AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) (Form: N-CSR, Received: 01/06/2022 09:56:05)

Date of fiscal year end:

Date of reporting period:

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Balanced-Risk Allocation Fund

Nasdaq:

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




2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

17		Consolidated Financial Statements

20		Consolidated Financial Highlights

21		Notes to Consolidated Financial Statements

30		Report of Independent Registered Public Accounting Firm

31		Fund Expenses

32		Approval of Investment Advisory and Sub-Advisory Contracts

34		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2021, 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	20.91	%
Class C Shares	20.04
Class R Shares	20.52
Class Y Shares	21.18
Class R5 Shares	21.22
Class R6 Shares	21.36
S&P 500 Index^▼ (Broad Market Index)	42.91
Custom Invesco Balanced-Risk Allocation Style Index^∎ (Style-Specific Index)	22.56
Lipper Alternative Global Macro Funds Index^◆ (Peer Group Index)	18.86
Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2021, the Fund at NAV reported positive absolute performance as two of the macro factors in which the Fund invests (growth and real return assets) contributed to Fund performance. The Fund invests in derivatives, such as swaps and futures, which are expected to correspond to the performance of the US and international fixed-income, equity and commodity markets. The strategic allocation portion of the investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our three macro factor allocations (growth, defensive and real return). Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try and take advantage of short-term market dynamics.

The Fund’s strategic exposure to the growth macro factor, obtained through the use of swaps and futures, contributed to results for the fiscal year with five of the six markets in which the Fund invested delivering positive returns that we believe are largely due to reopening economies releasing pent-up demand. US equities were the largest contributor to performance over the fiscal year, followed by the exposures to Europe, the UK, Japan and Hong Kong. US and UK equities benefited from the successful rollout of COVID-19 vaccinations. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand. Emerging markets trailed all other regions due to a combination of COVID-19 outbreaks and exposure to China, the index’s largest country weighting. Chinese equities were weighed down by significant regulatory changes in the

private tutoring industry, increased regulation in the technology sectors and concerns of the potential default of a large property developer, and signs of slowing economic growth. Tactical positioning in equities improved results, as the Fund maintained overweight positions across each market throughout the fiscal year.

The Fund’s strategic exposure to the real return macro factor, obtained through the use of swaps, futures and commodity-linked notes, also contributed to Fund absolute performance for the fiscal year as tight supplies were unable to keep pace with surging demand. The rally was propelled by rising inflation, supply disruptions and global shortages leading to increased prices. Strategic exposure to energy was the leading contributor to Fund performance with gains across crude oil, distillates and natural gas. Energy prices were driven higher by increased demand due to the ongoing reopening of the global economy while supplies remained tight given restrained production in the US and across Organization of the Petroleum Exporting Countries (OPEC) member nations. Strategic exposure to agriculture also contributed to Fund performance as the sub-complex benefited from a combination of Chinese buying and weather-related events that negatively impacted grain crop yields and/or delayed plantings. The rising cost of shipping and freight added further pressure. Strategic exposure to industrial metals also contributed to Fund absolute performance as the sub-complex benefited from an increase in manufacturing activity, supply bottlenecks in South America and enthusiasm over President Biden’s infrastructure plan. Strategic exposure to precious metals was a net detractor from Fund absolute performance, as gains from exposure to silver were offset by losses from gold. Gold prices were pressured by a stronger US dollar, higher real

rates and lack of safe-haven demand. Tactical positioning in commodities contributed to the Fund’s absolute performance during the fiscal year with positioning in industrial metals and agriculture outpacing the negative results from positioning in precious metals and energy.

The Fund’s strategic exposure to the defensive macro factor, obtained through the use of swaps and futures, detracted from Fund absolute performance during the fiscal year due to a combination of strong growth dampening safe-haven demand and concerns about mounting inflationary pressures. Increasingly hawkish tones emanating from central banks applied additional pressure to bonds. Against this backdrop, prices for Australian, Canadian, UK and US bonds fell, while Japanese bonds in which the Fund was invested saw a modest uptick over the fiscal year. While bond markets faced a tough environment over the period, the Fund’s strategic exposure to defensive factor premia generated a marginal gain in Fund performance as the emerging market factor exposures delivered positive results that outpaced the losses across other markets. Tactical positioning across government bonds marginally detracted from the Fund’s results during the fiscal year largely due to ill-timed overweight positions during the month of September.

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

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

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle

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


2		Invesco Balanced-Risk Allocation Fund

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


3		Invesco Balanced-Risk Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco Balanced-Risk Allocation Fund


Average Annual Total Returns As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (6/2/09)	6.78	%
10 Years	5.33
5 Years	5.55
1 Year	14.25

Class C Shares
Inception (6/2/09)	6.73	%
10 Years	5.31
5 Years	5.98
1 Year	19.04

Class R Shares
Inception (6/2/09)	6.99	%
10 Years	5.67
5 Years	6.49
1 Year	20.52

Class Y Shares
Inception (6/2/09)	7.53	%
10 Years	6.20
5 Years	7.04
1 Year	21.18

Class R5 Shares
Inception (6/2/09)	7.56	%
10 Years	6.23
5 Years	7.07
1 Year	21.22

Class R6 Shares
10 Years	6.29	%
5 Years	7.16
1 Year	21.36

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

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

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

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

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


5		Invesco Balanced-Risk Allocation Fund

Supplemental Information

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

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

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

∎

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Bond Index. The MSCI World Index is considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg U.S. Aggregate Bond Index is considered representative of the US investment-grade, fixed-rate bond market.

∎

The Lipper Alternative Global Macro Funds Index is an unmanaged index considered representative of alternative global macro funds tracked by Lipper.

∎

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

∎

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


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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Balanced-Risk Allocation Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2021


Asset Class	Target Risk Contribution*			Notional Asset Weights**

Equities and Options		49.99	%	75.45%
Fixed Income		21.36		55.35
Commodities		28.65		28.55
Total		100.00	%	159.35%

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

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


7		Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

October 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–33.87%
U.S. Treasury Bills–12.65%^(a)
U.S. Treasury Bills		0.05	%		12/09/2021	$	112,900	$ 112,895,770
U.S. Treasury Bills		0.04	%		01/20/2022		109,600	109,587,518
U.S. Treasury Bills		0.05	%		03/10/2022		82,000	81,983,839
								304,467,127

U.S. Treasury Notes–21.22%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20	%		01/31/2022		200,000	200,075,826
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16	%		04/30/2022		150,000	150,082,488
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.11	%		07/31/2022		160,520	160,578,206
								510,736,520
Total U.S. Treasury Securities (Cost $814,990,831)								815,203,647

				Expiration Date
Commodity-Linked Securities–3.49%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)^(c)(d)					11/30/2022		34,050	36,537,752
RBC Capital Markets LLC, Commodity-Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 07 Excess Return Index) (Canada)^(c)(d)					12/05/2022		44,800	47,505,230
Total Commodity-Linked Securities (Cost $78,850,000)								84,042,982

						Shares
Money Market Funds–55.78%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)							389,413,824	389,413,824
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)(f)							129,877,852	129,916,815
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.01%^(e)(f)							143,068,345	143,068,345
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)							156,128,941	156,128,941
Total Money Market Funds (Cost $1,342,426,032)								1,342,527,925

Options Purchased–0.81%
(Cost $30,679,794)^(g)								19,564,053
TOTAL INVESTMENTS IN SECURITIES–93.95% (Cost $2,266,946,657)								2,261,338,607
OTHER ASSETS LESS LIABILITIES–6.05%								145,671,587
NET ASSETS–100.00%								$2,407,010,194

Investment Abbreviations:

EMTN - European Medium-Term Notes

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


8		Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

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

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $84,042,982, which represented 3.49% of the Fund’s Net Assets.

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

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2021.


	Value October 31, 2020			Purchases at Cost	Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	382,427,492	$530,204,712	$	(523,218,380	)		$	-		$	-		$	389,413,824		$103,947
Invesco Liquid Assets Portfolio, Institutional Class			125,668,036	376,959,242		(372,698,234	)			(21,769)			9,540			129,916,815		39,489
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			67,985,494	717,693,035		(642,610,184	)			-			-			143,068,345		28,669
Invesco Treasury Obligations Portfolio, Institutional Class			524,000,000	-		-				-			-			524,000,000		53,411
Invesco Treasury Portfolio, Institutional Class			148,144,563	605,948,242		(597,963,864	)			-			-			156,128,941		17,552
Total		$	1,248,225,585	$2,230,805,231	$	(2,136,490,662	)		$	(21,769)		$	9,540		$	1,342,527,925		$243,068

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(g)	The table below details options purchased.


	Open Exchange-Traded Index Options Purchased
Description	Type of Contract		Expiration Date	Number of Contracts		Exercise Price			Notional Value*			Value
Equity Risk
EURO STOXX 50 Index		Put	12/17/2021		150		EUR	3,400.00		EUR	5,100,000	$ 11,098
EURO STOXX 50 Index		Put	03/18/2022		150		EUR	3,500.00		EUR	5,250,000	71,961
EURO STOXX 50 Index		Put	06/17/2022		150		EUR	3,750.00		EUR	5,625,000	216,230
EURO STOXX 50 Index		Put	06/17/2022		150		EUR	3,850.00		EUR	5,775,000	252,991
EURO STOXX 50 Index		Put	03/18/2022		150		EUR	3,900.00		EUR	5,850,000	153,459
EURO STOXX 50 Index		Put	11/19/2021		150		EUR	3,950.00		EUR	5,925,000	15,779
EURO STOXX 50 Index		Put	06/17/2022		150		EUR	3,800.00		EUR	5,700,000	233,743
EURO STOXX 50 Index		Put	03/18/2022		150		EUR	3,450.00		EUR	5,175,000	65,719
EURO STOXX 50 Index		Put	09/16/2022		150		EUR	3,850.00		EUR	5,775,000	326,339
EURO STOXX 50 Index		Put	12/16/2022		150		EUR	3,800.00		EUR	5,700,000	370,036
EURO STOXX 50 Index		Put	09/16/2022		155		EUR	3,900.00		EUR	6,045,000	361,406
EURO STOXX 50 Index		Put	09/16/2022		150		EUR	4,000.00		EUR	6,000,000	401,768
FTSE 100 Index		Put	11/19/2021		100		GBP	6,900.00		GBP	6,900,000	23,950
FTSE 100 Index		Put	12/17/2021		100		GBP	6,875.00		GBP	6,875,000	64,322
FTSE 100 Index		Put	01/21/2022		100		GBP	6,875.00		GBP	6,875,000	117,695
FTSE 100 Index		Put	02/18/2022		100		GBP	6,850.00		GBP	6,850,000	157,383
FTSE 100 Index		Put	03/18/2022		100		GBP	6,800.00		GBP	6,800,000	202,545
FTSE 100 Index		Put	04/14/2022		100		GBP	6,800.00		GBP	6,800,000	244,971
FTSE 100 Index		Put	05/20/2022		100		GBP	6,775.00		GBP	6,775,000	283,290
FTSE 100 Index		Put	06/17/2022		100		GBP	6,700.00		GBP	6,700,000	301,081
FTSE 100 Index		Put	07/15/2022		100		GBP	6,400.00		GBP	6,400,000	246,339
FTSE 100 Index		Put	08/19/2022		100		GBP	6,625.00		GBP	6,625,000	348,296
FTSE 100 Index		Put	09/16/2022		100		GBP	6,750.00		GBP	6,750,000	428,356
FTSE 100 Index		Put	10/21/2022		90		GBP	6,650.00		GBP	5,985,000	381,826
MSCI Emerging Markets Index		Put	12/17/2021		80		USD	1,280.00		USD	10,240,000	326,000

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


9		Invesco Balanced-Risk Allocation Fund


Open Exchange-Traded Index Options Purchased–(continued)
Description	Type of Contract	Expiration Date	Number of Contracts		Exercise Price			Notional Value*			Value
MSCI Emerging Markets Index	Put	04/14/2022		80		USD	1,280.00		USD	10,240,000	$ 634,400
MSCI Emerging Markets Index	Put	11/19/2021		80		USD	1,340.00		USD	10,720,000	608,800
MSCI Emerging Markets Index	Put	01/21/2022		80		USD	1,290.00		USD	10,320,000	473,600
MSCI Emerging Markets Index	Put	02/18/2022		80		USD	1,290.00		USD	10,320,000	546,400
MSCI Emerging Markets Index	Put	05/20/2022		80		USD	1,280.00		USD	10,240,000	712,800
MSCI Emerging Markets Index	Put	03/18/2022		80		USD	1,330.00		USD	10,640,000	802,400
MSCI Emerging Markets Index	Put	06/17/2022		80		USD	1,330.00		USD	10,640,000	1,003,200
MSCI Emerging Markets Index	Put	07/15/2022		80		USD	1,310.00		USD	10,480,000	988,800
MSCI Emerging Markets Index	Put	08/19/2022		80		USD	1,220.00		USD	9,760,000	721,600
MSCI Emerging Markets Index	Put	09/16/2022		80		USD	1,250.00		USD	10,000,000	866,800
MSCI Emerging Markets Index	Put	10/21/2022		80		USD	1,180.00		USD	9,440,000	687,600
Nikkei 225 Index	Put	12/10/2021		38		JPY	27,250.00		JPY	1,035,500,000	101,689
Nikkei 225 Index	Put	11/12/2021		38		JPY	27,250.00		JPY	1,035,500,000	32,007
Nikkei 225 Index	Put	01/14/2022		38		JPY	27,000.00		JPY	1,026,000,000	150,033
Nikkei 225 Index	Put	06/10/2022		38		JPY	27,750.00		JPY	1,054,500,000	456,767
Nikkei 225 Index	Put	03/11/2022		38		JPY	27,750.00		JPY	1,054,500,000	311,735
Nikkei 225 Index	Put	02/10/2022		38		JPY	28,000.00		JPY	1,064,000,000	281,728
Nikkei 225 Index	Put	06/10/2022		38		JPY	27,250.00		JPY	1,035,500,000	400,088
Nikkei 225 Index	Put	06/10/2022		38		JPY	27,500.00		JPY	1,045,000,000	426,760
Nikkei 225 Index	Put	09/09/2022		38		JPY	27,500.00		JPY	1,045,000,000	543,452
Nikkei 225 Index	Put	09/09/2022		38		JPY	26,500.00		JPY	1,007,000,000	433,428
Nikkei 225 Index	Put	09/09/2022		38		JPY	27,250.00		JPY	1,035,500,000	513,446
Nikkei 225 Index	Put	12/09/2022		38		JPY	27,250.00		JPY	1,035,500,000	625,137
S&P 500 Index	Put	12/17/2021		13		USD	3,625.00		USD	4,712,500	7,345
S&P 500 Index	Put	03/18/2022		13		USD	3,750.00		USD	4,875,000	57,980
S&P 500 Index	Put	04/14/2022		13		USD	3,925.00		USD	5,102,500	96,655
S&P 500 Index	Put	11/19/2021		13		USD	4,075.00		USD	5,297,500	5,395
S&P 500 Index	Put	05/20/2022		13		USD	4,050.00		USD	5,265,000	145,470
S&P 500 Index	Put	06/17/2022		13		USD	4,050.00		USD	5,265,000	167,180
S&P 500 Index	Put	01/21/2022		13		USD	4,075.00		USD	5,297,500	49,400
S&P 500 Index	Put	02/18/2022		13		USD	4,075.00		USD	5,297,500	74,425
S&P 500 Index	Put	07/15/2022		13		USD	4,150.00		USD	5,395,000	211,770
S&P 500 Index	Put	08/19/2022		12		USD	4,250.00		USD	5,100,000	247,500
S&P 500 Index	Put	09/16/2022		12		USD	4,375.00		USD	5,250,000	305,520
S&P 500 Index	Put	10/21/2022		12		USD	4,175.00		USD	5,010,000	266,160
Total Index Options Purchased				4,564							$19,564,053

*	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		614		December-2021	$	50,685,700	$	2,064,804		$	2,064,804

Gasoline Reformulated Blendstock Oxygenate Blending		520		November-2021		51,754,248		(907,648	)		(907,648	)

New York Harbor Ultra-Low Sulfur Diesel		146		March-2022		14,542,038		160,563			160,563

Silver		571		December-2021		68,374,395		1,882,247			1,882,247

WTI Crude		527		April-2022		40,194,290		1,265,332			1,265,332

Subtotal								4,465,298			4,465,298

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


10		Invesco Balanced-Risk Allocation Fund


Open Futures Contracts^(a)–(continued)

Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value			Unrealized Appreciation (Depreciation)

Equity Risk

E-Mini Russell 2000 Index		1,940	December-2021	$	222,644,100	$	5,983,955		$	5,983,955

E-Mini S&P 500 Index		222	December-2021		51,026,700		1,039,299			1,039,299

EURO STOXX 50 Index		1,340	December-2021		65,632,818		1,307,593			1,307,593

FTSE 100 Index		770	December-2021		76,125,359		2,067,951			2,067,951

MSCI Emerging Market Index		1,025	December-2021		64,677,500		(2,015,357	)		(2,015,357	)

Nikkei 225 Index		299	December-2021		75,500,943		(1,977,920	)		(1,977,920	)

Subtotal							6,405,521			6,405,521

Interest Rate Risk

Australia 10 Year Bonds		3,915	December-2021		397,145,325		(27,403,035	)		(27,403,035	)

Canada 10 Year Bonds		3,180	December-2021		362,169,522		(13,290,604	)		(13,290,604	)

Japan 10 Year Bonds		35	December-2021		46,468,085		(149,311	)		(149,311	)

Long Gilt		1,860	December-2021		317,984,399		(10,006,650	)		(10,006,650	)

U.S. Treasury Long Bonds		1,248	December-2021		200,733,000		(2,155,595	)		(2,155,595	)

Subtotal							(53,005,195	)		(53,005,195	)


Total Futures Contracts						$	(42,134,376	)	$	(42,134,376	)

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

Cargill, Inc.	Receive		Monthly Rebalance Commodity Excess Return Index		0.47	%	Monthly	6,900	February-2022	USD	6,665,174		$-	$	147,806	$	147,806

Cargill, Inc.	Receive		Single Commodity Index Excess Return		0.12		Monthly	27,600	December-2021	USD	30,799,282		-		386,372		386,372

Merrill Lynch International	Receive		Merrill Lynch Gold Excess Return Index		0.14		Monthly	208,000	February-2022	USD	42,943,888		-		0		0

Merrill Lynch International	Receive		MLCX Dynamic Enhanced Copper Excess Return Index		0.25		Monthly	3,500	February-2022	USD	3,072,081		-		0		0

Merrill Lynch International	Receive		MLCX Natural Gas Annual Excess Return Index		0.25		Monthly	198,000	February-2022	USD	17,618,832		-		0		0

Royal Bank of Canada	Receive		RBC Enhanced Agricultural Basket 07 Excess Return Index		0.40		Monthly	522,000	July-2022	USD	57,848,040		-		0		0

Subtotal - Appreciation													-		534,178		534,178

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


11		Invesco Balanced-Risk Allocation Fund


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

Counterparty	Pay/ Receive	Reference Entity^(c)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Barclays Bank PLC	Receive		Barclays Commodity Strategy 1452 Excess Return Index		0.26	%		Monthly		39,700		November-2021	USD	32,524,384		$-	$	(1,944,661	)		$	(1,944,661	)

Canadian Imperial Bank of Commerce	Receive		Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		339,000		February-2022	USD	39,085,412		-		(247,063	)			(247,063	)

JPMorgan Chase Bank, N.A.	Receive		J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		64,500		March-2022	USD	14,776,989		-		(264,876	)			(264,876	)

JPMorgan Chase Bank, N.A.	Receive		S&P GSCI Gold Index Excess Return		0.09			Monthly		261,000		March-2022	USD	34,622,642		-		(239,024	)			(239,024	)

Macquarie Bank Ltd.	Receive		Macquarie Aluminium Dynamic Selection Index		0.30			Monthly		184,000		February-2022	USD	12,023,057		-		(631,286	)			(631,286	)

Morgan Stanley Capital Services LLC	Receive		S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.30			Monthly		279,500		July-2022	USD	37,258,552		-		(4,641,181	)			(4,641,181	)

Subtotal - Depreciation																-		(7,968,091	)			(7,968,091	)

Total - Total Return Swap Agreements																$-	$	(7,433,913	)		$	(7,433,913	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,590,000.

^(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)

Counterparty

Pay/

Receive

Reference
Entity^(b)

Floating
Rate

Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront

Payments

Paid
(Received)

Value

Unrealized
Appreciation

Equity Risk

BNP Paribas S.A.

Receive

MSCI EMU Minimum Volatility Index

1 Month EURIBOR -0.050%

Monthly

12,060

March-2022

EUR

45,813,807

$ 605,473

BNP Paribas S.A.

Receive

MSCI EMU Momentum Index

1 Month EURIBOR -0.660%

Monthly

7,116

December-2021

EUR

47,106,140

617,741

BNP Paribas S.A.

Receive

MSCI EMU Quality Index

1 Month EURIBOR + 5.000%

Monthly

9,013

March-2022

EUR

45,197,035

1,075,755

BNP Paribas S.A.

Receive

MSCI USA Minimum Volatility Daily Net Total Return Index

1 Month USD LIBOR - 0.030%

Monthly

6,345

March-2022

USD

32,445,284

738,939

Citibank, N.A.

Receive

MSCI USA Quality Index

1 Month USD LIBOR + 0.100%

Monthly

7,499

March-2022

USD

32,329,689

919,302

Goldman Sachs International

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 0.870%

Monthly

1,222

March-2022

USD

15,955,067

372,636

Goldman Sachs International

Receive

MSCI Emerging Markets Momentum Index

1 Month USD LIBOR + 0.940%

Monthly

1,222

January-2022

USD

15,955,067

372,636

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


12		Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/

Receive

Reference
Entity^(b)

Floating
Rate

Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront

Payments

Paid
(Received)

Value

Unrealized
Appreciation

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month USD LIBOR + 0.830%

Monthly

14,267

December-2021

USD

29,470,914

$ 29,961

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

1 Month JPY LIBOR - 0.280%

Monthly

1,655,268

November-2021

JPY

38,700,497

94,691

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

1 Month JPY LIBOR - 0.300%

Monthly

2,074,732

November-2021

JPY

48,507,649

118,686

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

1 Month JPY LIBOR - 0.320%

Monthly

120,000

November-2021

JPY

2,805,624

6,865

Goldman Sachs International

Receive

MSCI Japan Quality Index

1 Month JPY LIBOR - 0.200%

Monthly

1,920,049

November-2021

JPY

50,791,326

1,226,742

Goldman Sachs International

Receive

MSCI Japan Quality Index

1 Month JPY LIBOR -0.200%

Monthly

1,329,951

November-2021

JPY

35,181,381

849,722

Goldman Sachs International

Receive

MSCI Japan Quality Index

1 Month JPY LIBOR - 0.220%

Monthly

150,000

November-2021

JPY

3,967,971

95,837

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.280%

Monthly

3,300

March-2022

GBP

16,423,241

188,647

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.280%

Monthly

3,300

March-2022

GBP

16,423,241

188,647

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.280%

Monthly

1,838

March-2022

GBP

15,874,636

130,363

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.280%

Monthly

875

March-2022

GBP

15,978,007

98,205

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.280%

Monthly

875

March-2022

GBP

15,978,008

98,205

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.300%

Monthly

3,184

March-2022

GBP

27,499,913

225,830

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.300%

Monthly

1,596

March-2022

GBP

29,143,886

179,126

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.280%

Monthly

1,837

March-2022

GBP

15,865,999

130,292

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


13		Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/

Receive

Reference
Entity^(b)

Floating
Rate

Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront

Payments

Paid
(Received)

Value

Unrealized
Appreciation

JPMorgan Chase Bank, N.A.

Receive

MSCI Daily Total Return Net United Kingdom Index

SONIA + 0.300%

Monthly

5,540

March-2022

GBP

27,571,139

$ 316,699

JPMorgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index

1 Month USD LIBOR + 1.150%

Monthly

3,155

November-2021

USD

6,517,189

6,626

JPMorgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Index

1 Month USD LIBOR + 0.680%

Monthly

13,044

March-2022

USD

26,944,599

27,392

JPMorgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Net Total Return Index

1 Month USD LIBOR + 0.700%

Monthly

1,938

March-2022

USD

25,303,536

590,973

JPMorgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Net Total Return Index

1 Month USD LIBOR + 1.100%

Monthly

2,196

November-2021

USD

28,672,118

669,648

JPMorgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Momentum Net Total Return Index

1 Month USD LIBOR + 1.110%

Monthly

580

November-2021

USD

7,572,782

176,865

JPMorgan Chase Bank, N.A.

Receive

MSCI USA Momentum Net Total Return Index

1 Month USD LIBOR + 0.180%

Monthly

7,528

March-2022

USD

32,901,252

943,371

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Index

1 Month USD LIBOR + 0.860%

Monthly

8,017

March-2022

USD

16,560,476

16,836

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Index

1 Month USD LIBOR + 0.950%

Monthly

8,017

January-2022

USD

16,560,476

16,836

Total - Total Return Swap Agreements

$11,129,547

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

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

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


14		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

	Coffee	5.15%

	Corn	5.81

	Cotton	21.69

	Lean Hogs	0.51

	Live Cattle	0.66

	Soybean	21.05

	Soybean Oil	10.13

	Soymeal	22.52

	Sugar	5.60

	Wheat	6.88

	Total	100.00%


RBC Enhanced Agricultural Basket 07 Excess Return Index

	Long Futures Contracts

	Coffee	5.15%

	Corn	5.81

	Cotton	21.69

	Lean Hogs	0.51

	Live Cattle	0.66

	Soybean	21.05

	Soybean Oil	10.13

	Soymeal	22.52

	Sugar	5.60

	Wheat	6.88

	Total	100.00%


Monthly Rebalance Commodity Excess Return Index

	Long Futures Contracts

	Coffee	5.15%

	Corn	5.81

	Cotton	21.69

	Lean Hogs	0.51

	Live Cattle	0.66

	Soybean	21.05

	Soybean Oil	10.13

	Soymeal	22.52

	Sugar	5.60

	Wheat	6.88

	Total	100.00%


Single Commodity Index Excess Return

	Long Futures Contracts

	Gold	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.


15		Invesco Balanced-Risk Allocation Fund


Reference Entity Components-(continued)


Reference Entity	Underlying Components	Percentage


MLCX Dynamic Enhanced Copper Excess Return Index

	Long Futures Contracts

	Copper	100.00%


MLCX Natural Gas Annual Excess Return Index

	Long Futures Contracts

	Natural Gas	100.00%


Barclays Commodity Strategy 1452 Excess Return Index

	Long Futures Contracts

	Copper	100.00%


Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2

	Long Futures Contracts

	Copper	100.00%


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 Aluminium Dynamic Selection Index

	Long Futures Contracts

	Aluminum	100.00%


S&P GSCI Aluminum Dynamic Roll Index Excess Return

	Long Futures Contracts

	Aluminum	100.00%

Abbreviations:


EMU		-European Economic and Monetary Union
EUR		-Euro
EURIBOR		-Euro Interbank Offered Rate
GBP		-British Pound Sterling
JPY		-Japanese Yen
LIBOR		-London Interbank Offered Rate
SONIA		-Sterling Overnight Index Average
USD		-U.S. Dollar

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


16		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021



Assets:

Investments in unaffiliated securities, at value (Cost $924,520,625)		$ 918,810,682
Investments in affiliated money market funds, at value (Cost $1,342,426,032)		1,342,527,925
Other investments:
Swaps receivable – OTC		2,346,153
Unrealized appreciation on swap agreements – OTC		11,663,725
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		110,020,001
Cash collateral – OTC Derivatives		6,590,000
Cash		1,309,837
Foreign currencies, at value (Cost $38,034,256)		37,929,426
Receivable for:
Fund shares sold		2,832,054
Dividends		17,004
Interest		211,155
Investment for trustee deferred compensation and retirement plans		654,268
Other assets		62,993
Total assets		2,434,975,223

Liabilities:
Other investments:
Variation margin payable - futures contracts		11,027,919
Swaps payable – OTC		1,009,768
Unrealized depreciation on swap agreements–OTC		7,968,091
Payable for:
Fund shares reacquired		4,938,082
Accrued fees to affiliates		1,450,742
Accrued other operating expenses		852,146
Trustee deferred compensation and retirement plans		718,281
Total liabilities		27,965,029
Net assets applicable to shares outstanding		$2,407,010,194

Net assets consist of:
Shares of beneficial interest		$1,951,534,934
Distributable earnings		455,475,260
		$2,407,010,194



Net Assets:

Class A		$1,093,093,600
Class C		$ 167,794,418
Class R		$ 17,665,816
Class Y		$1,062,697,874
Class R5		$ 16,750,013
Class R6		$ 49,008,473

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		90,399,014
Class C		14,769,185
Class R		1,494,386
Class Y		86,095,660
Class R5		1,355,902
Class R6		3,957,214
Class A:
Net asset value per share		$ 12.09
Maximum offering price per share (Net asset value of $12.09 ÷ 94.50%)		$ 12.79
Class C:
Net asset value and offering price per share		$ 11.36
Class R:
Net asset value and offering price per share		$ 11.82
Class Y:
Net asset value and offering price per share		$ 12.34
Class R5:
Net asset value and offering price per share		$ 12.35
Class R6:
Net asset value and offering price per share		$ 12.38

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


17		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$	1,069,520

Dividends from affiliated money market funds (net of foreign withholding taxes of $ 2,361)		243,068

Total investment income		1,312,588


Expenses:
Advisory fees		21,950,362

Administrative services fees		341,508

Custodian fees		71,745

Distribution fees:
Class A		2,612,455

Class C		2,305,725

Class R		80,726

Transfer agent fees - A, C, R and Y		2,983,180

Transfer agent fees - R5		14,550

Transfer agent fees - R6		9,633

Trustees’ and officers’ fees and benefits		59,275

Registration and filing fees		171,992

Reports to shareholders		106,158

Professional services fees		76,785

Other		659,877

Total expenses		31,443,971

Less: Fees waived and/or expense offset arrangement(s)		(451,980	)

Net expenses		30,991,991

Net investment income (loss)		(29,679,403	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		62,420,612

Affiliated investment securities		9,540

Foreign currencies		(1,481,474	)

Futures contracts		264,848,668

Swap agreements		158,973,404

		484,770,750

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(21,536,429	)

Affiliated investment securities		(21,769	)

Foreign currencies		480,749

Futures contracts		29,092,238

Swap agreements		6,651,555

		14,666,344

Net realized and unrealized gain		499,437,094

Net increase in net assets resulting from operations	$	469,757,691

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


18		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income (loss)	$	(29,679,403	)	$	(14,343,676	)

Net realized gain		484,770,750			77,438,347

Change in net unrealized appreciation (depreciation)		14,666,344			(93,262,440	)

Net increase (decrease) in net assets resulting from operations		469,757,691			(30,167,769	)


Distributions to shareholders from distributable earnings:
Class A		(10,563,728	)		(97,943,495	)

Class C		(1,416,700	)		(51,537,200	)

Class R		(148,478	)		(1,837,820	)

Class Y		(15,303,622	)		(143,982,976	)

Class R5		(246,913	)		(4,677,750	)

Class R6		(2,626,550	)		(26,950,348	)

Total distributions from distributable earnings		(30,305,991	)		(326,929,589	)


Share transactions–net:
Class A		91,241,745			(30,948,408	)

Class C		(235,030,332	)		(118,448,478	)

Class R		(364,637	)		(1,085,303	)

Class Y		(125,674,098	)		(274,132,409	)

Class R5		(1,898,401	)		(24,837,910	)

Class R6		(131,933,646	)		(68,863,227	)

Net increase (decrease) in net assets resulting from share transactions		(403,659,369	)		(518,315,735	)

Net increase (decrease) in net assets		35,792,331			(875,413,093	)


Net assets:
Beginning of year		2,371,217,863			3,246,630,956

End of year	$	2,407,010,194		$	2,371,217,863

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


19		Invesco Balanced-Risk Allocation Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21		$10.12		$(0.15	)		$ 2.25			$ 2.10			$(0.13	)		$ -			$(0.13	)		$12.09		20.91	%		$1,093,094		1.31	%		1.33	%		(1.26	)%		16%
Year ended 10/31/20		11.33		(0.05	)		0.01			(0.04	)		(0.67	)		(0.50	)		(1.17	)		10.12		(0.55	)		831,513		1.24			1.30			(0.53	)		81
Year ended 10/31/19		10.21		0.10			1.02			1.12			-			-			-			11.33		10.97			968,345		1.24			1.29			0.95			11
Year ended 10/31/18		11.28		0.03			(0.40	)		(0.37	)		-			(0.70	)		(0.70	)		10.21		(3.57	)		1,016,131		1.21			1.27			0.32			116
Year ended 10/31/17		11.34		(0.05	)		0.87			0.82			(0.41	)		(0.47	)		(0.88	)		11.28		7.76			1,337,537		1.22			1.28			(0.49	)		12
Class C
Year ended 10/31/21		9.50		(0.22	)		2.12			1.90			(0.04	)		-			(0.04	)		11.36		20.04			167,794		2.06			2.08			(2.01	)		16
Year ended 10/31/20		10.69		(0.12	)		0.00			(0.12	)		(0.57	)		(0.50	)		(1.07	)		9.50		(1.36	)		349,294		1.99			2.05			(1.28	)		81
Year ended 10/31/19		9.70		0.02			0.97			0.99			-			-			-			10.69		10.21			527,251		1.99			2.04			0.20			11
Year ended 10/31/18		10.83		(0.04	)		(0.39	)		(0.43	)		-			(0.70	)		(0.70	)		9.70		(4.31	)		735,308		1.96			2.02			(0.43	)		116
Year ended 10/31/17		10.90		(0.12	)		0.84			0.72			(0.32	)		(0.47	)		(0.79	)		10.83		7.05			1,051,038		1.97			2.03			(1.24	)		12
Class R
Year ended 10/31/21		9.90		(0.17	)		2.19			2.02			(0.10	)		-			(0.10	)		11.82		20.52			17,666		1.56			1.58			(1.51	)		16
Year ended 10/31/20		11.10		(0.08	)		0.02			(0.06	)		(0.64	)		(0.50	)		(1.14	)		9.90		(0.77	)		15,202		1.49			1.55			(0.78	)		81
Year ended 10/31/19		10.02		0.07			1.01			1.08			-			-			-			11.10		10.78			18,343		1.49			1.54			0.70			11
Year ended 10/31/18		11.11		0.01			(0.40	)		(0.39	)		-			(0.70	)		(0.70	)		10.02		(3.82	)		19,989		1.46			1.52			0.07			116
Year ended 10/31/17		11.18		(0.07	)		0.85			0.78			(0.38	)		(0.47	)		(0.85	)		11.11		7.48			23,518		1.47			1.53			(0.74	)		12
Class Y
Year ended 10/31/21		10.33		(0.12	)		2.29			2.17			(0.16	)		-			(0.16	)		12.34		21.18			1,062,698		1.06			1.08			(1.01	)		16
Year ended 10/31/20		11.55		(0.03	)		0.01			(0.02	)		(0.70	)		(0.50	)		(1.20	)		10.33		(0.34	)		1,000,148		0.99			1.05			(0.28	)		81
Year ended 10/31/19		10.37		0.13			1.05			1.18			-			-			-			11.55		11.38			1,431,442		0.99			1.04			1.20			11
Year ended 10/31/18		11.43		0.06			(0.42	)		(0.36	)		-			(0.70	)		(0.70	)		10.37		(3.42	)		1,718,473		0.96			1.02			0.57			116
Year ended 10/31/17		11.47		(0.02	)		0.88			0.86			(0.43	)		(0.47	)		(0.90	)		11.43		8.15			2,147,497		0.97			1.03			(0.24	)		12
Class R5
Year ended 10/31/21		10.34		(0.12	)		2.30			2.18			(0.17	)		-			(0.17	)		12.35		21.22			16,750		1.02			1.04			(0.97	)		16
Year ended 10/31/20		11.56		(0.03	)		0.02			(0.01	)		(0.71	)		(0.50	)		(1.21	)		10.34		(0.26	)		15,707		0.94			1.00			(0.23	)		81
Year ended 10/31/19		10.38		0.14			1.04			1.18			-			-			-			11.56		11.37			45,497		0.92			0.97			1.27			11
Year ended 10/31/18		11.43		0.07			(0.42	)		(0.35	)		-			(0.70	)		(0.70	)		10.38		(3.34	)		50,691		0.92			0.98			0.61			116
Year ended 10/31/17		11.48		(0.01	)		0.87			0.86			(0.44	)		(0.47	)		(0.91	)		11.43		8.12			119,103		0.92			0.98			(0.19	)		12
Class R6
Year ended 10/31/21		10.37		(0.11	)		2.30			2.19			(0.18	)		-			(0.18	)		12.38		21.26			49,008		0.95			0.97			(0.90	)		16
Year ended 10/31/20		11.59		(0.02	)		0.02			0.00			(0.72	)		(0.50	)		(1.22	)		10.37		(0.21	)		159,353		0.86			0.92			(0.15	)		81
Year ended 10/31/19		10.40		0.15			1.04			1.19			-			-			-			11.59		11.44			255,753		0.87			0.92			1.32			11
Year ended 10/31/18		11.44		0.07			(0.41	)		(0.34	)		-			(0.70	)		(0.70	)		10.40		(3.24	)		398,406		0.86			0.92			0.67			116
Year ended 10/31/17		11.49		(0.00	)		0.87			0.87			(0.45	)		(0.47	)		(0.92	)		11.44		8.20			320,060		0.85			0.91			(0.12	)		12

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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


20		Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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

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

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

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

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

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

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

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

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


21		Invesco Balanced-Risk Allocation Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

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

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. 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.

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


22		Invesco Balanced-Risk Allocation Fund

of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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.

Put Options Purchased – The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on put options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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.


23		Invesco Balanced-Risk Allocation Fund

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. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

P.	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.

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

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”) Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser 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, 2021, the effective advisory fee rate incurred by the Fund was 0.89%.

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

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


24		Invesco Balanced-Risk Allocation Fund

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

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

For the year ended October 31, 2021, the Adviser waived advisory fees of $450,493.

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

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $138,619 in front-end sales commissions from the sale of Class A shares and $2,188 and $5,854 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3	Total

Investments in Securities

U.S. Treasury Securities	$	-	$	815,203,647	$-	$	815,203,647

Commodity-Linked Securities		-		84,042,982	-		84,042,982

Money Market Funds		1,342,527,925		-	-		1,342,527,925

Options Purchased		19,564,053		-	-		19,564,053

Total Investments in Securities		1,362,091,978		899,246,629	-		2,261,338,607


Other Investments - Assets*

Futures Contracts		15,771,744		-	-		15,771,744

Swap Agreements		-		11,663,725	-		11,663,725

		15,771,744		11,663,725	-		27,435,469


25		Invesco Balanced-Risk Allocation Fund


	Level 1			Level 2			Level 3		Total

Other Investments - Liabilities*

Futures Contracts	$	(57,906,120	)	$	-			$-	$	(57,906,120	)

Swap Agreements		-			(7,968,091	)		-		(7,968,091	)

		(57,906,120	)		(7,968,091	)		-		(65,874,211	)

Total Other Investments		(42,134,376	)		3,695,634			-		(38,438,742	)

Total Investments	$	1,319,957,602		$	902,942,263			$-	$	2,222,899,865

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2021:


	Value


Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	5,372,946		$	10,398,798		$	-		$	15,771,744

Unrealized appreciation on swap agreements – OTC		534,178			11,129,547			-			11,663,725

Options purchased, at value – Exchange-Traded^(b)		-			19,564,053			-			19,564,053

Total Derivative Assets		5,907,124			41,092,398			-			46,999,522

Derivatives not subject to master netting agreements		(5,372,946	)		(29,962,851	)		-			(35,335,797	)

Total Derivative Assets subject to master netting agreements	$	534,178		$	11,129,547		$	-		$	11,663,725


	Value


Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(907,648	)	$	(3,993,277	)	$	(53,005,195	)	$	(57,906,120	)

Unrealized depreciation on swap agreements – OTC		(7,968,091	)		-			-			(7,968,091	)

Total Derivative Liabilities		(8,875,739	)		(3,993,277	)		(53,005,195	)		(65,874,211	)

Derivatives not subject to master netting agreements		907,648			3,993,277			53,005,195			57,906,120

Total Derivative Liabilities subject to master netting agreements	$	(7,968,091	)	$	-		$	-		$	(7,968,091	)

^(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.


26		Invesco Balanced-Risk Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2021.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged


Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash			Net Amount^(a)

Fund

BNP Paribas S.A.	$	3,077,236	$	(545	)	$	3,076,691			$-	$	-		$	3,076,691

Citibank, N.A.		919,302		(1,944	)		917,358			-		-			917,358

Goldman Sachs International		3,196,155		(43,712	)		3,152,443			-		-			3,152,443

JPMorgan Chase Bank, N.A.		3,970,889		(59,888	)		3,911,001			-		-			3,911,001

Merrill Lynch International		33,672		(15,490	)		18,182			-		-			18,182

Subtotal-Fund		11,197,254		(121,579	)		11,075,675			-		-			11,075,675

Subsidiary

Barclays Bank PLC		-		(1,948,526	)		(1,948,526	)		-		1,600,000			(348,526	)

Canadian Imperial Bank of Commerce		-		(253,682	)		(253,682	)		-		-			(253,682	)

Cargill, Inc.		534,178		(4,785	)		529,393			-		(529,393	)		-

JPMorgan Chase Bank, N.A.		-		(505,731	)		(505,731	)		-		-			(505,731	)

Macquarie Bank Ltd.		-		(631,286	)		(631,286	)		-		631,286			-

Merrill Lynch International		809,225		(846,464	)		(37,239	)		-		-			(37,239	)

Morgan Stanley Capital Services LLC		-		(4,646,070	)		(4,646,070	)		-		4,280,000			(366,070	)

Royal Bank of Canada		1,469,221		(19,736	)		1,449,485			-		(1,210,000	)		239,485

Subtotal – Subsidiary		2,812,624		(8,856,280	)		(6,043,656	)		-		4,771,893			(1,271,763	)

Total	$	14,009,878	$	(8,977,859	)	$	5,032,019			$-	$	4,771,893		$	9,803,912

^(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, 2021

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


	Location of Gain (Loss) on Consolidated Statement of Operations

	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Futures contracts	$	102,753,188		$	207,427,189		$	(45,331,709	)	$	264,848,668

Options purchased^(a)		-			(15,372,644	)		-			(15,372,644	)

Swap agreements		95,270,602			63,702,802			-			158,973,404

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		31,383,973			47,308,542			(49,600,277	)		29,092,238

Options purchased^(a)		-			(11,115,741	)		-			(11,115,741	)

Swap agreements		(5,192,109	)		11,843,664			-			6,651,555

Total	$	224,215,654		$	303,793,812		$	(94,931,986	)	$	433,077,480

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

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


	Futures Contracts		Equity Options Purchased		Swap Agreements

Average notional value	$	2,391,481,851	$	381,360,958	$	945,828,689

Average contracts		-		3,878		-

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,487.


27		Invesco Balanced-Risk Allocation Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020

Ordinary income*	$	30,305,991	$	243,550,510

Long-term capital gain		-		83,379,079

Total distributions	$	30,305,991	$	326,929,589

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

Tax Components of Net Assets at Period-End:


	2021

Undistributed ordinary income	$	427,795,651

Undistributed long-term capital gain		68,549,294

Net unrealized appreciation (depreciation) – investments		(40,766,657	)

Net unrealized appreciation – foreign currencies		392,523

Temporary book/tax differences		(495,551	)

Shares of beneficial interest		1,951,534,934

Total net assets	$	2,407,010,194

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 futures contracts, options contracts 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 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, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $101,892,703 and $197,451,267, 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	$	33,483,883

Aggregate unrealized (depreciation) of investments		(74,250,540	)

Net unrealized appreciation (depreciation) of investments	$	(40,766,657	)

Cost of investments for tax purposes is $2,263,666,522.

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, 2021, undistributed net investment income (loss) was increased by $306,240,079, undistributed net realized gain was decreased by $323,027,080 and shares of beneficial interest was increased by $16,787,001. This reclassification had no effect on the net assets of the Fund.


28		Invesco Balanced-Risk Allocation Fund

NOTE 11–Share Information


	Summary of Share Activity

	Year ended October 31, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount


Sold:
Class A		7,717,868			$ 89,718,206			7,107,305			$ 71,873,755

Class C		1,858,756			20,404,306			1,656,939			15,825,366

Class R		395,503			4,525,565			292,882			2,883,276

Class Y		19,773,947			234,498,165			18,135,475			186,756,543

Class R5		128,696			1,486,744			243,036			2,494,331

Class R6		1,393,714			16,794,691			2,603,988			26,720,621


Issued as reinvestment of dividends:
Class A		882,471			9,645,406			8,746,225			90,261,045

Class C		121,143			1,251,404			4,751,227			46,324,464

Class R		13,746			147,216			180,893			1,828,830

Class Y		1,089,355			12,124,526			10,721,775			112,685,854

Class R5		22,093			245,897			443,344			4,659,542

Class R6		229,616			2,562,519			2,471,900			26,053,833


Automatic conversion of Class C shares to Class A shares:
Class A		18,455,595			209,165,274			6,307,863			64,062,372

Class C		(19,548,435	)		(209,165,274	)		(6,705,229	)		(64,062,372	)


Reacquired:
Class A		(18,796,945	)		(217,287,141	)		(25,451,775	)		(257,145,580	)

Class C		(4,412,659	)		(47,520,768	)		(12,275,586	)		(116,535,936	)

Class R		(451,008	)		(5,037,418	)		(590,019	)		(5,797,409	)

Class Y		(31,568,339	)		(372,296,789	)		(55,991,394	)		(573,574,806	)

Class R5		(313,605	)		(3,631,042	)		(3,101,774	)		(31,991,783	)

Class R6		(13,027,447	)		(151,290,856	)		(11,778,479	)		(121,637,681	)

Net increase (decrease) in share activity		(36,035,935	)		$(403,659,369	)		(52,231,404	)		$(518,315,735	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


29		Invesco Balanced-Risk Allocation Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Balanced-Risk Allocation Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021

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


30		Invesco Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)

	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,034.20	$6.87	$1,018.45	$6.82	1.34%
Class C	1,000.00	1,030.90	10.80	1,014.57	10.71	2.11
Class R	1,000.00	1,033.20	8.15	1,017.19	8.08	1.59
Class Y	1,000.00	1,035.20	5.59	1,019.71	5.55	1.09
Class R5	1,000.00	1,036.10	5.44	1,019.86	5.40	1.06
Class R6	1,000.00	1,036.80	5.49	1,019.81	5.45	1.07

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


31		Invesco Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

B.	Fund Investment Performance

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses


32		Invesco Balanced-Risk Allocation Fund

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

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

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

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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


33		Invesco Balanced-Risk Allocation Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax 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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	16,787,000
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		29.89	%
Qualified Business Income*		0.00	%
Business Interest Income*		15.59	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


34		Invesco Balanced-Risk Allocation Fund

Trustees and Officers

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹ – 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/ or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.

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-6		Invesco Balanced-Risk Allocation Fund

(This page intentionally left blank)

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

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

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

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




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

LOGO

Annual Report to Shareholders

October 31, 2021

Invesco Balanced-Risk Commodity Strategy Fund

Nasdaq:

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


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Consolidated Schedule of Investments

14		Consolidated Financial Statements

17		Consolidated Financial Highlights

18		Notes to Consolidated Financial Statements

26		Report of Independent Registered Public Accounting Firm

27		Fund Expenses

28		Approval of Investment Advisory and Sub-Advisory Contracts

30		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2021, Class A shares of Invesco Balanced-Risk Commodity Strategy Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Commodity Index, the Fund’s broad market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.			detracted despite an overweight to copper as tactical positioning in nickel and zinc countered copper’s gains. The Fund’s strategic exposure to precious metals detracted from overall results as gold declined due to waning demand for safe-haven assets, given optimism over rising economic prospects. A rise in the dollar later in the fiscal year created additional headwinds as US growth accelerated faster than other global regions, leading to higher demand for the US currency. Silver countered gold with a small gain as the monetary metal benefited from its crossover use as an industrial metal. Tactical exposure to precious metals proved unfavorable as choppy price action in gold across the reporting period led to periodic overweight positions. 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 strategy performance, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities. Thank you for your continued investment in Invesco Balanced-Risk Commodity Strategy Fund. Portfolio manager(s): Mark Ahnrud Chris Devine Scott Hixon Christian Ulrich Scott Wolle The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. 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.
Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares		38.10%
Class C Shares		37.02
Class R Shares		37.72
Class Y Shares		38.38
Class R5 Shares		38.36
Class R6 Shares		38.46
Bloomberg Commodity Index^▼ (Broad Market/Style-Specific Index)		43.94
Source(s): ^▼RIMES Technologies Corp.
Market conditions and your Fund The fiscal year ended October 31, 2021, delivered high returns for commodity investors as the announcement and subsequent availability of coronavirus (COVID-19) vaccines allowed for a revival of economic activity that elevated demand for natural resources. 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 economic recovery resulted in three of these four commodity complexes providing positive returns for the fiscal year with energy significantly outperforming the others. The Fund’s ability to tactically adjust its exposure to assets detracted from performance over the fiscal year mainly due to the Fund being overweight gold and underweight energy in the latter part of the fiscal year. Overall, the Fund underperformed the Bloomberg Commodity Index, primarily due to the monthly tactical positioning as well as the Fund’s strategic positioning in agriculture, which was underweight corn and wheat and overweight soybeans and soymeal. Strategic positioning in energy was the primary contributor to the Fund’s results over the fiscal year as oil production remained below pre-COVID levels while demand increased as the global economy recovered. Energy output remained curtailed as OPEC (Oil Petroleum Export Countries) plus Russia were able to maintain the production cuts due to uncertainty over demand given recurring waves of COVID-19 infection. Oil and natural gas production in the US also remained below pre-COVID levels as producers have implemented stricter capital discipline just as investor interest in heavy carbon-based industries has declined. The top contributors were oil exposures including Brent and WTI along with one of their primary distillates, unleaded	gasoline. Tactical positioning in energy detracted from results as the strategy held an average underweight position in natural gas, heating oil and gas oil across the fiscal year. The Fund’s strategic positioning within agriculture contributed to its absolute performance as the sub-complex benefited from gains in cotton, coffee, soybeans, soybean oil and corn. While supply bottlenecks resulting from labor shortages and transportation issues captured the headlines, weather was the principal driver of agricultural commodities during the fiscal year. La Nina tilde weather phenomenon in the Pacific Ocean that results in cooler water temperatures was blamed for drought conditions in South America and the Western United States that led to curtailed production of crops such as cotton, coffee, sugar and grains such as corn and wheat. La Nina weather pattern was also given credit for heavy rains in Southeast Asia during the summer of 2020 that resulted in a series of typhoons that decimated Chinese agriculture and forced the country to make large purchases across global markets in order to restock their food supplies. Tactical positioning in agriculture was a positive contributor due to overweight positions early in the fiscal year as a combination of poor weather and Chinese demand led to higher prices in this commodity complex. Strategic positioning in industrial metals was another key contributor as gains from copper outpaced aluminum. The primary catalyst propelling industrial metals was accelerating Chinese economic growth early in the fiscal year that subsequently transitioned into rising growth across other global regions. Copper was the leading contributor as its price reached multi-year highs due to COVID-induced mining restrictions that hampered supply while demand increased from both economic reopening and enthusiasm for green energy infrastructure projects and initiatives. Tactical exposure to industrial metals

2 Invesco Balanced-Risk Commodity Strategy Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.

3 Invesco Balanced-Risk Commodity Strategy Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-2.08	%
10 Years	-2.62
5 Years	2.78
1 Year	30.46
Class C Shares
Inception (11/30/10)	-2.11	%
10 Years	-2.64
5 Years	3.19
1 Year	36.02
Class R Shares
Inception (11/30/10)	-1.77	%
10 Years	-2.29
5 Years	3.75
1 Year	37.72
Class Y Shares
Inception (11/30/10)	-1.30	%
10 Years	-1.82
5 Years	4.22
1 Year	38.38
Class R5 Shares
Inception (11/30/10)	-1.25	%
10 Years	-1.76
5 Years	4.27
1 Year	38.36
Class R6 Shares
10 Years	-1.75	%
5 Years	4.32
1 Year	38.46

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

4 Invesco Balanced-Risk Commodity Strategy Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

5 Invesco Balanced-Risk Commodity Strategy Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2021


Asset Class	Target Risk Contribution*	Notional Asset Weights**

Agriculture	19.52%	14.50%
Energy	42.16	24.43
Industrial Metals	19.28	17.80
Precious Metals	19.04	22.92
Total	100.00%	79.65%

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

**	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.

6 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

October 31, 2021


	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-28.59%
U.S. Treasury Bills-9.51%^(a)
U.S. Treasury Bills		0.03%-0.05	%		12/02/2021	$	75,700	$	75,697,601
U.S. Treasury Bills		0.04	%		12/09/2021		75,700		75,697,039
									151,394,640
U.S. Treasury Notes-19.08%^(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)		0.20	%		01/31/2022		101,100		101,138,330
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)		0.16	%		04/30/2022		101,100		101,155,597
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)		0.11	%		07/31/2022		101,600		101,636,840
									303,930,767
Total U.S. Treasury Securities (Cost $455,273,280)									455,325,407
				Expiration Date
Commodity-Linked Securities-8.20%
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		39,804,089
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Gold Nearby Total Return Index, multiplied by 2.5)^(c)					11/21/2022		20,000		19,609,524
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)					08/26/2022		25,100		33,510,667
Citigroup Global Markets Holdings, Inc., 1 month USD LIBOR minus 0.03% (linked to the S&P GSCI Gold Excess Return Index, multiplied by 2.5)^(c)					10/27/2022		36,000		37,649,308
Total Commodity-Linked Securities (Cost $96,170,000)									130,573,588
						Shares
Money Market Funds-59.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(f)(g)							219,699,971		219,699,971
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(f)(g)							155,921,716		155,968,493
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.01%^(f)(g)							317,059,908		317,059,908
Invesco Treasury Portfolio, Institutional Class, 0.01%^(f)(g)							251,085,682		251,085,682
Total Money Market Funds (Cost $943,828,954)									943,814,054
TOTAL INVESTMENTS IN SECURITIES-96.05% (Cost $1,495,272,234)									1,529,713,049
OTHER ASSETS LESS LIABILITIES-3.95%									62,842,112
NET ASSETS-100.00%								$	1,592,555,161

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

USD - U.S. Dollar

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

7 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, 2021.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $130,573,588, which represented 8.20% 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, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	96,852,586	$	373,537,089	$	(250,689,704	)	$	-		$	-	$	219,699,971	$	44,429
Invesco Liquid Assets Portfolio, Institutional Class		69,388,895		265,659,726		(179,064,074	)		(38,333	)		22,279		155,968,493		26,082
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		77,897,397		793,719,952		(554,557,441	)		-			-		317,059,908		48,001
Invesco Treasury Portfolio, Institutional Class		110,688,670		426,899,530		(286,502,518	)		-			-		251,085,682		19,825
Total	$	354,827,548	$	1,859,816,297	$	(1,270,813,737	)	$	(38,333	)	$	22,279	$	943,814,054	$	138,337

^(g)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Coffee ’C’		652		December-2021	$	49,865,775		$	5,335,138		$	5,335,138
Corn		225		December-2021		6,392,813			35,374			35,374
Cotton No. 2		1,216		December-2021		69,828,800			17,321,498			17,321,498
Gasoline Reformulated Blendstock Oxygenate Blending		880		November-2021		87,584,112			(1,535,833	)		(1,535,833	)
Lean Hogs		500		December-2021		15,215,000			(1,298,116	)		(1,298,116	)
LME Nickel		301		December-2021		35,191,716			1,911,951			1,911,951
Soybeans		1,431		July-2022		91,118,925			1,976,620			1,976,620
Wheat		870		December-2021		33,614,625			2,293,713			2,293,713
Subtotal–Long Futures Contracts									26,040,345			26,040,345

Short Futures Contracts
Commodity Risk
LME Nickel		301		December-2021		(35,191,716	)		(395,368	)		(395,368	)
Total Futures Contracts								$	25,644,977		$	25,644,977

^(a)	Futures contracts collateralized by $47,730,000 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.

8 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 Corn Seasonal Excess Return Index		0.38	%	Monthly		703,000	January–2022		USD	21,417,036	$	–	$	1,731,278	$	1,731,278
Barclays Bank PLC	Receive	Barclays Soybean Meal S2 Nearby Excess Return Index		0.30		Monthly		5,850	November–2021		USD	4,550,084		–		229,948		229,948
Barclays Bank PLC	Receive	Barclays Soybeans Seasonal Excess Return Index		0.30		Monthly		42,900	November–2021		USD	13,520,703		–		248,683		248,683
BNP Paribas S.A.	Receive	BNP Paribas Strategy DSCO Index		0.25		Monthly		85,600	August–2022		USD	39,554,151		–		116,912		116,912
Canadian Imperial Bank of Commerce	Pay	Canadian Imperial Bank of Commerce Natural Gas Standard Roll Excess Return Index		0.10		Monthly		98,000	February–2022		USD	4,960,495		–		67,689		67,689
Goldman Sachs International	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45		Monthly		685,000	December–2021		USD	40,996,873		–		938,854		938,854
Goldman Sachs International	Receive	S&P GSCI Soybean Meal Excess Return Index		0.42		Monthly		58,200	December–2021		USD	50,414,213		–		2,099,932		2,099,932
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Aluminum type A Excess Return Index		0.14		Monthly		69,000	December–2021		USD	5,357,464		–		296,086		296,086
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity GasOil type A Excess Return Index		0.06		Monthly		49,000	February–2022		USD	6,730,258		–		230,565		230,565
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Nickel type A Excess Return Index		0.17		Monthly		443,000	February–2022		USD	56,913,362		–		2,499,672		2,499,672
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Zinc type A Excess Return Index		0.12		Monthly		323,000	February–2022		USD	70,038,706		–		1,562,609		1,562,609
Merrill Lynch International	Pay	Merrill Lynch Gold Excess Return Index		0.00		Monthly		94,500	February–2022		USD	19,510,565		–		0		0
Merrill Lynch International	Pay	MLCX2CCER Excess Return Index		0.00		Monthly		570,000	December–2021		USD	33,384,786		–		0		0
Merrill Lynch International	Pay	MLCX2KCE Excess Return Index		0.00		Monthly		2,385,000	February–2022		USD	28,351,687		–		0		0
Merrill Lynch International	Pay	MLCX2LCER Excess Return Index		0.00		Monthly		420,000	May–2022		USD	24,761,772		–		0		0

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

9 Invesco Balanced-Risk Commodity Strategy Fund

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


Counterparty	Pay/ Receive	Reference Entity^(c)	Fixed Rate			Payment Frequency	Number of Contracts		Maturity Date	Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Merrill Lynch International	Receive	Merrill Lynch Soybean Meal Index		0.30	%	Monthly		88,400	February–2022		USD	52,521,242	$	–	$	0		$	0
Merrill Lynch International	Receive	MLCIRXB6 Excess Return Index		0.21		Monthly		192,500	February–2022		USD	24,307,976		–		0			0
Merrill Lynch International	Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25		Monthly		89,150	February–2022		USD	78,250,289		–		0			0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25		Monthly		421,000	February–2022		USD	37,462,264		–		0			0
Royal Bank of Canada	Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35		Monthly		147,900	December–2021		USD	60,364,571		–		0			0
Subtotal – Appreciation														–		10,022,228			10,022,228
Commodity Risk
Barclays Bank PLC	Receive	Barclays Heating Oil Roll Yield Excess Return Index		0.37		Monthly		8,500	November–2021		USD	2,177,171		–		(83,007	)		(83,007	)
Barclays Bank PLC	Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.35		Monthly		213,100	November–2021		USD	79,083,690		–		(1,552,306	)		(1,552,306	)
Canadian Imperial Bank of Commerce	Pay	CIBC Silver Index		0.10		Monthly		67,500	February–2022		USD	7,851,971		–		(444,818	)		(444,818	)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30		Monthly		443,500	February–2022		USD	51,133,865		–		(323,223	)		(323,223	)
Goldman Sachs International	Receive	Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.37		Monthly		119,200	December–2021		USD	28,752,828		–		(826,056	)		(826,056	)
J.P. Morgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25		Monthly		13,000	March–2022		USD	2,978,308		–		(53,386	)		(53,386	)
J.P. Morgan Chase Bank, N.A.	Receive	S&P GSCI Gold Index Excess Return		0.09		Monthly		376,000	March–2022		USD	49,877,829		–		(344,341	)		(344,341	)
Macquarie Bank Ltd.	Receive	Macquarie Aluminium Dynamic Selection Index		0.30		Monthly		1,428,000	February–2022		USD	93,309,376		–		(4,899,325	)		(4,899,325	)
Macquarie Bank Ltd.	Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16		Monthly		474,200	February–2022		USD	121,322,221		–		(3,172,161	)		(3,172,161	)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05		Monthly		93,500	December–2021		USD	22,311,419		–		(1,094,717	)		(1,094,717	)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2SM0 Index		0.03		Monthly		11,200	July–2022		USD	4,114,173		–		(159,083	)		(159,083	)

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

10 Invesco Balanced-Risk Commodity Strategy Fund


Open Over-The-Counter Total Return Swap Agreements^(a)(b)–(continued)
Counterparty	Pay/ Receive	Reference Entity^(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2WH0 Index		0.05	%		Monthly		108,100		May–2022	USD	36,408,156	$–	$	(1,804,956	)	$	(1,804,956	)
Morgan Stanley Capital Services LLC	Receive	Morgan Stanley Soybean Oil Dynamic Roll Index		0.30			Monthly		281,000		April–2022	USD	69,661,080	–		(351,924	)		(351,924	)
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		348,000		January–2022	USD	25,274,544	–		(370,446	)		(370,446	)
Subtotal – Depreciation														–		(15,479,749	)		(15,479,749	)
Total – Total Return Swap Agreements														$–	$	(5,457,521	)	$	(5,457,521	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,360,000.

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

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


Reference Entity Components
Reference Entity	Underlying Components	Percentage
Barclays Corn Seasonal Excess Return Index

	Long Futures Contracts

	Corn	100.00%


Barclays Soybean Meal S2 Nearby Excess Return Index	Long Futures Contracts

	Soybean Meal	100.00%


Barclays Soybeans Seasonal Excess Return Index

	Long Futures Contracts

	Soybeans	100.00%


BNP Paribas Strategy DSCO Index

	Long Futures Contracts

	Brent Crude	100.00%


Canadian Imperial Bank of Commerce Natural Gas Standard Roll Excess Return Index

	Long Futures Contracts

	Natural Gas	100.00%


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

	Long Futures Contracts

	Cotton	100.00%


S&P GSCI Soybean Meal Excess Return Index

	Long Futures Contract

	Soybean Meal	100.00%


Macquarie Single Commodity Aluminum type A Excess Return Index

	Long Futures Contracts

	Aluminum	100.00%

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

11 Invesco Balanced-Risk Commodity Strategy Fund


Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

Macquarie Single Commodity GasOil type A Excess Return Index

	Long Futures Contracts

	Gas 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%


MLCX2CCER Excess Return Index

	Long Futures Contracts

	Cocoa	100.00%


MLCX2KCE Excess Return Index

	Long Futures Contracts

	Coffee	100.00%


MLCX2LCER Excess Return Index

	Long Futures Contracts

	Live Cattle	100.00%


MLCIRXB6 Excess Return Index

	Long Futures Contracts

	Unleaded Gasoline	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%


RBC Enhanced Brent Crude Oil 01 Excess Return Index

	Long Futures Contracts

	Brent Crude	100.00%


Barclays Heating Oil Roll Yield Excess Return Index

	Long Futures Contracts

	Heating Oil	100.00%


Barclays WTI Crude Roll Yield 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.

12 Invesco Balanced-Risk Commodity Strategy Fund


Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage

CIBC Silver Index

	Long Futures Contracts

	Silver	100.00%


Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2

	Long Futures Contracts

	Copper	100.00%


Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index

	Long Futures Contracts

	Sugar	100.00%


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 Aluminum Dynamic Selection Index

	Long Futures Contracts

	Aluminum	100.00%


Macquarie Single Commodity Silver type A Excess Return Index

	Long Futures Contracts

	Silver	100.00%


Morgan Stanley MSCY2KW0 Index

	Long Futures Contracts

	Kansas Wheat	100.00%


Morgan Stanley MSCY2SM0 Index

	Long Futures Contracts

	Soybean Meal	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%


UBS Modified Roll Select Heating Oil Strategy

	Long Futures Contracts

	Heating Oil	100.00%

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

13 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $551,443,280)	$	585,898,995
Investments in affiliated money market funds, at value (Cost $943,828,954)		943,814,054
Other investments:
Variation margin receivable – futures contracts		2,540,281
Unrealized appreciation on LME futures contracts		1,911,951
Swaps receivable – OTC		12,254,833
Unrealized appreciation on swap agreements – OTC		10,022,228
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		47,730,000
Cash collateral – OTC Derivatives		6,360,000
Cash		4,149,866
Receivable for:
Fund shares sold		4,865,795
Dividends		11,377
Interest		160,102
Investment for trustee deferred compensation and retirement plans		81,649
Other assets		59,229
Total assets		1,619,860,360

Liabilities:
Other investments:
Swaps payable – OTC		4,292,021
Unrealized depreciation on LME futures contracts		395,368
Unrealized depreciation on swap agreements–OTC		15,479,749
Payable for:
Fund shares reacquired		2,616,257
Accrued fees to affiliates		921,848
Accrued other operating expenses		3,468,034
Trustee deferred compensation and retirement plans		131,922
Total liabilities		27,305,199
Net assets applicable to shares outstanding	$	1,592,555,161


Net assets consist of:
Shares of beneficial interest	$	1,380,799,117
Distributable earnings		211,756,044
	$	1,592,555,161

Net Assets:
Class A	$	45,976,009
Class C	$	17,124,780
Class R	$	2,931,837
Class Y	$	896,761,646
Class R5	$	156,984,683
Class R6	$	472,776,206

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,737,532
Class C		2,302,195
Class R		373,663
Class Y		109,066,086
Class R5		19,009,280
Class R6		57,107,490
Class A:
Net asset value per share	$	8.01
Maximum offering price per share (Net asset value of $8.01 ÷ 94.50%)	$	8.48
Class C:
Net asset value and offering price per share	$	7.44
Class R:
Net asset value and offering price per share	$	7.85
Class Y:
Net asset value and offering price per share	$	8.22
Class R5:
Net asset value and offering price per share	$	8.26
Class R6:
Net asset value and offering price per share	$	8.28

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

14 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$ 328,789
Dividends from affiliated money market funds	138,337
Total investment income	467,126

Expenses:
Advisory fees	11,182,687
Administrative services fees	135,907
Custodian fees	32,003
Distribution fees:
Class A	90,798
Class C	111,298
Class R	10,824
Transfer agent fees – A, C, R and Y	2,139,925
Transfer agent fees – R5	157,760
Transfer agent fees – R6	47,381
Trustees’ and officers’ fees and benefits	33,512
Registration and filing fees	112,956
Reports to shareholders	200,174
Professional services fees	77,889
Taxes	7,991
Other	28,066
Total expenses	14,369,171
Less: Fees waived and/or expenses reimbursed	(2,314,519	)
Net expenses	12,054,652
Net investment income (loss)	(11,587,526	)

Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities	17,827,536
Affiliated investment securities	22,279
Futures contracts	71,487,990
Swap agreements	133,141,709
	222,479,514
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities	38,180,134
Affiliated investment securities	(38,333	)
Futures contracts	26,202,420
Swap agreements	(2,165,632	)
	62,178,589
Net realized and unrealized gain	284,658,103
Net increase in net assets resulting from operations	$273,070,577

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

15 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020
Operations:
Net investment income (loss)	$	(11,587,526	)	$	(2,068,968	)
Net realized gain (loss)		222,479,514			(85,907,069	)
Change in net unrealized appreciation (depreciation)		62,178,589			(6,772,510	)
Net increase (decrease) in net assets resulting from operations		273,070,577			(94,748,547	)

Distributions to shareholders from distributable earnings:
Class A		–			(211,528	)
Class C		–			(51,760	)
Class R		–			(12,431	)
Class Y		–			(6,489,285	)
Class R5		–			(1,288,903	)
Class R6		–			(1,001,608	)
Total distributions from distributable earnings		–			(9,055,515	)

Share transactions-net:
Class A		20,958,217			(5,491,259	)
Class C		10,493,372			(1,246,180	)
Class R		748,742			308,118
Class Y		439,936,930			(321,224,906	)
Class R5		(43,724,049	)		14,236,642
Class R6		286,291,421			3,221,228
Net increase (decrease) in net assets resulting from share transactions		714,704,633			(310,196,357	)
Net increase (decrease) in net assets		987,775,210			(414,000,419	)

Net assets:
Beginning of year		604,779,951			1,018,780,370
End of year	$	1,592,555,161		$	604,779,951

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

16 Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21	$	5.81	$	(0.10	)	$	2.30		$	2.20		$	–		$	–		$	–		$	8.01		37.87	%	$	45,976		1.33	%		1.67	%		(1.29	)%		14	%
Year ended 10/31/20		6.22		(0.03	)		(0.32	)		(0.35	)		(0.06	)		–			(0.06	)		5.81		(5.75	)		17,291		1.31			1.73			(0.51	)		186
Year ended 10/31/19		6.50		0.05			(0.32	)		(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.22		(4.15	)		24,633		1.31	^(d)		1.58	^(d)		0.79	^(d)		9
Year ended 10/31/18		6.70		0.01			(0.21	)		(0.20	)		–			–			–			6.50		(2.98	)		34,543		1.42			1.51			0.14			96
Year ended 10/31/17		6.84		(0.05	)		0.08			0.03			(0.17	)		–			(0.17	)		6.70		0.47			56,532		1.49			1.56			(0.78	)		10
Class C
Year ended 10/31/21		5.43		(0.14	)		2.15			2.01			–			–			–			7.44		37.02			17,125		2.08			2.42			(2.04	)		14
Year ended 10/31/20		5.87		(0.07	)		(0.32	)		(0.39	)		(0.05	)		–			(0.05	)		5.43		(6.63	)		4,393		2.06			2.48			(1.26	)		186
Year ended 10/31/19		6.16		0.00			(0.29	)		(0.29	)		–			(0.00	)		(0.00	)		5.87		(4.66	)		6,083		2.06	^(d)		2.33	^(d)		0.04	^(d)		9
Year ended 10/31/18		6.40		(0.04	)		(0.20	)		(0.24	)		–			–			–			6.16		(3.75	)		9,555		2.17			2.26			(0.61	)		96
Year ended 10/31/17		6.57		(0.10	)		0.08			(0.02	)		(0.15	)		–			(0.15	)		6.40		(0.34	)		7,086		2.24			2.31			(1.53	)		10
Class R
Year ended 10/31/21		5.70		(0.11	)		2.26			2.15			–			–			–			7.85		37.72			2,932		1.58			1.92			(1.54	)		14
Year ended 10/31/20		6.12		(0.04	)		(0.33	)		(0.37	)		(0.05	)		–			(0.05	)		5.70		(6.03	)		1,603		1.56			1.98			(0.76	)		186
Year ended 10/31/19		6.40		0.03			(0.30	)		(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.12		(4.25	)		1,404		1.56	^(d)		1.83	^(d)		0.54	^(d)		9
Year ended 10/31/18		6.62		(0.01	)		(0.21	)		(0.22	)		–			–			–			6.40		(3.32	)		1,622		1.67			1.76			(0.11	)		96
Year ended 10/31/17		6.76		(0.07	)		0.09			0.02			(0.16	)		–			(0.16	)		6.62		0.35			1,683		1.74			1.81			(1.03	)		10
Class Y
Year ended 10/31/21		5.94		(0.08	)		2.36			2.28			–			–			–			8.22		38.38			896,762		1.08			1.42			(1.04	)		14
Year ended 10/31/20		6.36		(0.01	)		(0.35	)		(0.36	)		(0.06	)		–			(0.06	)		5.94		(5.74	)		316,851		1.06			1.48			(0.26	)		186
Year ended 10/31/19		6.63		0.07			(0.33	)		(0.26	)		(0.01	)		(0.00	)		(0.01	)		6.36		(3.84	)		726,446		1.06	^(d)		1.33	^(d)		1.04	^(d)		9
Year ended 10/31/18		6.82		0.03			(0.22	)		(0.19	)		(0.00	)		–			(0.00	)		6.63		(2.77	)		1,327,952		1.17			1.26			0.39			96
Year ended 10/31/17		6.95		(0.04	)		0.10			0.06			(0.19	)		–			(0.19	)		6.82		0.80			577,236		1.24			1.31			(0.53	)		10
Class R5
Year ended 10/31/21		5.97		(0.08	)		2.37			2.29			–			–			–			8.26		38.36			156,985		1.08			1.17			(1.04	)		14
Year ended 10/31/20		6.38		(0.02	)		(0.33	)		(0.35	)		(0.06	)		–			(0.06	)		5.97		(5.57	)		148,151		1.06			1.28			(0.26	)		186
Year ended 10/31/19		6.65		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.38		(3.79	)		140,393		1.06	^(d)		1.17	^(d)		1.04	^(d)		9
Year ended 10/31/18		6.84		0.03			(0.22	)		(0.19	)		(0.00	)		–			(0.00	)		6.65		(2.74	)		167,687		1.11			1.19			0.45			96
Year ended 10/31/17		6.97		(0.03	)		0.09			0.06			(0.19	)		–			(0.19	)		6.84		0.83			205,568		1.16			1.23			(0.45	)		10
Class R6
Year ended 10/31/21		5.98		(0.08	)		2.38			2.30			–			–			–			8.28		38.46			472,776		1.04			1.08			(1.00	)		14
Year ended 10/31/20		6.40		(0.02	)		(0.34	)		(0.36	)		(0.06	)		–			(0.06	)		5.98		(5.71	)		116,491		1.06			1.19			(0.26	)		186
Year ended 10/31/19		6.67		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.40		(3.72	)		119,820		1.01	^(d)		1.08	^(d)		1.09	^(d)		9
Year ended 10/31/18		6.86		0.04			(0.23	)		(0.19	)		(0.00	)		–			(0.00	)		6.67		(2.72	)		19,244		1.01			1.09			0.55			96
Year ended 10/31/17		6.98		(0.02	)		0.09			0.07			(0.19	)		–			(0.19	)		6.86		1.04			12,293		1.08			1.15			(0.37	)		10

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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

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

17 Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund’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.

18 Invesco Balanced-Risk Commodity Strategy 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.

19 Invesco Balanced-Risk Commodity Strategy Fund

contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Consolidated Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

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

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

20 Invesco Balanced-Risk Commodity Strategy Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 1.01%.

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $399,722 and reimbursed class level expenses of $108,611, $33,283, $6,474, $1,687,200, $79,229 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, 2021, IDI advised the Fund that IDI retained $31,771 in front-end sales commissions from the sale of Class A shares and $0 and $2,628 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

21 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.


	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–		$	455,325,407			$–	$	455,325,407
Commodity-Linked Securities		–			130,573,588			–		130,573,588
Money Market Funds		943,814,054			–			–		943,814,054
Total Investments in Securities		943,814,054			585,898,995			–		1,529,713,049
Other Investments - Assets*
Futures Contracts		28,874,294			–			–		28,874,294
Swap Agreements		–			10,022,228			–		10,022,228
		28,874,294			10,022,228			–		38,896,522
Other Investments - Liabilities*
Futures Contracts		(3,229,317	)		–			–		(3,229,317	)
Swap Agreements		–			(15,479,749	)		–		(15,479,749	)
		(3,229,317	)		(15,479,749	)		–		(18,709,066	)
Total Other Investments		25,644,977			(5,457,521	)		–		20,187,456
Total Investments	$	969,459,031		$	580,441,474			$–	$	1,549,900,505

*	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, 2021:


	Value
Derivative Assets	Commodity Risk
Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	28,874,294
Unrealized appreciation on swap agreements – OTC		10,022,228
Total Derivative Assets		38,896,522
Derivatives not subject to master netting agreements		(28,874,294	)
Total Derivative Assets subject to master netting agreements	$	10,022,228


	Value
Derivative Liabilities	Commodity Risk
Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(3,229,317	)
Unrealized depreciation on swap agreements – OTC		(15,479,749	)
Total Derivative Liabilities		(18,709,066	)
Derivatives not subject to master netting agreements		3,229,317
Total Derivative Liabilities subject to master netting agreements	$	(15,479,749	)

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

22 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, 2021.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash			Cash			Net Amount
Barclays Bank PLC	$	2,209,909	$	(1,654,527	)	$	555,382		$	–		$	(555,382	)	$	–
BNP Paribas S.A.		116,912		(5,316	)		111,596			(111,596	)		–			–
Canadian Imperial Bank of Commerce		67,689		(777,411	)		(709,722	)		–			80,000			(629,722	)
Goldman Sachs International		3,038,786		(859,879	)		2,178,907			–			(1,570,000	)		608,907
J.P. Morgan Chase Bank, N.A.		–		(399,134	)		(399,134	)		–			–			(399,134	)
Macquarie Bank Ltd.		4,588,932		(8,084,026	)		(3,495,094	)		–			2,160,000			(1,335,094	)
Merrill Lynch International		8,400,751		(3,902,883	)		4,497,868			–			(4,497,868	)		–
Morgan Stanley Capital Services LLC		–		(3,419,696	)		(3,419,696	)		–			3,419,696			–
Royal Bank of Canada		3,854,082		(294,375	)		3,559,707			–			(3,559,707	)		–
UBS AG		–		(374,523	)		(374,523	)		–			280,000			(94,523	)
Total	$	22,277,061	$	(19,771,770	)	$	2,505,291		$	(111,596	)	$	(4,243,261	)	$	(1,849,566	)

Effect of Derivative Investments for the year ended October 31, 2021

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


		Location of Gain (Loss) on
		Consolidated Statement of Operations
		Commodity Risk
Realized Gain:
Futures contracts		$ 71,487,990
Swap agreements		133,141,709
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		26,202,420
Swap agreements		(2,165,632)
Total		$228,666,487

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


	Futures Contracts		Swap Agreements
Average notional value	$	349,162,053	$	1,024,625,705

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 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.

