amount

Sold:

Class A		8,837,871	$	88,755,660		8,223,833	$	87,125,025

Class C		2,856,994		29,356,874		4,641,964		49,080,633

Class R		595,843		5,785,820		296,704		3,159,273

Class Y		16,440,584		167,316,372		20,007,093		210,574,513

Class R5		-		110		-		-

Class R6		1,764,474		16,779,029		313,437		3,304,813

40 Invesco Multi-Asset Income Fund


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Class A		4,010,393		$	37,584,452			595,188		$	6,219,236

Class C		704,919			6,647,943			280,127			2,924,043

Class R		193,046			1,809,692			15,040			157,523

Class Y		1,927,191			18,384,754			1,272,079			13,304,500

Class R5		405			3,889			620			6,439

Class R6		419,206			3,980,308			304,898			3,182,818


Automatic conversion of Class C shares to Class A shares:

Class A		1,803,643			16,874,860			326,563			3,379,001

Class C		(1,803,869	)		(16,874,860	)		(326,877	)		(3,379,001	)


Issued in connection with acquisitions:^(b)
Class A		124,864,023			1,103,134,519			-			-

Class C		17,661,349			155,963,156			-			-

Class R		5,864,869			51,826,412			-			-

Class Y		20,645,499			182,406,435			-			-

Class R5		1,827			16,146			-			-

Class R6		1,551,029			13,703,735			-			-


Reacquired:

Class A		(26,495,343	)		(246,082,136	)		(4,758,793	)		(49,706,838	)

Class C		(7,648,910	)		(70,952,201	)		(2,072,188	)		(21,452,624	)

Class R		(1,105,734	)		(10,400,945	)		(49,757	)		(526,372	)

Class Y		(36,959,975	)		(340,621,815	)		(13,054,343	)		(135,355,198	)

Class R5		(2,711	)		(29,471	)		(5,794	)		(59,371	)

Class R6		(2,179,968	)		(19,545,111	)		(447,891	)		(4,612,665	)

Net increase in share activity		133,946,655		$	1,195,823,627			15,561,903		$	167,325,748

^(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.

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 170,588,596 shares of the Fund for 178,589,134 and 8,056,589 shares outstanding of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund, respectively, as of the close of business on April 17, 2020. Shares of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund’s net assets as of the close of business on April 17, 2020 of $1,448,168,023 and $58,882,379, respectively, including $(83,083,525) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $646,225,063 and $2,153,275,466 immediately after the acquisition.


Net investment income	$	135,024,573
Net realized/unrealized gains (losses)		(451,337,346	)
Change in net assets resulting from operations	$	(316,312,773	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund that have been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 12–Coronavirus (COVID-19) Pandemic

41 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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2020 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

42 Invesco Multi-Asset Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,076.10	$4.28	$1,021.01	$4.17	0.82%
Class C	1,000.00	1,072.20	8.23	1,017.19	8.01	1.58
Class R	1,000.00	1,075.90	5.64	1,019.71	5.48	1.08
Class Y	1,000.00	1,077.40	3.08	1,022.17	3.00	0.59
Class R5	1,000.00	1,077.50	3.08	1,022.17	3.00	0.59
Class R6	1,000.00	1,078.00	2.51	1,022.72	2.44	0.48

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 184/366 to reflect the most recent fiscal half year.

43 Invesco Multi-Asset Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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, 2020. 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

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

44 Invesco Multi-Asset Income Fund

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

45 Invesco Multi-Asset Income Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended October 31, 2020:



Federal and State Income Tax
Qualified Dividend Income*	11.31	%
Corporate Dividends Received Deduction*	10.74	%
Business Interest Income*	61.53	%
U.S. Treasury Obligations*	3.20	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

46 Invesco Multi-Asset Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

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)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

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
Independent Trustees–(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

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

Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A

Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	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)

John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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, The Invesco Funds and Senior Vice President 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

T-6 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)

Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-7 Invesco Multi-Asset Income Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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SEC file numbers: 811-05426 and 033-19338	Invesco Distributors, Inc.	MAIN-AR-1



		Annual Report to Shareholders		October 31, 2020

		Invesco Pacific Growth Fund
		Nasdaq:
		A: TGRAX ∎ C: TGRCX ∎ R: TGRRX ∎ Y: TGRDX ∎ R5: TGRSX ∎ R6: TGRUX

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Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Pacific Growth Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎ Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco Pacific Growth Fund

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2020, Class A shares of Invesco Pacific Growth Fund (the Fund), at net asset value (NAV), outperformed the MSCI All Country Asia ex Japan Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	29.70	%
Class C Shares	28.89
Class R Shares	29.39
Class Y Shares	30.04
Class R5 Shares	30.05
Class R6 Shares	30.09
MSCI All Country Asia ex Japan Index^q(Broad Market/Style-Specific Index)	15.85
Lipper Pacific ex-Japan Funds Index^⬛(Peer Group Index)	24.37
Source(s): ^qRIMES Technologies Corp.; ^⬛Lipper Inc.

Market conditions and your Fund

At the end of the fiscal year, real GDP in Asia ex-Japan is expected to post positive growth for the calendar year, albeit at a marginal rate. Despite this gloomy topline number, the underlying trend is, in fact, more encouraging. The region’s aggregate manufacturing Purchasing Manager’s Index (PMI) has rebounded and been on an upward trend since April, and the consensus forecast expects real GDP growth to return to the positive territory in the third quarter and accelerate to similar pre-COVID levels in 2021.

China and other parts of North Asia have reopened to a greater extent than the rest of the region, and we believe their economic activities will be well on track to normalization. Particularly in China, we expect its economy to benefit from both cyclical and structural factors and to deliver strong growth. In the rest of Asia, including India and most places in ASEAN, lockdown measures have been partially removed, leading to improved economic activities. We believe economic indicators will continue to show positive signs in 2021 thanks to a cyclical recovery from a low base. We expect a strong boost to these economies if a reliable vaccine becomes available.

We believe policies will remain accommodative in 2021 given a favorable external environment. We expect the average inflation targeting framework adopted by the US Federal Reserve to keep its monetary policy loose for an extended period, helping relieve pressures of rate normalization from central banks in the region.

On a geographic basis, stock selection in and overweight exposure to China was the leading contributor to the Fund’s perfor-

mance relative to the broad-market/style-specific benchmark, the MSCI All Country Asia ex Japan Index during the fiscal year. Stock selection in Hong Kong and India also contributed to the Fund’s relative performance. Underweight exposure to and stock selection in Taiwan detracted from the Fund’s relative returns.

At the sector level, stock selection in and overweight exposure to the consumer discretionary sector contributed to the Fund’s performance relative to the broad-market/style-specific benchmark during the fiscal year. Underweight exposure to the financials sector was also a top contributor to the Fund’s relative return. Additionally, overweight exposure to the communications services sector was a top contributor to the Fund’s relative performance.

Chinese shopping platform company Mei-tuan Dianping was the top contributor for the Fund during the fiscal year. Another top contributor was the Chinese e-commerce company JD.com. The global pandemic and lockdowns early in the year increased consumers reliance on e-commerce for their shopping needs and these companies saw continued success as a result.

During the fiscal year, underweight exposure to and stock selection in the information technology sector detracted from the Fund’s performance relative to the broad-market/ style-specific benchmark.

As of the close of the fiscal year, the Fund was overweight in China, and underweight in the ASEAN markets and Taiwan. On a sector level, the Fund favored the consumer discretionary, industrials and health care sectors, where we saw more opportunities.

We thank you for your continued investment in Invesco Pacific Growth Fund.

Portfolio manager(s):

Mike Shiao

See important Fund and, if applicable, index disclosures later in this report.

4 Invesco Pacific Growth Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/10

LOGO

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.

5 Invesco Pacific Growth Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	3.54	%
10 Years	6.26
5 Years	10.12
1 Year	22.58

Class C Shares
Inception (7/28/97)	3.54	%
10 Years	6.24
5 Years	10.57
1 Year	27.89

Class R Shares
Inception (3/31/08)	4.77	%
10 Years	6.59
5 Years	11.09
1 Year	29.39

Class Y Shares
Inception (7/28/97)	4.05	%
10 Years	7.13
5 Years	11.65
1 Year	30.04

Class R5 Shares
10 Years	7.22	%
5 Years	11.72
1 Year	30.05

Class R6 Shares
10 Years	6.98	%
5 Years	11.61
1 Year	30.09

Effective June 1, 2010, Class A, Class C, Class R, Class W and Class I shares of the predecessor fund, Morgan Stanley Pacific Growth Fund Inc., advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class C, Class R, Class A and Class Y shares, respectively, of Invesco Pacific Growth Fund. Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R 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 23, 2011. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

6 Invesco Pacific Growth Fund

Invesco Pacific Growth’s Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI All Country Asia ex Japan Index (Net) is an unmanaged index considered representative of Asia region stock markets, excluding Japan. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Pacific ex-Japan Funds Index is an unmanaged index considered representative of Pacific region ex Japan 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

7 Invesco Pacific Growth Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Communication Services		32.17	%
Consumer Discretionary		24.25
Information Technology		15.47
Health Care		12.01
Consumer Staples		8.53
Financials		2.75
Industrials		2.58
Other Sectors, Each Less than 2% of Net Assets		1.58
Money Market Funds Plus Other Assets Less Liabilities		0.66

Top 10 Equity Holdings*


		% of total net assets
1.	Tencent Holdings Ltd.	9.95%
2.	Alibaba Group Holding Ltd., ADR	8.58
3.	JD.com, Inc., ADR	7.69
4.	Meituan Dianping, B Shares	5.10
5.	Weibo Corp., ADR	4.95
6.	Jiangsu Hengrui Medicine Co. Ltd., A Shares	4.67
7.	Samsung Electronics Co. Ltd.	4.30
8.	Infosys Ltd.	4.26
9.	NetEase, Inc., ADR	4.09
10.	China Mobile Ltd.	3.71
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, 2020.

8 Invesco Pacific Growth Fund

Schedule of Investments

October 31, 2020


	Shares		Value

Common Stocks & Other Equity Interests–99.34%
China–68.16%
Alibaba Group Holding Ltd.^(a)		22,600	$	860,358

Alibaba Group Holding Ltd., ADR^(a)		25,397		7,738,212

Asia Cement China Holdings Corp.		747,000		685,614

Autohome, Inc., ADR		29,300		2,799,615

China Animal Healthcare Ltd.^(a)(b)		349,000		0

China Mobile Ltd.		549,000		3,340,975

Dali Foods Group Co. Ltd.^(c)		844,500		524,565

JD.com, Inc., ADR^(a)		85,044		6,932,787

Jiangsu Hengrui Medicine Co. Ltd., A Shares		316,588		4,212,840

Meituan Dianping, B Shares^(a)		123,000		4,601,048

MicroPort Scientific Corp.		409,000		1,445,415

NetEase, Inc., ADR		42,495		3,688,141

Qingdao Port International Co. Ltd., H Shares^(c)		1,770,000		1,004,902

Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		1,468,000		2,847,054

Sino Biopharmaceutical Ltd.		1,957,500		1,975,509

Stella International Holdings Ltd.^(a)		333,000		341,145

Sun Art Retail Group Ltd.		1,876,000		2,035,051

Tencent Holdings Ltd.		117,000		8,974,653

Towngas China Co. Ltd.		1,632,000		740,799

Uni-President China Holdings Ltd.		2,613,000		2,263,484

Weibo Corp., ADR^(a)		107,353		4,460,517

				61,472,684


Hong Kong–3.23%
AIA Group Ltd.		262,600		2,476,663

Ajisen (China) Holdings Ltd.		734,000		92,859

Pou Sheng International (Holdings) Ltd.^(a)		1,524,000		347,437

				2,916,959


India–6.45%
Infosys Ltd.		268,383		3,838,543


	Shares		Value

India–(continued)
Tata Consultancy Services Ltd.		54,966	$	1,975,451

				5,813,994


South Korea–11.40%
BGF retail Co. Ltd.		6,256		652,033

NAVER Corp.		12,030		3,101,146

NCSoft Corp.		3,856		2,647,423
Samsung Electronics Co. Ltd.		77,323		3,877,466

				10,278,068


Taiwan–10.10%
Asustek Computer, Inc.		253,000		2,148,868

PChome Online, Inc.		284,000		957,058

President Chain Store Corp.		246,000		2,214,496

St. Shine Optical Co. Ltd.		39,000		352,669

Taiwan Semiconductor Manufacturing Co. Ltd.		140,143		2,115,039

Voltronic Power Technology Corp.		38,588		1,325,249

				9,113,379

Total Common Stocks & Other Equity Interests (Cost $64,931,588)				89,595,084


Money Market Funds–0.62%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)		236,474		236,474

Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(d)(e)		54,153		54,174

Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		270,256		270,256

Total Money Market Funds (Cost $560,908)				560,904

TOTAL INVESTMENTS IN SECURITIES–99.96% (Cost $65,492,496)				90,155,988

OTHER ASSETS LESS LIABILITIES–0.04%				39,527

NET ASSETS–100.00%			$	90,195,515

Investment Abbreviations:

ADR	- American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Pacific Growth Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	Securities valued using significant unobservable inputs (Level 3). See Note 3.

^(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, 2020 was $1,529,467, which represented 1.70% of the Fund’s Net Assets.

^(d)


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	71,168	$	10,798,756	$	(10,633,450	)	$	-		$	-		$	236,474	$	4,772
Invesco Liquid Assets Portfolio, Institutional Class		50,870		8,172,580		(8,168,001	)		(9	)		(1,266	)		54,174		4,368
Invesco Treasury Portfolio, Institutional Class		81,335		12,341,435		(12,152,514	)		-			-			270,256		5,102
Total	$	203,373	$	31,312,771	$	(30,953,965	)	$	(9	)	$	(1,266	)	$	560,904	$	14,242

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Pacific Growth Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:

Investments in securities, at value (Cost $64,931,588)	$	89,595,084
Investments in affiliated money market funds, at value (Cost $560,908)		560,904
Foreign currencies, at value (Cost $109,335)		109,293
Receivable for:
Fund shares sold		74,208
Dividends		87,805
Investment for trustee deferred compensation and retirement plans		47,241
Other assets		154,202
Total assets		90,628,737

Liabilities:

Payable for:
Fund shares reacquired		83,790
Accrued foreign taxes		116,131
Accrued fees to affiliates		41,227
Accrued other operating expenses		97,551
Trustee deferred compensation and retirement plans		94,523
Total liabilities		433,222
Net assets applicable to shares outstanding	$	90,195,515

Net assets consist of:

Shares of beneficial interest	$	64,881,073
Distributable earnings		25,314,442
	$	90,195,515


Net Assets:

Class A	$	70,782,495
Class C	$	3,358,226
Class R	$	760,221
Class Y	$	14,546,430
Class R5	$	18,793
Class R6	$	729,350

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		2,024,310
Class C		106,793
Class R		22,148
Class Y		405,639
Class R5		523
Class R6		20,291
Class A:
Net asset value per share	$	34.97
Maximum offering price per share (Net asset value of $34.97 ÷ 94.50%)	$	37.01
Class C:
Net asset value and offering price per share	$	31.45
Class R:
Net asset value and offering price per share	$	34.32
Class Y:
Net asset value and offering price per share	$	35.86
Class R5:
Net asset value and offering price per share	$	35.93
Class R6:
Net asset value and offering price per share	$	35.94

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Pacific Growth Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:

Dividends (net of foreign withholding taxes of $133,396)	$	1,233,337

Dividends from affiliated money market funds		14,242

Total investment income		1,247,579


Expenses:

Advisory fees		676,220

Administrative services fees		10,774

Custodian fees		30,302

Distribution fees:
Class A		157,667

Class C		26,788

Class R		2,999

Transfer agent fees – A, C, R and Y		95,983

Transfer agent fees – R5		16

Transfer agent fees – R6		801

Trustees’ and officers’ fees and benefits		19,528

Registration and filing fees		67,753

Reports to shareholders		35,847

Professional services fees		47,279

Other		13,599

Total expenses		1,185,556

Less: Fees waived and/or expense offset arrangement(s)		(2,651	)

Net expenses		1,182,905

Net investment income		64,674


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Investment securities (net of foreign taxes of $18,932)		1,106,634

Foreign currencies		(60,263	)

		1,046,371

Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $75,747)		18,952,947

Foreign currencies		(5,133	)

		18,947,814

Net realized and unrealized gain		19,994,185

Net increase in net assets resulting from operations	$	20,058,859

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Pacific Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:

Net investment income	$	64,674		$	123,066

Net realized gain		1,046,371			6,229,686

Change in net unrealized appreciation		18,947,814			214,635

Net increase in net assets resulting from operations		20,058,859			6,567,387


Distributions to shareholders from distributable earnings:

Class A		(4,995,579	)		(4,776,595	)

Class C		(267,257	)		(411,734	)

Class R		(35,845	)		(30,987	)

Class Y		(638,980	)		(739,335	)

Class R5		(1,261	)		(1,203	)

Class R6		(81,315	)		(344,323	)

Total distributions from distributable earnings		(6,020,237	)		(6,304,177	)


Share transactions–net:

Class A		(2,208,421	)		(3,881,974	)

Class C		(69,296	)		(3,091,702	)

Class R		191,630			10,864

Class Y		4,523,119			(5,732,123	)

Class R6		(554,519	)		(3,858,659	)

Net increase (decrease) in net assets resulting from share transactions		1,882,513			(16,553,594	)

Net increase (decrease) in net assets		15,921,135			(16,290,384	)


Net assets:

Beginning of year		74,274,380			90,564,764

End of year	$	90,195,515		$	74,274,380

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Pacific 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			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 10/31/20	$	29.26	$	0.02		$	8.10		$	8.12			$ –		$(2.41)		$(2.41)		$34.97		29.77	%		$ 70,782		1.53	%^(d)		1.53	%^(d)		0.08	%^(d)		61	%
Year ended 10/31/19		29.27		0.04			2.13			2.17			(0.22)		(1.96)		(2.18)		29.26		8.20			61,484		1.58			1.58			0.14			116
Year ended 10/31/18		33.63		0.28	^(e)		(4.64	)		(4.36	)		–		–		–		29.27		(12.97	)^(f)		65,057		1.54	^(f)		1.54	^(f)		0.82	^(e)(f)		54
Year ended 10/31/17		26.31		(0.09	)		7.46			7.37			(0.05)		–		(0.05)		33.63		28.09			80,319		1.75			1.75			(0.32	)		59
Year ended 10/31/16		24.03		0.04			2.24			2.28			–		–		–		26.31		9.49			65,107		1.64			1.64			0.17			31
Class C
Year ended 10/31/20		26.69		(0.15	)		7.32			7.17			–		(2.41)		(2.41)		31.45		29.02	^(g)		3,358		2.17	^(d)(g)		2.17	^(d)(g)		(0.56	)^(d)(g)		61
Year ended 10/31/19		26.86		(0.16	)		1.95			1.79			–		(1.96)		(1.96)		26.69		7.38	^(g)		2,949		2.28	^(g)		2.28	^(g)		(0.56	)^(g)		116
Year ended 10/31/18		31.09		0.02	^(e)		(4.25	)		(4.23	)		–		–		–		26.86		(13.60	)		6,080		2.30			2.30			0.06	^(e)		54
Year ended 10/31/17		24.46		(0.28	)		6.91			6.63			–		–		–		31.09		27.11	^(g)		5,535		2.49	^(g)		2.49	^(g)		(1.06	)^(g)		59
Year ended 10/31/16		22.50		(0.13	)		2.09			1.96			–		–		–		24.46		8.71	^(g)		4,477		2.37	^(g)		2.37	^(g)		(0.56	)^(g)		31
Class R
Year ended 10/31/20		28.83		(0.05	)		7.95			7.90			–		(2.41)		(2.41)		34.32		29.43			760		1.78	^(d)		1.78	^(d)		(0.17	)^(d)		61
Year ended 10/31/19		28.86		(0.03	)		2.10			2.07			(0.14)		(1.96)		(2.10)		28.83		7.95			424		1.84			1.84			(0.12	)		116
Year ended 10/31/18		33.24		0.19	^(e)		(4.57	)		(4.38	)		–		–		–		28.86		(13.18	)		409		1.80			1.80			0.56	^(e)		54
Year ended 10/31/17		26.02		(0.16	)		7.38			7.22			–		–		–		33.24		27.75			283		2.00			2.00			(0.57	)		59
Year ended 10/31/16		23.82		(0.02	)		2.22			2.20			–		–		–		26.02		9.24			242		1.89			1.89			(0.08	)		31
Class Y
Year ended 10/31/20		29.88		0.10			8.29			8.39			–		(2.41)		(2.41)		35.86		30.08			14,546		1.28	^(d)		1.28	^(d)		0.33	^(d)		61
Year ended 10/31/19		29.88		0.11			2.16			2.27			(0.31)		(1.96)		(2.27)		29.88		8.42			8,228		1.34			1.34			0.38			116
Year ended 10/31/18		34.24		0.37	^(e)		(4.73	)		(4.36	)		–		–		–		29.88		(12.73	)		13,911		1.30			1.30			1.06	^(e)		54
Year ended 10/31/17		26.79		(0.02	)		7.59			7.57			(0.12)		–		(0.12)		34.24		28.43			18,505		1.50			1.50			(0.07	)		59
Year ended 10/31/16		24.41		0.11			2.27			2.38			–		–		–		26.79		9.75			10,501		1.39			1.39			0.42			31
Class R5
Year ended 10/31/20		29.94		0.11			8.29			8.40			–		(2.41)		(2.41)		35.93		30.05			19		1.26	^(d)		1.26	^(d)		0.35	^(d)		61
Year ended 10/31/19		29.94		0.13			2.17			2.30			(0.34)		(1.96)		(2.30)		29.94		8.52			16		1.27			1.27			0.45			116
Year ended 10/31/18		34.29		0.40	^(e)		(4.75	)		(4.35	)		–		–		–		29.94		(12.69	)		16		1.22			1.22			1.14	^(e)		54
Year ended 10/31/17		26.84		0.00			7.60			7.60			(0.15)		–		(0.15)		34.29		28.53			18		1.42			1.42			0.01			59
Year ended 10/31/16		24.42		0.13			2.29			2.42			–		–		–		26.84		9.91			14		1.28			1.28			0.53			31
Class R6
Year ended 10/31/20		29.93		0.11			8.31			8.42			–		(2.41)		(2.41)		35.94		30.13			729		1.26	^(d)		1.26	^(d)		0.35	^(d)		61
Year ended 10/31/19		29.94		0.13			2.16			2.29			(0.34)		(1.96)		(2.30)		29.93		8.48			1,174		1.27			1.27			0.45			116
Year ended 10/31/18		34.29		0.39	^(e)		(4.74	)		(4.35	)		–		–		–		29.94		(12.69	)		5,091		1.22			1.22			1.14	^(e)		54
Period ended 10/31/17^(h)		27.48		0.00			6.81			6.81			–		–		–		34.29		24.78			12		1.39	⁽ⁱ⁾		1.39	⁽ⁱ⁾		0.04	⁽ⁱ⁾		59

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $63,627, $3,021, $600, $9,661, $16 and $801 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.04 and 0.11%, $(0.22) and (0.65)%, $(0.05) and (0.15)%, $0.13 and 0.35%, $0.16 and 0.43%, and $0.15 and 0.43% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2018.