23 Invesco Balanced-Risk Commodity Strategy 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, 2021 and 2020 :


	2021	2020
Ordinary income*	$–		$9,055,515

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

Tax Components of Net Assets at Period-End:


	2021
Undistributed ordinary income	$	213,792,284
Net unrealized appreciation – investments		35,949,773
Temporary book/tax differences		(103,513	)
Capital loss carryforward		(37,882,500	)
Shares of beneficial interest		1,380,799,117
Total net assets	$	1,592,555,161

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, 2021, as follows:

Capital Loss Carryforward*


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

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $81,100,000 and $32,273,674, 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	$	55,064,215
Aggregate unrealized (depreciation) of investments		(19,114,442	)
Net unrealized appreciation of investments	$	35,949,773

Cost of investments for tax purposes is $1,513,950,732.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income from the Subsidiary, on October 31, 2021, undistributed net investment income (loss) was increased by $229,616,467, undistributed net realized gain (loss) was decreased by $229,608,478 and shares of beneficial interest was decreased by $7,989. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity
	Year ended				Year ended
	October 31, 2021^(a)				October 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		5,621,619	$	42,637,268		756,190	$	4,401,337
Class C		1,726,047		12,129,709		152,804		776,428
Class R		182,131		1,380,411		124,074		689,942
Class Y		94,018,115		736,285,871		37,359,157		210,352,469
Class R5		1,368,949		10,698,962		4,395,064		23,590,286
Class R6		56,113,064		435,488,836		10,515,351		60,818,888

24 Invesco Balanced-Risk Commodity Strategy Fund


	Summary of Share Activity
	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Class A		-		$	-			29,522		$	183,627
Class C		-			-			7,770			45,452
Class R		-			-			2,021			12,372
Class Y		-			-			613,477			3,895,581
Class R5		-			-			202,006			1,288,797
Class R6		-			-			22,393			143,089

Automatic conversion of Class C shares to Class A shares:
Class A		49,518			364,740			6,222			34,121
Class C		(53,128	)		(364,740	)		(6,636	)		(34,121	)

Reacquired:
Class A		(2,912,281	)		(22,043,791	)		(1,772,050	)		(10,110,344	)
Class C		(179,974	)		(1,271,597	)		(381,574	)		(2,033,939	)
Class R		(89,754	)		(631,669	)		(74,231	)		(394,196	)
Class Y		(38,297,924	)		(296,348,941	)		(98,877,960	)		(535,472,956	)
Class R5		(7,184,371	)		(54,423,011	)		(1,772,658	)		(10,642,441	)
Class R6		(18,482,950	)		(149,197,415	)		(9,794,377	)		(57,740,749	)
Net increase (decrease) in share activity		91,879,061		$	714,704,633			(58,493,435	)	$	(310,196,357	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25 Invesco Balanced-Risk Commodity Strategy Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Balanced-Risk Commodity Strategy Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021

26 Invesco Balanced-Risk Commodity Strategy Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)¹		Expenses Paid During Period²		Ending Account Value (10/31/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,040.30		$6.89		$1,018.45		$6.82		1.34%
Class C		1,000.00		1,036.20		10.73		1,014.67		10.61		2.09
Class R		1,000.00		1,039.70		8.17		1,017.19		8.08		1.59
Class Y		1,000.00		1,041.80		5.61		1,019.71		5.55		1.09
Class R5		1,000.00		1,041.60		5.61		1,019.71		5.55		1.09
Class R6		1,000.00		1,041.50		5.35		1,019.96		5.30		1.04

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

27 Invesco Balanced-Risk Commodity Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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

28 Invesco Balanced-Risk Commodity Strategy Fund

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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.

29 Invesco Balanced-Risk Commodity Strategy Fund

Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2021:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

30 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)	186	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

Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)

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	186	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 President and Director of Grahamtastic Connection (non-profit)

Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)

Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)

Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee

Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None

T-2 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)

Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)

Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership

Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None

Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

T-3 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A

Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A

T-4 Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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-6 Invesco Balanced-Risk Commodity Strategy Fund

(This page intentionally left blank)

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

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Core Bond Fund

Nasdaq:

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


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

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2021, Class A shares of Invesco Core Bond Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg U.S. Aggregate Bond Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.15	%
Class C Shares	-0.64
Class R Shares	-0.14
Class Y Shares	0.43
Class R5 Shares	0.46
Class R6 Shares	0.48
Bloomberg U.S. Aggregate Bond Index^▼	-0.48
Bloomberg U.S. Credit Index^▼	1.90
FTSE Broad Investment Grade Bond Index^▼	-0.38
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

Fixed income markets posted positive gains in the third quarter of 2020 primarily due to the Federal Reserve’s (Fed) continued accommodative pledge to keep interest rates low through 2023, extending central bank support of many fixed income asset classes. Additionally, the Fed announced a revised framework for interest rate policy by changing the way its inflation targets operate, aiming for lower volatility within interest rates. Corporate credit spreads rallied early in the quarter, however, US markets wobbled late in the quarter amid a resurgence in European coronavirus (COVID-19) cases, as well as questions over refreshed fiscal stimulus measures. Uncertainty regarding the 2020 US presidential election and concerns of smooth transitions of power dampened markets towards the end of the quarter. The unemployment rate fell to 7.9%,¹ its lowest since the beginning of the COVID-19 pandemic.

US corporate markets posted gains in the fourth quarter of 2020, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made”² toward employment and inflation targets. Corporate issuance of investment grade credit slowed in the quarter, concluding a year of record issuance. US interest rate moves subtly affected fixed income valuations during the quarter. The two-year Treasury yield fell from 0.14% to 0.13%, while the 10-year yield saw an increase of 25 basis points, rising from 0.68% to 0.93% (a basis point is one one-hundredth of a percentage point).³ The yield curve, as measured by the yield differential between 2-

and 10-year Treasuries, steepened modestly during the quarter. Cyclical sectors like energy and financials lead the way, while real estate and consumer staples lagged.

In the first quarter of 2021, rising 10-year US Treasury yields increased significantly to 1.74%,³ its highest level since January 2020, reflecting higher inflation expectations. Largely a result of economic optimism, government bond yields rose globally during the first quarter of 2021 as investors began to price in higher levels of economic growth and inflation moving towards a post-pandemic world. On the fiscal front, another stimulus package was signed into law and COVID-19 vaccine approvals and administration ramped up. 30-year Treasury yields moved higher by 0.77% to end the quarter at 2.41%. Importantly, short-term rates, which are closely tied to Federal Reserve policy, were quite steady. Two-year US Treasury yields moved up just 0.04% to 0.16%.³

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply rising interest rate environment. Despite higher volatility stemming from inflation concerns and potential for rising interest rates, investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that US GDP grew at a 6.4% annualized rate for the first quarter of 2021.⁴ As the US COVID-19 vaccination rate neared the 50% threshold, consumers resumed pre-pandemic activities in the third quarter and economically sensitive areas such as the consumer discretionary and technology sectors began to recover. With an inconsistent global vaccine rollout and the threat of COVID-19 variants on the rise, investors seem cautiously optimistic and expect corporate balance

sheets to continue to recover meaningfully in 2021.

The Fund, at NAV, generated positive returns for the fiscal year and outperformed its broad market/style-specific benchmark. Overweight exposure to investment grade was the most notable contributor to the Fund’s relative performance. Outperformance from the securitized sector was driven by tightening credit spreads and stronger technicals due in part to increased overseas demand for the asset class stemming from lower foreign currency hedging costs. Specifically, within securitized: Non-Agency RMBS, Conduit CMBS, Credit Card ABS, and Equipment ABS were the primary contributors to additive performance. Underperformance due to trading friction detracted most from performance. Security selection in financial institutions and technology, media, and telecom sectors also contributed to the Fund’s relative performance during the fiscal year while security selection in industrials and consumer noncyclical detracted from relative performance.

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

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

The Fund benefited from incremental income earned from transactions in the highly liquid to-be-announced (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 its broad market/style-specific benchmark. Duration measures a portfolio’s price sensitivity to interest rate changes. Yield curve positioning refers to actively emphasizing particular points (maturities) along the yield curve with favorable risk-return expectations. Duration of the portfolio was maintained close to that of the broad market/style-specific benchmark, on average, and the timing of changes and the degree of variance from the Fund’s broad


2		Invesco Core Bond Fund

market/style-specific benchmark during the fiscal year provided a small boost to relative returns. Buying and selling US Treasury futures and interest rate swaptions were important tools used for the management of interest rate risk and to maintain our targeted portfolio duration.

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

2	Source: US Federal Reserve

3	Source: US Department of the Treasury

4	Source: US Bureau of Economic Analysis

Portfolio manager(s):

Matt Brill

Michael Hyman

Todd Schomberg

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

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


3		Invesco Core Bond Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco Core Bond Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (4/15/88)	4.29	%
10 Years	3.55
5 Years	2.64
1 Year	-4.07

Class C Shares
Inception (7/11/95)	3.03	%
10 Years	3.35
5 Years	2.69
1 Year	-1.61

Class R Shares
Inception (3/1/01)	2.33	%
10 Years	3.69
5 Years	3.21
1 Year	-0.14

Class Y Shares
Inception (4/27/98)	3.15	%
10 Years	4.24
5 Years	3.83
1 Year	0.43

Class R5 Shares
10 Years	4.07	%
5 Years	3.69
1 Year	0.46

Class R6 Shares
Inception (4/27/12)	4.12	%
5 Years	3.88
1 Year	0.48

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.

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.


5		Invesco Core Bond Fund

Supplemental Information

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

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

The Bloomberg U.S. Credit Index is an unmanaged index considered representative of publicly issued, SEC-registered US corporate and specified foreign debentures and secured notes.

∎

The FTSE Broad Investment Grade Bond Index is a multi-asset, multi-currency benchmark that provides a broad-based measure of the global fixed income markets.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Core Bond Fund

Fund Information


Portfolio Composition
By security type	% of total net assets

U.S. Dollar Denominated Bonds & Notes		43.61	%
Asset-Backed Securities		22.31
U.S. Government Sponsored Agency Mortgage-Backed Securities		17.82
U.S. Treasury Securities		13.96
Security Types Each Less Than 1% of Portfolio		1.49
Money Market Funds Plus Other Assets Less Liabilities		0.81
Top Five Debt Issuers*
	% of total net assets
1. U.S. Treasury		13.96	%
2. Uniform Mortgage Backed Securities		12.91
3. Government National Mortgage Association		3.74
4. Goldman Sachs Group, Inc. (The)		2.12
5. Verizon Communications, Inc.		1.39

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, 2021.


7		Invesco Core Bond Fund

Schedule of Investments^(a)

October 31, 2021


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–43.61%
Aerospace & Defense–0.34%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025^(b)	$	1,572,000	$ 1,703,025
Boeing Co. (The), 2.20%, 02/04/2026		2,782,000	2,787,587
L3Harris Technologies, Inc., 3.85%, 06/15/2023		2,095,000	2,197,000
			6,687,612

Agricultural & Farm Machinery–0.22%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		4,144,000	4,178,369

Airlines–0.81%
American Airlines Pass Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		2,048,000	2,053,059
Series 2021-1, Class A, 2.88%, 07/11/2034		2,743,000	2,763,572
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035^(b)		1,243,000	1,259,294
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025^(b)		2,027,510	2,163,764
4.75%, 10/20/2028^(b)		3,710,823	4,122,541
United Airlines Pass Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		2,969,147	3,327,851
Series 2019-2, Class AA, 2.70%, 05/01/2032		24,028	24,300
			15,714,381

Apparel Retail–0.15%
Ross Stores, Inc., 3.38%, 09/15/2024		2,707,000	2,857,383

Application Software–0.33%
salesforce.com, inc.,
2.90%, 07/15/2051		3,906,000	4,026,678
3.05%, 07/15/2061		2,372,000	2,479,762
			6,506,440

Asset Management & Custody Banks–0.45%
Ares Capital Corp., 2.88%, 06/15/2028		2,633,000	2,645,669
CI Financial Corp. (Canada), 3.20%, 12/17/2030		2,254,000	2,311,125
FS KKR Capital Corp., 1.65%, 10/12/2024		2,492,000	2,462,491
Owl Rock Capital Corp., 2.63%, 01/15/2027		1,429,000	1,414,837
			8,834,122

Automobile Manufacturers–0.98%
Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022^(b)		2,139,000	2,175,151


	Principal Amount		Value
Automobile Manufacturers–(continued)
General Motors Financial Co., Inc.,
4.20%, 11/06/2021	$	2,189,000	$ 2,189,884
4.15%, 06/19/2023		1,954,000	2,052,273
Hyundai Capital America,
5.75%, 04/06/2023^(b)		2,186,000	2,329,976
4.13%, 06/08/2023^(b)		2,089,000	2,189,720
2.00%, 06/15/2028^(b)		2,695,000	2,627,782
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026^(b)		2,856,000	2,788,869
Stellantis Finance US, Inc.,
1.71%, 01/29/2027^(b)		870,000	856,690
2.69%, 09/15/2031^(b)		1,848,000	1,821,453
			19,031,798

Automotive Retail–0.20%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		3,898,000	3,834,073

Biotechnology–0.14%
AbbVie, Inc., 3.85%, 06/15/2024		2,493,000	2,658,283

Brewers–0.10%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		1,234,000	2,034,722

Building Products–0.13%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031		1,129,000	1,093,735
Masco Corp., 1.50%, 02/15/2028		1,460,000	1,408,430
			2,502,165

Cable & Satellite–1.10%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
1.78% (3 mo. USD LIBOR + 1.65%), 02/01/2024^(c)		2,314,000	2,372,303
3.50%, 06/01/2041		1,816,000	1,785,593
3.50%, 03/01/2042		2,948,000	2,883,245
3.90%, 06/01/2052		2,320,000	2,350,906
3.85%, 04/01/2061		2,449,000	2,371,922
4.40%, 12/01/2061		1,115,000	1,185,648
Comcast Corp., 2.65%, 08/15/2062		1,779,000	1,607,962
Cox Communications, Inc.,
2.60%, 06/15/2031^(b)		1,810,000	1,827,731
3.60%, 06/15/2051^(b)		4,638,000	4,978,628
			21,363,938

Computer & Electronics Retail–0.24%
Dell International LLC/EMC Corp., 5.30%, 10/01/2029		2,102,000	2,530,169
Leidos, Inc., 2.30%, 02/15/2031		2,233,000	2,153,215
			4,683,384

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


8		Invesco Core Bond Fund


	Principal Amount		Value
Consumer Finance–0.25%
Ally Financial, Inc., 2.20%, 11/02/2028	$	1,653,000	$ 1,633,116
Synchrony Financial, 2.88%, 10/28/2031		3,180,000	3,168,558
			4,801,674

Distillers & Vintners–0.10%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022^(b)		1,836,000	1,884,348

Diversified Banks–6.53%
ASB Bank Ltd. (New Zealand), 2.38%, 10/22/2031^(b)		3,809,000	3,798,334
Banco Santander S.A. (Spain), 1.72%, 09/14/2027^(d)		2,200,000	2,167,655
Bank of America Corp.,
3.82%, 01/20/2028^(d)		1,338,000	1,460,049
2.59%, 04/29/2031^(d)		1,349,000	1,365,575
2.69%, 04/22/2032^(d)		3,950,000	4,002,515
2.30%, 07/21/2032^(d)		1,921,000	1,880,919
2.57%, 10/20/2032^(d)		2,383,000	2,389,886
2.48%, 09/21/2036^(d)		3,179,000	3,093,628
2.97%, 07/21/2052^(d)		3,119,000	3,150,466
BBVA USA, 2.50%, 08/27/2024		1,730,000	1,800,583
BNP Paribas S.A. (France), 2.16%, 09/15/2029^(b)(d)		1,383,000	1,358,977
BPCE S.A. (France), 2.05%, 10/19/2027^(b)(d)		2,533,000	2,523,791
Citigroup, Inc.,
3.11%, 04/08/2026^(d)		1,863,000	1,962,912
4.41%, 03/31/2031^(d)		1,570,000	1,800,454
2.56%, 05/01/2032^(d)		2,536,000	2,548,700
2.52%, 11/03/2032^(d)		1,578,000	1,574,742
2.90%, 11/03/2042^(d)		2,389,000	2,367,461
3.88%^(d)(e)		5,479,000	5,540,639
Series Y, 4.15%^(d)(e)		2,784,000	2,800,704
Commonwealth Bank of Australia (Australia),
2.69%, 03/11/2031^(b)		1,401,000	1,387,458
3.31%, 03/11/2041^(b)		1,202,000	1,241,855
Credit Agricole S.A. (France), 7.88%^(b)(d)(e)		1,422,000	1,575,896
Danske Bank A/S (Denmark), 1.55%, 09/10/2027^(b)(d)		1,669,000	1,630,985
HSBC Holdings PLC (United Kingdom),
4.60%^(d)(e)		1,507,000	1,501,168
6.25%^(d)(e)		2,174,000	2,263,677
ING Groep N.V. (Netherlands), 1.06% (SOFR + 1.01%), 04/01/2027^(c)		4,244,000	4,289,717
6.88%^(b)(d)(e)		1,327,000	1,360,175
Series NC10, 4.25%^(d)(e)		7,649,000	7,247,427
JPMorgan Chase & Co.,
3.80%, 07/23/2024^(d)		2,351,000	2,471,665
2.08%, 04/22/2026^(d)		2,424,000	2,473,289
2.58%, 04/22/2032^(d)		2,472,000	2,492,737
3.11%, 04/22/2041^(d)		1,509,000	1,565,339
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.49%,
10/13/2032^(d)		1,272,000	1,268,711


	Principal Amount		Value
Diversified Banks–(continued)
Mizuho Financial Group, Inc. (Japan),
2.56%, 09/13/2031	$	1,968,000	$ 1,928,156
2.17%, 05/22/2032^(d)		2,921,000	2,835,831
National Australia Bank Ltd. (Australia), 2.99%, 05/21/2031^(b)		1,576,000	1,584,775
Nordea Bank Abp (Finland), 3.75%^(b)(d)(e)		1,605,000	1,556,850
Royal Bank of Canada (Canada), 2.30%, 11/03/2031		3,177,000	3,171,643
Standard Chartered PLC (United Kingdom), 2.68%, 06/29/2032^(b)(d)		2,485,000	2,438,137
Sumitomo Mitsui Financial Group, Inc. (Japan),
1.47%, 07/08/2025		1,161,000	1,161,758
2.14%, 09/23/2030		3,541,000	3,406,584
2.22%, 09/17/2031		3,231,000	3,155,385
Sumitomo Mitsui Trust Bank Ltd. (Japan), 1.35%, 09/16/2026^(b)		6,309,000	6,237,258
Truist Bank, 2.64%, 09/17/2029^(d)		2,610,000	2,705,241
U.S. Bancorp, 1.38%, 07/22/2030		1,595,000	1,508,870
US Bancorp,
2.49%, 11/03/2036^(d)		4,925,000	4,906,698
3.70%^(d)(e)		6,155,000	6,146,075
Wells Fargo & Co.,
4.75%, 12/07/2046		1,063,000	1,349,779
Series BB, 3.90%^(d)(e)		2,650,000	2,701,344
			127,152,473

Diversified Capital Markets–0.45%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		1,315,000	1,406,183
Credit Suisse Group AG (Switzerland),
4.55%, 04/17/2026		1,392,000	1,547,103
4.19%, 04/01/2031^(b)(d)		1,365,000	1,511,338
3.09%, 05/14/2032^(b)(d)		1,255,000	1,278,755
UBS Group AG (Switzerland),
4.13%, 04/15/2026^(b)		1,014,000	1,116,733
4.38%^(b)(d)(e)		1,923,000	1,914,827
			8,774,939

Diversified Chemicals–0.14%
Dow Chemical Co. (The), 3.63%, 05/15/2026		1,435,000	1,556,618
Eastman Chemical Co., 3.50%, 12/01/2021		1,202,000	1,204,936
			2,761,554

Diversified Metals & Mining–0.15%
Rio Tinto Finance USA Ltd. (Australia), 2.75%, 11/02/2051		3,009,000	3,002,350

Diversified REITs–0.27%
American Campus Communities Operating Partnership L.P., 2.25%, 01/15/2029		1,494,000	1,485,076

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


9		Invesco Core Bond Fund


	Principal Amount		Value
Diversified REITs–(continued)
Brixmor Operating Partnership L.P.,
4.13%, 05/15/2029	$	1,080,000	$ 1,207,285
4.05%, 07/01/2030		1,216,000	1,344,905
2.50%, 08/16/2031		1,281,000	1,254,978
			5,292,244

Drug Retail–0.21%
CK Hutchison International 21 Ltd. (United Kingdom), 1.50%, 04/15/2026^(b)		4,123,000	4,090,002

Electric Utilities–0.62%
AEP Texas, Inc., 3.95%, 06/01/2028^(b)		2,489,000	2,763,223
Duke Energy Corp., 3.25%, 01/15/2082^(d)		1,869,000	1,857,522
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(b)		1,372,000	1,456,497
Enel Finance International N.V. (Italy), 2.88%, 07/12/2041^(b)		2,287,000	2,232,035
PacifiCorp, 2.90%, 06/15/2052		2,302,000	2,293,176
Southern Co. (The), Series 2021-A, 3.75%, 09/15/2051^(d)		1,450,000	1,474,360
			12,076,813

Electronic Equipment & Instruments–0.18%
Vontier Corp.,
2.40%, 04/01/2028^(b)		1,954,000	1,915,330
2.95%, 04/01/2031^(b)		1,664,000	1,645,680
			3,561,010

Electronic Manufacturing Services–0.10%
Jabil, Inc., 3.00%, 01/15/2031		1,867,000	1,912,668

Financial Exchanges & Data–0.31%
Intercontinental Exchange, Inc., 3.00%, 09/15/2060		1,573,000	1,536,944
Moody’s Corp.,
2.00%, 08/19/2031		2,065,000	2,020,059
2.75%, 08/19/2041		2,416,000	2,375,746
			5,932,749

Food Retail–0.28%
Alimentation Couche-Tard, Inc. (Canada),
3.44%, 05/13/2041^(b)		2,439,000	2,521,600
3.63%, 05/13/2051^(b)		2,646,000	2,824,409
			5,346,009

Health Care Distributors–0.10%
McKesson Corp., 1.30%, 08/15/2026		1,882,000	1,845,994

Health Care REITs–0.22%
Healthcare Trust of America Holdings L.P., 3.50%, 08/01/2026		1,564,000	1,676,578
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		2,634,000	2,600,316
			4,276,894

Health Care Services–0.70%
Cigna Corp., 4.13%, 11/15/2025		1,572,000	1,729,706


	Principal Amount		Value
Health Care Services–(continued)
CVS Health Corp., 1.30%, 08/21/2027	$	1,595,000	$ 1,546,774
Fresenius Medical Care US Finance II, Inc. (Germany), 5.88%, 01/31/2022^(b)		2,110,000	2,136,428
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026^(b)		1,749,000	1,740,095
Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032		1,105,000	1,069,958
Series 2042, 2.72%, 01/01/2042		1,067,000	1,048,503
2.86%, 01/01/2052		1,219,000	1,208,015
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		3,254,000	3,195,820
			13,675,299

Homebuilding–0.30%
D.R. Horton, Inc., 4.75%, 02/15/2023		1,918,000	1,997,773
M.D.C. Holdings, Inc., 3.97%, 08/06/2061		3,964,000	3,792,298
			5,790,071

Hotels, Resorts & Cruise Lines–0.79%
Expedia Group, Inc.,
4.63%, 08/01/2027		1,291,000	1,446,050
3.25%, 02/15/2030		9,310,000	9,578,576
2.95%, 03/15/2031		4,263,000	4,303,204
			15,327,830

Independent Power Producers & Energy Traders–0.13%
AES Corp. (The),
1.38%, 01/15/2026		1,273,000	1,246,006
2.45%, 01/15/2031		1,323,000	1,296,234
			2,542,240

Industrial Conglomerates–0.06%
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025		1,028,000	1,109,468

Industrial Machinery–0.05%
Flowserve Corp., 2.80%, 01/15/2032		951,000	931,192

Industrial REITs–0.08%
Lexington Realty Trust, 2.38%, 10/01/2031		1,604,000	1,544,855

Insurance Brokers–0.14%
Arthur J. Gallagher & Co., 3.50%, 05/20/2051		1,485,000	1,619,321
Assured Guaranty US Holdings, Inc., 3.60%, 09/15/2051		1,063,000	1,117,579
			2,736,900

Integrated Oil & Gas–0.45%
BP Capital Markets America, Inc.,
3.06%, 06/17/2041		3,204,000	3,240,298
2.94%, 06/04/2051		2,481,000	2,425,200
3.00%, 03/17/2052		1,650,000	1,628,244

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


10		Invesco Core Bond Fund


	Principal Amount		Value
Integrated Oil & Gas–(continued)
Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(b)	$	1,442,000	$ 1,472,628
			8,766,370

Integrated Telecommunication Services–2.95%
AT&T, Inc.,
0.69% (SOFR + 0.64%), 03/25/2024^(c)		2,347,000	2,349,457
4.30%, 02/15/2030		1,546,000	1,756,611
2.55%, 12/01/2033		6,097,000	5,926,245
3.10%, 02/01/2043		1,913,000	1,850,438
3.50%, 09/15/2053		2,936,000	2,988,171
3.50%, 02/01/2061		1,225,000	1,196,183
NBN Co. Ltd. (Australia),
1.63%, 01/08/2027^(b)		3,798,000	3,747,001
2.63%, 05/05/2031^(b)		3,949,000	3,982,477
2.50%, 01/08/2032^(b)		4,450,000	4,424,648
T-Mobile USA, Inc., 3.30%, 02/15/2051		2,287,000	2,247,176
Verizon Communications, Inc.,
1.75%, 01/20/2031		1,413,000	1,335,216
2.55%, 03/21/2031		1,139,000	1,148,698
2.36%, 03/15/2032^(b)		9,787,000	9,649,198
2.65%, 11/20/2040		1,126,000	1,065,465
3.40%, 03/22/2041		1,243,000	1,305,553
2.85%, 09/03/2041		3,446,000	3,374,949
4.52%, 09/15/2048		1,080,000	1,370,442
5.01%, 04/15/2049		1,408,000	1,902,475
2.88%, 11/20/2050		1,558,000	1,487,002
3.55%, 03/22/2051		693,000	748,586
3.00%, 11/20/2060		1,834,000	1,734,922
3.70%, 03/22/2061		1,643,000	1,789,125
			57,380,038

Interactive Home Entertainment–0.12%
Electronic Arts, Inc., 1.85%, 02/15/2031		2,518,000	2,422,380

Internet & Direct Marketing Retail–0.53%
Amazon.com, Inc.,
2.10%, 05/12/2031		3,702,000	3,735,939
2.88%, 05/12/2041		2,828,000	2,933,841
3.10%, 05/12/2051		3,432,000	3,688,611
			10,358,391

Internet Services & Infrastructure–0.08%
VeriSign, Inc., 2.70%, 06/15/2031		1,532,000	1,549,373

Investment Banking & Brokerage–3.02%
Brookfield Finance I (UK) PLC (Canada), 2.34%, 01/30/2032		2,460,000	2,400,115


	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Goldman Sachs Group, Inc. (The),
0.63% (SOFR + 0.58%), 03/08/2024^(c)	$	4,372,000	$ 4,378,890
3.50%, 04/01/2025		1,636,000	1,747,361
3.50%, 11/16/2026		1,048,000	1,123,335
0.84% (SOFR + 0.79%), 12/09/2026^(c)		8,898,000	8,906,508
1.09%, 12/09/2026^(d)		1,670,000	1,629,487
0.86% (SOFR + 0.81%), 03/09/2027^(c)		7,870,000	7,900,973
0.97% (SOFR + 0.92%), 10/21/2027^(c)		1,409,000	1,410,918
1.95%, 10/21/2027^(d)		2,345,000	2,348,155
1.99%, 01/27/2032^(d)		1,715,000	1,644,393
2.62%, 04/22/2032^(d)		975,000	979,703
2.38%, 07/21/2032^(d)		1,922,000	1,890,613
2.65%, 10/21/2032^(d)		2,847,000	2,870,274
3.21%, 04/22/2042^(d)		1,020,000	1,058,935
2.91%, 07/21/2042^(d)		1,526,000	1,525,184
Series V, 4.13%^(d)(e)		1,743,000	1,756,072
Morgan Stanley,
5.00%, 11/24/2025		1,717,000	1,934,614
2.19%, 04/28/2026^(d)		1,209,000	1,237,878
3.62%, 04/01/2031^(d)		1,570,000	1,716,129
2.24%, 07/21/2032^(d)		3,170,000	3,097,333
2.51%, 10/20/2032^(d)		1,774,000	1,771,143
2.48%, 09/16/2036^(d)		4,232,000	4,114,728
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031		1,449,000	1,432,503
			58,875,244

IT Consulting & Other Services–0.15%
DXC Technology Co., 2.38%, 09/15/2028		3,048,000	2,962,685

Life & Health Insurance–2.67%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		1,629,000	1,855,997
Athene Global Funding,
1.20%, 10/13/2023^(b)		2,384,000	2,404,051
1.45%, 01/08/2026^(b)		1,193,000	1,182,512
2.95%, 11/12/2026^(b)		3,082,000	3,236,788
Athene Holding Ltd.,
6.15%, 04/03/2030		1,728,000	2,156,752
3.95%, 05/25/2051		462,000	519,489
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026^(b)		10,423,000	10,602,276
F&G Global Funding, 2.00%, 09/20/2028^(b)		2,936,000	2,862,683
GA Global Funding Trust, 1.95%, 09/15/2028^(b)		3,577,000	3,482,014
MAG Mutual Holding Co., 4.75%, 04/30/2041^(f)		9,203,000	9,356,506
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032^(d)		1,269,000	1,379,901
Maple Grove Funding Trust I, 4.16%, 08/15/2051^(b)		6,375,000	6,657,903
Pacific LifeCorp, 3.35%, 09/15/2050^(b)		1,534,000	1,653,513

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


11		Invesco Core Bond Fund


	Principal Amount		Value
Life & Health Insurance–(continued)
Prudential Financial, Inc., 5.20%, 03/15/2044^(d)	$	2,117,000	$ 2,240,898
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027^(b)		2,270,000	2,368,487
			51,959,770

Life Sciences Tools & Services–0.06%
Illumina, Inc., 2.55%, 03/23/2031		1,075,000	1,077,388

Managed Health Care–0.27%
Kaiser Foundation Hospitals, Series 2021,
2.81%, 06/01/2041		2,490,000	2,527,310
3.00%, 06/01/2051		2,595,000	2,701,821
			5,229,131

Multi-line Insurance–0.17%
Allianz SE (Germany), 3.20%^(b)(d)(e)		3,490,000	3,380,938

Multi-Utilities–0.27%
Ameren Corp., 2.50%, 09/15/2024		1,489,000	1,547,931
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		1,318,000	1,418,336
WEC Energy Group, Inc.,
1.38%, 10/15/2027		1,191,000	1,159,549
1.80%, 10/15/2030		1,083,000	1,036,107
			5,161,923

Office REITs–0.45%
Office Properties Income Trust,
4.25%, 05/15/2024		3,507,000	3,699,893
4.50%, 02/01/2025		2,417,000	2,571,413
2.65%, 06/15/2026		502,000	502,102
2.40%, 02/01/2027		1,960,000	1,912,229
			8,685,637

Oil & Gas Exploration & Production–0.38%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		2,314,000	2,350,160
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039^(b)		2,090,000	2,044,382
Lundin Energy Finance B.V.(Netherlands),
2.00%, 07/15/2026^(b)		1,535,000	1,530,079
3.10%, 07/15/2031^(b)		1,535,000	1,548,421
			7,473,042

Oil & Gas Storage & Transportation–1.16%
Enbridge, Inc. (Canada),
1.60%, 10/04/2026		1,315,000	1,306,243
3.40%, 08/01/2051		1,324,000	1,364,236
Energy Transfer L.P.,
4.25%, 03/15/2023		1,630,000	1,690,291
4.00%, 10/01/2027		1,282,000	1,393,102
Kinder Morgan, Inc., 7.75%, 01/15/2032		2,016,000	2,861,520
MPLX L.P.,
1.75%, 03/01/2026		1,444,000	1,438,997
4.25%, 12/01/2027		1,200,000	1,338,538
ONEOK, Inc., 6.35%, 01/15/2031		2,235,000	2,842,111


	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Williams Cos., Inc. (The),
3.70%, 01/15/2023	$	2,097,000	$ 2,156,818
2.60%, 03/15/2031		4,057,000	4,067,786
3.50%, 10/15/2051		2,094,000	2,148,426
			22,608,068

Other Diversified Financial Services–2.66%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
2.45%, 10/29/2026		3,727,000	3,763,839
3.00%, 10/29/2028		2,111,000	2,141,861
3.30%, 01/30/2032		2,885,000	2,938,848
3.40%, 10/29/2033		3,095,000	3,153,833
3.85%, 10/29/2041		2,940,000	3,048,652
Avolon Holdings Funding Ltd. (Ireland),
2.13%, 02/21/2026^(b)		1,560,000	1,543,209
2.75%, 02/21/2028^(b)		1,721,000	1,704,751
Blackstone Holdings Finance Co. LLC,
1.60%, 03/30/2031^(b)		2,184,000	2,056,078
2.80%, 09/30/2050^(b)		1,009,000	989,685
Blackstone Private Credit Fund,
1.75%, 09/15/2024^(b)		715,000	708,612
2.63%, 12/15/2026^(b)		5,364,000	5,265,384
Blackstone Secured Lending Fund,
2.75%, 09/16/2026		4,258,000	4,299,215
2.13%, 02/15/2027^(b)		2,760,000	2,700,815
2.85%, 09/30/2028^(b)		1,667,000	1,636,403
Blue Owl Finance LLC, 3.13%, 06/10/2031^(b)		2,352,000	2,314,329
LSEGA Financing PLC (United Kingdom),
1.38%, 04/06/2026^(b)		1,523,000	1,505,510
2.00%, 04/06/2028^(b)		1,346,000	1,340,075
2.50%, 04/06/2031^(b)		1,005,000	1,015,311
3.20%, 04/06/2041^(b)		1,391,000	1,441,176
Pershing Square Holdings Ltd. (Guernsey),
3.25%, 11/15/2030^(b)		3,900,000	3,934,753
3.25%, 10/01/2031^(b)		4,300,000	4,285,616
			51,787,955

Packaged Foods & Meats–0.31%
Conagra Brands, Inc., 4.60%, 11/01/2025		2,034,000	2,266,695
General Mills, Inc., 2.25%, 10/14/2031		1,311,000	1,303,656
JDE Peet’s N.V. (Netherlands),
1.38%, 01/15/2027^(b)		1,500,000	1,465,177
2.25%, 09/24/2031^(b)		1,073,000	1,048,578
			6,084,106

Paper Packaging–0.55%
Berry Global, Inc., 1.65%, 01/15/2027		7,614,000	7,457,380
Packaging Corp. of America, 3.65%, 09/15/2024		1,717,000	1,832,671
Sealed Air Corp., 1.57%, 10/15/2026^(b)		1,526,000	1,501,637
			10,791,688

Pharmaceuticals–0.38%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(b)		1,939,000	2,048,075

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


12		Invesco Core Bond Fund


	Principal Amount		Value
Pharmaceuticals–(continued)
Mayo Clinic, Series 2021, 3.20%, 11/15/2061	$	1,964,000	$ 2,196,689
Mylan, Inc., 3.13%, 01/15/2023^(b)		2,061,000	2,120,466
Royalty Pharma PLC, 2.15%, 09/02/2031		1,044,000	993,803
			7,359,033

Precious Metals & Minerals–0.06%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024^(b)		1,168,000	1,241,107

Property & Casualty Insurance–0.57%
CNA Financial Corp., 3.45%, 08/15/2027		1,438,000	1,560,895
Fidelity National Financial, Inc.,
3.40%, 06/15/2030		1,121,000	1,194,786
2.45%, 03/15/2031		1,598,000	1,585,814
3.20%, 09/17/2051		1,056,000	1,030,627
First American Financial Corp., 2.40%, 08/15/2031		2,007,000	1,949,928
W.R. Berkley Corp.,
3.55%, 03/30/2052		1,797,000	1,966,142
3.15%, 09/30/2061		1,820,000	1,777,893
			11,066,085

Railroads–0.09%
Union Pacific Corp., 2.15%, 02/05/2027		1,691,000	1,740,799

Real Estate Development–0.08%
Essential Properties L.P., 2.95%, 07/15/2031		1,549,000	1,545,984

Real Estate Operating Companies–0.05%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada), 2.50%, 10/15/2031^(b)		998,000	1,000,861

Regional Banks–2.35%
Citizens Financial Group, Inc.,
4.30%, 12/03/2025		3,784,000	4,160,704
2.50%, 02/06/2030		1,634,000	1,656,378
2.64%, 09/30/2032		6,643,000	6,644,490
Fifth Third Bank N.A., 3.85%, 03/15/2026		983,000	1,072,212
Huntington Bancshares, Inc.,
4.00%, 05/15/2025		2,083,000	2,264,568
2.49%, 08/15/2036^(b)(d)		1,664,000	1,627,206
KeyBank N.A., 3.40%, 05/20/2026		1,304,000	1,404,023
KeyCorp, 2.25%, 04/06/2027		2,376,000	2,433,133
M&T Bank Corp., 3.50%^(d)(e)		3,639,000	3,584,415
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		1,482,000	1,604,337
SVB Financial Group,
2.10%, 05/15/2028		1,411,000	1,411,075
1.80%, 02/02/2031		2,182,000	2,084,722
4.10%^(d)(e)		2,512,000	2,475,174
Series C, 4.00%^(d)(e)		5,338,000	5,358,018
Series D, 4.25%^(d)(e)		4,687,000	4,709,849
Series E, 4.70%^(d)(e)		3,147,000	3,204,039
			45,694,343


	Principal Amount		Value
Reinsurance–0.15%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050	$	1,537,000	$ 1,544,358
Global Atlantic Fin Co., 3.13%, 06/15/2031^(b)		1,325,000	1,330,651
			2,875,009

Residential REITs–0.52%
American Homes 4 Rent L.P.,
2.38%, 07/15/2031		520,000	512,475
3.38%, 07/15/2051		513,000	528,954
Mid-America Apartments L.P., 2.88%, 09/15/2051		534,000	527,697
Spirit Realty L.P., 3.20%, 01/15/2027		1,379,000	1,453,730
Sun Communities Operating L.P.,
2.30%, 11/01/2028		833,000	827,055
2.70%, 07/15/2031		595,000	597,458
VEREIT Operating Partnership L.P.,
2.20%, 06/15/2028		2,062,000	2,070,142
2.85%, 12/15/2032		3,508,000	3,640,227
			10,157,738

Retail REITs–1.15%
Agree L.P.,
2.00%, 06/15/2028		1,069,000	1,050,237
2.60%, 06/15/2033		1,399,000	1,381,524
Kimco Realty Corp.,
1.90%, 03/01/2028		1,791,000	1,765,604
2.70%, 10/01/2030		1,041,000	1,070,109
2.25%, 12/01/2031		2,324,000	2,266,604
Kite Realty Group L.P., 4.00%, 10/01/2026		2,927,000	3,121,493
National Retail Properties, Inc., 3.50%, 04/15/2051		1,795,000	1,917,916
Realty Income Corp., 3.25%, 01/15/2031		1,380,000	1,486,810
Regency Centers L.P., 2.95%, 09/15/2029		1,616,000	1,687,082
Retail Properties of America, Inc., 4.75%, 09/15/2030		1,040,000	1,142,192
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080^(b)(d)		2,676,000	2,830,271
Simon Property Group L.P., 1.38%, 01/15/2027		2,635,000	2,590,394
			22,310,236

Semiconductors–1.46%
Broadcom, Inc.,
4.15%, 11/15/2030		1,749,000	1,923,955
2.45%, 02/15/2031^(b)		1,358,000	1,314,722
3.42%, 04/15/2033^(b)		1,502,000	1,552,157
3.47%, 04/15/2034^(b)		4,008,000	4,138,508
3.14%, 11/15/2035^(b)		6,011,000	5,914,524
3.19%, 11/15/2036^(b)		94,000	92,512
Marvell Technology, Inc., 2.95%, 04/15/2031		3,431,000	3,503,717
Micron Technology, Inc.,
2.70%, 04/15/2032		1,565,000	1,564,319
3.37%, 11/01/2041		1,063,000	1,064,047
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.88%, 06/18/2026^(b)		1,714,000	1,868,006

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


13		Invesco Core Bond Fund


	Principal Amount		Value
Semiconductors–(continued)
QUALCOMM, Inc.,
2.15%, 05/20/2030	$	1,985,000	$ 2,009,677
3.25%, 05/20/2050		1,926,000	2,106,500
Skyworks Solutions, Inc.,
1.80%, 06/01/2026		461,000	461,744
3.00%, 06/01/2031		936,000	947,799
			28,462,187

Sovereign Debt–0.34%
UAE International Government Bond (United Arab Emirates),
2.00%, 10/19/2031^(b)		1,518,000	1,493,487
2.88%, 10/19/2041^(b)		2,251,000	2,218,820
3.25%, 10/19/2061^(b)		2,829,000	2,859,652
			6,571,959

Specialized REITs–0.81%
American Tower Corp.,
3.00%, 06/15/2023		1,719,000	1,781,737
4.00%, 06/01/2025		1,079,000	1,167,614
2.70%, 04/15/2031		3,378,000	3,432,498
2.95%, 01/15/2051		1,779,000	1,724,709
Crown Castle International Corp., 2.50%, 07/15/2031		2,936,000	2,912,983
Extra Space Storage L.P., 2.35%, 03/15/2032		2,600,000	2,533,156
Life Storage L.P., 2.40%, 10/15/2031		2,293,000	2,265,676
			15,818,373

Systems Software–0.16%
Oracle Corp., 3.85%, 04/01/2060		1,706,000	1,784,708
VMware, Inc., 2.20%, 08/15/2031		1,443,000	1,405,250
			3,189,958

Technology Hardware, Storage & Peripherals–0.58%
Apple, Inc.,
4.38%, 05/13/2045		1,149,000	1,472,059
2.55%, 08/20/2060		5,211,000	4,901,009
2.80%, 02/08/2061		4,986,000	4,937,128
			11,310,196

Tobacco–0.44%
Altria Group, Inc.,
2.45%, 02/04/2032		2,002,000	1,901,665
3.70%, 02/04/2051		2,376,000	2,264,128
4.00%, 02/04/2061		2,393,000	2,295,310
Imperial Brands Finance PLC (United Kingdom), 3.75%, 07/21/2022^(b)		2,139,000	2,174,412
			8,635,515

Trucking–0.63%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.00%, 07/15/2025^(b)		982,000	1,064,997
3.40%, 11/15/2026^(b)		1,797,000	1,928,586
SMBC Aviation Capital Finance DAC (Ireland), 1.90%, 10/15/2026^(b)		1,714,000	1,707,778


	Principal Amount		Value
Trucking–(continued)
Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026^(b)	$	3,639,000	$ 3,625,125
3.15%, 06/15/2031^(b)		3,967,000	4,015,664
			12,342,150

Wireless Telecommunication Services–0.19%
T-Mobile USA, Inc., 3.40%, 10/15/2052^(b)		3,751,000	3,739,954
Total U.S. Dollar Denominated Bonds & Notes (Cost $837,690,199)			848,871,860

Asset-Backed Securities–22.31%
Alternative Loan Trust,
Series 2005-21CB, Class A7, 5.50%, 06/25/2035		688,133	656,796
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		300,614	229,552
American Credit Acceptance Receivables Trust,
Series 2018-3, Class D, 4.14%, 10/15/2024^(b)		174,384	175,577
Series 2019-3, Class C, 2.76%, 09/12/2025^(b)		1,589,465	1,599,760
AmeriCredit Automobile Receivables Trust,
Series 2017-2, Class D, 3.42%, 04/18/2023		3,611,382	3,626,429
Series 2017-3, Class D, 3.18%, 07/18/2023		4,000,000	4,040,498
Series 2017-4, Class D, 3.08%, 12/18/2023		2,885,000	2,927,772
Series 2018-3, Class C, 3.74%, 10/18/2024		4,225,000	4,328,446
Series 2019-2, Class C, 2.74%, 04/18/2025		1,645,000	1,685,566
Series 2019-2, Class D, 2.99%, 06/18/2025		4,570,000	4,726,722
Series 2019-3, Class D, 2.58%, 09/18/2025		2,285,000	2,334,726
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038^(b)		4,415,000	4,345,104
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059^(b)(g)		1,201,575	1,207,111
Series 2020-3, Class A1, 1.69%, 04/25/2065^(b)(g)		3,441,828	3,465,062
Series 2021-3, Class A1, 1.07%, 05/25/2066^(b)(g)		1,643,828	1,639,138
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 1.30% (3 mo. USD LIBOR + 1.18%), 07/25/2034^(b)(c)		7,338,000	7,346,754
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		216,621	212,742
Series 2007-C, Class 1A4, 3.05%, 05/20/2036^(g)		87,719	88,643
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		240,280	229,102
Bank, Series 2019-BNK16, Class XA, IO, 0.96%, 02/15/2052^(h)		23,989,881	1,376,882

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


14		Invesco Core Bond Fund


	Principal Amount		Value
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051^(b)(g)	$	4,244,141	$ 4,396,682
Series 2021-4, Class A4, 2.50%, 10/25/2051^(b)(g)		4,245,128	4,308,573
Series 2021-4, Class A8, 2.50%, 10/25/2051^(b)(g)		4,226,504	4,308,821
Series 2021-5, Class A1, 3.00%, 11/25/2051^(b)(g)		4,437,000	4,566,470
Series 2021-5, Class A2, 2.50%, 11/25/2051^(b)(g)		5,413,333	5,477,194
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(c)		195,898	201,363
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(c)		455,879	465,529
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.51%, 01/15/2051^(h)		34,934,803	896,843
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060^(b)(g)		2,600,258	2,598,000
BX Commercial Mortgage Trust,
Series 2021-VOLT, Class A, 0.79% (1 mo. USD LIBOR + 0.70%), 09/15/2036^(b)(c)		4,080,000	4,086,627
Series 2021-VOLT, Class B, 1.04% (1 mo. USD LIBOR + 0.95%), 09/15/2036^(b)(c)		3,595,000	3,604,091
Series 2021-XL2, Class B, 1.10% (1 mo. USD LIBOR + 1.00%), 10/15/2036^(b)(c)		1,565,000	1,559,909
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024^(b)(h)		10,760	67
CarMax Auto Owner Trust, Series 2017-4, Class D, 3.30%, 05/15/2024		1,435,000	1,438,492
CCG Receivables Trust,
Series 2018-2, Class C, 3.87%, 12/15/2025^(b)		980,000	986,288
Series 2019-2, Class B, 2.55%, 03/15/2027^(b)		1,845,000	1,882,645
Series 2019-2, Class C, 2.89%, 03/15/2027^(b)		900,000	916,442
CD Mortgage Trust, Series 2017- CD6, Class XA, IO, 0.92%, 11/13/2050^(h)		11,089,651	418,466
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049^(b)(g)		202,784	205,380
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.02%, 01/25/2036^(g)		506,317	489,423
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.32% (3 mo. USD LIBOR + 1.20%), 10/17/2031^(b)(c)		1,497,000	1,497,674


	Principal Amount		Value
Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 1.02%, 11/10/2046^(h)	$	12,350,080	$ 205,872
Series 2014-GC21, Class AA, 3.48%, 05/10/2047		747,444	773,170
Series 2017-C4, Class XA, IO, 1.08%, 10/12/2050^(h)		29,393,159	1,340,610
Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(c)		962,940	1,011,432
Citigroup Mortgage Loan Trust, Inc., Series 2021-INV3, Class A3, 2.50%, 05/25/2051^(b)(g)		4,343,340	4,373,001
CNH Equipment Trust,
Series 2017-C, Class B, 2.54%, 05/15/2025		960,000	962,748
Series 2019-A, Class A4, 3.22%, 01/15/2026		1,910,000	1,967,600
COLT Mortgage Loan Trust,
Series 2020-1, Class A1, 2.49%, 02/25/2050^(b)(g)		1,734,854	1,735,904
Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(g)		1,222,761	1,228,635
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.50%, 12/10/2045^(h)		11,281,116	141,967
Series 2013-CR6, Class AM, 3.15%, 03/10/2046^(b)		2,945,000	3,005,160
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		622,097	643,541
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		2,865,000	3,036,207
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000	6,075,341
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065^(b)(g)		1,170,869	1,167,230
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066^(b)(g)		1,496,234	1,492,391
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000	10,903,994
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		673,880	502,956
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024^(b)		5,330,000	5,357,883
Series 2019-2, Class D, 2.48%, 04/22/2025^(b)		1,925,000	1,942,032
Drive Auto Receivables Trust,
Series 2018-1, Class D, 3.81%, 05/15/2024		547,973	552,562
Series 2018-2, Class D, 4.14%, 08/15/2024		1,612,337	1,637,273
Series 2018-3, Class D, 4.30%, 09/16/2024		1,909,817	1,941,427
Series 2018-5, Class C, 3.99%, 01/15/2025		1,082,928	1,090,537
Series 2019-1, Class C, 3.78%, 04/15/2025		1,266,797	1,272,161

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


15		Invesco Core Bond Fund


	Principal Amount		Value
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 0.00% (3 mo. USD LIBOR + 1.08%), 01/15/2034^(b)(c)	$	1,078,634	$ 1,079,394
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065^(b)(g)		665,081	669,180
Series 2021-1, Class A1, 0.80%, 02/25/2066^(b)(g)		622,190	619,551
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30%, 03/15/2024^(b)		2,503,620	2,522,969
Extended Stay America Trust, Series 2021-ESH, Class B, 1.47% (1 mo. USD LIBOR + 1.38%), 07/15/2038^(b)(c)		1,721,046	1,724,725
First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 1A6, 0.74% (1 mo. USD LIBOR + 0.65%), 11/25/2035^(c)		442,494	213,242
Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051^(b)(g)		6,975,000	7,119,132
Series 2021-8INV, Class A6, 2.50%, 09/25/2051^(b)(g)		1,524,325	1,558,223
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 0.69% (1 mo. USD LIBOR + 0.60%), 09/15/2024^(c)		9,380,000	9,424,945
FREMF Mortgage Trust,
Series 2012-K23, Class C, 3.66%, 10/25/2045^(b)(g)		680,000	693,629
Series 2013-K25, Class C, 3.62%, 11/25/2045^(b)(g)		605,000	620,046
Series 2013-K26, Class C, 3.60%, 12/25/2045^(b)(g)		1,165,000	1,195,302
Series 2013-K27, Class C, 3.50%, 01/25/2046^(b)(g)		650,000	666,996
Series 2013-K28, Class C, 3.49%, 06/25/2046^(b)(g)		2,580,000	2,659,471
Series 2015-K44, Class B, 3.67%, 01/25/2048^(b)(g)		1,175,000	1,246,332
Series 2017-K62, Class B, 3.87%, 01/25/2050^(b)(g)		1,040,000	1,133,045
Series 2017-K724, Class B, 5.26%, 12/25/2049^(b)(g)		780,000	813,281
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 1.20% (3 mo. USD LIBOR + 1.07%), 01/20/2033^(b)(c)		1,712,000	1,713,263
Goldentree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 1.20% (3 mo. USD LIBOR + 1.07%), 10/20/2032^(b)(c)		2,190,000	2,191,307
Golub Capital Partners CLO 40A Ltd., Series 2019-40A, Class AR, 1.21% (3 mo. USD LIBOR + 1.09%), 01/25/2032^(b)(c)		5,264,000	5,266,443


	Principal Amount		Value
GS Mortgage Securities Trust,
Series 2012-GC6, Class AS, 4.95%, 01/10/2045^(b)	$	904,299	$ 904,246
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		974,215	1,032,274
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		139,679	141,144
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		589,120	606,564
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		3,780,000	3,864,892
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051^(b)(g)		3,677,590	3,754,546
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.05%, 07/25/2035^(g)		94,918	98,805
Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027^(b)		1,322,000	1,316,630
Series 2021-2A, Class B, 2.12%, 12/27/2027^(b)		705,000	704,072
Hertz Vehicle Financing LLC,
Series 2021-1A, Class A, 1.21%, 12/26/2025^(b)		978,000	974,015
Series 2021-1A, Class B, 1.56%, 12/26/2025^(b)		432,000	431,647
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C16, Class AS, 4.52%, 12/15/2046		3,490,000	3,691,469
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		1,722,000	1,768,170
Series 2014-C20, Class AS, 4.04%, 07/15/2047		3,950,000	4,175,724
Series 2016-JP3, Class A2, 2.43%, 08/15/2049		1,022,635	1,026,470
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.48%, 07/25/2035^(g)		360,820	370,613
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class AS, 4.07%, 11/15/2047		6,036,000	6,361,193
Series 2015-C27, Class XA, IO, 1.15%, 02/15/2048^(h)		33,133,969	1,072,152
Series 2015-C28, Class AS, 3.53%, 10/15/2048		3,400,000	3,495,374
KKR CLO 30 Ltd., Series 30A, Class A1R, 0.00% (3 mo. USD LIBOR + 1.02%), 10/17/2031^(b)(c)		3,771,000	3,772,886
LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 0.91%, 02/18/2030^(h)		18,317	1
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(b)(g)		8,671	3,650

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


16		Invesco Core Bond Fund


	Principal Amount		Value
Life Mortgage Trust,
Series 2021-BMR, Class A, 0.79% (1 mo. USD LIBOR + 0.70%), 03/15/2038^(b)(c)	$	2,295,000	$ 2,295,090
Series 2021-BMR, Class B, 0.97% (1 mo. USD LIBOR + 0.88%), 03/15/2038^(b)(c)		3,735,000	3,735,756
Series 2021-BMR, Class C, 1.19% (1 mo. USD LIBOR + 1.10%), 03/15/2038^(b)(c)		1,570,000	1,570,558
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 1.27% (3 mo. USD LIBOR + 1.15%), 04/19/2033^(b)(c)		10,755,000	10,785,770
Med Trust,
Series 2021-MDLN, Class A, 1.05% (1 mo. USD LIBOR + 0.95%), 11/15/2026^(b)(c)		2,660,000	2,660,000
Series 2021-MDLN, Class B, 1.55% (1 mo. USD LIBOR + 1.45%), 11/15/2026^(b)(c)		4,303,000	4,303,000
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051^(b)(g)		2,813,540	2,866,876
Series 2021-INV3, Class A4, 2.50%, 10/25/2051^(b)(g)		2,719,984	2,786,390
MFRA Trust,
Series 2021-AEI1, Class A3, 2.50%, 08/25/2051^(b)(g)		2,986,436	3,011,393
Series 2021-AEI1, Class A4, 2.50%, 08/25/2051^(b)(g)		3,747,062	3,814,191
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 0.79% (1 mo. USD LIBOR + 0.70%), 07/15/2038^(b)(c)		1,945,000	1,944,560
Series 2021-STOR, Class B, 0.99% (1 mo. USD LIBOR + 0.90%), 07/15/2038^(b)(c)		1,460,000	1,459,949
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		6,222,000	6,395,593
Series 2014-C19, Class AS, 3.83%, 12/15/2047		5,035,000	5,332,815
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.78%, 12/15/2050^(h)		13,087,626	514,247
Mortgage-Linked Amortizing Notes, Series 2012-1, Class A10, 2.06%, 01/15/2022		1,407,110	1,411,983
Motel Trust,
Series 2021-MTL6, Class A, 0.99% (1 mo. USD LIBOR + 0.90%), 09/15/2038^(b)(c)		1,220,000	1,221,878
Series 2021-MTL6, Class B, 1.29% (1 mo. USD LIBOR + 1.20%), 09/15/2038^(b)(c)		495,000	495,350
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.14% (3 mo. USD LIBOR + 1.02%), 04/19/2030^(b)(c)		5,054,000	5,056,178


	Principal Amount		Value
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 1.18% (3 mo. USD LIBOR + 1.06%), 04/16/2033^(b)(c)	$	3,402,000	$ 3,409,910
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051^(b)(g)		3,389,629	3,459,402
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1AR, 1.08% (3 mo. USD LIBOR + 0.96%), 07/15/2030^(b)(c)		3,192,000	3,197,972
Series 2020-8RA, Class A1, 1.34% (3 mo. USD LIBOR + 1.22%), 01/17/2032^(b)(c)		6,027,000	6,028,766
Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 1.18% (3 mo. USD LIBOR + 1.05%), 07/20/2030^(b)(c)		5,500,000	5,500,325
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.34% (3 mo. USD LIBOR + 1.22%), 01/15/2033^(b)(c)		5,507,000	5,508,487
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.39% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(b)(c)		5,076,061	5,084,452
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(b)		1,965,000	1,989,051
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(b)		6,825,000	6,862,039
Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		63,114	60,316
Series 2007-QS6, Class A28, 5.75%, 04/25/2037		310,203	298,013
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 02/25/2024^(b)(g)		1,250,897	1,262,180
Santander Drive Auto Receivables Trust,
Series 2017-3, Class D, 3.20%, 11/15/2023		1,407,988	1,412,724
Series 2018-1, Class D, 3.32%, 03/15/2024		859,689	866,033
Series 2018-2, Class D, 3.88%, 02/15/2024		1,953,676	1,977,247
Series 2019-2, Class D, 3.22%, 07/15/2025		3,210,000	3,291,390
Series 2019-3, Class D, 2.68%, 10/15/2025		2,805,000	2,855,898
Santander Retail Auto Lease Trust, Series 2019-A, Class C, 3.30%, 05/22/2023^(b)		5,160,000	5,193,777
Sonic Capital LLC,
Series 2021-1A, Class A2I, 2.19%, 08/20/2051^(b)		1,858,450	1,828,378
Series 2021-1A, Class A2II, 2.64%, 08/20/2051^(b)		1,818,483	1,802,178
Star Trust,
Series 2021-1, Class A1, 1.22%, 05/25/2065^(b)(g)		3,562,919	3,564,612
Series 2021-SFR1, Class A, 0.69% (1 mo. USD LIBOR + 0.60%), 04/17/2038^(b)(c)		11,612,368	11,608,238

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


17		Invesco Core Bond Fund


	Principal Amount		Value
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050^(b)(g)	$	1,360,494	$ 1,370,808
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 1.41% (3 mo. USD LIBOR + 1.29%), 04/18/2033^(b)(c)		3,000,000	3,005,754
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046^(b)		4,953,600	4,970,096
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.41% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(b)(c)		4,685,000	4,693,616
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039^(b)		4,597,803	4,469,905
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 0.99%, 11/15/2050^(h)		19,680,973	827,947
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060^(b)(i)		2,440,431	2,467,778
Series 2020-1, Class A2, 2.64%, 01/25/2060^(b)(i)		1,733,386	1,752,529
Series 2020-INV1, Class A1, 0.33%, 03/25/2060^(b)(g)		673,701	677,842
Series 2021-1, Class A1B, 1.32%, 01/25/2066^(b)(g)		1,600,084	1,595,587
Series 2021-R1, Class A1, 0.82%, 10/25/2063^(b)(g)		2,853,711	2,852,783
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055^(b)		1,858,381	1,858,880
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.49%, 10/25/2033^(g)		249,930	253,799
Series 2005-AR14, Class 1A4, 2.86%, 12/25/2035^(g)		389,341	397,776
Series 2005-AR16, Class 1A1, 2.71%, 12/25/2035^(g)		368,344	376,766
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		3,141,266	3,219,092
Series 2017-C42, Class XA, IO, 0.88%, 12/15/2050^(h)		18,185,205	854,861
Westlake Automobile Receivables Trust, Series 2019-3A, Class C, 2.49%, 10/15/2024^(b)		4,570,000	4,626,545
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		2,330,000	2,395,288
Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,693,000	1,785,899
Series 2014-C25, Class AS, 3.98%, 11/15/2047		5,225,000	5,553,541
Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(g)		2,174,838	2,300,022


	Principal Amount		Value
World Financial Network Credit Card Master Trust,
Series 2019-A, Class A, 3.14%, 12/15/2025	$	1,150,000	$ 1,159,836
Series 2019-B, Class A, 2.49%, 04/15/2026		4,555,000	4,618,899
Series 2019-C, Class A, 2.21%, 07/15/2026		3,910,000	3,973,774
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(b)		5,840,362	5,975,970
Total Asset-Backed Securities (Cost $435,282,741)			434,364,566

U.S. Government Sponsored Agency Mortgage-Backed Securities–17.82%
Collateralized Mortgage Obligations–0.95%
Fannie Mae Interest STRIPS,
IO, 7.00%, 06/25/2023 to 04/25/2032^(j)		925,483	189,280
7.50%, 10/25/2023 to 11/25/2029^(j)		129,928	8,367
6.50%, 04/25/2029 to 02/25/2033^(j)		1,468,999	257,115
6.50%, 02/25/2033^(h)		15,643	2,710
6.00%, 06/25/2033 to 03/25/2036^(j)		681,766	120,957
5.50%, 09/25/2033 to 06/25/2035^(j)		1,450,975	243,605
5.50%, 05/25/2034^(h)		224,160	36,414
6.00%, 09/25/2035^(h)		287,483	49,155
Fannie Mae REMICs,
6.50%, 06/25/2023 to 10/25/2031		247,179	271,908
4.50%, 08/25/2025		38,254	39,285
5.50%, 12/25/2025 to 07/25/2046^(j)		4,080,610	3,166,988
7.00%, 07/25/2026 to 04/25/2033^(j)		582,726	114,018
4.00%, 08/25/2026 to 08/25/2047^(j)		2,029,085	244,770
6.00%, 11/25/2028		93,586	104,448
7.50%, 12/25/2029		612,995	697,858
1.09% (1 mo. USD LIBOR + 1.00%), 07/25/2032^(c)		76,816	78,610
0.49% (1 mo. USD LIBOR + 0.40%), 03/25/2033^(c)		18,588	18,656
0.34% (1 mo. USD LIBOR + 0.25%), 08/25/2035^(c)		73,710	73,916
23.87% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(c)		163,775	254,366
1.03% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(c)		99,376	100,128
5.00%, 04/25/2040 to 09/25/2047^(c)(j)		8,724,235	1,748,492
IO, 7.01% (7.10% - (1.00 x 1 mo. USD LIBOR)), 06/25/2023 to 11/25/2030^(c)(j)		44,879	2,795
6.61% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035^(c)(j)		530,382	92,332

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


18		Invesco Core Bond Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
8.06% (8.15% - (1.00 x 1 mo. USD LIBOR)), 04/25/2027^(c)(j)	$	68,558	$ 9,771
3.00%, 11/25/2027^(j)		1,696,226	94,059
9.71% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031^(c)(j)		43	3
7.66% (7.75% - (1.00 x 1 mo. USD LIBOR)), 07/25/2031 to 02/25/2032^(c)(j)		68,086	12,714
7.76% (7.85% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031^(c)(j)		59,362	10,594
7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(c)(j)		139,744	25,743
7.16% (7.25% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(c)(j)		107,516	20,248
7.86% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032 to 07/25/2032^(c)(j)		199,659	33,124
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 02/25/2032 to 03/25/2032^(c)(j)		25,347	3,761
1.00% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(c)(j)		180,431	4,406
6.91% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 09/25/2032^(c)(j)		458,136	76,057
7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032^(c)(j)		356,977	75,034
7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(c)(j)		220,545	43,537
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(c)(j)		67,293	12,451
8.11% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033^(c)(j)		289,477	62,490
8.16% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033^(c)(j)		227,261	51,063
7.46% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033^(c)(j)		243,448	50,922
6.66% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035^(c)(j)		99,148	15,640
6.51% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(c)(j)		339,400	48,898
3.50%, 08/25/2035^(j)		5,067,144	629,020
6.01% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035^(c)(j)		226,740	39,303
6.49% (6.58% - (1.00 x 1 mo. USD LIBOR)), 06/25/2036^(c)(j)		15,978	2,942
5.96% (6.05% - (1.00 x 1 mo. USD LIBOR)), 07/25/2038^(c)(j)		78,645	9,679
6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(c)(j)		498,327	92,044
6.06% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(c)(j)		1,124,145	226,879
PO, 0.00%, 09/25/2023^(k)		10,044	9,930


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024^(h)	$	76,068,260	$ 559,893
Series KC03, Class X1, IO, 0.63%, 11/25/2024^(h)		42,711,088	542,559
Series K734, Class X1, IO, 0.65%, 02/25/2026^(h)		33,161,984	818,806
Series K735, Class X1, IO, 1.10%, 05/25/2026^(h)		34,218,962	1,321,441
Series K093, Class X1, IO, 0.95%, 05/25/2029^(h)		27,701,999	1,747,262
Freddie Mac REMICs,
1.50%, 07/15/2023		82,064	82,460
5.00%, 09/15/2023		84,575	86,994
1.14% (1 mo. USD LIBOR + 1.05%), 10/15/2023^(c)		86,525	86,596
6.50%, 02/15/2028 to 06/15/2032		855,458	968,226
6.00%, 04/15/2029		54,614	60,905
0.99% (1 mo. USD LIBOR + 0.90%), 07/15/2031^(c)		57,631	58,872
7.00%, 03/15/2032		222,658	260,488
3.50%, 05/15/2032		189,131	200,451
1.09% (1 mo. USD LIBOR + 1.00%), 06/15/2032^(c)		238,451	244,048
24.42% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(c)		44,128	70,954
0.49% (1 mo. USD LIBOR + 0.40%), 09/15/2035^(c)		129,774	131,028
4.00%, 04/15/2040 to 03/15/2045^(j)		1,061,571	53,722
IO, 7.56% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029^(c)(j)		230,326	30,001
3.00%, 06/15/2027 to 05/15/2040^(j)		5,688,981	324,932
2.50%, 05/15/2028^(j)		1,144,826	60,285
7.61% (7.70% - (1.00 x 1 mo. USD LIBOR)), 03/15/2029^(c)(j)		33,671	3,336
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 09/15/2029^(c)(j)		10,122	1,530
7.66% (7.75% - (1.00 x 1 mo. USD LIBOR)), 01/15/2032^(c)(j)		144,291	23,557
6.96% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033^(c)(j)		290,490	48,354
6.61% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(c)(j)		291,552	42,783
6.66% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(c)(j)		235,311	33,689
6.63% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035^(c)(j)		1,127,607	172,272
6.56% (6.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035^(c)(j)		340,683	77,582
6.91% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(c)(j)		118,386	23,872
5.91% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038^(c)(j)		51,373	7,891
5.98% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(c)(j)		1,443,033	243,420
6.16% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(c)(j)		369,539	60,032

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


19		Invesco Core Bond Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
6.01% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(c)(j)	$	1,200,409	$ 162,201
Freddie Mac STRIPS,
IO, 7.00%, 04/01/2027^(j)		91,262	10,923
3.00%, 12/15/2027^(j)		2,209,557	131,381
3.27%, 12/15/2027^(h)		556,313	28,748
6.50%, 02/01/2028^(j)		11,516	1,499
7.50%, 12/15/2029^(j)		27,270	4,830
6.00%, 12/15/2032^(j)		84,165	12,591
PO, 0.00%, 06/01/2026^(k)		11,557	11,188
			18,388,087

Federal Home Loan Mortgage Corp. (FHLMC)–0.09%
6.50%, 01/01/2022 to 04/01/2034		102,829	115,732
9.00%, 08/01/2022 to 05/01/2025		1,168	1,251
6.00%, 07/01/2024 to 11/01/2037		82,966	95,339
7.00%, 10/01/2031 to 10/01/2037		902,409	1,027,665
5.50%, 09/01/2039		505,435	588,830
			1,828,817

Federal National Mortgage Association (FNMA)–4.42%
6.50%, 12/01/2022 to 11/01/2031		676,809	762,065
8.50%, 07/01/2032		1,419	1,425
7.50%, 01/01/2033 to 08/01/2033		677,951	769,124
7.00%, 04/01/2033 to 04/01/2034		411,224	461,965
5.50%, 02/01/2035 to 05/01/2036		477,518	553,900
TBA, 3.00%, 11/01/2051^(l)		80,000,000	83,462,501
			86,010,980

Government National Mortgage Association (GNMA)–3.74%
ARM, 1.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027^(c)		1,917	1,970
IO, 7.41% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032^(c)(j)		42,491	35
6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(c)(j)		753,096	133,186
6.56% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(c)(j)		2,224,092	328,289
4.50%, 09/16/2047^(j)		3,348,086	493,671
6.11% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(c)(j)		2,992,294	535,393
TBA, 2.50%, 11/01/2051^(l)		69,445,000	71,391,359
			72,883,903


	Principal Amount		Value
Thrifts & Mortgage Finance–8.62%
TBA, 2.00%, 11/01/2036 to 11/01/2051^(l)	$	84,360,000	$ 85,525,927
2.50%, 11/01/2051^(l)		80,000,000	82,167,188
			167,693,115
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $349,368,787)			346,804,902

U.S. Treasury Securities–13.96%
U.S. Treasury Bonds–5.31%
1.75%, 08/15/2041		25,835,300	24,878,587
2.38%, 05/15/2051		71,486,300	78,590,251
			103,468,838
U.S. Treasury Notes–8.65%
0.25%, 09/30/2023		29,887,600	29,768,516
0.63%, 10/15/2024		19,617,700	19,544,133
0.88%, 09/30/2026		71,518,600	70,482,139
1.25%, 09/30/2028		5,135,600	5,065,387
1.25%, 08/15/2031		44,693,800	43,436,787
			168,296,962
Total U.S. Treasury Securities (Cost $273,272,834)			271,765,800

	Shares
Preferred Stocks–0.72%
Asset Management & Custody Banks–0.11%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(d)		1,917,000	2,090,872

Diversified Banks–0.37%
JPMorgan Chase & Co., 3.60%, Series I, Pfd.^(c)		7,233,000	7,251,047

Investment Banking & Brokerage–0.16%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(d)		3,097,000	3,147,326

Other Diversified Financial Services–0.08%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(d)		1,502,000	1,618,405
Total Preferred Stocks (Cost $13,754,103)			14,107,650

	Principal Amount
Municipal Obligations–0.48%
California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052	$	1,725,000	1,730,058
Series 2021 B, Ref. RB, 2.94%, 11/01/2052		2,585,000	2,595,210
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		4,965,000	4,991,233
Total Municipal Obligations (Cost $9,275,000)			9,316,501

Agency Credit Risk Transfer Notes–0.29%
Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 6.09% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(c)		2,413,664	2,527,239

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


20		Invesco Core Bond Fund


	Principal Amount		Value

Freddie Mac,
Series 2014-DN3, Class M3, STACR^®, 4.09% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(c)	$	900,441	$	923,048
Series 2018-DNA2, Class M1, STACR^®, 0.89% (1 mo. USD LIBOR + 0.80%), 12/25/2030^(b)(c)		733,196		733,259
Series 2018-DNA3, Class M1, STACR^®, 0.84% (1 mo. USD LIBOR + 0.75%), 09/25/2048^(b)(c)		2,752		2,752
Series 2018-HQA2, Class M1, STACR^®, 0.84% (1 mo. USD LIBOR + 0.75%), 10/25/2048^(b)(c)		459,077		459,416
Series 2019-HRP1, Class M2, STACR^®, 1.49% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(b)(c)		1,022,406		1,029,940
Total Agency Credit Risk Transfer Notes (Cost $5,790,534)				5,675,654


Investment Abbreviations:

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


	Shares		Value


Money Market Funds-17.59%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(m)(n)		120,599,560	$	120,599,560

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(m)(n)		84,040,826		84,066,037

Invesco Treasury Portfolio, Institutional Class, 0.01%^(m)(n)		137,828,068		137,828,068

Total Money Market Funds (Cost $342,501,334)				342,493,665

TOTAL INVESTMENTS IN SECURITIES-116.78% (Cost $2,266,935,532)				2,273,400,598

OTHER ASSETS LESS LIABILITIES-(16.78)%				(326,695,267	)

NET ASSETS-100.00%			$	1,946,705,331

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


21		Invesco Core Bond Fund

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $525,844,806, which represented 27.01% of the Fund’s Net Assets.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2021.

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

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

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

^(g)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2021.

^(h)

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, 2021.

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

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

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

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

^(m)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2021		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$199,073,694	$	177,020,169	$	(255,494,303	)		$ -	$	-		$120,599,560		$ 44,807

Invesco Liquid Assets Portfolio, Institutional Class		142,142,590		124,428,317		(182,495,931	)		16,423		(25,362)		84,066,037		36,264

Invesco Treasury Portfolio, Institutional Class		227,512,792		202,308,764		(291,993,488	)		-		-		137,828,068		20,463

Total		$568,729,076	$	503,757,250	$	(729,983,722	)		$16,423	$	(25,362)		$342,493,665		$101,534

⁽ⁿ⁾	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.


Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts	Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk
U.S. Treasury 2 Year Notes	577	December-2021	$	126,507,250		$	(540,938	)	$	(540,938	)

U.S. Treasury 5 Year Notes	830	December-2021		101,052,500			(1,028,729	)		(1,028,729	)

U.S. Treasury 10 Year Notes	938	December-2021		122,599,531			(1,819,492	)		(1,819,492	)

U.S. Treasury Ultra Bonds	33	December-2021		6,481,406			(6,188	)		(6,188	)

Subtotal-Long Futures Contracts							(3,395,347	)		(3,395,347	)


Short Futures Contracts

Interest Rate Risk

U.S. Treasury 10 Year Ultra Notes	838	December-2021		(121,536,187	)		1,480,379			1,480,379

U.S. Treasury Long Bonds	96	December-2021		(15,441,000	)		153,000			153,000

Subtotal-Short Futures Contracts							1,633,379			1,633,379

Total Futures Contracts						$	(1,761,968	)	$	(1,761,968	)

^(a)	Futures contracts collateralized by $1,020,529 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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


22		Invesco Core Bond Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $1,924,434,198)		$1,930,906,933
Investments in affiliated money market funds, at value (Cost $342,501,334)		342,493,665
Other investments:
Variation margin receivable – futures contracts		2,315,526
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,020,529
Cash		5,098,426
Receivable for:
Investments sold		17,976,457
Fund shares sold		4,191,387
Dividends		4,981
Interest		7,518,672
Principal paydowns		14,980
Investment for trustee deferred compensation and retirement plans		179,660
Other assets		70,237
Total assets		2,311,791,453

Liabilities:
Payable for:
Investments purchased		361,189,091
Dividends		544,696
Fund shares reacquired		1,795,509
Accrued fees to affiliates		785,621
Accrued other operating expenses		591,545
Trustee deferred compensation and retirement plans		179,660
Total liabilities		365,086,122
Net assets applicable to shares outstanding		$1,946,705,331

Net assets consist of:
Shares of beneficial interest		$1,941,831,008
Distributable earnings		4,874,323
		$1,946,705,331


Net Assets:

Class A		$ 760,690,205
Class C		$ 68,167,284
Class R		$ 84,671,119
Class Y		$ 721,456,477
Class R5		$ 16,897
Class R6		$ 311,703,349

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		111,278,402
Class C		9,964,653
Class R		12,392,091
Class Y		106,206,883
Class R5		2,472
Class R6		45,630,463
Class A:
Net asset value per share		$ 6.84
Maximum offering price per share (Net asset value of $6.84 ÷ 95.75%)		$ 7.14
Class C:
Net asset value and offering price per share		$ 6.84
Class R:
Net asset value and offering price per share		$ 6.83
Class Y:
Net asset value and offering price per share		$ 6.79
Class R5:
Net asset value and offering price per share		$ 6.84
Class R6:
Net asset value and offering price per share		$ 6.83

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, 2021


Investment income:

Interest (net of foreign withholding taxes of $1,804)	$	37,396,952

Dividends from affiliated money market funds		101,534

Total investment income		37,498,486


Expenses:

Advisory fees		6,519,634

Administrative services fees		270,849

Custodian fees		56,515

Distribution fees:
Class A		1,919,241

Class C		804,225

Class R		405,512

Transfer agent fees – A, C, R and Y		2,539,701

Transfer agent fees – R5		10

Transfer agent fees – R6		69,203

Trustees’ and officers’ fees and benefits		37,567

Registration and filing fees		175,195

Reports to shareholders		102,271

Professional services fees		106,813

Other		44,072

Total expenses		13,050,808

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,360,516	)

Net expenses		11,690,292

Net investment income		25,808,194


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		6,670,570

Affiliated investment securities		(25,362	)

Futures contracts		(3,850,828	)

		2,794,380

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(24,254,973	)

Affiliated investment securities		16,423

Futures contracts		(709,121	)

		(24,947,671	)

Net realized and unrealized gain (loss)		(22,153,291	)

Net increase in net assets resulting from operations	$	3,654,903

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


24		Invesco Core Bond Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:

Net investment income	$	25,808,194		$	41,650,219

Net realized gain		2,794,380			120,595,816

Change in net unrealized appreciation (depreciation)		(24,947,671	)		(19,829,722	)

Net increase in net assets resulting from operations		3,654,903			142,416,313


Distributions to shareholders from distributable earnings:

Class A		(24,735,941	)		(45,423,372	)

Class C		(2,206,867	)		(5,272,451	)

Class R		(2,304,208	)		(4,539,639	)

Class Y		(23,138,369	)		(35,631,087	)

Class R5		(601	)		(1,300	)

Class R6		(9,852,844	)		(47,374,186	)

Total distributions from distributable earnings		(62,238,830	)		(138,242,035	)


Share transactions-net:

Class A		20,914,652			202,087,982

Class C		(24,232,213	)		19,992,295

Class R		8,288,547			20,481,858

Class Y		119,908,386			94,194,446

Class R5		—			(1,500	)

Class R6		56,640,636			(710,966,085	)

Net increase (decrease) in net assets resulting from share transactions		181,520,008			(374,211,004	)

Net increase (decrease) in net assets		122,936,081			(370,036,726	)


Net assets:

Beginning of year		1,823,769,250			2,193,805,976

End of year	$	1,946,705,331		$	1,823,769,250

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 10/31/21	$	7.05	$	0.09	$	(0.08	)	$	0.01		$	(0.10	)	$	(0.12	)	$	(0.22	)	$	6.84		0.15	%	$	760,690		0.72	%		0.79	%		1.23	%		526	%
Year ended 10/31/20		7.03		0.14		0.37			0.51			(0.15	)		(0.34	)		(0.49	)		7.05		7.36	^(f)		763,731		0.74	^(f)		0.80	^(f)		1.98	^(f)		397
Ten months ended 10/31/19		6.57		0.17		0.46			0.63			(0.17	)		–			(0.17	)		7.03		9.73			563,054		0.75	^(g)		0.81	^(g)		2.95	^(g)		86
Year ended 12/31/18		6.86		0.21		(0.29	)		(0.08	)		(0.21	)		–			(0.21	)		6.57		(1.12	)		478,723		0.75			0.80			3.18			64
Year ended 12/31/17		6.76		0.18		0.11			0.29			(0.19	)		–			(0.19	)		6.86		4.29			561,713		0.77			0.87			2.62			86
Year ended 12/31/16		6.74		0.17		0.02			0.19			(0.17	)		–			(0.17	)		6.76		2.75			610,368		0.85			0.94			2.41			80
Class C
Year ended 10/31/21		7.05		0.03		(0.07	)		(0.04	)		(0.05	)		(0.12	)		(0.17	)		6.84		(0.64	)		68,167		1.48			1.54			0.47			526
Year ended 10/31/20		7.03		0.08		0.37			0.45			(0.09	)		(0.34	)		(0.43	)		7.05		6.51			94,978		1.55			1.56			1.17			397
Ten months ended 10/31/19		6.58		0.12		0.46			0.58			(0.13	)		–			(0.13	)		7.03		8.85			75,026		1.54	^(g)		1.56	^(g)		2.15	^(g)		86
Year ended 12/31/18		6.87		0.16		(0.29	)		(0.13	)		(0.16	)		–			(0.16	)		6.58		(1.90	)		91,596		1.55			1.55			2.38			64
Year ended 12/31/17		6.77		0.12		0.11			0.23			(0.13	)		–			(0.13	)		6.87		3.43			109,888		1.60			1.63			1.79			86
Year ended 12/31/16		6.75		0.11		0.02			0.13			(0.11	)		–			(0.11	)		6.77		1.92			127,465		1.65			1.69			1.60			80
Class R
Year ended 10/31/21		7.04		0.07		(0.08	)		(0.01	)		(0.08	)		(0.12	)		(0.20	)		6.83		(0.14	)		84,671		0.98			1.04			0.97			526
Year ended 10/31/20		7.03		0.12		0.36			0.48			(0.13	)		(0.34	)		(0.47	)		7.04		6.90			78,849		1.04			1.06			1.68			397
Ten months ended 10/31/19		6.57		0.15		0.47			0.62			(0.16	)		–			(0.16	)		7.03		9.47			58,568		1.05	^(g)		1.07	^(g)		2.66	^(g)		86
Year ended 12/31/18		6.86		0.19		(0.29	)		(0.10	)		(0.19	)		–			(0.19	)		6.57		(1.41	)		52,539		1.05			1.05			2.88			64
Year ended 12/31/17		6.76		0.16		0.10			0.26			(0.16	)		–			(0.16	)		6.86		3.95			61,691		1.10			1.12			2.29			86
Year ended 12/31/16		6.74		0.14		0.02			0.16			(0.14	)		–			(0.14	)		6.76		2.43			63,752		1.15			1.19			2.09			80
Class Y
Year ended 10/31/21		7.00		0.10		(0.07	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.79		0.43			721,456		0.43			0.54			1.52			526
Year ended 10/31/20		6.99		0.16		0.36			0.52			(0.17	)		(0.34	)		(0.51	)		7.00		7.56			622,504		0.44			0.56			2.28			397
Ten months ended 10/31/19		6.53		0.18		0.47			0.65			(0.19	)		–			(0.19	)		6.99		10.05			528,791		0.45	^(g)		0.56	^(g)		3.25	^(g)		86
Year ended 12/31/18		6.82		0.23		(0.29	)		(0.06	)		(0.23	)		–			(0.23	)		6.53		(0.84	)		413,373		0.45			0.55			3.48			64
Year ended 12/31/17		6.72		0.20		0.11			0.31			(0.21	)		–			(0.21	)		6.82		4.60			343,689		0.48			0.62			2.93			86
Year ended 12/31/16		6.70		0.18		0.02			0.20			(0.18	)		–			(0.18	)		6.72		3.01			177,047		0.60			0.69			2.64			80
Class R5
Year ended 10/31/21		7.05		0.11		(0.08	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.84		0.46			17		0.41			0.43			1.54			526
Year ended 10/31/20		7.03		0.16		0.37			0.53			(0.17	)		(0.34	)		(0.51	)		7.05		7.71			17		0.43			0.44			2.29			397
Period ended 10/31/19^(h)		6.81		0.10		0.21			0.31			(0.09	)		–			(0.09	)		7.03		4.60			19		0.40	^(g)		0.41	^(g)		3.29	^(g)		86
Class R6
Year ended 10/31/21		7.04		0.11		(0.08	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.83		0.48			311,703		0.38			0.40			1.57			526
Year ended 10/31/20		7.02		0.17		0.36			0.53			(0.17	)		(0.34	)		(0.51	)		7.04		7.76			263,690		0.38			0.39			2.34			397
Ten months ended 10/31/19		6.57		0.19		0.45			0.64			(0.19	)		–			(0.19	)		7.02		9.91			968,348		0.38	^(g)		0.39	^(g)		3.31	^(g)		86
Year ended 12/31/18		6.86		0.23		(0.28	)		(0.05	)		(0.24	)		–			(0.24	)		6.57		(0.77	)		902,457		0.40			0.41			3.53			64
Year ended 12/31/17		6.75		0.20		0.12			0.32			(0.21	)		–			(0.21	)		6.86		4.81			993,755		0.42			0.43			2.98			86
Year ended 12/31/16		6.74		0.19		0.01			0.20			(0.19	)		–			(0.19	)		6.75		2.96			614,674		0.49			0.50			2.77			80

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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

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

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

^(g)	Annualized.

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

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


26		Invesco Core Bond Fund

Notes to Financial Statements

October 31, 2021

NOTE 1—Significant Accounting Policies

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

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

The 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.

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.

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


27		Invesco Core Bond Fund

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

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

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

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

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 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.

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 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.

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.

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

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.

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.

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.

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

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

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets*	Rate
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, 2021, the effective advisory fee rate incurred by the Fund was 0.34%.


29		Invesco Core Bond Fund

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. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

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

For the year ended October 31, 2021, the Adviser waived advisory fees of $291,504 and reimbursed class level expenses of $407,893, $29,010, $33,229, $592,893, $0 and $3,353 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $81,148 in front-end sales commissions from the sale of Class A shares and $7,516 and $7,357 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	—	$	839,515,354	$	9,356,506	$	848,871,860
Asset-Backed Securities		—		434,364,566		—		434,364,566
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		346,804,902		—		346,804,902
U.S. Treasury Securities		—		271,765,800		—		271,765,800
Preferred Stocks		—		14,107,650		—		14,107,650
Municipal Obligations		—		9,316,501		—		9,316,501
Agency Credit Risk Transfer Notes		—		5,675,654		—		5,675,654
Money Market Funds		342,493,665		—		—		342,493,665
Total Investments in Securities		342,493,665		1,921,550,427		9,356,506		2,273,400,598
Other Investments - Assets*
Futures Contracts		1,633,379		—		—		1,633,379


30		Invesco Core Bond Fund


	Level 1			Level 2		Level 3		Total


Other Investments - Liabilities*

Futures Contracts	$	(3,395,347	)	$	—	$	—	$	(3,395,347	)

Total Other Investments		(1,761,968	)		—		—		(1,761,968	)

Total Investments	$	340,731,697		$	1,921,550,427	$	9,356,506	$	2,271,638,630

*	Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2021:


	Value
Derivative Assets	Interest Rate Risk


Unrealized appreciation on futures contracts — Exchange-Traded^(a)	$	1,633,379

Derivatives not subject to master netting agreements		(1,633,379	)

Total Derivative Assets subject to master netting agreements	$	–


	Value
Derivative Liabilities	Interest Rate Risk


Unrealized depreciation on futures contracts — Exchange-Traded^(a)	$	(3,395,347	)

Derivatives not subject to master netting agreements		3,395,347

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, 2021

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


	Location of Gain (Loss) on Statement of Operations

	Interest Rate Risk


Realized Gain (Loss):
Futures contracts		$(3,850,828)

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(709,121)

Total		$(4,559,949)

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


	Futures Contracts


Average notional value	$	787,631,581

NOTE 5—Expense Offset Arrangement(s)

NOTE 6—Trustees’ and Officers’ Fees and Benefits


31		Invesco Core Bond Fund

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

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the 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, 2021 and 2020 :


	2021		2020
Ordinary income*		$50,564,465		$102,188,588
Long-term capital gain		11,674,365		36,053,447
Total distributions		$62,238,830		$138,242,035

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

Tax Components of Net Assets at Period-End:


	2021

Undistributed ordinary income	$	4,953,208

Net unrealized appreciation — investments		3,624,129

Temporary book/tax differences		(175,094	)

Capital loss carryforward		(3,527,920	)

Shares of beneficial interest		1,941,831,008

Total net assets	$	1,946,705,331

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, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term	Total

Not subject to expiration	$	3,527,920	$—		$3,527,920

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

NOTE 9—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $1,408,765,669 and $1,141,677,262, 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	$	25,623,631

Aggregate unrealized (depreciation) of investments		(21,999,502	)

Net unrealized appreciation of investments	$	3,624,129

Cost of investments for tax purposes is $2,268,014,501.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of dollar roll transactions and prior year distribution redesignation, on October 31, 2021, undistributed net investment income was increased by $8,490,138 and undistributed net realized gain (loss) was decreased by $8,490,138. This reclassification had no effect on the net assets or the distributable earnings of the Fund.


32		Invesco Core Bond Fund

NOTE 11—Share Information


	Summary of Share Activity

	Year ended October 31, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount

Sold:
Class A		27,406,232		$	190,173,947			44,725,365		$	318,388,852

Class C		2,879,515			20,058,954			7,112,457			50,607,917

Class R		4,484,685			31,028,788			5,128,843			36,499,181

Class Y		64,678,895			444,839,834			81,574,428			578,614,357

Class R6		23,117,686			159,761,711			28,385,347			201,331,387


Issued as reinvestment of dividends:
Class A		3,282,857			22,851,333			5,929,551			42,118,585

Class C		293,791			2,053,420			683,061			4,850,681

Class R		329,541			2,294,068			635,007			4,504,597

Class Y		2,624,583			18,148,874			4,254,539			30,004,623

Class R5		–			–			19			136

Class R6		1,103,448			7,669,664			5,671,283			40,277,639


Automatic conversion of Class C shares to Class A shares:
Class A		2,779,739			19,353,054			1,416,636			10,072,026

Class C		(2,776,541	)		(19,353,054	)		(1,416,066	)		(10,072,026	)


Reacquired:
Class A		(30,584,046	)		(211,463,682	)		(23,777,767	)		(168,491,481	)

Class C		(3,903,685	)		(26,991,533	)		(3,573,468	)		(25,394,277	)

Class R		(3,619,662	)		(25,034,309	)		(2,901,734	)		(20,521,920	)

Class Y		(49,988,861	)		(343,080,322	)		(72,614,369	)		(514,424,534	)

Class R5		–			–			(223	)		(1,636	)

Class R6		(16,037,206	)		(110,790,739	)		(134,489,423	)		(952,575,111	)

Net increase (decrease) in share activity		26,070,971		$	181,520,008			(53,256,514	)	$	(374,211,004	)

^(a)

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


33		Invesco Core Bond Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Core Bond Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the two years in the period ended October 31, 2021 and the ten months ended October 31, 2019 for Class A, Class C, Class R, Class Y and Class R6. For each of the two years in the period ended October 31, 2021 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent, brokers and portfolio company investees; when replies were not received from brokers or portfolio company investees, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


34		Invesco Core Bond 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, if these transaction costs were included, your costs would have been higher.


			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)¹		Expenses Paid During Period²		Ending Account Value (10/31/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A		$1,000.00		$1,006.00		$3.54		$1,021.68		$3.57		0.70%
Class C		1,000.00		1,000.70		7.36		1,017.85		7.43		1.46
Class R		1,000.00		1,003.20		4.85		1,020.37		4.89		0.96
Class Y		1,000.00		1,006.00		2.22		1,022.99		2.24		0.44
Class R5		1,000.00		1,007.50		2.33		1,022.89		2.35		0.46
Class R6		1,000.00		1,006.20		2.02		1,023.19		2.04		0.40

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


35		Invesco Core Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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

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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, 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 Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


36		Invesco Core Bond Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

The Board noted that Invesco Advisers 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

the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the

Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.


37		Invesco Core Bond Fund

Tax Information

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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	11,674,365
Qualified Dividend Income*		2.22	%
Corporate Dividends Received Deduction*		1.75	%
U.S. Treasury Obligations*		3.38	%
Qualified Business Income*		0.00	%
Business Interest Income*		62.71	%

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	$	20,216,010


38		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)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Core Bond Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Core Bond Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Core Bond Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A
		Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


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)
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 Core Bond Fund

(This page intentionally left blank)

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

LOGO


SEC file number(s): 811-03826 and 033-19338		Invesco Distributors, Inc.		O-TRB-AR-1

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Developing Markets Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

11		Consolidated Financial Statements

14		Consolidated Financial Highlights

15		Notes to Consolidated Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	16.71	%
Class C Shares	15.86
Class R Shares	16.42
Class Y Shares	17.01
Class R5 Shares	17.09
Class R6 Shares	17.17
MSCI Emerging Markets Index^▼	16.96

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

At the beginning of the fiscal year, global equity markets posted gains as good news about coronavirus (COVID-19) vaccines outweighed concerns about sharply rising infection rates and tightening social restrictions. In most global regions, equity market leadership shifted as value stocks outperformed growth stocks. Emerging market equities posted robust gains amplified by US dollar weakness.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

Emerging market equities declined during the third quarter of 2021, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and other areas along with the potential default of a large Chinese property developer.

In October of 2021, global equity stocks were positive with the US market leading the way, and Chinese equities rebounded after their decline in the third quarter. Overall, developed market equities outperformed emerging market equities for the fiscal year.

We believe that after ten very difficult years, the ingredients for sustainable emerging market (EM) equities outperformance are in place. We believe that non-China EM markets are poised for a cyclical recovery. In our view, volatility, momentum and the boom and bust environment will continue, so the investors need to understand the nuances in the market to uncover what we think will be attractive long-term opportunities. Alongside a broader economic recovery, we expect an

appreciation for nuance to continue well into 2022.

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

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

The largest contributors to the Fund’s absolute performance during the fiscal year included Taiwan Semiconductor Manufacturing, Novatek and Housing Development Finance Corporation.

Taiwan Semiconductor Manufacturing (TSMC) is considered to be the world’s preeminent semiconductor foundry. For the past 30 years, TSMC has made in-house design and innovation a priority while placing a large emphasis on client service and trust, allowing them to capture a large majority of the overall market share. COVID-19 imposed a tremendous amount of uncertainty in the marketplace, spurring key customers to accumulate large inventories of chips in an effort to hedge against the unknown. As this phenomenon was unfolding so was a new trend: the stay-at- home era, which spurred consumer spending on modern household appliances and comforts that relied on customized smart chips. We believe chip demand should continue to increase as new product launches in the central processing unit (CPU) segment are launched and the consumer

becomes further entrenched in the internet of things (IoT) lifestyle, all supporting TSMC’s future trajectory. We believe TSMC is firmly positioned as the key enabler of the new computing revolution in the semiconductor industry, with multiple architectures, chip platforms and design teams competing to push computing and artificial intelligence (AI) innovation.

Novatek is a Russian energy company that has stood at the forefront of technological and business innovation, finding creative ways to add value to its constantly expanding natural gas and stable gas condensate resource base. Novatek has evolved from a local independent gas player to a global liquified natural gas (LNG) leader. Novatek reported strong second quarter 2021 results with revenue, earnings before interest, taxes and amortization (EBITDA) and net income up significantly higher year-over-year given the low base of the previous calendar year and strong quarter performance driven by higher gas prices on international markets that allowed for higher sales prices and growth in volumes. Driven by strong second quarter of 2021 results and continued spot gas price rally in the following months, the company’s share price has performed well. Decarbonization has become one of, if not the most important issue for the energy industry and in the Russian oil and gas sector Novatek seems to be leading the charge. Overall, we believe Novatek has the potential to prove resilience over the next decade as their portfolio of projects reaches full utilization, while the global community continues to transition to cleaner energy sources.

Housing Development Finance Corporation (HDFC), a long-term holding of the Fund, was the first specialized mortgage company in India and still stands to benefit long-term from the vastly underpenetrated mortgage market. HDFC has exposure in other leading financial businesses that we believe will serve as additional growth levers, namely insurance and asset management. The Reserve Bank of India (RBI) regulated that banks must reduce stakes in insurance holdings to below 50%, thereby prompting a divestment in HDFC ERGO General Insurance Company, a joint venture between HDFC and ERGO. ERGO is one of the major insurance groups in Germany and Europe. HDFC divested to ERGO, which unlocked significant capital. Better affordability, increasing preference for bigger houses and general positive sentiment following a rally in India’s equity markets are generally positive factors for HDFC. Latest company results demonstrated a strong rebound in individual loan growth along with continued improvement in asset quality.

The largest detractors from the Fund’s absolute performance during the fiscal year included Alibaba, Tencent and New Oriental Education.

Alibaba is one of China’s most dominant internet companies and holds the leading position in the sizeable e-commerce market


2		Invesco Developing Markets Fund

while experiencing notable competitive threats and ongoing regulatory developments in China. We had been reducing exposure to Alibaba for several quarters on concerns of an increasingly competitive environment and exited the position in July 2021. However, the stock was trading at significantly lower valuation levels in October 2021 and offered an attractive opportunity to re-initiate a small position as the team does work to rebuild conviction.

Tencent, a long-term holding of the Fund, is a Chinese internet company with roots spread throughout China’s technology infrastructure. During a recent earnings announcement, Tencent’s management team announced that they will be investing in three core pillars - software, games and short-video. Due to ongoing geopolitical tensions with the United States, domestic businesses are increasingly looking for software that is developed and housed in domestic data centers. We believe that Tencent can benefit from this demand shift as they develop and monetize Platform as a service (PaaS) - hardware and software tools available online - and Software as a service (SaaS) - applications available via third party providers over the internet. Tencent has continued to focus on the success of their gaming pipeline, with a larger focus on the US market, which is three times the size of China’s. We believe investments will be made to develop more high-quality games that better suit the tastes of the US consumer. Finally, we believe Tencent will target the short-video market, but with a differentiated approach from competitors by building out a suite of tools that focus on ease of use and efficiency for content creators vs. the traditional subsidization of users and creators. The above initiatives will require capital outlay that will likely not see a return on investment until 2022, which caused the company’s share price to retract following the announcement. Additionally, the recent regulatory interventions in China in terms of limiting time spent on gaming by minors also negatively impacted investor sentiment and the stock price, while the company derives approximately 6% of revenues from this segment. We have reduced exposure to Tancent to reflect changes to our earnings and return expectations.

New Oriental Education (EDU) operates in China’s vast after school tutoring (AST) market. EDU’s roots were in English tutoring and test preparation for higher level English-speaking exams like the graduate record examinations (GRE). As incomes in China rapidly increased so did the needs of the tutoring market with demand far exceeding supply in the K-12 market, so EDU shifted its focus to this segment that now derives a majority of its revenues. However, the AST market in China has experienced volatility in 2021 due to contemplated reforms the government was looking to implement. Ultimately, a Chinese government announcement in July 2021 indicated notable changes to Chinese after-school tutoring companies that are now expected to convert to non-profits given the

Chinese government’s efforts to curb tutoring for profit in core school subjects to ease financial pressures on families. The news sent shockwaves through China’s vast private education sector with EDU’s share price plunging. The announced regulatory changes were more extreme than expected and the government decisions more challenging and complex, which has created a heightened level of uncertainty. We continue to monitor the evolving developments.

During this period of crisis and future uncertainty, 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 who focus on the long term and avoid tactical decisions. We will continue to seek high-quality companies that we believe have durable long-term growth potential supported by strong competitive positions, healthy balance sheets and cash flows that will allow them to thrive in the post-COVID world.

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.


3		Invesco Developing Markets Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco Developing Markets Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (11/18/96)	11.16	%
10 Years	5.45
5 Years	8.69
1 Year	10.28

Class C Shares
Inception (11/18/96)	11.14	%
10 Years	5.43
5 Years	9.11
1 Year	14.86

Class R Shares
Inception (3/1/01)	10.64	%
10 Years	5.76
5 Years	9.65
1 Year	16.42

Class Y Shares
Inception (9/7/05)	8.89	%
10 Years	6.33
5 Years	10.20
1 Year	17.01

Class R5 Shares
10 Years	6.13	%
5 Years	10.10
1 Year	17.09

Class R6 Shares
Inception (12/29/11)	7.46	%
5 Years	10.38
1 Year	17.17

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. 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.

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.


5		Invesco Developing Markets Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Developing Markets Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		21.78	%

Financials		19.61

Information Technology		16.50

Communication Services		11.26

Health Care		7.40

Consumer Staples		6.11

Materials		6.08

Energy		4.57

Industrials		3.80

Real Estate		1.86

Money Market Funds Plus Other Assets Less Liabilities		1.03

Top 10 Equity Holdings*


		% of total net assets

1.	Taiwan Semiconductor Manufacturing Co. Ltd.		8.22	%

2.	Housing Development Finance Corp. Ltd.		5.52

3.	Novatek PJSC, GDR		4.57

4.	AIA Group Ltd.		4.12

5.	Kotak Mahindra Bank Ltd.		3.81

6.	Yandex N.V., Class A		3.77

7.	Yum China Holdings, Inc.		3.38

8.	Tencent Holdings Ltd.		3.29

9.	Cie Financiere Richemont S.A.		2.84

10.	Grab Holdings, Inc., Class H, Pfd.		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, 2021.


7		Invesco Developing Markets Fund

Consolidated Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests-95.18%
Brazil-4.27%
Ambev S.A.		99,307,624	$	298,953,991


Americanas S.A.^(a)		27,375,464		144,060,966


Lojas Americanas S.A., Preference Shares^(b)		152,085,913		130,156,093


Lojas Renner S.A.		31,371,000		179,150,099


Pagseguro Digital Ltd., Class A^(a)(b)		12,793,005		463,106,781


Vale S.A., ADR		70,689,861		899,881,931


				2,115,309,861



China-24.28%
Alibaba Group Holding Ltd.^(a)		19,402,700		401,427,865


BeiGene Ltd., ADR^(a)		2,235,297		799,610,443


Blue Moon Group Holdings Ltd.^(c)		53,774,239		48,378,044


Brii Biosciences Ltd.^(a)		2,946,500		9,301,196


Brii Biosciences Ltd.		34,184,238		101,843,151


Budweiser Brewing Co. APAC Ltd.^(c)		47,961,400		132,465,583


Contemporary Amperex Technology Co. Ltd., A Shares		425,291		42,349,413


DiDi Global, Inc.		5,680,977		174,212,841


Huazhu Group Ltd., ADR^(a)(b)		27,705,794		1,284,440,610


Innovent Biologics, Inc.^(a)(c)		17,105,500		153,959,576


Keymed Biosciences, Inc.^(a)(c)		3,438,422		17,737,511


Keymed Biosciences, Inc.		5,232,000		25,553,114


Meituan, B Shares^(a)(c)		16,881,800		588,928,077


MicroTech Medical Hangzhou Co. Ltd.		8,082,200		30,098,547


MicroTech Medical Hangzhou Co. Ltd., H Shares^(a)(c)		1,243,700		4,875,374


NetEase, Inc., ADR		12,644,425		1,233,969,436


New Horizon Health Ltd.^(a)(c)		14,644,000		53,314,719


New Oriental Education & Technology Group, Inc., ADR^(a)		45,866,157		94,025,622


OneConnect Financial Technology Co. Ltd., ADR^(a)		11,163,061		35,386,903


Pinduoduo, Inc., ADR^(a)		10,810,090		961,233,203


Remegen Co. Ltd., H Shares^(a)(c)		5,539,292		68,879,967


Sunny Optical Technology Group Co. Ltd.		5,136,200		138,508,501


Tencent Holdings Ltd.		26,266,658		1,630,798,224


Wuxi Biologics Cayman, Inc.^(a)(c)		63,398,500		968,291,968


Yum China Holdings, Inc.^(b)		29,277,656		1,671,168,604


Zai Lab Ltd., ADR^(a)(b)		5,275,818		550,795,399


ZTO Express Cayman, Inc.		2,232,932		66,378,594


ZTO Express Cayman, Inc., ADR^(b)		25,415,380		745,433,095


				12,033,365,580



Egypt-0.61%
Commercial International Bank Egypt S.A.E.^(a)(b)		93,476,639		303,527,977



France-4.61%
Kering S.A.		1,796,034		1,347,499,666


LVMH Moet Hennessy Louis Vuitton SE		32,612		25,566,945


Pernod Ricard S.A.		3,956,695		911,094,678


				2,284,161,289



Hong Kong-4.47%
AIA Group Ltd.		180,745,800		2,042,578,887


	Shares		Value


Hong Kong-(continued)
Hong Kong Exchanges & Clearing Ltd.		2,821,100	$	171,211,096


				2,213,789,983



India-16.22%
Godrej Properties Ltd.^(a)		6,430,810		192,002,423


Havells India Ltd.		3,262,902		55,123,307


HDFC Life Insurance Co. Ltd.^(c)		12,135,088		110,167,888


Housing Development Finance Corp. Ltd.		71,733,727		2,732,087,202


Infosys Ltd.		34,486,788		771,764,181


Kotak Mahindra Bank Ltd.		69,732,701		1,887,858,530


Oberoi Realty Ltd.^(a)(b)		21,292,538		257,865,739


Tata Consultancy Services Ltd.		29,442,588		1,337,512,369


Zee Entertainment Enterprises Ltd. (Acquired 05/07/2008-05/28/2019; Cost $202,396,424)^(b)(d)		171,668,476		691,264,774


				8,035,646,413



Indonesia-1.72%
PT Bank Central Asia Tbk		891,940,500		470,708,926


PT Bank Rakyat Indonesia (Persero) Tbk		786,751,965		235,171,741


PT Indocement Tunggal Prakarsa Tbk		103,121,518		85,961,592


PT Semen Indonesia (Persero) Tbk		90,584,700		58,319,203


				850,161,462



Italy-1.75%
Moncler S.p.A.		4,671,574		336,189,638


PRADA S.p.A.		83,794,210		528,737,696


				864,927,334



Mexico-5.91%
Alsea S.A.B. de C.V.^(b)		64,088,417		134,539,605


Fomento Economico Mexicano, S.A.B. de C.V., ADR		2,191,596		180,127,275


Fomento Economico Mexicano, S.A.B. de C.V., Series CPO^(b)		96,200,378		790,891,586


Grupo Mexico S.A.B. de C.V., Class B		263,262,188		1,154,936,896


Wal-Mart de Mexico S.A.B. de C.V., Series V		190,902,963		665,860,782


				2,926,356,144



Peru-0.49%
Credicorp Ltd.		1,878,571		243,575,516



Philippines-2.04%
Ayala Land, Inc.		446,427,700		311,434,862


SM Investments Corp.		28,284,992		541,645,009


SM Prime Holdings, Inc.		242,298,139		159,327,143


				1,012,407,014



Poland-0.47%
InPost S.A.^(a)		16,377,698		233,743,791



Russia-9.99%
Novatek PJSC, GDR^(c)		8,903,500		2,263,447,236


Polyus PJSC^(a)		1,342,020		266,494,122


Polyus PJSC, GDR^(c)		1,319,684		130,878,077


Sberbank of Russia PJSC		83,267,547		418,765,234

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


8		Invesco Developing Markets Fund


	Shares		Value


Russia-(continued)
Yandex N.V., Class A^(a)(b)		22,554,296	$	1,868,397,880


				4,947,982,549



South Africa-0.65%
FirstRand Ltd.		84,434,520		320,982,855



South Korea-4.52%
LG Chem Ltd.		581,268		416,512,853


NAVER Corp.		420,881		147,318,820


Samsung Biologics Co. Ltd.^(a)(c)		1,040,313		778,275,179


Samsung Electronics Co. Ltd.		15,008,366		899,181,226


				2,241,288,078



Switzerland-2.86%
Cie Financiere Richemont S.A.		11,357,036		1,408,171,657


Cie Financiere Richemont S.A., Wts., expiring 11/22/2023^(a)		15,598,668		11,244,125


				1,419,415,782



Taiwan-8.94%
MediaTek, Inc.		10,731,000		354,762,981


Taiwan Semiconductor Manufacturing Co. Ltd.		192,458,429		4,072,929,317


				4,427,692,298



Turkey-0.29%
Akbank T.A.S.		239,848,228		146,090,648



United Kingdom-1.09%
Oxford Nanopore Technologies PLC^(a)		5,304,879		40,547,077


Prudential PLC		12,782,000		261,681,878


Prudential PLC		11,849,300		239,964,848


				542,193,803


Total Common Stocks & Other Equity Interests (Cost $31,085,355,301)				47,162,618,377



Preferred Stocks-3.79%
Cayman Islands-0.27%
NU Holdings Ltd., Pfd.^(e)		851,081		34,033,681


NU Holdings Ltd., Series A, Pfd. (Acquired 01/27/2021-06/04/2021; Cost $9,135,609)^(c)(d)(e)		268,082		10,720,269


NU Holdings Ltd., Series B, Pfd. (Acquired 01/27/2021-06/04/2021; Cost $837,680)^(c)(d)(e)		23,932		957,011

Investment Abbreviations:

ADR - American Depositary Receipt

CPO - Certificates of Ordinary Participation

GDR - Global Depositary Receipt

Pfd. - Preferred

Wts. - Warrants


	Shares		Value


Cayman Islands-(continued)
NU Holdings Ltd., Series D, Pfd. (Acquired 01/27/2021-06/04/2021; Cost $1,353,764)^(c)(d)(e)		37,505	$	1,499,779


NU Holdings Ltd., Series E, Pfd.^(e)		21,643		865,477


NU Holdings Ltd., Series G, Pfd. (Acquired 01/28/2021; Cost $52,173,910)^(c)(d)(e)		1,533,744		61,332,533


NU Holdings Ltd., Series G-1, Pfd.^(e)		312,098		12,480,414


NU Holdings Ltd., Series S, Pfd. (Acquired 01/27/2021-06/04/2021; Cost $4,106,543)^(c)(d)(e)		113,256		4,528,968


Nubank, Pfd.^(e)		200,204		8,005,911


				134,424,043



China-0.13%
Abogen Biosciences, Series C, Pfd.^(e)		1,436,122		65,429,977



India-0.27%
Delhivery Private Ltd., Pfd.^(e)		48,149		25,000,000


Pine Labs Pvt. Ltd., Pfd.^(e)		134,098		49,999,780


Pine Labs Pvt. Ltd., Series K, Pfd.^(e)		103,185		50,000,356


Zee Entertainment Enterprises Ltd., 6.00%, Pfd. (Acquired 05/07/2008-04/18/2013; Cost $0)^(b)(d)		189,591,305		5,215,699


				130,215,835



Singapore-3.12%
Grab Holdings, Inc., Class H, Pfd.^(b)		104,679,791		1,545,865,618


Total Preferred Stocks (Cost $952,561,913)				1,875,935,473



Money Market Funds-1.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(f)		188,299,280		188,299,280


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(b)(f)		145,315,910		145,359,504


Invesco Treasury Portfolio, Institutional Class, 0.01%^(b)(f)		215,199,177		215,199,177


Total Money Market Funds (Cost $548,858,534)				548,857,961


TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $32,586,775,748)				49,587,411,811


OTHER ASSETS LESS LIABILITIES-(0.08)%				(37,460,230	)


NET ASSETS-100.00%			$	49,549,951,581

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


9		Invesco Developing Markets Fund

Notes to Consolidated Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2021.


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	407,757,469	$	3,691,233,214	$	(3,910,691,403	)	$	-		$	-		$	188,299,280	$	132,731
Invesco Liquid Assets Portfolio, Institutional Class		291,207,617		2,630,543,766		(2,776,363,686	)		26,576			(54,769	)		145,359,504		78,477
Invesco Treasury Portfolio, Institutional Class		466,008,536		4,218,552,245		(4,469,361,604	)		-			-			215,199,177		59,810
Investments in Other Affiliates:
Alsea S.A.B. de C.V.		64,051,453		-		(18,978,962	)		99,211,173			(9,744,059	)		134,539,605		-
Commercial International Bank Egypt S.A.E.*		305,134,981		15,093,164		(43,119,346	)		34,531,728			(8,112,550	)		303,527,977		-
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO*		601,652,947		-		(120,741,629	)		340,345,411			(30,365,143	)		790,891,586		13,679,419
Grab Holdings, Inc., Class H, Pfd.		645,131,084		-		-			900,734,534			-			1,545,865,618		-
Grupo Aval Acciones y Valores S.A., ADR		127,057,389		-		(141,647,415	)		204,061,609			(189,471,583	)		-		5,625,785
Huazhu Group Ltd., ADR		1,259,926,511		34,644,095		(262,580,749	)		173,501,178			78,949,575			1,284,440,610		-
Lojas Americanas S.A., Preference Shares		504,549,989		122,064,213		-			(496,458,109	)		-			130,156,093		4,815,714
Oberoi Realty Ltd.		155,798,345		-		(48,919,686	)		140,470,652			10,516,428			257,865,739		-
Pagseguro Digital Ltd., Class A		354,897,560		374,862,595		(325,844,323	)		(81,572,476	)		140,763,425			463,106,781		-
Yandex N.V., Class A		1,255,511,776		50,623,367		-			562,262,737			-			1,868,397,880		-
Yum China Holdings, Inc.		1,607,665,129		111,507,848		(166,026,814	)		90,310,112			27,712,329			1,671,168,604		13,590,068
Zai Lab Ltd., ADR		-		704,639,577		-			(153,844,178	)		-			550,795,399		-
Zee Entertainment Enterprises Ltd.		434,835,076		-		-			256,429,698			-			691,264,774		4,453,552
Zee Entertainment Enterprises Ltd., Pfd.*		9,312,314		-		-			(4,096,615	)		-			5,215,699		4,558,857
ZTO Express Cayman, Inc., ADR*		978,260,472		-		(264,638,292	)		(48,118,249	)		79,929,164			745,433,095		8,101,536
Total	$	9,468,758,648	$	11,953,764,084	$	(12,548,913,909	)	$	2,017,795,781		$	100,122,817		$	10,991,527,421	$	55,095,949

At October 31, 2021, this security was no longer an affiliate of the Fund.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $5,398,637,759, which represented 10.90% of the Fund’s Net Assets.

^(d)	Restricted security. The aggregate value of these securities at October 31, 2021 was $775,519,033, which represented 1.57% of the Fund’s Net Assets.

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

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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


10		Invesco Developing Markets Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $26,386,868,573)	$	40,440,952,747


Investments in affiliates, at value (Cost $6,199,907,175)		9,146,459,064


Cash		231,841,585


Foreign currencies, at value (Cost $29,201,197)		30,196,804


Receivable for:
Investments sold		54,392,577


Fund shares sold		42,477,492


Dividends		56,337,993


Investment for trustee deferred compensation and retirement plans		1,476,289


Other assets		326,229


Total assets		50,004,460,780



Liabilities:

Payable for:
Investments purchased		17,780,103


Fund shares reacquired		40,618,886


Accrued foreign taxes		355,161,817


Accrued fees to affiliates		15,599,332


Accrued trustees’ and officers’ fees and benefits		262,624


Accrued other operating expenses		23,610,148


Trustee deferred compensation and retirement plans		1,476,289


Total liabilities		454,509,199


Net assets applicable to shares outstanding	$	49,549,951,581



Net assets consist of:

Shares of beneficial interest	$	30,632,203,365


Distributable earnings		18,917,748,216


	$	49,549,951,581


Net Assets:

Class A	$	4,467,836,407



Class C	$	71,470,492



Class R	$	379,042,980



Class Y	$	23,079,615,418



Class R5	$	10,526,526



Class R6	$	21,541,459,758



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		83,510,676



Class C		1,464,900



Class R		7,415,518



Class Y		437,300,012



Class R5		196,669



Class R6		407,750,567


Class A:
Net asset value per share	$	53.50


Maximum offering price per share (Net asset value of $53.50 ÷ 94.50%)	$	56.61


Class C:
Net asset value and offering price per share	$	48.79


Class R:
Net asset value and offering price per share	$	51.11


Class Y:
Net asset value and offering price per share	$	52.78


Class R5:
Net asset value and offering price per share	$	53.52


Class R6:
Net asset value and offering price per share	$	52.83

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


11		Invesco Developing Markets Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$	2,048,250


Dividends (net of foreign withholding taxes of $70,223,875)		626,716,058


Dividends from affiliates (net of foreign withholding taxes of $4,104,448)		55,095,949


Foreign withholding tax claims		15,739,137


Total investment income		699,599,394



Expenses:
Advisory fees		374,236,534


Administrative services fees		7,041,031


Custodian fees		15,798,939


Distribution fees:
Class A		11,884,293


Class C		1,166,156


Class R		2,099,719


Transfer agent fees – A, C, R and Y		43,294,150


Transfer agent fees – R5		11,908


Transfer agent fees – R6		2,084,953


Trustees’ and officers’ fees and benefits		470,288


Registration and filing fees		442,151


Reports to shareholders		2,103,327


Professional services fees		1,473,273


Other		1,285,987


Total expenses		463,392,709


Less: Fees waived and/or expense offset arrangement(s)		(707,020	)


Net expenses		462,685,689


Net investment income		236,913,705



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $32,781,732)		2,685,726,960


Affiliated investment securities		100,122,817


Foreign currencies		(9,709,023	)


	2,776,140,754


Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $246,258,088)		1,707,663,779


Affiliated investment securities		2,017,795,781


Foreign currencies		673,220


	3,726,132,780


Net realized and unrealized gain		6,502,273,534


Net increase in net assets resulting from operations	$	6,739,187,239

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


12		Invesco Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:

Net investment income	$	236,913,705		$	140,475,324


Net realized gain (loss)		2,776,140,754			(487,923,360	)


Change in net unrealized appreciation		3,726,132,780			2,383,753,499


Net increase in net assets resulting from operations		6,739,187,239			2,036,305,463



Distributions to shareholders from distributable earnings:

Class A		–			(105,565,232	)


Class C		–			(8,285,253	)


Class R		–			(9,707,033	)


Class Y		(48,200,764	)		(489,453,379	)


Class R5		(44,458	)		(165,471	)


Class R6		(70,287,598	)		(464,803,857	)


Total distributions from distributable earnings		(118,532,820	)		(1,077,980,225	)



Share transactions-net:

Class A		(363,923,954	)		(839,577,635	)


Class C		(191,599,552	)		(177,523,936	)


Class R		(73,578,715	)		(94,929,873	)


Class Y		1,599,558,338			(1,293,557,827	)


Class R5		(5,511,623	)		6,442,779


Class R6		1,765,562,602			(572,290,098	)


Net increase (decrease) in net assets resulting from share transactions		2,730,507,096			(2,971,436,590	)


Net increase (decrease) in net assets		9,351,161,515			(2,013,111,352	)



Net assets:

Beginning of year		40,198,790,066			42,211,901,418


End of year	$	49,549,951,581		$	40,198,790,066

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


13		Invesco Developing Markets Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21		$45.84		$0.11			$7.55			$7.66			$ –			$ –			$ –			$53.50		16.71	%		$4,467,836		1.20	%		1.20	%		0.20	%		38	%
Year ended 10/31/20		44.28		0.04			2.50			2.54			(0.11	)		(0.87	)		(0.98	)		45.84		5.75			4,130,292		1.22			1.22			0.08			30
Two months ended 10/31/19		42.05		0.06			2.17			2.23			–			–			–			44.28		5.30			4,881,008		1.24	^(e)		1.24	^(e)		0.80	^(e)		7
Year ended 08/31/19		42.01		0.14			0.01			0.15			(0.11	)		–			(0.11	)		42.05		0.34			4,686,134		1.27			1.27			0.34			28
Year ended 08/31/18		41.49		0.06			0.59			0.65			(0.13	)		–			(0.13	)		42.01		1.59			5,277,791		1.29			1.29			0.13			36
Year ended 08/31/17		33.45		0.13			7.98			8.11			(0.07	)		–			(0.07	)		41.49		24.32			6,350,957		1.32			1.32			0.37			33
Class C
Year ended 10/31/21		42.11		(0.28	)		6.96			6.68			–			–			–			48.79		15.86			71,470		1.95			1.95			(0.55	)		38
Year ended 10/31/20		40.96		(0.27	)		2.29			2.02			–			(0.87	)		(0.87	)		42.11		4.93			225,906		1.97			1.97			(0.67	)		30
Two months ended 10/31/19		38.95		–			2.01			2.01			–			–			–			40.96		5.16			403,027		2.00	^(e)		2.00	^(e)		0.03	^(e)		7
Year ended 08/31/19		39.10		(0.16	)		0.01			(0.15	)		–			–			–			38.95		(0.41	)		493,169		2.02			2.02			(0.42	)		28
Year ended 08/31/18		38.79		(0.25	)		0.56			0.31			–			–			–			39.10		0.80			826,481		2.05			2.05			(0.62	)		36
Year ended 08/31/17		31.44		(0.13	)		7.48			7.35			–			–			–			38.79		23.38			973,031		2.07			2.07			(0.39	)		33
Class R
Year ended 10/31/21		43.91		(0.03	)		7.23			7.20			–			–			–			51.11		16.40			379,043		1.45			1.45			(0.05	)		38
Year ended 10/31/20		42.48		(0.07	)		2.40			2.33			(0.03	)		(0.87	)		(0.90	)		43.91		5.49			387,506		1.47			1.47			(0.17	)		30
Two months ended 10/31/19		40.36		0.04			2.08			2.12			–			–			–			42.48		5.25			472,840		1.50	^(e)		1.50	^(e)		0.54	^(e)		7
Year ended 08/31/19		40.32		0.03			0.01			0.04			–			–			–			40.36		0.10			471,206		1.52			1.52			0.08			28
Year ended 08/31/18		39.84		(0.05	)		0.58			0.53			(0.05	)		–			(0.05	)		40.32		1.32			585,385		1.55			1.55			(0.12	)		36
Year ended 08/31/17		32.13		0.05			7.66			7.71			–			–			–			39.84		24.01			680,861		1.57			1.57			0.14			33
Class Y
Year ended 10/31/21		45.21		0.24			7.45			7.69			(0.12	)		–			(0.12	)		52.78		17.01			23,079,615		0.95			0.95			0.45			38
Year ended 10/31/20		43.70		0.14			2.48			2.62			(0.24	)		(0.87	)		(1.11	)		45.21		6.01			18,432,202		0.97			0.97			0.33			30
Two months ended 10/31/19		41.49		0.07			2.14			2.21			–			–			–			43.70		5.33			19,342,101		1.00	^(e)		1.00	^(e)		1.04	^(e)		7
Year ended 08/31/19		41.48		0.24			0.00			0.24			(0.23	)		–			(0.23	)		41.49		0.61			18,525,445		1.02			1.02			0.59			28
Year ended 08/31/18		40.98		0.16			0.59			0.75			(0.25	)		–			(0.25	)		41.48		1.82			17,898,340		1.05			1.05			0.38			36
Year ended 08/31/17		33.06		0.24			7.85			8.09			(0.17	)		–			(0.17	)		40.98		24.61			17,496,988		1.07			1.07			0.67			33
Class R5
Year ended 10/31/21		45.85		0.27			7.55			7.82			(0.15	)		–			(0.15	)		53.52		17.07			10,527		0.90			0.90			0.50			38
Year ended 10/31/20		44.33		0.17			2.52			2.69			(0.30	)		(0.87	)		(1.17	)		45.85		6.10			13,560		0.89			0.89			0.41			30
Two months ended 10/31/19		42.08		0.08			2.17			2.25			–			–			–			44.33		5.35			6,006		0.88	^(e)		0.88	^(e)		1.16	^(e)		7
Period ended 08/31/19^(f)		41.26		0.09			0.73			0.82			–			–			–			42.08		1.99			10		0.87	^(e)		0.87	^(e)		0.74	^(e)		28
Class R6
Year ended 10/31/21		45.25		0.32			7.45			7.77			(0.19	)		–			(0.19	)		52.83		17.17			21,541,460		0.81			0.81			0.59			38
Year ended 10/31/20		43.75		0.21			2.48			2.69			(0.32	)		(0.87	)		(1.19	)		45.25		6.17			17,009,325		0.82			0.82			0.48			30
Two months ended 10/31/19		41.52		0.09			2.14			2.23			–			–			–			43.75		5.37			17,106,921		0.83	^(e)		0.83	^(e)		1.21	^(e)		7
Year ended 08/31/19		41.52		0.31			(0.01	)		0.30			(0.30	)		–			(0.30	)		41.52		0.77			16,224,242		0.86			0.86			0.75			28
Year ended 08/31/18		41.01		0.23			0.59			0.82			(0.31	)		–			(0.31	)		41.52		2.00			13,987,540		0.87			0.87			0.55			36
Year ended 08/31/17		33.09		0.31			7.84			8.15			(0.23	)		–			(0.23	)		41.01		24.84			11,559,582		0.88			0.88			0.87			33

^(a)	Calculated using average of Units 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 and 2017, respectively.

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

^(e)	Annualized.

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

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


14		Invesco Developing Markets Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund will seek long term capital appreciation by investing primarily in companies established or operating in the People’s Republic of China through investments in the Subsidiary. The Fund may invest up to 10% of its total assets in the Subsidiary.

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

The 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.

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


15		Invesco Developing Markets Fund

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

The Fund 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 Withholding Taxes - The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Consolidated Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Consolidated Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Consolidated Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended October 31, 2021, the Fund did not enter into any closing agreements.


16		Invesco Developing Markets Fund

currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

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

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

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar.

Transaction costs are often higher and there may be delays in settlement procedures.

Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than U.S. securities.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


First $ 250 million		1.000%


Next $250 million		0.950%


Next $500 million		0.900%


Next $6 billion		0.850%


Next $3 billion		0.800%


Next $20 billion		0.750%


Next $15 billion		0.740%


Over $45 billion		0.730%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.75%.


17		Invesco Developing Markets Fund

expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2021, the Adviser waived advisory fees of $703,050.

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $73,501 in front-end sales commissions from the sale of Class A shares and $506 and $1,736 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


Brazil	$	2,115,309,861	$	–	$	–	$	2,115,309,861


Cayman Islands		–		–		134,424,043		134,424,043


China		7,380,938,689		4,652,426,891		65,429,977		12,098,795,557


Egypt		–		303,527,977		–		303,527,977


France		–		2,284,161,289		–		2,284,161,289


Hong Kong		–		2,213,789,983		–		2,213,789,983


India		5,215,699		8,035,646,413		125,000,136		8,165,862,248


Indonesia		–		850,161,462		–		850,161,462


Italy		–		864,927,334		–		864,927,334


Mexico		2,926,356,144		–		–		2,926,356,144


Peru		243,575,516		–		–		243,575,516


Philippines		–		1,012,407,014		–		1,012,407,014


Poland		–		233,743,791		–		233,743,791


Russia		2,265,770,079		2,682,212,470		–		4,947,982,549


Singapore		–		1,545,865,618		–		1,545,865,618


18		Invesco Developing Markets Fund


	Level 1		Level 2		Level 3		Total


South Africa	$	–	$	320,982,855	$	–	$	320,982,855


South Korea		–		2,241,288,078		–		2,241,288,078


Switzerland		11,244,125		1,408,171,657		–		1,419,415,782


Taiwan		–		4,427,692,298		–		4,427,692,298


Turkey		–		146,090,648		–		146,090,648


United Kingdom		40,547,077		501,646,726		–		542,193,803


Money Market Funds		548,857,961		–		–		548,857,961


Total Investments	$	15,537,815,151	$	33,724,742,504	$	324,854,156	$	49,587,411,811

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, 2021:

Change in

Accrued

Unrealized

Transfers

Value

Purchases

Proceeds

Discounts/

Realized

Appreciation

into

out of

Value

10/31/20

at Cost

from Sales

Premiums

Gain

(Depreciation)

Level 3

10/31/21

Preferred Stocks

934,475,173

307,430,829

(249,999,967

)

$–

(21,920,795

)

$–

(645,131,084

)

324,854,156

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

NOTE 4–Expense Offset Arrangement(s)

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, 2021 and 2020 :


	2021		2020


Ordinary income*	$	118,532,820	$	312,705,303


Long-term capital gain		–		765,274,922


Total distributions	$	118,532,820	$	1,077,980,225

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	193,048,177


Undistributed long-term capital gain		2,169,516,751


Net unrealized appreciation – investments		16,556,054,234


Net unrealized appreciation – foreign currencies		820,201


Temporary book/tax differences		(1,691,147	)


Shares of beneficial interest		30,632,203,365


Total net assets	$	49,549,951,581


19		Invesco Developing Markets Fund

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

The Fund does not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $21,247,935,679 and $17,952,099,862, 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	$19,544,857,078


Aggregate unrealized (depreciation) of investments	(2,988,802,844	)


Net unrealized appreciation of investments	$16,556,054,234

Cost of investments for tax purposes is $33,031,357,577.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization payment, foreign taxes and passive foreign investment companies, on October 31, 2021, undistributed net investment income was decreased by $20,309,136, undistributed net realized gain was decreased by $141,642,864 and shares of beneficial interest was increased by $161,952,000. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		10,429,350		$	573,327,688			12,120,595		$	513,333,800


Class C		141,844			7,142,114			267,818			10,636,009


Class R		672,573			35,209,233			772,293			31,376,932


Class Y		113,886,507			6,147,223,252			102,988,186			4,314,513,261


Class R5		49,865			2,754,655			214,242			8,779,932


Class R6		103,363,104			5,626,041,796			93,082,360			3,844,334,771



Issued as reinvestment of dividends:
Class A		–			–			2,039,333			92,952,814


Class C		–			–			179,390			7,561,279


Class R		–			–			221,370			9,684,930


Class Y		783,038			40,702,319			9,320,943			418,044,321


Class R5		843			44,421			3,634			165,186


Class R6		1,073,932			55,812,257			7,845,713			351,723,324



Automatic conversion of Class C shares to Class A shares:
Class A		3,298,037			176,648,746			2,540,406			111,253,173


Class C		(3,596,045	)		(176,648,746	)		(2,756,444	)		(111,253,173	)



Reacquired:
Class A		(20,323,402	)		(1,113,900,388	)		(36,821,623	)		(1,557,117,422	)


Class C		(445,316	)		(22,092,920	)		(2,166,495	)		(84,468,051	)


Class R		(2,082,922	)		(108,787,948	)		(3,298,174	)		(135,991,735	)


Class Y		(85,074,511	)		(4,588,367,233	)		(147,172,297	)		(6,026,115,409	)


Class R5		(149,767	)		(8,310,699	)		(57,608	)		(2,502,339	)


Class R6		(72,605,766	)		(3,916,291,451	)		(116,012,827	)		(4,768,348,193	)


Net increase (decrease) in share activity		49,421,364		$	2,730,507,096			(76,689,185	)	$	(2,971,436,590	)

^(a)

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


20		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), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the two years in the period ended October 31, 2021, the two months ended October 31, 2019, and the year ended August 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Developing Markets Fund (subsequently renamed Invesco Developing Markets Fund) as of and for the year ended August 31, 2018 and the consolidated financial highlights for 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

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, 2021 by correspondence with the custodian, transfer agent, brokers, and portfolio company investees; when replies were not received from brokers or portfolio company investees, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


21		Invesco Developing Markets Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$946.40	$5.94	$1,019.11	$6.16	1.21%
Class C	1,000.00	943.00	9.65	1,015.27	10.01	1.97
Class R	1,000.00	945.50	7.16	1,017.85	7.43	1.46
Class Y	1,000.00	947.80	4.71	1,020.37	4.89	0.96
Class R5	1,000.00	948.10	4.42	1,020.67	4.58	0.90
Class R6	1,000.00	948.30	4.03	1,021.07	4.18	0.82

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco Developing Markets Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the second quintile for the three and year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period, above 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 Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund


23		Invesco Developing Markets Fund

performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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


24		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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	161,952,000
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		5.13	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0574		per share
Foreign Source Income	$	0.7718		per share

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


25		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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Developing Markets Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non- profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non- profit)


T-3		Invesco Developing Markets Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²- 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Developing Markets Fund

Trustees and Officers–(continued)


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

LOGO


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

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco Discovery Mid Cap Growth Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	44.48	%
Class C Shares	43.42
Class R Shares	44.11
Class Y Shares	44.84
Class R5 Shares	44.88
Class R6 Shares	45.02
Russell Midcap Growth Index^q	39.43

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

US equity markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (COVID-19) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter of 2020 with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks were buoyed by the US Federal Reserve (the Fed) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made”¹ toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp sell-off in late January 2021. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.75%² at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March 2021 saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite

higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021.³ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued frto move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September,3 the Fed declined to raise interest rates at its Sep-tember 2021 Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a sell-off through most of September 2021 due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 index companies met or exceeded earnings expectations and the index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.⁴

During the fiscal year, stock selection within the information technology, financials and materials 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 discretionary and real estate sectors.

The largest individual contributors to the Fund’s absolute performance during the fiscal year included Generac, EPAM Systems and HubSpot. Generac benefited from dilapidated US energy infrastructure and increased natural disasters that drove unprecedented demand for standby generators. EPAM Systems is well positioned in the race to digitize businesses that provide a significant tailwind to digital consulting businesses. We are expect-

ing revenue growth to be north of 30% this year. HubSpot, a long-time holding, continues to execute its plan of becoming a platform for sales and marketing software serving mid-market enterprises.

The largest individual detractors from the Fund’s absolute performance during the fiscal year included Zillow, Teladoc and Farfetch. Zillow detracted due to a number of factors. Despite better than expected second quarter of 2021 revenues and earnings before interest, taxes, depreciation and amortization (EBITDA), third quarter of 2021 guidance implied slowing in their core IMT (internet, media and technology) business and the company’s rapidly growing but lower margin homes (home buying and selling) business will require further investments. A decelerating macroeconomic housing backdrop also weighed on the stock. We exited our position during the fiscal year. Teladoc underper-formed in the middle of the fiscal year due primarily to the surprise announcement that Amazon would expand their telemedicine business for Amazon employees to a larger group of external clients, thereby creating a competitor to Teladoc. While it will take a long time for Amazon to replicate all of the services that Teladoc offers, this risk of new competition altered our investment thesis and led us to quickly exit our small position during the fiscal year. Farfetch is the leading digital platform for the global luxury fashion industry. The stock was under pressure in the second quarter of 2021 due to a broad sell-off in growth names, concerns that this was a COVID-19 winner that pulled forward business and growth could slow with the opening of cross border tourism, as well as concerns about prospects surrounding the timing of profitability. We exited our position during the fiscal year.

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

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

1 Source: US Federal Reserve

2 Source: Bloomberg LP

3 Source: Bureau of Labor Statistics, July 13, 2021

4 Sorce: Lipper Inc.

Portfolio manager(s):

Justin Livengood

Ronald Zibelli, Jr. - Lead

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views


2		Invesco Discovery Mid Cap Growth Fund

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

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


3		Invesco 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 10/31/11

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.


4		Invesco Discovery Mid Cap Growth Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	9.52	%
10 Years	16.53
5 Years	22.19
1 Year	36.54
Class C Shares
Inception (11/1/00)	9.49	%
10 Years	16.47
5 Years	22.67
1 Year	42.42
Class R Shares
Inception (3/1/01)	10.67	%
10 Years	16.89
5 Years	23.27
1 Year	44.11
Class Y Shares
Inception (11/1/00)	10.28	%
10 Years	17.53
5 Years	23.90
1 Year	44.84
Class R5 Shares
10 Years	17.29	%
5 Years	23.79
1 Year	44.88
Class R6 Shares
Inception (2/28/13)	18.31	%
5 Years	24.09
1 Year	45.02

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

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

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.


5		Invesco Discovery Mid Cap Growth Fund

Supplemental Information

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

∎ Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The Russell Midcap^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/ service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Discovery Mid Cap Growth Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Information Technology		35.39%

Health Care		19.84

Industrials		15.82

Consumer Discretionary		11.27

Financials		9.44

Materials		2.69

Other Sectors, Each Less than 2% of Net Assets		4.42

Money Market Funds Plus Other Assets Less Liabilities		1.13

Top 10 Equity Holdings*


		% of total net assets

1.	Generac Holdings, Inc.	2.64%

2.	EPAM Systems, Inc.	2.59

3.	Monolithic Power Systems, Inc.	2.57

4.	Synopsys, Inc.	2.53

5.	IDEXX Laboratories, Inc.	2.41

6.	MSCI, Inc.	2.37

7.	Charles River Laboratories International, Inc.	2.31

8.	HubSpot, Inc.	2.27

9.	West Pharmaceutical Services, Inc.	2.00

10.	Old Dominion Freight Line, Inc.	1.95

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, 2021.


7		Invesco Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests-98.87%
Application Software–11.97%
Avalara, Inc.^(b)(c)		688,895	$123,753,098


Bill.com Holdings, Inc.^(b)(c)		345,268	101,615,825


Datadog, Inc., Class A^(b)		637,267	106,455,452


HubSpot, Inc.^(b)(c)		234,155	189,719,406


Manhattan Associates, Inc.^(b)		580,306	105,348,751


Paylocity Holding Corp.^(b)		327,219	99,847,606


Synopsys, Inc.^(b)		633,612	211,106,846


Tyler Technologies, Inc.^(b)(c)		117,087	63,604,000


			1,001,450,984



Asset Management & Custody Banks–1.80%
KKR & Co., Inc., Class A		1,886,710	150,314,186



Auto Parts & Equipment–1.49%
Aptiv PLC^(b)(c)		720,378	124,546,152



Automotive Retail–0.50%
Carvana Co.^(b)(c)		136,584	41,409,537



Biotechnology–1.28%
Alnylam Pharmaceuticals, Inc.^(b)		319,639	51,001,599


Natera, Inc.^(b)(c)		488,403	55,956,332


			106,957,931



Building Products–2.26%
Advanced Drainage Systems, Inc.^(c)		543,602	61,318,305


Trane Technologies PLC		333,585	60,355,534


Trex Co., Inc.^(b)		632,717	67,321,089


			188,994,928



Casinos & Gaming–1.08%
Boyd Gaming Corp.		554,084	35,339,478


Caesars Entertainment, Inc.^(b)(c)		499,683	54,695,301


			90,034,779



Communications Equipment–1.51%
Motorola Solutions, Inc.		507,126	126,066,452



Construction Materials–0.60%
Eagle Materials, Inc.^(c)		341,100	50,605,596



Consumer Electronics–0.43%
Garmin Ltd.		247,750	35,576,900



Data Processing & Outsourced Services–0.33%
Marqeta, Inc., Class A^(b)(c)		892,298	27,304,319



Diversified Support Services–0.81%
Copart, Inc.^(b)		436,973	67,857,537



Electrical Components & Equipment–4.02%
AMETEK, Inc.		871,525	115,389,910


Generac Holdings, Inc.^(b)		442,930	220,827,181


			336,217,091



Electronic Equipment & Instruments–3.79%
Trimble, Inc.^(b)		1,798,107	157,100,608


Zebra Technologies Corp., Class A^(b)		299,148	159,730,075


			316,830,683


	Shares		Value


Environmental & Facilities Services–1.33%
Waste Connections, Inc.		814,967	$	110,843,662



Financial Exchanges & Data–2.37%
MSCI, Inc.		298,139		198,226,658



Health Care Equipment–4.50%
IDEXX Laboratories, Inc.^(b)		302,340		201,400,767


Insulet Corp.^(b)(c)		255,746		79,286,375


Masimo Corp.^(b)(c)		338,055		95,852,115


				376,539,257



Health Care Facilities–0.72%
Tenet Healthcare Corp.^(b)(c)		837,112		59,987,446



Health Care Services–0.59%
Guardant Health, Inc.^(b)(c)		421,465		49,222,897



Health Care Supplies–3.01%
Align Technology, Inc.^(b)		136,044		84,941,792


West Pharmaceutical Services, Inc.		388,392		166,961,953


				251,903,745



Health Care Technology–1.50%
Veeva Systems, Inc., Class A^(b)		396,220		125,605,702



Home Improvement Retail–1.20%
Floor & Decor Holdings, Inc., Class A^(b)		740,539		100,654,061



Homefurnishing Retail–1.41%
RH^(b)(c)		150,340		99,168,774


Williams Sonoma, Inc.		100,229		18,615,532


				117,784,306



Hotels, Resorts & Cruise Lines–1.22%
Hilton Worldwide Holdings, Inc.^(b)		709,172		102,085,309



Industrial Machinery–4.06%
Chart Industries, Inc.^(b)(c)		255,666		45,385,828


IDEX Corp.		482,793		107,455,238


ITT, Inc.		698,182		65,677,981


Kornit Digital Ltd. (Israel)^(b)		334,579		55,968,375


Middleby Corp. (The)^(b)		358,381		65,383,030


				339,870,452



Insurance Brokers–0.85%
Arthur J. Gallagher & Co.		425,565		71,354,484



Interactive Media & Services–0.83%
ZoomInfo Technologies, Inc., Class A^(b)		1,030,383		69,262,345



Internet Services & Infrastructure–1.85%
MongoDB, Inc.^(b)(c)		296,204		154,408,183



Investment Banking & Brokerage–0.82%
LPL Financial Holdings, Inc.		416,398		68,297,600



IT Consulting & Other Services–5.85%
EPAM Systems, Inc.^(b)		321,409		216,385,395


Gartner, Inc.^(b)		357,654		118,708,939


Globant S.A.^(b)(c)		483,379		154,289,743


				489,384,077

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


8		Invesco Discovery Mid Cap Growth Fund


	Shares		Value


Leisure Facilities–0.76%
Vail Resorts, Inc.		184,107	$	63,463,524



Life Sciences Tools & Services–6.45%
Bio-Rad Laboratories, Inc., Class A^(b)		82,469		65,536,465


Charles River Laboratories International, Inc.^(b)		431,150		193,448,382


Maravai LifeSciences Holdings, Inc., Class A^(b)		1,369,537		57,917,720


Mettler-Toledo International, Inc.^(b)		63,050		93,369,484


Repligen Corp.^(b)(c)		445,097		129,300,678


				539,572,729



Movies & Entertainment–0.66%
Live Nation Entertainment, Inc.^(b)(c)		547,158		55,345,032



Office REITs–0.86%
Alexandria Real Estate Equities, Inc.		352,188		71,895,658



Oil & Gas Storage & Transportation–1.03%
Cheniere Energy, Inc.^(b)		829,599		85,780,537



Paper Packaging–1.55%
Avery Dennison Corp.		594,031		129,332,429



Pharmaceuticals–1.79%
Catalent, Inc.^(b)(c)		1,086,432		149,775,516



Real Estate Services–0.92%
Jones Lang LaSalle, Inc.^(b)(c)		299,075		77,230,137



Regional Banks–3.60%
First Republic Bank		653,604		141,394,154


SVB Financial Group^(b)		222,703		159,767,132


				301,161,286



Research & Consulting Services–0.51%
Equifax, Inc.		153,576		42,606,590



Restaurants–1.65%
Chipotle Mexican Grill, Inc.^(b)		43,382		77,177,879


Domino’s Pizza, Inc.		123,567		60,420,556


				137,598,435



Semiconductor Equipment–2.99%
Enphase Energy, Inc.^(b)(c)		343,169		79,488,236


Entegris, Inc.^(c)		1,056,098		148,677,476


KLA Corp.		59,816		22,297,012


				250,462,724



Semiconductors–3.82%
Marvell Technology, Inc.^(c)		1,527,900		104,661,150


Monolithic Power Systems, Inc.^(c)		409,519		215,185,854


				319,847,004

Investment Abbreviations:

REIT – Real Estate Investment Trust


	Shares		Value


Specialized REITs–0.12%
Extra Space Storage, Inc.		51,290	$	10,123,107



Specialty Chemicals–0.54%
Albemarle Corp.		180,153		45,122,922



Specialty Stores–1.55%
Five Below, Inc.^(b)(c)		226,440		44,676,612


Tractor Supply Co.		390,476		84,799,673


				129,476,285



Systems Software–3.27%
Crowdstrike Holdings, Inc., Class A^(b)(c)		478,566		134,859,899


Gitlab, Inc., Class A^(b)(c)		78,000		8,751,600


Zscaler, Inc.^(b)		408,588		130,282,370


				273,893,869



Trading Companies & Distributors–0.88%
SiteOne Landscape Supply, Inc.^(b)(c)		313,802		73,730,918



Trucking–1.94%
Old Dominion Freight Line, Inc.		476,493		162,650,886


Total Common Stocks & Other Equity Interests (Cost $5,454,505,756)				8,268,666,847



Money Market Funds–1.54%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		39,308,439		39,308,439


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		45,021,070		45,034,577


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		44,923,931		44,923,931


Total Money Market Funds (Cost $129,267,252)				129,266,947


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.41% (Cost $5,583,773,008)				8,397,933,794



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.07%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		127,163,287		127,163,287


Invesco Private Prime Fund, 0.11%^(d)(e)(f)		296,595,699		296,714,340


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $423,877,625)				423,877,627


TOTAL INVESTMENTS IN SECURITIES–105.48% (Cost $6,007,650,633)				8,821,811,421


OTHER ASSETS LESS LIABILITIES—(5.48)%				(458,548,099	)


NET ASSETS–100.00%			$	8,363,263,322

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


9		Invesco Discovery Mid Cap Growth Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 8,167,662		$ 978,009,830		$ (946,869,053	)		$ -		$ -			$ 39,308,439		$ 7,943
Invesco Liquid Assets Portfolio, Institutional Class		30,982,189		690,391,902		(676,335,039	)		2,783		(7,258	)		45,034,577		-
Invesco Treasury Portfolio, Institutional Class		9,334,472		1,117,725,520		(1,082,136,061	)		-		-			44,923,931		-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		489,234,813		(362,071,526	)		-		-			127,163,287		7,131	*
Invesco Private Prime Fund		-		1,016,121,285		(719,406,947	)		2		-			296,714,340		98,801	*
Total		$48,484,323		$4,291,483,350		$(3,786,818,626	)		$2,785		$(7,258	)		$553,144,574		$113,875

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, 2021.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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


10		Invesco Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $ 5,454,505,756)*	$	8,268,666,847


Investments in affiliated money market funds, at value (Cost $ 553,144,877)		553,144,574


Cash		232,304


Receivable for:
Investments sold		10,835,283


Fund shares sold		3,550,315


Dividends		346,049


Investment for trustee deferred compensation and retirement plans		626,683


Other assets		96,703


Total assets		8,837,498,758



Liabilities:
Payable for:
Investments purchased		40,710,515


Fund shares reacquired		4,278,701


Collateral upon return of securities loaned		423,877,625


Accrued fees to affiliates		3,723,413


Accrued trustees’ and officers’ fees and benefits		2,483


Accrued other operating expenses		947,737


Trustee deferred compensation and retirement plans		694,962


Total liabilities		474,235,436


Net assets applicable to shares outstanding	$	8,363,263,322



Net assets consist of:
Shares of beneficial interest	$	4,308,371,837


Distributable earnings		4,054,891,485


	$8,363,263,322


Net Assets:
Class A	$	5,288,400,099


Class C	$	206,798,538


Class R	$	181,872,032


Class Y	$	971,406,987


Class R5	$	155,263,246


Class R6	$	1,559,522,420



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		142,444,408


Class C		7,251,886


Class R		5,356,673


Class Y		22,714,145


Class R5		4,145,709


Class R6		35,750,501


Class A:
Net asset value per share	$	37.13


Maximum offering price per share
(Net asset value of $37.13 ÷ 94.50%)	$	39.29


Class C:
Net asset value and offering price per share	$	28.52


Class R:
Net asset value and offering price per share	$	33.95


Class Y:
Net asset value and offering price per share	$	42.77


Class R5:
Net asset value and offering price per share	$	37.45


Class R6:


Net asset value and offering price per share	$	43.62

*	At October 31, 2021, securities with an aggregate value of $416,286,670 were on loan to brokers.

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


11		Invesco Discovery Mid Cap Growth Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $16,753)	$	19,514,724
Dividends from affiliated money market funds (includes securities lending income of $219,077)		227,020
Total investment income		19,741,744

Expenses:
Advisory fees		43,709,169
Administrative services fees		1,018,415
Custodian fees		7,315
Distribution fees:
Class A		11,694,209
Class C		1,907,531
Class R		782,579
Transfer agent fees – A, C, R and Y		8,825,261
Transfer agent fees – R5		135,625
Transfer agent fees – R6		150,223
Trustees’ and officers’ fees and benefits		129,336
Registration and filing fees		215,865
Reports to shareholders		310,514
Professional services fees		90,452
Taxes		4,065
Other		87,554
Total expenses		69,068,113
Less: Fees waived and/or expense offset arrangement(s)		(72,177	)
Net expenses		68,995,936
Net investment income (loss)		(49,254,192	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,314,397,471
Affiliated investment securities		(7,258	)
Foreign currencies		(56	)
		1,314,390,157
Change in net unrealized appreciation of:
Unaffiliated investment securities		1,283,574,209
Affiliated investment securities		2,785
		1,283,576,994
Net realized and unrealized gain		2,597,967,151
Net increase in net assets resulting from operations	$	2,548,712,959

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


12		Invesco Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income (loss)	$	(49,254,192	)	$	(17,101,526	)
Net realized gain		1,314,390,157			269,109,260
Change in net unrealized appreciation		1,283,576,994			860,479,165
Net increase in net assets resulting from operations		2,548,712,959			1,112,486,899

Distributions to shareholders from distributable earnings:
Class A		(153,166,655	)		(33,645,795	)
Class C		(9,752,172	)		(7,676,088	)
Class R		(5,423,628	)		(3,676,467	)
Class Y		(19,511,808	)		(9,982,640	)
Class R5		(4,362,913	)		(481	)
Class R6		(32,063,012	)		(13,525,157	)
Total distributions from distributable earnings		(224,280,188	)		(68,506,628	)

Share transactions–net:
Class A		(8,259,876	)		2,274,970,414
Class C		(47,381,579	)		19,675,468
Class R		11,738,676			24,298,798
Class Y		181,629,615			191,464,715
Class R5		999,051			86,161,008
Class R6		248,383,514			449,738,939
Net increase in net assets resulting from share transactions		387,109,401			3,046,309,342
Net increase in net assets		2,711,542,172			4,090,289,613

Net assets:
Beginning of year		5,651,721,150			1,561,431,537
End of year	$	8,363,263,322		$	5,651,721,150

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


13		Invesco Discovery Mid Cap Growth Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Distributions from net realized gains			Net asset value, end of period		Total return⁽^b⁾			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Year ended 10/31/21		$26.65		$(0.25	)		$11.81		$11.56		$	(1.08)		$37.13		44.48	%		$5,288,400		1.03	%		1.03	%		(0.7	6)%		92	%
Year ended 10/31/20		22.17		(0.13	)		5.60		5.47		(0.99	)		26.65		25.60	^(e)		3,787,636		1.05	^(e)		1.05	^(e)		(0.54	)^(e)		131
Year ended 10/31/19		20.28		(0.08	)		3.75		3.67		(1.78	)		22.17		20.43			748,190		1.11			1.11			(0.37	)		84
Year ended 10/31/18		21.45		(0.12	)		0.81		0.69		(1.86	)		20.28		3.52			604,414		1.11			1.11			(0.55	)		108
Year ended 10/31/17		16.98		(0.09	)		4.71		4.62		(0.15	)		21.45		27.43			547,963		1.21			1.21			(0.48	)		139
Class C
Year ended 10/31/21		20.83		(0.36	)		9.13		8.77		(1.08	)		28.52		43.47	^(e)		206,799		1.73	^(e)		1.73	^(e)		(1.46	)^(e)		92
Year ended 10/31/20		17.65		(0.24	)		4.41		4.17		(0.99	)		20.83		24.74			190,420		1.82			1.82			(1.31	)		131
Year ended 10/31/19		16.65		(0.18	)		2.96		2.78		(1.78	)		17.65		19.43			138,705		1.87			1.87			(1.12	)		84
Year ended 10/31/18		18.06		(0.23	)		0.68		0.45		(1.86	)		16.65		2.79			153,263		1.86			1.86			(1.30	)		108
Year ended 10/31/17		14.43		(0.20	)		3.98		3.78		(0.15	)		18.06		26.45			138,647		1.96			1.96			(1.24	)		139
Class R
Year ended 10/31/21		24.51		(0.30	)		10.82		10.52		(1.08	)		33.95		44.11			181,872		1.28			1.28			(1.01	)		92
Year ended 10/31/20		20.51		(0.18	)		5.17		4.99		(0.99	)		24.51		25.31			121,009		1.32			1.32			(0.81	)		131
Year ended 10/31/19		18.95		(0.12	)		3.46		3.34		(1.78	)		20.51		20.09			75,342		1.37			1.37			(0.62	)		84
Year ended 10/31/18		20.21		(0.16	)		0.76		0.60		(1.86	)		18.95		3.27			63,189		1.36			1.36			(0.80	)		108
Year ended 10/31/17		16.05		(0.13	)		4.44		4.31		(0.15	)		20.21		27.09			50,117		1.46			1.46			(0.70	)		139
Class Y
Year ended 10/31/21		30.48		(0.19	)		13.56		13.37		(1.08	)		42.77		44.84			971,407		0.78			0.78			(0.51	)		92
Year ended 10/31/20		25.15		(0.08	)		6.40		6.32		(0.99	)		30.48		25.95			538,205		0.82			0.82			(0.31	)		131
Year ended 10/31/19		22.71		(0.03	)		4.25		4.22		(1.78	)		25.15		20.68			253,901		0.87			0.87			(0.13	)		84
Year ended 10/31/18		23.74		(0.07	)		0.90		0.83		(1.86	)		22.71		3.79			243,035		0.87			0.87			(0.31	)		108
Year ended 10/31/17		18.73		(0.05	)		5.21		5.16		(0.15	)		23.74		27.75			210,789		0.96			0.96			(0.25	)		139
Class R5
Year ended 10/31/21		26.80		(0.15	)		11.88		11.73		(1.08	)		37.45		44.88			155,263		0.72			0.72			(0.45	)		92
Year ended 10/31/20		22.20		(0.05	)		5.64		5.59		(0.99	)		26.80		26.12			110,206		0.71			0.71			(0.20	)		131
Period ended 10/31/19^(f)		20.60		0.00			1.60		1.60		-			22.20		7.77			11		0.75	^(g)		0.75	^(g)		(0.01	)^(g)		84
Class R6
Year ended 10/31/21		31.03		(0.14	)		13.81		13.67		(1.08	)		43.62		45.02			1,559,522		0.65			0.65			(0.38	)		92
Year ended 10/31/20		25.55		(0.04	)		6.51		6.47		(0.99	)		31.03		26.14			904,245		0.65			0.65			(0.14	)		131
Year ended 10/31/19		23.00		0.01			4.32		4.33		(1.78	)		25.55		20.92			345,282		0.69			0.69			0.05			84
Year ended 10/31/18		23.98		(0.03	)		0.91		0.88		(1.86	)		23.00		3.97			199,881		0.70			0.70			(0.14	)		108
Year ended 10/31/17		18.89		(0.02	)		5.26		5.24		(0.15	)		23.98		27.94			68,180		0.77			0.77			(0.07	)		139

⁽^a⁾	Calculated using average shares outstanding.

⁽^b⁾

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

^(d)

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

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

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

⁽^g⁾	Annualized.

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


14		Invesco Discovery Mid Cap Growth Fund

Notes to Financial Statements

October 31, 2021

NOTE 1—Significant Accounting Policies

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

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

The 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.

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.

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 Discovery Mid Cap Growth Fund

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.

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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2021, there were no securities lending transactions with the Adviser.


16		Invesco Discovery Mid Cap Growth Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets*	Rate
Up to $500 million		0.680	%
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, 2021, the effective advisory fee rate incurred by the Fund was 0.61%.

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

For the year ended October 31, 2021, the Adviser waived advisory fees of $64,218.