^(g)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.89%, 0.95%, 0.99% and 0.98% for the years ended October 31, 2020, 2019, 2017 and 2016, respectively.

^(h)	Commencement date of April 04, 2017.

⁽ⁱ⁾	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Pacific Growth Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Pacific 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 long-term growth of capital.

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.

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.

15 Invesco Pacific Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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.

16 Invesco Pacific Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $1 billion		0.870%
Next $1 billion		0.820%
Over $2 billion		0.770%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.87%.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2020, the Adviser waived advisory fees of $2,323.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A – up to 0.25% of the average daily net assets of Class A shares; and (2) Class C – up to 1.00% of the average daily net assets of Class C shares; and (3) Class R – up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly.

For the year ended October 31, 2020, expenses incurred under these agreements 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, 2020, IDI advised the Fund that IDI retained $2,249 in front-end sales commissions from the sale of Class A shares and $1,359 and $145 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


		Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

17 Invesco Pacific Growth Fund


	Level 1		Level 2		Level 3		Total

Investments in Securities

China	$	25,619,272	$	35,853,412	$	0	$	61,472,684

Hong Kong		—		2,916,959		—		2,916,959

India		—		5,813,994		—		5,813,994

South Korea		—		10,278,068		—		10,278,068

Taiwan		—		9,113,379		—		9,113,379

Money Market Funds		560,904		—		—		560,904

Total Investments	$	26,180,176	$	63,975,812	$	0	$	90,155,988

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	—	$	589,057

Long-term capital gain		6,020,237		5,715,120

Total distributions	$	6,020,237	$	6,304,177

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	375,751

Undistributed long-term capital gain		881,693

Net unrealized appreciation — investments		24,153,210

Net unrealized appreciation (depreciation) — foreign currencies		(12,496	)

Temporary book/tax differences		(83,716	)

Shares of beneficial interest		64,881,073

Total net assets	$	90,195,515

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, 2020.

18 Invesco Pacific Growth Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $45,051,978 and $48,593,758, 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	$	27,749,579

Aggregate unrealized (depreciation) of investments		(3,596,369	)

Net unrealized appreciation of investments	$	24,153,210

Cost of investments for tax purposes is $66,002,778.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, foreign currency transactions and foreign capital gains taxes, on October 31, 2020, undistributed net investment income was increased by $20,700 and undistributed net realized gain was decreased by $20,700. 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 October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		138,404		$	4,276,716			130,793		$	3,764,307

Class C		17,898			500,531			67,561			1,697,905

Class R		12,057			350,514			3,199			89,045

Class Y		243,664			7,931,564			93,539			2,681,708

Class R6		5,312			174,246			15,270			435,401


Issued as reinvestment of dividends:
Class A		152,293			4,279,435			152,715			4,045,416

Class C		10,211			259,461			15,418			375,127

Class R		1,232			34,074			1,126			29,440

Class Y		20,234			581,938			25,103			677,779

Class R6		2,701			77,838			12,560			339,498


Automatic conversion of Class C shares to Class A shares:
Class A		5,614			173,611			97,966			2,718,635

Class C		(6,220	)		(173,611	)		(106,776	)		(2,718,635	)


Reacquired:
Class A		(373,569	)		(10,938,183	)		(502,272	)		(14,410,332	)

Class C		(25,554	)		(655,677	)		(92,098	)		(2,446,099	)

Class R		(5,860	)		(192,958	)		(3,781	)		(107,621	)

Class Y		(133,649	)		(3,990,383	)		(308,859	)		(9,091,610	)

Class R6		(26,933	)		(806,603	)		(158,668	)		(4,633,558	)

Net increase (decrease) in share activity		37,835		$	1,882,513			(557,204	)	$	(16,553,594	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% 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 11–Coronavirus (COVID-19) Pandemic

19 Invesco Pacific 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 Pacific Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Pacific Growth Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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

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, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

20 Invesco Pacific Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,266.80	$8.49	$1,017.65	$7.56	1.49%
Class C	1,000.00	1,260.70	13.98	1,012.77	12.45	2.46
Class R	1,000.00	1,265.10	9.91	1,016.39	8.82	1.74
Class Y	1,000.00	1,268.60	7.07	1,018.90	6.29	1.24
Class R5	1,000.00	1,268.30	7.01	1,018.95	6.24	1.23
Class R6	1,000.00	1,268.70	7.01	1,018.95	6.24	1.23

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 184/366 to reflect the most recent fiscal half year.

21 Invesco Pacific Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 Pacific 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. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

sessions with the Senior Officer and with independent legal counsel.

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI All Country Asia ex Japan 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 and three year periods and the first 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 and five year periods, and below the performance of the Index for the three year period. The Board recalled the Fund’s repositioning effective June 15, 2019 during which the Fund’s investment strategy was modified to exclude Japan and Australia from the Fund’s portfolio, and noted that performance results shown prior to such date reflected the Fund’s strategy prior to the repositioning. 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 and this review did not change their 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 does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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

22 Invesco Pacific Growth Fund

regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual management fees and total expense ratio were in the fifth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expenses. The Board noted that there were only six funds (including the Fund) in the expense group.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

23 Invesco Pacific Growth Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	6,073,201
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Foreign Taxes	$	0.0498	per share
Foreign Source Income	$	0.5289	per share

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

24 Invesco Pacific Growth Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	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 Pacific 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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non- profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

T-2 Invesco Pacific 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)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)

T-3 Invesco Pacific 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)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)

T-4 Invesco Pacific Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-5 Invesco Pacific Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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

T-6 Invesco Pacific 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)
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-7 Invesco Pacific Growth Fund

LOGO

Go paperless with eDelivery

∎ 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

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		MS-PGRO-AR-1

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco Select Companies Fund


Bruce Crockett		Dear Shareholders:
		Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.
		As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment, including but not limited to:
		∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.
		∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.
		∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎

Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco Select Companies Fund

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2020, Class A shares of Invesco Select Companies Fund (the Fund), at net asset value (NAV), underperformed the Russell 2000 Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes


Class A Shares	-8.64	%
Class C Shares	-9.27
Class R Shares	-8.82
Class Y Shares	-8.36
Class R5 Shares	-8.30
Class R6 Shares	-8.22
S&P 500 Index^▼(Broad Market Index)	9.71
Russell 2000 Index^▼(Style-Specific Index)	-0.14
Lipper Small-Cap Core Funds Index^∎(Peer Group Index)	-6.70
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

Relative to the Russell 2000 Index, the Fund’s style-specific benchmark, security selection in the consumer discretionary sector and underweight to financials – a relatively weak sector during the fiscal year - contributed to the Fund’s relative performance during the fiscal year. Conversely, security selection

in the information technology and industrials sectors detracted from the Fund’s relative performance.

During the fiscal year, top contributors to the Fund’s performance included Charles River Laboratories, a company that provides clinical laboratory tests and drug development services globally, and Floor & Decor Holdings, a multi-channel American specialty retailer of hard surface flooring. These positions were no longer held as of the close of the fiscal year.

The top detractors from the Fund’s performance over the fiscal year were Gaslog, a company that transports liquefied natural gas through a fleet of ocean vessels, and Interface, a global manufacturer of commercial flooring.

Effective October 15, 2020, Invesco Advisers, Inc. was appointed as the sole sub-advisor for the Fund and began transitioning the Fund’s holdings to align with its investment process, including an increase in the number of holdings. The lead portfolio managers are now Matthew Ziehl and Adam Weiner. These changes are intended to further improve our ability to deliver strong investment outcomes and meet client needs. The new team employs a robust, disciplined investment process focused on driving alpha through stock selection with a focus on identifying skilled management teams, strong business models, and superior execution.

As always, we thank you for your investment in Invesco Select Companies Fund and for sharing our long-term investment perspective.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

Portfolio manager(s):

Raymond Anello

Joy Budzinski

Magnus Krantz

Kristin Ketner Pak

Raman Vardharaj

Adam Weiner - Lead

Matthew Ziehl - Lead

See important Fund and, if applicable, index disclosures later in this report.


4		Invesco Select Companies Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/10

LOGO

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.


5		Invesco Select Companies Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges

Class A Shares
Inception (11/4/03)	7.95	%
10 Years	7.17
5 Years	3.85
1 Year	-13.65

Class C Shares
Inception (11/4/03)	7.93	%
10 Years	7.13
5 Years	4.24
1 Year	-10.10

Class R Shares
Inception (4/30/04)	7.95	%
10 Years	7.51
5 Years	4.78
1 Year	-8.82

Class Y Shares
Inception (10/3/08)	10.23	%
10 Years	8.05
5 Years	5.29
1 Year	-8.36

Class R5 Shares
Inception (4/30/04)	8.64	%
10 Years	8.14
5 Years	5.39
1 Year	-8.30

Class R6 Shares
10 Years	7.94	%
5 Years	5.35
1 Year	-8.22

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.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


6		Invesco Select Companies Fund

Invesco Select Companies Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data 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 Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

∎

The Lipper Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


7		Invesco Select Companies Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Financials		17.37	%
Information Technology		16.99
Health Care		15.59
Industrials		14.28
Consumer Discretionary		11.66
Energy		4.90
Consumer Staples		4.57
Real Estate		4.35
Utilities		3.59
Materials		3.19
Communication Services		0.59
Money Market Funds Plus Other Assets Less Liabilities		2.92

Top 10 Equity Holdings*


	% of total net assets
1. Encore Capital Group, Inc.		5.83	%
2. Equiniti Group PLC		3.15
3. GasLog Ltd.		2.58
4. Insight Enterprises, Inc.		2.38
5. Performant Financial Corp.		2.12
6. BJ’s Wholesale Club Holdings, Inc.		1.89
7. AutoNation, Inc.		1.87
8. Renewable Energy Group, Inc.		1.84
9. LHC Group, Inc.		1.65
10. ASGN, Inc.		1.61

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, 2020.


8		Invesco Select Companies Fund

Schedule of Investments^(a)

October 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–97.09%
Air Freight & Logistics–0.59%
Hub Group, Inc., Class A^(b)		30,479	$ 1,527,912

Aluminum–0.73%
Kaiser Aluminum Corp.		29,878	1,880,223

Apparel Retail–0.50%
Foot Locker, Inc.		34,599	1,276,011

Application Software–4.63%
Allegro MicroSystems, Inc. (Japan)^(b)		40,000	732,000
Bottomline Technologies (DE), Inc.^(b)		71,076	2,823,139
Envestnet, Inc.^(b)		23,216	1,781,596
j2 Global, Inc.^(b)		49,905	3,387,551
Q2 Holdings, Inc.^(b)		34,753	3,170,864
			11,895,150

Asset Management & Custody Banks–1.27%
Federated Hermes, Inc., Class B		48,724	1,164,504
Focus Financial Partners, Inc., Class A^(b)		57,359	2,094,177
			3,258,681

Auto Parts & Equipment–2.73%
Dorman Products, Inc.^(b)		33,374	2,979,297
Visteon Corp.^(b)		44,975	4,032,009
			7,011,306

Automotive Retail–2.70%
AutoNation, Inc.^(b)		84,579	4,798,167
Monro, Inc.		50,806	2,136,900
			6,935,067

Biotechnology–3.38%
ADC Therapeutics S.A. (Switzerland)^(b)		22,537	646,587
Emergent BioSolutions, Inc.^(b)		40,507	3,644,415
G1 Therapeutics, Inc.^(b)		57,115	627,694
Twist Bioscience Corp.^(b)		27,838	2,133,504
uniQure N.V. (Netherlands)^(b)		22,890	925,443
Zai Lab Ltd., ADR (China)^(b)		8,728	716,132
			8,693,775

Building Products–0.82%
Masonite International Corp.^(b)		24,059	2,117,192

Commodity Chemicals–0.24%
Chemtrade Logistics Income Fund (Canada)^(c)		200,000	622,983

Construction & Engineering–0.93%
Comfort Systems USA, Inc.		23,754	1,087,933
Valmont Industries, Inc.		9,119	1,294,442
			2,382,375

Construction Materials–0.74%
Summit Materials, Inc., Class A^(b)		107,890	1,908,574

Consumer Finance–5.83%
Encore Capital Group, Inc.^(b)		469,637	14,995,509


	Shares		Value
Data Processing & Outsourced Services–3.15%
Equiniti Group PLC (United Kingdom),^(b)(d)		6,042,873	$8,099,931

Diversified Banks–0.89%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		86,117	2,278,656

Diversified Metals & Mining–1.04%
Compass Minerals International, Inc.		44,261	2,672,479

Diversified Support Services–2.12%
Performant Financial Corp.^(b)(e)		5,251,489	5,461,549

Electrical Components & Equipment–1.30%
Atkore International Group, Inc.^(b)		67,014	1,386,520
EnerSys		27,196	1,947,233
			3,333,753

Environmental & Facilities Services–0.36%
US Ecology, Inc.		30,514	931,287

Gas Utilities–2.84%
National Fuel Gas Co.		42,148	1,684,234
South Jersey Industries, Inc.		156,902	3,023,501
Suburban Propane Partners L.P.		157,654	2,591,832
			7,299,567

General Merchandise Stores–0.88%
Big Lots, Inc.		28,337	1,348,841
Ollie’s Bargain Outlet Holdings, Inc.^(b)		10,617	924,635
			2,273,476

Health Care Equipment–3.65%
AtriCure, Inc.^(b)		48,862	1,688,671
CryoPort, Inc.^(b)		51,231	2,056,412
iRhythm Technologies, Inc.^(b)		9,085	1,921,023
Tandem Diabetes Care, Inc.^(b)		34,215	3,729,435
			9,395,541

Health Care Facilities–0.77%
Tenet Healthcare Corp.^(b)		80,639	1,978,881

Health Care Services–3.30%
1Life Healthcare, Inc.^(b)		47,419	1,337,690
Addus HomeCare Corp.^(b)		29,769	2,904,561
LHC Group, Inc.^(b)		19,548	4,233,120
			8,475,371

Health Care Supplies–0.37%
OraSure Technologies, Inc.^(b)		63,389	947,032

Health Care Technology–1.18%
American Well Corp., Class A^(b)(c)		22,460	579,693
Inspire Medical Systems, Inc.^(b)		20,614	2,461,930
			3,041,623

Homebuilding–1.12%
TopBuild Corp.^(b)		18,736	2,870,543

Hotel & Resort REITs–0.73%
DiamondRock Hospitality Co.		379,279	1,873,638

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Select Companies Fund


	Shares		Value
Household Products–0.83%
Energizer Holdings, Inc.		54,081	$ 2,128,087

Human Resource & Employment Services–2.78%
ASGN, Inc.^(b)		62,123	4,142,362
Korn Ferry		99,381	3,000,312
			7,142,674

Hypermarkets & Super Centers–1.89%
BJ’s Wholesale Club Holdings, Inc.^(b)		126,552	4,845,676

Industrial Machinery–4.23%
Chart Industries, Inc.^(b)		30,965	2,614,994
EnPro Industries, Inc.		30,068	1,774,613
Evoqua Water Technologies Corp.^(b)		107,435	2,463,485
Rexnord Corp.		125,360	4,021,549
			10,874,641

Insurance Brokers–0.26%
Selectquote, Inc.^(b)		39,385	678,210

Interactive Home Entertainment–0.58%
Zynga, Inc., Class A^(b)		167,186	1,503,002

Investment Banking & Brokerage–1.17%
Stifel Financial Corp.		51,387	3,004,084

IT Consulting & Other Services–3.31%
CACI International, Inc., Class A^(b)		13,883	2,895,022
KBR, Inc.		153,232	3,415,541
Perspecta, Inc.		122,802	2,201,840
			8,512,403

Leisure Facilities–0.25%
Cedar Fair L.P.		24,487	636,907

Life Sciences Tools & Services–1.95%
Adaptive Biotechnologies Corp.^(b)		26,859	1,237,663
NeoGenomics, Inc.^(b)		56,187	2,204,216
Repligen Corp.^(b)		9,471	1,577,584
			5,019,463

Multi-Utilities–0.75%
Avista Corp.		58,322	1,937,457

Office REITs–0.79%
Brandywine Realty Trust		232,232	2,034,352

Office Services & Supplies–1.15%
ACCO Brands Corp.		376,208	1,982,616
Interface, Inc.		156,976	962,263
			2,944,879

Oil & Gas Exploration & Production–0.15%
CNX Resources Corp.^(b)		39,782	385,885

Oil & Gas Refining & Marketing–1.84%
Renewable Energy Group, Inc.^(b)		84,017	4,738,559

Oil & Gas Storage & Transportation–2.90%
GasLog Ltd. (Greece)		2,790,622	6,641,680
Noble Midstream Partners L.P.		103,174	822,297
			7,463,977

Packaged Foods & Meats–0.97%
Simply Good Foods Co. (The)^(b)		133,208	2,504,310


	Shares		Value
Paper Products–0.44%
Schweitzer-Mauduit International, Inc., Class A		33,982	$ 1,128,202

Personal Products–0.89%
BellRing Brands, Inc., Class A^(b)		124,688	2,280,544

Pharmaceuticals–0.98%
Axsome Therapeutics, Inc.^(b)		11,600	769,196
Collegium Pharmaceutical, Inc.^(b)		58,235	1,038,330
Intersect ENT, Inc.^(b)		46,157	715,434
			2,522,960

Regional Banks–6.63%
BankUnited, Inc.		90,710	2,290,428
Berkshire Hills Bancorp, Inc.		77,570	1,010,737
Cathay General Bancorp		53,983	1,270,220
CIT Group, Inc.		66,953	1,971,766
First Horizon National Corp.		226,006	2,352,722
Heritage Financial Corp.		79,584	1,668,081
OceanFirst Financial Corp.		86,424	1,293,767
Pacific Premier Bancorp, Inc.		98,487	2,511,418
Signature Bank		10,446	843,410
Sterling Bancorp		136,745	1,829,648
			17,042,197

Restaurants–3.49%
Jack in the Box, Inc.		36,195	2,897,772
Texas Roadhouse, Inc.		53,502	3,746,745
Wendy’s Co. (The)		106,071	2,317,651
			8,962,168

Semiconductor Equipment–2.40%
Brooks Automation, Inc.		60,588	2,829,460
MKS Instruments, Inc.		30,706	3,328,223
			6,157,683

Semiconductors–1.13%
Semtech Corp.^(b)		52,965	2,907,249

Specialized REITs–2.83%
EPR Properties		80,468	1,918,357
Four Corners Property Trust, Inc.		121,081	3,068,193
National Storage Affiliates Trust		67,637	2,292,218
			7,278,768

Technology Distributors–2.38%
Insight Enterprises, Inc.^(b)		114,644	6,116,257

Thrifts & Mortgage Finance–1.33%
WSFS Financial Corp.		107,484	3,406,168
Total Common Stocks & Other Equity Interests (Cost $310,331,903)			249,594,847

Money Market Funds–1.33%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(e)(f)		1,213,189	1,213,189
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(e)(f)		824,099	824,429

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Select Companies Fund


	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		1,386,501	$ 1,386,501
Total Money Market Funds (Cost $3,424,119)			3,424,119
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.42% (Cost $313,756,022)			253,018,966
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.34%
Invesco Private Government Fund, 0.04%^(e)(f)(g)		1,384,238	1,384,238


	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(e)(f)(g)		2,075,734	$ 2,076,357
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,460,595)			3,460,595
TOTAL INVESTMENTS IN SECURITIES–99.76% (Cost $317,216,617)			256,479,561
OTHER ASSETS LESS LIABILITIES–0.24%			604,932
NET ASSETS–100.00%			$257,084,493

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2020.