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


17		Invesco Discovery Mid Cap Growth Fund

annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $749,059 in front-end sales commissions from the sale of Class A shares and $13,874 and $7,436 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $2,270 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.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	8,268,666,847	$	–		$–	$	8,268,666,847


Money Market Funds		129,266,947		423,877,627		–		553,144,574


Total Investments	$	8,397,933,794	$	423,877,627		$–	$	8,821,811,421

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. 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, 2021 and 2020 :


	2021		2020


Long-term capital gain	$	224,280,188	$	68,506,628


18		Invesco Discovery Mid Cap Growth Fund

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	161,775,159


Undistributed long-term capital gain		1,084,278,084


Net unrealized appreciation – investments		2,809,332,431


Temporary book/tax differences		(494,189	)


Shares of beneficial interest		4,308,371,837


Total net assets	$	8,363,263,322

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 does not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $6,461,159,869 and $6,395,264,178, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,830,200,371


Aggregate unrealized (depreciation) of investments	(20,867,940	)


Net unrealized appreciation of investments	$2,809,332,431

Cost of investments for tax purposes is $6,012,478,990.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and net operating losses, on October 31, 2021, undistributed net investment income (loss) was increased by $68,699,307 and undistributed net realized gain was decreased by $68,699,307. 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, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		13,472,916		$	431,707,965			15,114,638		$	354,773,331


Class C		1,370,442			33,869,961			1,956,789			35,752,471


Class R		1,312,889			38,649,773			1,210,992			26,452,331


Class Y		9,206,296			338,674,872			7,726,185			204,762,535


Class R5		606,551			20,213,465			667,522			15,569,460


Class R6		13,830,173			529,918,948			16,440,920			487,979,012



Issued as reinvestment of dividends:
Class A		5,005,084			145,998,307			1,470,496			32,497,956


Class C		420,162			9,474,657			429,795			7,469,834


Class R		202,315			5,407,874			179,660			3,659,674


Class Y		506,612			16,981,632			354,423			8,935,017


Class R5		148,658			4,361,612			-			-


Class R6		930,643			31,781,458			522,085			13,381,034



Automatic conversion of Class C shares to Class A shares:
Class A		1,506,533			47,789,753			476,763			11,558,706


Class C		(1,951,219	)		(47,789,753	)		(607,960	)		(11,558,706	)


19		Invesco Discovery Mid Cap Growth Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Issued in connection with acquisitions:^(b)
Class A		-		$	-			107,672,579		$	2,268,952,250


Class C		-			-			2,547,982			42,133,320


Class R		-			-			1,183,472			22,967,032


Class Y		-			-			5,134,518			123,576,759


Class R5		-			-			3,967,858			83,901,636


Class R6		-			-			4,088,310			100,096,412



Reacquired:
Class A		(19,661,369	)		(633,755,901	)		(16,368,404	)		(392,811,829	)


Class C		(1,728,578	)		(42,936,444	)		(3,041,992	)		(54,121,451	)


Class R		(1,094,876	)		(32,318,971	)		(1,311,163	)		(28,780,239	)


Class Y		(4,656,085	)		(174,026,889	)		(5,653,971	)		(145,809,596	)


Class R5		(722,088	)		(23,576,026	)		(523,277	)		(13,310,088	)


Class R6		(8,151,870	)		(313,316,892	)		(5,426,024	)		(151,717,519	)


Net increase in share activity		10,553,189		$	387,109,401			138,212,196		$	3,046,309,342

^(a)

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

^(b)

After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 124,594,719 shares of the Fund for 83,710,209 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $2,641,627,409, including $335,789,673 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,599,111,505 and $4,240,738,914 immediately after the acquisition.

The pro forma results of operations 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		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.


20		Invesco Discovery Mid Cap Growth Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Discovery Mid Cap Growth Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the three years in the period ended October 31, 2021 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The financial statements of Oppenheimer Discovery Mid Cap Growth Fund (subsequently renamed Invesco Discovery Mid Cap Growth Fund) as of and for the year ended October 31, 2018 and the financial highlights for 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

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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


21		Invesco Discovery Mid Cap Growth 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,133.70	$5.49	$1,020.06	$5.19	1.02%
Class C	1,000.00	1,129.10	9.61	1,016.18	9.10	1.79
Class R	1,000.00	1,132.00	6.82	1,018.80	6.46	1.27
Class Y	1,000.00	1,135.10	4.14	1,021.32	3.92	0.77
Class R5	1,000.00	1,135.20	3.93	1,021.53	3.72	0.73
Class R6	1,000.00	1,135.60	3.50	1,021.93	3.31	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 184/365 to reflect the most recent fiscal half year.


22		Invesco Discovery Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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

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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one and five year periods 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 and three year periods 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 Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund


23		Invesco Discovery Mid Cap Growth Fund

performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


24		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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	224,280,188
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


25		Invesco 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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees - (continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²- 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers - (continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A
		Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


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)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 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

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

LOGO


Annual Report to Shareholders			October 31, 2021


Invesco Emerging Markets All Cap Fund


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


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, 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 broad market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	15.25	%
Class C Shares	14.38
Class Y Shares	15.52
Class R5 Shares	15.58
Class R6 Shares	15.67
MSCI Emerging Markets Index^▼ (Broad Market/Style-Specific Index)	16.96
Lipper Emerging Market Funds Index§ (Peer Group Index)	20.70
Source(s): ^▼RIMES Technologies Corp.; §Lipper Inc.

Market conditions and your Fund

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation. The value-led equity rally continued in most regions, with value stocks outperforming growth stocks. The successful rollout of COVID-19 vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Energy stocks and energy-driven markets performed well as global shortages pushed oil and gas prices higher. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process.

The Fund underperformed its broad market/style-specific benchmark, the MSCI Emerging Markets Index, for the fiscal year primarily driven by market allocation. Fund holdings in the materials sector outperformed those of the broad market/style-specific benchmark. However, a meaningful underweight to materials, one of the fiscal year’s best-performing sectors, hampered relative results. Stock selection in the information technology (IT) sector was positive for the fiscal year, but an underweight to IT relative to the benchmark index dragged on relative results. Within the sector, underweight exposure to Taiwan Semiconductor was a notable detractor from the Fund’s relative return. Geographically, underweight exposure to and stock selection in India was the largest detractor from the Fund’s relative performance. Within India, not owning select index stocks hampered relative return. Underweight exposure to Taiwan had a negative impact on relative return. Fund holdings in Brazil underperformed those of the benchmark index, detracting from relative results as well. In a rising equity market environment, the Fund’s cash exposure detracted from the Fund’s performance relative to the 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.

In contrast, strong stock selection in the communication services contributed to the Fund’s relative performance versus the broad

market/style-specific benchmark. Within communication services, Russia-based Yandex, a provider of internet-related products and services, was a key contributor to absolute and relative performance. The company’s core search business benefited from a continued snap-back in advertising, and they were able to buy out their ride-hailing partner at a great price during the fiscal year. The Fund’s holdings in the financials and health care sectors outperformed those of the benchmark index, adding to relative results. In the financials sector, Russia-based Sberbank was a key contributor to absolute and relative results. Hungary-based pharmaceutical and biotechnology company Gedeon Richter was a notable relative contributor within the health care sector. On a geographic basis, overweight exposure to Russia and Mexico and underweight exposure to China were among the largest contributors to the Fund’s relative performance.

During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including Indonesia-based pharmaceutical and consumer health company Kalbe Farma, South Korea-based enterprise resource planning (ERP) company Douzone Bizon and China-based auto glass manufacturer Fuyao Glass Industry. We sold several holdings, including China-based companies, Shanghai International Airport, shopping platform Meituan and spirits maker Kweichow Moutai. We also exited the Fund’s position in China-based private educational services company New Oriental Education & Technology prior to new government regulations requiring private tutoring institutions to register as non-profit institutions and discontinue weekend and holiday classes.

As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality growth companies that exhibit the following characteristics: strong organic revenue growth; high returns on capital; pricing power; strong balance sheets; cash generation; effective capital allocation and reasonable valuations. In addition, we continue to favor companies that are resilient in weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

We thank you for your continued investment in Invesco Emerging Markets All Cap Fund.

Portfolio manager(s):

Brent Bates

Steve Cao - Lead

Borge Endresen - Lead

Mark Jason


2		Invesco Emerging Markets All Cap Fund

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


3		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 10/31/11

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.


4		Invesco Emerging Markets All Cap Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (1/11/94)	5.54	%
10 Years	4.59
5 Years	7.31
1 Year	8.90

Class C Shares
Inception (3/1/99)	9.24	%
10 Years	4.55
5 Years	7.73
1 Year	13.38

Class Y Shares
Inception (10/3/08)	7.89	%
10 Years	5.44
5 Years	8.81
1 Year	15.52

Class R5 Shares
Inception (10/25/05)	8.43	%
10 Years	5.57
5 Years	8.90
1 Year	15.58

Class R6 Shares
10 Years	5.58	%
5 Years	8.96
1 Year	15.67

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.

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

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

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

See current prospectus for more information.


5		Invesco Emerging Markets All Cap Fund

Supplemental Information

Invesco Emerging Markets All Cap Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎

The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market 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


6		Invesco Emerging Markets All Cap Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		18.46	%
Financials		18.26
Consumer Staples		15.73
Communication Services		13.45
Information Technology		11.98
Health Care		6.16
Industrials		5.66
Real Estate		3.09
Energy		1.60
Money Market Funds Plus Other Assets Less Liabilities		5.61

Top 10 Equity Holdings*


		% of total net assets
1.	Yandex N.V., Class A		4.71	%
2.	Samsung Electronics Co. Ltd.		4.70
3.	Taiwan Semiconductor Manufacturing Co. Ltd.		4.49
4.	Yum China Holdings, Inc.		3.86
5.	Tencent Holdings Ltd.		3.54
6.	Sberbank of Russia PJSC, Preference Shares		3.45
7.	China Mengniu Dairy Co. Ltd.		3.33
8.	JD.com, Inc., ADR		2.98
9.	Gedeon Richter PLC		2.84
10.	HDFC Bank Ltd., ADR		2.38

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2021.


7		Invesco Emerging Markets All Cap Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–94.39%
Brazil–8.07%
Ambev S.A., ADR		5,482,948	$	16,229,526


Arcos Dorados Holdings, Inc., Class A^(a)(b)		11,088,811		52,893,628


B3 S.A.–Brasil, Bolsa, Balcao		11,665,560		24,617,602


Fleury S.A.		6,348,992		21,182,806


Multiplan Empreendimentos Imobiliarios S.A.		10,525,929		34,540,594


Raia Drogasil S.A.		4,835,000		19,918,096


Rede D’Or Sao Luiz S.A.^(c)		2,606,200		27,245,083


TOTVS S.A.		2,646,400		15,361,293


				211,988,628



China–26.64%
Alibaba Group Holding Ltd., ADR^(b)		345,808		57,037,572


Angel Yeast Co. Ltd., A Shares		2,777,805		24,187,952


China Feihe Ltd.^(c)		17,278,000		28,879,474


China Mengniu Dairy Co. Ltd.^(b)		13,715,000		87,520,820


China Resources Beer Holdings Co. Ltd.		2,102,000		17,460,059


Fuyao Glass Industry Group Co. Ltd., H Shares^(c)		5,166,000		29,940,427


JD.com, Inc., ADR^(b)		999,220		78,218,942


Prosus N.V.		399,867		35,426,291


Sunny Optical Technology Group Co. Ltd.		1,386,100		37,379,120


Tencent Holdings Ltd.		1,495,400		92,843,774


Tongcheng-Elong Holdings Ltd.^(b)(c)		24,612,800		55,053,669


Wuliangye Yibin Co. Ltd., A Shares		1,594,715		54,174,261


Yum China Holdings, Inc.		1,776,353		101,394,229


				699,516,590



Egypt–1.37%
Eastern Co. S.A.E.		21,384,488		15,789,946


Egyptian Financial Group-Hermes Holding Co.^(b)		25,623,002		20,263,921


				36,053,867



France–1.50%
Bollore S.A.		6,808,819		39,497,324



Hungary–2.84%
Gedeon Richter PLC		2,660,962		74,596,009



India–3.26%
Emami Ltd.		3,222,368		22,914,090


HDFC Bank Ltd., ADR		870,160		62,573,206


				85,487,296



Indonesia–4.47%
PT Bank Central Asia Tbk		95,721,000		50,515,398


PT Kalbe Farma Tbk		343,730,800		38,850,831


PT Telkom Indonesia (Persero) Tbk		104,477,700		28,009,984


				117,376,213



Macau–1.09%
Galaxy Entertainment Group Ltd.^(b)		5,304,000		28,658,966


	Shares		Value


Mexico–10.04%
Bolsa Mexicana de Valores S.A.B. de C.V.		21,082,320	$	40,386,958


GMexico Transportes S.A.B. de C.V.		27,888,930		44,702,482


Grupo Aeroportuario del Centro Norte S.A.B. de C.V.^(b)		7,831,898		47,258,436


Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B^(d)		3,201,938		40,363,268


Kimberly-Clark de Mexico S.A.B. de C.V., Class A		22,678,092		35,876,504


Wal-Mart de Mexico S.A.B. de C.V., Series V		15,754,334		54,950,395


				263,538,043



Nigeria–0.94%
Zenith Bank PLC		405,106,079		24,722,486



Philippines–3.68%
BDO Unibank, Inc.		21,000,720		51,767,523


SM Investments Corp.		857,870		16,427,829


SM Prime Holdings, Inc.		43,152,900		28,375,902


				96,571,254



Russia–15.45%
Detsky Mir PJSC		8,288,510		16,014,404


Gazprom PJSC, ADR		4,284,513		42,121,026


Mobile TeleSystems PJSC, ADR		3,405,092		31,292,795


Moscow Exchange MICEX-RTS PJSC		11,806,000		28,956,435


Ozon Holdings PLC, ADR^(b)		292,546		13,164,570


Sberbank of Russia PJSC		11,900,044		59,847,142


Sberbank of Russia PJSC, Preference Shares		20,018,449		90,697,967


Yandex N.V., Class A^(b)		1,492,426		123,632,570


				405,726,909



South Africa–0.64%
Naspers Ltd., Class N		98,890		16,825,721



South Korea–6.92%
Douzone Bizon Co. Ltd.		293,827		20,512,274


NAVER Corp.		108,344		37,923,095


Samsung Electronics Co. Ltd.		2,059,353		123,379,957


				181,815,326



Taiwan–4.49%
Taiwan Semiconductor Manufacturing Co. Ltd.		5,568,000		117,833,605



Turkey–0.96%
Haci Omer Sabanci Holding A.S.		21,674,815		25,094,241



United Arab Emirates–0.69%
Emaar Properties PJSC		16,658,100		18,218,591



Vietnam–1.34%
Vietnam Dairy Products JSC		8,802,248		35,093,272


Total Common Stocks & Other Equity Interests (Cost $1,804,630,041)				2,478,614,341



Money Market Funds–5.36%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(a)(e)		51,451,993		51,451,993

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


8		Invesco Emerging Markets All Cap Fund


	Shares		Value

Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(a)(e)		30,561,371	$	30,570,539


Invesco Treasury Portfolio, Institutional Class, 0.01%^(a)(e)		58,802,278		58,802,278


Total Money Market Funds (Cost $140,822,456)				140,824,810


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.75% (Cost $1,945,452,497)				2,619,439,151



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.04%
Invesco Private Government Fund, 0.02%^(a)(e)(f)		312,596		312,596


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(a)(e)(f)		729,100	$	729,392


Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $1,041,988)				1,041,988


TOTAL INVESTMENTS IN SECURITIES–99.79% (Cost $1,946,494,485)				2,620,481,139


OTHER ASSETS LESS LIABILITIES–0.21%				5,578,746


NET ASSETS–100.00%			$	2,626,059,885

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	43,866,503		$	182,212,085		$	(174,626,595	)		$	-		$	-			$	51,451,993		$	12,544
Invesco Liquid Assets Portfolio, Institutional Class			30,506,633			124,799,957			(124,733,282	)			441			(3,210	)			30,570,539			7,968
Invesco Treasury Portfolio, Institutional Class			50,133,146			208,242,383			(199,573,251	)			-			-				58,802,278			5,643

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			362,964			(50,368	)			-			-				312,596			3	*
Invesco Private Prime Fund			-			775,116			(45,724	)			-			-				729,392			39	*

Investments in Other Affiliates:
Arcos Dorados Holdings, Inc., Class A			43,949,177			-			(2	)			8,944,456			(3	)			52,893,628			-
Total		$	168,455,459		$	516,392,505		$	(499,029,222	)		$	8,944,897		$	(3,213	)		$	194,760,426		$	26,197

^(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, 2021 was $141,118,653, which represented 5.37% of the Fund’s Net Assets.

^(d)	All or a portion of this security was out on loan at October 31, 2021.

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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


9		Invesco Emerging Markets All Cap Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $1,733,642,821)*	$	2,425,720,713


Investments in affiliates, at value (Cost $212,851,664)		194,760,426


Foreign currencies, at value (Cost $3,315,297)		3,279,380


Receivable for:
Investments sold		8,122,275


Fund shares sold		2,567,425


Dividends		1,566,380


Investment for trustee deferred compensation and retirement plans		356,062


Other assets		81,008


Total assets		2,636,453,669



Liabilities:
Payable for:
Investments purchased		5,578,944


Fund shares reacquired		1,252,211


Accrued foreign taxes		116,485


Collateral upon return of securities loaned		1,041,988


Accrued fees to affiliates		1,075,327


Accrued other operating expenses		934,585


Trustee deferred compensation and retirement plans		394,244


Total liabilities		10,393,784


Net assets applicable to shares outstanding	$	2,626,059,885



Net assets consist of:
Shares of beneficial interest	$	1,844,156,599


Distributable earnings		781,903,286


	$	2,626,059,885


Net Assets:
Class A	$	591,114,229


Class C	$	15,631,572


Class Y	$	1,062,846,122


Class R5	$	215,121,866


Class R6	$	741,346,096



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		14,093,403


Class C		381,801


Class Y		25,303,453


Class R5		5,136,600


Class R6		17,697,420


Class A:
Net asset value per share	$	41.94

Maximum offering price per share
(Net asset value of $41.94 ÷ 94.50%)	$	44.38


Class C:
Net asset value and offering price per share	$	40.94


Class Y:
Net asset value and offering price per share	$	42.00


Class R5:
Net asset value and offering price per share	$	41.88


Class R6:
Net asset value and offering price per share	$	41.89

*	At October 31, 2021, securities with an aggregate value of $994,256 were on loan to brokers.

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


10		Invesco Emerging Markets All Cap Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $6,540,998)	$	51,435,121


Dividends from affiliates (includes securities lending income of $60)		26,215


Total investment income		51,461,336



Expenses:
Advisory fees		23,499,217


Administrative services fees		400,124


Custodian fees		232,332


Distribution fees:
Class A		1,565,768


Class C		171,539


Transfer agent fees – A, C and Y		2,568,810


Transfer agent fees – R5		218,248


Transfer agent fees – R6		100,087


Trustees’ and officers’ fees and benefits		59,387


Registration and filing fees		179,244


Reports to shareholders		260,754


Professional services fees		112,280


Other		43,736


Total expenses		29,411,526


Less: Fees waived and/or expense offset arrangement(s)		(62,663	)


Net expenses		29,348,863


Net investment income		22,112,473



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		98,751,843


Affiliated investment securities		(3,213	)


Foreign currencies		(1,506,636	)


		97,241,994


Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $116,485)		218,215,112


Affiliated investment securities		8,944,897


Foreign currencies		416,861


		227,576,870


Net realized and unrealized gain		324,818,864


Net increase in net assets resulting from operations	$	346,931,337

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


11		Invesco Emerging Markets All Cap Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020



Operations:
Net investment income	$	22,112,473		$	20,771,900


Net realized gain		97,241,994			131,431,946


Change in net unrealized appreciation (depreciation)		227,576,870			(30,648,734	)


Net increase in net assets resulting from operations		346,931,337			121,555,112



Distributions to shareholders from distributable earnings:
Class A		(30,719,071	)		(8,994,008	)


Class C		(797,143	)		(100,403	)


Class Y		(59,858,079	)		(17,366,105	)


Class R5		(11,073,849	)		(4,390,520	)


Class R6		(30,036,166	)		(7,805,161	)


Total distributions from distributable earnings		(132,484,308	)		(38,656,197	)



Share transactions–net:
Class A		(15,190,495	)		(49,372,647	)


Class C		(2,792,302	)		(6,664,248	)


Class Y		(53,469,564	)		646,578


Class R5		15,141,754			(68,170,028	)


Class R6		203,423,460			97,127,522


Net increase (decrease) in net assets resulting from share transactions		147,112,853			(26,432,823	)


Net increase in net assets		361,559,882			56,466,092



Net assets:
Beginning of year		2,264,500,003			2,208,033,911


End of year	$	2,626,059,885		$	2,264,500,003

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


12		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 (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 10/31/21		$	38.27		$	0.26			$	5.58			$	5.84			$	(0.40	)		$	(1.77	)		$	(2.17	)		$	41.94		15.22	%		$	591,114		1.31	%		1.31	%		0.61	%		19	%
Year ended 10/31/20			36.81			0.27				1.76				2.03				(0.57	)			–				(0.57	)			38.27		5.54				552,262		1.37			1.38			0.76			33
Year ended 10/31/19			30.54			0.55				6.18				6.73				(0.46	)			–				(0.46	)			36.81		22.39				583,346		1.37			1.38			1.62			7
Year ended 10/31/18			36.66			0.44				(6.29	)			(5.85	)			(0.27	)			–				(0.27	)			30.54		(16.09	)			544,574		1.39			1.40			1.23			20
Year ended 10/31/17			30.67			0.28				5.96				6.24				(0.25	)			–				(0.25	)			36.66		20.55				878,910		1.41			1.43			0.86			16
Class C
Year ended 10/31/21			37.38			(0.06	)			5.45				5.39				(0.06	)			(1.77	)			(1.83	)			40.94		14.35				15,632		2.06			2.06			(0.14	)		19
Year ended 10/31/20			35.83			0.00				1.71				1.71				(0.16	)			–				(0.16	)			37.38		4.78				16,812		2.12			2.13			0.01			33
Year ended 10/31/19			29.64			0.28				6.05				6.33				(0.14	)			–				(0.14	)			35.83		21.48				22,941		2.12			2.13			0.87			7
Year ended 10/31/18			35.59			0.17				(6.12	)			(5.95	)			(0.00	)			–				(0.00	)			29.64		(16.71	)			55,823		2.14			2.15			0.48			20
Year ended 10/31/17			29.78			0.03				5.81				5.84				(0.03	)			–				(0.03	)			35.59		19.65				88,231		2.16			2.18			0.11			16
Class Y
Year ended 10/31/21			38.32			0.37				5.58				5.95				(0.50	)			(1.77	)			(2.27	)			42.00		15.50				1,062,846		1.06			1.06			0.86			19
Year ended 10/31/20			36.85			0.36				1.78				2.14				(0.67	)			–				(0.67	)			38.32		5.82				1,015,412		1.12			1.13			1.01			33
Year ended 10/31/19			30.60			0.63				6.18				6.81				(0.56	)			–				(0.56	)			36.85		22.69				968,060		1.12			1.13			1.87			7
Year ended 10/31/18			36.74			0.53				(6.31	)			(5.78	)			(0.36	)			–				(0.36	)			30.60		(15.89	)			986,550		1.14			1.15			1.48			20
Year ended 10/31/17			30.74			0.37				5.95				6.32				(0.32	)			–				(0.32	)			36.74		20.84				1,575,401		1.16			1.18			1.11			16
Class R5
Year ended 10/31/21			38.22			0.39				5.57				5.96				(0.53	)			(1.77	)			(2.30	)			41.88		15.56				215,122		1.02			1.02			0.90			19
Year ended 10/31/20			36.76			0.39				1.77				2.16				(0.70	)			–				(0.70	)			38.22		5.90				182,631		1.05			1.06			1.08			33
Year ended 10/31/19			30.55			0.66				6.16				6.82				(0.61	)			–				(0.61	)			36.76		22.79				250,287		1.03			1.04			1.96			7
Year ended 10/31/18			36.68			0.56				(6.29	)			(5.73	)			(0.40	)			–				(0.40	)			30.55		(15.80	)			287,511		1.04			1.05			1.58			20
Year ended 10/31/17			30.69			0.41				5.94				6.35				(0.36	)			–				(0.36	)			36.68		20.97				470,436		1.04			1.06			1.23			16
Class R6
Year ended 10/31/21			38.22			0.42				5.58				6.00				(0.56	)			(1.77	)			(2.33	)			41.89		15.67				741,346		0.93			0.93			0.99			19
Year ended 10/31/20			36.76			0.42				1.76				2.18				(0.72	)			–				(0.72	)			38.22		5.96				497,383		0.96			0.97			1.17			33
Year ended 10/31/19			30.55			0.68				6.16				6.84				(0.63	)			–				(0.63	)			36.76		22.88				383,400		0.97			0.98			2.02			7
Year ended 10/31/18			36.67			0.57				(6.27	)			(5.70	)			(0.42	)			–				(0.42	)			30.55		(15.74	)			365,000		0.99			1.00			1.63			20
Year ended 10/31/17			30.68			0.42				5.94				6.36				(0.37	)			–				(0.37	)			36.67		21.04				427,243		1.00			1.02			1.27			16

^(a)	Calculated using average shares outstanding.

^(b)

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

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


13		Invesco Emerging Markets All Cap Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The 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.

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.

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

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


14		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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

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


15		Invesco Emerging Markets All Cap Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.87%.

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

For the year ended October 31, 2021, the Adviser waived advisory fees of $61,604.

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


16		Invesco Emerging Markets All Cap Fund

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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $62,443 in front-end sales commissions from the sale of Class A shares and $4,131 and $722 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $3,106 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.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	211,988,628	$	–		$–	$	211,988,628


China		236,650,743		462,865,847		–		699,516,590


Egypt		–		36,053,867		–		36,053,867


France		–		39,497,324		–		39,497,324


Hungary		–		74,596,009		–		74,596,009


India		62,573,206		22,914,090		–		85,487,296


Indonesia		–		117,376,213		–		117,376,213


Macau		–		28,658,966		–		28,658,966


Mexico		263,538,043		–		–		263,538,043


Nigeria		24,722,486		–		–		24,722,486


Philippines		–		96,571,254		–		96,571,254


Russia		213,060,774		192,666,135		–		405,726,909


South Africa		–		16,825,721		–		16,825,721


South Korea		–		181,815,326		–		181,815,326


Taiwan		–		117,833,605		–		117,833,605


Turkey		–		25,094,241		–		25,094,241


United Arab Emirates		–		18,218,591		–		18,218,591


Vietnam		–		35,093,272		–		35,093,272


Money Market Funds		140,824,810		1,041,988		–		141,866,798


Total Investments	$	1,153,358,690	$	1,467,122,449		$–	$	2,620,481,139

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


17		Invesco Emerging Markets All Cap Fund

NOTE 6–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021		2020


Ordinary income*	$	72,422,446	$	38,656,197


Long-term capital gain		60,061,862		–


Total distributions	$	132,484,308	$	38,656,197

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	19,217,925


Undistributed long-term capital gain		92,566,338


Net unrealized appreciation - investments		670,443,160


Net unrealized appreciation (depreciation) - foreign currencies		(51,412	)


Temporary book/tax differences		(272,725	)


Shares of beneficial interest		1,844,156,599


Total net assets	$	2,626,059,885

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

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 does not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $503,948,331 and $476,411,309, 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	$	798,934,558


Aggregate unrealized (depreciation) of investments		(128,491,398	)


Net unrealized appreciation of investments	$	670,443,160

Cost of investments for tax purposes is $1,950,037,979.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and foreign currency transactions, on October 31, 2021, undistributed net investment income was increased by $4,767,317 and undistributed net realized gain was decreased by $4,767,317. This reclassification had no effect on the net assets or the distributable earnings of the Fund.


18		Invesco Emerging Markets All Cap Fund

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		1,889,937		$	81,886,430			1,706,365		$	61,253,898


Class C		76,205			3,255,333			95,985			3,358,951


Class Y		5,667,031			244,849,914			9,564,984			320,291,589


Class R5		1,141,051			49,259,888			1,328,553			46,363,019


Class R6		6,685,446			290,901,817			6,495,302			236,439,889



Issued as reinvestment of dividends:
Class A		627,884			26,484,157			206,055			7,799,177


Class C		17,346			718,977			2,352			87,520


Class Y		842,214			35,499,330			326,675			12,351,569


Class R5		255,130			10,718,029			114,253			4,306,190


Class R6		637,164			26,754,520			172,136			6,484,375



Automatic conversion of Class C shares to Class A shares:
Class A		91,667			3,898,704			124,129			4,504,737


Class C		(93,490	)		(3,898,704	)		(126,814	)		(4,504,737	)



Reacquired:
Class A		(2,945,340	)		(127,459,786	)		(3,455,941	)		(122,930,459	)


Class C		(68,030	)		(2,867,908	)		(161,979	)		(5,605,982	)


Class Y		(7,704,418	)		(333,818,808	)		(9,663,832	)		(331,996,580	)


Class R5		(1,038,107	)		(44,836,163	)		(3,472,694	)		(118,839,237	)


Class R6		(2,638,022	)		(114,232,877	)		(4,085,473	)		(145,796,742	)


Net increase (decrease) in share activity		3,443,668		$	147,112,853			(829,944	)	$	(26,432,823	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Subsequent Event

Effective on or about February 28, 2022, the name of the Fund and all references thereto will change from Invesco Emerging Markets All Cap Fund to Invesco EQV Emerging Markets All Cap Fund.


19		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), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


20		Invesco Emerging Markets All Cap 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$962.60	$6.38	$1,018.70	$6.56	1.29%
Class C	1,000.00	959.00	10.07	1,014.92	10.36	2.04
Class Y	1,000.00	963.80	5.15	1,019.96	5.30	1.04
Class R5	1,000.00	964.10	4.95	1,020.16	5.09	1.00
Class R6	1,000.00	964.30	4.51	1,020.62	4.63	0.91

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco Emerging Markets All Cap Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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 also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual


22		Invesco Emerging Markets All Cap Fund

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

The Board noted that Invesco Advisers 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

Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco

Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.


23		Invesco Emerging Markets 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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	60,061,862
Qualified Dividend Income*		49.81	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.01	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.1040		per share
Foreign Source Income	$	0.9098		per share

* 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	$	43,738,123


24		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)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


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)
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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


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
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; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


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–(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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 Emerging Markets All Cap Fund

(This page intentionally left blank)

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

LOGO

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Emerging Markets Innovators Fund

Nasdaq:

A: EMIAX ∎ C: EMVCX ∎ R: EMIRX ∎ Y: EMIYX ∎ R5: EMIMX ∎ R6: EMVIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Auditor’s Report

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Emerging Markets Innovators Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.15	%
Class C Shares	14.24
Class R Shares	14.82
Class Y Shares	15.40
Class R5 Shares	15.52
Class R6 Shares	15.50
MSCI Emerging Markets Index ^▼*	16.96
MSCI Emerging Markets Mid Cap Index ^▼*	31.20

Source(s): ^▼RIMES Technologies Corp.

* Effective October 29, 2021, the Fund changed its benchmark from the MSCI Emerging Markets Mid Cap Index to the MSCI Emerging Markets Index. This change was made to provide a more appropriate comparison for evaluating the Fund’s performance.

Market conditions and your Fund

need to understand the nuances in the market to uncover what we think will be attractive long-term opportunities. Alongside a broader economic recovery, we expect an appreciation for nuance to continue well into 2022.

From a sector perspective, the largest contributors to the Fund’s relative performance during the fiscal year were stock selection and an overweight in industrials, stock selection and an underweight in communication services and stock selection in health care. The largest detractors from the Fund’s relative performance during the fiscal year were stock selection and an underweight in materials, an underweight in energy (the Fund has no allocation) and stock selection in consumer staples.

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

Top contributors to absolute performance during the fiscal year included Silergy, TCS Group and Yandex.

Silergy is the largest fabless producer in Taiwan and a global leader in power management integrated circuits (PMIC). This class of integrated circuits performs functions related to power requirements, such as adjusting the voltage/current of electricity flows in items like batteries. PMIC is a growing business as more internet of things (IoT) devices come to market and demand expands. Silergy currently derives most of its business from the tech-savvy Chinese consumer, but also boasts

a more globalized footprint in major markets including India, Japan, South Korea and the United States. Silergy has diversified its business into higher margin product mixes including the automotive segment, data center business, 5G equipment and a higher-end consumer product mix. Silergy reported solid third quarter of 2021 results among strong demand across applications while overall chip shortage should continue to support Silergy’s market share gains across segments.

TCS Group offers its Russian clientele online retail financial services via a branchless network. TCS Group has capitalized on the acceleration of banking digitalization that COVID-19 has brought on, allowing them to increase their market share and expand their product range offering. TCS Group has built an ecosystem through partnerships in payment processing and marketplace partnerships. The stock has performed strongly on the back of two major changes. First, the elimination of Class B shares reflected an important shift from a corporate governance perspective as the supervoting power of the majority shareholder was eliminated and the role of minority shareholders increased. Second, TCS Group was recently included in the MSCI’s rebalancing, increasing investor inflows.

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. Yandex continues to refine the search and portal segment, which has the potential to produce long-term benefits and we believe Yandex will continue to invest in its e-commerce business. The company is also investing in other future growth drivers, that will be supported by existing synergies and data, such as ride hailing. In August 2021 Yandex announced an agreement with Uber to restructure the ownership of their joint ventures (JVs) and Yandex Self-Driving. As a result of the transaction, Yandex acquired Uber’s interest in FoodTech (food technology) businesses (Yandex.Eats and Yandex.Lavka), logistics (Yandex.Delivery) and it also fully consolidated its self-driving businesses. This announcement was well received by investors and was positively reflected in the stock price.

The largest detractors from the Fund’s absolute performance during the fiscal year included New Oriental Education, TAL Education and OneConnect Financial Technology.

New Oriental Education (EDU) operates in China’s vast after school tutoring (AST) market. EDU’s roots were in English tutoring and test preparation for higher-level English-speaking exams like the graduate record examinations (GRE). As incomes in China rapidly increased so did the needs of the tutoring market with demand far exceeding supply in the K-12 market, so EDU shifted its class offerings and now derives the majority of its revenue from this segment. EDU has consistently employed high-quality teachers and a


2		Invesco Emerging Markets Innovators Fund

vast network of classrooms that delivered solid academic returns. However, the Chinese government announced in July 2021 changes to Chinese after-school tutoring companies with the aim to convert them to non-profits given the Chinese government’s efforts to curb tutoring for profit in core school subjects to ease financial pressures on families. The news sent shockwaves through China’s vast private education sector with the company’s share price plunging during the third quarter of 2021. The announced regulatory changes were more extreme than expected and government decisions more challenging and complex, which has created a heightened level of uncertainty.

TAL Education (TAL) operates in China’s vast AST market. TAL set itself apart from the competition as an innovator in the AST market. TAL was the first player to introduce the concept of the two-teacher system - a blended learning model that combines online lectures from top-tier talent including subject matter experts, renowned lecturers and the likes along with live streaming of their content to classrooms across the country. This model theoretically provides students in various income brackets with access to the same high-level lessons as competitors who may only recruit top talent in cities like Beijing and Shanghai. However, the AST market in China has experienced volatility this year due to contemplated reforms the government was looking to implement. TAL Education was impacted by the same regulation as EDU and those regulatory changes sent TAL’s share price plunging. We sold TAL Education during the fiscal year.

OneConnect Financial Technology (OneConnect) is a Chinese company that assists financial institutions with the digitalization of their networks allowing customers to access their accounts and traditional services remotely. OneConnect has decided to focus on the sale of higher-value products and services such as cloud service solutions, creating a short-term headwind as they begin to phase out low-value products such as credit card acquisitions and other retail banking/ merchant services. This product shift seems timely as the regulatory environment has shifted since the halt of Ant Group’s initial public offering (IPO) leading to increased scrutiny around online lending. OneConnect and Ant Group are both fintech companies, so the regulatory environment impacting Ant Group could impact OneConnect. We believe that these headwinds will be short-term in nature and that OneConnect will ultimately benefit from their core business - middle and back-end office solutions, which should continue to see growth as COVID-19 has accelerated digitalization needs. As the company shifts to higher-value products, such as cloud solutions, it should have access to more stable long-term growth drivers.

bottom-up investors who 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, healthy balance sheets and cash flows that will allow them to thrive in the post-COVID world.

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.


3		Invesco Emerging Markets Innovators Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 6/30/14

LOGO

1 Source: RIMES Technologies Corp.

Effective October 29, 2021, the Fund changed its benchmark from the MSCI Emerging Markets Mid Cap Index to the MSCI Emerging Markets Index. This change was made to provide a more appropriate comparison for evaluating the Fund’s performance.

Past performance cannot guarantee future results.

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

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

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


4		Invesco Emerging Markets Innovators Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (6/30/14)	2.75	%
5 Years	6.47
1 Year	8.82

Class C Shares
Inception (6/30/14)	2.74	%
5 Years	6.86
1 Year	13.24

Class R Shares
Inception (6/30/14)	3.26	%
5 Years	7.41
1 Year	14.82

Class Y Shares
Inception (6/30/14)	3.79	%
5 Years	7.96
1 Year	15.40

Class R5 Shares
Inception	3.66	%
5 Years	7.87
1 Year	15.52

Class R6 Shares
Inception (6/30/14)	3.99	%
5 Years	8.15
1 Year	15.50

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

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


5		Invesco Emerging Markets Innovators Fund

Supplemental Information

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

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI Emerging Markets Mid Cap Index is designed to measure equity market performance of mid-capitalization companies in emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Emerging Markets Innovators Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		23.35	%

Health Care		13.38

Industrials		12.08

Consumer Staples		10.09

Information Technology		9.55

Financials		9.52

Communication Services		9.08

Materials		4.98

Real Estate		4.74

Money Market Funds Plus Other Assets Less Liabilities		3.23

Top 10 Equity Holdings*


		% of total net assets

1.	Yandex N.V., Class A		5.44	%

2.	Yum China Holdings, Inc.		4.46

3.	Huazhu Group Ltd., ADR		3.35

4.	Silergy Corp.		3.34

5.	Voltas Ltd.		3.12

6.	Wuxi Biologics Cayman, Inc.		2.97

7.	Samsung Biologics Co. Ltd.		2.76

8.	PT Ace Hardware Indonesia Tbk		2.56

9.	Polyus PJSC, GDR		2.43

10.	Zee Entertainment Enterprises Ltd.		2.26

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, 2021.


7		Invesco Emerging Markets Innovators Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–94.73%
Brazil–6.45%
Americanas S.A.^(a)		781,628	$	4,113,248


Arezzo Industria e Comercio S.A.		556,500		7,286,819


Lojas Americanas S.A., Preference Shares		4,342,581		3,716,409


Lojas Renner S.A.		543,100		3,101,477


Pagseguro Digital Ltd., Class A^(a)		241,047		8,725,901


WEG S.A.		316,100		2,072,309


				29,016,163



Chile–1.64%
Banco Santander Chile		86,110,084		3,768,309


Parque Arauco S.A.^(a)		3,673,760		3,626,342


				7,394,651



China–30.85%
BeiGene Ltd.^(a)		115,600		3,203,007


BeiGene Ltd., ADR^(a)		13,484		4,823,496


Blue Moon Group Holdings Ltd.^(b)		6,016,123		5,412,411


Brii Biosciences Ltd.^(a)		1,577,500		4,979,683


Huazhu Group Ltd., ADR^(a)		325,413		15,086,147


Innovent Biologics, Inc.^(a)(b)		501,000		4,509,295


Keymed Biosciences, Inc.^(a)(b)		809,179		4,174,247


New Oriental Education & Technology Group, Inc., ADR^(a)		890,171		1,824,850


OneConnect Financial Technology Co. Ltd., ADR^(a)		363,515		1,152,342


Remegen Co. Ltd., H Shares^(a)(b)		551,872		6,862,416


Silergy Corp.		91,000		15,026,157


SITC International Holdings Co. Ltd.		1,249,000		4,241,810


Sunny Optical Technology Group Co. Ltd.		367,300		9,905,022


Tencent Music Entertainment Group, ADR^(a)		597,107		4,693,261


Wuxi Biologics Cayman, Inc.^(a)(b)		876,000		13,379,240


Yum China Holdings, Inc.		351,184		20,045,583


Zai Lab Ltd., ADR^(a)		56,356		5,883,566


Zhongsheng Group Holdings Ltd.		635,289		5,736,533


ZTO Express Cayman, Inc., ADR		270,435		7,931,858


				138,870,924



Egypt–1.31%
Commercial International Bank Egypt S.A.E.^(a)		1,823,798		5,922,054



Hong Kong–0.52%
Hongkong & Shanghai Hotels Ltd. (The)^(a)		2,552,000		2,321,937



India–12.22%
Asian Paints Ltd.		7,032		291,427


Godrej Properties Ltd.^(a)		172,223		5,142,001


Havells India Ltd.		540,654		9,133,782


HDFC Life Insurance Co. Ltd.^(b)		233,677		2,121,427


ICICI Lombard General Insurance Co. Ltd.^(b)		162,763		3,222,689


ICICI Prudential Life Insurance Co. Ltd.^(b)		494,619		4,092,552


	Shares		Value


India–(continued)
Marico Ltd.		44,084	$	335,585


Oberoi Realty Ltd.^(a)		533,570		6,461,861


Voltas Ltd.		870,342		14,040,356


Zee Entertainment Enterprises Ltd. (Acquired 11/21/2019; Cost $10,731,346)^(d)		2,524,723		10,166,410


				55,008,090



Indonesia–6.68%
PT Ace Hardware Indonesia Tbk		115,805,800		11,535,179


PT Bank Rakyat Indonesia (Persero) Tbk		21,665,529		6,476,145


PT Semen Indonesia (Persero) Tbk		10,508,700		6,765,591


PT Unilever Indonesia Tbk		16,985,100		5,302,320


				30,079,235



Mexico–7.94%
Alsea S.A.B. de C.V.		3,320,239		6,970,115


Coca-Cola FEMSA S.A.B. de C.V., ADR		101,872		5,475,620


Fomento Economico Mexicano, S.A.B. de C.V., Series CPO		581,600		4,781,505


Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		160,295		3,232,605


Grupo Mexico S.A.B. de C.V., Class B		1,003,500		4,402,376


Regional S.A.B. de C.V.		969,895		5,073,246


Wal-Mart de Mexico S.A.B. de C.V., Series V		1,661,400		5,794,887


				35,730,354



Nigeria–0.50%
Guaranty Trust Holding Co. PLC		32,307,222		2,237,104



Peru–1.08%
Credicorp Ltd.		14,921		1,934,657


InRetail Peru Corp.^(b)		79,666		2,947,642


				4,882,299



Philippines–2.54%
Philippine Seven Corp.^(a)		323,162		584,168


San Miguel Food and Beverage, Inc.		3,136,880		4,727,575


SM Prime Holdings, Inc.		9,326,500		6,132,794


				11,444,537



Poland–2.72%
Allegro.eu S.A.^(a)(b)		552,370		6,248,978


CD Projekt S.A.		35,667		1,556,240


InPost S.A.^(a)		312,318		4,457,427


				12,262,645



Russia–11.42%
Fix Price Group Ltd., GDR^(b)		199,573		1,738,281


Ozon Holdings PLC, ADR^(a)		138,502		6,232,590


Polyus PJSC, GDR^(b)		110,487		10,949,262


TCS Group Holding PLC, GDR^(b)		78,069		8,003,930


Yandex N.V., Class A^(a)		295,387		24,469,859


				51,393,922



South Korea–2.76%
Samsung Biologics Co. Ltd.^(a)(b)		16,607		12,423,968

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


8		Invesco Emerging Markets Innovators Fund


	Shares		Value


Taiwan–4.16%
MediaTek, Inc.		144,000	$	4,760,588


President Chain Store Corp.		466,000		4,713,943


Voltronic Power Technology Corp.		157,919		9,251,744


				18,726,275



Turkey–1.18%
BIM Birlesik Magazalar A.S.		824,256		5,328,620



United States–0.76%
Globant S.A.^(a)		10,660		3,402,565


Total Common Stocks & Other Equity Interests (Cost $338,963,634)				426,445,343



Preferred Stocks–2.04%
India–2.04%
Le Travenues Technology Pte. Ltd., Pfd.^(c)(Cost $9,169,499)		18,002		9,169,499


	Shares		Value


Money Market Funds–3.27%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(e)(f)		5,168,377	$	5,168,377


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(e)(f)		3,650,572		3,651,667


Invesco Treasury Portfolio, Institutional Class, 0.01%^(e)(f)		5,906,716		5,906,716


Total Money Market Funds (Cost $14,726,760)				14,726,760


TOTAL INVESTMENTS IN SECURITIES–100.04% (Cost $362,859,893)				450,341,602


OTHER ASSETS LESS LIABILITIES–(0.04)%				(168,359	)


NET ASSETS–100.00%			$	450,173,243

Investment Abbreviations:

ADR – American Depositary Receipt

CPO – Certificates of Ordinary Participation

GDR – Global Depositary Receipt

Pfd. – Preferred

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, 2021 was $86,086,338, which represented 19.12% of the Fund’s Net Assets.

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

^(d)	Restricted security. The value of this security at October 31, 2021 represented 2.26% of the Fund’s Net Assets.

^(e)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,217,505	$	54,135,927	$	(51,185,055	)	$	-	$	-	$	5,168,377	$	1,230
Invesco Liquid Assets Portfolio, Institutional Class		1,583,761		38,629,354		(36,560,893	)		158		(713)		3,651,667		753
Invesco Treasury Portfolio, Institutional Class		2,534,292		61,869,630		(58,497,206	)		-		-		5,906,716		555
Total	$	6,335,558	$	154,634,911	$	(146,243,154	)	$	158	$	(713)	$	14,726,760	$	2,538

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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


9		Invesco Emerging Markets Innovators Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $348,133,133)	$	435,614,842


Investments in affiliated money market funds, at value (Cost $14,726,760)		14,726,760


Cash		300,000


Foreign currencies, at value (Cost $1,282,990)		1,240,048


Receivable for:
Investments sold		863,875


Fund shares sold		63,684


Dividends		237,094


Investment for trustee deferred compensation and retirement plans		14,318


Other assets		41,466


Total assets		453,102,087



Liabilities:

Payable for:
Investments purchased		303,418


Fund shares reacquired		154,645


Accrued foreign taxes		1,858,517


Accrued fees to affiliates		209,663


Accrued other operating expenses		388,283


Trustee deferred compensation and retirement plans		14,318


Total liabilities		2,928,844


Net assets applicable to shares outstanding	$	450,173,243



Net assets consist of:

Shares of beneficial interest	$	326,168,892


Distributable earnings		124,004,351


	$	450,173,243


Net Assets:

Class A	$	136,638,050


Class C	$	19,857,990


Class R	$	8,126,461


Class Y	$	193,557,609


Class R5	$	13,201


Class R6	$	91,979,932



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		10,959,785


Class C		1,682,128


Class R		663,347


Class Y		15,273,866


Class R5		1,049


Class R6		7,173,531


Class A:
Net asset value per share	$	12.47


Maximum offering price per share
(Net asset value of $12.47 ÷ 94.50%)	$	13.20


Class C:
Net asset value and offering price per share	$	11.81


Class R:
Net asset value and offering price per share	$	12.25


Class Y:
Net asset value and offering price per share	$	12.67


Class R5:
Net asset value and offering price per share	$	12.58


Class R6:
Net asset value and offering price per share	$	12.82

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


10		Invesco Emerging Markets Innovators Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $582,470)	$	4,658,996


Dividends from affiliated money market funds		2,538


Total investment income		4,661,534


Expenses:

Advisory fees		5,675,605


Administrative services fees		70,492


Custodian fees		214,722


Distribution fees:

Class A		237,072


Class C		224,564


Class R		43,954


Transfer agent fees – A, C, R and Y		534,564


Transfer agent fees – R5		1


Transfer agent fees – R6		12,281


Trustees’ and officers’ fees and benefits		24,805


Registration and filing fees		102,951


Reports to shareholders		55,553


Professional services fees		91,041


Taxes		931


Other		25,350


Total expenses		7,313,886


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(223,248	)


Net expenses		7,090,638


Net investment income (loss)		(2,429,104	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:

Unaffiliated investment securities (net of foreign taxes of $91,843)		45,341,153


Affiliated investment securities		(713	)


Foreign currencies		(208,649	)


Forward foreign currency contracts		10,722


		45,142,513

Change in net unrealized appreciation (depreciation) of:

Unaffiliated investment securities (net of foreign taxes of $1,858,517)		22,223,668


Affiliated investment securities		158


Foreign currencies		(46,179	)


		22,177,647


Net realized and unrealized gain		67,320,160


Net increase in net assets resulting from operations	$	64,891,056

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


11		Invesco Emerging Markets Innovators Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:

Net investment income (loss)	$	(2,429,104	)	$	(2,027,001	)


Net realized gain		45,142,513			79,609,500


Change in net unrealized appreciation (depreciation)		22,177,647			(41,834,441	)


Net increase in net assets resulting from operations		64,891,056			35,748,058


Distributions to shareholders from distributable earnings:

Class A		(2,484,125	)		–


Class C		(750,908	)		–


Class R		(272,278	)		–


Class Y		(6,588,853	)		–


Class R5		(419	)		–


Class R6		(4,744,973	)		–


Total distributions from distributable earnings		(14,841,556	)		–


Share transactions–net:

Class A		59,012,767			(17,380,227	)


Class C		(2,753,965	)		(7,114,943	)


Class R		(521,215	)		(791,887	)


Class Y		(11,476,814	)		(39,921,238	)


Class R6		(60,850,966	)		(181,445,330	)


Net increase (decrease) in net assets resulting from share transactions		(16,590,193	)		(246,653,625	)


Net increase (decrease) in net assets		33,459,307			(210,905,567	)


Net assets:

Beginning of year		416,713,936			627,619,503


End of year	$	450,173,243		$	416,713,936

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


12		Invesco Emerging Markets Innovators Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21	$	11.17	$	(0.08	)	$	1.78		$	1.70		$	–		$	(0.40	)	$	(0.40	)	$	12.47		15.15	%^(e)	$	136,638		1.58	%^(e)		1.64	%^(e)		(0.65	)%^(e)		50	%
Year ended 10/31/20		10.41		(0.06	)		0.82			0.76			–			–			–			11.17		7.30	^(e)		70,918		1.68	^(e)		1.68	^(e)		(0.62	)^(e)		67
Two months ended 10/31/19		9.85		(0.01	)		0.57			0.56			–			–			–			10.41		5.69			83,842		1.68	^(f)		1.68	^(f)		(0.63	)^(f)		20
Year ended 08/31/19		10.38		(0.02	)		(0.51	)		(0.53	)		–			–			–			9.85		(5.11	)		80,454		1.71			1.71			(0.25	)		36
Year ended 08/31/18		10.67		(0.02	)		(0.25	)		(0.27	)		(0.02	)		–			(0.02	)		10.38		(2.52	)		97,641		1.70			1.70			(0.18	)		24
Year ended 08/31/17		8.87		(0.03	)		1.83			1.80			–			–			–			10.67		20.29			84,324		1.77			1.77			(0.35	)		23
Class C
Year ended 10/31/21		10.67		(0.18	)		1.72			1.54			–			(0.40	)		(0.40	)		11.81		14.34			19,858		2.35			2.40			(1.42	)		50
Year ended 10/31/20		10.02		(0.14	)		0.79			0.65			–			–			–			10.67		6.49			20,337		2.44			2.44			(1.38	)		67
Two months ended 10/31/19		9.49		(0.02	)		0.55			0.53			–			–			–			10.02		5.58			26,427		2.44	^(f)		2.44	^(f)		(1.40	)^(f)		20
Year ended 08/31/19		10.09		(0.09	)		(0.51	)		(0.60	)		–			–			–			9.49		(5.95	)		26,661		2.45			2.45			(1.01	)		36
Year ended 08/31/18		10.42		(0.10	)		(0.23	)		(0.33	)		–			–			–			10.09		(3.17	)		38,156		2.46			2.46			(0.94	)		24
Year ended 08/31/17		8.74		(0.10	)		1.78			1.68			–			–			–			10.42		19.22			30,168		2.52			2.52			(1.11	)		23
Class R
Year ended 10/31/21		11.01		(0.12	)		1.76			1.64			–			(0.40	)		(0.40	)		12.25		14.82			8,126		1.85			1.90			(0.92	)		50
Year ended 10/31/20		10.28		(0.09	)		0.82			0.73			–			–			–			11.01		7.10			7,741		1.94			1.94			(0.88	)		67
Two months ended 10/31/19		9.73		(0.01	)		0.56			0.55			–			–			–			10.28		5.65			8,012		1.94	^(f)		1.94	^(f)		(0.90	)^(f)		20
Year ended 08/31/19		10.29		(0.05	)		(0.51	)		(0.56	)		–			–			–			9.73		(5.44	)		7,516		1.95			1.95			(0.51	)		36
Year ended 08/31/18		10.59		(0.05	)		(0.24	)		(0.29	)		(0.01	)		–			(0.01	)		10.29		(2.77	)		6,884		1.97			1.97			(0.45	)		24
Year ended 08/31/17		8.83		(0.05	)		1.81			1.76			–			–			–			10.59		19.93			3,606		2.03			2.03			(0.55	)		23
Class Y
Year ended 10/31/21		11.32		(0.06	)		1.81			1.75			–			(0.40	)		(0.40	)		12.67		15.40			193,558		1.35			1.40			(0.42	)		50
Year ended 10/31/20		10.52		(0.04	)		0.84			0.80			–			–			–			11.32		7.60			183,438		1.44			1.44			(0.38	)		67
Two months ended 10/31/19		9.95		(0.01	)		0.58			0.57			–			–			–			10.52		5.73			216,384		1.44	^(f)		1.44	^(f)		(0.40	)^(f)		20
Year ended 08/31/19		10.47		(0.00	)		(0.52	)		(0.52	)		–			–			–			9.95		(4.97	)		212,530		1.46			1.46			(0.00	)		36
Year ended 08/31/18		10.75		0.01			(0.25	)		(0.24	)		(0.04	)		–			(0.04	)		10.47		(2.23	)		281,465		1.46			1.46			0.06			24
Year ended 08/31/17		8.92		(0.01	)		1.84			1.83			–			–			–			10.75		20.52			193,261		1.52			1.52			(0.10	)		23
Class R5
Year ended 10/31/21		11.23		(0.04	)		1.79			1.75			–			(0.40	)		(0.40	)		12.58		15.52			13		1.26			1.26			(0.33	)		50
Year ended 10/31/20		10.42		(0.02	)		0.83			0.81			–			–			–			11.23		7.77			12		1.27			1.27			(0.21	)		67
Two months ended 10/31/19		9.86		(0.00	)		0.56			0.56			–			–			–			10.42		5.68			11		1.31	^(f)		1.31	^(f)		(0.26	)^(f)		20
Period ended 08/31/19^(g)		9.53		0.00			0.33			0.33			–			–			–			9.86		3.46			10		1.28	^(f)		1.28	^(f)		0.15	^(f)		36
Class R6
Year ended 10/31/21		11.44		(0.04	)		1.82			1.78			–			(0.40	)		(0.40	)		12.82		15.50			91,980		1.25			1.26			(0.32	)		50
Year ended 10/31/20		10.61		(0.02	)		0.85			0.83			–			–			–			11.44		7.82			134,269		1.25			1.26			(0.19	)		67
Two months ended 10/31/19		10.04		(0.00	)		0.57			0.57			–			–			–			10.61		5.68			292,944		1.27	^(f)		1.27	^(f)		(0.22	)^(f)		20
Year ended 08/31/19		10.54		0.02			(0.52	)		(0.50	)		–			–			–			10.04		(4.74	)		278,033		1.27			1.27			0.18			36
Year ended 08/31/18		10.82		0.03			(0.25	)		(0.22	)		(0.06	)		–			(0.06	)		10.54		(2.06	)		105,736		1.29			1.29			0.26			24
Year ended 08/31/17		8.96		0.03			1.83			1.86			–			–			–			10.82		20.89			23,879		1.32			1.32			0.30			23

^(a)	Calculated using average shares outstanding.

^(b)

^(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 and 2017, respectively.

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

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

^(f)	Annualized.

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

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


13		Invesco Emerging Markets Innovators Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

The 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.

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.

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

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


14		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.

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.

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.

Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of


15		Invesco Emerging Markets Innovators Fund

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 1.14%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.70%, 2.46%, 1.98%, 1.45%, 1.30% and 1.25%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $12,165 and reimbursed class level expenses of $58,993, $11,765, $4,707, $122,655, $0 and $12,281 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $25,487 in front-end sales commissions from the sale of Class A shares and $1,114 and $1,085 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


16		Invesco Emerging Markets Innovators Fund


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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Investments in Securities


Brazil	$	29,016,163	$	–	$	–	$	29,016,163
Chile		7,394,651		–		–		7,394,651
China		61,441,103		77,429,821		–		138,870,924
Egypt		–		5,922,054		–		5,922,054
Hong Kong		–		2,321,937		–		2,321,937
India		–		55,008,090		9,169,499		64,177,589
Indonesia		–		30,079,235		–		30,079,235
Mexico		35,730,354		–		–		35,730,354
Nigeria		2,237,104		–		–		2,237,104
Peru		4,882,299		–		–		4,882,299
Philippines		–		11,444,537		–		11,444,537
Poland		–		12,262,645		–		12,262,645
Russia		43,389,992		8,003,930		–		51,393,922
South Korea		–		12,423,968		–		12,423,968
Taiwan		–		18,726,275		–		18,726,275
Turkey		–		5,328,620		–		5,328,620
United States		3,402,565		–		–		3,402,565
Money Market Funds		14,726,760		–		–		14,726,760


Total Investments	$	202,220,991	$	238,951,112	$	9,169,499	$	450,341,602


	Value 10/31/20		Purchases at Cost		Proceeds from Sales		Accrued Discounts/ Premiums		Realized Gain (Loss)		Change in Unrealized Appreciation		Transfers into Level 3		Transfers out of Level 3		Value 10/31/21
Preferred Stocks	$	–	$	9,169,499	$	–	$	–	$	–	$	–	$	–	$	–	$	9,169,499
Common Stocks & Other Equity Interests		3		–		0		–		(5,072,511)		5,072,508		–		–		0
Total	$	3	$	9,169,499	$	0	$	–	$	(5,072,511)	$	5,072,508	$	–	$	–	$	9,169,499

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 10/31/21

Valuation

Technique

Unobservable

Inputs

Range of
Unobservable
Inputs

Unobservable
Input Used
Inputs

Le Travenues Technology Pte. Ltd.

$9,169,499

Cost

Original Purchase Price

N/A

^(a)

The Fund fair values certain private placement securities at the original purchase price or “cost”. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Derivative Investments

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.


	Location of Gain on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts		$10,722


17		Invesco Emerging Markets Innovators Fund

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


		Forward Foreign Currency Contracts
Average notional value		$272,811

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.

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, 2021 and 2020 :


	2021		2020
Long-term capital gain	$	14,841,556	$–

Tax Components of Net Assets at Period-End:


	2021


Undistributed long-term capital gain	$	41,510,935


Net unrealized appreciation – investments		86,498,054


Net unrealized appreciation (depreciation) – foreign currencies		(1,902,431	)


Temporary book/tax differences		(11,392	)


Late-Year ordinary loss deferral		(2,090,815	)


Shares of beneficial interest		326,168,892


Total net assets	$	450,173,243

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 does not have a capital loss carryforward as of October 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $237,344,771 and $281,364,549, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	135,652,961


Aggregate unrealized (depreciation) of investments		(49,154,907	)


Net unrealized appreciation of investments	$	86,498,054

Cost of investments for tax purposes is $363,843,548.


18		Invesco Emerging Markets Innovators Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and net operating loss, on October 31, 2021, undistributed net investment income (loss) was increased by $2,628,063, undistributed net realized gain was decreased by $3,196,508 and shares of beneficial interest was increased by $568,445. 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, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		6,255,457		$	80,659,716			1,163,951		$	12,282,570


Class C		321,067			4,060,781			249,099			2,499,377


Class R		133,649			1,731,723			179,806			1,852,616


Class Y		2,609,368			34,702,024			2,954,466			29,867,919


Class R6		1,363,252			18,353,203			1,332,978			13,420,353



Issued as reinvestment of dividends:
Class A		183,162			2,322,499			-			-


Class C		58,673			709,352			-			-


Class R		21,782			272,050			-			-


Class Y		447,254			5,751,687			-			-


Class R6		243,443			3,167,195			-			-



Automatic conversion of Class C shares to Class A shares:
Class A		188,539			2,464,557			56,873			576,910


Class C		(198,024	)		(2,464,557	)		(59,311	)		(576,910	)



Reacquired:
Class A		(2,018,986	)		(26,434,005	)		(2,926,973	)		(30,239,707	)


Class C		(405,511	)		(5,059,541	)		(921,782	)		(9,037,410	)


Class R		(195,301	)		(2,524,988	)		(255,899	)		(2,644,503	)


Class Y		(3,990,225	)		(51,930,525	)		(7,316,804	)		(69,789,157	)


Class R6		(6,171,816	)		(82,371,364	)		(17,194,088	)		(194,865,683	)


Net increase (decrease) in share activity		(1,154,217	)	$	(16,590,193	)		(22,737,684	)	$	(246,653,625	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco Emerging Markets Innovators Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Innovators Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the two years in the period ended October 31, 2021, the two months ended October 31, 2019, and the year ended August 31, 2019 for Class A,Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021, the two months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through August 31, 2019 for Class R5.

The financial statements of Oppenheimer Emerging Markets Innovators Fund (subsequently renamed Invesco Emerging Markets Innovators Fund) as of and for the year ended August 31, 2018 and the financial highlights for 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 23, 2021


20		Invesco Emerging Markets Innovators 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$944.00	$7.35	$1,017.64	$7.63	1.50%
Class C	1,000.00	940.20	11.15	1,013.71	11.57	2.28
Class R	1,000.00	942.30	8.71	1,016.23	9.05	1.78
Class Y	1,000.00	944.80	6.27	1,018.75	6.51	1.28
Class R5	1,000.00	945.10	6.18	1,018.85	6.41	1.26
Class R6	1,000.00	944.70	6.18	1,018.85	6.41	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 184/365 to reflect the most recent fiscal half year.


21		Invesco Emerging Markets Innovators Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Mid Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, 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 Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight or lack of 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.


22		Invesco Emerging Markets Innovators Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.


23		Invesco Emerging Markets Innovators 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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$18,338,556
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco 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)	186	None

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


T-1		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris — 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²— 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


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

(This page intentionally left blank)

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

LOGO


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

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco Emerging Markets Local Debt Fund

Nasdaq:

A: OEMAX ∎ C: OEMCX ∎ R: OEMNX ∎ Y: OEMYX ∎ R5: EMLDX ∎ R6: OEMIX


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

16		Financial Statements

19		Financial Highlights

20		Notes to Financial Statements

29		Report of Independent Registered Public Accounting Firm

30		Fund Expenses

31		Approval of Investment Advisory and Sub-Advisory Contracts

33		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Emerging Markets Local Debt Fund (the Fund), at net asset value (NAV), underperformed the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.81	%

Class C Shares	-2.62

Class R Shares	-2.12

Class Y Shares	-1.75

Class R5 Shares	-1.54

Class R6 Shares	-1.50

JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index^q	0.84

Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2021, global fixed income markets were characterized by volatility as investors grappled with pivots in central bank communications (particularly from the US Federal Reserve (the Fed), which drives markets globally), anticipated growth projections and inflation concerns on the back of extraordinary monetary and fiscal support globally.

Positive news on coronavirus (COVID-19) vaccines and strong corporate earnings outweighed investor concerns towards the end of 2020 on political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections globally. Despite uncertainty leading up to the 2020 US presidential election, bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases.

In the first quarter of 2021, US bond yields rose sharply due to an improving economic outlook and concerns about rising inflation. The ability to control COVID-19 continued to be a major determining factor in the growth of economies. Following the swift approval of several COVID-19 vaccines for public distribution, countries rolled out vaccine programs with varying degrees of success. Amid a relatively slow vaccine rollout, the Eurozone experienced a resurgence in COVID-19 infections and reestablished various lockdown measures, which put pressure on the region’s nascent economic recovery. Meanwhile, the US benefited from an expedited vaccine rollout and passage of a $1.9 trillion fiscal stimulus package, further boosting its economic recovery. As growth rebounded, concerns about rising inflation returned and investors reconsidered implications for US monetary policy, triggering a repricing of US interest rates and a subsequent sell off in global fixed income

markets. The US dollar ended the quarter up 3.7%.

Nevertheless, central banks across developed countries affirmed their commitment to maintain accommodative monetary policies in support of economic recovery. The Fed reiterated its commitment to maintain the federal funds rate at ultra-low levels given its new policy framework of targeting average inflation. The European Central Bank maintained its main stimulus measures and accelerated its bond buying program to counter the Euro-zone’s rising borrowing costs. While most central banks across emerging market (EM) economies left policy rates unchanged, central banks in Brazil and Russia began to tighten monetary policy.

In the second quarter of 2021, the Fed’s commentary was the primary influence on global fixed income markets. In early April, the Fed reiterated its average inflation targeting framework and its intent to be patient in reducing accommodative policies. This quelled investor concerns that arose in the first quarter and spurred solid performance across interest rates, currency and corporate credit for much of the second quarter. Nevertheless, the market was spooked again in June when Fed comments in the face of economic growth and rising inflation were interpreted to suggest earlier policy tightening than investors anticipated. This perceived “hawkish pivot” drove down Treasury yields as investors questioned the Fed’s ability to avoid a policy error. Volatility rippled outward, roiling global markets and amplifying inflationary pressures in emerging markets, where several central banks (Russia, Brazil, Mexico) tightened monetary policy. After falling in April and May, the US dollar strengthened in the second half of June to end the quarter down only slightly.

In the third quarter of 2021, investor anxiety increased due to concerns about growth

prospects, inflation and the Fed’s slightly less accommodative tone, all of which combined to drive volatility in global fixed income markets and push the 10-year US Treasury yield higher. The Delta variant spurred escalating COVID-19 cases globally and subdued optimism for reopening plans (and ultimately growth prospects). Meanwhile, supply chain issues proved more extensive and enduring, which led to elevated inflation data. The Fed anticipated these issues were transitory and driven by COVID-19 disruptions but suggested that tapering its $120 billion in monthly asset purchases could begin earlier than expected. This accelerated the anticipated time frame for future rate hikes. Emerging market central banks generally continued (Russia, Brazil, Mexico) or accelerated (Chile, Czech Republic, Peru) their monetary policy tightening, while China issued an array of new regulations. The US dollar was flat in July, drifted higher in August and rose in September, ending the quarter more than 2% higher.

Over the fiscal year, exposures in Egypt, the Czech Republic and Poland contributed the most to the Fund’s relative performance compared to the JP Morgan Government Bond Index – Emerging Markets (GBI-EM) Global Diversified Index, while exposures in Russia, Colombia and Mexico detracted the most. Specific contributors to relative Fund performance included interest rate positioning in Egypt and Poland and positioning in the Chinese Renminbi. Conversely, interest rate positioning in Russia and Mexico and positioning in the South African Rand detracted from relative Fund performance.

Global fixed income markets have remained volatile this fiscal year as investors have continued to recalibrate growth prospects amidst uneven country by country reopening plans and their implications for inflation expectations and subsequent central bank monetary policy actions, particularly by the Fed. In each quarter of 2021, pivots in the Fed commentary and perceptions have led to market pricing in earlier policy tightening than investors anticipated, triggering a repricing in interest rate markets, especially in emerging markets.

With COVID-19 slowly fading and economic activity robust, price pressures and, perhaps more importantly, inflation expectations have become pressure points for rates markets globally. Beyond the US, we are starting to see other developed market (DM) central banks indicate a gradual unwinding of their extraordinary monetary stimulus implemented over the last 18 months.


2		Invesco Emerging Markets Local Debt Fund

Yet the policy rate gap between EMs and DMs continues to grow in nominal terms, and we expect this to translate into a significant differential in relative real interest rates in 2022, as inflation ebbs in various EMs. We believe that we are most likely at or maybe even past peak acceleration in EM rate hikes. While we expect some further pressures over the next few quarters, we do believe it will be more gradual as the early hikers are nearing the end of the current cycle, the new hikers will most likely be gradual and only a few with high negative real rates may accelerate over the next few months. As a result, we believe emerging market rates are at quite attractive levels outright and especially when compared to US interest rates and believe this area of the market offers a compelling opportunity.

That being said, the larger relative opportunity remains on the currency side, in our view, as the probability of continued US dollar strength ebbs. Higher interest rate expectations have buoyed the US dollar recently, but we believe the factors that have contributed to US dollar strength are now behind us, and high US twin deficits will ultimately weigh on the dollar. While conditions in the US will continue to have an outsized effect on the rest of the world, we expect global growth will remain resilient and continue to find attractive yields in emerging markets. In this regard, we believe the opportunity remains quite favorable, and the Fund is well positioned to capitalize.

Please note that we implemented our strategy using derivative instruments, including futures, forwards, swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

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

factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

Thank you for investing in Invesco Emerging Markets Local Debt Fund.

Portfolio manager(s):

Hemant Baijal

Wim Vandenhoeck

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


3		Invesco Emerging Markets Local Debt Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco Emerging Markets Local Debt Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares

Inception (6/30/10)	1.16	%

10 Years	0.39

5 Years	0.73

1 Year	-5.99

Class C Shares

Inception (6/30/10)	0.99	%

10 Years	0.20

5 Years	0.77

1 Year	-3.56

Class R Shares

Inception (6/30/10)	1.25	%

10 Years	0.53

5 Years	1.27

1 Year	-2.12

Class Y Shares

Inception (6/30/10)	1.81	%

10 Years	1.10

5 Years	1.83

1 Year	-1.75

Class R5 Shares

10 Years	0.89	%

5 Years	1.74

1 Year	-1.54

Class R6 Shares

Inception (9/28/12)	0.27	%

5 Years	1.96

1 Year	-1.50

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.


5		Invesco Emerging Markets Local Debt Fund

Supplemental Information

Invesco Emerging Markets Local Debt Fund’s investment objective is to seek total return.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.

∎


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

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE


6		Invesco Emerging Markets Local Debt Fund


Fund Information
Portfolio Composition

By sector		% of total net assets
Sovereign Debt			73.73%
Health Care			6.59
Financials			2.96
Energy			2.29
Other Sectors, Each Less than 2% of Net Assets			1.84
Money Market Funds Plus Other Assets Less Liabilities			12.59

Top Five Debt Issuers*
		% of total net assets
1.	Republic of South Africa Government Bond		13.35%
2.	Indonesia Treasury Bond		11.09
3.	Malaysia Government Bond		8.11
4.	China Development Bank		6.59
5.	Mexican Bonos		6.51

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, 2021.


7		Invesco Emerging Markets Local Debt Fund

Schedule of Investments

October 31, 2021


	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–87.27%^(a)
Brazil–3.41%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2055	BRL	800,000	$	563,660
Series F, 10.00%, 01/01/2029	BRL	27,000,000		4,332,706
				4,896,366

Chile–2.90%
Bonos de la Tesoreria de la Republica, 1.30%, 03/01/2023	CLP	813,211,850		1,020,788
Bonos de la Tesoreria de la Republica en pesos,
2.50%, 03/01/2025	CLP	1,000,000,000		1,121,512
4.50%, 03/01/2026	CLP	1,700,000,000		2,010,639
				4,152,939

China–7.82%
China Development Bank,
Series 2103, 3.30%, 03/03/2026	CNY	40,000,000		6,308,752
Series 2107, 3.00%, 06/17/2024	CNY	20,000,000		3,138,109
China Government Bond, 3.72%, 04/12/2051	CNY	6,000,000		974,427
Export-Import Bank of China (The), Series 2105, 3.22%, 05/14/2026	CNY	5,000,000		783,023
				11,204,311

Colombia–4.79%
Colombian TES, Series B, 5.75%, 11/03/2027	COP	21,500,000,000		5,244,665
PA Autopista Rio Magdalena, 6.05%, 06/15/2036^(b)	COP	6,500,000,000		1,623,561
				6,868,226

Czech Republic–2.96%
Czech Republic Government Bond,
Series 49, 4.20%, 12/04/2036^(b)	CZK	13,300,000		712,042
Series 95, 1.00%, 06/26/2026^(b)	CZK	85,000,000		3,530,740
				4,242,782

Egypt–4.12%
Egypt Government Bond,
14.20%, 07/07/2023	EGP	16,000,000		1,021,612
14.31%, 10/13/2023	EGP	24,000,000		1,535,591
14.48%, 04/06/2026	EGP	52,000,000		3,346,310
				5,903,513

India–1.68%
India Government Bond, 7.27%, 04/08/2026	INR	170,000,000		2,404,207


	Principal Amount		Value
Indonesia–11.09%
Indonesia Treasury Bond,
6.38%, 04/15/2032	IDR	35,400,000,000	$	2,562,393
Series FR59, 7.00%, 05/15/2027	IDR	67,000,000,000		5,071,995
Series FR64, 6.13%, 05/15/2028	IDR	70,000,000,000		5,059,467
Series FR71, 9.00%, 03/15/2029	IDR	30,000,000,000		2,479,619
Series FR87, 6.50%, 02/15/2031	IDR	10,000,000,000		723,487
				15,896,961

Malaysia–8.11%
Malaysia Government Bond,
3.76%, 05/22/2040	MYR	5,500,000		1,251,201
Series 115, 3.96%, 09/15/2025	MYR	22,000,000		5,498,506
Series 120, 4.07%, 06/15/2050	MYR	5,000,000		1,146,624
Series 513, 3.73%, 06/15/2028	MYR	15,200,000		3,732,618
				11,628,949

Mexico–8.87%
Mexican Bonos,
Series M, 5.75%, 03/05/2026	MXN	60,000,000		2,754,225
Series M, 7.75%, 11/13/2042	MXN	44,000,000		2,101,211
Series M 20, 8.50%, 05/31/2029	MXN	45,000,000		2,318,189
Series M 30, 8.50%, 11/18/2038	MXN	42,000,000		2,156,438
Petroleos Mexicanos,
7.19%, 09/12/2024^(b)	MXN	38,000,000		1,764,840
Series 2011-3, 7.65%, 11/24/2021	MXN	16,000,000		779,289
Series 2013-2, 7.19%, 09/12/2024	MXN	16,000,000		743,091
Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028^(b)	MXN	2,024,000		100,637
				12,717,920

Peru–3.96%
Peru Government Bond,
5.94%, 02/12/2029	PEN	8,000,000		2,075,741
6.15%, 08/12/2032	PEN	10,000,000		2,542,200
Peruvian Government International Bond, 6.35%, 08/12/2028^(b)	PEN	4,000,000		1,064,197
				5,682,138

Poland–1.41%
Republic of Poland Government Bond, Series 1029, 2.75%, 10/25/2029	PLN	8,000,000		2,023,035

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


8		Invesco Emerging Markets Local Debt Fund


	Principal Amount		Value
Romania–1.15%
Romania Government Bond, 4.50%, 06/17/2024	RON	7,000,000	$	1,652,377

Russia–3.32%
Russian Federal Bond - OFZ, 6.00%, 10/06/2027	RUB	375,000,000		4,762,730

South Africa–13.87%
Eskom Holdings SOC Ltd., Series ES23, 10.00%, 01/25/2023	ZAR	11,000,000		745,978
Republic of South Africa Government Bond,
6.25%, 03/31/2036	ZAR	65,000,000		2,926,104
Series 2037, 8.50%, 01/31/2037	ZAR	175,000,000		9,546,236
Series 2040, 9.00%, 01/31/2040	ZAR	55,000,000		3,071,140
Series R186, 10.50%, 12/21/2026	ZAR	50,000,000		3,589,198
				19,878,656

South Korea–1.26%
Export-Import Bank of Korea, 8.00%, 05/15/2024^(b)	IDR	24,000,000,000		1,806,416

Supranational–1.13%
European Bank for Reconstruction & Development, 4.60%, 12/09/2025	IDR	10,000,000,000		692,642
International Bank for Reconstruction & Development, 4.60%, 02/09/2026	IDR	10,000,000,000		697,088
International Finance Corp., 0.00%, 02/15/2029^(b)(c)	TRY	7,300,000		235,331
				1,625,061


Investment Abbreviations:
BRL		– Brazilian Real
CLP		– Chile Peso
CNY		– Chinese Yuan Renminbi
COP		– Colombia Peso
CZK		– Czech Koruna
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


	Principal Amount			Value
Thailand–3.86%
Thailand Government Bond,
2.88%, 12/17/2028	THB		35,000,000	$	1,145,868
3.78%, 06/25/2032	THB		50,000,000		1,754,865
3.30%, 06/17/2038	THB		80,000,000		2,630,071
					5,530,804

Turkey–1.56%
Turkey Government Bond, 12.20%, 01/18/2023	TRY		22,690,000		2,235,015
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $132,966,209)					125,112,406

		Shares

Money Market Funds–11.37%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)			5,607,012		5,607,012
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)			4,279,115		4,280,399
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)			6,408,013		6,408,013
Total Money Market Funds (Cost $16,295,511)					16,295,424

Options Purchased–0.05%
(Cost $140,271)^(f)					78,471
TOTAL INVESTMENTS IN SECURITIES–98.69% (Cost $149,401,991)					141,486,301
OTHER ASSETS LESS LIABILITIES–1.31%					1,876,038
NET ASSETS–100.00%				$	143,362,339

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


9		Invesco Emerging Markets Local Debt Fund

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $10,837,764, which represented 7.56% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2020			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)				Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,524,345	$	49,960,999	$	(46,878,332	)		$ -		$	-			$	5,607,012		$	801
Invesco Liquid Assets Portfolio, Institutional Class			1,802,774		35,686,427		(33,208,568	)		88			(322	)			4,280,399			519
Invesco Treasury Portfolio, Institutional Class			2,884,965		57,098,283		(53,575,235	)		-			-				6,408,013			351
Total		$	7,212,084	$	142,745,709	$	(133,662,135	)		$88		$	(322	)		$	16,295,424		$	1,671

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(f)	The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

USD versus CNH

Call

Morgan Stanley and Co. International PLC

11/10/2021

CNH

6.65

USD 4,000,000

USD versus CNH

Call

Standard Chartered Bank PLC

04/13/2022

CNH

6.72

USD 6,250,000

24,963

USD versus THB

Call

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

11/05/2021

THB

34.15

USD 5,000,000

745

Subtotal – Foreign Currency Call Options Purchased

25,732

Currency Risk

USD versus INR

Put

Merrill Lynch International

02/03/2022

INR

75.00

USD 3,250,000

19,464

USD versus RUB

Put

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

02/28/2022

RUB

69.13

USD 5,000,000

33,275

Subtotal – Foreign Currency Put Options Purchased

52,739

Total Foreign Currency Options Purchased

78,471

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $ 1,859,000.