^(d)

^(e)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,788,942		$	38,027,974		$	(39,603,727	)		$	-			$	-			$	1,213,189		$	11,063
Invesco Liquid Assets Portfolio, Institutional Class			1,992,129			27,162,840			(28,330,404	)			(5	)			(131	)			824,429			11,225
Invesco Treasury Portfolio, Institutional Class			3,187,362			43,460,542			(45,261,403	)			-				-				1,386,501			12,134
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			8,771,485			(7,387,247	)			-				-				1,384,238			449	*
Invesco Private Prime Fund			-			4,711,640			(2,635,413	)			-				130				2,076,357			495	*
Investments in Other Affiliates:
Performant Financial Corp.			5,693,012			-			(308,963	)			2,323,629				(2,246,129	)			5,461,549			-
Total		$	13,661,445		$	122,134,481		$	(123,527,157	)		$	2,323,624			$	(2,246,130	)		$	12,346,263		$	35,366

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Select Companies Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $268,428,881)*	$	244,133,298

Investments in affiliates, at value (Cost $48,787,736)		12,346,263

Cash		183,609

Receivable for:
Investments sold		18,131,287

Fund shares sold		22,011

Dividends		35,371

Investment for trustee deferred compensation and retirement plans		153,116

Other assets		55,725

Total assets		275,060,680


Liabilities:
Payable for:
Investments purchased		11,444,089

Fund shares reacquired		1,085,565

Amount due custodian – foreign currency, at value (Cost $1,581,851)		1,564,835

Collateral upon return of securities loaned		3,460,595

Accrued fees to affiliates		168,512

Accrued trustees’ and officers’ fees and benefits		631

Accrued other operating expenses		88,439

Trustee deferred compensation and retirement plans		163,521

Total liabilities		17,976,187

Net assets applicable to shares outstanding	$	257,084,493


Net assets consist of:
Shares of beneficial interest	$	247,119,286

Distributable earnings		9,965,207

	$	257,084,493


Net Assets:
Class A	$	157,146,095

Class C	$	9,167,769

Class R	$	8,805,779

Class Y	$	68,561,723

Class R5	$	11,889,895

Class R6	$	1,513,232


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,535,430

Class C		767,607

Class R		630,688

Class Y		4,427,871

Class R5		726,201

Class R6		92,152

Class A:
Net asset value per share	$	14.92

Maximum offering price per share (Net asset value of $14.92 ÷ 94.50%)	$	15.79

Class C:
Net asset value and offering price per share	$	11.94

Class R:
Net asset value and offering price per share	$	13.96

Class Y:
Net asset value and offering price per share	$	15.48

Class R5:
Net asset value and offering price per share	$	16.37

Class R6:
Net asset value and offering price per share	$	16.42

*	At October 31, 2020, securities with an aggregate value of $3,227,831 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Select Companies Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:

Dividends (net of foreign withholding taxes of $27,196)	$	1,183,897

Dividends from affiliates (includes securities lending income of $6,880)		41,302

Total investment income		1,225,199


Expenses:

Advisory fees		2,311,887

Administrative services fees		45,540

Custodian fees		10,016

Distribution fees:
Class A		447,924

Class C		128,343

Class R		52,869

Transfer agent fees – A, C, R and Y		597,068

Transfer agent fees – R5		15,102

Transfer agent fees – R6		629

Trustees’ and officers’ fees and benefits		21,672

Registration and filing fees		81,352

Reports to shareholders		46,677

Professional services fees		46,936

Other		17,005

Total expenses		3,823,020

Less: Fees waived and/or expense offset arrangement(s)		(8,254	)

Net expenses		3,814,766

Net investment income (loss)		(2,589,567	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		77,062,974

Affiliated investment securities		(2,246,130	)

Foreign currencies		(102,053	)

		74,714,791

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(106,387,322	)

Affiliated investment securities		2,323,624

Foreign currencies		1,103

		(104,062,595	)

Net realized and unrealized gain (loss)		(29,347,804	)

Net increase (decrease) in net assets resulting from operations	$	(31,937,371	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Select Companies Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:

Net investment income (loss)	$	(2,589,567	)	$	(1,191,739	)

Net realized gain		74,714,791			26,329,627

Change in net unrealized appreciation (depreciation)		(104,062,595	)		(16,434,779	)

Net increase (decrease) in net assets resulting from operations		(31,937,371	)		8,703,109


Distributions to shareholders from distributable earnings:

Class A		(15,258,954	)		(12,086,276	)

Class C		(1,538,558	)		(3,239,304	)

Class R		(968,336	)		(947,329	)

Class Y		(6,429,183	)		(5,237,287	)

Class R5		(1,403,453	)		(1,200,012	)

Class R6		(142,791	)		(43,534	)

Total distributions from distributable earnings		(25,741,275	)		(22,753,742	)


Share transactions–net:

Class A		(21,095,307	)		(2,666,354	)

Class C		(5,495,344	)		(28,439,694	)

Class R		(2,188,936	)		(2,745,436	)

Class Y		(6,080,321	)		(1,421,758	)

Class R5		(6,719,064	)		(1,726,502	)

Class R6		(24,662	)		1,105,587

Net increase (decrease) in net assets resulting from share transactions		(41,603,634	)		(35,894,157	)

Net increase (decrease) in net assets		(99,282,280	)		(49,944,790	)


Net assets:

Beginning of year		356,366,773			406,311,563

End of year	$	257,084,493		$	356,366,773

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco Select Companies 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			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/20		$	17.57		$	(0.14	)		$	(1.21	)		$	(1.35	)		$	(1.30	)		$	14.92		(8.58	)%		$	157,146		1.28	%^(d)		1.28	%^(d)		(0.89	)%^(d)		102	%
Year ended 10/31/19			18.20			(0.06	)			0.46				0.40				(1.03	)			17.57		2.95				211,481		1.27			1.27			(0.34	)		26
Year ended 10/31/18			20.30			(0.04	)			0.61				0.57				(2.67	)			18.20		2.76				220,107		1.24			1.25			(0.19	)		12
Year ended 10/31/17			16.72			(0.07	)			4.29				4.22				(0.64	)			20.30		25.71				250,619		1.27			1.28			(0.39	)		16
Year ended 10/31/16			20.44			(0.08	)			0.56				0.48				(4.20	)			16.72		5.22				305,003		1.24			1.25			(0.53	)		20
Class C
Year ended 10/31/20			14.41			(0.20	)			(0.97	)			(1.17	)			(1.30	)			11.94		(9.27	)			9,168		2.03	^(d)		2.03	^(d)		(1.64	)^(d)		102
Year ended 10/31/19			15.25			(0.15	)			0.34				0.19				(1.03	)			14.41		2.08				17,772		2.02			2.02			(1.09	)		26
Year ended 10/31/18			17.54			(0.15	)			0.53				0.38				(2.67	)			15.25		2.01				49,959		1.99			2.00			(0.94	)		12
Year ended 10/31/17			14.63			(0.19	)			3.74				3.55				(0.64	)			17.54		24.77				95,457		2.02			2.03			(1.14	)		16
Year ended 10/31/16			18.57			(0.18	)			0.44				0.26				(4.20	)			14.63		4.39				99,413		1.99			2.00			(1.28	)		20
Class R
Year ended 10/31/20			16.56			(0.16	)			(1.14	)			(1.30	)			(1.30	)			13.96		(8.82	)			8,806		1.53	^(d)		1.53	^(d)		(1.14	)^(d)		102
Year ended 10/31/19			17.27			(0.10	)			0.42				0.32				(1.03	)			16.56		2.62				13,053		1.52			1.52			(0.59	)		26
Year ended 10/31/18			19.43			(0.08	)			0.59				0.51				(2.67	)			17.27		2.55				16,427		1.49			1.50			(0.44	)		12
Year ended 10/31/17			16.06			(0.11	)			4.12				4.01				(0.64	)			19.43		25.45				22,747		1.52			1.53			(0.64	)		16
Year ended 10/31/16			19.86			(0.12	)			0.52				0.40				(4.20	)			16.06		4.90				29,623		1.49			1.50			(0.78	)		20
Class Y
Year ended 10/31/20			18.14			(0.10	)			(1.26	)			(1.36	)			(1.30	)			15.48		(8.36	)			68,562		1.03	^(d)		1.03	^(d)		(0.64	)^(d)		102
Year ended 10/31/19			18.72			(0.02	)			0.47				0.45				(1.03	)			18.14		3.14				91,297		1.02			1.02			(0.09	)		26
Year ended 10/31/18			20.75			0.01				0.63				0.64				(2.67	)			18.72		3.07				95,958		0.99			1.00			0.06			12
Year ended 10/31/17			17.04			(0.01	)			4.36				4.35				(0.64	)			20.75		26.00				80,572		1.02			1.03			(0.14	)		16
Year ended 10/31/16			20.71			(0.04	)			0.57				0.53				(4.20	)			17.04		5.44				81,269		0.99			1.00			(0.28	)		20
Class R5
Year ended 10/31/20			19.10			(0.09	)			(1.34	)			(1.43	)			(1.30	)			16.37		(8.30	)			11,890		0.93	^(d)		0.93	^(d)		(0.54	)^(d)		102
Year ended 10/31/19			19.62			0.00				0.51				0.51				(1.03	)			19.10		3.31				20,905		0.91			0.91			0.02			26
Year ended 10/31/18			21.62			0.03				0.64				0.67				(2.67	)			19.62		3.09				23,088		0.92			0.93			0.13			12
Year ended 10/31/17			17.71			(0.01	)			4.56				4.55				(0.64	)			21.62		26.15				26,943		0.92			0.93			(0.04	)		16
Year ended 10/31/16			21.33			(0.03	)			0.61				0.58				(4.20	)			17.71		5.54				32,996		0.89			0.90			(0.18	)		20
Class R6
Year ended 10/31/20			19.14			(0.08	)			(1.34	)			(1.42	)			(1.30	)			16.42		(8.22	)			1,513		0.86	^(d)		0.86	^(d)		(0.47	)^(d)		102
Year ended 10/31/19			19.65			0.02				0.50				0.52				(1.03	)			19.14		3.36				1,859		0.84			0.84			0.09			26
Year ended 10/31/18			21.63			0.04				0.65				0.69				(2.67	)			19.65		3.19				772		0.84			0.85			0.21			12
Year ended 10/31/17^(e)			20.05			0.01				1.57				1.58				–				21.63		7.88				11		0.84	^(f)		0.85	^(f)		0.04	^(f)		16

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $179,170, $12,834, $10,574, $92,027, $15,103 and $1,852 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)	Commencement date of April 4, 2017.

^(f)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco Select Companies Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco Select Companies 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 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.

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.


16		Invesco Select Companies Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from 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.


17		Invesco Select Companies Fund

K.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

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


Average Daily Net Assets		Rate
First $250 million		0.745%
Next $250 million		0.730%
Next $500 million		0.715%
Next $1.5 billion		0.700%
Next $2.5 billion		0.685%
Next $2.5 billion		0.670%
Next $2.5 billion		0.655%
Over $10 billion		0.640%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.74%.

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 and Invesco Senior Secured Management, Inc. (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). Prior to October 15, 2020, Invesco Canada Ltd. also served as an Affiliated Sub-Adviser.

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2020, the Adviser waived advisory fees of $6,010.


18		Invesco Select Companies Fund

shareholder. During the year ended October 31, 2020, IDI advised the Fund that IDI retained $25,841 in front-end sales commissions from the sale of Class A shares and $656 and $262 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2020, the Fund incurred $1,705 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


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests		$241,494,916		$ 8,099,931		$–	$249,594,847

Money Market Funds		3,424,119		3,460,595		–	6,884,714

Total Investments		$244,919,035		$11,560,526		$–	$256,479,561

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	–	$	2,223,892

Long-term capital gain		25,741,275		20,529,850

Total distributions	$	25,741,275	$	22,753,742

*	Includes short-term capital gain distributions, if any.


19		Invesco Select Companies Fund

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	17,228,372

Undistributed long-term capital gain		55,220,081

Net unrealized appreciation (depreciation) – investments		(62,349,395	)

Net unrealized appreciation - foreign currencies		1,154

Temporary book/tax differences		(135,005	)

Shares of beneficial interest		247,119,286

Total net assets	$	257,084,493

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, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $309,927,351 and $378,354,417, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	1,696,044

Aggregate unrealized (depreciation) of investments		(64,045,439	)

Net unrealized appreciation (depreciation) of investments	$	(62,349,395	)

Cost of investments for tax purposes is $318,828,956.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating loss, on October 31, 2020, undistributed net investment income (loss) was increased by $3,603,347 and undistributed net realized gain was decreased by $3,603,347. 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, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class A		1,254,867			$ 18,367,344			1,741,593			$ 29,622,709

Class C		70,732			827,723			193,214			2,676,603

Class R		160,293			2,167,358			216,384			3,567,670

Class Y		2,541,022			41,715,989			1,073,506			18,830,834

Class R5		274,477			4,291,662			150,114			2,819,220

Class R6		38,996			675,823			84,234			1,616,440


Issued as reinvestment of dividends:
Class A		865,168			14,647,289			753,553			11,702,682

Class C		108,561			1,481,863			245,264			3,146,737

Class R		60,918			967,988			64,126			941,375

Class Y		357,939			6,278,242			312,629			5,005,191

Class R5		75,631			1,401,449			71,182			1,197,993

Class R6		7,181			133,351			2,531			42,664


Automatic conversion of Class C shares to Class A shares:
Class A		165,064			2,474,832			1,294,154			21,705,462

Class C		(205,146	)		(2,474,832	)		(1,568,527	)		(21,705,462	)


20		Invesco Select Companies Fund


	Summary of Share Activity

	Year ended						Year ended
	October 31, 2020^(a)						October 31, 2019
	Shares			Amount			Shares			Amount


Reacquired:
Class A		(3,787,730	)		$(56,584,772	)		(3,842,350	)		$(65,697,207	)

Class C		(439,410	)		(5,330,098	)		(913,197	)		(12,557,572	)

Class R		(378,611	)		(5,324,282	)		(443,724	)		(7,254,481	)

Class Y		(3,502,646	)		(54,074,552	)		(1,480,538	)		(25,257,783	)

Class R5		(718,559	)		(12,412,175	)		(303,253	)		(5,743,715	)

Class R6		(51,129	)		(833,836	)		(28,932	)		(553,517	)

Net increase (decrease) in share activity		(3,102,382	)		$(41,603,634	)		(2,378,037	)		$(35,894,157	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% 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 11–Coronavirus (COVID-19) Pandemic


21		Invesco Select Companies Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Select Companies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Companies Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, 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, 2020, 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, 2020 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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


22		Invesco Select Companies Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning Account Value (05/01/20)		Ending Account Value (10/31/20)¹		Expenses Paid During Period²		Ending Account Value (10/31/20)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,123.60		$6.94		$1,018.60		$6.60		1.30%
Class C		1,000.00		1,120.10		10.92		1,014.83		10.38		2.05
Class R		1,000.00		1,123.10		8.27		1,017.34		7.86		1.55
Class Y		1,000.00		1,125.80		5.61		1,019.86		5.33		1.05
Class R5		1,000.00		1,125.90		5.02		1,020.41		4.77		0.94
Class R6		1,000.00		1,126.20		4.70		1,020.71		4.47		0.88

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 184/366 to reflect the most recent fiscal half year.


23		Invesco Select Companies Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, 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 Select Companies 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, 2020. 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

sessions with the Senior Officer and with independent legal counsel.

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

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit


24		Invesco Select Companies Fund

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


25		Invesco Select Companies Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	25,741,275
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


26		Invesco Select Companies Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business	199	None
		Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)

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 Select Companies 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
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


T-2		Invesco Select Companies 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)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


T-3		Invesco Select Companies 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)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort -1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson -1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


T-4		Invesco Select Companies Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-5		Invesco Select Companies Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		Invesco Select Companies 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)
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801


T-7		Invesco Select Companies Fund

LOGO

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

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Fund reports and prospectuses

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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

Fund holdings and proxy voting information


SEC file numbers: 811-05426 and 033-19338		Invesco Distributors, Inc.		SCO-AR-1



		Annual Report to Shareholders		October 31, 2020

		Invesco U.S. Managed Volatility Fund Nasdaq: R6: USMVX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

lockdowns. Equity markets began to sell off in late February and plummeted in March. The speed and depth of market declines and reversals during the month made March 2020 one of the most volatile months on record. While equities languished, government bonds largely performed as expected as central banks cut interest rates, which lowered bond yields but sent bond prices soaring. In response to the financial and economic hardships caused by the pandemic, central banks and governments around the world responded with fiscal and monetary stimulus. The US Federal Reserve cut interest rates to near zero (0.00-0.25%) and announced an unprecedented quantitative easing program. The US administration also passed a $2.2 trillion economic-relief package – the largest in US history. Most major economies outside of the US provided liquidity in the bond and equity markets in the form of fiscal policy and quantitative easing.

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.


2		Invesco U.S. Managed Volatility Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎ Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees


3		Invesco U.S. Managed Volatility Fund

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2020, Class R6 shares of Invesco U.S. Managed Volatility Fund (the Fund), at net asset value (NAV), outperformed the Invesco US Large Cap Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class R6 Shares	15.69	%
S&P 500 Index^▼(Broad Market Index)	9.71
Invesco US Large Cap Index^▼(Style-Specific Index)	12.31
Lipper S&P 500 Fund Index^∎(Peer Group Index)	9.35
Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.4%,² a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

Invesco U.S. Managed Volatility Fund is a domestic large-cap core equity strategy focused on providing capital appreciation while managing portfolio volatility. The strategy seeks equity-like exposure during periods of economic strength and downside protection during economic stress. The Fund seeks to accomplish this by investing in the Invesco U.S. Large Cap Index with a futures overlay component designed to manage volatility. The futures overlay component is designed to manage the Fund’s overall risk by selling short exchange-traded equity index futures in periods of high market volatility. This risk management overlay is implemented when the forecasted annualized volatility level of the Fund’s returns exceeds 16%.

The Fund posted a double-digit gain during the fiscal year and outperformed the Fund’s

style-specific benchmark, the Invesco US Large Cap Index. The Fund’s relative outperformance can primarily be attributed to the Fund’s volatility overlay. Due to the significant uptick in market volatility experienced during most of 2020, the overlay was enacted throughout much of the fiscal year and helped to keep the Fund’s overall volatility significantly lower than the Invesco US Large Cap Index. With the exception of the Fund’s volatility overlay, performance was representative of the domestic large-cap asset class. At the sector level, holdings in the information technology (IT) were the leading contributors to Fund performance, followed by the communication services, health care and consumer discretionary sectors. In contrast, Fund holdings in the energy and financials sectors were the leading detractors from Fund performance.

From an individual holdings perspective, holdings in the IT sector were the leading contributors to Fund performance. Technology giants Apple, Amazon.com and Microsoft were the leading contributors to Fund performance in the sector. Technology stocks generally rose throughout the fiscal year as tech companies produced stronger than expected earnings with people forced to socially distance, work from home and order goods online due to COVID-19 precautions and lockdowns. In contrast, Fund holdings in the energy sector were the leading detractors from Fund performance. The energy sector was the worst performing sector during the fiscal year and declined sharply as more states issued lockdowns and investors feared that demand would decline with slowing global growth. Exxon Mobil was negatively impacted by general weakness across the sector and was a leading detractor from Fund performance during the fiscal year. Fund holdings in the financials, real estate and utilities sector were also notable detractors from Fund performance.

At the close of the fiscal year, we see the greatest upside to our economic outlook would be a meaningful change in the health outlook for COVID-19 that leads to a return to normal consumer behavior sooner than expected. Downside risks include a sharp uptick in infections that results in more lasting changes to consumer behavior, a renewal of lockdowns and a premature reduction in policy support. In this environment, we expect massive monetary policy stimulus will continue to provide some support to risk assets. However, we expect significant volatility and the potential for stock pullbacks in the coming months as concerns about rising positive COVID-19 cases and the potential for more lockdowns continues to rise. We strongly encourage investors to remain well-diversified.

Please note, the Fund’s strategy is principally implemented through equity investments, but we may also use futures contracts, a derivative instrument, to manage volatility. Derivatives can be a cost-effective


4		Invesco U.S. Managed Volatility Fund

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 investment in Invesco U.S. Managed Volatility Fund.

1 Source: US Federal Reserve

2 Source: US Bureau of Economic Analysis

Portfolio manager(s):

Jacob Borbidge

David Hemming

Duy Nguyen

Theodore Samulowitz

See important Fund and, if applicable, index disclosures later in this report.


5		Invesco U.S. Managed Volatility Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 12/18/17

LOGO

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.