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

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

EUR versus PLN

Call

Morgan Stanley and Co. International PLC

12/03/2021

PLN

4.62

EUR

2,500,000

(21,363

)

USD versus BRL

Call

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

12/14/2021

BRL

5.53

USD

1,500,000

(57,414

)

USD versus BRL

Call

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

01/12/2022

BRL

5.95

USD

4,500,000

(77,387

)

USD versus BRL

Call

Morgan Stanley and Co. International PLC

12/02/2021

BRL

5.74

USD

4,000,000

(60,424

)

USD versus CLP

Call

Morgan Stanley and Co. International PLC

11/04/2021

CLP

803.00

USD

5,000,000

(81,695

)

USD versus COP

Call

Morgan Stanley and Co. International PLC

12/10/2021

COP

3,900.00

USD

6,500,000

(38,532

)

USD versus CZK

Call

Merrill Lynch International

11/12/2021

CZK

21.91

USD

5,300,000

(82,712

)

USD versus INR

Call

Merrill Lynch International

02/03/2022

INR

77.35

USD

3,250,000

(15,460

)

USD versus MXN

Call

Bank of America, N.A.

11/04/2021

MXN

20.63

USD

5,200,000

(23,852

)

USD versus MXN

Call

Goldman Sachs International

01/27/2022

MXN

21.31

USD

2,700,000

(33,958

)

USD versus MXN

Call

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

12/22/2021

MXN

21.14

USD

5,400,000

(46,926

)

USD versus RUB

Call

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

11/05/2021

RUB

75.88

USD

6,500,000

(305

)

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


10		Invesco Emerging Markets Local Debt Fund


Open Over-The-Counter Foreign Currency Options Written^(a)–(continued)
Description	Type of Contract	Counterparty	Expiration Date		Exercise Price			Notional Value			Value
USD versus RUB	Call	J.P. Morgan Chase Bank, N.A.		05/03/2022		RUB	78.30		USD	2,500,000	$	(36,000	)
USD versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		12/02/2021		ZAR	15.92		USD	5,300,000		(38,923	)
Subtotal – Foreign Currency Call Options Written												(614,951	)
Currency Risk
USD versus BRL	Put	J.P. Morgan Chase Bank, N.A.		01/12/2022		BRL	5.24		USD	4,500,000		(21,204	)
USD versus BRL	Put	Morgan Stanley and Co. International PLC		12/02/2021		BRL	5.19		USD	4,000,000		(3,688	)
USD versus CLP	Put	Morgan Stanley and Co. International PLC		11/04/2021		CLP	793.00		USD	2,500,000		(845	)
USD versus CNH	Put	Morgan Stanley and Co. International PLC		11/10/2021		CNH	6.44		USD	4,000,000		(18,848	)
USD versus COP	Put	Morgan Stanley and Co. International PLC		12/10/2021		COP	3,615.00		USD	3,900,000		(8,201	)
USD versus CZK	Put	Merrill Lynch International		11/12/2021		CZK	21.71		USD	5,300,000		(3,440	)
USD versus INR	Put	Merrill Lynch International		02/03/2022		INR	73.30		USD	3,250,000		(4,485	)
USD versus MXN	Put	Goldman Sachs International		01/27/2022		MXN	19.91		USD	2,700,000		(8,632	)
USD versus MXN	Put	J.P. Morgan Chase Bank, N.A.		12/22/2021		MXN	19.72		USD	5,400,000		(5,546	)
USD versus ZAR	Put	J.P. Morgan Chase Bank, N.A.		12/02/2021		ZAR	14.57		USD	2,650,000		(7,444	)
Subtotal – Foreign Currency Put Options Written												(82,333	)
Total – Foreign Currency Options Written											$	(697,284	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $1,859,000.


Open Futures Contracts^(a)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
Interest Rate Risk
U.S. Treasury 10 Year Notes		91		December-2021	$	(11,893,984	)	$	146,184		$	146,184

(a)	Futures contracts collateralized by $127,400 cash held with Bank of America Merrill Lynch, the futures commission merchant.


Open Forward Foreign Currency Contracts
Settlement		Contract to					Unrealized Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
Currency Risk
12/15/2021	Bank of America, N.A.	HUF	108,690,000	USD	356,113	$	7,555
12/15/2021	Bank of America, N.A.	MXN	14,709,200	USD	729,264		19,469
12/15/2021	Barclays Bank PLC	USD	6,953,888	RUB	515,519,546		250,466
12/15/2021	Citibank, N.A.	CLP	1,043,345,000	USD	1,311,889		35,528
12/15/2021	Citibank, N.A.	PLN	3,130,000	USD	800,500		16,700
11/03/2021	Goldman Sachs International	BRL	37,646,880	USD	6,744,420		73,936
12/15/2021	Goldman Sachs International	CLP	93,390,000	USD	114,779		532
12/15/2021	Goldman Sachs International	COP	751,330,000	USD	199,281		347
12/15/2021	Goldman Sachs International	KRW	208,680,000	USD	178,234		762
12/15/2021	Goldman Sachs International	USD	224,867	CNY	1,460,000		2,130
12/15/2021	Goldman Sachs International	USD	108,877	COP	411,220,000		4
12/15/2021	Goldman Sachs International	USD	3,054,502	RUB	225,590,000		98,104
12/15/2021	Goldman Sachs International	ZAR	83,524,000	USD	5,837,573		398,700
11/03/2021	J.P. Morgan Chase Bank, N.A.	BRL	42,550,000	USD	7,555,253		16,006
12/06/2021	J.P. Morgan Chase Bank, N.A.	ZAR	8,042,697	USD	530,000		5,664
12/15/2021	J.P. Morgan Chase Bank, N.A.	CNY	1,820,000	USD	283,936		968
12/15/2021	J.P. Morgan Chase Bank, N.A.	CZK	54,250,000	USD	2,469,274		30,042
12/15/2021	J.P. Morgan Chase Bank, N.A.	EUR	720,000	USD	835,481		2,299
12/15/2021	J.P. Morgan Chase Bank, N.A.	HUF	32,260,000	USD	103,530		75

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


11		Invesco Emerging Markets Local Debt Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to					Unrealized Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
12/15/2021	J.P. Morgan Chase Bank, N.A.	IDR	14,583,310,000	USD	1,023,790	$	3,229
12/15/2021	J.P. Morgan Chase Bank, N.A.	INR	58,920,000	USD	798,818		16,925
12/15/2021	J.P. Morgan Chase Bank, N.A.	MXN	72,345,000	USD	3,577,901		86,882
12/15/2021	J.P. Morgan Chase Bank, N.A.	PLN	8,570,000	USD	2,164,918		18,862
12/15/2021	J.P. Morgan Chase Bank, N.A.	THB	22,770,000	USD	690,830		4,836
12/15/2021	J.P. Morgan Chase Bank, N.A.	TRY	27,733,725	USD	3,134,923		310,391
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	8,492,060	CNY	55,010,030		60,732
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	173,367	INR	13,140,000		1,006
12/15/2021	J.P. Morgan Chase Bank, N.A.	ZAR	105,267,590	USD	7,234,904		380,143
03/01/2022	J.P. Morgan Chase Bank, N.A.	RUB	99,617,650	USD	1,375,000		5,398
11/03/2021	Morgan Stanley and Co. International PLC	BRL	26,541,524	USD	4,757,239		54,463
11/12/2021	Morgan Stanley and Co. International PLC	USD	1,750,000	CNY	11,434,325		32,868
12/06/2021	Morgan Stanley and Co. International PLC	BRL	713,375	USD	130,000		4,443
12/15/2021	Morgan Stanley and Co. International PLC	CLP	2,603,270,000	USD	3,189,696		5,024
12/15/2021	Morgan Stanley and Co. International PLC	MXN	54,672,998	USD	2,708,528		70,274
12/15/2021	Morgan Stanley and Co. International PLC	PLN	750,000	USD	188,582		771
12/15/2021	Morgan Stanley and Co. International PLC	USD	758,337	CNY	4,912,100		5,381
12/15/2021	Morgan Stanley and Co. International PLC	USD	2,474,088	COP	9,524,000,000		47,630
12/15/2021	Morgan Stanley and Co. International PLC	USD	110,889	RUB	8,160,000		3,147
12/15/2021	Standard Chartered Bank PLC	MYR	1,060,000	USD	255,329		161
12/15/2021	Standard Chartered Bank PLC	PEN	3,770,000	USD	953,055		9,794
12/15/2021	Standard Chartered Bank PLC	RUB	41,760,000	USD	592,139		8,545
12/15/2021	Standard Chartered Bank PLC	THB	5,075,000	USD	155,294		2,399
12/15/2021	Standard Chartered Bank PLC	USD	1,081,246	IDR	15,584,000,000		9,345
12/15/2021	Standard Chartered Bank PLC	USD	1,174,691	MYR	4,885,000		1,249
12/15/2021	Standard Chartered Bank PLC	USD	333,283	THB	11,090,000		827
04/19/2022	Standard Chartered Bank PLC	USD	1,100,000	CNY	7,207,090		9,136
Subtotal–Appreciation							2,113,148

Currency Risk
12/15/2021	Bank of America, N.A.	HUF	47,880,000	USD	151,327		(2,219	)
12/15/2021	Bank of America, N.A.	MXN	2,226,200	USD	107,158		(268	)
12/15/2021	Bank of America, N.A.	USD	2,082,862	HUF	618,110,000		(100,642	)
12/15/2021	Bank of America, N.A.	USD	1,582,197	KRW	1,853,860,000		(5,581	)
12/15/2021	Bank of America, N.A.	USD	838,718	MXN	16,935,400		(21,498	)
12/15/2021	Barclays Bank PLC	RUB	48,750,000	USD	657,593		(23,685	)
12/15/2021	Citibank, N.A.	CLP	57,070,000	USD	68,419		(1,396	)
12/15/2021	Citibank, N.A.	COP	1,318,970,000	USD	341,974		(7,256	)
12/15/2021	Citibank, N.A.	IDR	4,402,120,000	USD	306,997		(1,070	)
12/15/2021	Citibank, N.A.	USD	499,382	COP	1,870,210,000		(4,197	)
12/15/2021	Citibank, N.A.	USD	816,101	PLN	3,130,000		(32,302	)
11/03/2021	Goldman Sachs International	USD	6,790,770	BRL	37,646,879		(120,286	)
12/15/2021	Goldman Sachs International	CNY	11,270,000	USD	1,734,353		(17,872	)
12/15/2021	Goldman Sachs International	KRW	1,853,860,000	USD	1,558,651		(17,965	)
12/15/2021	Goldman Sachs International	RUB	20,210,000	USD	272,918		(9,515	)
12/15/2021	Goldman Sachs International	USD	263,527	CNY	1,690,000		(771	)
12/15/2021	Goldman Sachs International	USD	535,964	INR	39,790,000		(7,934	)
12/15/2021	Goldman Sachs International	USD	1,531,266	RUB	108,338,490		(17,242	)
01/31/2022	Goldman Sachs International	USD	240,000	MXN	4,923,600		(4,198	)
02/07/2022	Goldman Sachs International	RUB	86,443,000	USD	1,165,000		(29,427	)
02/07/2022	Goldman Sachs International	USD	1,165,000	EUR	1,000,000		(6,203	)

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


12		Invesco Emerging Markets Local Debt Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to					Unrealized Appreciation
Date	Counterparty	Deliver		Receive			(Depreciation)
11/03/2021	J.P. Morgan Chase Bank, N.A.	USD	7,607,462	BRL	42,550,000	$	(68,214	)
11/08/2021	J.P. Morgan Chase Bank, N.A.	RUB	73,517,000	USD	1,000,000		(35,601	)
11/16/2021	J.P. Morgan Chase Bank, N.A.	USD	1,400,000	ZAR	20,145,160		(83,325	)
12/02/2021	J.P. Morgan Chase Bank, N.A.	USD	1,090,925	BRL	6,155,000		(6,654	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	CNY	23,540,000	USD	3,633,111		(26,817	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	CZK	16,350,000	USD	734,436		(706	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	MXN	10,798,800	USD	520,185		(913	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	RON	7,030,000	USD	1,634,390		(2,915	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	3,111,845	CZK	67,014,700		(98,676	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	876,765	EUR	740,000		(20,439	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	4,194,144	HUF	1,244,524,200		(203,074	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	215,283	IDR	3,055,940,000		(1,424	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	4,069,381	MXN	83,143,800		(57,266	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	14,091,075	PLN	54,079,010		(548,885	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	1,385,146	RON	5,815,000		(30,818	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	1,188,293	RUB	84,250,000		(10,905	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	8,941,464	THB	292,411,809		(131,940	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	299,616	TRY	2,750,000		(19,543	)
12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	2,220,168	ZAR	33,505,000		(38,407	)
12/24/2021	J.P. Morgan Chase Bank, N.A.	USD	500,000	MXN	10,168,000		(10,026	)
11/03/2021	Morgan Stanley and Co. International PLC	USD	4,703,443	BRL	26,541,524		(667	)
11/08/2021	Morgan Stanley and Co. International PLC	COP	2,477,800,000	USD	650,000		(7,742	)
11/08/2021	Morgan Stanley and Co. International PLC	USD	640,000	CLP	520,640,000		(354	)
12/02/2021	Morgan Stanley and Co. International PLC	USD	3,005,700	BRL	16,861,524		(35,356	)
12/15/2021	Morgan Stanley and Co. International PLC	CLP	871,530,000	USD	1,047,827		(18,346	)
12/15/2021	Morgan Stanley and Co. International PLC	CNY	1,280,000	USD	197,402		(1,609	)
12/15/2021	Morgan Stanley and Co. International PLC	COP	16,695,320,000	USD	4,340,195		(80,308	)
12/15/2021	Morgan Stanley and Co. International PLC	IDR	80,756,594,700	USD	5,601,095		(50,368	)
12/15/2021	Morgan Stanley and Co. International PLC	PEN	18,585,000	USD	4,507,788		(142,212	)
12/15/2021	Morgan Stanley and Co. International PLC	RUB	54,847,500	USD	739,319		(27,171	)
12/15/2021	Morgan Stanley and Co. International PLC	USD	1,905,485	MXN	39,041,200		(21,546	)
12/15/2021	Morgan Stanley and Co. International PLC	USD	192,541	PLN	750,000		(4,730	)
12/15/2021	Morgan Stanley and Co. International PLC	USD	1,433,128	RUB	100,645,000		(26,620	)
12/15/2021	Standard Chartered Bank PLC	INR	15,500,000	USD	205,218		(474	)
12/15/2021	Standard Chartered Bank PLC	MYR	16,959,100	USD	4,070,242		(12,231	)
12/15/2021	Standard Chartered Bank PLC	RUB	140,470,000	USD	1,907,105		(55,955	)
12/15/2021	Standard Chartered Bank PLC	USD	927,619	IDR	13,169,140,000		(6,024	)
12/15/2021	Standard Chartered Bank PLC	USD	3,141,170	KRW	3,691,110,000		(2,064	)
Subtotal–Depreciation							(2,321,852	)
Total Forward Foreign Currency Contracts						$	(208,704	)

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


13		Invesco Emerging Markets Local Debt Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Pay	6 Month WIBOR	Semi-Annually		2.77	%		Annually		11/03/2031	PLN	5,900,000		$	-	$	-		$	-
Receive	6 Month WIBOR	Semi-Annually		(2.41	)		Annually		11/03/2023	PLN	26,700,000			-		-			-
Receive	6 Month THB	Semi-Annually		(1.35	)		Semi-Annually		12/15/2026	THB	55,000,000			-		5,209			5,209
Receive	6 Month WIBOR	Semi-Annually		(2.54	)		Annually		12/15/2024	PLN	10,300,000			-		9,427			9,427
Pay	3 Month JIBAR	Quarterly		(6.75	)		Quarterly		02/15/2031	ZAR	4,700,000			-		21,343			21,343
Receive	3 Month JIBAR	Quarterly		(7.15	)		Quarterly		02/24/2031	ZAR	7,600,000			47		21,486			21,439
Pay	3 Month CNRR007	Quarterly		2.85			Quarterly		12/04/2025	CNY	20,000,000			-		30,576			30,576
Pay	3 Month CNRR007	Quarterly		2.87			Quarterly		11/23/2025	CNY	20,000,000			-		33,301			33,301
Receive	6 Month CZK PRIBOR	Semi-Annually		(1.96	)		Annually		08/16/2031	CZK	14,800,000			-		43,031			43,031
Receive	3 Month JIBAR	Quarterly		(6.56	)		Quarterly		10/08/2026	ZAR	55,600,000			-		44,888			44,888
Receive	3 Month JIBAR	Quarterly		(7.33	)		Quarterly		06/22/2031	ZAR	20,000,000			-		45,959			45,959
Receive	6 Month CZK PRIBOR	Semi-Annually		(2.05	)		Annually		08/16/2023	CZK	68,625,000			-		56,425			56,425
Receive	6 Month CLICP	Semi-Annually		(4.40	)		Semi-Annually		09/01/2031	CLP	562,500,000			-		64,077			64,077
Receive	6 Month CLICP	Semi-Annually		(3.03	)		Semi-Annually		09/01/2023	CLP	2,500,000,000			-		117,751			117,751
Receive	3 Month JIBAR	Quarterly		(7.25	)		Quarterly		07/16/2031	ZAR	53,500,000			-		145,011			145,011
Receive	28 Day MXN TIIE	28 Day		(7.07	)		28 Day		12/12/2029	MXN	132,900,000			-		147,896			147,896
Receive	28 Day MXN TIIE	28 Day		(5.54	)		28 Day		01/24/2031	MXN	26,000,000			-		179,677			179,677
Receive	28 Day MXN TIIE	28 Day		(5.45	)		28 Day		12/05/2030	MXN	38,000,000			-		271,844			271,844
Subtotal – Appreciation														47		1,237,901			1,237,854
Interest Rate Risk
Pay	28 Day MXN TIIE	28 Day		4.67			28 Day		07/02/2024	MXN	90,100,000			-		(293,556	)		(293,556	)
Pay	28 Day MXN TIIE	28 Day		6.91			28 Day		12/16/2026	MXN	306,300,000			-		(191,202	)		(191,202	)
Pay	6 Month CLICP	Semi-Annually		3.82			Semi-Annually		09/01/2026	CLP	2,062,500,000			-		(170,958	)		(170,958	)
Pay	6 Month CZK PRIBOR	Semi-Annually		2.15			Annually		08/16/2026	CZK	56,575,000			-		(85,867	)		(85,867	)
Pay	3 Month JIBAR	Quarterly		7.48			Quarterly		02/15/2036	ZAR	7,500,000			-		(35,931	)		(35,931	)
Pay	28 Day MXN TIIE	28 Day		7.37			28 Day		03/05/2026	MXN	100,000,000			-		(25,874	)		(25,874	)
Pay	6 Month BUBOR	Semi-Annually		3.61			Annually		11/02/2026	HUF	550,000,000			-		(4,940	)		(4,940	)
Pay	6 Month WIBOR	Semi-Annually		2.79			Annually		12/15/2031	PLN	3,400,000			-		(1,155	)		(1,155	)
Subtotal – Depreciation														-		(809,483	)		(809,483	)
Total Centrally Cleared Interest Rate Swap Agreements													$	47	$	428,418		$	428,371

^(a)	Centrally cleared swap agreements collateralized by $878,883 cash held with Counterparties.

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

Counterparty

Pay/

Receive
Floating

Rate

Floating Rate

Index

Payment

Frequency

(Pay)/

Received

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Value

Upfront

Payments

Paid

(Received)

Value

Unrealized

Appreciation
(Depreciation)

Interest Rate Risk

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.13

Quarterly

08/04/2023

MYR

32,500,000

55,916

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.36

)

Quarterly

10/21/2023

MYR

17,000,000

19,716

Subtotal–Appreciation

75,632

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


14		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
Goldman Sachs International	Pay		3 Month RUB MOSKP		Quarterly		8.54%		Annually		05/08/2024		RUB 485,000,000		$	–	$	(141,950	)	$	(141,950	)
Citibank, N.A.	Pay		3 Month RUB MOSKP		Quarterly		8.32		Annually		05/30/2024		RUB 125,500,000			–		(43,975	)		(43,975	)
Goldman Sachs International	Pay		3 Month RUB MOSKP		Quarterly		7.53		Annually		07/21/2023		RUB 550,000,000			–		(250,228	)		(250,228	)
Goldman Sachs International	Pay		3 Month RUB MOSKP		Quarterly		7.34		Annually		07/26/2024		RUB 210,000,000			–		(144,498	)		(144,498	)
J.P. Morgan Chase Bank, N.A.	Pay		3 Month RUB MOSKP		Quarterly		7.11		Annually		07/26/2026		RUB 130,000,000			–		(127,685	)		(127,685	)
Goldman Sachs International	Pay		3 Month RUB MOSKP		Quarterly		7.10		Annually		08/17/2026		RUB 130,000,000			–		(128,162	)		(128,162	)
Goldman Sachs International	Pay		3 Month RUB MOSKP		Quarterly		7.09		Annually		08/17/2028		RUB 98,000,000			–		(117,054	)		(117,054	)
Subtotal-Depreciation																–		(953,552	)		(953,552	)
Total Over-The-Counter Interest Rate Swap Agreements															$	–	$	(877,920	)	$	(877,920	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Citibank, N.A. in the amount of $1,859,000.


Abbreviations:

BRL		–Brazilian Real
BUBOR		–Budapest Interbank Offered Rate
CLICP		–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP		–Chile Peso
CNH		–Chinese Renminbi
CNRR007		–China 7–Day Reverse Repo Rate
CNY		–Chinese Yuan Renminbi
COP		–Colombia Peso
CZK		–Czech Koruna
EUR		–Euro
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JIBAR		–Johannesburg Interbank Average Rate
KLIBOR		–Kuala Lumpur Interbank Offered Rate
KRW		–South Korean Won
MOSKP		–MosPrime Rate
MXN		–Mexican Peso
MYR		–Malaysian Ringgit
PEN		–Peruvian Sol
PLN		–Polish Zloty
PRIBOR		–Prague Interbank Offerred Rate
RON		–Romania New Leu
RUB		–Russian Ruble
THB		–Thai Baht
TIIE		–Interbank Equilibrium Interest Rate
TRY		–Turkish Lira
USD		–U.S. Dollar
WIBOR		–Warsaw Interbank Offered Rate
ZAR		–South African Rand

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


15		Invesco Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

October 31, 2021



Assets:
Investments in unaffiliated securities, at value (Cost $133,106,480)	$	125,190,877

Investments in affiliated money market funds, at value (Cost $16,295,511)		16,295,424

Other investments:
Variation margin receivable – futures contracts		80,046

Variation margin receivable–centrally cleared swap agreements		158,199

Swaps receivable – OTC		673,716

Unrealized appreciation on swap agreements – OTC		75,632

Unrealized appreciation on forward foreign currency contracts outstanding		2,113,148

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		127,400

Cash collateral – centrally cleared swap agreements		878,883

Cash collateral – OTC Derivatives		1,859,000

Cash		379,524

Foreign currencies, at value (Cost $900,504)		791,264

Receivable for:
Investments sold		20,505

Fund shares sold		124,583

Interest		2,641,047

Investment for trustee deferred compensation and retirement plans		26,302

Other assets		38,876

Total assets		151,474,426


Liabilities:
Other investments:
Options written, at value (premiums received $721,485)		697,284

Unrealized depreciation on forward foreign currency contracts outstanding		2,321,852

Swaps payable – OTC		247,663

Unrealized depreciation on swap agreements – OTC		953,552

Payable for:
Investments purchased		2,933,338

Dividends		213,402

Fund shares reacquired		293,015

Accrued foreign taxes		115,621

Accrued fees to affiliates		68,907

Accrued other operating expenses		241,151

Trustee deferred compensation and retirement plans		26,302

Total liabilities		8,112,087

Net assets applicable to shares outstanding	$	143,362,339



Net assets consist of:
Shares of beneficial interest	$	157,311,958

Distributable earnings (loss)		(13,949,619	)

	$	143,362,339


Net Assets:
Class A	$	36,825,628

Class C	$	7,568,490

Class R	$	1,854,017

Class Y	$	92,706,134

Class R5	$	9,307

Class R6	$	4,398,763


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,967,751

Class C		1,226,555

Class R		300,459

Class Y		15,013,501

Class R5		1,508

Class R6		712,810

Class A:
Net asset value per share	$	6.17

Maximum offering price per share (Net asset value of $6.17 ÷ 95.75%)	$	6.44

Class C:
Net asset value and offering price per share	$	6.17

Class R:
Net asset value and offering price per share	$	6.17

Class Y:
Net asset value and offering price per share	$	6.17

Class R5:
Net asset value and offering price per share	$	6.17

Class R6:
Net asset value and offering price per share	$	6.17

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


16		Invesco Emerging Markets Local Debt Fund

Statement of Operations

For the year ended October 31, 2021



Investment income:
Interest (net of foreign withholding taxes of $374,515)	$	8,739,270

Dividends from affiliated money market funds		1,671

Total investment income		8,740,941


Expenses:
Advisory fees		1,068,805

Administrative services fees		21,968

Custodian fees		128,034

Distribution fees:
Class A		96,132

Class C		96,661

Class R		10,416

Transfer agent fees – A, C, R and Y		260,999

Transfer agent fees – R5		6

Transfer agent fees – R6		2,965

Trustees’ and officers’ fees and benefits		22,082

Registration and filing fees		79,142

Reports to shareholders		34,349

Professional services fees		73,876

Other		18,380

Total expenses		1,913,815

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(158,662	)

Net expenses		1,755,153

Net investment income		6,985,788


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $623,372)		(4,165,729	)

Affiliated investment securities		(322	)

Foreign currencies		94,797

Forward foreign currency contracts		(101,479	)

Futures contracts		409,359

Option contracts written		1,052,699

Swap agreements		(2,672,457	)

		(5,383,132	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $64,764)		(3,077,364	)

Affiliated investment securities		88

Foreign currencies		(38,417	)

Forward foreign currency contracts		(1,489,037	)

Futures contracts		146,184

Option contracts written		492,490

Swap agreements		(1,063,064	)

		(5,029,120	)

Net realized and unrealized gain (loss)		(10,412,252	)

Net increase (decrease) in net assets resulting from operations	$	(3,426,464	)

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


17		Invesco Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income	$	6,985,788		$	7,322,386
Net realized gain (loss)		(5,383,132	)		(21,389,737	)
Change in net unrealized appreciation (depreciation)		(5,029,120	)		4,053,160
Net increase (decrease) in net assets resulting from operations		(3,426,464	)		(10,014,191	)

Distributions to shareholders from distributable earnings:
Class A		(361,670	)		(441,090	)
Class C		(68,120	)		(108,727	)
Class R		(17,389	)		(20,843	)
Class Y		(971,109	)		(1,366,896	)
Class R5		(98	)		(107	)
Class R6		(50,888	)		(206,870	)
Total distributions from distributable earnings		(1,469,274	)		(2,144,533	)

Return of capital:
Class A		(1,144,032	)		(1,207,760	)
Class C		(215,475	)		(297,707	)
Class R		(55,004	)		(57,069	)
Class Y		(3,071,809	)		(3,742,728	)
Class R5		(312	)		(292	)
Class R6		(160,969	)		(566,432	)
Total return of capital		(4,647,601	)		(5,871,988	)
Total distributions		(6,116,875	)		(8,016,521	)

Share transactions–net:
Class A		2,610,087			(8,704,406	)
Class C		(3,566,572	)		(2,638,455	)
Class R		(239,522	)		(235,620	)
Class Y		6,805,786			(58,611,619	)
Class R6		526,466			(17,502,891	)
Net increase (decrease) in net assets resulting from share transactions		6,136,245			(87,692,991	)
Net increase (decrease) in net assets		(3,407,094	)		(105,723,703	)

Net assets:
Beginning of year		146,769,433			252,493,136
End of year	$	143,362,339		$	146,769,433

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


18		Invesco Emerging Markets Local Debt Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21		$	6.53		$	0.29			$	(0.40	)		$	(0.11	)		$	(0.06	)		$	(0.19	)		$	(0.25	)		$	6.17		(1.81	)%^(e)		$	36,826		1.23	%^(e)		1.35	%^(e)		4.38	%^(e)		107	%
Year ended 10/31/20			6.99			0.24				(0.45	)			(0.21	)			(0.07	)			(0.18	)			(0.25	)			6.53		(3.01	)^(e)			36,680		1.15	^(e)		1.28	^(e)		3.57	^(e)		50
Five months ended 10/31/19			6.68			0.16				0.30				0.46				(0.09	)			(0.06	)			(0.15	)			6.99		6.99				48,921		1.15	^(f)		1.32	^(f)		5.66	^(f)		21
Year ended 05/31/19			7.02			0.39				(0.34	)			0.05				(0.18	)			(0.21	)			(0.39	)			6.68		0.85				44,188		1.16			1.27			5.82			67
Year ended 05/31/18			7.38			0.42				(0.36	)			0.06				(0.40	)			(0.02	)			(0.42	)			7.02		0.62				55,015		1.15			1.29			5.60			48
Year ended 05/31/17			7.17			0.44				0.45				0.89				-				(0.68	)			(0.68	)			7.38		13.03				44,710		1.24			1.44			6.03			87
Class C
Year ended 10/31/21			6.53			0.24				(0.40	)			(0.16	)			(0.05	)			(0.15	)			(0.20	)			6.17		(2.62	)			7,568		2.02			2.10			3.59			107
Year ended 10/31/20			6.99			0.18				(0.45	)			(0.27	)			(0.05	)			(0.14	)			(0.19	)			6.53		(3.83	)			11,457		2.00			2.04			2.72			50
Five months ended 10/31/19			6.68			0.14				0.30				0.44				(0.08	)			(0.05	)			(0.13	)			6.99		6.61				15,332		2.00	^(f)		2.08	^(f)		4.81	^(f)		21
Year ended 05/31/19			7.02			0.33				(0.34	)			(0.01	)			(0.15	)			(0.18	)			(0.33	)			6.68		(0.14	)			16,488		2.01			2.04			4.97			67
Year ended 05/31/18			7.38			0.36				(0.36	)			-				(0.34	)			(0.02	)			(0.36	)			7.02		(0.09	)			19,932		2.00			2.05			4.75			48
Year ended 05/31/17			7.17			0.38				0.46				0.84				-				(0.63	)			(0.63	)			7.38		12.18				13,633		2.00			2.24			5.27			87
Class R
Year ended 10/31/21			6.53			0.27				(0.40	)			(0.13	)			(0.05	)			(0.18	)			(0.23	)			6.17		(2.12	)			1,854		1.53			1.60			4.08			107
Year ended 10/31/20			6.99			0.21				(0.45	)			(0.24	)			(0.06	)			(0.16	)			(0.22	)			6.53		(3.35	)			2,195		1.50			1.54			3.22			50
Five months ended 10/31/19			6.68			0.15				0.30				0.45				(0.09	)			(0.05	)			(0.14	)			6.99		6.84				2,588		1.50	^(f)		1.58	^(f)		5.31	^(f)		21
Year ended 05/31/19			7.02			0.36				(0.34	)			0.02				(0.17	)			(0.19	)			(0.36	)			6.68		0.50				2,603		1.51			1.54			5.47			67
Year ended 05/31/18			7.38			0.39				(0.36	)			0.03				(0.37	)			(0.02	)			(0.39	)			7.02		0.27				2,935		1.50			1.55			5.25			48
Year ended 05/31/17			7.17			0.42				0.45				0.87				-				(0.66	)			(0.66	)			7.38		12.74				2,023		1.50			1.73			5.77			87
Class Y
Year ended 10/31/21			6.54			0.31				(0.41	)			(0.10	)			(0.07	)			(0.20	)			(0.27	)			6.17		(1.75	)			92,706		1.01			1.10			4.60			107
Year ended 10/31/20			7.00			0.25				(0.45	)			(0.20	)			(0.07	)			(0.19	)			(0.26	)			6.54		(2.80	)			92,205		0.95			1.04			3.77			50
Five months ended 10/31/19			6.68			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			7.00		7.24				162,754		0.95	^(f)		1.08	^(f)		5.86	^(f)		21
Year ended 05/31/19			7.03			0.40				(0.35	)			0.05				(0.19	)			(0.21	)			(0.40	)			6.68		0.91				143,684		0.96			1.03			6.02			67
Year ended 05/31/18			7.38			0.44				(0.35	)			0.09				(0.41	)			(0.03	)			(0.44	)			7.03		0.96				162,875		0.95			1.04			5.80			48
Year ended 05/31/17			7.17			0.46				0.45				0.91				-				(0.70	)			(0.70	)			7.38		13.35				50,516		0.95			1.22			6.33			87
Class R5
Year ended 10/31/21			6.53			0.31				(0.40	)			(0.09	)			(0.06	)			(0.21	)			(0.27	)			6.17		(1.54	)			9		0.94			0.99			4.67			107
Year ended 10/31/20			6.99			0.25				(0.45	)			(0.20	)			(0.07	)			(0.19	)			(0.26	)			6.53		(2.74	)			10		0.90			0.93			3.82			50
Five months ended 10/31/19			6.67			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			6.99		7.27				11		0.90	^(f)		1.00	^(f)		5.91	^(f)		21
Period ended 05/31/19^(g)			6.63			0.00	^(h)			0.04				0.04				(0.00	)^(h)			(0.00	)^(h)			(0.00	)^(h)			6.67		0.64				10		0.85	^(f)		0.85	^(f)		6.13	^(f)		67
Class R6
Year ended 10/31/21			6.53			0.31				(0.40	)			(0.09	)			(0.06	)			(0.21	)			(0.27	)			6.17		(1.50	)			4,399		0.91			0.99			4.70			107
Year ended 10/31/20			6.99			0.26				(0.45	)			(0.19	)			(0.07	)			(0.20	)			(0.27	)			6.53		(2.72	)			4,222		0.85			0.93			3.87			50
Five months ended 10/31/19			6.67			0.17				0.31				0.48				(0.10	)			(0.06	)			(0.16	)			6.99		7.29				22,887		0.85	^(f)		0.95	^(f)		5.96	^(f)		21
Year ended 05/31/19			7.02			0.41				(0.35	)			0.06				(0.19	)			(0.22	)			(0.41	)			6.67		1.01				8,604		0.86			0.91			6.12			67
Year ended 05/31/18			7.37			0.44				(0.35	)			0.09				(0.41	)			(0.03	)			(0.44	)			7.02		1.05				7,601		0.85			0.87			5.90			48
Year ended 05/31/17			7.16			0.46				0.46				0.92				-				(0.71	)			(0.71	)			7.37		13.47				8,089		0.85			1.03			6.42			87

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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

^(f)	Annualized.

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

^(h)	Amount represents less than 0.005%.

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


19		Invesco Emerging Markets Local Debt Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

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

The 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.

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.


20		Invesco Emerging Markets Local Debt Fund

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

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

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

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

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.


21		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 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 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.

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


22		Invesco Emerging Markets Local Debt Fund

becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of October 31, 2021 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.69%.


23		Invesco Emerging Markets Local Debt Fund

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 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 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.15%, 2.00%, 1.50%, 0.95%, 0.90%, and 0.85%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the year ended October 31, 2021, the Adviser waived advisory fees of $5,541 and reimbursed class level expenses of $48,305, $7,368, $1,531, $92,683, $5 and $2,964 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	-	$	125,112,406		$-	$	125,112,406
Money Market Funds		16,295,424		-		-		16,295,424
Options Purchased		-		78,471		-		78,471
Total Investments in Securities		16,295,424		125,190,877		-		141,486,301


24		Invesco Emerging Markets Local Debt Fund


	Level 1		Level 2			Level 3		Total

Other Investments - Assets*
Futures Contracts	$	146,184	$	-			$-	$	146,184
Forward Foreign Currency Contracts		-		2,113,148			-		2,113,148
Swap Agreements		-		1,313,486			-		1,313,486
		146,184		3,426,634			-		3,572,818

Other Investments - Liabilities*
Forward Foreign Currency Contracts		-		(2,321,852	)		-		(2,321,852	)
Options Written		-		(697,284	)		-		(697,284	)
Swap Agreements		-		(1,763,035	)		-		(1,763,035	)
		-		(4,782,171	)		-		(4,782,171	)
Total Other Investments		146,184		(1,355,537	)		-		(1,209,353	)
Total Investments	$	16,441,608	$	123,835,340			$-	$	140,276,948

*	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 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, 2021:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts - Exchange-Traded^(a)	$	-	$	146,184		$	146,184
Unrealized appreciation on swap agreements - Centrally Cleared^(a)		-		1,237,854			1,237,854
Unrealized appreciation on forward foreign currency contracts outstanding		2,113,148		-			2,113,148
Unrealized appreciation on swap agreements - OTC		-		75,632			75,632
Options purchased, at value - OTC^(b)		78,471		-			78,471
Total Derivative Assets		2,191,619		1,459,670			3,651,289
Derivatives not subject to master netting agreements		-		(1,384,038	)		(1,384,038	)
Total Derivative Assets subject to master netting agreements	$	2,191,619	$	75,632		$	2,267,251


	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on swap agreements - Centrally Cleared^(a)	$	-		$	(809,483	)	$	(809,483	)
Unrealized depreciation on forward foreign currency contracts outstanding		(2,321,852	)		-			(2,321,852	)
Unrealized depreciation on swap agreements - OTC		-			(953,552	)		(953,552	)
Options written, at value - OTC		(697,284	)		-			(697,284	)
Total Derivative Liabilities		(3,019,136	)		(1,763,035	)		(4,782,171	)
Derivatives not subject to master netting agreements		-			809,483			809,483
Total Derivative Liabilities subject to master netting agreements	$	(3,019,136	)	$	(953,552	)	$	(3,972,688	)

^(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.


25		Invesco Emerging Markets Local Debt Fund

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2021.


	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash			Net Amount
Bank of America, N.A.	$	27,024	$	-	$	-	$	27,024	$	(130,208	)	$	(23,852	)	$	-		$	(154,060	)	$	(127,036	)	$-	$	127,036		$	-
Barclays Bank PLC		250,466		-		-		250,466		(23,685	)		-			-			(23,685	)		226,781		-		(226,781	)		-
Citibank, N.A.		52,228		-		61,237		113,465		(46,221	)		-			(65,544	)		(111,765	)		1,700		-		-			1,700
Goldman Sachs International		574,515		-		539,177		1,113,692		(231,413	)		(42,590	)		(962,607	)		(1,236,610	)		(122,918	)	-		122,918			-
J.P. Morgan Chase Bank, N.A.		943,458		34,020		34,152		1,011,630		(1,396,548	)		(291,149	)		(130,203	)		(1,817,900	)		(806,270	)	-		739,000			(67,270	)
Merrill Lynch International		-		19,464		-		19,464		-			(106,097	)		-			(106,097	)		(86,633	)	-		-			(86,633	)
Morgan Stanley and Co. International PLC		224,001		24		-		224,025		(417,029	)		(233,596	)		-			(650,625	)		(426,600	)	-		426,600			-
Standard Chartered Bank PLC		41,456		24,963		114,782		181,201		(76,748	)		-			(42,861	)		(119,609	)		61,592		-		-			61,592
Total		$2,113,148		$78,471		$749,348		$2,940,967	$	(2,321,852	)	$	(697,284	)	$	(1,201,215	)	$	(4,220,351	)	$	(1,279,384	)	$-	$	1,188,773		$	(90,611	)

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(101,479	)	$	-		$	(101,479	)
Futures contracts		-			409,359			409,359
Options purchased^(a)		(263,968	)		-			(263,968	)
Options written		1,052,699			-			1,052,699
Swap agreements		-			(2,672,457	)		(2,672,457	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,489,037	)		-			(1,489,037	)
Futures contracts		-			146,184			146,184
Options purchased^(a)		361,015			-			361,015
Options written		492,490			-			492,490
Swap agreements		-			(1,063,064	)		(1,063,064	)
Total	$	51,720		$	(3,179,978	)	$	(3,128,258	)

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

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

Forward

Foreign Currency

Contracts

Futures

Contracts

Foreign

Currency

Options

Purchased

Foreign

Currency

Options

Written

Swap

Agreements

Average notional value

$288,449,321

6,111,922

43,691,974

57,862,444

215,400,097

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.


26		Invesco Emerging Markets Local Debt Fund

NOTE 7–Cash Balances

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020
Ordinary income*	$	1,469,274	$	2,144,533
Return of capital		4,647,601		5,871,988
Total distributions	$	6,116,875	$	8,016,521

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

Tax Components of Net Assets at Period-End:


	2021
Net unrealized appreciation (depreciation) – investments	$	(9,283,816	)
Net unrealized appreciation (depreciation) – foreign currencies		(152,958	)
Temporary book/tax differences		(23,784	)
Capital loss carryforward		(4,489,061	)
Shares of beneficial interest		157,311,958
Total net assets	$	143,362,339

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, 2021, as follows:


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

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $152,388,179 and $148,948,715, 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	$	5,750,434
Aggregate unrealized (depreciation) of investments		(15,034,250	)
Net unrealized appreciation (depreciation) of investments	$	(9,283,816	)

Cost of investments for tax purposes is $149,560,764.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, foreign capital gains taxes and return of capital, on October 31, 2021, undistributed net investment income was decreased by $693,213, undistributed net realized gain (loss) was increased by $5,340,814 and shares of beneficial interest was decreased by $4,647,601. This reclassification had no effect on the net assets of the Fund.


27		Invesco Emerging Markets Local Debt Fund

NOTE 11–Share Information


	Summary of Share Activity

	Year ended October 31, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount

Sold:
Class A		1,783,731		$	12,076,112			1,354,319		$	9,106,263

Class C		152,961			1,031,334			435,854			2,988,600

Class R		55,562			372,110			75,060			493,474

Class Y		7,673,682			51,393,420			7,438,783			49,591,002

Class R6		420,643			2,835,417			509,957			3,361,723


Issued as reinvestment of dividends:
Class A		157,004			1,035,690			179,534			1,181,627

Class C		31,849			210,341			44,451			292,115

Class R		10,726			70,771			11,655			76,248

Class Y		370,079			2,437,961			532,037			3,518,608

Class R6		26,376			173,769			116,023			760,974


Automatic conversion of Class C shares to Class A shares:
Class A		315,777			2,184,475			82,867			549,519

Class C		(315,777	)		(2,184,475	)		(82,829	)		(549,519	)


Reacquired:
Class A		(1,904,261	)		(12,686,190	)		(2,998,437	)		(19,541,815	)

Class C		(395,830	)		(2,623,772	)		(836,001	)		(5,369,651	)

Class R		(101,868	)		(682,403	)		(120,970	)		(805,342	)

Class Y		(7,136,449	)		(47,025,595	)		(17,130,729	)		(111,721,229	)

Class R6		(380,547	)		(2,482,720	)		(3,255,822	)		(21,625,588	)

Net increase (decrease) in share activity		763,658		$	6,136,245			(13,644,248	)	$	(87,692,991	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


28		Invesco Emerging Markets Local Debt Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Local Debt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Local Debt Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Financial Highlights

For each of the two years in the period ended October 31, 2021, the five months ended October 31, 2019, and the year ended May 31, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021, the five months ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through May 31, 2019 for Class R5.

The financial statements of Oppenheimer Emerging Markets Local Debt Fund (subsequently renamed Invesco Emerging Markets Local Debt Fund) as of and for the year ended May 31, 2018 and the financial highlights for 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

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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


29		Invesco Emerging Markets Local Debt 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, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value (05/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$957.30	$6.36	$1,018.70	$6.56	1.29%
Class C	1,000.00	952.00	10.18	1,014.77	10.51	2.07
Class R	1,000.00	954.40	7.73	1,017.29	7.98	1.57
Class Y	1,000.00	956.90	5.23	1,019.86	5.40	1.06
Class R5	1,000.00	958.80	4.84	1,020.27	4.99	0.98
Class R6	1,000.00	958.80	4.74	1,020.37	4.89	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 184/365 to reflect the most recent fiscal half year.


30		Invesco Emerging Markets Local Debt Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one 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 year and five year periods, and reasonably comparable to the performance of the Index for the three year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund


31		Invesco Emerging Markets Local Debt Fund

performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered 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.

duplicative of services provided by Invesco Advisers to the Fund.


32		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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	100.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


33		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)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Emerging Markets Local Debt Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Emerging Markets Local Debt Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk² - 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Emerging Markets Local Debt Fund

Trustees and Officers—(continued)


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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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-6		Invesco Emerging Markets Local Debt 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

LOGO


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

LOGO


Annual Report to Shareholders			October 31, 2021


Invesco Emerging Markets Select Equity Fund


Nasdaq:
A: IEMAX ∎ C: IEMCX ∎ R: IEMRX ∎ Y: IEMYX ∎ R5: IEMIX ∎ R6: EMEFX


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

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Emerging Markets Select Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-8.07	%
Class C Shares	-8.81
Class R Shares	-8.30
Class Y Shares	-7.91
Class R5 Shares	-7.91
Class R6 Shares	-7.82
MSCI EAFE Index^▼ (Broad Market Index)	34.18
MSCI Emerging Markets Index^▼ (Style-Specific Index)	16.96
Lipper Emerging Market Funds Index§ (Peer Group Index)	20.70
Source(s):^▼RIMES Technologies Corp.;§Lipper Inc.

Market conditions and your Fund

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed heavily on Chinese equities.

default of a large Chinese property developer.

In October of 2021, global equity stocks were positive with the US market leading the way and Chinese equities rebounding after their decline in the third quarter of 2021. Overall, developed market equities outperformed emerging market equities for the fiscal year.

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 within the industrials and consumer staples sectors were beneficial to the Fund’s performance relative to the Fund’s style-specific benchmark, the MSCI Emerging Markets Index. From a country perspective, an overweighting to Mexico and Russia, two of the stronger performing countries within emerging markets, contributed to the Fund’s relative performance. The top contributors to the Fund’s performance versus the style-specific benchmark over the fiscal year included Sberbank of Russia, a Russian banking and financial services company and Taiwan Semiconductor Manufacturing, a Taiwanese multinational semiconductor contract manufacturing and design company.

Conversely, the Fund’s security selection in the consumer discretionary sector and to a lesser extent security selection in the real

estate sector, hurt the Fund’s performance relative to the style-specific benchmark over the fiscal year. From a country perspective, the primary detractor from relative performance was due to the Fund’s holdings in China which underperformed those within the benchmark. To a lesser extent, an underweighting to India, a strong performing country within the benchmark, also detracted from relative performance. The top detractors from the Fund’s relative performance included KE Holdings, a Chinese housing transactions and services company and Alibaba Group Holdings, a Chinese internet and technology company.

During the fiscal year, the Fund acquired new holdings, which included China National Building Material, Vipshop Holdings, Helens International Holdings, Microport Cardio-Flow Medtech. 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 Prosus NV, Sands China, Eastern, Haitian International Holdings and New Oriental Education & Technology during the fiscal year.

In a rising equity market environment, the Fund’s cash exposure detracted from the Fund’s performance relative to the 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. At the close of the fiscal year, relative to the style-specific benchmark, the Fund’s largest overweight positions were in the consumer staples and communication services sectors. Conversely, the Fund’s largest underweight positions were in the information technology and energy sectors. The Fund also ended the fiscal year with overweight exposures to China and Mexico while having underweight exposures to India 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


2		Invesco Emerging Markets Select Equity Fund

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

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


3		Invesco Emerging Markets Select Equity Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco Emerging Markets Select Equity Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	0.30	%
10 Years	2.49
5 Years	6.91
1 Year	-13.16

Class C Shares
Inception (5/31/11)	0.27	%
10 Years	2.46
5 Years	7.29
1 Year	-9.72

Class R Shares
Inception (5/31/11)	0.58	%
10 Years	2.80
5 Years	7.84
1 Year	-8.30

Class Y Shares
Inception (5/31/11)	1.08	%
10 Years	3.32
5 Years	8.37
1 Year	-7.91

Class R5 Shares
Inception (5/31/11)	1.08	%
10 Years	3.32
5 Years	8.38
1 Year	-7.91

Class R6 Shares
10 Years	3.28	%
5 Years	8.38
1 Year	-7.82

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.


5		Invesco Emerging Markets Select Equity Fund

Supplemental Information

Invesco Emerging Markets Select Equity Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The MSCI EAFE^®Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The MSCI Emerging Markets Index^SM is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Emerging Markets Select Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		21.68	%
Communication Services		16.84
Financials		13.94
Consumer Staples		13.05
Information Technology		10.34
Materials		5.60
Health Care		5.53
Industrials		2.78
Real Estate		2.59
Money Market Funds Plus Other Assets Less Liabilities		7.65

Top 10 Equity Holdings*


		% of total net assets
1.	Tencent Holdings Ltd.		8.01	%
2.	Alibaba Group Holding Ltd., ADR		6.60
3.	Ping An Insurance (Group) Co. of China Ltd., H Shares		5.69
4.	China National Building Material Co. Ltd., H Shares		5.61
5.	Gree Electric Appliances, Inc. of Zhuhai, A Shares		5.32
6.	China Isotope & Radiation Corp.		4.97
7.	Taiwan Semiconductor Manufacturing Co. Ltd.		4.86
8.	Arca Continental S.A.B. de C.V.		3.25
9.	Housing Development Finance Corp. Ltd.		3.07
10.	Samsung Electronics Co. Ltd., Preference Shares		3.02

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, 2021.


7		Invesco Emerging Markets Select Equity Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–92.35%
Argentina–1.80%
MercadoLibre, Inc.^(a)		1,030	$	1,525,451



Brazil–3.26%
Afya Ltd., Class A^(a)		11,004		192,020


Arcos Dorados Holdings, Inc., Class A^(a)		456,000		2,175,120


Grupo SBF S.A.^(a)		104,701		388,468


				2,755,608



China–49.80%
Alibaba Group Holding Ltd., ADR^(a)		33,800		5,574,972


Autohome, Inc., ADR		32,229		1,268,211


China Isotope & Radiation Corp.		1,482,400		4,201,247


China National Building Material Co. Ltd., H Shares		3,776,000		4,736,317


Focus Media Information Technology Co. Ltd., A Shares		975,362		1,123,181


Gree Electric Appliances, Inc. of Zhuhai, A Shares		786,803		4,494,552


Helens International Holdings Co. Ltd.^(a)		277,000		577,462


KE Holdings, Inc., ADR^(a)		120,000		2,186,400


Kweichow Moutai Co. Ltd., A Shares		8,700		2,490,156


MicroPort CardioFlow Medtech Corp.^(a)(b)		677,000		473,397


Ping An Insurance (Group) Co. of China Ltd., H Shares		668,000		4,810,288


Tencent Holdings Ltd.		109,000		6,767,401


Vipshop Holdings Ltd., ADR^(a)		180,000		2,008,800


Virscend Education Co. Ltd.^(b)		20,399,000		1,368,924


				42,081,308



India–3.08%
Housing Development Finance Corp. Ltd.		68,000		2,589,883


Zomato Ltd.^(a)		9,142		16,082


				2,605,965



Indonesia–0.57%
PT Bank Rakyat Indonesia (Persero) Tbk		1,600,000		478,264



Mexico–7.90%
Arca Continental S.A.B. de C.V.		450,542		2,747,063


Fomento Economico Mexicano, S.A.B. de C.V., Series CPO		238,912		1,964,166

Investment Abbreviations:

ADR – American Depositary Receipt

CPO – Certificates of Ordinary Participation


	Shares		Value


Mexico–(continued)
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		97,350	$	1,963,219


				6,674,448



Poland–0.46%
InPost S.A.^(a)		27,000		385,346



Russia–6.92%
Sberbank of Russia PJSC, ADR^(c)		102,211		2,049,849


Sberbank of Russia PJSC, ADR^(c)		92,089		1,849,147


Yandex N.V., Class A^(a)		23,500		1,946,740


				5,845,736



South Korea–4.84%
NAVER Corp.		4,400		1,540,109


Samsung Electronics Co. Ltd., Preference Shares		46,500		2,552,326


				4,092,435



Taiwan–9.19%
King Slide Works Co. Ltd.		135,000		2,076,909


Sea Ltd., ADR^(a)		4,600		1,580,422


Taiwan Semiconductor Manufacturing Co. Ltd.		194,000		4,105,553


				7,762,884



Thailand–2.81%
Thai Beverage PCL		4,500,000		2,372,439



Turkey–1.72%
Ulker Biskuvi Sanayi A.S.		693,761		1,456,370


Total Common Stocks & Other Equity Interests (Cost $75,894,485)				78,036,254



Money Market Funds–6.81%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		2,026,877		2,026,877


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		1,411,489		1,411,912


Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		2,316,431		2,316,431


Total Money Market Funds (Cost $5,755,258)				5,755,220


TOTAL INVESTMENTS IN SECURITIES–99.16% (Cost $81,649,743)				83,791,474


OTHER ASSETS LESS LIABILITIES–0.84%				709,486


NET ASSETS–100.00%			$	84,500,960

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


8		Invesco Emerging Markets Select Equity Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $1,842,321, which represented 2.18% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,832,574		$	14,832,626		$	(14,638,323	)		$	-		$	-			$	2,026,877		$	285
Invesco Liquid Assets Portfolio, Institutional Class			1,308,737			10,541,940			(10,438,684	)			101			(182	)			1,411,912			324
Invesco Treasury Portfolio, Institutional Class			2,094,369			16,951,572			(16,729,510	)			-			-				2,316,431			135
Total		$	5,235,680		$	42,326,138		$	(41,806,517	)		$	101		$	(182	)		$	5,755,220		$	744

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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


9		Invesco Emerging Markets Select Equity Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $75,894,485)	$	78,036,254


Investments in affiliated money market funds, at value (Cost $5,755,258)		5,755,220


Foreign currencies, at value (Cost $761,391)		757,315


Receivable for:
Investments sold		361,965


Fund shares sold		180,887


Dividends		14,601


Investment for trustee deferred compensation and retirement plans		25,233


Other assets		40,434


Total assets		85,171,909



Liabilities:
Payable for:
Investments purchased		85,706


Fund shares reacquired		285,792


Accrued foreign taxes		128,160


Accrued fees to affiliates		61,346


Accrued other operating expenses		83,363


Trustee deferred compensation and retirement plans		26,582


Total liabilities		670,949


Net assets applicable to shares outstanding	$	84,500,960



Net assets consist of:
Shares of beneficial interest	$	80,848,664


Distributable earnings		3,652,296


	$	84,500,960


Net Assets:
Class A	$	40,388,824


Class C	$	5,604,679


Class R	$	4,291,533


Class Y	$	30,486,889


Class R5	$	2,223,930


Class R6	$	1,505,105



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,173,553


Class C		606,944


Class R		449,440


Class Y		3,132,351


Class R5		228,478


Class R6		154,762


Class A:
Net asset value per share	$	9.68

Maximum offering price per share
(Net asset value of $9.68 ÷ 94.50%)	$	10.24


Class C:
Net asset value and offering price per share	$	9.23


Class R:
Net asset value and offering price per share	$	9.55


Class Y:
Net asset value and offering price per share	$	9.73


Class R5:
Net asset value and offering price per share	$	9.73


Class R6:
Net asset value and offering price per share	$	9.73

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


10		Invesco Emerging Markets Select Equity Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $216,900)	$	2,259,291


Dividends from affiliated money market funds		744


Total investment income		2,260,035



Expenses:
Advisory fees		971,657


Administrative services fees		16,188


Custodian fees		747


Distribution fees:
Class A		124,993


Class C		74,203


Class R		22,870


Transfer agent fees – A, C, R and Y		211,336


Transfer agent fees – R5		981


Transfer agent fees – R6		570


Trustees’ and officers’ fees and benefits		23,673


Registration and filing fees		86,657


Reports to shareholders		47,373


Professional services fees		99,070


Other		15,023


Total expenses		1,695,341


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(353,024	)


Net expenses		1,342,317


Net investment income		917,718



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $39,905)		5,615,424


Affiliated investment securities		(182	)


Foreign currencies		(66,773	)


		5,548,469


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $74,094)		(15,952,991	)


Affiliated investment securities		101


Foreign currencies		(4,047	)


		(15,956,937	)


Net realized and unrealized gain (loss)		(10,408,468	)


Net increase (decrease) in net assets resulting from operations	$	(9,490,750	)

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


11		Invesco Emerging Markets Select Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020



Operations:
Net investment income	$	917,718		$	383,030


Net realized gain (loss)		5,548,469			(2,516,898	)


Change in net unrealized appreciation (depreciation)		(15,956,937	)		15,524,340


Net increase (decrease) in net assets resulting from operations		(9,490,750	)		13,390,472



Distributions to shareholders from distributable earnings:
Class A		(232,728	)		(872,718	)


Class C		(30,624	)		(112,169	)


Class R		(18,143	)		(64,200	)


Class Y		(196,967	)		(687,821	)


Class R5		(14,105	)		(56,637	)


Class R6		(7,257	)		(17,679	)


Total distributions from distributable earnings		(499,824	)		(1,811,224	)



Share transactions–net:
Class A		6,168,552			(276,082	)


Class C		(684,996	)		(499,185	)


Class R		1,340,633			298,909


Class Y		(984,967	)		6,385,193


Class R5		(1,742	)		56,058


Class R6		546,920			340,665


Net increase in net assets resulting from share transactions		6,384,400			6,305,558


Net increase (decrease) in net assets		(3,606,174	)		17,884,806



Net assets:
Beginning of year		88,107,134			70,222,328


End of year	$	84,500,960		$	88,107,134

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


12		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 10/31/21	$	10.58	$	0.10		$	(0.94	)	$	(0.84	)	$	(0.06	)	$	–		$	(0.06	)	$	9.68		(8.07	)%	$	40,389		1.33	%		1.67	%		0.84	%		47	%
Year ended 10/31/20		9.10		0.04			1.67			1.71			(0.23	)		–			(0.23	)		10.58		19.11			39,446		1.33			1.72			0.45			42
Year ended 10/31/19		7.67		0.23	^(d)		1.60			1.83			(0.03	)		(0.37	)		(0.40	)		9.10		25.14			34,665		1.33			1.89			2.81	^(d)		45
Year ended 10/31/18		9.30		0.07			(1.69	)		(1.62	)		(0.01	)		–			(0.01	)		7.67		(17.45	)		27,580		1.33			2.03			0.73			104
Year ended 10/31/17		7.13		0.03			2.15			2.18			(0.01	)		–			(0.01	)		9.30		30.57			24,297		1.36			2.45			0.30			57
Class C
Year ended 10/31/21		10.16		0.01			(0.90	)		(0.89	)		(0.04	)		–			(0.04	)		9.23		(8.81	)		5,605		2.08			2.42			0.09			47
Year ended 10/31/20		8.74		(0.03	)		1.60			1.57			(0.15	)		–			(0.15	)		10.16		18.17			6,882		2.08			2.47			(0.30	)		42
Year ended 10/31/19		7.41		0.16	^(d)		1.54			1.70			–			(0.37	)		(0.37	)		8.74		24.09			6,550		2.08			2.64			2.06	^(d)		45
Year ended 10/31/18		9.04		(0.00	)		(1.63	)		(1.63	)		–			–			–			7.41		(18.03	)		7,296		2.08			2.78			(0.02	)		104
Year ended 10/31/17		6.97		(0.03	)		2.10			2.07			–			–			–			9.04		29.70			6,793		2.11			3.20			(0.45	)		57
Class R
Year ended 10/31/21		10.46		0.07			(0.93	)		(0.86	)		(0.05	)		–			(0.05	)		9.55		(8.30	)		4,292		1.58			1.92			0.59			47
Year ended 10/31/20		8.99		0.02			1.65			1.67			(0.20	)		–			(0.20	)		10.46		18.90			3,514		1.58			1.97			0.20			42
Year ended 10/31/19		7.59		0.21	^(d)		1.57			1.78			(0.01	)		(0.37	)		(0.38	)		8.99		24.62			2,795		1.58			2.14			2.56	^(d)		45
Year ended 10/31/18		9.21		0.05			(1.67	)		(1.62	)		–			–			–			7.59		(17.59	)		2,077		1.58			2.28			0.48			104
Year ended 10/31/17		7.07		0.00			2.14			2.14			–			–			–			9.21		30.27			2,190		1.61			2.70			0.05			57
Class Y
Year ended 10/31/21		10.62		0.13			(0.96	)		(0.83	)		(0.06	)		–			(0.06	)		9.73		(7.91	)		30,487		1.08			1.42			1.09			47
Year ended 10/31/20		9.13		0.07			1.67			1.74			(0.25	)		–			(0.25	)		10.62		19.48			34,678		1.08			1.47			0.70			42
Year ended 10/31/19		7.71		0.26	^(d)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.13		25.27			23,550		1.08			1.64			3.06	^(d)		45
Year ended 10/31/18		9.33		0.09			(1.69	)		(1.60	)		(0.02	)		–			(0.02	)		7.71		(17.17	)		16,697		1.08			1.78			0.98			104
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		–			(0.02	)		9.33		30.94			7,111		1.11			2.20			0.55			57
Class R5
Year ended 10/31/21		10.62		0.13			(0.96	)		(0.83	)		(0.06	)		–			(0.06	)		9.73		(7.91	)		2,224		1.08			1.25			1.09			47
Year ended 10/31/20		9.13		0.07			1.67			1.74			(0.25	)		–			(0.25	)		10.62		19.48			2,428		1.08			1.26			0.70			42
Year ended 10/31/19		7.71		0.26	^(d)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.13		25.27			2,033		1.08			1.39			3.06	^(d)		45
Year ended 10/31/18		9.33		0.09			(1.69	)		(1.60	)		(0.02	)		–			(0.02	)		7.71		(17.16	)		1,623		1.08			1.55			0.98			104
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		–			(0.02	)		9.33		30.94			1,960		1.10			1.91			0.56			57
Class R6
Year ended 10/31/21		10.61		0.13			(0.95	)		(0.82	)		(0.06	)		–			(0.06	)		9.73		(7.82	)		1,505		1.08			1.25			1.09			47
Year ended 10/31/20		9.12		0.07			1.67			1.74			(0.25	)		–			(0.25	)		10.61		19.50			1,161		1.08			1.26			0.70			42
Year ended 10/31/19		7.70		0.26	^(d)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.12		25.31			629		1.08			1.39			3.06	^(d)		45
Year ended 10/31/18		9.32		0.09			(1.69	)		(1.60	)		(0.02	)		–			(0.02	)		7.70		(17.18	)		227		1.08			1.55			0.98			104
Year ended 10/31/17		7.15		0.04			2.15			2.19			(0.02	)		–			(0.02	)		9.32		30.80			12		1.10			1.91			0.56			57

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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


13		Invesco Emerging Markets Select Equity Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

The 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.

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.

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

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


14		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.

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.

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.

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

K.	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.

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply


15		Invesco Emerging Markets Select Equity Fund

chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, 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, 2021, the Adviser waived advisory fees of $139,854 and reimbursed class level expenses of $106,060, $15,723, $9,702, $79,851, $981 and $570 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, IDI advised the Fund that IDI retained $43,334 in front-end sales commissions from the sale of Class A shares and $170 and $221 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $254 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.


16		Invesco Emerging Markets Select Equity Fund


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

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Argentina	$	1,525,451	$	–	$	–	$	1,525,451


Brazil		2,755,608		–		–		2,755,608


China		11,615,845		30,465,463		–		42,081,308


India		–		2,605,965		–		2,605,965


Indonesia		–		478,264		–		478,264


Mexico		6,674,448		–		–		6,674,448


Poland		–		385,346		–		385,346


Russia		3,795,887		2,049,849		–		5,845,736


South Korea		–		4,092,435		–		4,092,435


Taiwan		1,580,422		6,182,462		–		7,762,884


Thailand		–		2,372,439		–		2,372,439


Turkey		–		1,456,370		–		1,456,370


Money Market Funds		5,755,220		–		–		5,755,220


Total Investments	$	33,702,881	$	50,088,593	$	–	$	83,791,474

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, 2021 and 2020:


	2021		2020


Ordinary income*	$	499,824	$	1,811,224

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


17		Invesco Emerging Markets Select Equity Fund

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	521,873


Undistributed long-term capital gain		2,032,592


Net unrealized appreciation – investments		1,118,835


Net unrealized appreciation (depreciation) – foreign currencies		(3,460	)


Temporary book/tax differences		(17,544	)


Shares of beneficial interest		80,848,664


Total net assets	$	84,500,960

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 does not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $51,337,808 and $45,338,994, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	16,873,104


Aggregate unrealized (depreciation) of investments		(15,754,269	)


Net unrealized appreciation of investments	$	1,118,835

Cost of investments for tax purposes is $82,672,639.

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, 2021, undistributed net investment income was decreased by $106,632 and undistributed net realized gain was increased by $106,632. 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, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		1,596,968		$	19,214,515			1,175,963		$	11,146,113


Class C		194,700			2,223,840			263,905			2,454,357


Class R		211,427			2,434,522			148,437			1,402,705


Class Y		1,822,655			21,297,060			1,993,490			18,405,869


Class R5		817			9,738			–			–


Class R6		75,337			896,201			66,073			569,644



Issued as reinvestment of dividends:
Class A		17,922			215,778			87,845			821,349


Class C		2,462			28,493			11,611			104,965


Class R		1,517			18,069			6,904			63,997


Class Y		15,856			191,539			71,313			668,205


Class R5		1,156			13,965			5,983			56,058


Class R6		595			7,179			1,854			17,354



Automatic conversion of Class C shares to Class A shares:
Class A		101,965			1,203,141			26,703			251,712


Class C		(106,303	)		(1,203,141	)		(27,728	)		(251,712	)


18		Invesco Emerging Markets Select Equity Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,271,382	)	$	(14,464,882	)		(1,373,595	)	$	(12,495,256	)


Class C		(161,042	)		(1,734,188	)		(320,461	)		(2,806,795	)


Class R		(99,313	)		(1,111,958	)		(130,339	)		(1,167,793	)


Class Y		(1,971,810	)		(22,473,566	)		(1,378,478	)		(12,688,881	)


Class R5		(2,109	)		(25,445	)		–			–


Class R6		(30,570	)		(356,460	)		(27,465	)		(246,333	)


Net increase in share activity		400,848		$	6,384,400			602,015		$	6,305,558

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco Emerging Markets Select Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Select Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Select Equity Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


20		Invesco Emerging Markets Select Equity 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$792.10	$6.01	$1,018.50	$6.77	1.33%
Class C	1,000.00	788.20	9.38	1,014.72	10.56	2.08
Class R	1,000.00	791.20	7.13	1,017.24	8.03	1.58
Class Y	1,000.00	792.30	4.88	1,019.76	5.50	1.08
Class R5	1,000.00	792.30	4.88	1,019.76	5.50	1.08
Class R6	1,000.00	793.00	4.88	1,019.76	5.50	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 184/365 to reflect the most recent fiscal half year.


21		Invesco Emerging Markets Select Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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 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


22		Invesco Emerging Markets Select Equity Fund

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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

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


23		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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco Emerging Markets Select Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School–Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management–Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A

Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


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)
Gregory G. McGreevey–1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes–1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 Emerging Markets Select Equity Fund

(This page intentionally left blank)

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

LOGO

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




Annual Report to Shareholders		October 31, 2021

Invesco Fundamental Alternatives Fund

Nasdaq:

A: QVOPX ∎ C: QOPCX ∎ R: QOPNX ∎ Y: QOPYX ∎ R5: FDATX ∎ R6: QOPIX


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

22		Consolidated Financial Statements

25		Consolidated Financial Highlights

26		Notes to Consolidated Financial Statements

36		Report of Independent Registered Public Accounting Firm

37		Fund Expenses

38		Approval of Investment Advisory and Sub-Advisory Contracts

40		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	4.64	%
Class C Shares	3.84
Class R Shares	4.37
Class Y Shares	4.87
Class R5 Shares	5.04
Class R6 Shares	5.13
HFRX Global Hedge Fund Index^▼	10.09
Source(s): ^▼Bloomberg LP

Market conditions and your Fund

For the fiscal year ended October 31, 2021, the Fund’s Class A shares (without sales charge) generated a total return of 4.64%. The Fund underperformed the HFRX Global Hedge Fund Index, which returned 10.09% during the fiscal year. The Fund invests across three distinct alternative investment strategies including equity, credit and macro. All three strategies generated positive returns during the fiscal year.

US equity and corporate bond markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (COVID-19) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks and bonds were buoyed by the US Federal Reserve’s (the Fed’s) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made”1 toward employment and inflation targets.

policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.75%2 at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March 2021 saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021.3 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index increasing in June through September 2021,3 the Fed declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September 2021 due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 Index companies met or exceeded earnings expectations and the S&P 500 Index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.⁴

The equity sleeve follows its systematic defensive multi-factor approach which combines a focus on low volatility with other factor exposures, particularly Quality, Momentum and Value.

The strategy simultaneously targets to provide downside protection and have the potential

for investment returns that have low correlation to traditional equity securities. As portfolio optimization becomes less effective with an increasing number of objectives and constraints, we apply a tiered portfolio construction, separating the different objectives.

In the first step, we create an investible low volatility portfolio that represents a mix of a broadly unconstrained minimum variance portfolio and the market benchmark. This portfolio is designed to reduce the overall portfolio volatility to the targeted level and capture the low volatility anomaly (on a risk-adjusted basis, low volatility tends to outperform high volatility over time). Taking this low volatility portfolio as an anchor, the second optimization step seeks to add balanced exposures to our return-enhancing factors (Quality, Momentum and Value) while mitigating unrewarded risks by constraining active sector and country weights relative to the anchor portfolio.

Lastly, the resulting portfolio will hold a diversified mix of stocks that are deemed attractive from a factor and/or risk perspective. This should decrease the impact of stock-specific effects on the portfolio and hence increase the portion of risk and return that is explained by our intended factors – Quality, Momentum and Value, as well as Low Volatility.

For the fiscal year, the Fund’s equity strategy underperformed the S&P 500^®. In the strongly rising market environment, the targeted lower market sensitivity of the portfolio detracted from the Fund’s relative performance. Additionally, on a risk-adjusted basis, the Low Volatility factor underperformed and therefore detracted from the Fund’s relative performance as well. The losses were extended further by other risk factors, a residual of our quantitative stock selection process. Conversely, our intended exposure to Value was a positive contributor overall as it continued the recovery that started in November 2020 and lasted throughout May 2021, with attractively valued stocks significantly outperforming their more expensive peers. After June 2021, the value factor’s run came to a halt as investors favored stocks with good balance sheet quality and positive momentum.

US corporate bond markets posted gains in the fourth quarter of 2020, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. Corporate issuance of investment grade credit slowed in the fourth quarter of 2021, concluding a year of record issuance. US interest rate moves subtly affected fixed income valuations during the fourth quarter of 2021. The two-year


2		Invesco Fundamental Alternatives Fund

Treasury yield fell from 0.14% to 0.13%, while the 10-year yield saw an increase of 25 bps, rising from 0.68% to 0.93% (a basis point is one one-hundredth of a percentage point).⁵ The yield curve, as measured by the yield differential between 2- and 10-year Treasuries, steepened modestly during the fourth quarter of 2021.

In the first quarter of 2021, rising 10-year US Treasury yields increased significantly to 1.74%,⁵ its highest level since January 2020, reflecting higher inflation expectations. Largely a result of economic optimism, government bond yields rose globally during the first quarter of 2021 as investors began to price in higher levels of economic growth and inflation moving towards a post-pandemic world. On the fiscal front, another stimulus package was signed into law and COVID-19 vaccine approvals and administration ramped up. 30-year Treasury yields moved higher by 0.77% to end the first quarter of 2021 at 2.41%. Importantly, short-term rates, which are closely tied to Federal Reserve policy, were quite steady. Two-year US Treasury yields moved up just 0.04% to 0.16%.⁵

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply rising interest rate environment. Despite higher volatility stemming from inflation concerns and potential for rising interest rates. As the US COVID-19 vaccination rate neared the 50% threshold, consumers resumed pre-pandemic activities in the third quarter of 2021 and economically sensitive areas such as the consumer discretionary and technology sectors began to recover. With an inconsistent global vaccine rollout and the threat of COVID-19 variants on the rise, investors were cautiously optimistic and expect corporate balance sheets to continue to recover meaningfully in 2021.

The credit strategy utilizes a systematic, quantitative, factor-based approach to investing. The strategy attempts to meet its investment objective by overweighting the higher-yielding component of the fixed income market (corporate bonds). Within corporates, the investment team targets bonds from the Bloomberg 1-5 Year Government Credit 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 have 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.

Over the fiscal year, value, carry and low volatility bonds outperformed the Bloomberg 1-5 Year Government Credit Index. The rise of interest rates during the fiscal year had a negative impact on the Fund’s absolute performance. Overall, bonds with attractive factor

characteristics positively impacted the Fund’s absolute performance, counterweighing the negative impact of interest rates.

The macro strategy attempts to take advantage of short-term market dynamics by investing in global equity markets, sovereign bonds and commodities based on each asset’s likelihood to outperform cash over the next 30-day period. Within the macro strategy, equities were the top contributor followed by commodities while bond performance was flat. All equity holdings posted positive returns with the exception of emerging market equities. US equities were the largest contributor to the Fund’s absolute performance over the fiscal year. US and UK equities benefited from the successful rollout of COVID-19 vaccinations. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand. Emerging markets trailed all other regions due to a combination of COVID-19 outbreaks and exposure to China, the index’s largest country weighting. Chinese equities were weighted down by significant regulatory changes in the private tutoring industry, increased regulation in the technology sectors and concerns of the potential default of a large property developer and signs of slowing economic growth. Exposure to commodities also benefited the Fund’s absolute performance as positioning in industrial metals and agriculture outpaced negative results from positioning in precious metals and energy. The macro strategy’s exposure to bonds produced flat results due to a combination of strong growth dampening safe-haven demand and concerns about mounting inflationary pressures. Now that the Fund is managed as three separate strategies by three separate teams, the detractors are included in the discussion of the individual sleeves.

The Fund continues to focus on selecting securities that we believe offer attractive risk-adjusted returns and can deliver effective diversification combined with low volatility, good downside risk mitigation and low sensitivity to traditional market factors over the long term.

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

We thank you for your continued investment in the Invesco Fundamental Alternatives Fund.

1	Source: US Federal Reserve

2	Source: Bloomberg LP

3	Source: Bureau of Labor Statistics, July 13, 2021

4	Source: Lipper Inc.

5	Source: US Department of the Treasury

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.


3		Invesco Fundamental Alternatives Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco Fundamental Alternatives Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (1/3/89)	7.09	%
10 Years	1.98
5 Years	0.70
1 Year	-1.13
Class C Shares
Inception (9/1/93)	5.49	%
10 Years	1.94
5 Years	1.06
1 Year	2.84
Class R Shares
Inception (3/1/01)	2.24	%
10 Years	2.28
5 Years	1.58
1 Year	4.37
Class Y Shares
Inception (12/16/96)	4.25	%
10 Years	2.81
5 Years	2.08
1 Year	4.87
Class R5 Shares
10 Years	2.66	%
5 Years	2.04
1 Year	5.04
Class R6 Shares
Inception (2/28/13)	3.17	%
5 Years	2.27
1 Year	5.13

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.


5		Invesco Fundamental Alternatives Fund

Supplemental Information

Invesco Fundamental Alternatives Fund’s investment objective is to seek total return.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe.

∎


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

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE


6		Invesco Fundamental Alternatives Fund

Fund Information

Volatility Contribution*


Strategy	Annualized Volatility Contribution	Volatility Contribution as % of Investment Strategy
Credit	0.02%	0.58%
Equity	3.25	82.95
Macro	0.65	16.47
Total	3.92%	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, 2021.