6		Invesco U.S. Managed Volatility Fund



Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class R6 Shares
Inception (12/18/17)	9.34	%
1 Year	15.69

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Shares of the Fund are sold at net asset value without a sales charge. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


7		Invesco U.S. Managed Volatility Fund

Invesco U.S. Managed Volatility Fund’s investment objective is to seek to provide capital appreciation while managing portfolio volatility.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎	Unless otherwise noted, all data provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^®Index is an unmanaged index considered representative of the US stock market.

∎	The Invesco US Large Cap Index is a broad-based benchmark measuring the aggregate performance of US large-cap equities.

∎	The Lipper S&P 500 Fund Index is an unmanaged index considered representative of S&P 500 funds tracked by Lipper.

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


8		Invesco U.S. Managed Volatility Fund

Fund Information


Portfolio Composition
By sector	% of total net assets
Information Technology		27.65	%
Health Care		13.12
Consumer Discretionary		11.61
Communication Services		11.15
Financials		9.43
Industrials		7.57
Consumer Staples		6.83
Utilities		2.74
Materials		2.24
Real Estate		2.15
Other Sectors, Each Less than 2% of Net Assets		2.81
Money Market Funds Plus Other Assets Less Liabilities		2.70


Top 10 Equity Holdings*
	% of total net assets
1. Apple, Inc.		6.68	%
2. Microsoft Corp.		5.43
3. Amazon.com, Inc.		4.69
4. Alphabet, Inc., Class A		3.45
5. Facebook, Inc., Class A		2.30
6. Berkshire Hathaway, Inc., Class B		1.48
7. Johnson & Johnson		1.29
8. Procter & Gamble Co. (The)		1.24
9. Visa, Inc., Class A		1.11
10. JPMorgan Chase & Co.		1.10

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2020.


9		Invesco U.S. Managed Volatility Fund

Schedule of Investments^(a)

October 31, 2020


	Shares		Value
Common Stocks & Other Equity Interests–96.30%
Advertising–0.03%
Omnicom Group, Inc.		91	$	4,295

Aerospace & Defense–1.46%
Boeing Co. (The)		283		40,862
General Dynamics Corp.		132		17,336
L3Harris Technologies, Inc.		105		16,916
Lockheed Martin Corp.		140		49,018
Northrop Grumman Corp.		80		23,186
Raytheon Technologies Corp.		743		40,360
TransDigm Group, Inc.		26		12,413
				200,091

Agricultural & Farm Machinery–0.25%
Deere & Co.		152		34,338

Agricultural Products–0.09%
Archer-Daniels-Midland Co.		261		12,069

Air Freight & Logistics–0.73%
C.H. Robinson Worldwide, Inc.		58		5,129
Expeditors International of Washington, Inc.		86		7,600
FedEx Corp.		119		30,877
United Parcel Service, Inc., Class B		355		55,774
				99,380

Airlines–0.03%
Delta Air Lines, Inc.		68		2,084
Southwest Airlines Co.		66		2,609
				4,693

Alternative Carriers–0.06%
CenturyLink, Inc.		478		4,120
Liberty Global PLC, Class C (United Kingdom)^(b)		233		4,348
				8,468

Apparel Retail–0.32%
Ross Stores, Inc.		171		14,564
TJX Cos., Inc. (The)		583		29,616
				44,180

Apparel, Accessories & Luxury Goods–0.23%
lululemon athletica, inc.^(b)		61		19,477
VF Corp.		186		12,499
				31,976

Application Software–3.10%
Adobe, Inc.^(b)		236		105,516
ANSYS, Inc.^(b)		41		12,479
Autodesk, Inc.^(b)		111		26,145
Cadence Design Systems, Inc.^(b)		129		14,109
Citrix Systems, Inc.		54		6,116
DocuSign, Inc.^(b)		77		15,573
Intuit, Inc.		123		38,706
RingCentral, Inc., Class A^(b)		34		8,783
salesforce.com, inc.^(b)		434		100,805
Slack Technologies, Inc., Class A^(b)		179		4,579


	Shares		Value
Application Software–(continued)
Splunk, Inc.^(b)		76	$	15,051
Synopsys, Inc.^(b)		67		14,329
Workday, Inc., Class A^(b)		80		16,810
Zoom Video Communications, Inc., Class A^(b)		98		45,169
				424,170

Asset Management & Custody Banks–0.88%
Ameriprise Financial, Inc.		51		8,202
Bank of New York Mellon Corp. (The)		401		13,778
BlackRock, Inc.		67		40,147
Blackstone Group, Inc. (The), Class A		323		16,286
Franklin Resources, Inc.		118		2,212
KKR & Co., Inc., Class A		237		8,094
Northern Trust Corp.		96		7,514
State Street Corp.		174		10,249
T. Rowe Price Group, Inc.		109		13,806
				120,288

Auto Parts & Equipment–0.09%
Aptiv PLC^(b)		125		12,061

Automobile Manufacturers–1.32%
Ford Motor Co.		1,976		15,275
General Motors Co.^(b)		725		25,034
Tesla, Inc.^(b)		361		140,082
				180,391

Automotive Retail–0.26%
AutoZone, Inc.^(b)		11		12,419
CarMax, Inc.^(b)		84		7,261
O’Reilly Automotive, Inc.^(b)		35		15,281
				34,961

Biotechnology–2.09%
AbbVie, Inc.		854		72,675
Alexion Pharmaceuticals, Inc.^(b)		96		11,053
Amgen, Inc.		280		60,743
Biogen, Inc.^(b)		69		17,393
BioMarin Pharmaceutical, Inc.^(b)		78		5,806
Gilead Sciences, Inc.		588		34,192
Incyte Corp.^(b)		95		8,231
Moderna, Inc.^(b)		150		10,121
Regeneron Pharmaceuticals, Inc.^(b)		49		26,634
Seagen, Inc.^(b)		82		13,678
Vertex Pharmaceuticals, Inc.^(b)		119		24,795
				285,321

Broadcasting–0.10%
Fox Corp., Class A		271		7,187
ViacomCBS, Inc., Class B		249		7,114
				14,301

Building Products–0.32%
Carrier Global Corp.		412		13,756
Johnson Controls International PLC		357		15,069
Trane Technologies PLC		113		15,001
				43,826

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco U.S. Managed Volatility Fund


	Shares		Value
Cable & Satellite–1.22%
Charter Communications, Inc., Class A^(b)		75	$	45,286
Comcast Corp., Class A		2,273		96,012
Liberty Broadband Corp., Class C^(b)		82		11,620
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		295		10,207
Sirius XM Holdings, Inc.		519		2,974
				166,099

Casinos & Gaming–0.05%
Las Vegas Sands Corp.		144		6,921

Commodity Chemicals–0.19%
Dow, Inc.		376		17,104
LyondellBasell Industries N.V., Class A		132		9,036
				26,140

Communications Equipment–0.67%
Arista Networks, Inc.^(b)		26		5,431
Cisco Systems, Inc.		2,011		72,195
Motorola Solutions, Inc.		85		13,435
				91,061

Computer & Electronics Retail–0.09%
Best Buy Co., Inc.		109		12,159

Construction Machinery & Heavy Trucks–0.50%
Caterpillar, Inc.		260		40,833
Cummins, Inc.		70		15,392
PACCAR, Inc.		149		12,722
				68,947

Construction Materials–0.11%
Martin Marietta Materials, Inc.		27		7,191
Vulcan Materials Co.		58		8,401
				15,592

Consumer Finance–0.50%
American Express Co.		393		35,857
Capital One Financial Corp.		229		16,735
Discover Financial Services		141		9,167
Synchrony Financial		263		6,580
				68,339

Copper–0.09%
Freeport-McMoRan, Inc.^(b)		712		12,346

Data Processing & Outsourced Services–4.15%
Automatic Data Processing, Inc.		206		32,540
Fidelity National Information Services, Inc.		291		36,256
Fiserv, Inc.^(b)		280		26,731
FleetCor Technologies, Inc.^(b)		37		8,174
Global Payments, Inc.		145		22,872
Mastercard, Inc., Class A		497		143,454
Paychex, Inc.		159		13,078
PayPal Holdings, Inc.^(b)		555		103,302
Square, Inc., Class A^(b)		183		28,343
Visa, Inc., Class A^(c)		837		152,091
				566,841

Distillers & Vintners–0.16%
Brown-Forman Corp., Class B		133		9,272
Constellation Brands, Inc., Class A		79		13,053
				22,325


	Shares		Value
Distributors–0.04%
Genuine Parts Co.		62	$	5,607

Diversified Banks–2.69%
Bank of America Corp.^(c)		4,384		103,901
Citigroup, Inc.		1,015		42,041
JPMorgan Chase & Co.		1,529		149,903
U.S. Bancorp		742		28,901
Wells Fargo & Co.		2,020		43,329
				368,075

Diversified Support Services–0.17%
Cintas Corp.		42		13,211
Copart, Inc.^(b)		90		9,933
				23,144

Drug Retail–0.09%
Walgreens Boots Alliance, Inc.		345		11,744

Electric Utilities–1.76%
American Electric Power Co., Inc.		230		20,684
Avangrid, Inc.		25		1,234
Duke Energy Corp.		370		34,081
Edison International		173		9,695
Entergy Corp.		87		8,806
Eversource Energy		153		13,352
Exelon Corp.		458		18,270
FirstEnergy Corp.		236		7,014
NextEra Energy, Inc.		968		70,867
PPL Corp.		335		9,212
Southern Co. (The)		534		30,678
Xcel Energy, Inc.		246		17,227
				241,120

Electrical Components & Equipment–0.46%
AMETEK, Inc.		111		10,900
Eaton Corp. PLC		195		20,239
Emerson Electric Co.		290		18,789
Rockwell Automation, Inc.		54		12,805
				62,733

Electronic Components–0.21%
Amphenol Corp., Class A		139		15,685
Corning, Inc.		387		12,372
				28,057

Electronic Equipment & Instruments–0.08%
Keysight Technologies, Inc.^(b)		81		8,494
Vontier Corp.^(b)		62		1,782
				10,276

Electronic Manufacturing Services–0.11%
TE Connectivity Ltd.		160		15,501

Environmental & Facilities Services–0.34%
Republic Services, Inc.		156		13,755
Waste Connections, Inc.		118		11,720
Waste Management, Inc.		196		21,150
				46,625

Fertilizers & Agricultural Chemicals–0.08%
Corteva, Inc.		326		10,751

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco U.S. Managed Volatility Fund


	Shares		Value
Financial Exchanges & Data–1.02%
CME Group, Inc., Class A		164	$	24,718
Intercontinental Exchange, Inc.		264		24,922
MarketAxess Holdings, Inc.		16		8,622
Moody’s Corp.		89		23,398
MSCI, Inc.		37		12,944
Nasdaq, Inc.		50		6,049
S&P Global, Inc.		119		38,405
				139,058

Food Distributors–0.10%
Sysco Corp.		253		13,993

Food Retail–0.08%
Kroger Co. (The)		333		10,726

Footwear–0.42%
NIKE, Inc., Class B		476		57,158

General Merchandise Stores–0.51%
Dollar General Corp.		113		23,584
Dollar Tree, Inc.^(b)		116		10,477
Target Corp.		235		35,772
				69,833

Gold–0.17%
Newmont Corp.		361		22,685

Health Care Distributors–0.16%
AmerisourceBergen Corp.		64		6,148
Cardinal Health, Inc.		126		5,770
McKesson Corp.		71		10,472
				22,390

Health Care Equipment–3.26%
Abbott Laboratories		844		88,713
Baxter International, Inc.		237		18,384
Becton, Dickinson and Co.		131		30,278
Boston Scientific Corp.^(b)		659		22,584
Danaher Corp.		304		69,780
DexCom, Inc.^(b)		46		14,701
Edwards Lifesciences Corp.^(b)		284		20,360
IDEXX Laboratories, Inc.^(b)		39		16,568
Intuitive Surgical, Inc.^(b)		55		36,689
Medtronic PLC		675		67,885
ResMed, Inc.		63		12,092
Stryker Corp.		174		35,150
Zimmer Biomet Holdings, Inc.		98		12,946
				446,130

Health Care Facilities–0.11%
HCA Healthcare, Inc.^(b)		122		15,121

Health Care REITs–0.17%
Healthpeak Properties, Inc.		255		6,877
Ventas, Inc.		163		6,434
Welltower, Inc.		188		10,109
				23,420

Health Care Services–0.59%
Cigna Corp.		182		30,389
CVS Health Corp.		616		34,551
Laboratory Corp. of America Holdings^(b)		42		8,390


	Shares		Value
Health Care Services–(continued)
Quest Diagnostics, Inc.		58	$	7,084
				80,414

Health Care Supplies–0.10%
Align Technology, Inc.^(b)		32		13,635

Health Care Technology–0.20%
Cerner Corp.		155		10,864
Veeva Systems, Inc., Class A^(b)		60		16,203
				27,067

Home Improvement Retail–1.49%
Home Depot, Inc. (The)		537		143,223
Lowe’s Cos., Inc.		384		60,711
				203,934

Homebuilding–0.13%
D.R. Horton, Inc.		142		9,487
Lennar Corp., Class A		120		8,428
				17,915

Hotels, Resorts & Cruise Lines–0.18%
Hilton Worldwide Holdings, Inc.		138		12,118
Marriott International, Inc., Class A		134		12,446
				24,564

Household Products–1.79%
Church & Dwight Co., Inc.		108		9,546
Clorox Co. (The)		59		12,228
Colgate-Palmolive Co.		406		32,029
Kimberly-Clark Corp.		157		20,817
Procter & Gamble Co. (The)		1,240		170,004
				244,624

Hypermarkets & Super Centers–1.23%
Costco Wholesale Corp.		211		75,458
Walmart, Inc.		668		92,685
				168,143

Industrial Conglomerates–1.11%
3M Co.		275		43,989
General Electric Co.		4,342		32,218
Honeywell International, Inc.		351		57,897
Roper Technologies, Inc.		48		17,824
				151,928

Industrial Gases–0.64%
Air Products and Chemicals, Inc.		105		29,005
Linde PLC (United Kingdom)		264		58,170
				87,175

Industrial Machinery–0.62%
Dover Corp.		62		6,864
Fortive Corp.		156		9,609
Illinois Tool Works, Inc.		151		29,578
Otis Worldwide Corp.		190		11,643
Parker-Hannifin Corp.		63		13,127
Stanley Black & Decker, Inc.		80		13,296
				84,117

Industrial REITs–0.26%
Prologis, Inc.		364		36,109

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco U.S. Managed Volatility Fund


	Shares		Value
Insurance Brokers–0.39%
Aon PLC, Class A		104	$	19,137
Marsh & McLennan Cos., Inc.		235		24,313
Willis Towers Watson PLC		56		10,219
				53,669

Integrated Oil & Gas–1.03%
Chevron Corp.		954		66,303
Exxon Mobil Corp.		2,152		70,198
Occidental Petroleum Corp.		394		3,597
				140,098

Integrated Telecommunication Services–1.57%
AT&T, Inc.		3,560		96,191
Verizon Communications, Inc.		2,065		117,685
				213,876

Interactive Home Entertainment–0.33%
Activision Blizzard, Inc.		382		28,929
Electronic Arts, Inc.^(b)		132		15,817
				44,746

Interactive Media & Services–6.10%
Alphabet, Inc., Class A^(b)		292		471,904
Facebook, Inc., Class A^(b)		1,193		313,890
Match Group, Inc.^(b)		142		16,583
Snap, Inc., Class A^(b)		388		15,283
Twitter, Inc.^(b)		380		15,717
				833,377

Internet & Direct Marketing Retail–5.29%
Amazon.com, Inc.^(b)(c)		211		640,628
Booking Holdings, Inc.^(b)		20		32,450
eBay, Inc.		322		15,337
Expedia Group, Inc.		50		4,707
MercadoLibre, Inc. (Argentina)^(b)		24		29,137
				722,259

Internet Services & Infrastructure–0.32%
Akamai Technologies, Inc.^(b)		69		6,563
Okta, Inc.^(b)		52		10,911
Twilio, Inc., Class A^(b)		59		16,459
VeriSign, Inc.^(b)		49		9,345
				43,278

Investment Banking & Brokerage–0.70%
Charles Schwab Corp. (The)		825		33,916
Goldman Sachs Group, Inc. (The)		161		30,436
Morgan Stanley		656		31,586
				95,938

IT Consulting & Other Services–0.99%
Accenture PLC, Class A		308		66,808
Cognizant Technology Solutions Corp., Class A		251		17,927
International Business Machines Corp.		453		50,582
				135,317

Life & Health Insurance–0.32%
Aflac, Inc.		334		11,339
MetLife, Inc.		421		15,935
Principal Financial Group, Inc.		117		4,589


	Shares		Value
Life & Health Insurance–(continued)
Prudential Financial, Inc.		195	$	12,484
				44,347

Life Sciences Tools & Services–1.12%
Agilent Technologies, Inc.		137		13,986
Illumina, Inc.^(b)		68		19,904
IQVIA Holdings, Inc.^(b)		86		13,243
Mettler-Toledo International, Inc.^(b)		11		10,977
Thermo Fisher Scientific, Inc.		188		88,947
Waters Corp.^(b)		26		5,793
				152,850

Managed Health Care–1.55%
Anthem, Inc.		114		31,099
Centene Corp.^(b)		277		16,371
Humana, Inc.		61		24,356
UnitedHealth Group, Inc.		459		140,059
				211,885

Metal & Glass Containers–0.11%
Ball Corp.		163		14,507

Movies & Entertainment–1.55%
Netflix, Inc.^(b)		212		100,857
Walt Disney Co. (The)		914		110,822
				211,679

Multi-line Insurance–0.14%
American International Group, Inc.		413		13,005
Hartford Financial Services Group, Inc. (The)		155		5,971
				18,976

Multi-Sector Holdings–1.48%
Berkshire Hathaway, Inc., Class B^(b)		1,000		201,900

Multi-Utilities–0.88%
Ameren Corp.		107		8,680
CMS Energy Corp.		125		7,916
Consolidated Edison, Inc.		166		13,029
Dominion Energy, Inc.		422		33,904
DTE Energy Co.		88		10,861
Public Service Enterprise Group, Inc.		245		14,247
Sempra Energy		131		16,422
WEC Energy Group, Inc.		148		14,881
				119,940

Office REITs–0.10%
Alexandria Real Estate Equities, Inc.		56		8,485
Boston Properties, Inc.		67		4,852
				13,337

Oil & Gas Equipment & Services–0.09%
Baker Hughes Co., Class A		118		1,743
Schlumberger Ltd.		664		9,920
				11,663

Oil & Gas Exploration & Production–0.27%
Concho Resources, Inc.		82		3,404
ConocoPhillips		487		13,938
EOG Resources, Inc.		261		8,937
Hess Corp.		120		4,466

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco U.S. Managed Volatility Fund


	Shares		Value
Oil & Gas Exploration & Production–(continued)
Pioneer Natural Resources Co.		70	$	5,569
				36,314

Oil & Gas Refining & Marketing–0.20%
Marathon Petroleum Corp.		325		9,587
Phillips 66		221		10,312
Valero Energy Corp.		180		6,950
				26,849

Oil & Gas Storage & Transportation–0.24%
Cheniere Energy, Inc.^(b)		106		5,074
Kinder Morgan, Inc.		906		10,781
ONEOK, Inc.		200		5,800
Williams Cos., Inc. (The)		615		11,802
				33,457

Packaged Foods & Meats–0.96%
Campbell Soup Co.		84		3,920
Conagra Brands, Inc.		212		7,439
General Mills, Inc.		284		16,790
Hershey Co. (The)		64		8,797
Hormel Foods Corp.		235		11,442
JM Smucker Co. (The)		48		5,386
Kellogg Co.		150		9,433
Kraft Heinz Co. (The)		474		14,500
McCormick & Co., Inc.		54		9,748
Mondelez International, Inc., Class A		680		36,122
Tyson Foods, Inc., Class A		125		7,154
				130,731

Paper Packaging–0.12%
Amcor PLC		666		6,946
International Paper Co.		210		9,188
				16,134

Personal Products–0.17%
Estee Lauder Cos., Inc. (The), Class A		105		23,064

Pharmaceuticals–3.94%
Bristol-Myers Squibb Co.		1,115		65,172
Eli Lilly and Co.		472		61,577
Johnson & Johnson		1,289		176,735
Merck & Co., Inc.		1,259		94,689
Pfizer, Inc.		2,743		97,322
Royalty Pharma PLC, Class A		152		5,578
Zoetis, Inc.		234		37,101
				538,174

Property & Casualty Insurance–0.63%
Allstate Corp. (The)		149		13,224
Chubb Ltd.		218		28,320
Markel Corp.^(b)		6		5,597
Progressive Corp. (The)		270		24,813
Travelers Cos., Inc. (The)		120		14,485
				86,439

Railroads–0.90%
CSX Corp.		365		28,813
Kansas City Southern		47		8,279
Norfolk Southern Corp.		122		25,513


	Shares		Value
Railroads–(continued)
Union Pacific Corp.		338	$	59,890
				122,495