7		Invesco Fundamental Alternatives Fund

Consolidated Schedule of Investments^(a)

October 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests–53.13%
Advertising–0.18%
Interpublic Group of Cos., Inc. (The)		15,189	$	555,462
Omnicom Group, Inc.		5,310		361,505
Pacific Drilling S.A.		1,362		4,154
				921,121

Aerospace & Defense–0.12%
Raytheon Technologies Corp.		6,657		591,541

Agricultural & Farm Machinery–0.32%
AGCO Corp.		2,711		331,311
Deere & Co.		3,709		1,269,628
				1,600,939

Air Freight & Logistics–0.66%
C.H. Robinson Worldwide, Inc.		4,425		429,181
Expeditors International of Washington, Inc.		11,792		1,453,482
FedEx Corp.		1,901		447,742
United Parcel Service, Inc., Class B		4,802		1,025,083
				3,355,488

Airlines–0.10%
Alaska Air Group, Inc.^(b)		2,500		132,000
Southwest Airlines Co.^(b)		8,273		391,147
				523,147

Alternative Carriers–0.14%
Liberty Global PLC, Class C (United Kingdom)^(b)		15,596		449,789
Lumen Technologies, Inc.		21,017		249,261
				699,050

Apparel, Accessories & Luxury Goods–0.01%
Sunrise Oil & Gas, Inc.^(c)		4,631		35,890

Application Software–1.42%
Adobe, Inc.^(b)		4,622		3,005,964
Blackbaud, Inc.		4,565		324,161
Cadence Design Systems, Inc.^(b)		2,575		445,758
Citrix Systems, Inc.		1,565		148,252
Dropbox, Inc., Class A^(b)		8,702		265,324
Fusion Connect, Inc.^(c)		1		2
Fusion Connect, Inc., Wts., expiring 12/31/2021^(c)		6,073		9,109
Intuit, Inc.		1,142		714,881
salesforce.com, inc.^(b)		3,472		1,040,524
SS&C Technologies Holdings, Inc.		2,300		182,781
Synopsys, Inc.^(b)		1,191		396,817
Tyler Technologies, Inc.^(b)		1,224		664,901
				7,198,474

Asset Management & Custody Banks–0.23%
Ameriprise Financial, Inc.		1,331		402,135
BlackRock, Inc.		285		268,886
T. Rowe Price Group, Inc.		2,282		494,920
				1,165,941


	Shares		Value
Auto Parts & Equipment–0.07%
Gentex Corp.		9,605	$	339,921

Automobile Manufacturers–0.82%
Ford Motor Co.^(b)		46,408		792,649
General Motors Co.^(b)		9,605		522,800
Tesla, Inc.^(b)		2,561		2,852,954
				4,168,403

Automotive Retail–0.12%
AutoNation, Inc.^(b)		2,948		357,062
AutoZone, Inc.^(b)		153		273,080
				630,142

Biotechnology–2.53%
AbbVie, Inc.		7,703		883,303
Amgen, Inc.		6,633		1,372,832
Biogen, Inc.^(b)		3,918		1,044,852
BioMarin Pharmaceutical, Inc.^(b)		11,234		890,070
Blueprint Medicines Corp.^(b)		6,539		735,572
Gilead Sciences, Inc.		35,913		2,330,035
Incyte Corp.^(b)		3,756		251,577
Ionis Pharmaceuticals, Inc.^(b)		10,042		320,038
Moderna, Inc.^(b)		1,492		515,053
Regeneron Pharmaceuticals, Inc.^(b)		2,940		1,881,424
Seagen, Inc.^(b)		1,842		324,800
United Therapeutics Corp.^(b)		7,181		1,369,848
Vertex Pharmaceuticals, Inc.^(b)		4,790		885,815
				12,805,219

Broadcasting–0.06%
Fox Corp., Class A		7,893		313,668

Building Products–0.45%
Carrier Global Corp.		6,467		337,771
Johnson Controls International PLC		8,654		634,944
Lennox International, Inc.		933		279,228
Masco Corp.		4,849		317,852
Owens Corning		3,614		337,584
Trane Technologies PLC		2,044		369,821
				2,277,200

Cable & Satellite–0.79%
Altice USA, Inc., Class A^(b)		9,510		155,013
Charter Communications, Inc., Class A^(b)		1,919		1,295,114
Comcast Corp., Class A		39,276		2,019,965
Liberty Broadband Corp., Class C^(b)		1,631		264,956
Sirius XM Holdings, Inc.		42,282		257,497
				3,992,545

Casinos & Gaming–0.05%
Boyd Gaming Corp.		4,181		266,664

Coal & Consumable Fuels–0.02%
ACNR Holdings, Inc.		1,740		109,185

Commodity Chemicals–0.15%
Dow, Inc.		13,885		777,143

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


8		Invesco Fundamental Alternatives Fund


	Shares		Value
Communications Equipment–0.66%
Cisco Systems, Inc.		51,638	$	2,890,179
Ubiquiti, Inc.		1,379		421,326
				3,311,505

Construction & Engineering–0.15%
EMCOR Group, Inc.		4,685		569,181
Quanta Services, Inc.		1,545		187,377
				756,558

Construction Machinery & Heavy Trucks–0.20%
Caterpillar, Inc.		2,377		484,932
Cummins, Inc.		1,190		285,409
Terex Corp.		5,232		234,394
				1,004,735

Consumer Finance–0.51%
Ally Financial, Inc.		16,357		780,883
Capital One Financial Corp.		4,712		711,653
Discover Financial Services		3,424		388,008
SLM Corp.		12,862		236,018
Synchrony Financial		9,605		446,152
				2,562,714

Copper–0.09%
Freeport-McMoRan, Inc.		5,516		208,064
Southern Copper Corp. (Peru)		3,803		228,142
				436,206

Data Processing & Outsourced Services–2.09%
Alliance Data Systems Corp.		2,636		224,719
Automatic Data Processing, Inc.		9,795		2,198,879
Broadridge Financial Solutions, Inc.		6,799		1,213,010
Fidelity National Information Services, Inc.		1,150		127,351
Fiserv, Inc.^(b)		2,853		280,992
Jack Henry & Associates, Inc.		2,520		419,530
Mastercard, Inc., Class A		2,135		716,335
Maximus, Inc.		4,565		386,062
Paychex, Inc.		12,078		1,488,976
PayPal Holdings, Inc.^(b)		4,111		956,177
Visa, Inc., Class A		9,843		2,084,452
Western Union Co. (The)		24,250		441,835
				10,538,318

Distillers & Vintners–0.09%
Constellation Brands, Inc., Class A		2,044		443,160

Distributors–0.13%
Genuine Parts Co.		2,663		349,146
LKQ Corp.^(b)		5,421		298,589
				647,735

Diversified Banks–0.92%
Bank of America Corp.		24,423		1,166,931
Citigroup, Inc.		10,033		693,882
JPMorgan Chase & Co.		8,468		1,438,628
U.S. Bancorp		9,415		568,384
Wells Fargo & Co.		15,467		791,292
				4,659,117

Diversified Chemicals–0.07%
Eastman Chemical Co.		3,424		356,199


	Shares		Value
Drug Retail–0.05%
Walgreens Boots Alliance, Inc.		5,474	$	257,388

Electric Utilities–1.29%
American Electric Power Co., Inc.		13,409		1,135,876
Duke Energy Corp.		14,645		1,493,936
Edison International		4,470		281,297
Eversource Energy		3,130		265,737
Exelon Corp.		11,792		627,217
NextEra Energy, Inc.		11,127		949,467
PPL Corp.		9,510		273,888
Southern Co. (The)		17,308		1,078,635
Xcel Energy, Inc.		6,086		393,095
				6,499,148

Electrical Components & Equipment–0.18%
Eaton Corp. PLC		2,948		485,712
Regal Rexnord Corp.		2,757		419,974
				905,686

Electronic Equipment & Instruments–0.22%
Keysight Technologies, Inc.^(b)		3,614		650,592
Vontier Corp.		13,800		466,854
				1,117,446

Environmental & Facilities Services–0.29%
Republic Services, Inc.		8,670		1,166,982
Waste Management, Inc.		1,710		273,993
				1,440,975

Fertilizers & Agricultural Chemicals–0.07%
Corteva, Inc.		8,084		348,825

Financial Exchanges & Data–0.11%
CME Group, Inc., Class A		2,444		539,024

Food Retail–0.51%
Casey’s General Stores, Inc.		3,803		728,427
Kroger Co. (The)		46,018		1,841,640
				2,570,067

Forest Products–0.08%
Louisiana-Pacific Corp.		6,835		402,787

Gas Utilities–0.18%
Atmos Energy Corp.		7,798		718,352
ONE Gas, Inc.		3,139		211,255
				929,607

General Merchandise Stores–0.50%
Target Corp.		9,795		2,542,978

Gold–0.20%
Newmont Corp.		18,639		1,006,506

Health Care Distributors–0.35%
AmerisourceBergen Corp.		2,757		336,409
Cardinal Health, Inc.		10,462		500,188
McKesson Corp.		4,470		929,224
				1,765,821

Health Care Equipment–1.38%
Abbott Laboratories		13,853		1,785,513
Baxter International, Inc.		2,529		199,690

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


9		Invesco Fundamental Alternatives Fund


	Shares		Value
Health Care Equipment–(continued)
Becton, Dickinson and Co.		5,516	$	1,321,578
Danaher Corp.		6,323		1,971,322
Hologic, Inc.^(b)		7,893		578,636
IDEXX Laboratories, Inc.^(b)		761		506,933
Medtronic PLC		4,879		584,797
				6,948,469

Health Care Facilities–0.22%
HCA Healthcare, Inc.		3,614		905,163
Universal Health Services, Inc., Class B		1,474		182,923
				1,088,086

Health Care Services–0.40%
Cigna Corp.		2,044		436,619
CVS Health Corp.		6,847		611,300
DaVita, Inc.^(b)		1,400		144,536
Laboratory Corp. of America Holdings^(b)		1,854		532,135
Quest Diagnostics, Inc.		2,092		307,064
				2,031,654

Health Care Supplies–0.04%
West Pharmaceutical Services, Inc.		506		217,519

Health Care Technology–0.15%
Cerner Corp.		10,271		763,033

Home Furnishings–0.05%
Mohawk Industries, Inc.^(b)		1,301		230,550

Home Improvement Retail–0.27%
Home Depot, Inc. (The)		2,294		852,772
Lowe’s Cos., Inc.		2,272		531,239
				1,384,011

Homebuilding–0.07%
Lennar Corp., Class A		3,614		361,147

Homefurnishing Retail–0.03%
Williams-Sonoma, Inc.		950		176,444

Hotels, Resorts & Cruise Lines–0.05%
Marriott International, Inc., Class A^(b)		1,711		273,794

Household Products–1.06%
Clorox Co. (The)		2,822		460,014
Colgate-Palmolive Co.		14,074		1,072,298
Kimberly-Clark Corp.		1,359		175,977
Procter & Gamble Co. (The)		20,319		2,905,414
Reynolds Consumer Products, Inc.		4,800		129,504
Spectrum Brands Holdings, Inc.		6,758		633,563
				5,376,770

Human Resource & Employment Services–0.07%
ManpowerGroup, Inc.		3,803		367,560

Hypermarkets & Super Centers–0.87%
Costco Wholesale Corp.		4,026		1,978,940
Walmart, Inc.		16,262		2,429,868
				4,408,808

Independent Power Producers & Energy Traders–0.06%
AES Corp. (The)		11,602		291,558


	Shares		Value
Industrial Conglomerates–0.17%
3M Co.		2,472	$	441,697
General Electric Co.		2,044		214,355
Honeywell International, Inc.		973		212,717
				868,769

Industrial Machinery–0.07%
Illinois Tool Works, Inc.		1,474		335,880

Industrial REITs–0.26%
Duke Realty Corp.		12,172		684,553
EastGroup Properties, Inc.		1,901		375,980
Prologis, Inc.		1,729		250,636
				1,311,169

Insurance Brokers–0.11%
Aon PLC, Class A		1,711		547,383

Integrated Oil & Gas–0.33%
Chevron Corp.		8,369		958,167
Exxon Mobil Corp.		11,316		729,542
				1,687,709

Integrated Telecommunication Services–0.58%
AT&T, Inc.		60,767		1,534,974
Verizon Communications, Inc.		26,046		1,380,178
				2,915,152

Interactive Home Entertainment–0.71%
Activision Blizzard, Inc.		16,642		1,301,238
Electronic Arts, Inc.		11,126		1,560,422
Take-Two Interactive Software, Inc.^(b)		4,030		729,430
				3,591,090

Interactive Media & Services–2.74%
Alphabet, Inc., Class A^(b)		2,306		6,827,882
Alphabet, Inc., Class C^(b)		1,162		3,445,806
Meta Platforms, Inc., Class A^(b)		11,096		3,590,333
				13,864,021

Internet & Direct Marketing Retail–1.26%
Amazon.com, Inc.^(b)		1,650		5,564,509
eBay, Inc.		7,323		561,821
Qurate Retail, Inc., Class A		22,063		230,338
				6,356,668

Internet Services & Infrastructure–0.27%
Akamai Technologies, Inc.^(b)		3,803		401,064
VeriSign, Inc.^(b)		4,279		952,805
				1,353,869

Investment Banking & Brokerage–0.49%
Charles Schwab Corp. (The)		6,562		538,281
Goldman Sachs Group, Inc. (The)		2,282		943,264
Morgan Stanley		9,510		977,438
				2,458,983

IT Consulting & Other Services–1.36%
Accenture PLC, Class A		9,700		3,480,263
Amdocs Ltd.		11,792		917,889
Cognizant Technology Solutions Corp., Class A		13,600		1,062,024
Gartner, Inc.^(b)		2,454		814,507

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


10		Invesco Fundamental Alternatives Fund


	Shares		Value
IT Consulting & Other Services–(continued)
International Business Machines Corp.		4,849	$ 606,610
			6,881,293

Life & Health Insurance–0.18%
Aflac, Inc.		5,611	301,142
MetLife, Inc.		2,800	175,840
Principal Financial Group, Inc.		6,562	440,245
			917,227

Life Sciences Tools & Services–0.80%
Agilent Technologies, Inc.		4,565	718,942
IQVIA Holdings, Inc.^(b)		1,187	310,305
Mettler-Toledo International, Inc.^(b)		257	380,586
PerkinElmer, Inc.		2,187	386,858
Thermo Fisher Scientific, Inc.		2,110	1,335,778
Waters Corp.^(b)		2,432	893,882
			4,026,351

Managed Health Care–0.56%
Anthem, Inc.		1,540	670,100
Molina Healthcare, Inc.^(b)		1,283	379,409
UnitedHealth Group, Inc.		3,918	1,804,121
			2,853,630

Marine–0.00%
HGIM Corp.		731	2,924

Movies & Entertainment–0.64%
Liberty Media Corp.-Liberty Formula One, Class C^(b)		3,759	209,752
Netflix, Inc.^(b)		2,500	1,725,775
Walt Disney Co. (The)^(b)		5,268	890,661
World Wrestling Entertainment, Inc., Class A		6,371	389,204
			3,215,392

Multi-Sector Holdings–0.70%
Berkshire Hathaway, Inc., Class B^(b)		12,237	3,512,141

Multi-Utilities–0.90%
Ameren Corp.		5,230	440,837
CMS Energy Corp.		5,896	355,824
Consolidated Edison, Inc.		14,645	1,104,233
Dominion Energy, Inc.		15,596	1,184,204
DTE Energy Co.		2,187	247,896
MDU Resources Group, Inc.		7,513	230,874
Public Service Enterprise Group, Inc.		4,470	285,186
Sempra Energy		2,092	267,002
WEC Energy Group, Inc.		4,661	419,770
			4,535,826

Oil & Gas Drilling–0.00%
Vantage Drilling International^(b)		73	383

Oil & Gas Equipment & Services–0.12%
Halliburton Co.		16,072	401,639
TechnipFMC PLC (United Kingdom)^(b)		27,414	202,041
			603,680

Oil & Gas Exploration & Production–0.20%
ConocoPhillips		3,502	260,864
Continental Resources, Inc.		5,410	264,062


	Shares		Value
Oil & Gas Exploration & Production–(continued)
EOG Resources, Inc.		5,421	$ 501,226
Sabine Oil & Gas Holdings, Inc.^(b)(c)		115	156
			1,026,308

Oil & Gas Storage & Transportation–0.22%
Kinder Morgan, Inc.		28,686	480,491
Southcross Energy Partners L.P.^(c)		17,192	1,117
Targa Resources Corp.		5,046	275,865
Williams Cos., Inc. (The)		12,268	344,608
			1,102,081

Packaged Foods & Meats–1.36%
Campbell Soup Co.		21,397	854,810
Conagra Brands, Inc.		7,988	257,214
Flowers Foods, Inc.		11,602	287,149
General Mills, Inc.		9,890	611,202
Hain Celestial Group, Inc. (The)^(b)		7,609	341,416
Hershey Co. (The)		7,948	1,393,682
JM Smucker Co. (The)		2,472	303,710
Kellogg Co.		5,040	308,952
Kraft Heinz Co. (The)		17,783	638,232
Mondelez International, Inc., Class A		17,594	1,068,660
Tyson Foods, Inc., Class A		9,887	790,663
			6,855,690

Paper Packaging–0.05%
International Paper Co.		4,849	240,850

Personal Products–0.09%
Herbalife Nutrition Ltd.^(b)		5,035	233,624
Nu Skin Enterprises, Inc., Class A		4,945	198,542
			432,166

Pharmaceuticals–2.42%
Bristol-Myers Squibb Co.		16,795	980,828
Eli Lilly and Co.		8,145	2,075,020
Johnson & Johnson		20,921	3,407,612
Merck & Co., Inc.		25,836	2,274,860
Pfizer, Inc.		57,440	2,512,426
Zoetis, Inc.		4,544	982,413
			12,233,159

Property & Casualty Insurance–0.45%
Allstate Corp. (The)		4,849	599,676
Chubb Ltd.		2,140	418,113
Old Republic International Corp.		26,765	691,340
Progressive Corp. (The)		5,865	556,471
			2,265,600

Publishing–0.32%
John Wiley & Sons, Inc., Class A		4,849	262,670
New York Times Co. (The), Class A		19,590	1,069,418
News Corp., Class A		11,411	261,312
			1,593,400

Railroads–0.37%
CSX Corp.		9,986	361,194
Norfolk Southern Corp.		600	175,830
Union Pacific Corp.		5,611	1,354,495
			1,891,519

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


11		Invesco Fundamental Alternatives Fund


	Shares		Value
Real Estate Services–0.06%
CBRE Group, Inc., Class A^(b)		3,044	$ 316,820

Regional Banks–0.41%
Citizens Financial Group, Inc.		6,942	328,912
Fifth Third Bancorp		11,126	484,315
Regions Financial Corp.		16,642	394,082
SVB Financial Group^(b)		320	229,568
Synovus Financial Corp.		6,752	314,576
Umpqua Holdings Corp.		15,406	315,053
			2,066,506

Research & Consulting Services–0.31%
Booz Allen Hamilton Holding Corp.		9,890	859,045
IHS Markit Ltd.		2,764	361,310
Nielsen Holdings PLC		16,466	333,437
			1,553,792

Residential REITs–0.09%
Mid-America Apartment Communities, Inc.		2,282	466,007

Restaurants–0.94%
Chipotle Mexican Grill, Inc.^(b)		196	348,690
Domino’s Pizza, Inc.		2,682	1,311,418
McDonald’s Corp.		7,988	1,961,453
Papa John’s International, Inc.		2,002	248,408
Starbucks Corp.		2,948	312,694
Yum! Brands, Inc.		4,565	570,351
			4,753,014

Semiconductor Equipment–0.38%
Applied Materials, Inc.		8,390	1,146,494
KLA Corp.		1,293	481,979
Lam Research Corp.		476	268,259
			1,896,732

Semiconductors–1.77%
Broadcom, Inc.		2,739	1,456,244
Intel Corp.		20,067	983,283
Microchip Technology, Inc.		4,754	352,224
Micron Technology, Inc.		2,853	197,142
NVIDIA Corp.		7,055	1,803,752
NXP Semiconductors N.V. (China)		1,474	296,068
Qorvo, Inc.^(b)		1,997	335,955
QUALCOMM, Inc.		5,516	733,848
Skyworks Solutions, Inc.		1,522	254,372
Texas Instruments, Inc.		11,839	2,219,576
Xilinx, Inc.		1,725	310,500
			8,942,964

Soft Drinks–0.81%
Coca-Cola Co. (The)		30,143	1,699,161
Keurig Dr Pepper, Inc.		13,125	473,681
PepsiCo, Inc.		11,887	1,920,939
			4,093,781

Specialized Consumer Services–0.25%
H&R Block, Inc.		11,411	263,252
Service Corp. International		9,795	670,859
Terminix Global Holdings, Inc.^(b)		8,558	346,428
			1,280,539


	Shares		Value
Specialized REITs–0.91%
Crown Castle International Corp.		2,472	$ 445,702
Extra Space Storage, Inc.		9,130	1,801,988
Life Storage, Inc.		2,257	302,009
Public Storage		5,373	1,784,803
Weyerhaeuser Co.		7,011	250,433
			4,584,935

Specialty Chemicals–0.41%
Celanese Corp.		1,426	230,313
DuPont de Nemours, Inc.		6,371	443,422
Sherwin-Williams Co. (The)		4,375	1,385,169
			2,058,904

Specialty Stores–0.05%
Bath & Body Works, Inc.		3,910	270,142

Systems Software–3.67%
CommVault Systems, Inc.^(b)		3,296	202,704
Dolby Laboratories, Inc., Class A		10,033	886,416
Fortinet, Inc.^(b)		1,283	431,524
Microsoft Corp.		38,706	12,835,684
NortonLifeLock, Inc.		11,171	284,302
Oracle Corp.		29,897	2,868,318
Palo Alto Networks, Inc.^(b)		723	368,072
Teradata Corp.^(b)(d)		12,088	683,697
			18,560,717

Technology Distributors–0.11%
Arrow Electronics, Inc.^(b)		4,945	572,384

Technology Hardware, Storage & Peripherals–2.05%
Apple, Inc.		64,565	9,671,837
HP, Inc.		23,099	700,593
			10,372,430

Textiles–0.00%
Sunguard Availability Services Capital, Inc.		225	206

Thrifts & Mortgage Finance–0.05%
New York Community Bancorp, Inc.		19,401	241,154

Tobacco–0.49%
Altria Group, Inc.		15,977	704,746
Philip Morris International, Inc.		18,552	1,753,906
			2,458,652

Trading Companies & Distributors–0.12%
United Rentals, Inc.^(b)		1,085	411,334
Watsco, Inc.		600	173,748
			585,082

Trucking–0.62%
Knight-Swift Transportation Holdings, Inc.		15,881	900,294
Landstar System, Inc.		4,470	785,871
Old Dominion Freight Line, Inc.		730	249,186
Ryder System, Inc.		4,470	379,726
Werner Enterprises, Inc.		17,594	797,360
			3,112,437
Total Common Stocks & Other Equity Interests (Cost $194,461,571)			268,401,100

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


12		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
U.S. Treasury Securities–13.21%
U.S. Treasury Bills–0.07%
0.05%, 02/17/2022^(e)(f)	$	348,000	$ 347,949

U.S. Treasury Notes–13.14%
0.13%, 05/31/2022		28,300,000	28,304,136
0.13%, 12/15/2023		30,100,000	29,836,037
0.38%, 12/31/2025		8,500,000	8,256,953
			66,397,126
Total U.S. Treasury Securities (Cost $67,181,772)			66,745,075

U.S. Dollar Denominated Bonds & Notes–7.86%
Aerospace & Defense–0.13%
Boeing Co. (The),
4.51%, 05/01/2023		150,000	157,318
2.75%, 02/01/2026		177,000	183,099
General Dynamics Corp., 3.25%, 04/01/2025		300,000	319,533
			659,950

Agricultural & Farm Machinery–0.06%
Deere & Co., 2.75%, 04/15/2025		310,000	326,538

Air Freight & Logistics–0.05%
United Parcel Service, Inc., 2.45%, 10/01/2022		232,000	236,550

Airlines–0.22%
Delta Air Lines Pass-Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/2024		800,000	832,648
Southwest Airlines Co., 4.75%, 05/04/2023		253,000	267,820
			1,100,468

Application Software–0.08%
Adobe, Inc., 3.25%, 02/01/2025		300,000	319,439
Citrix Systems, Inc., 1.25%, 03/01/2026		104,000	101,292
			420,731

Asset Management & Custody Banks–0.29%
FS KKR Capital Corp., 4.63%, 07/15/2024		442,000	472,597
Golub Capital BDC, Inc., 3.38%, 04/15/2024		312,000	323,316
Legg Mason, Inc., 4.75%, 03/15/2026		90,000	102,040
Main Street Capital Corp., 5.20%, 05/01/2024		280,000	302,467
Owl Rock Capital Corp., 5.25%, 04/15/2024		223,000	241,238
			1,441,658

Automobile Manufacturers–0.23%
American Honda Finance Corp., 2.05%, 01/10/2023		252,000	256,713
General Motors Financial Co., Inc.,
3.25%, 01/05/2023		55,000	56,506
5.25%, 03/01/2026		125,000	141,413


	Principal Amount		Value
Automobile Manufacturers–(continued)
Toyota Motor Credit Corp.,
2.15%, 09/08/2022	$	168,000	$ 170,677
0.35%, 10/14/2022		211,000	211,115
2.63%, 01/10/2023		170,000	174,404
2.70%, 01/11/2023		155,000	159,154
			1,169,982

Biotechnology–0.31%
AbbVie, Inc.,
3.25%, 10/01/2022		200,000	203,523
2.90%, 11/06/2022		475,000	485,923
3.20%, 11/06/2022		148,000	151,348
2.30%, 11/21/2022		475,000	483,365
Biogen, Inc., 3.63%, 09/15/2022		216,000	221,980
			1,546,139

Cable & Satellite–0.01%
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		60,000	66,205

Computer & Electronics Retail–0.04%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		170,000	200,385

Construction Machinery & Heavy Trucks–0.03%
Caterpillar Financial Services Corp., 1.90%, 09/06/2022		166,000	168,285

Consumer Finance–0.10%
American Express Co., 2.65%, 12/02/2022		232,000	237,228
Capital One Bank USA N.A., 3.38%, 02/15/2023		250,000	258,535
			495,763

Data Processing & Outsourced Services–0.02%
Western Union Co. (The), 1.35%, 03/15/2026		100,000	97,971

Distillers & Vintners–0.16%
Diageo Capital PLC (United Kingdom),
2.63%, 04/29/2023		379,000	388,941
3.50%, 09/18/2023		404,000	425,785
			814,726

Diversified Banks–1.87%
Banco Santander S.A. (Spain), 3.85%, 04/12/2023		200,000	209,003
Bank of America Corp.,
4.45%, 03/03/2026		269,000	298,199
3.50%, 04/19/2026		185,000	199,894
1.32%, 06/19/2026^(g)		195,000	193,566
1.20%, 10/24/2026^(g)		205,000	201,674
Bank of Montreal (Canada), 2.35%, 09/11/2022		172,000	174,988
Barclays PLC (United Kingdom),
4.61%, 02/15/2023^(g)		337,000	340,897
4.38%, 09/11/2024^(d)		494,000	533,241
BNP Paribas S.A. (France), 3.25%, 03/03/2023		166,000	172,125
Citigroup, Inc.,
2.70%, 10/27/2022		322,000	328,581
3.11%, 04/08/2026^(g)		297,000	312,928

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


13		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Diversified Banks–(continued)
HSBC Holdings PLC (United Kingdom),
3.26%, 03/13/2023^(g)	$	408,000	$ 412,061
3.60%, 05/25/2023		322,000	336,697
JPMorgan Chase & Co.,
3.38%, 05/01/2023		338,000	351,643
2.01%, 03/13/2026^(g)		200,000	203,897
2.08%, 04/22/2026^(g)		200,000	204,067
1.05%, 11/19/2026^(g)		208,000	203,059
Lloyds Banking Group PLC (United Kingdom), 3.90%, 03/12/2024		978,000	1,043,766
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.46%, 03/02/2023		241,000	250,101
NatWest Group PLC (United Kingdom),
6.13%, 12/15/2022		60,000	63,573
6.10%, 06/10/2023		18,000	19,417
6.00%, 12/19/2023		81,000	89,184
5.13%, 05/28/2024		854,000	933,069
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		180,000	202,011
Sumitomo Mitsui Financial Group, Inc. (Japan), 2.63%, 07/14/2026		193,000	200,493
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023^(d)		422,000	443,618
U.S. Bank N.A., 3.40%, 07/24/2023		250,000	261,946
Wells Fargo & Co.,
Series M, 3.45%, 02/13/2023		88,000	91,134
2.19%, 04/30/2026^(g)		190,000	194,251
Westpac Banking Corp. (Australia),
3.65%, 05/15/2023		27,000	28,313
3.30%, 02/26/2024^(d)		902,000	953,617
			9,451,013

Diversified Capital Markets–0.13%
Deutsche Bank AG (Germany),
3.70%, 05/30/2024		298,000	315,263
3.70%, 05/30/2024		303,000	320,851
			636,114

Drug Retail–0.02%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		100,000	107,239

Electric Utilities–0.08%
Edison International,
2.40%, 09/15/2022		32,000	32,402
2.95%, 03/15/2023		72,000	73,506
ITC Holdings Corp., 2.70%, 11/15/2022		94,000	95,856
NextEra Energy Capital Holdings, Inc., 1.95%, 09/01/2022		99,000	100,270
Pacific Gas and Electric Co., 1.75%, 06/16/2022		112,000	111,751
			413,785

Electronic Equipment & Instruments–0.02%
Vontier Corp., 1.80%, 04/01/2026^(h)		100,000	98,545

Electronic Manufacturing Services–0.01%
Jabil, Inc., 4.70%, 09/15/2022		38,000	39,323


	Principal Amount		Value
Fertilizers & Agricultural Chemicals–0.01%
Mosaic Co. (The), 3.25%, 11/15/2022	$	40,000	$ 41,004

Financial Exchanges & Data–0.02%
Moody’s Corp., 4.50%, 09/01/2022		119,000	121,768

Gas Utilities–0.01%
National Fuel Gas Co., 3.75%, 03/01/2023		40,000	41,212

Health Care Facilities–0.20%
CommonSpirit Health, 2.95%, 11/01/2022		121,000	123,786
HCA, Inc.,
4.75%, 05/01/2023		68,000	71,896
5.00%, 03/15/2024		755,000	821,880
			1,017,562

Health Care REITs–0.04%
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		179,000	201,222

Health Care Services–0.05%
CVS Health Corp., 2.75%, 12/01/2022		239,000	243,382

Home Furnishings–0.03%
Mohawk Industries, Inc., 3.85%, 02/01/2023		128,000	131,917

Homebuilding–0.04%
Lennar Corp., 4.75%, 11/15/2022		39,000	40,219
NVR, Inc., 3.95%, 09/15/2022		140,000	142,834
			183,053

Hotel & Resort REITs–0.03%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		150,000	162,788

Hotels, Resorts & Cruise Lines–0.04%
Expedia Group, Inc., 3.60%, 12/15/2023		70,000	73,665
Hyatt Hotels Corp., 4.85%, 03/15/2026		133,000	146,590
			220,255

Hypermarkets & Super Centers–0.14%
Walmart, Inc.,
2.35%, 12/15/2022		234,000	238,938
2.55%, 04/11/2023		439,000	450,802
			689,740

Independent Power Producers & Energy Traders–0.16%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024		770,000	824,300

Industrial Conglomerates–0.12%
General Electric Co.,
3.15%, 09/07/2022		246,000	251,942
3.10%, 01/09/2023		266,000	273,887
Honeywell International, Inc., 0.48%, 08/19/2022		89,000	89,012
			614,841

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


14		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Integrated Oil & Gas–0.40%
BP Capital Markets PLC (United Kingdom),
2.75%, 05/10/2023	$	499,000	$ 515,137
3.51%, 03/17/2025		300,000	321,982
Exxon Mobil Corp., 1.57%, 04/15/2023		966,000	980,773
Shell International Finance B.V. (Netherlands), 2.38%, 08/21/2022		182,000	184,989
			2,002,881

Integrated Telecommunication Services–0.04%
British Telecommunications PLC (United Kingdom), 4.50%, 12/04/2023		200,000	214,252

Interactive Media & Services–0.16%
Weibo Corp. (China), 3.50%, 07/05/2024		785,000	816,134

Internet & Direct Marketing Retail–0.10%
Alibaba Group Holding Ltd. (China), 2.80%, 06/06/2023		347,000	357,723
eBay, Inc., 2.75%, 01/30/2023		157,000	160,946
			518,669

Investment Banking & Brokerage–0.56%
BGC Partners, Inc., 5.38%, 07/24/2023		53,000	56,444
Goldman Sachs Group, Inc. (The),
3.63%, 01/22/2023		382,000	396,098
3.20%, 02/23/2023		295,000	304,002
2.91%, 06/05/2023^(g)		290,000	293,849
2.91%, 07/24/2023^(g)		379,000	385,083
Morgan Stanley,
4.88%, 11/01/2022		285,000	297,129
3.13%, 01/23/2023		425,000	438,364
3.75%, 02/25/2023		425,000	442,382
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000	196,966
			2,810,317

Managed Health Care–0.07%
Anthem, Inc., 3.30%, 01/15/2023		178,000	183,835
Humana, Inc., 3.15%, 12/01/2022		177,000	180,843
			364,678

Movies & Entertainment–0.08%
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023		148,000	153,380
TWDC Enterprises 18 Corp., 2.35%, 12/01/2022		244,000	248,938
			402,318

Multi-line Insurance–0.09%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		140,000	162,518
XLIT Ltd. (Bermuda), 4.45%, 03/31/2025		290,000	318,104
			480,622

Multi-Utilities–0.10%
DTE Energy Co.,
2.25%, 11/01/2022		94,000	95,542
Series H, 0.55%, 11/01/2022		134,000	134,070


	Principal Amount		Value
Multi-Utilities–(continued)
Public Service Enterprise Group, Inc., 2.65%, 11/15/2022	$	125,000	$ 127,505
Sempra Energy, 2.90%, 02/01/2023		155,000	159,094
			516,211

Office REITs–0.04%
Office Properties Income Trust, 2.65%, 06/15/2026		199,000	199,040

Oil & Gas Equipment & Services–0.06%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022		289,000	295,554

Oil & Gas Refining & Marketing–0.03%
HollyFrontier Corp., 5.88%, 04/01/2026		140,000	159,595

Oil & Gas Storage & Transportation–0.17%
Enable Midstream Partners L.P., 3.90%, 05/15/2024		381,000	401,669
Energy Transfer L.P.,
3.60%, 02/01/2023		50,000	51,370
4.25%, 03/15/2023		59,000	61,182
Series 5Y, 4.20%, 09/15/2023		52,000	54,845
Energy Transfer L.P./Regency Energy Finance Corp.,
5.00%, 10/01/2022		43,000	44,225
4.50%, 11/01/2023		54,000	57,154
ONEOK Partners L.P., 3.38%, 10/01/2022		175,000	178,006
Plains All American Pipeline L.P./PAA Finance Corp., 2.85%, 01/31/2023		36,000	36,642
			885,093

Pharmaceuticals–0.13%
Johnson & Johnson, 2.05%, 03/01/2023		120,000	122,325
Mylan, Inc., 4.20%, 11/29/2023		53,000	56,137
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024^(d)		435,000	460,155
			638,617

Property & Casualty Insurance–0.02%
Fidelity National Financial, Inc., 5.50%, 09/01/2022		123,000	128,033

Railroads–0.03%
Norfolk Southern Corp., 2.90%, 02/15/2023		127,000	130,085

Regional Banks–0.09%
First Horizon Corp., 3.55%, 05/26/2023		88,000	91,380
People’s United Financial, Inc., 3.65%, 12/06/2022		128,000	131,120
Santander Holdings USA, Inc., 3.40%, 01/18/2023		206,000	212,057
			434,557

Retail REITs–0.02%
Simon Property Group L.P., 3.30%, 01/15/2026		95,000	101,995

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


15		Invesco Fundamental Alternatives Fund


	Principal Amount			Value
Semiconductors–0.16%
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%, 01/15/2023		$	62,000	$	63,589
Broadcom, Inc., 4.25%, 04/15/2026			90,000		99,010
Intel Corp., 2.70%, 12/15/2022			303,000		310,678
QUALCOMM, Inc., 2.60%, 01/30/2023			316,000		323,938
					797,215

Specialized REITs–0.13%
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023			239,000		249,730
GLP Capital L.P./GLP Financing II, Inc.,
5.38%, 11/01/2023			50,000		53,719
3.35%, 09/01/2024			327,000		344,954
					648,403

Specialty Chemicals–0.02%
PPG Industries, Inc., 1.20%, 03/15/2026			100,000		98,321

Systems Software–0.13%
Oracle Corp., 2.50%, 10/15/2022			548,000		558,150
VMware, Inc., 2.95%, 08/21/2022			78,000		79,322
					637,472

Technology Distributors–0.02%
Avnet, Inc., 4.63%, 04/15/2026			90,000		99,476

Technology Hardware, Storage & Peripherals–0.18%
Apple, Inc.,
2.10%, 09/12/2022			234,000		237,278
3.25%, 02/23/2026			185,000		199,593
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022			257,000		264,719
HP, Inc., 1.45%, 06/17/2026^(h)			206,000		203,045
					904,635

Tobacco–0.09%
Philip Morris International, Inc.,
2.38%, 08/17/2022			154,000		156,233
2.50%, 08/22/2022			156,000		158,696
2.50%, 11/02/2022			161,000		164,203
					479,132

Trading Companies & Distributors–0.01%
Aircastle Ltd., 4.40%, 09/25/2023			63,000		66,706

Water Utilities–0.16%
American Water Capital Corp., 3.85%, 03/01/2024			740,000		785,885

Wireless Telecommunication Services–0.02%
Vodafone Group PLC (United Kingdom), 2.50%, 09/26/2022			121,000		123,125
Total U.S. Dollar Denominated Bonds & Notes (Cost $39,814,593)					39,723,435

Non-U.S. Dollar Denominated Bonds & Notes–3.37%⁽ⁱ⁾
Aerospace & Defense–0.19%
Airbus Finance B.V. (France), 2.38%, 04/02/2024^(h)	EUR		384,000		467,321


	Principal Amount		Value
Aerospace & Defense–(continued)
Thales S.A. (France), 0.75%, 01/23/2025^(h)	EUR	400,000	$	471,668
				938,989

Apparel, Accessories & Luxury Goods–0.02%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024^{^(h)}	EUR	100,000		122,410

Application Software–0.07%
SAP SE (Germany), 0.01%, 05/17/2023^(h)	EUR	300,000		348,465

Automobile Manufacturers–0.10%
BMW Finance N.V. (Germany),
0.63%, 10/06/2023^(h)	EUR	53,000		62,256
1.00%, 01/21/2025^(h)	EUR	41,000		48,952
Daimler International Finance B.V. (Germany), 2.00%, 08/22/2026^(h)	EUR	70,000		87,913
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026^(h)	EUR	100,000		124,101
RCI Banque S.A. (France), 1.75%, 04/10/2026^(h)	EUR	50,000		60,324
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026^(h)	EUR	35,000		42,404
0.38%, 07/20/2026^(h)	EUR	75,000		86,253
				512,203

Brewers–0.06%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024^(h)	EUR	242,000		304,744

Broadcasting–0.12%
ITV PLC (United Kingdom), 1.38%, 09/26/2026^(h)	EUR	100,000		119,328
TDF Infrastructure S.A.S.U. (France), 2.88%, 10/19/2022^(h)	EUR	400,000		471,984
				591,312

Building Products–0.05%
CRH Finland Services OYJ (Ireland), 0.88%, 11/05/2023^(h)	EUR	200,000		235,631

Cable & Satellite–0.02%
SES S.A. (Luxembourg), 1.63%, 03/22/2026^(h)	EUR	100,000		120,691

Construction & Engineering–0.09%
Autoroutes du Sud de la France S.A. (France),
2.88%, 01/18/2023^(h)	EUR	100,000		120,107
2.95%, 01/17/2024^(h)	EUR	100,000		122,801
ISS GLOBAL A/S (Denmark), 0.88%, 06/18/2026^(h)	EUR	100,000		116,901
Worley US Finance Sub Ltd. (Australia), 0.88%, 06/09/2026^(h)	EUR	100,000		115,873
				475,682

Construction Materials–0.02%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026^(h)	EUR	70,000		85,254

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


16		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Consumer Finance–0.09%
Santander Consumer Finance S.A. (Spain),
1.13%, 10/09/2023^(h)	EUR	100,000	$	118,495
1.00%, 02/27/2024^(h)	EUR	300,000		355,139
				473,634

Diversified Banks–1.04%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024^(h)	EUR	500,000		582,849
Banco Santander S.A. (Spain), 1.38%, 12/14/2022^(h)	EUR	100,000		117,820
Banque Federative du Credit Mutuel S.A. (France), 1.25%, 01/14/2025^(h)	EUR	100,000		120,133
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025^(h)	EUR	300,000		344,643
BNP Paribas S.A. (France), 2.88%, 10/01/2026^(h)	EUR	100,000		127,887
BPCE S.A. (France),
0.88%, 01/31/2024^(h)	EUR	100,000		117,999
0.63%, 09/26/2024^(h)	EUR	500,000		587,210
Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024^(h)	EUR	100,000		117,552
Credit Agricole S.A. (France),
1.00%, 09/16/2024^(h)	EUR	100,000		119,268
1.38%, 03/13/2025^(h)	EUR	300,000		360,381
0.38%, 10/21/2025^(h)	EUR	100,000		116,221
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024^(h)	EUR	200,000		231,855
Euroclear Bank S.A. (Belgium), 0.50%, 07/10/2023^(h)	EUR	100,000		117,164
HSBC Continental Europe S.A. (France), 0.60%, 03/20/2023^(h)	EUR	400,000		468,333
ING Groep N.V. (Netherlands),
1.00%, 09/20/2023^(h)	EUR	100,000		118,173
1.13%, 02/14/2025^(h)	EUR	100,000		119,250
0.10%, 09/03/2025^(g)(h)	EUR	200,000		230,866
KBC Group N.V. (Belgium), 1.13%, 01/25/2024(h)	EUR	100,000		118,849
National Australia Bank Ltd. (Australia), 1.25%, 05/18/2026^(h)	EUR	35,000		42,363
Nationale-Nederlanden Bank N.V. (Netherlands), 0.38%, 05/31/2023^(h)	EUR	300,000		349,978
Nordea Bank Abp (Finland),
1.00%, 02/22/2023^(h)	EUR	108,000		127,063
1.13%, 02/12/2025^(h)	EUR	100,000		120,053
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024^(h)	EUR	121,000		141,738
Raiffeisen Bank International AG (Austria), 1.00%, 12/04/2023^(h)	EUR	200,000		236,582
Volkswagen Bank GmbH (Germany), 2.50%, 07/31/2026^(h)	EUR	100,000		126,536
				5,260,766

Diversified Chemicals–0.07%
BASF SE (Germany),
0.10%, 06/05/2023^(h)	EUR	200,000		232,516
2.50%, 01/22/2024^(h)	EUR	80,000		97,716
				330,232


	Principal Amount		Value
Diversified Support Services–0.10%
Adecco International Financial Services B.V. (Switzerland), 1.50%, 11/22/2022^(h)	EUR	229,000	$	268,490
APRR S.A. (France), 1.50%, 01/15/2024^(h)	EUR	200,000		238,999
				507,489

Electric Utilities–0.05%
Enel Finance International N.V. (Italy), 5.25%, 09/29/2023	EUR	177,000		226,113

Food Retail–0.03%
ELO SACA (France), 2.88%, 01/29/2026^(h)	EUR	100,000		125,312

Health Care Equipment–0.05%
Becton, Dickinson and Co., 1.90%, 12/15/2026	EUR	100,000		123,895
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026	EUR	100,000		125,816
				249,711

Health Care Services–0.01%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026^(h)	EUR	50,000		58,403

Integrated Oil & Gas–0.13%
Eni S.p.A. (Italy), 1.00%, 03/14/2025^(h)	EUR	179,000		213,012
OMV AG (Austria), 0.75%, 12/04/2023^(h)	EUR	143,000		168,510
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025^(h)	EUR	222,000		259,666
				641,188

IT Consulting & Other Services–0.02%
DXC Technology Co., 1.75%, 01/15/2026	EUR	100,000		121,303

Life & Health Insurance–0.03%
Ethias S.A. (Belgium), 5.00%, 01/14/2026^(h)	EUR	100,000		134,681

Multi-Sector Holdings–0.14%
Criteria Caixa S.A. (Spain), 1.50%, 05/10/2023^(h)	EUR	400,000		473,502
EXOR N.V. (Netherlands), 2.13%, 12/02/2022^(h)	EUR	190,000		224,050
				697,552

Office REITs–0.12%
Globalworth Real Estate Investments Ltd. (Romania), 2.95%, 07/29/2026^(h)	EUR	100,000		123,542
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025^(h)	EUR	400,000		485,098
				608,640

Other Diversified Financial Services–0.27%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025^(h)	EUR	200,000		230,072
FCA Bank S.p.A. (Italy), 0.25%, 02/28/2023^(h)	EUR	457,000		530,755

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


17		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Other Diversified Financial Services–(continued)
JAB Holdings B.V. (Austria), 1.75%, 06/25/2026^(h)	EUR	100,000	$	121,901
LeasePlan Corp. N.V. (Netherlands),
0.13%, 09/13/2023	EUR	100,000		116,069
3.50%, 04/09/2025^(h)	EUR	294,000		377,315
				1,376,112

Packaged Foods & Meats–0.02%
JDE Peet’s N.V. (Netherlands), 0.01%, 01/16/2026^(h)	EUR	100,000		113,938

Paper Products–0.03%
Smurfit Kappa Acquisitions ULC (Ireland), 2.88%, 01/15/2026^(h)	EUR	100,000		126,835
Pharmaceuticals–0.09%
Bayer AG (Germany), 0.38%, 07/06/2024^(h)	EUR	400,000		466,727

Precious Metals & Minerals–0.02%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026^(h)	EUR	100,000		120,376

Real Estate Operating Companies–0.05%
CPI Property Group S.A. (Czech Republic), 2.75%, 05/12/2026^(h)	EUR	100,000		124,720
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026^(h)	EUR	100,000		117,266
				241,986

Renewable Electricity–0.02%
Southern Power Co., 1.85%, 06/20/2026	EUR	100,000		123,694

Restaurants–0.04%
Sodexo S.A. (France), 0.75%, 04/27/2025^(h)	EUR	170,000		200,824

Specialized REITs–0.02%
American Tower Corp., 1.95%, 05/22/2026	EUR	100,000		123,010

Thrifts & Mortgage Finance–0.07%
Deutsche Pfandbriefbank AG (Germany), 0.75%, 02/07/2023^(h)	EUR	300,000		350,590

Tobacco–0.03%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026^(h)	EUR	100,000		128,554

Wireless Telecommunication Services–0.09%
Eutelsat S.A. (France), 3.13%, 10/10/2022^(h)	EUR	400,000		475,303
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $17,990,449)				17,018,354


	Principal Amount		Value
Variable Rate Senior Loan Interests–0.04%^(j)(k)
Advertising–0.04%
Checkout Holding Corp., First Lien Term Loan, 8.50% (1 mo. USD LIBOR + 7.50%), 02/15/2023	$	124,759	$	120,236
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate, 08/15/2023^(l)		108,102		56,213
				176,449

Casinos & Gaming–0.00%
Caesars Resort Collection LLC, Term Loan B, 2.84% (1 mo. USD LIBOR + 2.75%), 12/23/2024		4,595		4,579

Movies & Entertainment–0.00%
Deluxe Entertainment Services Group, Inc., First Lien Term Loan, -%, 03/25/2024 (Acquired 10/04/2019-09/30/2021; Cost $8,272)^(c)(m)(n)(o)		9,329		0

Oil & Gas Drilling–0.00%
McDermott International Ltd., -%, 06/30/2025^(m)		66		30

Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Revolver Loan, 0.00%, 01/31/2025^(c)(p)		18,571		18,200
Total Variable Rate Senior Loan Interests (Cost $245,417)				199,258

	Shares
Preferred Stocks–0.01%
Oil & Gas Storage & Transportation–0.01%
Southcross Energy Partners L.P., Series A, Pfd.^(c)		68,467		37,314
Southcross Energy Partners L.P., Series B, Pfd.^(c)		18,070		37,496
Total Preferred Stocks (Cost $68,449)				74,810

	Principal Amount
Event-Linked Bonds–0.00%

Windstorm–0.00%
Akibare Re Ltd. (Japan), Series 2016-1, Class A, Catastrophe Linked Notes, 0.10%, 04/07/2023 (Cost $482,318)^(h)	$	482,286		1,640

	Shares
Money Market Funds–6.14%
Invesco Treasury Portfolio, Institutional Class, 0.01%^(q)(r)(Cost $31,020,428)		31,020,428		31,020,428
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-83.76% (Cost $351,264,997)				423,184,100
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.50%
Invesco Private Government Fund, 0.02%^(q)(r)(s)		756,501		756,501

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


18		Invesco Fundamental Alternatives Fund


	Shares	Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(q)(r)(s)	1,764,464	$	1,765,170
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,521,671)			2,521,671
TOTAL INVESTMENTS IN SECURITIES–84.26% (Cost $353,786,668)			425,705,771
OTHER ASSETS LESS LIABILITIES—15.74%			79,516,797
NET ASSETS–100.00%		$	505,222,568


Investment Abbreviations:

EUR		– Euro
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
USD		– U.S. Dollar
Wts.		– Warrants

Notes to Consolidated Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)	All or a portion of this security was out on loan at October 31, 2021.

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

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

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

^(h)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $16,361,684, which represented 3.24% of the Fund’s Net Assets.

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

^(j)

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

^(k)

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

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

^(m)	This variable rate interest will settle after October 31, 2021, at which time the interest rate will be determined.

⁽ⁿ⁾	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(o)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

^(p)	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.

^(q)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Treasury Portfolio, Institutional Class		$	120,924,059		$	340,349,710		$	(430,253,341	)		$-		$-		$	31,020,428		$	6,265
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			3,378,510			(2,622,009	)		-		-			756,501			28	*
Invesco Private Prime Fund			-			7,875,432			(6,110,262	)		-		-			1,765,170			369	*
Total		$	120,924,059		$	351,603,652		$	(438,985,612	)		$-		$-		$	33,542,099		$	6,662

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

^(r)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(s)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

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


19		Invesco Fundamental Alternatives Fund


	Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Commodity Risk

LME Aluminum		15		December-2021	$	1,019,531		$	(90,515	)	$	(90,515	)

LME Copper		1		December-2021		238,963			(14,991	)		(14,991	)

Subtotal									(105,506	)		(105,506	)

Equity Risk

E-Mini Russell 2000 Index		41		December-2021		4,705,365			137,276			137,276

EURO STOXX 50 Index		103		December-2021		5,044,911			99,365			99,365

FTSE 100 Index		76		December-2021		7,513,672			208,897			208,897

MSCI Emerging Market Index		40		December-2021		2,524,000			(78,648	)		(78,648	)

Tokyo Stock Price Index		36		December-2021		6,293,485			(86,972	)		(86,972	)

Subtotal									279,918			279,918

Interest Rate Risk

Australia 10 Year Bonds		221		December-2021		22,418,676			(1,559,612	)		(1,559,612	)

Canada 10 Year Bonds		162		December-2021		18,450,145			(643,135	)		(643,135	)

Japan 10 Year Bonds		2		December-2021		2,655,319			(8,532	)		(8,532	)

Long Gilt		83		December-2021		14,189,626			(437,584	)		(437,584	)

U.S. Treasury 5 Year Notes		318		December-2021		38,716,500			(532,701	)		(532,701	)

U.S. Treasury Long Bonds		62		December-2021		9,972,313			(107,420	)		(107,420	)

Subtotal									(3,288,984	)		(3,288,984	)

Subtotal–Long Futures Contracts									(3,114,572	)		(3,114,572	)


Short Futures Contracts

Commodity Risk

Coffee ’C’		2		December-2021		(152,963	)		(8,519	)		(8,519	)

Corn		5		December-2021		(142,063	)		(5,982	)		(5,982	)

Cotton No. 2		10		December-2021		(574,250	)		(116,245	)		(116,245	)

Gold 100 Oz.		3		December-2021		(535,170	)		(7,676	)		(7,676	)

LME Aluminum		15		December-2021		(1,019,531	)		(620	)		(620	)

LME Aluminum		18		January-2022		(1,223,100	)		98,607			98,607

LME Copper		1		December-2021		(238,962	)		(5,266	)		(5,266	)

Low Sulphur Gas Oil		5		March-2022		(345,750	)		(5,015	)		(5,015	)

Silver		2		December-2021		(239,490	)		2,944			2,944

Soybean		8		July-2022		(509,400	)		(8,801	)		(8,801	)

Soybean Oil		7		December-2021		(257,334	)		(18,077	)		(18,077	)

Sugar No. 11		6		February-2022		(129,494	)		569			569

Wheat		4		December-2021		(154,550	)		(8,235	)		(8,235	)

Subtotal									(82,316	)		(82,316	)

Equity Risk

E-Mini S&P 500 Index		713		December-2021		(163,883,050	)		(3,612,797	)		(3,612,797	)

Interest Rate Risk

Euro-Bobl		44		December-2021		(6,803,568	)		69,909			69,909

Euro-Schatz		50		December-2021		(6,471,287	)		17,987			17,987

U.S. Treasury 2 Year Notes		22		December-2021		(4,823,500	)		20,754			20,754

Subtotal									108,650			108,650

Subtotal–Short Futures Contracts									(3,586,463	)		(3,586,463	)

Total Futures Contracts								$	(6,701,035	)	$	(6,701,035	)

^(a)	Futures contracts collateralized by $13,115,792 cash held with Merrill Lynch International, the futures commission merchant.

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


20		Invesco Fundamental Alternatives Fund

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized

Date

Counterparty

Deliver

Receive

Appreciation

Currency Risk

11/17/2021

Citibank, N.A.

EUR

14,888,000

USD

17,484,897

269,358

Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity

Buy/Sell

Protection

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity Date

Implied

Credit

Spread^(b)

Notional Value

Upfront

Payments Paid

(Received)

Value

Unrealized

Appreciation

Credit Risk

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

Sell

5.00

Quarterly

06/20/2026

2.894

USD

10,500,000

858,198

924,924

66,726

^(a)	Centrally cleared swap agreements collateralized by $808,423 cash held with Citigroup Global Markets, Inc.

^(b)

Implied credit spreads represent the current level, as of October 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.


Open Over-The-Counter Total Return Swap Agreements^(a)
Counterparty	Pay/ Receive	Reference Entity^(b)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value				Unrealized Appreciation (Depreciation)
Commodity Risk
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Heating Oil type A Excess Return Index		0.06	%		Monthly		3,500		February–2022		USD	339,533		$	-		$	10,776			$	10,776
Merrill Lynch International	Pay	Merrill Lynch Soybean Meal Index		0.05			Monthly		900		July–2022		USD	534,718			-			0				0
Subtotal – Appreciation																	-			10,776				10,776
Commodity Risk
Canadian Imperial Bank of Commerce	Pay	CIBC LME Copper Standard Roll Excess Return Index		0.06			Monthly		2,570		April–2022		USD	1,377,752			-			(2,149	)			(2,149	)
Total – Total Return Swap Agreements																$	-		$	8,627			$	8,627

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

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


Reference Entity Components
Reference Entity	Underlying Components	Percentage

Macquarie Single Commodity Heating Oil type A Excess Return Index

	Long Futures Contracts

	Heating Oil	100%


Merrill Lynch Soybean Meal Index

	Long Futures Contracts

	Soybean Meal	100%


CIBC LME Copper Standard Roll Excess Return Index

	Long Futures Contracts

	Copper	100%

Abbreviations:

EUR –Euro

USD –U.S. Dollar

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


21		Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021



Assets:
Investments in unaffiliated securities, at value (Cost $320,244,569)*	$	392,163,672
Investments in affiliated money market funds, at value (Cost $33,542,099)		33,542,099
Other investments:
Variation margin receivable – futures contracts		13,652,719
Unrealized appreciation on LME futures contracts		98,607
Swaps receivable – OTC		3,039
Unrealized appreciation on swap agreements – OTC		10,776
Unrealized appreciation on forward foreign currency contracts outstanding		269,358
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		13,115,792
Cash collateral – centrally cleared swap agreements		808,423
Cash		53,661,454
Foreign currencies, at value (Cost $80,200)		79,870
Receivable for:
Investments sold		1,819,905
Fund shares sold		215,030
Dividends		624,575
Interest		512,276
Investment for trustee deferred compensation and retirement plans		112,605
Other assets		216,893
Total assets		510,907,093

Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		357,628
Swaps payable – OTC		6,344
Unrealized depreciation on LME futures contracts		111,392
Unrealized depreciation on swap agreements–OTC		2,149
Payable for:
Investments purchased		1,590,617
Fund shares reacquired		356,797
Collateral upon return of securities loaned		2,521,671
Accrued fees to affiliates		281,200
Accrued other operating expenses		276,754
Trustee deferred compensation and retirement plans		161,402
Unfunded loan commitments		18,571
Total liabilities		5,684,525
Net assets applicable to shares outstanding	$	505,222,568



Net assets consist of:
Shares of beneficial interest	$	445,210,867
Distributable earnings		60,011,701
	$	505,222,568

Net Assets:
Class A	$	362,633,621
Class C	$	19,400,692
Class R	$	12,754,947
Class Y	$	103,679,683
Class R5	$	10,288
Class R6	$	6,743,337

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,300,379
Class C		807,832
Class R		490,528
Class Y		3,710,928
Class R5		377
Class R6		240,049
Class A:
Net asset value per share	$	27.26
Maximum offering price per share (Net asset value of $27.26 ÷ 94.50%)	$	28.85
Class C:
Net asset value and offering price per share	$	24.02
Class R:
Net asset value and offering price per share	$	26.00
Class Y:
Net asset value and offering price per share	$	27.94
Class R5:
Net asset value and offering price per share	$	27.29
Class R6:
Net asset value and offering price per share	$	28.09

*	At October 31, 2021, securities with an aggregate value of $2,467,991 were on loan to brokers.

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


22		Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the year ended October 31, 2021



Investment income:
Interest	$	1,089,628

Dividends (net of foreign withholding taxes of $9,678)		5,474,564

Dividends from affiliated money market funds (includes securities lending income of $481)		6,746

Total investment income		6,570,938


Expenses:
Advisory fees		5,246,550

Administrative services fees		88,649

Custodian fees		57,305

Distribution fees:
Class A		951,451

Class C		222,842

Class R		66,088

Interest, facilities and maintenance fees		25,901

Transfer agent fees – A, C, R and Y		1,135,906

Dividends on short sales		4,142

Trustees’ and officers’ fees and benefits		23,492

Registration and filing fees		80,214

Reports to shareholders		101,634

Professional services fees		133,713

Other		48,886

Total expenses		8,186,773

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(309,506	)

Net expenses		7,877,267

Net investment income (loss)		(1,306,329	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		71,627,271

Foreign currencies		(41,167	)

Forward foreign currency contracts		847,792

Futures contracts		(54,177,915	)

Swap agreements		637,484

		18,893,465

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		37,893,593

Foreign currencies		18,953

Forward foreign currency contracts		450,059

Futures contracts		(19,341,907	)

Swap agreements		208,120

		19,228,818

Net realized and unrealized gain		38,122,283

Net increase in net assets resulting from operations	$	36,815,954

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


23		Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income (loss)	$	(1,306,329	)	$	10,083,602

Net realized gain		18,893,465			92,079,114

Change in net unrealized appreciation (depreciation)		19,228,818			(94,639,454	)

Net increase in net assets resulting from operations		36,815,954			7,523,262


Distributions to shareholders from distributable earnings:
Class A		(7,340,076	)		(8,730,739	)

Class C		(334,195	)		(385,892	)

Class R		(235,934	)		(273,673	)

Class Y		(3,334,842	)		(5,689,727	)

Class R5		(239	)		(247	)

Class R6		(4,349,596	)		(4,178,742	)

Total distributions from distributable earnings		(15,594,882	)		(19,259,020	)


Share transactions–net:
Class A		(35,215,742	)		(48,916,642	)

Class C		(8,816,984	)		(11,004,373	)

Class R		(1,493,496	)		(2,236,875	)

Class Y		(65,671,575	)		(98,737,957	)

Class R6		(213,443,598	)		42,391,075

Net increase (decrease) in net assets resulting from share transactions		(324,641,395	)		(118,504,772	)

Net increase (decrease) in net assets		(303,420,323	)		(130,240,530	)


Net assets:
Beginning of year		808,642,891			938,883,421

End of year	$	505,222,568		$	808,642,891

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


24		Invesco Fundamental Alternatives Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21		$26.50		$(0.08)		$1.35		$1.27		$(0.51)		$27.26		4.84	%		$362,634		1.32	%		1.38	%		1.32	%		(0.27)	%		74	%
Year ended 10/31/20		26.83		0.28		(0.07)		0.21		(0.54)		26.50		0.77			386,680		1.56			1.61			1.52			1.07			223
Year ended 10/31/19		27.42		0.69		(0.82)		(0.13)		(0.46)		26.83		(0.45)			441,060		1.64			1.71			1.38			2.59			289
Year ended 10/31/18		27.21		0.45		0.19		0.64		(0.43)		27.42		2.34			477,683		1.96			1.99			1.35			1.67			155
Year ended 10/31/17		26.81		0.38		0.09		0.47		(0.07)		27.21		1.79			560,359		1.72			1.76			1.36			1.39			168
Class C
Year ended 10/31/21		23.36		(0.25)		1.21		0.96		(0.30)		24.02		4.11			19,401		2.08			2.13			2.08			(1.03)			74
Year ended 10/31/20		23.60		0.07		(0.07)		0.00		(0.24)		23.36		0.00			27,495		2.33			2.35			2.28			0.30			223
Year ended 10/31/19		24.17		0.43		(0.74)		(0.31)		(0.26)		23.60		(1.25)			38,860		2.42			2.47			2.14			1.81			289
Year ended 10/31/18		24.03		0.22		0.16		0.38		(0.24)		24.17		1.59			89,319		2.72			2.75			2.11			0.90			155
Year ended 10/31/17		23.85		0.15		0.08		0.23		(0.05)		24.03		0.96			110,630		2.49			2.53			2.13			0.62			168
Class R
Year ended 10/31/21		25.29		(0.14)		1.29		1.15		(0.44)		26.00		4.58			12,755		1.58			1.63			1.58			(0.53)			74
Year ended 10/31/20		25.60		0.21		(0.07)		0.14		(0.45)		25.29		0.51			13,867		1.82			1.86			1.78			0.81			223
Year ended 10/31/19		26.18		0.59		(0.78)		(0.19)		(0.39)		25.60		(0.70)			16,296		1.91			1.97			1.64			2.33			289
Year ended 10/31/18		26.02		0.36		0.17		0.53		(0.37)		26.18		2.07			19,426		2.23			2.26			1.62			1.40			155
Year ended 10/31/17		25.69		0.29		0.10		0.39		(0.06)		26.02		1.51			21,058		1.98			2.02			1.62			1.12			168
Class Y
Year ended 10/31/21		27.14		(0.01)		1.39		1.38		(0.58)		27.94		5.14			103,680		1.07			1.13			1.07			(0.02)			74
Year ended 10/31/20		27.47		0.36		(0.08)		0.28		(0.61)		27.14		1.00			165,217		1.31			1.35			1.27			1.32			223
Year ended 10/31/19		28.07		0.77		(0.84)		(0.07)		(0.53)		27.47		(0.22)			266,741		1.41			1.47			1.14			2.82			289
Year ended 10/31/18		27.86		0.52		0.19		0.71		(0.50)		28.07		2.59			352,559		1.73			1.76			1.12			1.90			155
Year ended 10/31/17		27.47		0.45		0.09		0.54		(0.15)		27.86		1.98			405,224		1.49			1.53			1.13			1.61			168
Class R5
Year ended 10/31/21		26.55		0.03		1.35		1.38		(0.64)		27.29		5.24			10		0.91			0.92			0.91			0.14			74
Year ended 10/31/20		26.87		0.39		(0.05)		0.34		(0.66)		26.55		1.23			10		1.14			1.15			1.10			1.49			223
Period ended 10/31/19^(e)		26.56		0.35		(0.04)		0.31		–		26.87		1.17			10		1.25	^(f)		1.35	^(f)		1.02	^(f)		2.97	^(f)		289
Class R6
Year ended 10/31/21		27.27		0.04		1.42		1.46		(0.64)		28.09		5.40			6,743		0.90			0.92			0.90			0.15			74
Year ended 10/31/20		27.60		0.41		(0.08)		0.33		(0.66)		27.27		1.19			215,374		1.12			1.14			1.08			1.51			223
Year ended 10/31/19		28.21		0.82		(0.86)		(0.04)		(0.57)		27.60		(0.08)			175,917		1.23			1.29			0.96			3.00			289
Year ended 10/31/18		28.00		0.57		0.19		0.76		(0.55)		28.21		2.77			211,904		1.58			1.61			0.97			2.05			155
Year ended 10/31/17		27.60		0.50		0.10		0.60		(0.20)		28.00		2.18			151,697		1.29			1.32			0.92			1.80			168

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.02%, 0.01%, 0.00%, and 0.00% for the years ended October 31, 2020, 2019, 2018 and 2017, respectively.

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

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

^(f)	Annualized.

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


25		Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to commodity-linked derivatives primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

The 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.


26		Invesco Fundamental Alternatives Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund 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.

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.

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

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.

K.	Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by


27		Invesco Fundamental Alternatives Fund

collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

Securities Sold Short – The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.

The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The Short stock rebate, if any, presented in the Consolidated Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.

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.

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 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


28		Invesco Fundamental Alternatives Fund

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.

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.


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

T.	Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*		Rate

First $ 1.0 billion		0.850%

Next $500 million		0.800%

Next $500 million		0.750%

Next $500 million		0.700%

Next $500 million		0.650%

Next $500 million		0.600%

Next $500 million		0.550%

Over $4 billion		0.500%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.84%.


30		Invesco Fundamental Alternatives Fund

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 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”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.10%, 1.59%, 1.09%, 0.96% and 0.91%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 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, 2021, the Adviser waived advisory fees of $34,696 and reimbursed class level expenses of $189,576, $8,862, $5,813, $57,610, $0 and $10,623 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, 2021, IDI advised the Fund that IDI retained $29,082 in front-end sales commissions from the sale of Class A shares and $0 and $928 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.


31		Invesco Fundamental Alternatives Fund


	Level 1			Level 2			Level 3		Total


Investments in Securities

Common Stocks & Other Equity Interests		$268,238,357		$	116,469		$	46,274	$	268,401,100

U.S. Treasury Securities		–			66,745,075			–		66,745,075

U.S. Dollar Denominated Bonds & Notes		–			39,723,435			–		39,723,435

Non-U.S. Dollar Denominated Bonds & Notes		–			17,018,354			–		17,018,354

Variable Rate Senior Loan Interests		–			181,058			18,200		199,258

Preferred Stocks		–			–			74,810		74,810

Event-Linked Bonds		–			1,640			–		1,640

Money Market Funds		31,020,428			2,521,671			–		33,542,099

Total Investments in Securities		29 9,258,785			126,307,702			139,284		425,705,771


Other Investments - Assets*

Futures Contracts		656,308			–			–		656,308

Forward Foreign Currency Contracts		–			269,358			–		269,358

Swap Agreements		–			77,502			–		77,502

		656,308			346,860			–		1,003,168


Other Investments - Liabilities*

Futures Contracts		(7,357,343	)		–			–		(7,357,343	)

Swap Agreements		–			(2,149	)		–		(2,149	)

		(7,357,343	)		(2,149	)		–		(7,359,492	)

Total Other Investments		(6,701,035	)		344,711			–		(6,356,324	)

Total Investments		$292,557,750		$	126,652,413			$139,284	$	419,349,447

*	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, 2021:


	Value

Derivative Assets	Commodity Risk			Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	102,120		$	-		$	-	$	445,538		$	108,650		$	656,308

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		-			66,726			-		-			-			66,726

Unrealized appreciation on forward foreign currency contracts outstanding		-			-			269,358		-			-			269,358

Unrealized appreciation on swap agreements – OTC		10,776			-			-		-			-			10,776

Total Derivative Assets		112,896			66,726			269,358		445,538			108,650			1,003,168

Derivatives not subject to master netting agreements		(102,120	)		(66,726	)		-		(445,538	)		(108,650	)		(723,034	)

Total Derivative Assets subject to master netting agreements	$	10,776		$	-		$	269,358	$	-		$	-		$	280,134


32		Invesco Fundamental Alternatives Fund


	Value

Derivative Liabilities	Commodity Risk			Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(289,942	)	$	-	$	-	$	(3,778,417	)	$	(3,288,984	)	$	(7,357,343	)

Unrealized depreciation on swap agreements – OTC		(2,149	)		-		-		-			-			(2,149	)

Total Derivative Liabilities		(292,091	)		-		-		(3,778,417	)		(3,288,984	)		(7,359,492	)

Derivatives not subject to master netting agreements		289,942			-		-		3,778,417			3,288,984			7,357,343

Total Derivative Liabilities subject to master netting agreements	$	(2,149	)	$	-	$	-	$	-		$	-		$	(2,149	)

^(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, 2021.


	Financial Derivative Assets						Financial Derivative Liabilities											Collateral (Received)/Pledged


Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Forward Foreign Currency Contracts		Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount^(a)

Fund

Citibank, N.A.		$269,358		$ -		$269,358		$-		$ -			$ -			$269,358			$-		$-		$269,358

Subsidiary

Citibank, N.A.		-		3,039		3,039		-		-			-			3,039			-		-		3,039

Canadian Imperial Bank of Commerce		-		-		-		-		(2,196	)		(2,196	)		(2,196	)		-		-		(2,196	)

Macquarie Bank Ltd.		-		10,776		10,776		-		(4	)		(4	)		10,772			-		-		10,772

Merrill Lynch International		-		0		0		-		(6,293	)		(6,293	)		(6,293	)		-		-		(6,293	)

Subtotal – Subsidiary		-		13,815		13,815		-		(8,493	)		(8,493	)		5,322			-		-		5,322

Total		$269,358		$13,815		$283,173		$-		$(8,493	)		$(8,493	)		$274,680			$-		$-		$274,680

^(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, 2021

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


	Location of Gain (Loss) on Consolidated Statement of Operations

	Commodity Risk			Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	-	$	847,792	$	-		$	-		$	847,792

Futures contracts		1,887,952			-		-		(50,747,516	)		(5,318,351	)		(54,177,915	)

Options purchased^(a)		-			-		-		-			(5,166,694	)		(5,166,694	)

Swap agreements		446,054			191,430		-		-			-			637,484

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			-		450,059		-			-			450,059

Futures contracts		(187,822	)		-		-		(15,973,751	)		(3,180,334	)		(19,341,907	)

Options purchased^(a)		-			-		-		-			5,112,786			5,112,786

Swap agreements		8,627			199,493		-		-			-			208,120

Total	$	2,154,811		$	390,923	$	1,297,851	$	(66,721,267	)	$	(8,552,593	)	$	(71,430,275	)

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

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


	Forward Foreign Currency Contracts		Futures Contracts		Swaptions Purchased		Swap Agreements

Average notional value	$	21,887,045	$	380,898,308	$	129,569,626	$	14,525,980


33		Invesco Fundamental Alternatives Fund

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–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of October 31, 2021. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Borrower

Type

Unfunded Loan

Commitment

Unrealized

Appreciation

(Depreciation)

Southcross Energy Partners L.P.

Revolver Loan

$18,571

(371)

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, 2021 and 2020:


	2021		2020

Ordinary income*	$	15,594,882	$	19,259,020

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

Tax Components of Net Assets at Period-End:


	2021

Undistributed ordinary income	$	14,046,438

Net unrealized appreciation – investments		68,652,345

Net unrealized appreciation – foreign currencies		42,544

Temporary book/tax differences		(158,103	)

Capital loss carryforward		(22,571,523	)

Shares of beneficial interest		445,210,867

Total net assets	$	505,222,568

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


	Capital Loss Carryforward*

Expiration		Short-Term		Long-Term		Total

Not subject to expiration			$326,694	$	22,244,829	$	22,571,523

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


34		Invesco Fundamental Alternatives Fund

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $192,073,172 and $547,093,476, 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	$	82,783,672

Aggregate unrealized (depreciation) of investments		(14,131,327	)

Net unrealized appreciation of investments	$	68,652,345

Cost of investments for tax purposes is $350,697,102.

NOTE 11–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, 2021, undistributed net investment income (loss) was increased by $16,151,366, undistributed net realized gain (loss) was decreased by $16,316,186 and shares of beneficial interest was increased by $164,820. This reclassification had no effect on the net assets of the Fund.

NOTE 12–Share Information


	Summary of Share Activity


	Year ended October 31, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount


Sold:
Class A		492,343		$	13,353,888			600,983		$	15,937,548

Class C		89,686			2,150,042			104,191			2,443,556

Class R		54,892			1,423,375			82,405			2,085,288

Class Y		885,300			24,573,086			1,846,449			49,745,445

Class R6		436,879			12,158,047			2,959,259			80,867,493


Issued as reinvestment of dividends:
Class A		259,426			6,918,884			317,359			8,492,528

Class C		13,520			319,754			15,748			374,167

Class R		9,161			233,503			10,508			269,014

Class Y		107,546			2,932,788			183,395			5,015,841

Class R6		158,454			4,333,714			146,966			4,032,739


Automatic conversion of Class C shares to Class A shares:
Class A		210,260			5,670,904			130,592			3,443,627

Class C		(237,496	)		(5,670,904	)		(147,624	)		(3,443,627	)


Reacquired:
Class A		(2,254,468	)		(61,159,418	)		(2,897,134	)		(76,790,345	)

Class C		(234,670	)		(5,615,876	)		(441,836	)		(10,378,469	)

Class R		(121,876	)		(3,150,374	)		(181,235	)		(4,591,177	)

Class Y		(3,368,547	)		(93,177,449	)		(5,654,034	)		(153,499,243	)

Class R6		(8,252,546	)		(229,935,359	)		(1,582,952	)		(42,509,157	)

Net increase (decrease) in share activity		(11,752,136	)	$	(324,641,395	)		(4,506,960	)	$	(118,504,772	)

^(a)

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


35		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), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended October 31, 2021 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Fundamental Alternatives Fund (subsequently renamed Invesco Fundamental Alternatives Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for 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, 2021 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


36		Invesco Fundamental Alternatives 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, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value (05/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio

Class A	$1,000.00	$1,003.70	$6.72	$1,018.50	$6.77	1.33%
Class C	1,000.00	1,000.00	10.54	1,014.67	10.61	2.09
Class R	1,000.00	1,002.70	7.98	1,017.24	8.03	1.58
Class Y	1,000.00	1,004.70	5.46	1,019.76	5.50	1.08
Class R5	1,000.00	1,005.50	4.70	1,020.52	4.74	0.93
Class R6	1,000.00	1,005.40	5.26	1,019.96	5.30	1.04

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


37		Invesco Fundamental Alternatives Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the HFRX Global Hedge Fund Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and noted specifically the varying characteristics of the Fund’s peer group constituents. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that certain of the Fund’s long/short


38		Invesco Fundamental Alternatives Fund

equity and credit strategies, as well as certain of the Fund’s long positions in issuers operating in industries significantly impacted by the COVID-19 pandemic, detracted from Fund performance. The Board noted that the Fund’s portfolio management shifted to a different team on October 15, 2020 and noted certain changes to the Fund’s investment strategy in connection with such shift in portfolio management. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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

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


39		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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	48.56	%
Corporate Dividends Received Deduction*	43.12	%
U.S. Treasury Obligations*	0.04	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


40		Invesco Fundamental Alternatives Fund

Trustees and Officers

The address of each trustee and officer is AIM Investment Funds (Invesco Investment Funds) (the “Trust”), 11 Greenway Plaza, 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)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management–Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Fundamental Alternatives Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Fundamental Alternatives Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Fundamental Alternatives Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers—(continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A

		Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


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)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 Fundamental Alternatives Fund

(This page intentionally left blank)

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

LOGO


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

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco Global Allocation Fund

Nasdaq:

A: QVGIX ∎ C: QGRCX ∎ R: QGRNX ∎ Y: QGRYX ∎ R5: GLALX ∎ R6: QGRIX


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Consolidated Schedule of Investments

17		Consolidated Financial Statements

20		Consolidated Financial Highlights

21		Notes to Consolidated Financial Statements

30		Report of Independent Registered Public Accounting Firm

31		Fund Expenses

32		Approval of Investment Advisory and Sub-Advisory Contracts

34		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2021, Class A shares of Invesco Global Allocation Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Global Allocation Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	26.88	%
Class C Shares	25.88
Class R Shares	26.53
Class Y Shares	27.14
Class R5 Shares	27.37
Class R6 Shares	27.35
Custom Invesco Global Allocation Index^q	20.72
MSCI All Country World Index^∎	37.28
Bloomberg Global Aggregate Bond Index, Hedged^∎	-0.83
Source(s):^q Invesco, RIMES Technologies Corp.; ^∎RIMES Technologies Corp.

Market conditions and your Fund

default of a large Chinese property developer.

During the fiscal year, the Fund outperformed the Custom Invesco Global Allocation Index. Relative to the index, the Fund received positive contributions from all investment capabilities which include top-down asset allocation, top-down factor rotation and bottom-up managers’ security selection.

From a top-down asset allocation perspective, the Fund benefited from a ‘risk-on’ posture compared to the Custom Invesco Global Allocation Index which saw higher allocations to equities and higher yielding credit. These asset classes provided strong returns as economic growth was bolstered by fiscal and monetary policy to address the lasting effects of the pandemic. The Fund’s exposures to dynamic multifactor equities across US and international markets were a primary contributor to outperformance as cyclical equity factors outperformed defensive factors. On the fixed income side of the portfolio, the Fund’s exposures to international treasuries and emerging market debt were also positive contributors. The primary detractors from relative performance included exposures to safer assets such as US treasuries and cash.

From a bottom-up managers’ security selection perspective, after controlling for style bias, all underlying Fund strategies positively contributed to relative outperformance. In particular, the US mid-cap, international equity and global equity strategies were the top contributors. No bottom-up manager strategies detracted from relative 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.

2 Invesco Global Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.

3 Invesco Global Allocation Fund


Average Annual Total Returns

As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (11/1/91)	7.78	%
10 Years	6.47
5 Years	7.39
1 Year	19.91

Class C Shares
Inception (9/1/93)	7.60	%
10 Years	6.44
5 Years	7.78
1 Year	24.88

Class R Shares
Inception (3/1/01)	4.18	%
10 Years	6.80
5 Years	8.33
1 Year	26.53

Class Y Shares
Inception (5/1/00)	5.21	%
10 Years	7.37
5 Years	8.87
1 Year	27.14

Class R5 Shares
10 Years	7.19	%
5 Years	8.83
1 Year	27.37

Class R6 Shares
Inception (2/28/12)	7.40	%
5 Years	9.06
1 Year	27.35

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.

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.

4 Invesco Global Allocation Fund

Supplemental Information

Invesco Global Allocation Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎	The Custom Invesco Global Allocation Index is composed of 60% MSCI All Country World Index/40% Bloomberg Global Aggregate Bond Index, Hedged.

∎	The Bloomberg Global Aggregate Bond Index, Hedged tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

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

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


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

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

5 Invesco Global Allocation Fund

Fund Information


Portfolio Composition

By security type		% of total net assets

Exchange-Traded Funds		48.98%
Common Stocks & Other Equity Interests		31.18
U.S. Treasury Securities		16.30
Security Types Each Less Than 1% of Portfolio		0.49
Money Market Funds Plus Other Assets Less Liabilities		3.05

Top 10 Equity Holdings*

		% of total net assets
1.	Invesco Russell 1000 Dynamic Multifactor ETF	16.83%
2.	Invesco International Developed Dynamic Multifactor ETF	9.31
3.	Xtrackers USD High Yield Corporate Bond ETF	6.27
4.	Invesco Senior Loan ETF	4.89
5.	Invesco Emerging Markets Sovereign Debt ETF	3.73
6.	Invesco Russell 2000 Dynamic Multifactor ETF	3.20
7.	Invesco Fundamental High Yield^®Corporate Bond ETF	2.80
8.	Invesco High Yield Bond Factor ETF	1.96
9.	Alphabet, Inc., Class A	0.77
10.	Taiwan Semiconductor Manufacturing Co. Ltd.	0.73
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. * Excluding money market fund holdings, if any. Datapresented here are as of October 31, 2021.

6 Invesco Global Allocation Fund

Consolidated Schedule of Investments^(a)

October 31, 2021


	Shares		Value
Exchange-Traded Funds-48.98%
Invesco Emerging Markets Sovereign Debt ETF^(b)		1,962,435	$ 52,397,015
Invesco Fundamental High Yield^®Corporate Bond ETF^(b)		2,020,600	39,260,258
Invesco High Yield Bond Factor ETF^(b)		1,076,000	27,448,760
Invesco International Developed Dynamic Multifactor ETF^(b)		4,910,000	130,625,149
Invesco Russell 1000 Dynamic Multifactor ETF^(b)		4,826,160	236,240,532
Invesco Russell 2000 Dynamic Multifactor ETF^(b)		1,075,600	44,940,397
Invesco Senior Loan ETF^(b)		3,105,100	68,560,608
Xtrackers USD High Yield Corporate Bond ETF		2,209,125	87,967,357
Total Exchange-Traded Funds (Cost $565,060,237)			687,440,076

Common Stocks & Other Equity Interests-31.18%
Aerospace & Defense-0.49%
Airbus SE (France)^(c)		44,709	5,731,983
CAE, Inc. (Canada)^(c)		39,649	1,202,349
			6,934,332

Air Freight & Logistics-0.30%
InPost S.A. (Poland)^(c)		33,320	475,546
United Parcel Service, Inc., Class B		9,978	2,130,004
ZTO Express Cayman, Inc. (China)		3,829	113,825
ZTO Express Cayman, Inc., ADR (China)		51,905	1,522,373
			4,241,748

Apparel Retail-0.09%
Industria de Diseno Textil S.A. (Spain)		34,083	1,232,336

Apparel, Accessories & Luxury Goods-1.82%
adidas AG (Germany)		6,397	2,094,995
Brunello Cucinelli S.p.A. (Italy)^(c)		5,334	323,803
Cie Financiere Richemont S.A. (Switzerland)		37,416	4,639,252
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023 (Switzerland)^(c)		50,652	36,512
EssilorLuxottica S.A. (France)		2,586	535,250
Hermes International (France)		1,685	2,676,178
Kering S.A. (France)		8,928	6,698,357
LVMH Moet Hennessy Louis Vuitton SE (France)		8,514	6,674,751
Moncler S.p.A. (Italy)		9,726	699,931
PRADA S.p.A. (Italy)		177,700	1,121,279
			25,500,308

Application Software-2.13%
Adobe, Inc.^(c)		7,075	4,601,297
Atlassian Corp. PLC, Class A^(c)		2,928	1,341,405
Avalara, Inc.^(c)		5,814	1,044,427
Bill.com Holdings, Inc.^(c)		2,972	874,689
Dassault Systemes SE (France)		26,255	1,531,242
Datadog, Inc., Class A^(c)		5,304	886,033
HubSpot, Inc.^(c)		2,075	1,681,227


	Shares		Value
Application Software-(continued)
Intuit, Inc.		9,492	$ 5,941,897
Manhattan Associates, Inc.^(c)		4,829	876,657
OneConnect Financial Technology Co. Ltd., ADR (China)^(c)		23,783	75,392
Paylocity Holding Corp.^(c)		2,715	828,455
Pegasystems, Inc.		3,769	447,456
Qualtrics International, Inc., Class A^(c)		5,357	248,136
SAP SE (Germany)		36,357	5,265,544
Splunk, Inc.^(c)		2,608	429,851
Synopsys, Inc.^(c)		5,421	1,806,169
Temenos AG (Switzerland)		2,704	412,957
Tyler Technologies, Inc.^(c)		1,016	551,911
Xero Ltd. (New Zealand)^(c)		9,470	1,071,026
			29,915,771

Asset Management & Custody Banks-0.09%
KKR & Co., Inc., Class A		15,923	1,268,585

Auto Parts & Equipment-0.14%
Aptiv PLC^(c)		6,163	1,065,521
Continental AG (Germany)^(c)		7,844	920,741
			1,986,262

Automobile Manufacturers-0.11%
Volkswagen AG, Preference Shares (Germany)		6,707	1,502,985

Automotive Retail-0.03%
Carvana Co.^(c)		1,182	358,359

Biotechnology-0.52%
Alnylam Pharmaceuticals, Inc.^(c)		2,699	430,653
Ascendis Pharma A/S, ADR (Denmark)^(c)		3,848	583,395
BeiGene Ltd., ADR (China)^(c)		4,660	1,666,975
Brii Biosciences Ltd. (China)^(c)		15,000	47,351
Brii Biosciences Ltd. (China)		25,000	74,481
CSL Ltd. (Australia)		4,932	1,118,292
Galapagos N.V. (Belgium)^(c)		3,441	179,248
Innovent Biologics, Inc. (China)^(c)(d)		35,500	319,521
Keymed Biosciences, Inc. (China)^(c)(d)		7,263	37,467
Keymed Biosciences, Inc. (China)		10,500	51,282
Natera, Inc.^(c)		7,083	811,499
Remegen Co. Ltd., H Shares (China)^(c)(d)		10,859	135,030
uniQure N.V. (Netherlands)^(c)		7,098	216,276
Veracyte, Inc.^(c)		11,414	546,502
Zai Lab Ltd., ADR (China)^(c)		10,493	1,095,469
			7,313,441

Brewers-0.30%
Ambev S.A. (Brazil)		211,494	636,678
Asahi Group Holdings Ltd. (Japan)		34,900	1,582,362
Budweiser Brewing Co. APAC Ltd. (China)^(d)		98,400	271,773
Carlsberg A/S, Class B (Denmark)		10,254	1,694,721
			4,185,534

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

7 Invesco Global Allocation Fund


	Shares		Value
Broadcasting-0.06%
Zee Entertainment Enterprises Ltd. (India) (Acquired 03/03/2015-11/21/2019; Cost $1,081,654)^(e)		196,456	$ 791,078

Building Products-0.30%
Advanced Drainage Systems, Inc.		4,589	517,639
Assa Abloy AB, Class B (Sweden)		44,147	1,295,096
Daikin Industries Ltd. (Japan)		5,900	1,293,058
Trane Technologies PLC		3,048	551,475
Trex Co., Inc.^(c)		5,447	579,561
			4,236,829

Casinos & Gaming-0.61%
Boyd Gaming Corp.		4,964	316,604
Caesars Entertainment, Inc.^(c)		4,266	466,956
Entain PLC (United Kingdom)^(c)		115,313	3,235,361
Flutter Entertainment PLC (Ireland)^(c)		15,789	2,986,610
Galaxy Entertainment Group Ltd. (Macau)^(c)		86,000	464,681
Kangwon Land, Inc. (South Korea)^(c)		43,927	1,049,281
			8,519,493

Commodity Chemicals-0.14%
LG Chem Ltd. (South Korea)		2,778	1,990,601

Communications Equipment-0.08%
Motorola Solutions, Inc.		4,280	1,063,965

Construction & Engineering-0.00%
Boskalis Westminster (Netherlands)		1,374	40,925

Construction Machinery & Heavy Trucks-0.14%
Epiroc AB, Class A (Sweden)		77,167	1,917,092

Construction Materials-0.24%
Eagle Materials, Inc.		2,880	427,277
James Hardie Industries PLC, CDI		67,523	2,637,516
PT Indocement Tunggal Prakarsa Tbk (Indonesia)		250,130	208,507
PT Semen Indonesia (Persero) Tbk (Indonesia)		218,100	140,415
			3,413,715

Consumer Electronics-0.24%
Garmin Ltd.		2,142	307,591
Sony Group Corp. (Japan)		25,900	2,993,591
			3,301,182

Data Processing & Outsourced Services-0.89%
Adyen N.V. (Netherlands)^(c)(d)		509	1,537,537
Amadeus IT Group S.A. (Spain)^(c)		30,356	2,034,235
Edenred (France)		35,264	1,911,083
Fidelity National Information Services, Inc.		7,815	865,433
Marqeta, Inc., Class A^(c)		7,726	236,415
Pagseguro Digital Ltd., Class A (Brazil)^(c)		25,460	921,652
PayPal Holdings, Inc.^(c)		8,647	2,011,206
StoneCo Ltd., Class A (Brazil)^(c)		13,153	445,360
Visa, Inc., Class A		4,649	984,519
Worldline S.A. (France)^(c)(d)		26,714	1,558,964
			12,506,404


	Shares		Value
Department Stores-0.15%
Lojas Renner S.A. (Brazil)		63,900	$ 364,913
Next PLC (United Kingdom)		15,561	1,698,594
			2,063,507

Distillers & Vintners-0.41%
Davide Campari-Milano N.V. (Italy)		104,774	1,489,423
Diageo PLC (United Kingdom)		47,060	2,342,791
Pernod Ricard S.A. (France)		8,264	1,902,923
			5,735,137

Diversified Banks-1.08%
Akbank T.A.S. (Turkey)		516,394	314,534
Commercial International Bank Egypt S.A.E. (Egypt)^(c)		196,533	638,162
Credicorp Ltd. (Peru)		3,975	515,399
ICICI Bank Ltd., ADR (India)		81,685	1,727,638
ING Groep N.V. (Netherlands)		167,321	2,539,900
Kotak Mahindra Bank Ltd. (India)		141,970	3,843,524
Oversea-Chinese Banking Corp. Ltd. (Singapore)		91,000	798,554
PT Bank Central Asia Tbk (Indonesia)		1,687,500	890,554
PT Bank Rakyat Indonesia (Persero) Tbk (Indonesia)		1,650,586	493,384
Sberbank of Russia PJSC (Russia)		172,558	867,821
Societe Generale S.A. (France)		76,846	2,567,798
			15,197,268

Diversified Capital Markets-0.11%
UBS Group AG (Switzerland)		87,266	1,591,841

Diversified Metals & Mining-0.36%
Anglo American PLC (South Africa)		50,235	1,902,889
Grupo Mexico S.A.B. de C.V., Class B (Mexico)		548,813	2,407,654
Korea Zinc Co. Ltd. (South Korea)		1,622	746,658
			5,057,201

Diversified Real Estate Activities-0.23%
Ayala Land, Inc. (Philippines)		949,900	662,665
DLF Ltd. (India)		483,987	2,583,345
			3,246,010

Diversified Support Services-0.04%
Copart, Inc.^(c)		3,689	572,865

Drug Retail-0.04%
Zur Rose Group AG (Switzerland)^(c)		1,695	603,073

Education Services-0.01%
New Oriental Education & Technology Group, Inc., ADR (China)^(c)		91,667	187,917

Electrical Components & Equipment-0.55%
AMETEK, Inc.		7,501	993,132
Ceres Power Holdings PLC (United Kingdom)^(c)		30,564	521,169
Contemporary Amperex Technology Co. Ltd., A Shares (China)		1,000	99,578
Generac Holdings, Inc.^(c)		3,740	1,864,615
Havells India Ltd. (India)		6,729	113,679
Nidec Corp. (Japan)		36,800	4,070,056
			7,662,229

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

8 Invesco Global Allocation Fund


	Shares		Value
Electronic Components-0.47%
Murata Manufacturing Co. Ltd. (Japan)		29,800	$ 2,268,299
Omron Corp. (Japan)		15,600	1,492,332
Samsung Electro-Mechanics Co. Ltd. (South Korea)		6,634	906,113
Sunny Optical Technology Group Co. Ltd. (China)		10,300	277,761
TDK Corp. (Japan)		43,900	1,595,438
			6,539,943

Electronic Equipment & Instruments-0.49%
Keyence Corp. (Japan)		6,900	4,160,769
Trimble, Inc.^(c)		15,175	1,325,840
Zebra Technologies Corp., Class A^(c)		2,591	1,383,464
			6,870,073

Electronic Manufacturing Services-0.03%
Hon Hai Precision Industry Co. Ltd. (Taiwan)		104,000	402,433

Environmental & Facilities Services-0.16%
Rentokil Initial PLC (United Kingdom)		166,387	1,341,646
Waste Connections, Inc.		6,688	909,635
			2,251,281

Financial Exchanges & Data-0.62%
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		5,800	351,999
London Stock Exchange Group PLC (United Kingdom)		17,953	1,745,282
MSCI, Inc.		2,517	1,673,503
S&P Global, Inc.		10,485	4,971,567
			8,742,351

Food Retail-0.26%
Alimentation Couche-Tard, Inc., Class B (Canada)		33,492	1,256,221
Kobe Bussan Co. Ltd. (Japan)		21,700	746,517
Ocado Group PLC (United Kingdom)^(c)		68,080	1,681,155
			3,683,893

General Merchandise Stores-0.13%
Dollarama, Inc. (Canada)		28,210	1,275,103
Pan Pacific International Holdings Corp. (Japan)		26,700	559,838
			1,834,941

Gold-0.06%
Polyus PJSC (Russia)^(c)		2,811	558,200
Polyus PJSC, GDR (Russia)^(d)		2,834	281,058
			839,258

Health Care Equipment-0.80%
Ambu A/S, Class B (Denmark)		8,063	230,508
Boston Scientific Corp.^(c)		11,511	496,470
Danaher Corp.		1,117	348,247
IDEXX Laboratories, Inc.^(c)		2,588	1,723,970
Insulet Corp.^(c)		2,158	669,023
Intuitive Surgical, Inc.^(c)		1,398	504,860
Masimo Corp.^(c)		2,855	809,507
Medtronic PLC		22,370	2,681,268
ResMed, Inc.		6,621	1,740,727


	Shares		Value
Health Care Equipment-(continued)
Siemens Healthineers AG (Germany)^(d)		30,066	$ 1,998,826
			11,203,406

Health Care Facilities-0.04%
Tenet Healthcare Corp.^(c)		7,065	506,278

Health Care Services-0.11%
Castle Biosciences, Inc.^(c)		2,763	172,273
Dr Lal PathLabs Ltd. (India)^(d)		15,510	727,223
Guardant Health, Inc.^(c)		3,559	415,656
New Horizon Health Ltd. (China)^(c)(d)		29,000	105,581
Oxford Nanopore Technologies PLC (United Kingdom)^(c)		10,637	81,302
			1,502,035

Health Care Supplies-0.30%
Alcon, Inc. (Switzerland)		8,719	726,816
Align Technology, Inc.^(c)		1,172	731,762
ConvaTec Group PLC (United Kingdom)^(d)		167,048	488,860
Hoya Corp. (Japan)		5,100	750,245
MicroTech Medical Hangzhou Co. Ltd. (China)		15,600	58,095
MicroTech Medical Hangzhou Co. Ltd., H Shares (China)^(c)(d)		2,600	10,192
West Pharmaceutical Services, Inc.		3,280	1,410,006
			4,175,976

Health Care Technology-0.10%
Omnicell, Inc.^(c)		1,807	321,917
Veeva Systems, Inc., Class A^(c)		3,345	1,060,399
			1,382,316

Heavy Electrical Equipment-0.09%
Mitsubishi Electric Corp. (Japan)		96,700	1,297,411

Home Improvement Retail-0.06%
Floor & Decor Holdings, Inc., Class A^(c)		6,252	849,772

Homebuilding-0.11%
Sekisui House Ltd. (Japan)		75,500	1,568,272

Homefurnishing Retail-0.10%
Nitori Holdings Co. Ltd. (Japan)		2,300	422,053
RH^(c)		1,268	836,411
Williams-Sonoma, Inc.		895	166,228
			1,424,692

Hotels, Resorts & Cruise Lines-0.30%
Hilton Worldwide Holdings, Inc.^(c)		5,400	777,330
Huazhu Group Ltd., ADR (China)^(c)		55,927	2,592,776
Marriott International, Inc., Class A^(c)		860	137,617
Trainline PLC (United Kingdom)^(c)(d)		150,619	653,492
			4,161,215

Household Appliances-0.04%
SEB S.A. (France)		3,662	573,542

Household Products-0.01%
Blue Moon Group Holdings Ltd. (China)^(d)		111,850	100,626

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

9 Invesco Global Allocation Fund


	Shares		Value
Human Resource & Employment Services-0.21%
Benefit One, Inc. (Japan)		12,700	$ 642,320
Recruit Holdings Co. Ltd. (Japan)		34,100	2,272,738
			2,915,058

Hypermarkets & Super Centers-0.10%
Wal-Mart de Mexico S.A.B. de C.V., Series V (Mexico)		405,157	1,413,169

Industrial Conglomerates-0.56%
Hitachi Ltd. (Japan)		44,300	2,554,614
Melrose Industries PLC (United Kingdom)		509,268	1,096,677
Siemens AG (Germany)		18,661	3,024,995
SM Investments Corp. (Philippines)		60,714	1,162,646
			7,838,932

Industrial Gases-0.18%
Air Liquide S.A. (France)		14,866	2,484,918

Industrial Machinery-0.76%
Aalberts N.V. (Netherlands)		19,265	1,063,371
Atlas Copco AB, Class A (Sweden)		51,385	3,296,343
Chart Industries, Inc.^(c)		1,911	339,241
FANUC Corp. (Japan)		3,000	589,552
IDEX Corp.		4,155	924,778
ITT, Inc.		5,893	554,355
Kornit Digital Ltd. (Israel)^(c)		2,785	465,875
Middleby Corp. (The)^(c)		3,025	551,881
SKF AB, Class B (Sweden)		79,271	1,833,104
VAT Group AG (Switzerland)^(d)		2,306	1,098,608
			10,717,108

Insurance Brokers-0.04%
Arthur J. Gallagher & Co.		3,624	607,636

Integrated Oil & Gas-0.13%
Royal Dutch Shell PLC, Class B, ADR (United Kingdom)		40,562	1,859,362

Integrated Telecommunication Services-0.07%
Spark New Zealand Ltd. (New Zealand)		308,649	1,010,115

Interactive Home Entertainment-0.22%
Konami Holdings Corp. (Japan)		11,800	649,739
NetEase, Inc., ADR (China)		25,689	2,506,989
			3,156,728

Interactive Media & Services-1.96%
Adevinta ASA, Class B (France)^(c)		37,690	621,723
Alphabet, Inc., Class A^(c)		3,667	10,857,693
Baidu, Inc., ADR (China)^(c)		3,820	619,757
Meta Platforms, Inc., Class A^(c)		14,147	4,577,545
NAVER Corp. (South Korea)		857	299,971
Rightmove PLC (United Kingdom)		100,483	951,467
Tencent Holdings Ltd. (China)		70,817	4,396,762
Yandex N.V., Class A (Russia)^(c)		46,896	3,884,865
Z Holdings Corp. (Japan)		122,400	760,066
ZoomInfo Technologies, Inc., Class A^(c)		8,491	570,765
			27,540,614

Internet & Direct Marketing Retail-0.79%
Alibaba Group Holding Ltd. (China)^(c)		38,600	798,606


	Shares		Value
Internet & Direct Marketing Retail-(continued)
Alibaba Group Holding Ltd., ADR (China)^(c)		2,938	$ 484,594
Amazon.com, Inc.^(c)		252	849,852
Americanas S.A. (Brazil)^(c)		58,026	305,357
boohoo Group PLC (United Kingdom)^(c)		42,551	105,997
Farfetch Ltd., Class A (United Kingdom)^(c)		25,200	988,092
JD.com, Inc., ADR (China)^(c)		43,991	3,443,615
Lojas Americanas S.A., Preference Shares (Brazil)		322,372	275,888
Meituan, B Shares (China)^(c)(d)		43,800	1,527,980
Pinduoduo, Inc., ADR (China)^(c)		22,080	1,963,354
Shop Apotheke Europe N.V. (Netherlands)^(c)(d)		2,585	391,963
			11,135,298

Internet Services & Infrastructure-0.15%
MongoDB, Inc.^(c)		2,498	1,302,182
Shopify, Inc., Class A (Canada)^(c)		507	740,271
			2,042,453

Investment Banking & Brokerage-0.04%
LPL Financial Holdings, Inc.		3,565	584,731

IT Consulting & Other Services-0.78%
EPAM Systems, Inc.^(c)		6,175	4,157,257
Gartner, Inc.^(c)		3,017	1,001,372
Globant S.A.^(c)		4,080	1,302,295
Infosys Ltd. (India)		72,223	1,616,246
Tata Consultancy Services Ltd. (India)		63,191	2,870,629
			10,947,799

Leisure Facilities-0.04%
Vail Resorts, Inc.		1,578	543,952

Leisure Products-0.04%
Bandai Namco Holdings, Inc. (Japan)		7,400	565,382

Life & Health Insurance-0.56%
AIA Group Ltd. (Hong Kong)		367,800	4,156,448
HDFC Life Insurance Co. Ltd. (India)^(d)		25,094	227,815
Legal & General Group PLC (United Kingdom)		162,173	641,721
Prudential PLC (United Kingdom)		115,272	2,359,927
Prudential PLC (United Kingdom)		22,700	459,707
			7,845,618

Life Sciences Tools & Services-1.16%
Agilent Technologies, Inc.		12,812	2,017,762
Avantor, Inc.^(c)		40,511	1,635,834
Bio-Rad Laboratories, Inc., Class A^(c)		698	554,687
Charles River Laboratories International, Inc.^(c)		4,918	2,206,608
Illumina, Inc.^(c)		1,685	699,376
IQVIA Holdings, Inc.^(c)		2,416	631,591
Lonza Group AG (Switzerland)		1,506	1,236,891
Maravai LifeSciences Holdings, Inc., Class A^(c)		11,560	488,872
Mettler-Toledo International, Inc.^(c)		534	790,790
Repligen Corp.^(c)		3,757	1,091,409
Samsung Biologics Co. Ltd. (South Korea)^(c)(d)		2,134	1,596,480

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

10 Invesco Global Allocation Fund


	Shares		Value
Life Sciences Tools & Services-(continued)
Sartorius Stedim Biotech (France)		2,435	$	1,344,452
Wuxi Biologics Cayman, Inc. (China)^(c)(d)		128,800		1,967,176
				16,261,928

Movies & Entertainment-0.22%
CTS Eventim AG & Co. KGaA (Germany)^(c)		16,198		1,177,177
Live Nation Entertainment, Inc.^(c)		4,669		472,269
Walt Disney Co. (The)^(c)		8,402		1,420,526
				3,069,972

Office REITs-0.04%
Alexandria Real Estate Equities, Inc.		2,971		606,500

Oil & Gas Exploration & Production-0.43%
Inpex Corp. (Japan)		171,000		1,409,354
Novatek PJSC, GDR (Russia),^(d)		18,301		4,652,479
				6,061,833

Oil & Gas Refining & Marketing-0.16%
Reliance Industries Ltd. (India)		64,872		2,188,418

Oil & Gas Storage & Transportation-0.05%
Cheniere Energy, Inc.^(c)		6,907		714,184

Other Diversified Financial Services-0.18%
FirstRand Ltd. (South Africa)		181,804		691,139
Hypoport SE (Germany)^(c)		389		239,018
Jackson Financial, Inc., Class A^(c)		1		27
ORIX Corp. (Japan)		79,900		1,568,602
				2,498,786

Packaged Foods & Meats-0.06%
Barry Callebaut AG (Switzerland)		348		806,690

Paper Packaging-0.08%
Avery Dennison Corp.		5,012		1,091,213

Personal Products-0.17%
L’Oreal S.A. (France)		2,078		950,251
Shiseido Co. Ltd. (Japan)		8,100		539,558
Unilever PLC (United Kingdom)		16,863		902,452
				2,392,261

Pharmaceuticals-0.40%
Catalent, Inc.^(c)		9,169		1,264,038
Novo Nordisk A/S, Class B (Denmark)		37,682		4,144,746
Phathom Pharmaceuticals, Inc.^(c)		7,752		182,405
				5,591,189

Real Estate Development-0.06%
Godrej Properties Ltd. (India)^(c)		12,615		376,642
Oberoi Realty Ltd. (India)^(c)		43,359		525,104
				901,746

Real Estate Operating Companies-0.07%
IWG PLC (Switzerland)^(c)		165,279		701,563
SM Prime Holdings, Inc. (Philippines)		519,310		341,481
				1,043,044

Real Estate Services-0.05%
Jones Lang LaSalle, Inc.^(c)		2,561		661,327


	Shares		Value
Regional Banks-0.18%
First Republic Bank		5,517	$	1,193,493
SVB Financial Group^(c)		1,879		1,347,994
				2,541,487

Research & Consulting Services-0.35%
Dun & Bradstreet Holdings, Inc.^(c)		6,840		128,866
Equifax, Inc.		8,560		2,374,801
Nihon M&A Center Holdings, Inc. (Japan)		33,800		1,036,112
SGS S.A. (Switzerland)		486		1,435,732
				4,975,511

Restaurants-0.47%
Alsea S.A.B. de C.V. (Mexico)		136,953		287,503
Chipotle Mexican Grill, Inc.^(c)		365		649,346
Compass Group PLC (United Kingdom)^(c)		60,630		1,287,817
Domino’s Pizza, Inc.		1,044		510,485
Yum China Holdings, Inc. (China)		68,114		3,887,947
				6,623,098

Security & Alarm Services-0.01%
Prosegur Cash S.A. (Spain)^(d)		226,645		155,425

Semiconductor Equipment-0.46%
ASML Holding N.V. (Netherlands)		4,506		3,670,997
Enphase Energy, Inc.^(c)		2,971		688,173
Entegris, Inc.		8,094		1,139,473
KLA Corp.		464		172,960
SCREEN Holdings Co. Ltd. (Japan)		8,300		773,885
				6,445,488

Semiconductors-1.82%
Alphawave IP Group PLC (United Kingdom)^(c)		79,070		215,730
Analog Devices, Inc.		18,110		3,141,904
Infineon Technologies AG (Germany)		51,258		2,395,852
Marvell Technology, Inc.		15,744		1,078,464
MediaTek, Inc. (Taiwan)		38,000		1,256,266
Monolithic Power Systems, Inc.		3,557		1,869,061
NVIDIA Corp.		1,781		455,348
NXP Semiconductors N.V. (China)		1,106		222,151
QUALCOMM, Inc.		14,208		1,890,233
Renesas Electronics Corp. (Japan)^(c)		96,800		1,195,419
STMicroelectronics N.V. (Switzerland)		14,571		691,217
STMicroelectronics N.V., New York Shares (Switzerland)		21,391		1,019,067
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		481,000		10,179,232
				25,609,944

Soft Drinks-0.33%
Britvic PLC (United Kingdom)		70,857		861,610
Coca-Cola Europacific Partners PLC (United Kingdom)		15,193		799,911
Fomento Economico Mexicano, S.A.B. de C.V., ADR (Mexico)		15,931		1,309,369
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO (Mexico)		201,338		1,655,259
				4,626,149

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

11 Invesco Global Allocation Fund


	Shares		Value
Specialized REITs-0.01%
Extra Space Storage, Inc.		450	$	88,817
Specialty Chemicals-0.19%
Akzo Nobel N.V. (Netherlands)		8,310		956,604
Albemarle Corp.		1,537		384,972
Sika AG (Switzerland)		3,991		1,354,203
				2,695,779

Specialty Stores-0.08%
Five Below, Inc.^(c)		1,939		382,565
Tractor Supply Co.		3,296		715,792
				1,098,357

Steel-0.13%
Vale S.A., ADR (Brazil)		147,640		1,879,457

Systems Software-0.30%
Crowdstrike Holdings, Inc., Class A^(c)		4,040		1,138,472
Gitlab, Inc., Class A^(c)		700		78,540
Microsoft Corp.		3,393		1,125,187
Oracle Corp. (Japan)		7,900		746,663
Zscaler, Inc.^(c)		3,447		1,099,110
				4,187,972

Technology Hardware, Storage & Peripherals-0.17%
Samsung Electronics Co. Ltd. (South Korea)		40,201		2,408,522

Thrifts & Mortgage Finance-0.41%
Housing Development Finance Corp. Ltd. (India)		149,824		5,706,273

Tobacco-0.17%
Swedish Match AB (Sweden)		269,177		2,371,944

Trading Companies & Distributors-0.26%
Electrocomponents PLC (United Kingdom)		43,026		663,150
Ferguson PLC		7,156		1,077,657
Marubeni Corp. (Japan)		150,600		1,274,681
SiteOne Landscape Supply, Inc.^(c)		2,650		622,644
				3,638,132

Trucking-0.10%
Old Dominion Freight Line, Inc.		4,024		1,373,592
Total Common Stocks & Other Equity Interests (Cost $323,214,093)				437,571,618

	Principal
	Amount

U.S. Treasury Securities-16.30%
U.S. Treasury Notes-16.30%
1.63%, 02/15/2026^(f)	$	24,680,000		25,236,264
2.75%, 02/15/2028^(f)		65,488,000		70,907,388
1.13%, 02/15/2031		137,440,000		132,586,650
Total U.S. Treasury Securities (Cost $226,784,856)				228,730,302


	Shares		Value
Preferred Stocks-0.37%
Broadcasting-0.00%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd., (Acquired 03/09/2011-04/08/2016; Cost $0)^(e)		629,697	$	17,323

Diversified Banks-0.02%
Socium Re Ltd., Series 2019-1, Pfd.^(g)		264,345		264,895

Diversified Support Services-0.13%
Harambee Re Ltd., Pfd.^(g)		4,184		60,241
Kinesis Re I Ltd., Series 2019-1, Pfd.^(g)		116,394		203,037
Lion Rock Re Ltd., Pfd.^(b)(g)		375		53,327
Lorenz Re Ltd., Pfd.^(g)		408		50,988
Mt. Logan Re Ltd., Pfd.^(g)		1,737		1,206,569
Thopas Re Ltd., Pfd.^(g)		786		141,191
Turing Re Ltd., Series 2019-1, Pfd.^(d)(g)		13,286		29,857
Viribus Re Ltd., Pfd.^(g)		457,088		42,151
				1,787,361

Specialized Consumer Services-0.22%
Grab Holdings, Inc., Class H, Pfd.		214,050		3,160,997
Total Preferred Stocks (Cost $6,465,311)				5,230,576

	Principal
	Amount

Event-Linked Bonds-0.11%
Diversified Support Services-0.00%
Alturas RE Segregated Account (Multinational), Catastrophe Linked Notes, 0.00%, 12/31/2022^(d)(g)(h)	$	15,000		0

Other Diversified Financial Services-0.11%
Eden RE II Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023^(d)(g)(h)		10,800		158,306
Limestone Re Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 09/09/2022^(d)(g)(h)		15,621		81,306
Sector Re V Ltd. (Multinational), Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024^(d)(g)(h)		1,800,000		1,232,043
Versutus Ltd. (Multinational), Catastrophe Linked Notes, 0.00%, 12/31/2022^(g)(h)		99,014		40,261
				1,511,916
Total Event-Linked Bonds (Cost $1,940,435)				1,511,916

U.S. Dollar Denominated Bonds & Notes-0.01%
Health Care Services-0.01%
Omnicare, Inc., 4.75%, 12/01/2022 (Cost $446,466)		210,000		216,031

		Shares

Money Market Funds-1.25%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(b)(i)		6,228,330		6,228,330

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

12 Invesco Global Allocation Fund


	Shares		Value
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(b)(i)		4,144,926	$ 4,146,169
Invesco Treasury Portfolio, Institutional Class, 0.01%^(b)(i)		7,118,091	7,118,091
Total Money Market Funds (Cost $17,492,610)			17,492,590
TOTAL INVESTMENTS IN SECURITIES-98.20% (Cost $1,141,404,008)			1,378,193,109
OTHER ASSETS LESS LIABILITIES-1.80%			25,206,400
NET ASSETS-100.00%			$1,403,399,509

Investment Abbreviations:


ADR		- American Depositary Receipt
CDI		- CREST Depository Interest
CPO		- Certificates of Ordinary Participation
ETF		- Exchange-Traded Fund
GDR		- Global Depositary Receipt
Pfd.		- Preferred
REIT		- Real Estate Investment Trust
Wts.		- Warrants

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)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Invesco Emerging Markets Sovereign Debt ETF		$ 21,505,258	$	33,094,800	$	-	$	(2,203,043)	$	-		$ 52,397,015	$ 2,358,151
Invesco Fundamental High Yield^®Corporate Bond ETF		37,482,130		-		-		1,778,128		-		39,260,258	1,368,795
Invesco High Yield Bond Factor ETF		-		27,222,800		-		225,960		-		27,448,760	1,018,768
Invesco International Developed Dynamic Multifactor ETF		-		126,039,700		-		4,585,449		-		130,625,149	3,019,454
Invesco Master Event-Linked Bond Fund		108,254,344		1,049,781		(103,924,299)		(2,682,189)		(2,697,637)		-	1,025,417
Invesco Russell 1000 Dynamic Multifactor ETF		223,621,167		-		(92,389,882)		74,836,502		30,172,745		236,240,532	3,081,644
Invesco Russell 2000 Dynamic Multifactor ETF		39,495,299		-		(21,031,221)		19,780,323		6,695,996		44,940,397	368,051
Invesco Senior Loan ETF		-		68,660,673		-		(100,065)		-		68,560,608	2,020,255
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		4		160,715,695		(154,487,369)		-		-		6,228,330	1,162
Invesco Liquid Assets Portfolio, Institutional Class		-		114,494,555		(110,348,144)		(20)		(222)		4,146,169	864
Invesco Treasury Portfolio, Institutional Class		5		183,675,080		(176,556,994)		-		-		7,118,091	532
Investments in Other Affiliates:
Lion Rock Re Ltd., Pfd.		373,253		-		-		(319,926)		-		53,327	203,153
Total		$430,731,460	$	714,953,084	$	(658,737,909)	$	95,901,119	$	34,170,882		$617,018,636	$14,466,246

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

13 Invesco Global Allocation Fund

^(c)	Non-income producing security.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $21,345,588, which represented 1.52% of the Fund’s Net Assets.

^(e)	Restricted security. The aggregate value of these securities at October 31, 2021 was $808,401, which represented less than 1% of the Fund’s Net Assets.

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

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

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

⁽ⁱ⁾	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.


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		952		December-2021		$218,817,200			$6,991,002			$6,991,002

MSCI Emerging Market Index		697		December-2021		43,980,700			(780,050	)		(780,050	)

S&P/TSX 60 Index		23		December-2021		4,685,116			130,261			130,261

SPI 200 Index		33		December-2021		4,518,015			(74,209	)		(74,209	)

Subtotal–Long Futures Contracts									6,267,004			6,267,004


Short Futures Contracts

Equity Risk

E-Mini Russell 2000 Index		372		December-2021		(42,692,580	)		(1,101,875	)		(1,101,875	)

EURO STOXX 600 Index		1,961		December-2021		(53,759,907	)		(984,748	)		(984,748	)

Nikkei 225 Index		118		December-2021		(29,796,359	)		806,053			806,053

Subtotal–Short Futures Contracts									(1,280,570	)		(1,280,570	)

Total Futures Contracts									$4,986,434			$4,986,434


Open Forward Foreign Currency Contracts

Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

Currency Risk

12/15/2021	Bank of America, N.A.		PHP	1,050,430,000		USD	20,895,763	$	149,503

12/15/2021	Bank of America, N.A.		USD	19,326,489		IDR	277,683,000,000		106,171

12/15/2021	Bank of America, N.A.		USD	16,173,350		RUB	1,195,720,000		536,764

12/15/2021	Barclays Bank PLC		CZK	418,680,000		USD	19,549,413		724,391

12/15/2021	BNP Paribas S.A.		DKK	2,825,000		USD	450,381		10,896

12/15/2021	BNP Paribas S.A.		USD	36,839,170		CAD	46,575,000		796,684

12/15/2021	BNP Paribas S.A.		USD	19,154,205		HUF	5,980,000,000		23,085

12/15/2021	Citibank, N.A.		GBP	14,370,000		USD	19,890,451		221,443

12/15/2021	Citibank, N.A.		HUF	4,568,120,512		USD	15,387,094		737,567

12/15/2021	Citibank, N.A.		KRW	9,615,000,000		USD	8,211,422		34,341

12/15/2021	Deutsche Bank AG		TWD	609,000,000		USD	21,965,735		36,754

12/15/2021	Goldman Sachs International		ARS	26,980,000		USD	252,740		216

12/15/2021	Goldman Sachs International		INR	395,900,000		USD	5,331,771		78,012

12/15/2021	Goldman Sachs International		KRW	24,059,700,000		USD	20,476,340		14,758

12/15/2021	Goldman Sachs International		USD	19,920,374		NOK	172,570,000		500,623

12/15/2021	J.P. Morgan Chase Bank, N.A.		HUF	1,381,879,488		USD	4,657,042		225,486

12/15/2021	J.P. Morgan Chase Bank, N.A.		PLN	1,975,000		USD	513,792		19,222

12/15/2021	J.P. Morgan Chase Bank, N.A.		TWD	188,320,000		USD	6,836,813		55,752

12/15/2021	Morgan Stanley and Co. International PLC		CHF	13,280,000		USD	14,523,239		620

12/15/2021	Morgan Stanley and Co. International PLC		EUR	12,835,000		USD	15,209,419		356,782

12/15/2021	Morgan Stanley and Co. International PLC		GBP	7,045,000		USD	9,745,458		102,581

12/15/2021	Morgan Stanley and Co. International PLC		JPY	567,400,615		USD	5,175,723		195,106

12/15/2021	Morgan Stanley and Co. International PLC		ZAR	28,075,000		USD	1,959,760		131,586

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

14 Invesco Global Allocation Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to							Unrealized Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)

12/15/2021	Royal Bank of Canada		USD		4,484,674	JPY		512,300,000	$	12,273

12/15/2021	Standard Chartered Bank PLC		CNY		122,340,000	USD		19,109,176		88,125

12/15/2021	Standard Chartered Bank PLC		MXN		105,540,000	USD		5,227,672		134,822

12/15/2021	Standard Chartered Bank PLC		THB		621,000,000	USD		18,953,151		244,212

12/15/2021	Standard Chartered Bank PLC		USD		19,040,903	THB		635,890,000		116,629

12/15/2021	UBS AG		HKD		6,615,000	USD		850,676		376

12/15/2021	UBS AG		JPY		1,112,599,385	USD		10,147,464		381,116

12/15/2021	UBS AG		USD		5,488,658	CNY		35,660,000		55,650

Subtotal–Appreciation										6,091,546


Currency Risk

12/15/2021	Bank of America, N.A.		AUD		10,790,000	USD		7,957,625		(160,508	)

12/15/2021	Bank of America, N.A.		SEK		212,040,000	USD		24,688,541		(16,317	)

12/15/2021	Barclays Bank PLC		CNY		111,290,000	USD		17,180,905		(122,126	)

12/15/2021	Barclays Bank PLC		USD		7,258,340	TWD		199,960,000		(58,144	)

12/15/2021	BNP Paribas S.A.		USD		18,900,994	TRY		166,720,000		(1,921,455	)

12/02/2021	Citibank, N.A.		USD		16,817,663	BRL		94,300,000		(205,677	)

12/15/2021	Citibank, N.A.		AUD		4,800,000	USD		3,544,138		(67,265	)

12/15/2021	Citibank, N.A.		RUB		341,000,000	USD		4,600,086		(165,367	)

12/15/2021	Citibank, N.A.		USD		179,806	CLP		143,000,000		(4,869	)

01/24/2022	Citibank, N.A.		JPY		832,000,000	USD		7,291,868		(15,694	)

12/15/2021	Deutsche Bank AG		USD		11,672,795	INR		865,100,000		(192,554	)

12/15/2021	Goldman Sachs International		INR		169,000,000	USD		2,236,692		(6,009	)

12/15/2021	Goldman Sachs International		USD		7,316,170	JPY		832,000,000		(12,911	)

12/15/2021	Goldman Sachs International		USD		507,438	THB		16,630,000		(6,424	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD		9,540,824	JPY		1,045,930,000		(359,697	)

12/15/2021	Morgan Stanley and Co. International PLC		ILS		1,400,000	USD		437,336		(5,223	)

12/15/2021	Morgan Stanley and Co. International PLC		KRW		2,800,000,000	USD		2,378,594		(2,667	)

12/15/2021	Morgan Stanley and Co. International PLC		NZD		31,140,000	USD		22,156,546		(144,046	)

12/15/2021	Morgan Stanley and Co. International PLC		PEN		5,080,000	USD		1,234,808		(36,217	)

12/15/2021	Morgan Stanley and Co. International PLC		SEK		23,170,000	USD		2,697,359		(2,186	)

12/15/2021	Morgan Stanley and Co. International PLC		USD		4,409,533	EUR		3,775,000		(41,111	)

12/15/2021	Morgan Stanley and Co. International PLC		USD		773,587	MYR		3,210,000		(861	)

12/15/2021	Morgan Stanley and Co. International PLC		USD		1,199,670	ZAR		17,195,000		(79,974	)

12/15/2021	Standard Chartered Bank PLC		USD		913,003	HKD		7,100,000		(360	)

12/15/2021	Standard Chartered Bank PLC		USD		16,901,715	SGD		22,700,000		(71,409	)

12/15/2021	UBS AG		CAD		2,150,000	USD		1,701,352		(35,998	)

Subtotal–Depreciation										(3,735,069	)

Total Forward Foreign Currency Contracts									$	2,356,477

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 +
0.37%

Quarterly

769,540

May–2022

USD 250,146,672

$–

5,425,257

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

15 Invesco Global Allocation Fund


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

Counterparty	Pay/ Receive	Reference Entity	Floating Rate Index	Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Equity Risk

Goldman Sachs International	Pay	Russell Midcap Growth Total Return Index	3 mo. USD LIBOR + 0.24%		Quarterly		14,600		September–2022	USD	83,579,394		$–	$	(1,299,306	)	$	(1,299,306	)

Goldman Sachs International	Receive	MSCI ACWI Daily Total Return Net ex USA	3 mo. USD LIBOR + 0.04%		Quarterly		804,426		May–2022	USD	245,724,793		–		(3,903,102	)		(3,903,102	)

Subtotal – Depreciation													–		(5,202,408	)		(5,202,408	)

Total – Total Return Swap Agreements													$–	$	222,849		$	222,849

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,050,000.

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

Abbreviations:

LIBOR

- London Interbank Offered Rate

USD	U.S. Dollar

Abbreviations:

ARS	–Argentina Peso

AUD	–Australian Dollar

BRL	–Brazilian Real

CAD	–Canadian Dollar

CHF	–Swiss Franc

CLP	–Chile Peso

CNY	–Chinese Yuan Renminbi

CZK	–Czech Koruna

DKK	–Danish Krone

EUR

–Euro

GBP	–British Pound Sterling

HKD	–Hong Kong Dollar

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

RUB	–Russian Ruble

SEK	–Swedish Krona

SGD	–Singapore Dollar

THB	–Thai Baht

TRY	–Turkish Lira

TWD	–New Taiwan Dollar

USD	–U.S. Dollar

ZAR	–South African Rand

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

16 Invesco Global Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $644,501,201)	$	761,174,473

Investments in affiliates, at value (Cost $496,902,807)		617,018,636

Other investments:
Variation margin receivable – futures contracts		8,730,197

Swaps receivable – OTC		30,248

Unrealized appreciation on swap agreements – OTC		5,425,257

Unrealized appreciation on forward foreign currency contracts outstanding		6,091,546

Deposits with brokers:
Cash collateral – OTC Derivatives		1,050,000

Cash		14,189,240

Foreign currencies, at value (Cost $793,073)		774,420

Receivable for:
Investments sold		1,048,934

Fund shares sold		158,735

Dividends		633,614

Interest		803,906

Investment for trustee deferred compensation and retirement plans		244,365

Other assets		45,505

Total assets		1,417,419,076


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		3,735,069

Swaps payable – OTC		134,709

Unrealized depreciation on swap agreements–OTC		5,202,408

Payable for:
Investments purchased		1,535,936

Fund shares reacquired		735,805

Accrued foreign taxes		815,151

Accrued fees to affiliates		737,874

Accrued other operating expenses		722,876

Trustee deferred compensation and retirement plans		399,739

Total liabilities		14,019,567

Net assets applicable to shares outstanding	$	1,403,399,509


Net assets consist of:
Shares of beneficial interest	$	995,597,638

Distributable earnings		407,801,871

	$	1,403,399,509


Net Assets:
Class A	$	1,173,185,709

Class C	$	72,605,244

Class R	$	39,793,496

Class Y	$	72,518,598

Class R5	$	15,375

Class R6	$	45,281,087


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		49,317,454

Class C		3,265,621

Class R		1,720,072

Class Y		3,035,540

Class R5		640

Class R6		1,888,280

Class A:
Net asset value per share	$	23.79

Maximum offering price per share (Net asset value of $23.79 ÷ 94.50%)	$	25.17

Class C:
Net asset value and offering price per share	$	22.23

Class R:
Net asset value and offering price per share	$	23.13

Class Y:
Net asset value and offering price per share	$	23.89

Class R5:
Net asset value and offering price per share	$	24.02

Class R6:
Net asset value and offering price per share	$	23.98

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

17 Invesco Global Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$	3,825,776

Dividends (net of foreign withholding taxes of $526,607)		11,677,397

Dividends from affiliates		14,466,246

Foreign withholding tax claims		61,227

Total investment income		30,030,646


Expenses:
Advisory fees		10,780,984

Administrative services fees		196,324

Custodian fees		217,095

Distribution fees:
Class A		2,896,695

Class C		770,026

Class R		195,264

Transfer agent fees – A, C, R and Y		2,350,976

Transfer agent fees – R5		4

Transfer agent fees – R6		13,390

Trustees’ and officers’ fees and benefits		23,337

Registration and filing fees		82,368

Reports to shareholders		141,702

Professional services fees		222,981

Taxes		6,557

Other		85,948

Total expenses		17,983,651

Less: Fees waived and/or expense offset arrangement(s)		(1,375,342	)

Net expenses		16,608,309

Net investment income		13,422,337


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $22,915)		100,539,959

Affiliated investment securities		34,170,882

Foreign currencies		(340,708	)

Forward foreign currency contracts		(73,209	)

Futures contracts		28,798,640

Swap agreements		(11,028,506	)

		152,067,058


Change in net unrealized appreciation of:
Unaffiliated investment securities (net of foreign taxes of $760,864)		29,503,143

Affiliated investment securities		95,901,119

Foreign currencies		1,843,118

Forward foreign currency contracts		8,769,860

Futures contracts		8,884,269

Swap agreements		7,270,443

		152,171,952

Net realized and unrealized gain		304,239,010

Net increase in net assets resulting from operations	$	317,661,347

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

18 Invesco Global Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income	$	13,422,337		$	10,267,820

Net realized gain		152,067,058			7,745,488

Change in net unrealized appreciation		152,171,952			18,185,090

Net increase in net assets resulting from operations		317,661,347			36,198,398


Distributions to shareholders from distributable earnings:
Class Y		–			(57,508	)

Class R5		–			(11	)

Class R6		–			(42,744	)

Total distributions from distributable earnings		–			(100,263	)


Share transactions-net:
Class A		(89,744,878	)		(123,474,843	)

Class C		(23,564,887	)		(16,119,298	)

Class R		(3,015,738	)		(5,536,981	)

Class Y		(9,811,398	)		(11,326,834	)

Class R5		1,492			–

Class R6		(853,213	)		(2,645,192	)

Net increase (decrease) in net assets resulting from share transactions		(126,988,622	)		(159,103,148	)

Net increase (decrease) in net assets		190,672,725			(123,005,013	)


Net assets:
Beginning of year		1,212,726,784			1,335,731,797

End of year	$	1,403,399,509		$	1,212,726,784

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

19 Invesco Global Allocation Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/21	$	18.75	$	0.22	$	4.82		$	5.04		$	–		$	–		$	–		$	23.79		26.88	%	$	1,173,186		1.15	%		1.25	%		1.01	%		51	%
Year ended 10/31/20		18.21		0.15		0.39			0.54			–			–			–			18.75		2.97			999,336		1.20			1.32			0.85			82
Year ended 10/31/19		18.48		0.13		1.16			1.29			(0.39	)		(1.17	)		(1.56	)		18.21		8.05			1,093,027		1.21			1.31			0.75			52
Year ended 10/31/18		19.48		0.21		(1.21	)		(1.00	)		(0.00	)		–			(0.00	)		18.48		(5.12	)		1,050,082		1.25			1.32			1.06			151
Year ended 10/31/17		17.77		0.28		1.94			2.22			(0.51	)		–			(0.51	)		19.48		12.84			1,193,012		1.27			1.34			1.51			40
Class C
Year ended 10/31/21		17.66		0.05		4.52			4.57			–			–			–			22.23		25.88			72,605		1.90			2.00			0.26			51
Year ended 10/31/20		17.28		0.02		0.36			0.38			–			–			–			17.66		2.20			77,710		1.95			2.07			0.10			82
Year ended 10/31/19		17.59		0.00		1.10			1.10			(0.24	)		(1.17	)		(1.41	)		17.28		7.22			92,142		1.96			2.06			0.00			52
Year ended 10/31/18		18.67		0.06		(1.14	)		(1.08	)		–			–			–			17.59		(5.84	)		209,903		2.01			2.08			0.31			151
Year ended 10/31/17		17.13		0.14		1.85			1.99			(0.45	)		–			(0.45	)		18.67		11.99			237,072		2.02			2.09			0.77			40
Class R
Year ended 10/31/21		18.28		0.16		4.69			4.85			–			–			–			23.13		26.53			39,793		1.40			1.50			0.76			51
Year ended 10/31/20		17.79		0.11		0.38			0.49			–			–			–			18.28		2.75			34,012		1.45			1.57			0.60			82
Year ended 10/31/19		18.10		0.09		1.11			1.20			(0.34	)		(1.17	)		(1.51	)		17.79		7.68			38,552		1.46			1.56			0.50			52
Year ended 10/31/18		19.12		0.16		(1.18	)		(1.02	)		–			–			–			18.10		5.34			39,909		1.50			1.57			0.82			151
Year ended 10/31/17		17.47		0.23		1.90			2.13			(0.48	)		–			(0.48	)		19.12		12.55			42,854		1.52			1.59			1.26			40
Class Y
Year ended 10/31/21		18.78		0.28		4.83			5.11			–			–			–			23.89		27.21			72,519		0.90			1.00			1.26			51
Year ended 10/31/20		18.21		0.20		0.38			0.58			(0.01	)		–			(0.01	)		18.78		3.27			65,397		0.95			1.07			1.10			82
Year ended 10/31/19		18.49		0.18		1.14			1.32			(0.43	)		(1.17	)		(1.60	)		18.21		8.27			74,260		0.96			1.06			0.99			52
Year ended 10/31/18		19.47		0.26		(1.21	)		(0.95	)		(0.03	)		–			(0.03	)		18.49		(4.88	)		114,493		1.01			1.08			1.31			151
Year ended 10/31/17		17.75		0.32		1.94			2.26			(0.54	)		–			(0.54	)		19.47		13.13			121,039		1.03			1.10			1.72			40
Class R5
Year ended 10/31/21		18.85		0.32		4.85			5.17			–			–			–			24.02		27.43			15		0.76			0.86			1.40			51
Year ended 10/31/20		18.24		0.24		0.39			0.63			(0.02	)		–			(0.02	)		18.85		3.45			11		0.76			0.87			1.29			82
Period ended 10/31/19^(e)		17.36		0.09		0.79			0.88			–			–			–			18.24		5.07			11		0.85	^(f)		0.93	^(f)		1.11	^(f)		52
Class R6
Year ended 10/31/21		18.83		0.31		4.84			5.15			–			–			–			23.98		27.35			45,281		0.76			0.86			1.40			51
Year ended 10/31/20		18.22		0.24		0.39			0.63			(0.02	)		–			(0.02	)		18.83		3.46			36,260		0.76			0.87			1.29			82
Year ended 10/31/19		18.51		0.21		1.14			1.35			(0.47	)		(1.17	)		(1.64	)		18.22		8.48			37,741		0.79			0.88			1.17			52
Year ended 10/31/18		19.48		0.29		(1.21	)		(0.92	)		(0.05	)		–			(0.05	)		18.51		(4.75	)		33,300		0.84			0.91			1.48			151
Year ended 10/31/17		17.75		0.36		1.93			2.29			(0.56	)		–			(0.56	)		19.48		13.33			28,163		0.84			0.90			1.93			40

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.17%, 0.14%, 0.08%, 0.02% and 0.02% for the years ended October 31, 2021, 2020, 2019, 2018 and 2017, respectively.

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

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

^(f)	Annualized.

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

20 Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund’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.

21 Invesco Global Allocation 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.

Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Consolidated Statement of Assets and Liabilities.

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.

22 Invesco Global Allocation Fund

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.

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.

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.

23 Invesco Global Allocation Fund

buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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 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.	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.

Other Risks -The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

24 Invesco Global Allocation Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate
Up to $1.0 billion		0.800%
Next $2 billion		0.760%
Next $1 billion		0.710%
Next $1 billion		0.660%
Next $1 billion		0.600%
Next $1 billion		0.550%
Next $2 billion		0.500%
Over $9 billion		0.480%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.77%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 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 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had 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. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2021, the Adviser waived advisory fees of $1,370,722.

25 Invesco Global 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, 2021, IDI advised the Fund that IDI retained $89,274 in front-end sales commissions from the sale of Class A shares and $350 and $2,240 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total
Investments in Securities
Exchange-Traded Funds	$	687,440,076		$	–		$	–	$	687,440,076
Common Stocks & Other Equity Interests		194,440,853			243,130,765			–		437,571,618
U.S. Treasury Securities		–			228,730,302			–		228,730,302
Preferred Stocks		17,323			3,160,997			2,052,256		5,230,576
Event-Linked Bonds		–			–			1,511,916		1,511,916
U.S. Dollar Denominated Bonds & Notes		–			216,031			–		216,031
Money Market Funds		17,492,590			–			–		17,492,590
Total Investments in Securities		899,390,842			475,238,095			3,564,172		1,378,193,109

Other Investments - Assets*
Futures Contracts		7,927,316			–			–		7,927,316
Forward Foreign Currency Contracts		–			6,091,546			–		6,091,546
Swap Agreements		–			5,425,257			–		5,425,257
		7,927,316			11,516,803			–		19,444,119

Other Investments - Liabilities*
Futures Contracts		(2,940,882	)		–			–		(2,940,882	)
Forward Foreign Currency Contracts		–			(3,735,069	)		–		(3,735,069	)
Swap Agreements		–			(5,202,408	)		–		(5,202,408	)
		(2,940,882	)		(8,937,477	)		–		(11,878,359	)
Total Other Investments		4,986,434			2,579,326			–		7,565,760
Total Investments	$	904,377,276		$	477,817,421		$	3,564,172	$	1,385,758,869

*	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.

26 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, 2021:


	Value
Derivative Assets	Currency Risk			Equity Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	7,927,316		$	7,927,316
Unrealized appreciation on forward foreign currency contracts outstanding		6,091,546			-			6,091,546
Unrealized appreciation on swap agreements – OTC		-			5,425,257			5,425,257
Total Derivative Assets		6,091,546			13,352,573			19,444,119
Derivatives not subject to master netting agreements		-			(7,927,316	)		(7,927,316	)
Total Derivative Assets subject to master netting agreements	$	6,091,546		$	5,425,257		$	11,516,803

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	(2,940,882	)	$	(2,940,882	)
Unrealized depreciation on forward foreign currency contracts outstanding		(3,735,069	)		-			(3,735,069	)
Unrealized depreciation on swap agreements – OTC		-			(5,202,408	)		(5,202,408	)
Total Derivative Liabilities		(3,735,069	)		(8,143,290	)		(11,878,359	)
Derivatives not subject to master netting agreements		-			2,940,882			2,940,882
Total Derivative Liabilities subject to master netting agreements	$	(3,735,069	)	$	(5,202,408	)	$	(8,937,477	)

^(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, 2021.


	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.	$	792,438	$	-	$	792,438	$	(176,825	)	$	-		$	(176,825	)	$	615,613		$	-		$	(615,613	)	$	-
Barclays Bank PLC		724,391		-		724,391		(180,270	)		-			(180,270	)		544,121			(351,179	)		-			192,942
BNP Paribas S.A.		830,665		-		830,665		(1,921,455	)		-			(1,921,455	)		(1,090,790	)		-			790,000			(300,790	)
Citibank, N.A.		993,351		-		993,351		(458,872	)		-			(458,872	)		534,479			-			(490,000	)		44,479
Deutsche Bank AG		36,754		-		36,754		(192,554	)		-			(192,554	)		(155,800	)		-			155,800			-
Goldman Sachs International		593,609		5,455,505		6,049,114		(25,344	)		(5,337,117	)		(5,362,461	)		686,653			-			(686,653	)		-
J.P. Morgan Chase Bank, N.A.		300,460		-		300,460		(359,697	)		-			(359,697	)		(59,237	)		-			-			(59,237	)
Morgan Stanley and Co. International PLC		786,675		-		786,675		(312,285	)		-			(312,285	)		474,390			-			(80,000	)		394,390
Royal Bank of Canada		12,273		-		12,273		-			-			-			12,273			-			-			12,273
Standard Chartered Bank PLC		583,788		-		583,788		(71,769	)		-			(71,769	)		512,019			-			(300,000	)		212,019
UBS AG		437,142		-		437,142		(35,998	)		-			(35,998	)		401,144			-			(310,000	)		91,144
Total	$	6,091,546	$	5,455,505	$	11,547,051	$	(3,735,069	)	$	(5,337,117	)	$	(9,072,186	)	$	2,474,865		$	(351,179	)	$	(1,536,466	)	$	587,220

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk		Currency Risk			Equity Risk		Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-	$	(73,209	)	$	-	$	-		$ (73,209)

Futures contracts		7,158,664		-			24,359,940		(2,719,964	)	28,798,640

Swap agreements		-		-			71,713,080		(82,741,586	)	(11,028,506)

27 Invesco Global Allocation Fund


	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk			Currency Risk		Equity Risk		Interest Rate Risk			Total

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-		$	8,769,860	$	-	$	-		$	8,769,860

Futures contracts		(1,601,344	)		-		9,776,326		709,287			8,884,269

Swap agreements		-			-		7,270,443		-			7,270,443

Total	$	5,557,320		$	8,696,651	$	113,119,789	$	(84,752,263	)	$	42,621,497

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

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, 2021 and 2020 :


	2021	2020

Ordinary income*	$-	$100,263

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


Tax Components of Net Assets at Period-End:
	2021

Undistributed ordinary income	$	42,538,715

Undistributed long-term capital gain		130,035,435

Net unrealized appreciation – investments		235,315,356

Net unrealized appreciation – foreign currencies		308,323

Temporary book/tax differences		(395,958	)

Shares of beneficial interest		995,597,638

Total net assets	$	1,403,399,509

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 does not have a capital loss carryforward as of October 31, 2021.

28 Invesco Global Allocation Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $490,116,064 and $669,909,659, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	266,700,154

Aggregate unrealized (depreciation) of investments		(31,384,798	)

Net unrealized appreciation of investments	$	235,315,356

Cost of investments for tax purposes is $1,149,635,653.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of income from the subsidiary, master limited partnerships and swap income, on October 31, 2021, undistributed net investment income was increased by $781,766, undistributed net realized gain was decreased by $2,862,206 and shares of beneficial interest was increased by $2,080,440. 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, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount

Sold:
Class A		2,179,768		$	49,521,742			2,181,862		$	40,190,761

Class C		459,086			9,717,253			539,284			9,405,715

Class R		239,230			5,261,967			288,979			5,175,168

Class Y		819,850			18,382,390			754,258			13,316,347

Class R5		65			1,512			-			-

Class R6		310,992			7,083,716			270,990			5,027,686


Issued as reinvestment of dividends:
Class Y		-			-			2,780			52,465

Class R6		-			-			2,246			42,431


Automatic conversion of Class C shares to Class A shares:
Class A		723,752			15,875,139			331,247			6,137,088

Class C		(770,334	)		(15,875,139	)		(350,625	)		(6,137,088	)


Reacquired:
Class A		(6,883,565	)		(155,141,759	)		(9,255,096	)		(169,802,692	)

Class C		(824,490	)		(17,407,001	)		(1,121,018	)		(19,387,925	)

Class R		(379,687	)		(8,277,705	)		(594,951	)		(10,712,149	)

Class Y		(1,266,104	)		(28,193,788	)		(1,354,038	)		(24,695,646	)

Class R5		(1	)		(20	)		-			-

Class R6		(348,675	)		(7,936,929	)		(418,602	)		(7,715,309	)

Net increase (decrease) in share activity		(5,740,113	)	$	(126,988,622	)		(8,722,684	)	$	(159,103,148	)

^(a)

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

29 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 accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Allocation Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended October 31, 2021 for Class A, Class C, Class R, Class Y and Class R6.
For each of the two years in the period ended October 31, 2021 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Global Allocation Fund (subsequently renamed Invesco Global Allocation Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for 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, 2021 by correspondence with the custodian, transfer agent, brokers and portfolio company investees; when replies were not received from brokers or portfolio company investees, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021

30 Invesco Global Allocation 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, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value (05/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,037.50	$6.06	$1,019.26	$6.01	1.18%
Class C	1,000.00	1,033.50	9.89	1,015.48	9.80	1.93
Class R	1,000.00	1,036.30	7.34	1,018.00	7.27	1.43
Class Y	1,000.00	1,039.10	4.78	1,020.52	4.74	0.93
Class R5	1,000.00	1,039.80	4.06	1,021.22	4.02	0.79
Class R6	1,000.00	1,039.90	4.01	1,021.27	3.97	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 184/365 to reflect the most recent fiscal half year.

31 Invesco Global Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the 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 year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

32 Invesco Global Allocation Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

33 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, 2021:



Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

34 Invesco 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)	186	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

Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)

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	186	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 President and Director of Grahamtastic Connection (non-profit)

Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)

Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)

Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee

Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None

T-2 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)

Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)

Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership

Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None

Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

T-3 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A

Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A

T-4 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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-6 Invesco Global Allocation Fund

(This page intentionally left blank)

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

LOGO


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

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco Global Infrastructure Fund

Nasdaq:

A: GIZAX ∎ C: GIZCX ∎ R: GIZRX ∎ Y: GIZYX ∎ R5: GIZFX ∎ R6: GIZSX


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

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Global Infrastructure Fund (the Fund), at net asset value (NAV), underperformed the Dow Jones Brookfield Global Infrastructure Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	26.22	%
Class C Shares	25.23
Class R Shares	25.93
Class Y Shares	26.53
Class R5 Shares	26.61

Class R6 Shares	26.53

MSCI World Index^▼ (Broad Market Index)	40.42

Dow Jones Brookfield Global Infrastructure Index^▼ (Style-Specific Index)	26.63

Lipper Global Infrastructure Funds Classification Average§ (Peer Group)	25.97
Source(s): ^▼RIMES Technologies Corp.; §Lipper Inc.

Market conditions and your Fund

The fiscal year began with a strong global stock market rally. Risk appetite increased as several vaccines were developed with high levels of efficacy in protecting against coronavirus (COVID-19). Central banks remained committed to accommodative monetary policies and further fiscal stimulus to promote economic normalization.

Throughout the beginning of 2021, dispersions in economic recoveries across countries and regions emerged, with the ability to control COVID-19 being the major determining factor. The US Federal Reserve (the Fed), European Central Bank and Bank of Canada all maintained interest rates at record lows. Vaccination rates continued to rise across developed countries; Europe and the Americas began to reopen their economies, while Asia continued to be more COVID-19 risk-averse. Government bond yields rose on expectations of higher growth and higher inflation. Oil and energy prices rose sharply, adding to inflationary concerns.

The global economy continued its recovery as the fiscal year ended, even with significant headwinds caused by the spread of the COVID-19 Delta variant. Supply chain disruptions continued to negatively impact the pace of economic growth and added to downward pressure on stocks. On the positive side, vaccination levels rose, especially in China where significant progress was made, while global COVID-19 infection rates dropped significantly by the end of the fiscal year. The yield on the 10-year U.S. Treasury bond rose over the final months of the period, as markets anticipated the Fed will soon begin tapering its asset purchase program. Elsewhere, several major central banks have begun to tighten monetary policies. Energy remained a standout in the commodity space, boosted by

a variety of factors on both the supply and demand sides.

Global infrastructure stocks posted strong performance over the fiscal year; however, they did underperform broad market equities over the period. The Fund underperformed the Dow Jones Brookfield Global Infrastructure Index, its style-specific benchmark, on a gross performance basis.

During the fiscal year, stock selection was a primary driver of the Fund’s outperformance relative to the style-specific benchmark. Sector allocation detracted from the Fund’s relative performance. The major positive drivers of stock selection came from within the midstream services and rail infrastructure sectors. The main area of the Fund’s relative underperformance in sector allocation stemmed from being underweight in the midstream services sector, which was the top-performing infrastructure sector over the period. The Fund did have positive sector allocations in electric utilities and gas distribution sectors. Additionally, out-of-benchmark exposure to the renewable energy sector also benefited.

Top individual relative contributors to Fund performance for the fiscal year included several midstream services companies such as Targa Resources and Cheniere Energy. These midstream services companies benefited from a positive shift in the supply and demand dynamics for natural gas. Electric utility companies Consolidated Edison and NextEra Energy were also strong relative contributors. Canadian National Railway also positively contributed, driven largely by the announcement of positions by activist investors TCI Fund Management and Elliot Investment Management. Additionally, this action by activist investors prompted CN management to announce an aggressive plan to improve margins in the coming fiscal year. We exited our position in Consolidated Edison during the fiscal year.

During the fiscal year, one of the top individual relative detractors from the Fund’s performance was China Gas Holdings. This position underperformed amid safety concerns after a pipeline accident in June in central China. Two other relative detractors for the period were midstream service companies Enbridge and The Williams Companies. While these companies performed well over the fiscal year as energy prices rose, the Fund was underweight in both names relative to the benchmark, leading to a drag on performance.

At the close of the fiscal year, relative to the style-specific benchmark, the Fund held overweight positions in sectors such as water, rail, towers and airports to balance attractive relative valuations in cyclicals with a moderating economic outlook. The Fund held underweight positions in the gas distribution, midstream services and electric utilities sectors, where valuations may be relatively unattractive and regulatory structures could impact the ability to participate in the market rebound.

We remain focused on investing in companies with sound balance sheets and strategic infrastructure assets that provide a relatively more stable underlying earnings stream, offering above-average earnings growth characteristics.

We thank you for your investment in Invesco Global Infrastructure Fund.

Portfolio manager(s):

Mark Blackburn

James Cowen

Grant Jackson

Joe Rodriguez, Jr. - Lead

Darin Turner - Lead Ping-Ying Wang

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


2		Invesco Global Infrastructure Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 5/2/14

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.


3		Invesco Global Infrastructure Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (5/2/14)	4.95	%
5 Years	7.39
1 Year	19.23
Class C Shares
Inception (5/2/14)	4.94	%
5 Years	7.79
1 Year	24.23
Class R Shares
Inception (5/2/14)	5.48	%
5 Years	8.35
1 Year	25.93
Class Y Shares
Inception (5/2/14)	6.00	%
5 Years	8.89
1 Year	26.53
Class R5 Shares
Inception (5/2/14)	6.01	%
5 Years	8.90
1 Year	26.61
Class R6 Shares
Inception (5/2/14)	6.01	%
5 Years	8.89

1 Year	26.53

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


4		Invesco Global Infrastructure Fund

Supplemental Information

Invesco Global Infrastructure Fund’s investment objective is total return through growth of capital and current income.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI World Index^SMis an unman-aged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Global Infrastructure Funds Classification Average represents an average of all the funds in the Lipper Global Infrastructure Funds classification.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Global Infrastructure Fund

Fund Information

Portfolio Composition


By infrastructure sector	% of total net assets

Towers		24.32	%

Midstream Services		22.35

Gas Utilities		18.23

Water Utilities		8.22

Electric Utilities		6.87

Diversified		5.62

Airports		4.86

Tolls		3.26

Renewables		2.06

Other Sectors, Each Less than 2.0% of Net Assets		3.54

Money Market Funds Plus Other Assets Less Liabilities		0.67

Top 10 Equity Holdings*


		% of total net assets
1.	American Tower Corp.		10.59	%
2.	Enbridge, Inc.		6.42
3.	SBA Communications Corp., Class A		5.68
4.	CenterPoint Energy, Inc.		4.60
5.	Cheniere Energy, Inc.		4.56
6.	Cellnex Telecom S.A.		4.45
7.	National Grid PLC		4.18
8.	American Water Works Co., Inc.		4.08
9.	Vinci S.A.		3.97
10.	CMS Energy Corp.		3.51

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, 2021.


6		Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–99.33%
Australia–2.50%

Atlas Arteria Ltd.		204,322	$	957,764

Transurban Group		197,046		1,999,811

				2,957,575

Brazil–0.65%

Cia de Saneamento Basico do Estado de Sao Paulo, ADR		122,360		768,421

Canada–13.11%

Canadian National Railway Co.		13,613		1,809,200

Enbridge, Inc.		181,378		7,597,475

Keyera Corp.		77,216		1,979,066

Pembina Pipeline Corp.		40,260		1,332,783

TC Energy Corp.		51,829		2,803,775

				15,522,299

China–4.02%

China Gas Holdings Ltd.		227,400		567,894

China Merchants Port Holdings Co. Ltd.		152,000		254,394

China Resources Gas Group Ltd.		68,000		366,075

China Water Affairs Group Ltd.		144,000		148,588

COSCO SHIPPING Ports Ltd.		568,000		472,612

Kunlun Energy Co. Ltd.		2,204,000		2,018,569

SITC International Holdings Co. Ltd.		276,000		937,341

				4,765,473

France–4.30%

Getlink SE		25,776		395,518

Vinci S.A.		43,912		4,699,460

				5,094,978

Italy–2.11%

Atlantia S.p.A.^(a)		46,779		902,206

Infrastrutture Wireless Italiane S.p.A.(b)		144,328		1,595,699

				2,497,905

Japan–0.67%

Japan Airport Terminal Co. Ltd.^(a)		8,700		430,813

Tokyo Gas Co. Ltd.		21,100		366,761

				797,574

Luxembourg–0.27%

SES S.A., FDR		35,610		319,909

Mexico–1.32%

Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		7,758		1,564,401

Nigeria–0.44%

IHS Holding Ltd.^(a)		31,137		523,724

Investment Abbreviations:

ADR – American Depositary Receipt

FDR – Fiduciary Depositary Receipt


	Shares		Value


Spain–11.34%

Aena SME S.A.^(a)(b)		23,025	$	3,764,990

Cellnex Telecom S.A.^(b)		85,630		5,266,670

EDP Renovaveis S.A.		87,225		2,436,413

Ferrovial S.A.		62,295		1,959,780

				13,427,853

United Kingdom–7.55%

National Grid PLC		386,668		4,946,277

Pennon Group PLC		39,897		636,820

Severn Trent PLC		89,430		3,352,317

				8,935,414

United States–51.05%

American Tower Corp.		44,458		12,535,822

American Water Works Co., Inc.		27,717		4,827,747

Avangrid, Inc.		31,639		1,667,375

CenterPoint Energy, Inc.		209,320		5,450,693

Cheniere Energy, Inc.^(a)		52,248		5,402,443

CMS Energy Corp.		68,832		4,154,011

Crown Castle International Corp.		11,893		2,144,308

Dominion Energy, Inc.		23,352		1,773,117

MPLX L.P.		51,708		1,557,445

National Fuel Gas Co.		29,964		1,720,833

NextEra Energy, Inc.		46,533		3,970,661

ONE Gas, Inc.		3,340		224,782

ONEOK, Inc.		32,726		2,082,028

PG&E Corp.^(a)		214,793		2,491,599

SBA Communications Corp., Class A		19,487		6,729,446

Targa Resources Corp.		51,114		2,794,402

Williams Cos., Inc. (The)		32,498		912,869

				60,439,581

Total Common Stocks & Other Equity Interests (Cost $99,130,373)				117,615,107

Money Market Funds–1.11%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		465,295		465,295

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		315,017		315,112

Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		531,766		531,766

Total Money Market Funds (Cost $1,312,164)				1,312,173

TOTAL INVESTMENTS IN SECURITIES—100.44% (Cost $100,442,537)				118,927,280

OTHER ASSETS LESS LIABILITIES–(0.44)%				(522,534	)

NET ASSETS–100.00%			$	118,404,746

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


7		Invesco Global Infrastructure Fund

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $10,627,359, which represented 8.98% of the Fund’s Net Assets.