Real Estate Services–0.05%
CBRE Group, Inc., Class A^(b)		146		7,358

Regional Banks–0.67%
Fifth Third Bancorp		310		7,198
First Republic Bank		75		9,461
KeyCorp		419		5,439
M&T Bank Corp.		54		5,593
PNC Financial Services Group, Inc. (The)		208		23,271
Regions Financial Corp.		413		5,493
SVB Financial Group^(b)		23		6,686
Truist Financial Corp.		669		28,178
				91,319

Research & Consulting Services–0.37%
CoStar Group, Inc.^(b)		18		14,825
Equifax, Inc.		53		7,240
IHS Markit Ltd.		189		15,284
Verisk Analytics, Inc.		75		13,348
				50,697

Residential REITs–0.16%
AvalonBay Communities, Inc.		62		8,626
Equity Residential		161		7,564
Essex Property Trust, Inc.		29		5,933
				22,123

Restaurants–1.15%
Chipotle Mexican Grill, Inc.^(b)		13		15,619
McDonald’s Corp.		360		76,680
Starbucks Corp.		592		51,481
Yum! Brands, Inc.		146		13,626
				157,406

Retail REITs–0.14%
Realty Income Corp.		163		9,431
Simon Property Group, Inc.		156		9,799
				19,230

Semiconductor Equipment–0.46%
Applied Materials, Inc.		440		26,061
KLA Corp.		72		14,197
Lam Research Corp.		67		22,920
				63,178

Semiconductors–4.29%
Advanced Micro Devices, Inc.^(b)		549		41,334
Analog Devices, Inc.		171		20,269
Broadcom, Inc.		192		67,129
Intel Corp.		2,107		93,298
Marvell Technology Group Ltd.		332		12,453
Maxim Integrated Products, Inc.		113		7,870
Microchip Technology, Inc.		110		11,559
Micron Technology, Inc.^(b)		540		27,184
NVIDIA Corp.		293		146,899
QUALCOMM, Inc.		562		69,328
Skyworks Solutions, Inc.		74		10,456
Texas Instruments, Inc.		453		65,499

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco U.S. Managed Volatility Fund


	Shares		Value
Semiconductors–(continued)
Xilinx, Inc.		112	$	13,293
				586,571

Soft Drinks–1.54%
Coca-Cola Co. (The)		2,141		102,896
Keurig Dr Pepper, Inc.		164		4,412
Monster Beverage Corp.^(b)		175		13,400
PepsiCo, Inc.		668		89,038
				209,746

Specialized REITs–1.25%
American Tower Corp.		217		49,834
Crown Castle International Corp.		205		32,021
Digital Realty Trust, Inc.		127		18,326
Equinix, Inc.		41		29,981
Public Storage		73		16,722
SBA Communications Corp., Class A		54		15,680
Weyerhaeuser Co.		325		8,869
				171,433

Specialty Chemicals–0.69%
Celanese Corp.		50		5,675
DuPont de Nemours, Inc.		338		19,225
Ecolab, Inc.		137		25,152
PPG Industries, Inc.		116		15,048
Sherwin-Williams Co. (The)		43		29,583
				94,683

Specialty Stores–0.04%
Ulta Beauty, Inc.^(b)		24		4,962

Steel–0.05%
Nucor Corp.		129		6,161

Systems Software–6.33%
Fortinet, Inc.^(b)		60		6,622
Microsoft Corp.^(c)		3,667		742,457
NortonLifeLock, Inc.		260		5,348
Oracle Corp.		944		52,968
Palo Alto Networks, Inc.^(b)		40		8,848
ServiceNow, Inc.^(b)		90		44,781
VMware, Inc., Class A^(b)		34		4,377
				865,401

Technology Hardware, Storage & Peripherals–6.94%
Apple, Inc.^(c)		8,379		912,138


	Shares		Value
Technology Hardware, Storage & Peripherals–(continued)
Dell Technologies, Inc., Class C^(b)		118	$	7,111
Hewlett Packard Enterprise Co.		558		4,821
HP, Inc.		601		10,794
NetApp, Inc.		93		4,082
Seagate Technology PLC		108		5,164
Western Digital Corp.		128		4,829
				948,939

Tobacco–0.63%
Altria Group, Inc.		887		32,003
Philip Morris International, Inc.		760		53,975
				85,978

Trading Companies & Distributors–0.13%
Fastenal Co.		252		10,894
W.W. Grainger, Inc.		20		7,000
				17,894

Trucking–0.17%
Old Dominion Freight Line, Inc.		46		8,757
Uber Technologies, Inc.^(b)		445		14,867
				23,624

Water Utilities–0.09%
American Water Works Co., Inc.		86		12,944

Wireless Telecommunication Services–0.20%
T-Mobile US, Inc.^(b)		248		27,173
Total Common Stocks & Other Equity Interests (Cost $10,787,398)				13,159,470

Money Market Funds–2.16%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(d)(e)		100,239		100,239
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(d)(e)		80,323		80,355
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		114,558		114,558
Total Money Market Funds (Cost $295,154)				295,152

Options Purchased–0.99%
(Cost $183,172)^(f)				135,485
TOTAL INVESTMENTS IN SECURITIES–99.45% (Cost $11,265,724)				13,590,107
OTHER ASSETS LESS LIABILITIES–0.55%				74,474
NET ASSETS-100.00%			$	13,664,581

Investment Abbreviations:

REIT - Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco U.S. Managed Volatility Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of the value was pledged as collateral to cover margin requirements for futures contracts. See Note 1I.

^(d)


	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$29,686		$2,744,393		$(2,673,840	)		$	-			$ -			$100,239		$ 345
Invesco Liquid Assets Portfolio, Institutional Class		21,210		2,073,258		(2,014,010	)			(2	)		(101	)		80,355		438
Invesco Treasury Portfolio, Institutional Class		33,927		3,136,447		(3,055,816	)			-			-			114,558		372
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		3,263		(3,263	)			-			-			-		-
Invesco Private Prime Fund		-		1,088		(1,088	)			-			-			-		-
Total		$84,823		$7,958,449		$(7,748,017	)		$	(2	)		$(101	)		$295,152		$1,155

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(f)	The table below details options purchased.


Open Exchange-Traded Equity Options Purchased
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value^(a)			Value
Equity Risk
S&P 500 Index		Call		03/19/2021		3		$	3,380.00		$	1,014,000		$	47,730
S&P 500 Index		Call		03/19/2021		2			3,365.00			673,000			33,440
S&P 500 Index		Call		03/19/2021		3			3,340.00			1,002,000			54,315
Total Open Exchange-Traded Equity Options Purchased														$	135,485

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Exchange-Traded Index Options Written
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Premiums Received				Notional Value^(a)			Value				Unrealized Appreciation
Equity Risk
S&P 500 Index		Call		03/19/2021		3		$	3,675.00		$	(23,989	)		$	1,102,500		$	(13,110	)		$	10,879
S&P 500 Index		Call		03/19/2021		1			4,075.00			(1,507	)			407,500			(635	)			872
S&P 500 Index		Call		03/19/2021		2			3,650.00			(17,660	)			730,000			(9,950	)			7,710
S&P 500 Index		Call		03/19/2021		1			3,975.00			(2,321	)			397,500			(950	)			1,371
S&P 500 Index		Call		03/19/2021		1			4,000.00			(2,212	)			400,000			(850	)			1,362
Total Exchange-Traded Equity Options Written											$	(47,689	)					$	(25,495	)		$	22,194

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value			Unrealized Appreciation
Equity Risk
E-Mini S&P 500 Index		33		December-2020		$	(5,386,755	)		$	85,378		$	85,378

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Invesco U.S. Managed Volatility Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $10,970,570)	$	13,294,955
Investments in affiliated money market funds, at value (Cost $295,154)		295,152
Other investments: Variation margin receivable – futures contracts		53,706
Receivable for:
Fund shares sold		33,740
Fund expenses absorbed		56,367
Dividends		12,409
Investment for trustee deferred compensation and retirement plans		6,493
Other assets		4,983
Total assets		13,757,805

Liabilities:
Other investments: Options written, at value (premiums received $47,689)		25,495
Payable for: Accrued fees to affiliates		943
Accrued trustees’ and officers’ fees and benefits		2,572
Accrued other operating expenses		57,721
Trustee deferred compensation and retirement plans		6,493
Total liabilities		93,224
Net assets applicable to shares outstanding	$	13,664,581


Net assets consist of:
Shares of beneficial interest	$	11,869,341
Distributable earnings		1,795,240
	$	13,664,581

Net Assets:
Class R6	$	13,664,581

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		1,113,893
Class R6:
Net asset value and offering price per share	$	12.27

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Invesco U.S. Managed Volatility Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:
Dividends (net of foreign withholding taxes of $3)	$	190,709

Dividends from affiliated money market funds		1,155

Total investment income		191,864


Expenses:
Advisory fees		10,750

Administrative services fees		1,480

Custodian fees		7,645

Transfer agent fees		1,671

Trustees’ and officers’ fees and benefits		20,202

Registration and filing fees		18,848

Reports to shareholders		20,414

Professional services fees		36,618

Other		2,413

Total expenses		120,041

Less: Fees waived and/or expenses reimbursed		(103,948	)

Net expenses		16,093

Net investment income		175,771


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(369,543	)

Futures contracts		30,266

		(339,277	)

Change in net unrealized appreciation of:
Investment securities		1,499,238

Futures contracts		85,378

Option contracts written		22,194

		1,606,810

Net realized and unrealized gain		1,267,533

Net increase in net assets resulting from operations	$	1,443,304

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Invesco U.S. Managed Volatility Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019
Operations:
Net investment income	$	175,771		$	123,654
Net realized gain (loss)		(339,277	)		(277,341	)
Change in net unrealized appreciation		1,606,810			814,933
Net increase in net assets resulting from operations		1,443,304			661,246

Distributions to shareholders from distributable earnings:
Class R6		(251,272	)		(138,152	)
Share transactions–net:
Class R6		4,269,603			1,770,144
Net increase in net assets		5,461,635			2,293,238

Net assets:
Beginning of year		8,202,946			5,909,708
End of year	$	13,664,581		$	8,202,946

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Invesco U.S. Managed Volatility Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class R6
Year ended 10/31/20		$	10.90		$	0.19		$	1.50		$	1.69		$	(0.17	)		$	(0.15	)		$	(0.32	)		$	12.27		15.78	%		$	13,665		0.15	%^(d)		1.12	%^(d)		1.63	%^(d)		23	%
Year ended 10/31/19			10.14			0.19			0.81			1.00			(0.19	)			(0.05	)			(0.24	)			10.90		10.13				8,203		0.15			2.10			1.89			7
Period ended 10/31/18^(e)			10.00			0.16			(0.02)			0.14			–				–				–				10.14		1.40				5,910		0.15	^(f)		3.40	^(f)		1.74	^(f)		9

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)	Portfolio turnover is not annualized for periods less than one year, if applicable.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $10,750 for Class R6.

^(e)	Commencement date of December 18, 2017.

^(f)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Invesco U.S. Managed Volatility Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco U.S. Managed Volatility Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek to provide capital appreciation while managing portfolio volatility.

The Fund currently consists of one class of shares, Class R6. Class R6 shares are sold at net asset value.

The 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.

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. 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.


21		Invesco U.S. Managed Volatility Fund

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.

Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Call Options Purchased and Written - The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.


22		Invesco U.S. Managed Volatility Fund

K.	Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser at the annual rate of 0.10% of the Fund’s average daily net assets.

The Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class R6 shares to 0.15% of the Fund’s average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $10,775 and reimbursed Fund expenses of $93,173.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund’s shares. The Fund does not pay a distribution fee to IDI under the agreement.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Level 1

Level 2

Level 3

Total

Investments in Securities

Common Stocks & Other Equity Interests

13,159,470

$–

13,159,470

Money Market Funds

295,152

–

295,152

Options Purchased

135,485

–

135,485

Total Investments in Securities

13,590,107

–

13,590,107

Other Investments - Assets*

Futures Contracts

85,378

–

85,378


23		Invesco U.S. Managed Volatility Fund


	Level 1			Level 2		Level 3		Total
Other Investments - Liabilities*

Options Written	$	(25,495	)		$–		$–	$	(25,495	)

Total Investments	$	13,649,990			$–		$–	$	13,649,990

*	Futures contracts are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.


	Value
	Equity
Derivative Assets	Risk
Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	85,378

Options purchased, at value – Exchange-Traded		135,485

Total Derivative Assets		220,863

Derivatives not subject to master netting agreements		(220,863	)

Total Derivative Assets subject to master netting agreements	$	–

^(a)	The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.


	Value
	Equity
Derivative Liabilities	Risk
Options written, at value – Exchange-Traded	$	(25,495	)

Derivatives not subject to master netting agreements		25,495

Total Derivative Liabilities subject to master netting agreements	$	–

Effect of Derivative Investments for the year ended October 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain on Statement of Operations
	Equity
	Risk
Realized Gain:
Futures contracts		$ 30,266
Change in Net Unrealized Appreciation:
Futures contracts		85,378
Options written		22,194
Total		$137,838

The table below summarizes the average notional value of derivatives held during the period.


			Index		Index
	Futures		Options		Options
	Contracts		Purchased		Written
Average notional value	$	4,667,856	$	2,689,000	$	3,037,500

Average Contracts		–		8		8

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


24		Invesco U.S. Managed Volatility Fund

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:


	2020		2019

Ordinary income*	$	171,167		$121,104

Long-term capital gain		80,105		17,048

Total distributions	$	251,272		$138,152

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2020

Undistributed ordinary income	$	642,283

Undistributed long-term capital gain		1,137,472

Net unrealized appreciation – investments		20,404

Temporary book/tax differences		(4,919	)

Shares of beneficial interest		11,869,341

Total net assets	$	13,664,581

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, 2020.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $6,262,631 and $2,411,808, 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	$	717,343

Aggregate unrealized (depreciation) of investments		(696,939	)

Net unrealized appreciation of investments	$	20,404

Cost of investments for tax purposes is $13,629,586.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REIT distributions, on October 31, 2020, undistributed net investment income was increased by $168, undistributed net realized gain (loss) was decreased by $629 and shares of beneficial interest was increased by $461. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount

Sold:
Class R6		451,158			$5,269,631			192,970			$2,012,079


Issued as reinvestment of dividends:
Class R6		8,388			93,022			2,204			21,052


Reacquired:
Class R6		(97,991	)		(1,093,050	)		(25,392	)		(262,987	)

Net increase in share activity		361,555			$4,269,603			169,782			$1,770,144

^(a)	94% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


25		Invesco U.S. Managed Volatility Fund

NOTE 11–Coronavirus (COVID-19) Pandemic


26		Invesco U.S. Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco U.S. Managed Volatility Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco U.S. Managed Volatility Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2020 and for the period December 18, 2017 (commencement of operations) through October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, 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, 2020 and the financial highlights for each of the two years in the period ended October 31, 2020 and for the period December 18, 2017 (commencement of operations) through October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020


27		Invesco U.S. Managed Volatility Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class R6	$1,000.00	$1,103.50	$0.79	$1,024.38	$0.76	0.15%

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 184/366 to reflect the most recent fiscal half year.


28		Invesco U.S. Managed Volatility Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco U.S. Managed Volatility Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

B.	Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

The Board noted that the Fund only had two full years of performance history and compared the Fund’s investment performance during the past two years ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Invesco US Large Cap Index. The Board noted that performance of Class R6 shares of the Fund was in the fourth quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and two year periods. The Board noted that the Fund’s volatility overlay strategy, as well as stock selection in certain sectors, negatively impacted relative performance. The Board noted that, unlike certain of the peer funds and the Index, managing portfolio volatility is a component of the Fund’s investment objective. The Board 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 and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was 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 does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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


29		Invesco U.S. Managed Volatility Fund

Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only four funds (including the Fund) in the expense group.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


30		Invesco U.S. Managed Volatility Fund

Tax Information

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, 2020:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	80,105
Corporate Dividends Received Deduction*		0.00	%
Qualified Dividend Income*		0.00	%
U.S. Treasury Obligations*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	40,092


31		Invesco U.S. Managed Volatility Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	None

1	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	199	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	199	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	199	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); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	199	Member, Board of Directors of Baylor College of Medicine
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	199	Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization)


T-2		Invesco U.S. Managed Volatility Fund

Trustees and Officers-(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	199	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	199	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
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	199	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	199	None
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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)); and Member of the Vestry of Trinity Church Wall Street	199	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); Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	199	Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing)


T-3		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees—(continued)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas	199	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	199	None
Daniel S. Vandivort - 1954 Trustee	2019	Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America	199	None
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	199	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	199	enaible, Inc. (artificial intelligence technology); ISO New England, Inc. (non-profit organization managing regional electricity market)


T-4		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-5		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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


T-6		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801


T-7		Invesco U.S. Managed Volatility Fund

LOGO

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. USMGV-AR-1



		Annual Report to Shareholders		October 31, 2020

		Invesco World Bond Factor Fund
		Nasdaq:
		A: AUBAX ∎ C: AUBCX ∎ Y: AUBYX ∎ R5: AUBIX ∎ R6: AUBFX

LOGO

Letters to Shareholders

LOGO

Andrew Schlossberg

Dear Shareholders:

Massive global fiscal and monetary responses prompted a remarkable global stock market rebound in the second quarter of 2020. All 11 sectors of the S&P 500 Index were positive for the quarter with the index recording its best quarterly performance since 1998. Technology stocks led the way pushing the Nasdaq Composite Index to record highs. The yield on the 10-year US Treasury stabilized after its large decline in the first quarter. Despite macroeconomic data that illustrated the enormous economic cost of the shutdowns – millions of US workers lost their jobs and the US economy contracted at a 5.0% annualized rate for the first quarter of 2020 – the overall tone of economic data improved during the second quarter.

Visit our website for more information on your investments

Have questions?

For questions about your account, contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

LOGO

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco World Bond Factor Fund

LOGO

Bruce Crockett

Dear Shareholders:

Among the many important lessons I’ve learned in more than 40 years in a variety of business endeavors is the value of a trusted advocate.

∎ Ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time.

∎ Monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions.

∎	Assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus.

∎	Monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

I trust the measures outlined above provide assurance that you have a worthy advocate when it comes to choosing the Invesco Funds.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

3 Invesco World Bond Factor Fund

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2020, Class A shares of Invesco World Bond Factor Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Barclays Global Aggregate Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/19 to 10/31/20, 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	5.56	%

Class C Shares	4.74

Class Y Shares	5.81

Class R5 Shares	5.64

Class R6 Shares	5.81

Bloomberg Barclays Global Aggregate Index^q(Broad Market/Style-Specific Index)	5.63

Lipper Global Income Funds Index^⬛(Peer Group Index)	5.55

Source(s): ^▼RIMES Technologies Corp.; ^⬛Lipper Inc.

Market conditions and your Fund

The global fixed income market as measured by the Bloomberg Barclays Global Aggregate Bond Index, was positive for the fiscal year. The market was driven by the strong performance of corporate bonds as well as the decline in interest rates. The strongest performing component of the Bloomberg Barclays Global Aggregate Bond Index was Treasuries which have less credit risk than the other components of the index.

Despite overall positive performance for the fiscal year, global bond markets declined in the first quarter of 2020 driven by the underperformance of corporate bonds due to high market volatility. This volatility reduced market liquidity and required utilizing portfolio trading and over-the-phone trading to overcome the challenges.

The second quarter of 2020 was also highly volatile with reduced market liquidity due to the COVID-19 pandemic. This also required portfolio trading and over-the-phone trading to overcome the challenges. However, the global bond market turned a corner in the second quarter with positive returns that would continue through the end of the fiscal year. Corporate bonds were the best performers of the Bloomberg Barclays Global Aggregate Index and they contributed to the overall positive performance of the fixed income market.

The Invesco World Bond Factor Fund changed strategies on February 28, 2020 to utilize a systematic, quantitative, factor-based approach to investing. The Fund generated positive returns since the strategy change and, Class A shares at NAV, outperformed the Bloomberg Barclays Global Aggregate Index (unhedged) for that eight-month period.

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 Bloomb-

erg Barclays Global Aggregate Corporate Bond Index that it believes tend to have higher returns than other fixed income securities with comparable characteristics over a market cycle. These bonds have the following positive factor characteristics:

∎ High carry bonds are the highest spread bonds in a universe.

∎ Value bonds are those with the highest spread relative to other securities with similar credit rating and sector.

∎ Low volatility bonds are those with lower duration and higher credit quality in a universe.

Since the strategy change, value and low volatility bonds outperformed the Bloomberg Barclays Global Aggregate Index. Overall, bonds with attractive factor characteristics positively impacted Fund performance. During the month of October, the Fund performed inline with the index, led by the overweight positions in high carry and value bonds.

Please note that we implemented our strategy using derivative instruments, including futures, forwards and swaps. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund.

The investment team does not attempt to time the credit market, interest rates, sectors or factors and therefore maintains its allocations. Over time, we believe this has the potential to deliver positive relative performance over a market cycle.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We 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 World Bond Factor Fund and for sharing our long-term investment horizon.

Portfolio manager(s):

Noelle Corum

James Ong

Jay Raol

Sash Sarangi

See important Fund and, if applicable, index disclosures later in this report.

4 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 10/31/10

LOGO

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.

5 Invesco World Bond Factor Fund


Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.38	%
10 Years	1.71
5 Years	3.75
1 Year	1.09

Class C Shares
Inception (3/31/06)	3.25	%
10 Years	1.53
5 Years	3.86
1 Year	3.74

Class Y Shares
Inception (10/3/08)	3.53	%
10 Years	2.41
5 Years	4.94
1 Year	5.81

Class R5 Shares
Inception (3/31/06)	3.90	%
10 Years	2.34
5 Years	4.79
1 Year	5.64

Class R6 Shares
10 Years	2.36	%
5 Years	4.94
1 Year	5.81

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

See current prospectus for more information.

6 Invesco World Bond Factor Fund

Invesco World Bond Factor Fund’s investment objective is total return.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2020, and is based on total net assets.

∎

Unless otherwise noted, all data provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg Barclays Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.

∎

The Lipper Global Income Funds Index is an unmanaged index considered representative of global income funds tracked by Lipper.

∎

7 Invesco World Bond Factor Fund

Fund Information

Portfolio Composition


By sector	% of total net assets
Sovereign Debt		25.11	%
U.S Treasury Securities		22.48
Financials		13.86
Collateralized Mortgage Obligations		10.51
Industrials		5.61
Utilities		3.67
Consumer Discretionary		3.01
Information Technology		2.96
Consumer Staples		2.85
Health Care		2.77
Communication Services		2.34
Other Sectors, Each Less than 2% of Net Assets		2.91
Money Market Funds Plus Other Assets Less Liabilities		1.92

Top Five Debt Issuers*


		% of total net assets
1.	U.S. Treasury		22.48	%
2.	Japanese Government Bond		4.89
3.	Federal Home Loan Mortgage Corp.		3.82
4.	Bundesrepublik Deutschland Bundesanleihe		3.74
5.	Uniform Mortgage-Backed Securities		2.99

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, 2020.

8 Invesco World Bond Factor Fund

Schedule of Investments

October 31, 2020


		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–41.10%^(a)

Australia–1.69%
Australia Government Bond, Series 136, 4.75%, 04/21/2027^(b)	AUD		433,000	$	388,070
Series 142, 4.25%, 04/21/2026^(b)	AUD		99,000		84,404
Series 155, 2.50%, 05/21/2030^(b)	AUD		265,000		215,778
					688,252

Austria–0.45%

JAB Holdings B.V., 1.25%, 05/22/2024^(b)	EUR		100,000		120,842

OMV AG, 1.50%, 04/09/2024^(b)	EUR		50,000		61,436
					182,278

Belgium–0.21%

Anheuser-Busch InBev S.A./N.V., 2.88%, 09/25/2024^(b)	EUR		65,000		84,680

Brazil–0.04%

Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2025	BRL		74,000		14,861

Canada–3.28%

Canadian Government Bond,
0.50%, 09/01/2025	CAD		100,000		75,525
2.00%, 06/01/2028	CAD		1,200,000		1,001,225
1.25%, 06/01/2030	CAD		178,000		141,167

Canadian Imperial Bank of Commerce, 0.38%, 05/03/2024^(b)	EUR		100,000		117,396
					1,335,313

Chile–0.17%

Bonos de la Tesoreria de la Republica en pesos, 4.50%, 03/01/2026	CLP		45,000,000		67,634

China–0.32%

Bank of Communications Co. Ltd., 3.63%, 10/03/2026^(b)(c)	EUR		110,000		129,963

Czech Republic–0.10%

Czech Republic Government Bond, Series 120, 1.25%, 02/14/2025	CZK		960,000		42,348

France–2.74%

Airbus Finance B.V., 2.38%, 04/02/2024^(b)	EUR		100,000		125,113

Banque Federative du Credit Mutuel S.A., 3.00%, 05/21/2024^(b)	EUR		100,000		127,503

Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.38%^(b)(c)(d)	EUR		100,000		129,779


		Principal Amount		Value

France–(continued)

Danone S.A.,
1.25%, 05/30/2024^(b)	EUR		100,000	$	122,845
1.13%, 01/14/2025^(b)	EUR		100,000		123,263

Dassault Systemes SE, 0.13%, 09/16/2026^(b)	EUR		100,000		118,330

La Mondiale SAM, 5.05%^(b)(c)(d)	EUR		100,000		129,468

Societe Generale S.A., 1.25%, 02/15/2024^(b)	EUR		100,000		119,825

Thales S.A., 0.01%, 05/31/2022^(b)	EUR		100,000		116,814
					1,112,940

Germany–7.00%

Bayer AG, 3.13%, 11/12/2079^(b)(c)	EUR		100,000		115,674

BMW Finance N.V., 0.75%, 07/12/2024^(b)	EUR		50,000		60,265

Bundesrepublik Deutschland Bundesanleihe,
0.01%, 08/15/2029^(b)	EUR		1,128,036		1,395,946
0.01%, 08/15/2050^(b)	EUR		100,000		124,273

Commerzbank AG, 0.63%, 08/28/2024^(b)	EUR		70,000		83,415

Daimler AG, 0.01%, 02/08/2024^(b)	EUR		38,000		44,123

Daimler International Finance B.V., 0.25%, 11/06/2023^(b)	EUR		101,000		118,332

Deutsche Bank AG, 2.38%, 01/11/2023^(b)	EUR		100,000		121,208

Deutsche Telekom International Finance B.V.,
2.75%, 10/24/2024^(b)	EUR		50,000		65,198
0.63%, 12/13/2024^(b)	EUR		80,000		96,496

E.ON SE, 0.88%, 05/22/2024^(b)	EUR		75,000		90,467

Merck Financial Services GmbH, 0.13%, 07/16/2025^(b)	EUR		100,000		118,203

Volkswagen Bank GmbH, 1.25%, 06/10/2024^(b)	EUR		100,000		120,332

Volkswagen Financial Services AG, 1.50%, 10/01/2024^(b)	EUR		60,000		73,042

Wintershall Dea Finance B.V., 1.82%, 09/25/2031^(b)	EUR		100,000		113,874

ZF Europe Finance B.V., 3.00%, 10/23/2029^(b)	EUR		100,000		106,129
					2,846,977

Hungary–0.08%

Hungary Government Bond, 1.00%, 11/26/2025	HUF		10,320,000		31,953

Indonesia–0.45%

Indonesia Treasury Bond, 6.50%, 06/15/2025	IDR		2,546,000,000		181,354

Italy–3.76%

2i Rete Gas S.p.A., 1.61%, 10/31/2027^(b)	EUR		100,000		125,956

Enel Finance International N.V., 1.00%, 09/16/2024^(b)	EUR		100,000		121,615

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco World Bond Factor Fund


		Principal Amount		Value

Italy–(continued)

Enel S.p.A., 5.25%, 05/20/2024^(b)	EUR		75,000	$	104,254

Eni S.p.A., 1.00%, 10/11/2034^(b)	EUR		100,000		122,730

FCA Bank S.p.A., 0.63%, 11/24/2022^(b)	EUR		103,000		121,274

Italy Buoni Poliennali Del Tesoro,
2.50%, 11/15/2025^(b)	EUR		225,000		293,312
3.00%, 08/01/2029^(b)	EUR		315,000		442,837
3.45%, 03/01/2048^(b)	EUR		75,000		124,775
Terna Rete Elettrica Nazionale S.p.A., 4.90%, 10/28/2024^(b)	EUR		50,000		70,303
					1,527,056

Japan–5.19%

Japan Government Forty Year Bond, Series 9, 0.40%, 03/20/2056	JPY		60,900,000		535,328

Japan Government Ten Year Bond, Series 365, 0.10%, 09/20/2029	JPY		119,300,000		1,150,698

Japan Government Twenty Year Bond, Series 147, 1.60%, 12/20/2033	JPY		26,550,000		300,029
JT International Financial Services B.V., 1.13%, 09/28/2025^(b)	EUR		100,000		122,898
					2,108,953

Malaysia–0.28%

Malaysia Government Bond, Series 219, 3.89%, 08/15/2029	MYR		425,000		112,207

Mexico–0.77%

Mexican Bonos, Series M 20, 10.00%, 12/05/2024	MXN		5,600,000		312,527

Netherlands–0.80%

ABN AMRO Bank N.V., 0.60%, 01/15/2027^(b)	EUR		100,000		118,505

Cooperatieve Rabobank U.A., 1.25%, 03/23/2026^(b)	EUR		120,000		149,538
Heineken N.V., 3.50%, 03/19/2024^(b)	EUR		45,000		58,920
					326,963

New Zealand–0.48%

New Zealand Government Bond,
1.50%, 05/15/2031	NZD		150,000		108,970
Series 425, 2.75%, 04/15/2025^(b)	NZD		115,000		85,245
					194,215

Norway–0.54%
Norway Government Bond,
Series 477, 1.75%, 03/13/2025^(b)	NOK		1,450,000		161,110
Series 482, 1.38%, 08/19/2030^(b)	NOK		518,000		57,815
					218,925


		Principal Amount		Value

Poland–0.55%

Republic of Poland Government Bond, Series 725, 3.25%, 07/25/2025	PLN		775,000	$	222,120

Russia–0.36%

Russian Federal Bond - OFZ, Series 6221, 7.70%, 03/23/2033	RUB		10,543,000		148,040

Singapore–0.21%

Singapore Government Bond, 2.38%, 06/01/2025	SGD		108,000		86,022

South Korea–1.07%

Korea Treasury Bond, Series 2906, 1.88%, 06/10/2029	KRW		480,770,000		437,271

Spain–1.05%

Banco Santander S.A., 3.25%, 04/04/2026^(b)	EUR		100,000		129,300

Santander Consumer Finance S.A., 0.38%, 01/17/2025^(b)	EUR		100,000		117,403
Spain Government Bond, 2.70%, 10/31/2048^(b)	EUR		107,000		180,528
					427,231

Sweden–0.91%

Svenska Handelsbanken AB, 1.13%, 12/14/2022^(b)	EUR		106,000		127,359

Sweden Government Bond,
Series 1058, 2.50%, 05/12/2025	SEK		585,000		74,427
Series 1061, 0.75%, 11/12/2029^(b)	SEK		1,395,000		169,734
					371,520

Switzerland–0.86%

Swiss Confederation Government Bond,
1.25%, 06/11/2024^(b)	CHF		70,000		82,093
0.50%, 05/27/2030^(b)	CHF		223,000		268,442
					350,535

Thailand–0.28%

Thailand Government Bond, 1.45%, 12/17/2024	THB		3,408,000		112,301

United Kingdom–4.18%

BAT International Finance PLC, 2.25%, 01/16/2030^(b)	EUR		100,000		126,254

BP Capital Markets PLC, 0.90%, 07/03/2024^(b)	EUR		100,000		120,792

CNH Industrial Finance Europe S.A., 1.63%, 07/03/2029^(b)	EUR		100,000		119,960

Lloyds Banking Group PLC, 0.50%, 11/12/2025^(b)(c)	EUR		100,000		116,561

NatWest Markets PLC, 1.00%, 05/28/2024^(b)	EUR		100,000		119,132

Royal Mail PLC, 1.25%, 10/08/2026^(b)	EUR		100,000		117,910

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 Kingdom–(continued)

United Kingdom Gilt,
0.63%, 06/07/2025^(b)	GBP		373,000	$	497,984
4.75%, 12/07/2030^(b)	GBP		125,000		234,282
3.50%, 01/22/2045^(b)	GBP		86,224		177,806
3.50%, 07/22/2068^(b)	GBP		25,000		68,295
					1,698,976

United States–3.28%

Abbott Ireland Financing DAC, 0.88%, 09/27/2023^(b)	EUR		100,000		120,203

Altria Group, Inc., 3.13%, 06/15/2031	EUR		100,000		136,332

American Honda Finance Corp., 0.35%, 08/26/2022	EUR		101,000		118,832

Apple, Inc., 0.88%, 05/24/2025	EUR		100,000		122,412

AT&T, Inc., 2.40%, 03/15/2024	EUR		116,000		145,470

Citigroup, Inc., 0.50%, 01/29/2022^(b)	EUR		100,000		117,589

Goldman Sachs Group, Inc. (The), 0.13%, 08/19/2024^(b)	EUR		60,000		69,712

Johnson & Johnson, 0.65%, 05/20/2024	EUR		100,000		120,612

JPMorgan Chase & Co., 0.63%, 01/25/2024^(b)	EUR		125,000		148,267

Toyota Motor Credit Corp., 0.25%, 07/16/2026^(b)	EUR		100,000		118,206

Wells Fargo & Co., 0.50%, 04/26/2024^(b)	EUR		100,000		117,240
					1,334,875
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $15,931,761)					16,708,290

U.S. Dollar Denominated Bonds & Notes–23.95%

Australia–0.17%

Westpac Banking Corp., 2.35%, 02/19/2025		$	65,000		69,267

Belgium–0.11%

Anheuser-Busch InBev Worldwide, Inc., 3.50%, 01/12/2024			40,000		43,432

Canada–0.47%

Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		107,577

Canadian Pacific Railway Co., 2.90%, 02/01/2025			25,000		27,071

Magna International, Inc., 3.63%, 06/15/2024			52,000		56,949
					191,597

France–0.30%

Airgas, Inc., 3.65%, 07/15/2024			10,000		10,978

Sanofi, 3.38%, 06/19/2023			105,000		112,868
					123,846

Ireland–0.37%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/23/2023			150,000		151,485


	Principal Amount		Value

Japan–0.22%

ORIX Corp., 2.90%, 07/18/2022	$	86,000	$	89,197

Mexico–0.12%

America Movil S.A.B. de C.V., 6.38%, 03/01/2035		35,000		50,707

Netherlands–0.41%

Cooperatieve Rabobank U.A., 5.25%, 05/24/2041		85,000		122,085

Koninklijke KPN N.V., 8.38%, 10/01/2030		30,000		43,195
				165,280

Switzerland–0.16%

Tyco Electronics Group S.A., 3.45%, 08/01/2024		60,000		65,028

United Kingdom–1.93%

Barclays PLC, 4.84%, 05/09/2028		200,000		218,329

BP Capital Markets PLC, 2.75%, 05/10/2023		46,000		48,414

British Airways Pass-Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029^(b)		58,718		49,263

HSBC Holdings PLC, 4.58%, 06/19/2029^(c)		200,000		231,053

Mead Johnson Nutrition Co., 4.13%, 11/15/2025		95,000		109,526

Natwest Group PLC, 6.00%, 12/19/2023		18,000		20,234

United Utilities PLC, 6.88%, 08/15/2028		84,000		107,348
				784,167

United States–19.69%

3M Co., 3.05%, 04/15/2030		83,000		93,619

Adventist Health System/West, 2.95%, 03/01/2029		40,000		41,411

Aircastle Ltd., 4.40%, 09/25/2023		55,000		55,394

Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025		32,000		34,395

American Express Co.,
2.50%, 07/30/2024		90,000		95,591
3.00%, 10/30/2024		50,000		54,140

American Honda Finance Corp., 2.15%, 09/10/2024		65,000		68,397

American International Group, Inc., 4.13%, 02/15/2024		55,000		60,909

American Water Capital Corp., 6.59%, 10/15/2037		14,000		21,137

Ameriprise Financial, Inc., 4.00%, 10/15/2023		44,000		48,531

AmerisourceBergen Corp., 3.40%, 05/15/2024		50,000		54,286

Apple, Inc., 3.00%, 02/09/2024		47,000		50,470

Ares Capital Corp.,
3.50%, 02/10/2023		17,000		17,538
4.20%, 06/10/2024		47,000		49,114

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco World Bond Factor Fund


	Principal Amount		Value

United States–(continued)

AT&T, Inc.,
3.95%, 01/15/2025	$	25,000	$	27,940
3.80%, 02/15/2027		16,000		18,019

Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc.,
2.77%, 12/15/2022		28,000		29,288
4.08%, 12/15/2047		75,000		74,063

Bank of America Corp.,
4.20%, 08/26/2024		188,000		209,630
4.00%, 01/22/2025		30,000		33,393

Baxter International, Inc., 2.60%, 08/15/2026		103,000		111,866

Berkshire Hathaway Energy Co., 3.70%, 07/15/2030^(b)		79,000		91,772

BGC Partners, Inc., 3.75%, 10/01/2024		36,000		36,497

Boeing Co. (The),
2.25%, 06/15/2026		100,000		96,784
2.70%, 02/01/2027		29,000		28,224
3.25%, 02/01/2035		70,000		64,986
6.63%, 02/15/2038		92,000		111,059

Booking Holdings, Inc., 4.63%, 04/13/2030		65,000		77,027

California Institute of Technology, 4.70%, 11/01/2111		22,000		28,660

Capital One Financial Corp., 3.20%, 02/05/2025		75,000		81,062

Cigna Corp., 4.50%, 02/25/2026		55,000		64,010

Citigroup, Inc., 3.75%, 06/16/2024		45,000		49,648

CNH Industrial Capital LLC, 3.88%, 10/15/2021		27,000		27,727

Comcast Corp., 3.70%, 04/15/2024		87,000		95,877

CommonSpirit Health,
2.95%, 11/01/2022		106,000		109,810
2.76%, 10/01/2024		65,000		68,147

Continental Resources, Inc., 5.00%, 09/15/2022		29,000		28,594

Cummins, Inc., 4.88%, 10/01/2043		55,000		73,525

Deere & Co., 2.60%, 06/08/2022		12,000		12,368

Dell International LLC/EMC Corp., 6.02%, 06/15/2026^(b)		75,000		88,850

Delta Air Lines, Inc., 3.63%, 03/15/2022		21,000		20,588

Discovery Communications LLC, 3.95%, 06/15/2025		150,000		167,969

Duke Energy Corp., 3.75%, 04/15/2024		71,000		77,987

DuPont de Nemours, Inc., 4.21%, 11/15/2023		63,000		69,326

Eaton Vance Corp., 3.63%, 06/15/2023		52,000		55,949

Expedia Group, Inc., 4.63%, 08/01/2027^(b)		16,000		16,786

Exxon Mobil Corp., 3.18%, 03/15/2024		52,000		55,940

Federal Realty Investment Trust, 3.95%, 01/15/2024		45,000		48,780


	Principal Amount		Value

United States–(continued)

FedEx Corp., 4.75%, 11/15/2045	$	107,000	$	132,404

Fifth Third Bancorp, 2.38%, 01/28/2025		50,000		52,815
General Electric Co.,
3.45%, 05/15/2024		60,000		64,609
6.15%, 08/07/2037		100,000		123,168
Series A, 6.88%, 01/10/2039		50,000		66,071

General Motors Co., 6.75%, 04/01/2046		93,000		119,946

Gilead Sciences, Inc., 3.70%, 04/01/2024		84,000		91,525

Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024		186,000		205,029

Harley-Davidson, Inc., 4.63%, 07/28/2045		26,000		27,551

Hasbro, Inc., 6.35%, 03/15/2040		25,000		30,121

HCA, Inc., 5.25%, 06/15/2026		100,000		116,598

Hillenbrand, Inc., 5.00%, 09/15/2026		99,000		108,281

Intel Corp., 2.88%, 05/11/2024		50,000		53,728

International Business Machines Corp., 7.13%, 12/01/2096		43,000		72,022

Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		40,000		48,163

JPMorgan Chase & Co., 3.88%, 09/10/2024		115,000		127,378

KLA Corp., 4.65%, 11/01/2024		47,000		53,503

Kohl’s Corp., 5.55%, 07/17/2045		68,000		61,531

Loews Corp., 4.13%, 05/15/2043		60,000		68,489

Marriott International, Inc., Series EE, 5.75%, 05/01/2025		9,000		10,033

MetLife, Inc., Series D, 4.37%, 09/15/2023		76,000		84,379

Microsoft Corp.,
2.88%, 02/06/2024		108,000		115,970
3.13%, 11/03/2025		100,000		111,335

Morgan Stanley,
3.70%, 10/23/2024		85,000		94,531
6.38%, 07/24/2042		35,000		54,366

NextEra Energy Capital Holdings, Inc., 3.15%, 04/01/2024		70,000		75,568

Nordstrom, Inc., 5.00%, 01/15/2044		88,000		62,709

Oracle Corp.,
3.63%, 07/15/2023		50,000		54,276
2.50%, 04/01/2025		85,000		91,141

Parker-Hannifin Corp., 3.30%, 11/21/2024		55,000		60,024

Patterson-UTI Energy, Inc., 5.15%, 11/15/2029		99,000		74,429

PayPal Holdings, Inc., 2.40%, 10/01/2024		51,000		54,183

Philip Morris International, Inc., 2.50%, 08/22/2022		125,000		129,822

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco World Bond Factor Fund


	Principal Amount		Value

United States–(continued)

PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024	$	50,000	$	55,122

PSEG Power LLC, 8.63%, 04/15/2031		100,000		145,307

QUALCOMM, Inc., 2.90%, 05/20/2024		50,000		53,797

Rockwell Automation, Inc., 3.50%, 03/01/2029		82,000		95,697

Rockwell Collins, Inc., 3.20%, 03/15/2024		51,000		53,846

Ryder System, Inc., 3.65%, 03/18/2024		64,000		69,632

San Diego Gas & Electric Co., 6.00%, 06/01/2039		50,000		70,980

Seagate HDD Cayman, 4.75%, 01/01/2025		50,000		55,033

Sempra Energy,
4.05%, 12/01/2023		15,000		16,377
3.75%, 11/15/2025		30,000		33,651