^(c)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	256,583		$	12,012,614		$	(11,803,902	)		$	-			$	-		$	465,295		$	66
Invesco Liquid Assets Portfolio, Institutional Class			320,208			8,521,532			(8,526,649	)			(32	)			53			315,112			97
Invesco Treasury Portfolio, Institutional Class			293,238			13,728,702			(13,490,174	)			-				-			531,766			30
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			141,985			(141,985	)			-				-			-			1	*
Invesco Private Prime Fund			-			207,268			(207,268	)			-				-			-			16	*
Total		$	870,029		$	34,612,101		$	(34,169,978	)		$	(32	)		$	53		$	1,312,173		$	210

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

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


8		Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $99,130,373)	$	117,615,107

Investments in affiliated money market funds, at value (Cost $1,312,164)		1,312,173

Foreign currencies, at value (Cost $73,076)		72,708

Receivable for: Investments sold		480,602
Fund shares sold		72,149
Dividends		78,071

Investment for trustee deferred compensation and retirement plans		20,080

Other assets		33,859
Total assets		119,684,749

Liabilities:

Payable for: Investments purchased		1,145,634
Fund shares reacquired		26,177
Accrued fees to affiliates		33,577
Accrued other operating expenses		54,535

Trustee deferred compensation and retirement plans		20,080
Total liabilities		1,280,003
Net assets applicable to shares outstanding	$	118,404,746

Net assets consist of:

Shares of beneficial interest	$	104,952,874

Distributable earnings		13,451,872
	$	118,404,746


Net Assets:

Class A	$	20,773,872

Class C	$	3,177,700

Class R	$	5,241,249

Class Y	$	21,557,990

Class R5	$	37,287

Class R6	$	67,616,648

Shares outstanding, no par value, with an unlimited number of shares authorized:



Class A		1,635,765

Class C		250,772

Class R		413,031

Class Y		1,697,190

Class R5		2,932

Class R6		5,318,907
Class A: Net asset value per share	$	12.70
Maximum offering price per share (Net asset value of $12.70 ÷ 94.50%)	$	13.44

Class C: Net asset value and offering price per share	$	12.67

Class R: Net asset value and offering price per share	$	12.69

Class Y: Net asset value and offering price per share	$	12.70

Class R5: Net asset value and offering price per share	$	12.72

Class R6: Net asset value and offering price per share	$	12.71

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


9		Invesco Global Infrastructure Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $180,663)	$	3,040,862

Dividends from affiliated money market funds (includes securities lending income of $75)		268
Total investment income		3,041,130

Expenses:

Advisory fees		867,853

Administrative services fees		15,679

Custodian fees		21,577

Distribution fees: Class A		39,675
Class C		25,842
Class R		20,985

Transfer agent fees – A, C, R and Y		82,590

Trustees’ and officers’ fees and benefits		23,492

Registration and filing fees		81,518

Reports to shareholders		83,273

Professional services fees		56,205

Other		29,667
Total expenses		1,348,356
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(205,401	)
Net expenses		1,142,955
Net investment income		1,898,175

Realized and unrealized gain (loss) from:

Net realized gain from: Unaffiliated investment securities		6,226,452
Affiliated investment securities		53
Foreign currencies		16,262

		6,242,767

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		14,706,807
Affiliated investment securities		(32	)
Foreign currencies		(309	)
		14,706,466
Net realized and unrealized gain		20,949,233
Net increase in net assets resulting from operations	$	22,847,408

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


10		Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income	$	1,898,175		$	1,248,330
Net realized gain (loss)		6,242,767			(6,917,771	)
Change in net unrealized appreciation		14,706,466			3,692,208
Net increase (decrease) in net assets resulting from operations		22,847,408			(1,977,233	)

Distributions to shareholders from distributable earnings:
Class A		(262,127	)		(414,643	)
Class C		(23,024	)		(45,124	)
Class R		(58,212	)		(40,389	)
Class Y		(292,833	)		(473,196	)
Class R5		(352	)		(563	)
Class R6		(1,216,300	)		(609,687	)
Total distributions from distributable earnings		(1,852,848	)		(1,583,602	)

Share transactions–net:
Class A		5,390,841			4,945,617
Class C		517,509			1,155,085
Class R		1,077,445			2,967,165
Class Y		6,592,094			2,417,693
Class R5		24,765			(372	)
Class R6		6,199,734			47,947,662
Net increase in net assets resulting from share transactions		19,802,388			59,432,850
Net increase in net assets		40,796,948			55,872,015

Net assets:
Beginning of year		77,607,798			21,735,783
End of year	$	118,404,746		$	77,607,798

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


11		Invesco Global Infrastructure Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Return of capital				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/21		$	10.23		$	0.20	^(d)		$	2.46			$	2.66			$	(0.19	)		$	–			$	–			$	(0.19	)		$	12.70		26.22	%		$	20,774		1.29	%		1.62	%		1.65	%^(d)		103	%
Year ended 10/31/20			11.88			0.19				(1.38	)			(1.19	)			(0.20	)			(0.26	)			–				(0.46	)			10.23		(10.28	)			12,198		1.28			1.58			1.77			244
Year ended 10/31/19			10.01			0.19				1.85				2.04				(0.17	)			–				–				(0.17	)			11.88		20.55				8,918		1.28			2.35			1.77			106
Year ended 10/31/18			10.74			0.18				(0.45	)			(0.27	)			(0.19	)			(0.25	)			(0.02	)			(0.46	)			10.01		(2.65	)			8,098		1.28			2.56			1.76			114
Year ended 10/31/17			9.62			0.25	^(d)			1.06				1.31				(0.19	)			–				–				(0.19	)			10.74		13.74				8,899		1.29			2.87			2.40	^(d)		99
Class C
Year ended 10/31/21			10.21			0.11	^(d)			2.46				2.57				(0.11	)			–				–				(0.11	)			12.67		25.23				3,178		2.04			2.37			0.90	^(d)		103
Year ended 10/31/20			11.85			0.11				(1.37	)			(1.26	)			(0.12	)			(0.26	)			–				(0.38	)			10.21		(10.94	)			2,130		2.03			2.33			1.02			244
Year ended 10/31/19			9.99			0.11				1.84				1.95				(0.09	)			–				–				(0.09	)			11.85		19.60				1,191		2.03			3.10			1.02			106
Year ended 10/31/18			10.72			0.10				(0.44	)			(0.34	)			(0.13	)			(0.25	)			(0.01	)			(0.39	)			9.99		(3.39	)			1,579		2.03			3.31			1.01			114
Year ended 10/31/17			9.60			0.17	^(d)			1.06				1.23				(0.11	)			–				–				(0.11	)			10.72		12.92				2,016		2.04			3.62			1.65	^(d)		99
Class R
Year ended 10/31/21			10.22			0.17	^(d)			2.47				2.64				(0.17	)			–				–				(0.17	)			12.69		25.93				5,241		1.54			1.87			1.40	^(d)		103
Year ended 10/31/20			11.87			0.16				(1.37	)			(1.21	)			(0.18	)			(0.26	)			–				(0.44	)			10.22		(10.53	)			3,326		1.53			1.83			1.52			244
Year ended 10/31/19			10.01			0.17				1.84				2.01				(0.15	)			–				–				(0.15	)			11.87		20.15				495		1.53			2.60			1.52			106
Year ended 10/31/18			10.73			0.16				(0.44	)			(0.28	)			(0.18	)			(0.25	)			(0.01	)			(0.44	)			10.01		(2.80	)			351		1.53			2.81			1.51			114
Year ended 10/31/17			9.61			0.22	^(d)			1.06				1.28				(0.16	)			–				–				(0.16	)			10.73		13.47				296		1.54			3.12			2.15	^(d)		99
Class Y
Year ended 10/31/21			10.23			0.23	^(d)			2.46				2.69				(0.22	)			–				–				(0.22	)			12.70		26.53				21,558		1.04			1.37			1.90	^(d)		103
Year ended 10/31/20			11.89			0.22				(1.39	)			(1.17	)			(0.23	)			(0.26	)			–				(0.49	)			10.23		(10.11	)			11,910		1.03			1.33			2.02			244
Year ended 10/31/19			10.02			0.22				1.85				2.07				(0.20	)			–				–				(0.20	)			11.89		20.82				11,108		1.03			2.10			2.02			106
Year ended 10/31/18			10.74			0.21				(0.44	)			(0.23	)			(0.22	)			(0.25	)			(0.02	)			(0.49	)			10.02		(2.31	)			9,775		1.03			2.31			2.01			114
Year ended 10/31/17			9.62			0.27	^(d)			1.06				1.33				(0.21	)			–				–				(0.21	)			10.74		14.02				10,685		1.04			2.62			2.65	^(d)		99
Class R5
Year ended 10/31/21			10.24			0.23	^(d)			2.47				2.70				(0.22	)			–				–				(0.22	)			12.72		26.61				37		1.02			1.14			1.92	^(d)		103
Year ended 10/31/20			11.89			0.22				(1.39	)			(1.17	)			(0.22	)			(0.26	)			–				(0.48	)			10.24		(10.11	)			10		1.03			1.15			2.02			244
Year ended 10/31/19			10.02			0.22				1.85				2.07				(0.20	)			–				–				(0.20	)			11.89		20.82				12		1.03			2.00			2.02			106
Year ended 10/31/18			10.74			0.21				(0.44	)			(0.23	)			(0.22	)			(0.25	)			(0.02	)			(0.49	)			10.02		(2.31	)			10		1.03			2.19			2.01			114
Year ended 10/31/17			9.62			0.27	^(d)			1.06				1.33				(0.21	)			–				–				(0.21	)			10.74		14.02				11		1.04			2.54			2.65	^(d)		99
Class R6
Year ended 10/31/21			10.24			0.23	^(d)			2.47				2.70				(0.23	)			–				–				(0.23	)			12.71		26.53				67,617		1.02			1.14			1.92	^(d)		103
Year ended 10/31/20			11.89			0.22				(1.39	)			(1.17	)			(0.22	)			(0.26	)			–				(0.48	)			10.24		(10.10	)			48,033		1.00			1.15			2.05			244
Year ended 10/31/19			10.02			0.22				1.85				2.07				(0.20	)			–				–				(0.20	)			11.89		20.82				12		1.03			2.00			2.02			106
Year ended 10/31/18			10.74			0.21				(0.44	)			(0.23	)			(0.22	)			(0.25	)			(0.02	)			(0.49	)			10.02		(2.31	)			229		1.03			2.19			2.01			114
Year ended 10/31/17			9.62			0.27	^(d)			1.06				1.33				(0.21	)			–				–				(0.21	)			10.74		14.02				194		1.04			2.54			2.65	^(d)		99

^(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)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends for the year ended October 31, 2021 are $0.16 and 1.31%, $0.07 and 0.56%, $0.13 and 1.06%, $0.19 and 1.56%, $0.19 and 1.58% and $0.19 and 1.58% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends for the year ended October 31, 2017 are $0.20 and 1.88%, $0.12 and 1.13%, $0.17 and 1.63%, $0.22 and 2.13%, $0.22 and 2.13% and $0.22 and 2.13% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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


12		Invesco Global Infrastructure Fund

Notes to Financial Statements

October 31, 2021

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.

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.

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

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


13		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.

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.

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

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.


14		Invesco Global Infrastructure Fund

conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2021, there were no securities lending transactions with the Adviser.

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 Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 1 billion		0.8400%


Next $1 billion		0.8000%


Next $3 billion		0.7800%


Over $5 billion		0.7325%

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.84%.

Effective June 1, 2021, the Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.25%, 2.00%, 1.50%, 1.00%, 1.00% and 1.00%, respectively of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.


15		Invesco Global Infrastructure Fund

For the year ended October 31, 2021, the Adviser waived advisory fees of $122,667 and reimbursed class level expenses of $34,680, $5,612, $9,084, $33,214, $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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, IDI advised the Fund that IDI retained $10,113 in front-end sales commissions from the sale of Class A shares and $1 and $118 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	2,957,575	$	–	$	2,957,575


Brazil		768,421		–		–		768,421


Canada		15,522,299		–		–		15,522,299


China		–		4,765,473		–		4,765,473


France		–		5,094,978		–		5,094,978


Italy		–		2,497,905		–		2,497,905


Japan		–		797,574		–		797,574


Luxembourg		–		319,909		–		319,909


Mexico		1,564,401		–		–		1,564,401


Nigeria		523,724		–		–		523,724


Spain		–		13,427,853		–		13,427,853


United Kingdom		–		8,935,414		–		8,935,414


United States		60,439,581		–		–		60,439,581


Money Market Funds		1,312,173		–		–		1,312,173


Total Investments	$	80,130,599	$	38,796,681	$	–	$	118,927,280

NOTE 4–Expense Offset Arrangement(s)


16		Invesco Global Infrastructure Fund

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, 2021 and 2020:


	2021		2020


Ordinary income*	$	1,852,848	$	1,304,900


Long-term capital gain		–		278,702


Total distributions	$	1,852,848	$	1,583,602

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	351,595


Net unrealized appreciation – investments		16,300,434


Net unrealized appreciation – foreign currencies		1,311


Temporary book/tax differences		(13,019	)


Capital loss carryforward		(3,188,449	)


Shares of beneficial interest		104,952,874


Total net assets	$	118,404,746

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	3,188,449	$	–	$	3,188,449

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $122,156,567 and $101,556,316, 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	$	17,157,896


Aggregate unrealized (depreciation) of investments		(857,462	)


Net unrealized appreciation of investments	$	16,300,434

Cost of investments for tax purposes is $ 102,626,846.


17		Invesco Global Infrastructure Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies and foreign currency transactions, on October 31, 2021, undistributed net investment income was increased by $17,891 and undistributed net realized gain (loss) was decreased by $17,891. 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, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		717,135		$	8,583,964			345,800		$	3,844,613


Class C		113,290			1,341,239			45,951			508,506


Class R		119,771			1,442,625			35,978			397,759


Class Y		775,642			9,448,596			576,913			6,139,269


Class R5		1,974			24,625			-			-


Class R6		1,263,213			13,944,288			904,739			9,862,383


Issued as reinvestment of dividends:
Class A		20,131			237,143			28,115			310,338


Class C		1,899			22,127			3,720			41,763


Class R		4,954			58,196			3,663			39,943


Class Y		17,963			210,507			35,075			384,633


Class R5		11			140			-			-


Class R6		103,510			1,216,073			56,840			609,205


Automatic conversion of Class C shares to Class A shares:
Class A		20,484			235,395			1,906			19,882


Class C		(20,522	)		(235,395	)		(1,910	)		(19,882	)


Issued in connection with acquisitions:^(b)
Class A		-			-			1,471,848			15,406,180


Class C		-			-			106,043			1,108,073


Class R		-			-			302,950			3,168,253


Class Y		-			-			144,045			1,507,977


Class R5		-			-			829			8,687


Class R6		-			-			8,189,334			85,839,760


Reacquired:
Class A		(314,614	)		(3,665,661	)		(1,405,490	)		(14,635,396	)


Class C		(52,559	)		(610,462	)		(45,616	)		(483,375	)


Class R		(37,162	)		(423,376	)		(58,807	)		(638,790	)


Class Y		(260,580	)		(3,067,009	)		(526,317	)		(5,614,186	)


Class R5		-			-			(883	)		(9,059	)


Class R6		(738,625	)		(8,960,627	)		(4,461,105	)		(48,363,686	)


Net increase in share activity		1,735,915		$	19,802,388			5,753,621		$	59,432,850

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 14% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 57% 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		(24,946,439	)


Change in net assets resulting from operations	$	(22,761,758	)


18		Invesco Global Infrastructure Fund


19		Invesco Global Infrastructure Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Infrastructure Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Infrastructure Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


20		Invesco Global Infrastructure 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, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value (05/01/21)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (05/01/21)		Ending Account Value (10/31/21)¹		Expenses Paid During Period²		Ending Account Value (10/31/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A	$	1,000.00	$	1,065.90	$	6.51	$	1,018.90	$	6.36		1.25	%
Class C		1,000.00		1,061.10		10.39		1,015.12		10.16		2.00
Class R		1,000.00		1,064.60		7.81		1,017.64		7.63		1.50
Class Y		1,000.00		1,067.20		5.21		1,020.16		5.09		1.00
Class R5		1,000.00		1,067.10		5.21		1,020.16		5.09		1.00
Class R6		1,000.00		1,067.20		5.21		1,020.16		5.09		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 184/365 to reflect the most recent fiscal half year.


21		Invesco Global Infrastructure Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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 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, 2020 to the performance of funds in the Broadridge performance universe and against the Dow Jones Brookfield Global Infrastructure Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the fourth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was 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’s principal investment strategies and/or investment restrictions, including country and sector exposures, and those of its performance peer funds. The Board noted that underweight exposure to and stock selection in 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.


22		Invesco Global Infrastructure Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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


23		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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	47.27	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco 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)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²– 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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-6		Invesco Global Infrastructure Fund

(This page intentionally left blank)

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

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco Global Strategic Income Fund

Nasdaq:

A: OPSIX ∎ C: OSICX ∎ R: OSINX ∎ Y: OSIYX ∎ R5: GLSSX ∎ R6: OSIIX


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

35		Consolidated Financial Statements

38		Consolidated Financial Highlights

39		Notes to Consolidated Financial Statements

50		Report of Independent Registered Public Accounting Firm

51		Fund Expenses

52		Approval of Investment Advisory and Sub-Advisory Contracts

54		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2021, Class A shares of Invesco Global Strategic Income Fund (the Fund), at net asset value (NAV), outperformed the Bloomb-erg U.S. Aggregate Bond Index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.76	%
Class C Shares	0.98
Class R Shares	1.49
Class Y Shares	2.00
Class R5 Shares	2.14
Class R6 Shares	2.13
Bloomberg U.S. Aggregate Bond Index^▼	-0.48

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

Positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns towards the end of 2020 on political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections globally. Despite uncertainty leading up to the 2020 US presidential election, bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases.

In the second quarter of 2021, the Fed’s commentary was the primary influence on global fixed income markets. In early April, the Fed reiterated its average inflation targeting framework and its intent to be patient in reducing accommodative policies. This quelled investor concerns that arose in the first quarter and spurred solid performance across interest rates, currency and corporate credit for much of the second quarter. Nevertheless, the market was spooked again in June when Fed comments in the face of economic growth and rising inflation were interpreted to suggest earlier policy tightening than investors had anticipated. This perceived “hawkish pivot” drove down Treasury yields as investors questioned the Fed’s ability to avoid a policy error. Volatility rippled outward, roiling global markets and amplifying inflationary pressures in EMs, where several central banks (Russia, Brazil, Mexico) tightened monetary policy. After falling in April and May, the US dollar strengthened in the second half of June to end the quarter down only slightly.

COVID-19 cases globally and subdued optimism for reopening plans (and ultimately growth prospects). Meanwhile, supply chain issues proved more extensive and enduring, which led to elevated inflation data. The Fed anticipated these issues were transitory and driven by COVID-19 disruptions but suggested that tapering its $120 billion in monthly asset purchases could begin earlier than expected. This accelerated the anticipated time frame for future rate hikes. EM central banks generally continued (Russia, Brazil, Mexico) or accelerated (Chile, Czech Republic, Peru) their monetary policy tightening, while China issued an array of new regulations. The US dollar was flat in July, drifted higher in August and rose in September, ending the quarter more than 2% higher.

Compared to the Bloomberg 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 developed market and US high yield credit contributed to Fund performance, while positioning in EM rates and foreign currencies detracted.

Global fixed income markets have remained volatile this fiscal year as investors have continued to recalibrate growth prospects amidst uneven country by country reopening plans and their implications for inflation expectations and subsequent central bank monetary policy actions, particularly by the Fed. In each quarter of 2021, pivots in Fed commentary and perceptions have led to markets pricing in earlier policy tightening than investors anticipated, triggering a repricing in interest rate markets.

Entering 2021, portfolio positioning in the Fund continued to favor EM rates and foreign currency exposure has given attractive yields, global growth acceleration, and less of a need for central bank rate hikes amidst a low inflationary environment, as well as less attractive negative/low yielding rates and FX in developed market (DM) countries. Yet a spike in the US 10-year Treasury yield at the prospect of rising interest rates rippled through global markets, particularly EMs.

This pattern of central bank commentary driving market volatility continued in the second and third quarters of 2021 following the June Fed meeting which noted higher inflation and the potential for an earlier-than-expected tapering of asset purchases. While we have seen elevated inflation data in the US and globally, we ultimately expect these pressures to recede as the effects of the pandemic wane.

Nevertheless, many EM central banks preempted the Fed’s anticipated tapering by responding to higher domestic inflation prints, not having the luxury of seeing through temporary inflation the way the Fed does. That said, we expect those inflation prints to be relatively transitory and expect inflation to be materially lower in EMs next fiscal year as compared to now. We believe that we are


2		Invesco Global Strategic Income Fund

most likely at or maybe even past peak acceleration in EM rate hikes. While we expect some further pressures over the next few quarters, we do believe it will be more gradual, as the early hikers are nearing the end of the current cycle the new hikers will most likely be gradual, and only a few with high negative real rates may accelerate over the next few months. As a result, we believe EM rates are at quite attractive levels outright and especially when compared to US interest rates and believe this area of the market offers a compelling opportunity.

In contrast, after 15 months of exceptional performance, credit remains expensive by all metrics, in our view. In most markets, spreads are at all time tight levels, or close to them. Easy financial conditions, active funding markets and exceptional equity performance have helped drive strong credit performance. Led by US high yield and resurgent energy prices, EM credit has also performed well.

Going forward, we expect credit to generate low excess returns given current tight spread levels. However, we do not expect the default cycle to pick up any time soon, given inflation and the increased pricing power at the corporate level, combined with above-trend growth, easy financial conditions and the buoyant equity market. As a result, in credit, we continue to favor taking default risk over spread risk. Higher default risk comes with higher required interest rates, and as we believe the macro backdrop remains supportive for companies, we see an opportunity to capture this excess compensation for our investors. Spread risk by contrast implies lower yields, and therefore cushion, against marginally higher credit spreads.

Inflation expectations remain pressure points for global interest rate markets and developed market central banks have begun signaling a gradual removal of the extraordinary monetary stimulus provided over the last 18 months. Higher interest rate expectations have buoyed the US dollar recently, but we believe the factors that have contributed to US dollar strength are now behind us and high US twin deficits will ultimately weigh on the dollar. While conditions in the US will continue to have an outsized effect on the rest of the world, we expect global growth will remain resilient and continue to find attractive yields abroad, particularly in EMs. In this regard, we believe the environment remains quite favorable for global assets and the Fund is well positioned to capitalize.

Please note that we implemented our strategy using derivative instruments, including futures, forwards,

swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling

credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The risk may be greater in the current market environment 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.

Portfolio manager(s):

Hemant Baijal - Lead

Chris Kelly

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


3		Invesco Global Strategic Income Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco Global Strategic Income Fund


Average Annual Total Returns As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (10/16/89)	6.17	%
10 Years	2.45
5 Years	1.12
1 Year	-2.58

Class C Shares
Inception (5/26/95)	5.16	%
10 Years	2.26
5 Years	1.20
1 Year	-0.01

Class R Shares
Inception (3/1/01)	4.63	%
10 Years	2.59
5 Years	1.72
1 Year	1.49

Class Y Shares
Inception (1/26/98)	5.02	%
10 Years	3.10
5 Years	2.16
1 Year	2.00

Class R5 Shares
10 Years	2.97	%
5 Years	2.16
1 Year	2.14

Class R6 Shares
Inception (1/27/12)	3.07	%
5 Years	2.36
1 Year	2.13

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 In-vesco 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.


5		Invesco Global Strategic Income Fund

Supplemental Information

Invesco Global Strategic Income Fund’s investment objective is to seek total return.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Strategic Income Fund

Fund Information

Portfolio Composition


By security type	% of total net assets

U.S. Dollar Denominated Bonds & Notes		40.83	%
Non-U.S. Dollar Denominated Bonds & Notes		31.94
Asset-Backed Securities		9.19
U.S. Government Sponsored Agency Mortgage-Backed Securities		4.73
Affiliated Issuers		3.11
Variable Rate Senior Loan Interests		1.04
Agency Credit Risk Transfer Notes		1.00
Security Types Each Less Than 1% of Portfolio		1.16
Money Market Funds Plus Other Assets Less Liabilities		7.00

Top Five Debt Issuers*


		% of total net assets
1.	China Development Bank		5.52	%
2.	Brazil Notas do Tesouro Nacional		4.30
3.	Province of Ontario		3.25
4.	Republic of South Africa Government Bond		3.06
5.	Uniform Mortgage Backed Securities		3.02

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, 2021.


7		Invesco Global Strategic Income Fund

Consolidated Schedule of Investments

October 31, 2021


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–40.83%
Angola–0.15%
Angolan Government International Bond,
8.00%, 11/26/2029^(a)	$	1,800,000	$ 1,788,678
9.38%, 05/08/2048^(a)		1,800,000	1,792,710
			3,581,388

Argentina–0.61%
Argentine Bonad Bonds, 0.10%, 11/30/2021		10,869,375	10,546,011
Argentine Republic Government International Bond, 0.50%, 07/09/2030^(b)		10,650,000	3,659,340
			14,205,351

Australia–0.08%
Glencore Funding LLC, 2.85%, 04/27/2031^(a)(c)		1,800,000	1,803,909

Belgium–0.01%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028^(a)		125,000	130,625

Brazil–0.92%
Azul Investments L.L.P., 7.25%, 06/15/2026^(a)		2,700,000	2,508,718
B2W Digital Lux S.a.r.l., 4.38%, 12/20/2030(a)		2,320,000	2,160,686
Banco do Brasil S.A., 9.00%^(a)(d)(e)		3,600,000	3,910,536
Braskem Netherlands Finance B.V., 4.50%, 01/31/2030^(a)		1,800,000	1,828,854
Brazilian Government International Bond, 4.75%, 01/14/2050		3,700,000	3,168,828
CSN Inova Ventures, 6.75%, 01/28/2028^(a)		1,775,000	1,887,269
Klabin Austria GmbH, 5.75%, 04/03/2029^(a)		710,000	773,900
Minerva Luxembourg S.A., 4.38%, 03/18/2031^(a)		3,700,000	3,522,215
Suzano Austria GmbH, 2.50%, 09/15/2028		1,716,000	1,625,910
			21,386,916

Canada–0.21%
Precision Drilling Corp., 6.88%, 01/15/2029^(a)		1,009,000	1,043,583
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076^(c)(d)		3,545,000	3,917,225
			4,960,808

Chile–0.23%
AES Andes S.A., 6.35%, 10/07/2079^(a)(d)		1,750,000	1,816,010


	Principal Amount		Value
Chile–(continued)
Kenbourne Invest S.A., 4.70%, 01/22/2028^(a)	$	3,650,000	$ 3,636,313
			5,452,323

China–1.25%
CIFI Holdings Group Co. Ltd.,
6.55%, 03/28/2024^(a)		710,000	700,572
6.45%, 11/07/2024^(a)		2,150,000	2,118,467
6.00%, 07/16/2025^(a)		1,850,000	1,810,276
Country Garden Holdings Co. Ltd.,
5.13%, 01/17/2025^(a)		530,000	521,820
5.40%, 05/27/2025^(a)		4,810,000	4,765,233
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC, 7.50%, 05/01/2025^(a)		492,000	473,142
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026^(a)		2,935,000	2,908,481
KWG Group Holdings Ltd.,
5.88%, 11/10/2024^(a)		1,250,000	1,065,010
5.95%, 08/10/2025^(a)		1,065,000	838,687
Logan Group Co. Ltd.,
7.50%, 08/25/2022^(a)		1,695,000	1,668,149
5.25%, 02/23/2023^(a)		3,750,000	3,637,184
4.25%, 07/12/2025^(a)		700,000	633,237
NXP B.V./NXP Funding LLC/NXP USA, Inc., 2.50%, 05/11/2031^(a)		1,800,000	1,790,503
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/2024^(a)		1,065,000	985,491
Prosus N.V., 4.03%, 08/03/2050^(a)		1,925,000	1,811,253
Shimao Group Holdings Ltd.,
6.13%, 02/21/2024^(a)		1,800,000	1,707,750
5.60%, 07/15/2026^(a)		1,800,000	1,703,111
			29,138,366

Colombia–0.97%
Bancolombia S.A., 4.88%, 10/18/2027^(d)		7,200,000	7,281,072
Colombia Government International Bond,
4.13%, 02/22/2042		5,475,000	4,971,245
5.00%, 06/15/2045		7,200,000	7,117,416
Ecopetrol S.A., 4.63%, 11/02/2031		3,228,000	3,208,293
			22,578,026

Denmark–0.15%
Danske Bank A/S, 6.13%^(a)(d)(e)		3,200,000	3,398,000

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


8		Invesco Global Strategic Income Fund


	Principal Amount		Value
Dominican Republic–0.17%
Dominican Republic International Bond,
4.88%, 09/23/2032^(a)	$	2,280,000	$ 2,319,923
5.30%, 01/21/2041^(a)(c)		1,560,000	1,548,315
			3,868,238

Ecuador–0.06%
Ecuador Government International Bond, 5.00%, 07/31/2030^(a)(b)		1,800,000	1,498,500

Egypt–0.54%
Egypt Government International Bond,
6.59%, 02/21/2028^(a)		2,564,000	2,522,822
7.63%, 05/29/2032^(a)		5,000,000	4,848,705
8.50%, 01/31/2047^(a)		3,700,000	3,429,293
8.88%, 05/29/2050^(a)		1,775,000	1,677,739
			12,478,559

El Salvador–0.13%
El Salvador Government International Bond,
7.75%, 01/24/2023^(a)		1,750,000	1,552,688
8.25%, 04/10/2032^(a)		1,750,000	1,379,875
			2,932,563

France–0.76%
Altice France S.A.,
8.13%, 02/01/2027^(a)		1,226,000	1,319,483
5.13%, 07/15/2029^(a)		766,000	746,988
5.50%, 10/15/2029^(a)(c)		730,000	716,473
BNP Paribas S.A., 7.38%^(a)(d)(e)		2,200,000	2,526,029
Iliad Holding S.A.S.,
6.50%, 10/15/2026^(a)		275,000	283,709
7.00%, 10/15/2028^(a)(c)		653,000	673,922
Societe Generale S.A., 4.75%^(a)(d)(e)		3,550,000	3,645,317
TotalEnergies Capital International S.A., 3.13%, 05/29/2050		7,400,000	7,780,187
			17,692,108

Ghana–0.43%
Ghana Government International Bond,
7.88%, 03/26/2027^(a)		5,550,000	5,166,900
7.75%, 04/07/2029^(a)		5,450,000	4,870,513
			10,037,413

Guatemala–0.25%
Guatemala Government Bond,
4.90%, 06/01/2030^(a)		2,960,000	3,216,247
3.70%, 10/07/2033^(a)		2,536,000	2,531,879
			5,748,126

Hong Kong–0.39%
Melco Resorts Finance Ltd., 4.88%, 06/06/2025^(a)		9,250,000	9,159,812

India–0.82%
Adani Green Energy Ltd., 4.38%, 09/08/2024^(a)		2,857,000	2,895,860


	Principal Amount		Value
India–(continued)
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(a)	$	3,475,000	$ 3,579,939
JSW Steel Ltd., 3.95%, 04/05/2027^(a)		4,260,000	4,302,670
Muthoot Finance Ltd., 4.40%, 09/02/2023^(a)		3,700,000	3,772,613
Reliance Industries Ltd., 4.88%, 02/10/2045^(a)		3,600,000	4,509,594
			19,060,676

Indonesia–1.48%
PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025^(a)		6,390,000	6,479,243
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026^(a)		4,475,000	4,583,519
PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051^(a)		3,600,000	3,654,622
PT Indonesia Asahan Aluminium (Persero),
4.75%, 05/15/2025^(a)		7,400,000	7,956,850
5.45%, 05/15/2030^(a)		3,700,000	4,234,206
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara,
4.13%, 05/15/2027^(a)		3,700,000	3,982,125
4.38%, 02/05/2050^(a)		3,600,000	3,638,970
			34,529,535

Iraq–0.06%
Iraq International Bond, 5.80%, 01/15/2028^(a)		1,462,500	1,426,120

Ireland–0.52%
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025^(a)(f)		1,320,387	1,303,549
Series 119, 0.00%, 04/30/2025^(a)(f)		1,404,732	1,386,818
Series 120, 0.00%, 04/30/2025^(a)(f)		2,009,566	1,983,938
Series 122, 0.00%, 04/30/2025^(a)(f)		1,540,607	1,520,961
Series 124, 0.00%, 04/30/2025^(a)(f)		1,237,364	1,221,585
Series 126, 0.00%, 04/30/2025^(a)(f)		1,582,013	1,561,838
Series 127, 0.00%, 04/30/2025^(a)(f)		1,832,434	1,809,065
0.00%, 04/30/2025^(a)(f)		1,438,166	1,419,825
			12,207,579

Italy–0.12%
UniCredit S.p.A., 3.13%, 06/03/2032^(a)(d)		2,869,000	2,857,922

Japan–0.41%
SoftBank Group Corp.,
4.63%, 07/06/2028^(a)		3,675,000	3,623,015
5.25%, 07/06/2031^(a)		2,185,000	2,192,352
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		3,700,000	3,788,520
			9,603,887

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


9		Invesco Global Strategic Income Fund


	Principal Amount		Value
Kazakhstan–0.08%
KazMunayGas National Co. JSC, 3.50%, 04/14/2033^(a)	$	1,850,000	$ 1,919,320

Macau–0.65%
MGM China Holdings Ltd.,
5.38%, 05/15/2024^(a)		3,495,000	3,503,005
5.88%, 05/15/2026^(a)		3,200,000	3,202,608
Sands China Ltd.,
3.80%, 01/08/2026		1,480,000	1,490,900
2.85%, 03/08/2029^(a)		1,775,000	1,667,985
Wynn Macau Ltd., 4.88%, 10/01/2024^(a)		5,665,000	5,364,245
			15,228,743

Mexico–2.44%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031^(a)		1,782,000	1,766,675
Banco Mercantil del Norte S.A., 8.38%^(a)(d)(e)		1,850,000	2,165,166
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029^(a)		3,550,000	3,771,875
6.99%, 02/20/2032^(a)(c)		2,136,000	2,189,400
Cemex S.A.B. de C.V.,
5.45%, 11/19/2029^(a)		2,590,000	2,808,726
3.88%, 07/11/2031^(a)		2,590,000	2,602,821
5.13%^(a)(d)(e)		2,487,000	2,572,612
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028^(a)		11,125,000	10,762,992
Nemak S.A.B. de C.V., 3.63%, 06/28/2031^(a)		3,064,000	2,872,255
Petroleos Mexicanos,
4.50%, 01/23/2026		5,469,000	5,524,756
6.50%, 03/13/2027		11,050,000	11,794,549
6.38%, 01/23/2045		3,700,000	3,201,370
6.35%, 02/12/2048		3,700,000	3,161,983
7.69%, 01/23/2050		1,775,000	1,698,746
			56,893,926

Netherlands–1.41%
ING Groep N.V.,
6.50%^(c)(d)(e)		7,200,000	7,911,036
6.75%^(a)(d)(e)		8,600,000	9,371,222
OCI N.V., 4.63%, 10/15/2025^(a)		1,089,000	1,133,921
UPC Holding B.V., 5.50%, 01/15/2028^(a)		7,300,000	7,564,625
VEON Holdings B.V., 3.38%, 11/25/2027^(a)		6,745,000	6,772,756
			32,753,560

Nigeria–0.09%
Nigeria Government International Bond, 7.88%, 02/16/2032^(a)		2,145,000	2,193,464


	Principal Amount		Value
Oman–0.58%
Oman Government International Bond,
4.75%, 06/15/2026^(a)	$	6,982,000	$ 7,192,877
6.75%, 01/17/2048^(a)		6,100,000	6,186,651
			13,379,528

Pakistan–0.08%
Pakistan Government International Bond, 8.88%, 04/08/2051^(a)		1,775,000	1,790,180

South Africa–0.27%
Eskom Holdings SOC Ltd., 7.13%, 02/11/2025^(a)		1,950,000	2,035,184
Republic of South Africa Government International Bond, 5.65%, 09/27/2047		1,775,000	1,685,987
Sasol Financing USA LLC, 4.38%, 09/18/2026		2,403,000	2,445,173
			6,166,344

Sri Lanka–0.05%
Sri Lanka Government International Bond, 7.55%, 03/28/2030^(a)		1,800,000	1,135,548

Switzerland–1.66%
Consolidated Energy Finance S.A., 5.63%, 10/15/2028^(a)		700,000	697,445
Credit Suisse Group AG,
7.50%^(a)(d)(e)		1,775,000	1,891,262
7.50%^(a)(d)(e)		4,000,000	4,370,000
6.25%^(a)(d)(e)		5,255,000	5,664,943
5.25%^(a)(d)(e)		3,600,000	3,748,500
Oriflame Investment Holding PLC, 5.13%, 05/04/2026^(a)(c)		3,474,000	3,449,161
Swiss Re Finance (Luxembourg) S.A., 5.00%, 04/02/2049^(a)(d)		4,320,000	4,904,280
UBS Group AG,
7.00%^(a)(d)(e)		5,450,000	5,896,600
7.00%^(a)(d)(e)		7,195,000	8,107,866
			38,730,057

Tanzania–0.15%
HTA Group Ltd., 7.00%, 12/18/2025^(a)		3,330,000	3,493,903

Thailand–0.17%
Krung Thai Bank PCL, 4.40%^(a)(d)(e)		2,220,000	2,219,045
Muang Thai Life Assurance PCL, 3.55%, 01/27/2037^(a)(d)		1,800,000	1,814,526
			4,033,571

Ukraine–0.78%
Metinvest B.V., 8.50%, 04/23/2026^(a)		3,750,000	4,230,994
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026^(a)		1,800,000	1,780,757

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
Ukraine–(continued)
Ukraine Government International Bond,
8.99%, 02/01/2024^(a)	$	2,850,000	$ 3,121,206
6.88%, 05/21/2029^(a)		1,825,000	1,865,343
7.38%, 09/25/2032^(a)		4,300,000	4,434,246
1.26%, 05/31/2040^(a)		2,500,000	2,640,700
			18,073,246

United Kingdom–2.38%
abrdn PLC, 4.25%, 06/30/2028^(a)		1,825,000	1,987,407
BP Capital Markets PLC, 4.88%^(d)(e)		2,590,000	2,825,845
HSBC Holdings PLC,
6.00%^(d)(e)		8,626,000	9,386,123
6.38%^(d)(e)		1,775,000	1,914,781
M&G PLC, 6.50%, 10/20/2048^(a)(d)		1,825,000	2,198,720
NatWest Group PLC, Series U, 2.45% (3 mo. USD LIBOR + 2.32%)^(e)(g)		3,700,000	3,688,678
Petrofac Ltd., 9.75%, 11/15/2026^(a)		3,111,000	3,080,761
Prudential PLC, 4.88%^(a)(e)		3,550,000	3,649,080
Standard Chartered PLC,
4.30%, 02/19/2027^(a)(c)		6,480,000	6,974,541
6.00%^(a)(c)(d)(e)		5,400,000	5,883,300
4.30%^(a)(c)(d)(e)		3,914,000	3,768,282
Virgin Media Finance PLC, 5.00%, 07/15/2030^(a)(c)		447,000	445,028
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029^(a)(c)		767,000	810,266
Vodafone Group PLC,
3.25%, 06/04/2081^(c)(d)		3,326,000	3,331,721
4.13%, 06/04/2081^(d)		5,595,000	5,569,039
			55,513,572

United States–18.99%
AdaptHealth LLC,
6.13%, 08/01/2028^(a)		566,000	599,960
5.13%, 03/01/2030^(a)		624,000	627,900
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(a)		2,586,000	2,781,140
Akumin, Inc., 7.00%, 11/01/2025^(a)(c)		1,196,000	1,144,040
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028^(a)		6,930,000	7,437,969
Allison Transmission, Inc., 3.75%, 01/30/2031^(a)		2,379,000	2,289,895
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026^(a)		6,585,000	6,915,896
5.75%, 04/20/2029^(a)		519,000	559,223
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028^(a)		1,317,000	1,336,755
Arconic Corp., 6.13%, 02/15/2028^(a)		9,500,000	10,022,500


	Principal Amount		Value
United States–(continued)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028^(a)	$	1,197,000	$ 1,173,060
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(a)		1,097,000	1,142,251
Audacy Capital Corp., 6.75%, 03/31/2029^(a)(c)		1,201,000	1,192,311
Bath & Body Works, Inc.,
7.50%, 06/15/2029		470,000	531,453
6.88%, 11/01/2035		673,000	818,516
Bausch Health Cos., Inc.,
5.75%, 08/15/2027^(a)(c)		455,000	476,947
5.25%, 02/15/2031^(a)		5,300,000	4,773,392
Becton, Dickinson and Co., 3.79%, 05/20/2050		7,400,000	8,434,407
Bonanza Creek Energy, Inc., 7.50%, 04/30/2026		34,421	34,581
Brink’s Co. (The),
5.50%, 07/15/2025^(a)		149,000	156,353
4.63%, 10/15/2027^(a)		1,087,000	1,122,925
Bristow Group, Inc., 6.88%, 03/01/2028^(a)		1,865,000	1,937,269
Callon Petroleum Co., 8.00%, 08/01/2028^(a)(c)		1,162,000	1,172,632
Calpine Corp., 3.75%, 03/01/2031^(a)		1,236,000	1,188,130
Camelot Finance S.A., 4.50%, 11/01/2026^(a)		2,993,000	3,112,720
Carnival Corp., 10.50%, 02/01/2026^(a)(c)		4,440,000	5,164,830
Carriage Services, Inc., 4.25%, 05/15/2029^(a)		1,964,000	1,969,892
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.13%, 05/01/2027^(a)		777,000	806,138
5.00%, 02/01/2028^(a)		842,000	876,733
4.75%, 03/01/2030^(a)		4,258,000	4,401,707
4.50%, 08/15/2030^(a)		5,475,000	5,579,737
4.50%, 05/01/2032		1,845,000	1,856,079
4.25%, 01/15/2034^(a)		346,000	336,020
Centene Corp., 4.63%, 12/15/2029		1,261,000	1,361,880
Charles Schwab Corp. (The), Series G, 5.38%^(d)(e)		7,500,000	8,268,000
Cigna Corp., 2.38%, 03/15/2031		1,800,000	1,805,327
Cinemark USA, Inc., 5.88%, 03/15/2026^(a)(c)		275,000	276,031
Citigroup, Inc., 3.88%^(d)(e)		4,336,000	4,384,780
Civitas Resources, Inc., 5.00%, 10/15/2026^(a)		1,187,000	1,200,591
Clarios Global L.P., 6.75%, 05/15/2025^(a)		285,000	300,638
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(a)		259,000	275,452
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(a)		1,345,000	1,340,898

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


11		Invesco Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Clearway Energy Operating LLC,
4.75%, 03/15/2028^(a)	$	1,393,000	$ 1,475,535
3.75%, 02/15/2031^(a)		1,083,000	1,073,551
CNX Midstream Partners L.P., 4.75%, 04/15/2030^(a)		1,215,000	1,218,037
Community Health Systems, Inc.,
8.00%, 03/15/2026^(a)		4,248,000	4,486,950
8.00%, 12/15/2027^(a)		1,440,000	1,562,400
Cox Communications, Inc., 2.95%, 10/01/2050^(a)		2,720,000	2,595,438
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		1,833,000	1,812,379
Crown Castle International Corp., 3.25%, 01/15/2051		3,700,000	3,727,553
CSC Holdings LLC,
5.88%, 09/15/2022		269,000	277,743
5.50%, 04/15/2027^(a)		1,195,000	1,235,331
5.75%, 01/15/2030^(a)		1,814,000	1,792,141
4.63%, 12/01/2030^(a)		213,000	195,435
4.50%, 11/15/2031^(a)(c)		649,000	629,676
5.00%, 11/15/2031^(a)		253,000	235,265
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(a)		1,245,000	1,265,337
Dana, Inc.,
5.38%, 11/15/2027		438,000	459,353
5.63%, 06/15/2028		689,000	729,479
DaVita, Inc.,
4.63%, 06/01/2030^(a)		739,000	743,619
3.75%, 02/15/2031^(a)		1,757,000	1,666,954
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(a)		1,235,000	1,295,206
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		7,400,000	9,451,724
Delta Air Lines, Inc.,
7.00%, 05/01/2025^(a)		2,281,000	2,662,458
7.38%, 01/15/2026^(c)		4,074,000	4,792,855
DISH DBS Corp., 7.75%, 07/01/2026^(c)		367,000	408,288
DISH Network Corp., Conv., 3.38%, 08/15/2026		275,000	280,868
Diversified Healthcare Trust,
4.75%, 05/01/2024		573,000	591,623
9.75%, 06/15/2025		1,344,000	1,461,600
4.38%, 03/01/2031		402,000	388,989
Dun & Bradstreet Corp. (The), 6.88%, 08/15/2026^(a)		405,000	422,719
Encompass Health Corp., 4.50%, 02/01/2028^(c)		1,176,000	1,198,753
Energizer Holdings, Inc., 4.38%, 03/31/2029^(a)		125,000	119,938
EnerSys, 5.00%, 04/30/2023^(a)		753,000	783,030
EnPro Industries, Inc., 5.75%, 10/15/2026		1,063,000	1,113,493
Equinix, Inc., 2.50%, 05/15/2031		1,800,000	1,801,681


	Principal Amount		Value
United States–(continued)
Everi Holdings, Inc., 5.00%, 07/15/2029^(a)	$	1,194,000	$ 1,223,850
Expedia Group, Inc., 2.95%, 03/15/2031		3,113,000	3,142,358
Ford Motor Co.,
8.50%, 04/21/2023		1,520,000	1,668,580
9.00%, 04/22/2025		7,716,000	9,288,135
9.63%, 04/22/2030^(c)		225,000	324,423
4.75%, 01/15/2043		642,000	702,110
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		417,000	452,966
4.13%, 08/04/2025		7,500,000	7,931,250
3.38%, 11/13/2025		501,000	515,404
4.39%, 01/08/2026		698,000	747,733
5.11%, 05/03/2029		1,578,000	1,755,525
Freeport-McMoRan, Inc.,
4.63%, 08/01/2030^(c)		6,290,000	6,808,925
5.40%, 11/14/2034^(c)		1,986,000	2,428,759
5.45%, 03/15/2043		189,000	237,998
Gap, Inc. (The), 3.63%, 10/01/2029^(a)		361,000	354,231
Gartner, Inc.,
4.50%, 07/01/2028^(a)		1,200,000	1,250,940
3.63%, 06/15/2029^(a)		587,000	590,669
General Motors Financial Co., Inc., 2.35%, 01/08/2031		1,800,000	1,750,523
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025		406,000	400,850
6.25%, 05/15/2026		791,000	766,629
8.00%, 01/15/2027		1,011,000	1,017,339
7.75%, 02/01/2028		283,000	280,027
Goldman Sachs Group, Inc. (The), 2.62%, 04/22/2032^(d)		1,800,000	1,808,683
Gray Escrow II, Inc., 5.38%, 11/15/2031^(a)		865,000	874,731
Gray Television, Inc., 7.00%, 05/15/2027^(a)(c)		1,103,000	1,181,589
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(a)		1,224,000	1,246,668
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(a)		2,342,000	2,345,396
HCA, Inc.,
5.88%, 02/15/2026		213,000	242,820
5.38%, 09/01/2026^(c)		1,492,000	1,701,027
5.63%, 09/01/2028		849,000	996,072
5.88%, 02/01/2029		493,000	587,390
4.13%, 06/15/2029		1,458,000	1,615,724
Hess Midstream Operations L.P., (Acquired 10/10/2019; Cost $1,357,910), 5.63%, 02/15/2026^(a)(h)		1,316,000	1,365,350
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(a)		781,000	802,599
5.75%, 02/01/2029^(a)		431,000	438,004
Host Hotels & Resorts L.P., Series D, 3.75%, 10/15/2023		9,337,000	9,733,062

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


12		Invesco Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Intrado Corp., 5.38%, 07/15/2022^(a)	$	975,000	$ 950,625
iStar, Inc.,
4.75%, 10/01/2024		1,837,000	1,943,087
5.50%, 02/15/2026		434,000	451,360
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(a)		899,000	946,198
Jabil, Inc., 3.00%, 01/15/2031		3,700,000	3,790,505
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029^(a)		1,083,000	1,199,422
JPMorgan Chase & Co., Series KK, 3.65%^(d)(e)		7,954,000	7,934,115
Kraft Heinz Foods Co. (The),
5.00%, 06/04/2042		743,000	919,706
5.20%, 07/15/2045		9,490,000	12,088,245
4.38%, 06/01/2046^(c)		1,038,000	1,213,462
Lamar Media Corp.,
4.88%, 01/15/2029		1,861,000	1,951,724
4.00%, 02/15/2030		2,325,000	2,363,409
3.63%, 01/15/2031		1,296,000	1,272,529
LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(a)		1,277,000	1,312,845
Level 3 Financing, Inc., 3.75%, 07/15/2029^(a)		1,977,000	1,870,736
Lithia Motors, Inc., 3.88%, 06/01/2029^(a)		1,206,000	1,251,237
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		1,041,000	1,150,617
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(a)		1,112,000	1,186,466
4.50%, 12/15/2034		703,000	688,729
Marriott International, Inc.,
Series FF, 4.63%, 06/15/2030		745,000	848,942
Series GG, 3.50%, 10/15/2032		10,360,000	10,965,823
Mattel, Inc.,
5.88%, 12/15/2027^(a)		7,300,000	7,856,625
6.20%, 10/01/2040		1,775,000	2,265,344
5.45%, 11/01/2041		1,775,000	2,096,834
MEDNAX, Inc., 6.25%, 01/15/2027^(a)		1,208,000	1,268,183
MGM Resorts International, 6.00%, 03/15/2023		2,145,000	2,266,128
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(a)		1,219,000	1,231,367
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(a)		1,240,000	1,280,300
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/2029^(a)		2,372,000	2,363,105
MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029		1,215,000	1,286,381
Mueller Water Products, Inc., 4.00%, 06/15/2029^(a)		1,189,000	1,209,807


	Principal Amount		Value
United States–(continued)
Murray Energy Corp., 12.00%, 04/15/2024^(a)(i)	$	5,744,632	$ 29,298
Navient Corp.,
6.50%, 06/15/2022		432,000	444,960
6.13%, 03/25/2024		817,000	875,211
5.88%, 10/25/2024		598,000	639,833
6.75%, 06/25/2025		565,000	622,542
6.75%, 06/15/2026		318,000	351,415
5.00%, 03/15/2027		792,000	808,723
5.63%, 08/01/2033		362,000	344,115
NESCO Holdings II, Inc., 5.50%, 04/15/2029^(a)		1,176,000	1,192,170
Netflix, Inc.,
5.88%, 11/15/2028		753,000	917,515
5.38%, 11/15/2029^(a)		734,000	886,279
NFP Corp., 4.88%, 08/15/2028^(a)		473,000	480,686
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(a)		1,006,000	1,021,593
NGL Energy Partners L.P./NGL Energy Finance Corp.,
6.13%, 03/01/2025		711,000	605,324
7.50%, 04/15/2026		287,000	245,787
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(a)		592,000	622,518
NMI Holdings, Inc., 7.38%, 06/01/2025^(a)		1,050,000	1,207,731
Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(a)		1,982,000	2,133,970
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029^(a)		1,745,000	1,897,687
Occidental Petroleum Corp.,
6.95%, 07/01/2024		428,000	482,035
8.50%, 07/15/2027		219,000	272,929
6.13%, 01/01/2031^(c)		662,000	793,573
6.20%, 03/15/2040		661,000	801,793
4.10%, 02/15/2047		501,000	489,164
Omnicare, Inc., 4.75%12/01/2022		5,295,000	5,447,079
OneMain Finance Corp.,
6.88%, 03/15/2025		1,227,000	1,371,172
7.13%, 03/15/2026		1,537,000	1,746,416
3.88%, 09/15/2028		643,000	627,729
5.38%, 11/15/2029		768,000	820,800
Ovintiv Exploration, Inc., 5.63%, 07/01/2024		756,000	832,624
Papa John’s International, Inc., 3.88%, 09/15/2029^(a)		1,215,000	1,189,181
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029^(a)		761,000	823,379
Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/2026		7,200,000	7,941,936
3.80%, 09/15/2030		2,220,000	2,347,072
Prestige Brands, Inc., 3.75%, 04/01/2031^(a)		1,815,000	1,756,012

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


13		Invesco Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
PulteGroup, Inc.,
7.88%, 06/15/2032	$	450,000	$ 649,364
6.38%, 05/15/2033		450,000	592,531
6.00%, 02/15/2035		450,000	582,500
QVC, Inc., 5.45%, 08/15/2034		1,203,000	1,258,921
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(a)		1,640,000	1,693,300
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		1,280,000	1,307,200
Rockcliff Energy II LLC, 5.50%, 10/15/2029^(a)		1,205,000	1,237,836
Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(a)		1,112,000	1,185,670
6.88%, 04/15/2040^(a)		875,000	992,294
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(a)		145,000	147,900
RR Donnelley & Sons Co., 8.25%, 07/01/2027		447,000	523,549
SBA Communications Corp., 3.88%, 02/15/2027		1,778,000	1,835,838
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(a)		5,212,000	5,446,540
Scientific Games International, Inc., 8.25%, 03/15/2026^(a)		1,355,000	1,437,994
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026^(a)		503,000	507,718
Scripps Escrow II, Inc., 3.88%, 01/15/2029^(a)		1,273,000	1,268,233
Seagate HDD Cayman, 4.13%, 01/15/2031^(c)		2,960,000	3,009,521
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(a)		1,125,000	1,185,469
Sensata Technologies B.V.,
4.88%, 10/15/2023^(a)		1,631,000	1,729,357
5.63%, 11/01/2024^(a)		137,000	151,214
4.00%, 04/15/2029^(a)		633,000	643,704
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029^(a)		1,185,000	1,198,331
Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(a)		840,000	842,100
4.00%, 07/15/2028^(a)		945,000	952,985
SM Energy Co.,
10.00%, 01/15/2025^(a)(c)		1,057,000	1,177,234
6.75%, 09/15/2026		551,000	565,464
Sonic Automotive, Inc., 4.63%, 11/15/2029^(a)		1,674,000	1,680,947
Southern Co. (The),
Series B, 4.00%, 01/15/2051^(d)		8,100,000	8,466,120
Series 2021-A, 3.75%, 09/15/2051^(d)		5,624,000	5,718,483
Sprint Capital Corp., 8.75%, 03/15/2032		879,000	1,316,742


	Principal Amount		Value
United States–(continued)
Sprint Corp., 7.63%, 03/01/2026	$	168,000	$ 201,625
Standard Industries, Inc., 5.00%, 02/15/2027^(a)		1,258,000	1,292,595
SunCoke Energy, Inc., 4.88%, 06/30/2029^(a)		1,233,000	1,225,294
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		212,000	222,335
5.88%, 03/15/2028		1,378,000	1,460,418
Talen Energy Supply LLC,
7.25%, 05/15/2027^(a)		257,000	246,268
7.63%, 06/01/2028^(a)(c)		1,798,000	1,720,317
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 01/15/2028^(a)		1,241,000	1,247,056
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
6.50%, 07/15/2027		210,000	225,225
5.00%, 01/15/2028		698,000	735,406
5.50%, 03/01/2030		224,000	246,465
4.88%, 02/01/2031		231,000	249,360
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027^(a)		1,761,000	1,859,281
Terminix Co. LLC (The), 7.45%, 08/15/2027		1,103,000	1,326,357
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(a)		1,176,000	1,180,763
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025^(a)(f)		7,200,000	6,962,587
United Airlines, Inc., 4.38%, 04/15/2026^(a)		4,853,000	5,026,349
Universal Health Services, Inc., 2.65%, 10/15/2030^(a)		4,156,000	4,129,880
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		1,286,000	1,337,440
Valaris Ltd., 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(a)(c)(j)		424,000	442,079
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(j)		800,000	834,112
Valvoline, Inc., 3.63%, 06/15/2031^(a)		1,233,000	1,203,716
Verizon Communications, Inc., 2.55%, 03/21/2031		1,800,000	1,815,326
Viatris, Inc., 3.85%, 06/22/2040		2,220,000	2,215,382
Vistra Operations Co. LLC,
5.50%, 09/01/2026^(a)		237,000	244,335
5.63%, 02/15/2027^(a)		423,000	436,354
5.00%, 07/31/2027^(a)		890,000	913,363
4.38%, 05/01/2029^(a)		1,246,000	1,235,097
WRKCo, Inc., 3.00%, 06/15/2033		5,180,000	5,382,752

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


14		Invesco Global Strategic Income Fund


		Principal Amount		Value
United States–(continued)
Wynn Resorts Finance LLC/ Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(a)(c)		$	1,192,000	$ 1,196,470
				442,333,871

Zambia–0.33%
First Quantum Minerals Ltd., 6.88%, 10/15/2027^(a)			7,200,000	7,695,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $949,343,679)				951,070,583

Non-U.S. Dollar Denominated Bonds & Notes–31.94%^(k)
Argentina–1.98%
Argentina Treasury Bond BONCER,
1.20%, 03/18/2022	ARS		593,878,890	10,583,176
1.40%, 03/25/2023	ARS		1,245,502,870	21,845,029
1.50%, 03/25/2024	ARS		616,326,000	10,340,347
4.00%, 04/27/2025	ARS		88,500,000	3,297,998
				46,066,550

Austria–0.19%
Erste Group Bank AG, 4.25%^(a)(d)(e)	EUR		3,600,000	4,409,627

Belgium–0.09%
KBC Group N.V., 4.75%^(a)(d)(e)	EUR		1,800,000	2,209,489

Brazil–4.37%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 08/15/2026	BRL		49,700,000	33,041,823
Series B, 6.00%, 05/15/2055	BRL		5,700,000	4,014,320
Series F, 10.00%, 01/01/2029	BRL		394,250,000	63,248,401
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(a)	BRL		9,699,900	1,602,671
				101,907,215

Canada–3.25%
Province of Ontario, 6.50%, 03/08/2029	CAD		72,000,000	75,649,800

Chile–0.46%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033^(a)	CLP		12,000,000,000	10,684,942

China–5.52%
China Development Bank, Series 2103, 3.30%, 03/03/2026	CNY		815,000,000	128,540,833

Czech Republic–0.21%
CPI Property Group S.A., 4.88%^(a)(d)(e)	EUR		4,100,000	4,878,067

Egypt–0.70%
Egypt Government Bond, 14.48%, 04/06/2026	EGP		200,000,000	12,870,424


		Principal Amount		Value
Egypt–(continued)
Egypt Government International Bond, 4.75%, 04/16/2026^(a)	EUR		3,000,000	$ 3,410,313
				16,280,737

France–0.47%
Accor S.A., 2.63%^(a)(d)(e)	EUR		1,800,000	1,995,618
Electricite de France S.A.,
3.00%^(a)(d)(e)	EUR		1,800,000	2,143,632
5.38%^(a)(d)(e)	EUR		5,400,000	6,921,953
				11,061,203

Germany–0.54%
Bayer AG, 2.38%, 11/12/2079^(a)(d)	EUR		3,700,000	4,277,721
Commerzbank AG, 6.13%^(a)(d)(e)	EUR		1,800,000	2,257,397
Deutsche Lufthansa AG, 4.38%, 08/12/2075^(a)(d)	EUR		3,600,000	4,082,821
Volkswagen International Finance N.V., 4.63%^(a)(d)(e)	EUR		1,480,000	1,917,742
				12,535,681

Greece–1.80%
Hellenic Republic Government Bond,
1.88%, 01/24/2052^(a)	EUR		36,700,000	41,654,669
Series GDP, 0.00%, 10/15/2042^(f)	EUR		76,770,000	249,376
				41,904,045

India–0.19%
NTPC Ltd., 2.75%, 02/01/2027^(a)	EUR		3,700,000	4,550,394

Italy–1.15%
Italy Buoni Poliennali Del Tesoro, 1.50%, 04/30/2045^(a)	EUR		24,225,000	26,697,314

Ivory Coast–0.30%
Ivory Coast Government International Bond, 4.88%, 01/30/2032^(a)	EUR		6,110,000	6,926,798

Mexico–1.54%
Mexican Bonos, Series M,
7.75%, 05/29/2031	MXN		574,350,000	28,353,161
Series M, 7.75%, 11/13/2042	MXN		30,000,000	1,432,644
Series M 30, 8.50%, 11/18/2038	MXN		120,000,000	6,161,250
				35,947,055

Netherlands–0.86%
ABN AMRO Bank N.V., 4.38%^(a)(d)(e)	EUR		3,000,000	3,710,742
Cooperatieve Rabobank U.A., 4.63%^(a)(d)(e)	EUR		3,600,000	4,550,888
4.38%^(a)(d)(e)	EUR		3,400,000	4,325,645
Stichting AK Rabobank Certificaten, 19.44%^(a)(b)(e)	EUR		4,626,800	7,444,015
				20,031,290

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
New Zealand–0.56%
New Zealand Government Bond, 2.75%, 05/15/2051	NZD		19,000,000	$ 12,952,134

Portugal–0.59%
Caixa Geral de Depositos S.A., 10.75%^(a)(d)(e)	EUR		11,400,000	13,693,344

Romania–0.14%
Romanian Government International Bond, 2.00%, 04/14/2033^(a)	EUR		2,997,000	3,248,097

Russia–1.00%
Mos.ru, 5.00%, 08/22/2034	RUB		72,806,608	0
Russian Federal Bond - OFZ,
5.70%, 05/17/2028	RUB		505,000,000	6,271,125
Series 6212, 7.05%, 01/19/2028	RUB		750,000,000	10,030,149
Series 6225, 7.25%, 05/10/2034	RUB		520,000,000	6,916,244
				23,217,518

South Africa–3.06%
Republic of South Africa Government Bond,
Series 2035, 8.88%, 02/28/2035	ZAR		333,000,000	19,237,298
Series 2037, 8.50%, 01/31/2037	ZAR		567,700,000	30,967,988
Series 2048, 8.75%, 02/28/2048	ZAR		130,000,000	6,987,904
Series R186, 10.50%, 12/21/2026	ZAR		196,025,000	14,071,451
				71,264,641

Spain–0.83%
CaixaBank S.A., 3.63%^(a)(d)(e)	EUR		5,400,000	5,952,034
Repsol International Finance B.V., 3.75%^(a)(d)(e)	EUR		3,700,000	4,522,822
Telefonica Europe B.V.,
2.88%^(a)(d)(e)	EUR		3,700,000	4,367,820
4.38%^(a)(d)(e)	EUR		3,700,000	4,607,545
				19,450,221

Supranational–0.63%
African Development Bank, 0.00%, 01/17/2050^(f)	ZAR		222,000,000	1,373,409
Corp. Andina de Fomento, 6.82%, 02/22/2031^(a)	MXN		221,200,000	9,522,516
International Finance Corp.,
0.00%, 02/15/2029^(a)(f)	TRY		10,300,000	332,043
0.00%, 03/23/2038^(f)	MXN		260,000,000	3,577,478
				14,805,446

Sweden–0.09%
Heimstaden Bostad AB, 3.38%^(a)(d)(e)	EUR		1,850,000	2,138,514

Switzerland–0.17%
Dufry One B.V., 2.00%, 02/15/2027^(a)	EUR		3,600,000	3,937,914


		Principal Amount		Value
United Kingdom–1.25%
Gatwick Airport Finance PLC, 4.38%, 04/07/2026^(a)	GBP		5,925,000	$ 8,219,954
Gatwick Funding Ltd.,
3.13%, 09/28/2039^(a)	GBP		475,000	672,909
3.25%, 02/26/2048^(a)	GBP		1,825,000	2,667,442
International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025^(a)	EUR		1,700,000	1,962,373
1.50%, 07/04/2027^(a)	EUR		1,900,000	2,001,744
Nationwide Building Society, 5.75%^(a)(d)(e)	GBP		1,775,000	2,652,711
NatWest Group PLC, 4.50%^(d)(e)	GBP		7,950,000	10,920,310
				29,097,443
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $776,862,670)				744,086,312

Asset-Backed Securities–9.19%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025^(a)		$	3,925,000	4,013,679
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(g)			14,898	15,213
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.51%, 01/15/2051^(l)			13,038,354	334,719
Capital Lease Funding Securitization L.P., Series 1997-CTL1, Class IO, 1.51%, 06/22/2024^(a)(l)			8,803	55
CarMax Auto Owner Trust,
Series 2019-3, Class D, 2.85%, 01/15/2026			2,285,000	2,350,428
Series 2017-4, Class D, 3.30%, 05/15/2024			750,000	751,825
Series 2018-1, Class D, 3.37%, 07/15/2024			510,000	514,754
CCG Receivables Trust,
Series 2019-1, Class B, 3.22%, 09/14/2026^(a)			335,000	342,713
Series 2019-1, Class C, 3.57%, 09/14/2026^(a)			80,000	82,075
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.92%, 11/13/2050^(l)			5,199,588	196,205
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.08%, 10/12/2050^(l)			14,695,167	670,241
Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 2.48% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(g)			141,384	148,504

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
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.81%, 05/25/2035^(m)	$	636,262	$ 644,418
Series 2014-8, Class 1A2, 0.67% (1 mo. USD LIBOR + 0.58%), 07/20/2036^(a)(g)		66,124	66,581
CNH Equipment Trust, Series 2017-C, Class B, 2.54%, 05/15/2025		495,000	496,417
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.50%, 12/10/2045^(l)		6,435,708	80,990
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		4,690,000	4,981,355
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		70,000	74,177
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		459,551	463,859
Series 2005-JA, Class A7, 5.50%, 11/25/2035		588,415	581,733
Credit Acceptance Auto Loan Trust,
Series 2019-1A, Class B, 3.75%, 04/17/2028^(a)		200,000	201,879
Series 2019-1A, Class C, 3.94%, 06/15/2028^(a)		1,240,000	1,268,782
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 0.32% (1 mo. USD LIBOR + 0.23%), 12/15/2035^(g)		15,771	15,673
Series 2006-H, Class 2A1A, 0.24% (1 mo. USD LIBOR + 0.15%), 11/15/2036^(g)		28,045	22,458
Dell Equipment Finance Trust,
Series 2019-1, Class C, 3.14%, 03/22/2024^(a)		650,000	653,400
Series 2019-2, Class D, 2.48%, 04/22/2025^(a)		2,980,000	3,006,367
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Class 1A2, 0.53% (1 mo. USD LIBOR + 0.44%), 07/22/2036^(a)(g)		25,308	25,347
DT Auto Owner Trust,
Series 2019-2A, Class D, 3.48%, 02/18/2025^(a)		655,000	673,794
Series 2019-4A, Class D, 2.85%, 07/15/2025^(a)		6,025,000	6,184,576
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024^(a)		5,000,000	5,128,843
Series 2019-4A, Class D, 2.58%, 09/15/2025^(a)		6,290,000	6,423,237
FREMF Mortgage Trust,
Series 2017-K62, Class B, 3.87%, 01/25/2050^(a)(m)		840,000	915,152
Series 2016-K54, Class C, 4.05%, 04/25/2048^(a)(m)		4,190,000	4,445,469


	Principal Amount		Value
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.05%, 07/25/2035^(m)	$	79,032	$ 82,268
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		425,000	436,395
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.48%, 07/25/2035^(m)		70,899	72,823
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047^(m)		1,655,000	1,719,593
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(a)(f)(m)		21,676	9,124
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 0.19% (1 mo. USD LIBOR + 0.10%), 08/25/2036^(g)		3,166,030	1,438,354
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		1,565,000	1,608,663
Series 2014-C14, Class B, 4.86%, 02/15/2047^(m)		680,000	724,728
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.78%, 12/15/2050^(l)		4,926,875	193,590
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036^(a)(m)		7,133,643	6,948,826
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(a)		3,250,000	3,289,779
Residential Accredit Loans, Inc. Trust, Series 2006- QS13, Class 1A8, 6.00%, 09/25/2036		31,468	30,074
Santander Retail Auto Lease Trust,
Series 2019-B, Class C, 2.77%, 08/21/2023^(a)		3,250,000	3,292,689
Series 2019-C, Class C, 2.39%, 11/20/2023^(a)		5,490,000	5,568,389
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 0.99%, 11/15/2050^(l)		9,534,605	401,106
Vendee Mortgage Trust,
Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025⁽ⁿ⁾		93,675	887
Series 1992-2, Class IO, 0.00%, 09/15/2022^(f)(l)		191,463	0
Series 1995-3, Class 1, IO, 0.00%, 09/15/2025^(f)(l)		2,392,038	2

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
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003- AR10, Class A7, 2.49%, 10/25/2033^(m)		$	38,810	$ 39,411
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.88%, 12/15/2050^(l)			6,461,901	303,765
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046			1,800,000	1,850,437
Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(m)			1,135,000	1,200,331
Series 2014-C20, Class AS, 4.18%, 05/15/2047			1,455,000	1,534,839
Alba PLC, Series 2007-1, Class F, 3.32% (3 mo. GBP LIBOR + 3.25%), 03/17/2039^(a)(g)	GBP		1,108,274	1,480,405
Eurohome UK Mortgages PLC,
Series 2007-1, Class B1, 0.97% (3 mo. GBP LIBOR + 0.90%), 06/15/2044^(a)(g)	GBP		2,006,000	2,348,341
Series 2007-2, Class B1, 1.47% (3 mo. GBP LIBOR + 1.40%), 09/15/2044^(a)(g)	GBP		2,243,000	2,841,709
Eurosail PLC,
Series 2006-2X, Class E1C, 3.32% (3 mo. GBP LIBOR + 3.25%), 12/15/2044^(a)(g)	GBP		5,550,000	7,444,132
Series 2006-4X, Class E1C, 3.06% (3 mo. GBP LIBOR + 3.00%), 12/10/2044^(a)(g)	GBP		4,135,722	5,334,810
Series 2007-2X, Class D1A, 0.26% (3 mo. EURIBOR + 0.80%), 03/13/2045^(a)(g)	EUR		8,640,000	8,835,961
Gemgarto PLC, Series 2018-1, Class E, 2.35% (SONIA + 2.30%), 09/16/2065^(a)(g)	GBP		6,523,475	8,845,572
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 3.21% (3 mo. EURIBOR + 3.75%), 06/18/2039^(a)(g)	EUR		4,570,000	5,303,280
Ludgate Funding PLC, Series 2007-1, Class MA, 0.32% (3 mo. GBP LIBOR + 0.24%), 01/01/2061^(a)(g)	GBP		3,337,855	4,348,091
Stratton Mortgage Funding PLC,
Series 2021-1, Class D, 2.15% (SONIA + 2.10%), 09/25/2051^(a)(g)	GBP		3,700,000	5,124,654
Series 2021-1, Class E, 2.80% (SONIA + 2.75%), 09/25/2051^(a)(g)	GBP		2,220,000	3,077,056
Series 2021-2X, Class F, 3.30% (SONIA + 3.25%), 07/20/2060^(a)(g)	GBP		5,100,000	7,094,975


		Principal Amount		Value
Towd Point Mortgage Funding PLC,
Series 2019-GR4X, Class ER, 1.45% (SONIA + 1.40%), 10/20/2051^(a)(g)	GBP		497,000	$ 681,918
Series 2019-GR4X, Class FR, 2.10% (SONIA + 2.05%), 10/20/2051^(a)(g)	GBP		2,130,000	2,922,502
Series 2019-GR4X, Class BR, 0.90% (SONIA + 0.85%), 10/20/2051^(a)(g)	GBP		7,100,000	9,736,853
Series 2019-GR4X, Class CR, 1.10% (SONIA + 1.05%), 10/20/2051^(a)(g)	GBP		2,130,000	2,922,510
Series 2019-GR4X, Class DR, 1.25% (SONIA + 1.20%), 10/20/2051^(a)(g)	GBP		994,000	1,363,838
Series 2019-GR4X, Class GR, 2.55% (SONIA + 2.50%), 10/20/2051^(a)(g)	GBP		1,775,000	2,434,340
Prosil Acquisition S.A., Series 2019-1, Class A, 1.44% (3 mo. EURIBOR + 2.00%), 10/31/2039^(a)(g)	EUR		5,995,551	6,468,270
Alhambra SME Funding DAC,
Series 2019-1, Class A, 2.00% (1 mo. EURIBOR + 2.00%), 11/30/2028^(a)(g)	EUR		9,999,766	11,483,995
Series 2019-1, Class B, 2.50% (1 mo. EURIBOR + 2.50%), 11/30/2028^(a)(g)	EUR		1,875,000	2,111,051
Series 2019-1, Class D, 8.69% (1 mo. EURIBOR + 9.25%), 11/30/2028^(a)(g)	EUR		424,276	488,799
Lusitano Mortgages No. 5 PLC, Class D, 0.41% (3 mo. EURIBOR + 0.96%), 07/15/2059^(a)(g)	EUR		2,369,498	2,421,829
Futura S.r.l., Series 2019-1, Class A, 2.48% (6 mo. EURIBOR + 3.00%), 07/31/2044^(a)(g)	EUR		5,687,634	6,602,268
Taurus, Series 2018-IT1, Class A, 1.00% (3 mo. EURIBOR + 1.00%), 05/18/2030^(g)	EUR		19,986,985	23,057,125
IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044^(a)(f)(g)	EUR		2,533,608	2,741,674
Total Asset-Backed Securities (Cost $213,011,476)				214,036,949

U.S. Government Sponsored Agency Mortgage-Backed Securities–4.73%
Fannie Mae Grantor Trust, IO,
0.63%, 11/25/2040^(l)		$	2,606,325	80,258
0.37%, 12/25/2041^(l)			16,487,212	178,410

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
Fannie Mae Interest STRIPS, IO,
7.50%, 05/25/2023 - 11/25/2029⁽ⁿ⁾	$	99,886	$ 13,997
6.50%, 04/25/2029 - 07/25/2032⁽ⁿ⁾		1,186,185	187,396
6.00%, 12/25/2032 - 08/25/2035⁽ⁿ⁾		1,460,635	240,120
5.50%, 11/25/2033 - 06/25/2035⁽ⁿ⁾		1,222,139	203,080
Fannie Mae REMICs, IO,
5.50%, 06/25/2023⁽ⁿ⁾		7,264	209
6.61%, 02/25/2024 - 05/25/2035^(g)(n)		707,497	120,629
7.51% (7.60% - (1.00 x 1 mo. USD LIBOR)), 06/25/2026^(g)(n)		96,750	10,754
7.81%, 11/18/2031 - 12/18/2031^(g)(n)		155,829	29,449
7.81% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(g)(n)		3,011	585
7.86% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(g)(n)		37,533	6,918
7.91% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032^(g)(n)		73,081	15,326
8.01%, 03/25/2032 - 04/25/2032^(g)(n)		105,558	22,673
6.91% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(g)(n)		46,972	8,046
7.71% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(g)(n)		36,207	7,446
7.91%, 07/25/2032 - 09/25/2032^(g)(n)		160,702	34,996
8.01%, 12/18/2032^(g)(n)		129,919	24,052
8.11% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033^(g)(n)		387,733	83,701
8.16%, 02/25/2033 - 05/25/2033^(g)(n)		255,559	57,198
7.00%, 03/25/2033 - 04/25/2033⁽ⁿ⁾		575,591	101,471
7.46% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033^(g)(n)		194,774	40,740
5.96%, 03/25/2035 - 07/25/2038^(g)(n)		162,126	23,660
6.66%, 03/25/2035 - 05/25/2035^(g)(n)		315,516	36,908
6.51% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(g)(n)		390,877	56,315
7.14% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036^(g)(n)		802,583	110,201
6.45% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037^(g)(n)		1,053,928	185,800
4.00%, 04/25/2041⁽ⁿ⁾		1,260,887	117,156


	Principal Amount		Value
6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(g)(n)	$	197,831	$ 36,541
6.06% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(g)(n)		488,015	98,493
7.00%, 07/25/2026		11,844	12,850
4.00%, 08/25/2026 - 03/25/2041		97,516	104,861
6.50%, 10/25/2028 - 04/25/2029		98,418	110,116
6.00%, 05/25/2031 - 01/25/2032		179,069	200,924
1.09%, 04/25/2032 - 12/25/2032^(g)		128,735	131,527
0.59% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(g)		47,201	47,512
0.59% (1 mo. USD LIBOR + 0.50%), 12/25/2032^(g)		85,528	85,013
0.49% (1 mo. USD LIBOR + 0.40%), 11/25/2033^(g)		48,052	48,314
24.24% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(g)		171,177	269,726
23.87% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(g)		193,857	304,508
1.03% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(g)		89,457	90,133
Federal Home Loan Mortgage Corp.,
7.00%, 12/01/2021 - 01/01/2022		515	517
6.50%, 02/01/2022 - 09/01/2022		2,565	2,602
6.00%, 10/01/2022		1,716	1,925
8.50%, 08/01/2031		26,643	30,457
Federal National Mortgage Association,
5.00%, 12/01/2021		19	20
5.50%, 01/01/2022 - 02/01/2035		34,938	39,648
7.00%, 06/01/2022 - 12/01/2033		20,621	22,461
8.50%, 07/01/2032		2,338	2,347
7.50%, 03/01/2033		21,515	24,828
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.65%, 02/25/2026^(l)		4,036,153	99,657
Series K735, Class X1, IO, 1.10%, 05/25/2026^(l)		6,785,161	262,024
Series K093, Class X1, IO, 0.95%, 05/25/2029^(l)		45,687,142	2,881,648

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
Freddie Mac REMICs,
1.50%, 07/15/2023	$	58,860	$ 59,144
5.00%, 09/15/2023		49,001	50,402
6.75%, 02/15/2024		6,522	6,832
6.50%, 02/15/2028 - 06/15/2032		87,048	99,549
0.54% (1 mo. USD LIBOR + 0.45%), 02/15/2029^(g)		8,422	8,457
0.74% (1 mo. USD LIBOR + 0.65%), 07/15/2029^(g)		12,954	13,071
1.09%, 02/15/2032 - 03/15/2032^(g)		261,224	266,146
3.50%, 05/15/2032		88,841	94,159
0.59% (1 mo. USD LIBOR + 0.50%), 01/15/2033^(g)		7,674	7,787
24.42% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(g)		133,674	214,935
4.00%, 06/15/2038 - 04/15/2040		102,766	110,890
3.00%, 05/15/2040		2,698	2,758
IO,
5.91%, 03/15/2024 - 04/15/2038^(g)(n)		263,282	20,678
7.00%, 03/15/2028 - 04/15/2028⁽ⁿ⁾		46,795	6,584
8.61%, 07/17/2028^(g)(n)		40,662	2,907
8.01% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029^(g)(n)		64,293	10,307
8.86% (8.95% - (1.00 x 1 mo. USD LIBOR)), 08/15/2029^(g)(n)		32,320	4,568
6.96% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033^(g)(n)		290,452	48,348
6.61% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(g)(n)		522,719	76,704
6.66% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(g)(n)		34,493	4,938
6.63%, 05/15/2035^(g)(n)		823,318	130,348
6.06% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035^(g)(n)		640,762	74,863
6.91% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(g)(n)		177,679	35,829
5.98% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(g)(n)		293,468	49,504
6.16% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(g)(n)		137,127	22,276
Freddie Mac STRIPS, IO,
7.00%, 04/01/2027 - 04/01/2030⁽ⁿ⁾		220,648	34,633
6.50%, 02/01/2028 - 06/01/2031⁽ⁿ⁾		58,254	9,254
7.50%, 12/15/2029⁽ⁿ⁾		64,124	11,357
6.00%, 12/15/2032⁽ⁿ⁾		115,671	17,304


	Principal Amount		Value
Government National Mortgage Association, ARM, 1.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%),
07/20/2027^(g)	$	1,054	$ 1,082
7.00%, 01/15/2028 - 01/20/2030		151,677	163,212
8.00%, 01/15/2028 - 09/15/2028		76,451	82,837
IO,
6.46% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(g)(n)		545,574	96,486
6.56% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(g)(n)		950,697	140,328
TBA, 2.50%, 11/01/2051^(o)		30,200,000	31,046,426
Uniform Mortgage Backed Securities, TBA,
2.00%, 11/01/2036^(o)		28,350,000	29,093,634
2.50%, 11/01/2051^(o)		40,000,000	41,083,594
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $111,731,701)			110,108,277

Affiliated Issuers–3.11%
United States–3.11%
Invesco Senior Loan ETF^(c)(p) (Cost $73,116,189)		3,280,299	72,429,002

Variable Rate Senior Loan Interests–1.04%^(q)(r)
Canada–0.06%
Four Seasons Hotels Ltd., First Lien Term Loan, 2.09%, 11/30/2023		1,354,336	1,353,496

Colombia–0.01%
Avianca Holdings S.A., Term Loan A-1, 0.00%, 11/10/2021^(s)(t)		144,017	138,346

United States–0.97%
Claire’s Stores, Inc., Term Loan B, 6.59% (1 mo. USD LIBOR + 6.50%), 12/18/2026		187,650	187,181
Dun & Bradstreet Corp. (The), Term Loan, 3.34% (1 mo. USD LIBOR + 3.25%), 02/06/2026		1,027,414	1,024,480
Endo Luxembourg Finance Co I S.a.r.l., Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), 03/10/2028		1,363,150	1,332,854