Simon Property Group L.P.,
2.63%, 06/15/2022		26,000		26,723
6.75%, 02/01/2040		38,000		52,622

Southern California Edison Co., Series C,
Series C, 3.50%, 10/01/2023		62,000		66,721
6.65%, 04/01/2029		75,000		92,316
6.00%, 01/15/2034		47,000		62,899
5.75%, 04/01/2035		30,000		39,649

Southwest Airlines Co., 3.00%, 11/15/2026		100,000		101,040

Spectra Energy Partners L.P., 4.75%, 03/15/2024		63,000		70,087

Starbucks Corp., 3.85%, 10/01/2023		22,000		23,984

Swiss Re America Holding Corp., 7.00%, 02/15/2026		47,000		60,137

Sysco Corp., 6.60%, 04/01/2050		50,000		71,439

Truist Financial Corp., 2.50%, 08/01/2024		60,000		63,965

TWDC Enterprises 18 Corp., 4.38%, 08/16/2041		70,000		84,927

UDR, Inc., 3.00%, 08/15/2031		42,000		45,213

Union Electric Co., 8.45%, 03/15/2039		48,000		80,083

United Parcel Service, Inc., 2.20%, 09/01/2024		55,000		58,379

ViacomCBS, Inc., 7.88%, 07/30/2030		35,000		50,491

Wachovia Corp., 7.57%, 08/01/2026^(e)		82,000		106,004

Walmart, Inc., 3.30%, 04/22/2024		27,000		29,391

Walt Disney Co. (The), 1.65%, 09/01/2022		54,000		55,369

Waste Management, Inc., 3.13%, 03/01/2025		50,000		54,872

Wells Fargo & Co.,
4.10%, 06/03/2026		76,000		85,977
5.38%, 02/07/2035		90,000		120,948

Welltower, Inc., 3.63%, 03/15/2024		106,000		114,984


	Principal Amount		Value

United States–(continued)

Xilinx, Inc., 2.95%, 06/01/2024	$	40,000	$	42,732
				8,003,175
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,709,963)				9,737,181

U.S. Treasury Securities–22.48%

U.S. Treasury Bills–0.38%^(f)

0.09%, 02/04/2021^(g)		19,995		19,995
0.11%, 02/04/2021^(g)		132,963		132,969
				152,964

U.S. Treasury Bonds–3.74%

1.13%, 08/15/2040		453,146		445,325

2.50%, 02/15/2045		123,157		119,031

2.88%, 05/15/2049		178,373		208,883
2.00%, 02/15/2050		756,426		747,141
				1,520,380

U.S. Treasury Notes–18.36%

1.13%, 02/28/2022		1,856,498		1,866,320

0.13%, 07/31/2022		334,869		334,830

1.38%, 02/15/2023		606,937		616,570

0.25%, 04/15/2023		749,180		751,436

0.13%, 09/15/2023		499,609		499,004

1.13%, 02/28/2025		75,114		75,751

0.50%, 03/31/2025		554,345		554,146

0.25%, 06/30/2025		628,683		628,042

0.25%, 07/31/2025		248,509		247,706

0.25%, 08/31/2025		499,922		497,187

1.13%, 02/28/2027		201,605		206,918

0.38%, 09/30/2027		745,975		741,552

1.50%, 02/15/2030		196,646		201,400

0.63%, 05/15/2030		246,973		244,727
				7,465,589
Total U.S. Treasury Securities (Cost $9,108,925)				9,138,933

U.S. Government Sponsored Agency Mortgage-Backed Securities–10.51%

Federal Home Loan Mortgage Corp.,

2.50%, 07/01/2035		167,988		178,384

4.50%, 09/01/2049		70,713		76,614

3.00%, 01/01/2050		47,304		51,485

4.50%, 01/01/2050		51,748		56,010

3.00%, 05/01/2050		260,397		287,012

2.50%, 07/01/2050		327,778		349,806

2.50%, 08/01/2050		330,172		350,119

2.00%, 09/01/2050		198,256		204,521

Federal National Mortgage Association,

4.50%, 06/01/2049		50,617		54,662

3.00%, 10/01/2049		88,301		93,806

3.00%, 12/01/2049		92,073		98,243

2.50%, 01/01/2050		249,142		267,131

3.00%, 02/01/2050		86,254		90,152

2.50%, 03/01/2050		103,970		110,196

3.00%, 03/01/2050		47,811		51,136

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco World Bond Factor Fund


	Principal Amount		Value
2.50%, 08/01/2050	$	183,152	$	195,011
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K038, Class X1, IO, 1.12%, 03/25/2024^(h)		1,521,114		48,410
Government National Mortgage Association, TBA, 3.00%, 11/01/2050⁽ⁱ⁾		470,000		490,526

Uniform Mortgage-Backed Securities, TBA,

2.00%, 11/01/2035⁽ⁱ⁾		420,000		435,520

2.00%, 11/01/2050⁽ⁱ⁾		175,000		180,435

2.50%, 11/01/2050⁽ⁱ⁾		579,000		603,313
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $4,240,359)				4,272,492


	Shares		Value
Money Market Funds–11.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%^(j)(k)		1,625,443	$	1,625,443
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%^(j)(k)		1,022,965		1,023,375
Invesco Treasury Portfolio, Institutional Class, 0.01%^(j)(k)		1,857,649		1,857,649
Total Money Market Funds (Cost $4,506,539)				4,506,467
TOTAL INVESTMENTS IN SECURITIES–109.13% (Cost $43,497,547)				44,363,363
OTHER ASSETS LESS LIABILITIES–(9.13)%				(3,712,716	)
NET ASSETS–100.00%			$	40,650,647

Investment Abbreviations:


AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CLP	–	Chile Peso
CNH	–	Chinese Renminbi
Ctfs.	–	Certificates
CZK	–	Czech Koruna
EUR	–	Euro
GBP	–	British Pound Sterling
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
IO	–	Interest Only
JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
PLN	–	Polish Zloty
RUB	–	Russian Ruble
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
TBA	–	To Be Announced
THB	–	Thai Baht

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco World Bond Factor Fund

Notes to Schedule of Investments:

^(a)	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $11,155,296, which represented 27.44% of the Fund’s Net Assets.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Perpetual bond with no specified maturity date.

^(e)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(g)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

^(h)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2020.

⁽ⁱ⁾	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1M.

^(j)


	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	291,763		$	9,772,216		$	(8,438,536	)		$	-			$	-			$	1,625,443		$	1,976
Invesco Liquid Assets Portfolio, Institutional Class			208,408			6,980,155			(6,164,464	)			(79	)			(645	)			1,023,375			2,295
Invesco Treasury Portfolio, Institutional Class			333,443			11,168,247			(9,644,041	)			-				-				1,857,649			2,041
Total		$	833,614		$	27,920,618		$	(24,247,041	)		$	(79	)		$	(645	)		$	4,506,467		$	6,312

^(k)	The rate shown is the 7-day SEC standardized yield as of October 31, 2020.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		1		December-2020	$	113,368		$	(662	)	$	(662	)
Euro Buxl 30 Year Bonds		3		December-2020		799,276			27,807			27,807
Euro-Schatz		3		December-2020		392,947			537			537
Japan 10 Year Bonds		2		December-2020		2,901,380			565			565

Long Gilt		10		December-2020		1,757,734			1,098			1,098

Subtotal–Long Futures Contracts									29,345			29,345

Short Futures Contracts
Interest Rate Risk
Euro Bobl		1		December-2020		(158,241	)		(794	)		(794	)
U.S. Treasury 2 Year Notes		8		December-2020		(1,766,750	)		383			383
U.S. Treasury 5 Year Notes		17		December-2020		(2,135,227	)		5,286			5,286
U.S. Treasury 10 Year Notes		4		December-2020		(552,875	)		4,444			4,444
U.S. Treasury Long Bonds		3		December-2020		(517,406	)		9,462			9,462

U.S. Treasury 10 Year Ultra Bonds		2		December-2020		(314,563	)		4,277			4,277

Subtotal–Short Futures Contracts									23,058			23,058

Total Futures Contracts								$	52,403		$	52,403

Open Forward Foreign Currency Contracts

Settlement
Date

Counterparty

Unrealized

Appreciation

(Depreciation)

Contract to

Deliver

Receive

Currency Risk

11/20/2020

Bank of America, N.A.

CAD

83,157

USD

62,498

11/20/2020

Bank of America, N.A.

PLN

569,302

USD

152,279

8,459

11/20/2020

Barclays Bank PLC

HUF

6,913,376

USD

22,599

655

11/20/2020

Barclays Bank PLC

PLN

50,000

USD

13,640

1,008

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)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)

11/20/2020	Barclays Bank PLC		RUB	1,101,910		USD	14,135	$	289

11/20/2020	Barclays Bank PLC		USD	7,904		IDR	117,789,473		137

11/20/2020	Citibank, N.A.		BRL	86,946		USD	16,126		985

11/20/2020	Citibank, N.A.		INR	1,252,220		USD	17,014		142

11/20/2020	Citibank, N.A.		NZD	355,100		USD	240,116		5,321

11/20/2020	Citibank, N.A.		RUB	7,648,000		USD	100,367		4,263

11/20/2020	Citibank, N.A.		USD	3,746		CLP	2,945,759		63

11/20/2020	Citibank, N.A.		USD	81,020		IDR	1,196,021,550		630

11/20/2020	Citibank, N.A.		USD	38,267		INR	2,865,788		347

11/20/2020	Citibank, N.A.		USD	19,490		KRW	22,671,214		488

11/20/2020	Deutsche Bank AG		AUD	520,946		USD	382,663		16,456

11/20/2020	Deutsche Bank AG		CAD	106,666		USD	81,704		1,637

11/20/2020	Deutsche Bank AG		EUR	1,103,000		USD	1,287,369		2,279

11/20/2020	Deutsche Bank AG		GBP	120,113		USD	161,533		5,910

11/20/2020	Deutsche Bank AG		NOK	704,986		USD	79,945		6,103

11/20/2020	Deutsche Bank AG		SEK	2,536,149		USD	290,646		5,582

11/20/2020	Deutsche Bank AG		USD	207,382		EUR	178,000		4

11/20/2020	Deutsche Bank AG		USD	3,557,976		JPY	376,842,000		42,109

11/20/2020	Deutsche Bank AG		USD	28,233		MXN	626,330		1,242

11/20/2020	Deutsche Bank AG		USD	32,795		ZAR	550,020		937

11/20/2020	Goldman Sachs International		AUD	230,337		USD	165,489		3,570

11/20/2020	Goldman Sachs International		CZK	401,000		USD	18,030		890

11/20/2020	Goldman Sachs International		NOK	170,662		USD	18,298		422

11/20/2020	Goldman Sachs International		USD	4,121		COP	15,963,640		0

11/20/2020	Goldman Sachs International		USD	51,512		GBP	39,966		270

11/20/2020	J.P. Morgan Chase Bank, N.A.		SGD	20,290		USD	14,933		79

11/20/2020	J.P. Morgan Chase Bank, N.A.		USD	179,950		CHF	165,313		425

11/20/2020	J.P. Morgan Chase Bank, N.A.		USD	354,141		CNY	2,395,000		2,824

11/17/2020	Morgan Stanley and Co. International PLC		EUR	395,000		USD	469,655		9,476

11/20/2020	Morgan Stanley and Co. International PLC		AUD	215,323		USD	155,300		3,935

11/20/2020	Morgan Stanley and Co. International PLC		CAD	226,614		USD	172,856		2,754

11/20/2020	Morgan Stanley and Co. International PLC		CHF	864,364		USD	952,392		9,272

11/20/2020	Morgan Stanley and Co. International PLC		EUR	5,018,500		USD	5,945,294		98,306

11/20/2020	Morgan Stanley and Co. International PLC		NOK	1,547,000		USD	173,852		11,817

11/20/2020	Morgan Stanley and Co. International PLC		NZD	294,324		USD	197,420		2,811

11/20/2020	Morgan Stanley and Co. International PLC		SEK	2,498,820		USD	286,708		5,841

11/20/2020	Morgan Stanley and Co. International PLC		USD	25,367		ZAR	425,540		730

11/20/2020	Royal Bank of Canada		USD	67,732		CHF	62,143		73

11/20/2020	State Street Bank & Trust Co.		CAD	390,160		USD	293,819		954

11/20/2020	State Street Bank & Trust Co.		CHF	35,610		USD	39,323		468

11/20/2020	State Street Bank & Trust Co.		EUR	111,440		USD	133,658		3,821

11/20/2020	State Street Bank & Trust Co.		USD	165,845		JPY	17,518,638		1,516

11/20/2020	UBS AG		INR	1,310,430		USD	17,829		172

11/20/2020	UBS AG		TRY	146,615		USD	19,224		1,884

11/20/2020	UBS AG		USD	1,921,857		CNY	13,300,000		60,457

11/20/2020	UBS AG		USD	465,502		GBP	359,700		538

11/20/2020	UBS AG		USD	36,929		MXN	809,070		1,145

11/20/2020	UBS AG		USD	176,001		SEK	1,570,443		517

11/20/2020	UBS AG		USD	10,717		THB	339,017		159

Subtotal–Appreciation									330,250

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco World Bond Factor Fund


Open Forward Foreign Currency Contracts–(continued)

Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)

Currency Risk

11/20/2020	Bank of America, N.A.		USD	65,715		EUR	56,000	$	(470	)

11/20/2020	Barclays Bank PLC		USD	27,524		RUB	2,041,780		(1,868	)

11/20/2020	Citibank, N.A.		CLP	40,124,000		USD	51,007		(873	)

11/20/2020	Citibank, N.A.		IDR	1,598,515,600		USD	108,097		(1,030	)

11/20/2020	Citibank, N.A.		JPY	20,036,827		USD	190,247		(1,171	)

11/20/2020	Citibank, N.A.		KRW	21,554,000		USD	18,187		(807	)

11/20/2020	Citibank, N.A.		USD	33,988		BRL	184,510		(1,857	)

11/20/2020	Citibank, N.A.		USD	109,942		NZD	162,590		(2,436	)

11/20/2020	Citibank, N.A.		USD	23,045		RUB	1,756,000		(979	)

11/20/2020	Deutsche Bank AG		JPY	13,281,630		USD	125,399		(1,484	)

11/20/2020	Deutsche Bank AG		MXN	4,887,000		USD	220,294		(9,688	)

11/20/2020	Deutsche Bank AG		USD	155,092		AUD	210,190		(7,336	)

11/20/2020	Deutsche Bank AG		USD	33,614		CAD	44,685		(72	)

11/20/2020	Deutsche Bank AG		USD	88,186		EUR	75,000		(804	)

11/20/2020	Deutsche Bank AG		USD	302,496		GBP	224,930		(11,068	)

11/20/2020	Deutsche Bank AG		ZAR	468,172		USD	27,915		(797	)

11/20/2020	Goldman Sachs International		USD	33,636		COP	129,820,189		(118	)

11/20/2020	Goldman Sachs International		USD	247,896		NOK	2,312,140		(5,719	)

11/20/2020	HSBC Bank USA, N.A.		USD	86,321		TRY	655,151		(8,838	)

11/20/2020	J.P. Morgan Chase Bank, N.A.		USD	77,716		CAD	103,393		(106	)

11/20/2020	J.P. Morgan Chase Bank, N.A.		USD	14,654		SGD	19,910		(78	)

11/17/2020	Morgan Stanley and Co. International PLC		USD	809,709		EUR	681,000		(16,337	)

11/20/2020	Morgan Stanley and Co. International PLC		GBP	568,526		USD	735,648		(955	)

11/20/2020	Morgan Stanley and Co. International PLC		JPY	2,416,432		USD	22,772		(313	)

11/20/2020	Morgan Stanley and Co. International PLC		USD	391,299		AUD	538,680		(12,627	)

11/20/2020	Morgan Stanley and Co. International PLC		USD	388,796		CAD	509,710		(6,194	)

11/20/2020	Morgan Stanley and Co. International PLC		USD	6,202,669		EUR	5,236,000		(102,276	)

11/20/2020	Morgan Stanley and Co. International PLC		USD	1,176,628		GBP	891,060		(22,137	)

11/20/2020	Morgan Stanley and Co. International PLC		USD	75,065		NOK	667,960		(5,102	)

11/20/2020	Morgan Stanley and Co. International PLC		USD	491,476		NZD	739,941		(2,221	)

11/20/2020	Morgan Stanley and Co. International PLC		USD	272,197		SEK	2,392,554		(3,272	)

11/20/2020	Royal Bank of Canada		CHF	207,950		USD	226,652		(245	)

11/20/2020	Royal Bank of Canada		USD	98,564		NZD	148,190		(579	)

11/20/2020	Royal Bank of Canada		USD	43,747		SEK	378,320		(1,224	)

11/20/2020	State Street Bank & Trust Co.		JPY	11,463,570		USD	108,496		(1,020	)

11/20/2020	State Street Bank & Trust Co.		MXN	321,270		USD	14,530		(589	)

11/20/2020	State Street Bank & Trust Co.		USD	80,318		AUD	111,690		(1,804	)

11/20/2020	State Street Bank & Trust Co.		USD	14,247		CHF	12,902		(170	)

11/20/2020	State Street Bank & Trust Co.		USD	241,581		EUR	201,423		(6,905	)

11/20/2020	State Street Bank & Trust Co.		USD	10,115		SGD	13,790		(19	)

11/20/2020	UBS AG		USD	72,586		CAD	94,730		(1,479	)

11/20/2020	UBS AG		USD	16,862		TRY	132,200		(1,227	)

Subtotal–Depreciation									(244,294	)

Total Forward Foreign Currency Contracts								$	85,956

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco World Bond Factor Fund

Open Centrally Cleared Interest Rate Swap Agreements^(a)

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

China 7-Day Reverse Repo Rate

Quarterly

2.59

Quarterly

10/29/2025

CNY 20,000,000

(2,062

)

(2,062

)

^(a)	Centrally cleared swap agreements collateralized by $100,000 cash held with Credit Suisse Securities (USA) LLC.

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

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

NOK	–Norwegian Krone

NZD	–New Zealand Dollar

PLN	–Polish Zloty

RUB	–Russian Ruble

SEK	–Swedish Krona

SGD	–Singapore Dollar

THB	–Thai Baht

TRY	–Turkish Lira

USD	–U.S. Dollar

ZAR	–South African Rand

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco World Bond Factor Fund

Statement of Assets and Liabilities

October 31, 2020


Assets:
Investments in securities, at value (Cost $38,991,008)	$	39,856,896
Investments in affiliated money market funds, at value (Cost $4,506,539)		4,506,467
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		330,250
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		100,000
Cash		31,859
Foreign currencies, at value (Cost $173,988)		167,436
Receivable for:
Fund shares sold		28,168
Dividends		43
Interest		220,415
Investment for trustee deferred compensation and retirement plans		43,690
Other assets		40,841
Total assets		45,326,065

Liabilities:
Other investments:
Variation margin payable - futures contracts		6,776
Variation margin payable - centrally cleared swap agreements		1,199
Unrealized depreciation on forward foreign currency contracts outstanding		244,294
Payable for:
Investments purchased		4,172,182
Fund shares reacquired		103,104
Accrued foreign taxes		570
Accrued fees to affiliates		28,107
Accrued trustees’ and officers’ fees and benefits		37
Accrued other operating expenses		73,354
Trustee deferred compensation and retirement plans		45,795
Total liabilities		4,675,418
Net assets applicable to shares outstanding	$	40,650,647


Net assets consist of:
Shares of beneficial interest	$	39,246,925
Distributable earnings		1,403,722
	$	40,650,647

Net Assets:

Class A	$	26,164,658
Class C	$	2,482,353
Class Y	$	11,716,528
Class R5	$	889
Class R6	$	286,219

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		2,376,178
Class C		225,997
Class Y		1,064,643
Class R5		81.24
Class R6		25,981
Class A:
Net asset value per share	$	11.01
Maximum offering price per share (Net asset value of $11.01 ÷ 95.75%)	$	11.50
Class C:
Net asset value and offering price per share	$	10.98
Class Y:
Net asset value and offering price per share	$	11.01
Class R5:
Net asset value and offering price per share	$	10.94
Class R6:
Net asset value and offering price per share	$	11.02

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco World Bond Factor Fund

Statement of Operations

For the year ended October 31, 2020


Investment income:

Interest (net of foreign withholding taxes of $1,876)	$	537,896


Dividends from affiliated money market funds		6,312

Total investment income		544,208


Expenses:

Advisory fees		109,835


Administrative services fees		3,961


Custodian fees		15,327


Distribution fees:
Class A		53,700

Class C		20,682


Transfer agent fees – A, C and Y		66,021


Transfer agent fees – R5		1


Transfer agent fees – R6		172


Trustees’ and officers’ fees and benefits		17,870


Registration and filing fees		60,456


Reports to shareholders		24,797


Professional services fees		54,921


Other		11,824


Total expenses		439,567


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(249,652	)


Net expenses		189,915


Net investment income		354,293


Realized and unrealized gain (loss) from:

Net realized gain from:

Investment securities (net of foreign taxes of $1,689)		817,904


Foreign currencies		54,459


Forward foreign currency contracts		233,784


Futures contracts		23,646


Swap agreements		6,565


		1,136,358


Change in net unrealized appreciation (depreciation) of:

Investment securities (net of foreign taxes of $570)		32,639


Foreign currencies		(21,495	)


Forward foreign currency contracts		72,109


Futures contracts		10,931


Swap agreements		(7,850	)


		86,334


Net realized and unrealized gain		1,222,692


Net increase in net assets resulting from operations	$	1,576,985

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco World Bond Factor Fund

Statement of Changes in Net Assets

For the years ended October 31, 2020 and 2019


	2020			2019

Operations:

Net investment income	$	354,293		$	734,322


Net realized gain		1,136,358			121,499


Change in net unrealized appreciation		86,334			2,110,791


Net increase in net assets resulting from operations		1,576,985			2,966,612


Distributions to shareholders from distributable earnings:

Class A		(347,746	)		(216,496	)


Class C		(19,553	)		(25,308	)


Class Y		(92,861	)		(30,050	)


Class R5		(17	)		(9	)


Class R6		(3,200	)		(1,340	)


Total distributions from distributable earnings		(463,377	)		(273,203	)


Return of capital:

Class A		–			(310,668	)


Class C		–			(19,902	)


Class Y		–			(51,416	)


Class R5		–			(15	)


Class R6		–			(2,273	)


Total return of capital		–			(384,274	)


Total distributions		(463,377	)		(657,477	)


Share transactions-net:

Class A		4,873,802			306,572


Class C		358,491			(1,774,645	)


Class Y		8,736,215			(383,361	)


Class R6		142,855			20,238


Net increase (decrease) in net assets resulting from share transactions		14,111,363			(1,831,196	)


Net increase in net assets		15,224,971			477,939


Net assets:

Beginning of year		25,425,676			24,947,737


End of year	$	40,650,647		$	25,425,676

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco World Bond Factor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(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			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
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	%^(d)		1.49	%^(d)		1.21	%^(d)		191	%
Year ended 10/31/19		9.66		0.30		0.92			1.22			(0.11	)		(0.16	)		(0.27	)		10.61		12.83			20,458		0.94			2.08			2.97			177
Year ended 10/31/18		10.43		0.33		(0.83	)		(0.50	)		(0.21	)		(0.06	)		(0.27	)		9.66		(4.89	)		18,347		0.93			2.21			3.25			131
Year ended 10/31/17		10.44		0.33		(0.07	)		0.26			(0.04	)		(0.23	)		(0.27	)		10.43		2.63			22,150		0.95			2.21			3.22			245
Year ended 10/31/16		9.81		0.25		0.54			0.79			(0.08	)		(0.08	)		(0.16	)		10.44		8.02			28,870		1.10			1.84			2.36			246
Class C
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	^(d)		2.24	^(d)		0.46	^(d)		191
Year ended 10/31/19		9.64		0.22		0.93			1.15			(0.08	)		(0.12	)		(0.20	)		10.59		12.01			2,046		1.69			2.83			2.22			177
Year ended 10/31/18		10.41		0.26		(0.84	)		(0.58	)		(0.15	)		(0.04	)		(0.19	)		9.64		(5.62	)		3,591		1.68			2.96			2.50			131
Year ended 10/31/17		10.42		0.25		(0.07	)		0.18			(0.03	)		(0.16	)		(0.19	)		10.41		1.80			4,147		1.70			2.96			2.47			245
Year ended 10/31/16		9.79		0.17		0.54			0.71			(0.05	)		(0.03	)		(0.08	)		10.42		7.24			5,121		1.85			2.59			1.61			246
Class Y
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	^(d)		1.24	^(d)		1.46	^(d)		191
Year ended 10/31/19		9.65		0.33		0.93			1.26			(0.12	)		(0.18	)		(0.30	)		10.61		13.23			2,783		0.69			1.83			3.22			177
Year ended 10/31/18		10.42		0.36		(0.83	)		(0.47	)		(0.23	)		(0.07	)		(0.30	)		9.65		(4.66	)		2,903		0.68			1.96			3.50			131
Year ended 10/31/17		10.44		0.35		(0.07	)		0.28			(0.04	)		(0.26	)		(0.30	)		10.42		2.81			5,797		0.70			1.96			3.47			245
Year ended 10/31/16		9.80		0.27		0.55			0.82			(0.07	)		(0.11	)		(0.18	)		10.44		8.40			10,509		0.85			1.59			2.61			246
Class R5
Year ended 10/31/20		10.56		0.15		0.43			0.58			(0.20)			–			(0.20	)		10.94		5.64			1		0.39	^(d)		1.11	^(d)		1.46	^(d)		191
Year ended 10/31/19		9.64		0.33		0.89			1.22			(0.12	)		(0.18	)		(0.30	)		10.56		12.81			1		0.69			1.60			3.22			177
Year ended 10/31/18		10.42		0.36		(0.84	)		(0.48	)		(0.23	)		(0.07	)		(0.30	)		9.64		(4.75	)		1		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36		(0.08	)		0.28			(0.04	)		(0.26	)		(0.30	)		10.42		2.81			1		0.70			1.77			3.47			245
Year ended 10/31/16		9.81		0.27		0.54			0.81			(0.07	)		(0.11	)		(0.18	)		10.44		8.29			1		0.85			1.30			2.61			246
Class R6
Year ended 10/31/20		10.62		0.15		0.46			0.61			(0.21	)		–			(0.21	)		11.02		5.81			286		0.39	^(d)		1.11	^(d)		1.46	^(d)		191
Year ended 10/31/19		9.66		0.33		0.93			1.26			(0.12	)		(0.18	)		(0.30	)		10.62		13.21			138		0.69			1.60			3.22			177
Year ended 10/31/18		10.43		0.35		(0.82	)		(0.47	)		(0.23	)		(0.07	)		(0.30	)		9.66		(4.65	)		106		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36		(0.07	)		0.29			(0.04	)		(0.26	)		(0.30	)		10.43		2.91			11		0.70			1.77			3.47			245
Year ended 10/31/16		9.81		0.25		0.56			0.81			(0.07	)		(0.11	)		(0.18	)		10.44		8.29			11		0.85			1.30			2.61			246

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Ratios are based on average daily net assets (000’s omitted) of $21,480, $2,068, $5,747, $1 and $172 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco World Bond Factor Fund

Notes to Financial Statements

October 31, 2020

NOTE 1–Significant Accounting Policies

Invesco World Bond Factor Fund, formerly Invesco World 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 total return. Prior to February 28, 2020, the Fund’s objective was total return, comprised of current income and capital appreciation.

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.

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

23 Invesco World Bond Factor Fund

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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

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.

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.

24 Invesco World Bond Factor Fund

Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

25 Invesco World Bond Factor Fund

terminate existing swap agreements or to realize amounts to be received under such agreements. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

N.	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.

O.	Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

P.	Collateral -To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective February 28, 2020, 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:

Prior to February 28, 2020, the Fund accrued daily and paid 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		0.650%
Next $250 million		0.590%
Next $500 million		0.565%
Next $1.5 billion		0.540%
Next $2.5 billion		0.515%
Next $5 billion		0.490%
Over $10 billion		0.465%

For the year ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.37%.

Effective February 28, 2020, the Adviser has contractually agreed, through at least February 28, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.54%, 1.29%, 0.29%, 0.29% and 0.29%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to February 28, 2020, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.94%, 1.69%, 0.69%, 0.69% and 0.69%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2020, the Adviser waived advisory fees of $109,835 and reimbursed fund level expenses of $73,123 and reimbursed class level expenses of $48,409, $4,661, $12,951, $1 and $172 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

26 Invesco World Bond Factor 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, 2020, IDI advised the Fund that IDI retained $4,283 in front-end sales commissions from the sale of Class A shares and $691 and $84 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


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	16,708,290		$	–	$	16,708,290
U.S. Dollar Denominated Bonds & Notes		–			9,737,181			–		9,737,181
U.S. Treasury Securities		–			9,138,933			–		9,138,933
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			4,272,492			–		4,272,492
Money Market Funds		4,506,467			–			–		4,506,467
Total Investments in Securities		4,506,467			39,856,896			–		44,363,363
Other Investments - Assets*
Futures Contracts		53,859			–			–		53,859
Forward Foreign Currency Contracts		–			330,250			–		330,250
		53,859			330,250			–		384,109
Other Investments - Liabilities*
Futures Contracts		(1,456	)		–			–		(1,456	)
Forward Foreign Currency Contracts		–			(244,294	)		–		(244,294	)
Swap Agreements		–			(2,062	)		–		(2,062	)
		(1,456	)		(246,356	)		–		(247,812	)
Total Other Investments		52,403			83,894			–		136,297
Total Investments	$	4,558,870		$	39,940,790		$	–	$	44,499,660

* Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

27 Invesco World Bond Factor Fund

close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the 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, 2020:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-	$	53,859		$	53,859
Unrealized appreciation on forward foreign currency contracts outstanding		330,250		-			330,250
Total Derivative Assets		330,250		53,859			384,109
Derivatives not subject to master netting agreements		-		(53,859	)		(53,859	)
Total Derivative Assets subject to master netting agreements	$	330,250	$	-		$	330,250


	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(1,456	)	$	(1,456	)
Unrealized depreciation on swap agreements – Centrally Cleared^(a)		-			(2,062	)		(2,062	)
Unrealized depreciation on forward foreign currency contracts outstanding		(244,294	)		-			(244,294	)
Total Derivative Liabilities		(244,294	)		(3,518	)		(247,812	)
Derivatives not subject to master netting agreements		-			3,518			3,518
Total Derivative Liabilities subject to master netting agreements	$	(244,294	)	$	-		$	(244,294	)

^(a)	The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2020.


	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/ Pledged				Net Amount
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Bank of America, N.A.	$	8,537	$	(470	)	$	8,067		$	-	$	-	$	8,067
Barclays Bank PLC		2,089		(1,868	)		221			-		-		221
Citibank, N.A.		12,239		(9,153	)		3,086			-		-		3,086
Deutsche Bank AG		82,259		(31,249	)		51,010			-		-		51,010
Goldman Sachs International		5,152		(5,837	)		(685	)		-		-		(685	)
HSBC Bank USA		-		(8,838	)		(8,838	)		-		-		(8,838	)
J.P. Morgan Chase Bank, N.A.		3,328		(184	)		3,144			-		-		3,144
Morgan Stanley & Co. International PLC		144,942		(171,434	)		(26,492	)		-		-		(26,492	)
Royal Bank of Canada		73		(2,048	)		(1,975	)		-		-		(1,975	)
State Street Bank & Trust Co.		6,759		(10,507	)		(3,748	)		-		-		(3,748	)
UBS AG		64,872		(2,706	)		62,166			-		-		62,166
Total	$	330,250	$	(244,294	)	$	85,956		$	-	$	-	$	85,956

Effect of Derivative Investments for the year ended October 31, 2020

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		Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-	$	233,784	$	-		$	233,784
Futures contracts		-		-		23,646			23,646
Swap agreements		45,757		-		(39,192	)		6,565

28 Invesco World Bond Factor Fund


	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk		Interest Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-		$	72,109	$	-		$	72,109
Futures contracts		-			-		10,931			10,931
Swap agreements		(5,788	)		-		(2,062	)		(7,850	)
Total	$	39,969		$	305,893	$	(6,677	)	$	339,185

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	$	20,529,815	$	9,266,542	$	1,906,915

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets


Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:

	2020		2019
Ordinary income*		$463,377		$273,203
Return of capital		–		384,274
Total distributions		$463,377		$657,477

* Includes short-term capital gain distributions, if any.


Tax Components of Net Assets at Period-End:
	2020
Undistributed ordinary income		$	656,162
Undistributed long-term capital gain			231,814
Net unrealized appreciation – investments			561,272
Net unrealized appreciation (depreciation) – foreign currencies			(9,694	)
Temporary book/tax differences			(35,832	)
Shares of beneficial interest			39,246,925
Total net assets		$	40,650,647

29 Invesco World Bond Factor Fund

The Fund does not have a capital loss carryforward as of October 31, 2020.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2020 was $31,529,140 and $26,543,861, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $38,032,503 and $27,771,317, 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	$	999,832
Aggregate unrealized (depreciation) of investments		(438,560	)
Net unrealized appreciation of investments	$	561,272

Cost of investments for tax purposes is $43,938,388.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2020, undistributed net investment income was increased by $176,964 and undistributed net realized gain was decreased by $176,964. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 11–Share Information


	Summary of Share Activity
	Year ended October 31, 2020^(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		1,116,052		$	11,975,564			584,911		$	5,884,683
Class C		110,646			1,185,774			46,470			473,655
Class Y		1,068,531			11,521,900			273,472			2,788,384
Class R6		16,109			176,431			1,955			19,465

Issued as reinvestment of dividends:
Class A		30,389			319,821			48,462			490,625
Class C		1,481			15,419			3,755			37,627
Class Y		7,013			74,502			6,545			66,323
Class R6		283			2,991			326			3,309

Automatic conversion of Class C shares to Class A shares:
Class A		15,908			168,477			112,403			1,125,357
Class C		(15,940	)		(168,477	)		(112,520	)		(1,125,357	)

Reacquired:
Class A		(713,541	)		(7,590,060	)		(717,490	)		(7,194,093	)
Class C		(63,360	)		(674,225	)		(116,856	)		(1,160,570	)
Class Y		(273,293	)		(2,860,187	)		(318,308	)		(3,238,068	)
Class R6		(3,405	)		(36,567	)		(252	)		(2,536	)
Net increase (decrease) in share activity		1,296,873		$	14,111,363			(187,127	)	$	(1,831,196	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 12–Coronavirus (COVID-19) Pandemic

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), hereafter referred to as the “Fund”) as of October 31, 2020, the related statement of operations for the year ended October 31, 2020, the statement of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 29, 2020

31 Invesco World Bond Factor Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)¹	Expenses Paid During Period²	Ending Account Value (10/31/20)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,048.10	$2.79	$1,022.48	$2.75	0.54%
Class C	1,000.00	1,044.30	6.65	1,018.70	6.56	1.29
Class Y	1,000.00	1,050.40	1.50	1,023.74	1.48	0.29
Class R5	1,000.00	1,047.70	1.50	1,023.74	1.48	0.29
Class R6	1,000.00	1,050.40	1.50	1,023.74	1.48	0.29

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 184/366 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 3, 2020, 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 (formerly, Invesco World Bond Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. 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

sessions with the Senior Officer and with independent legal counsel.

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

B.	Fund Investment Performance

The Board noted that the Fund had changed its name and investment strategy on December 1, 2016, and again on February 28, 2020. The Board compared the Fund’s investment performance for the one, two and three year periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond 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 two year period and the second 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 above the performance of the Index for the one, two and three year periods. The Board further considered that the Fund had changed its name, investment strategy and portfolio management team on February 28, 2020 in connection with its repositioning as a factor-based fund, and that performance results prior to such date reflected that of the Fund’s former strategy. 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 considered information provided regarding the more recent performance of the Fund utilizing the new strategy as well as other metrics and this review did not change their conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

33 Invesco World Bond Factor Fund

fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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 were in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees. The Board also discussed with management any impact that the reduction of the Fund’s contractual management fee schedule effective February 2020 would have on the Fund’s peer group ranking.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

the methodology used for calculating profitability and noted 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 certain Funds on an individual fund level. 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 received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

34 Invesco World Bond Factor Fund

Tax Information

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, 2020:



Federal and State Income Tax
Qualified Dividend Income*			1.81%
Corporate Dividends Received Deduction*			0.00%
U.S. Treasury Obligations*			0.01%
* 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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	199	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Bruce L. Crockett - 1944 Trustee and Chair	2001	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch - 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown - 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	229	Director, Board of Directors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit)

T-1 Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Jack M. Fields - 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	229	None
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	229	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None

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; Member of the Vestry of Trinity Wall Street; 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 and Board of Historic Hudson Valley (non-profit cultural organization) Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulizer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern - 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	229	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. - 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	229	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; Senior Partner, KPMG LLP	229	None
Daniel S. Vandivort -1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn - 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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
Independent Trustees–(continued)
Christopher L. WIlson - 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	229	ISO New England, Inc. (non-profit organization managing regional electricity market)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC ; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.	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)
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); 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 President, Trimark Investments Ltd./Placements Trimark Ltée Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc;. and Chairman and Director, INVESCO Realty, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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, The Invesco Funds and Senior Vice President 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
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer	2020	Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5678

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco World Bond Factor Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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Fund holdings and proxy voting information

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. WBD-AR-1

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Jr. Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following matters identified between November 1, 2019 to December 29, 2020 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that five PwC Managers and one PwC Associate each held financial interests either directly or, in the case of two PwC Managers, indirectly through their spouse’s brokerage account, in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the individuals either did not provide any audit services (or in the case of one PwC Manager and one PwC Associate, the individual did not have decision-making responsibility for matters that materially affected the audit and their audit work was reviewed by team members at least two levels higher than the individuals), or did not provide services of any kind to the Registrant or its affiliates, and the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or individuals ceased providing services. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2020			Fees Billed for Services Rendered to the Registrant for fiscal year end 2019

Audit Fees		$	1,287,747		$	1,222,685
Audit-Related Fees⁽¹⁾		$	35,100		$	0
Tax Fees⁽²⁾		$	488,497		$	638,442
All Other Fees		$	0		$	0

Total Fees		$	1,811,344		$	1,861,127

(1)

Audit-Related Fees for the fiscal year ended October 31, 2020 includes fees billed for agreed upon procedures for regulatory filings.

(2)

Tax Fees for fiscal years ended October 31, 2020 and 2019 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2020 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 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾		$	701,000		$	690,000
Tax Fees		$	0		$	0
All Other Fees		$	0		$	0


Total Fees		$	701,000		$	690,000

(1)	Audit-Related Fees for the fiscal years ended 2020 and 2019 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

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.

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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.

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.

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.

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.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

●

Management functions;

●

Human resources;

●

Broker-dealer, investment adviser, or investment banking services;

●

Legal services;

●

Expert services unrelated to the audit;

●

Any service or product provided for a contingent fee or a commission;

●

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

●

Tax services for persons in financial reporting oversight roles at the Fund; and

●

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

●

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

●

Financial information systems design and implementation;

●

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

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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 $6,227,000 for the fiscal year ended October 31, 2020 and $3,294,000 for the fiscal year ended October 31, 2019. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,416,497 for the fiscal year ended October 31, 2020 and $4,622,442 for the fiscal year ended October 31, 2019.

PwC provided audit services to the Investment Company complex of approximately $31 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of December 17, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 17, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		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.

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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Investment Funds (Invesco Investment Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 8, 2021

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 8, 2021

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		January 8, 2021

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the “Covered Officers”) to promote:

●

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

●

full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

●

compliance with applicable governmental laws, rules and regulations;

●

the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

●

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

●

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds’ policies;

●

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Funds;

●

adhere to a high standard of business ethics; and

●

place the interests of the Funds and their shareholders before the Covered Officer’s own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Guiding Principles. A “conflict of interest” occurs when an individual’s personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code. Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent,

identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

●

avoid conflicts of interest wherever possible;

●

handle any actual or apparent conflict of interest ethically;

●

not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

●

not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such company;

●

not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause others to profit, by the market effect of such transactions; and

●

as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the “CCO”).

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following:

●

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Funds;

●

being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

●

any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

●

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

Each Covered Officer is required to be familiar, and comply, with the Funds’ disclosure controls and procedures so that the Funds’ subject reports and documents filed with the SEC comply in all material

respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

●

familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and

●

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including representations to the Funds’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Funds’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI.

Reporting and Accountability

Each Covered Officer must:

●

upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the CCO’s designee) an acknowledgement stating that he or she has received, read, and understands this Code.

●

annually thereafter submit a form to the CCO of the Funds (or the CCO’s designee) confirming that he or she has received, read and understands this Code and has complied with the requirements of this Code.

●

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

●

notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

●

the CCO will take all appropriate action to investigate any potential violations reported to him or her;

●

any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the Audit Committees of the Board after such investigation;

●

if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the Board, which will take all appropriate disciplinary or preventive action;

●

appropriate disciplinary or preventive action may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

●

the CCO will be responsible for granting waivers of this Code, as appropriate; and

●

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII.

Other Policies and Procedures

The Funds’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VIII.

Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of Independent Trustees.

IX.

Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officers

Adrien Deberghes – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS--ACKNOWLEDGEMENT

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

3. Compliance with applicable governmental laws, rules, and regulations.

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.



Date		Name:
		Title:

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Funds (Invesco Investment Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: January 8, 2021		/s/ Sheri Morris
		Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Funds (Invesco Investment Funds);

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons the performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: January 8, 2021		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Funds (Invesco Investment Funds) (the “Company”) on Form N-CSR for the period ended October 31, 2020, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: January 8, 2021		/s/ Sheri Morris
		Sheri Morris, Principal Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Funds (Invesco Investment Funds) (the “Company”) on Form N-CSR for the period ended October 31, 2020, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: January 8, 2021		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer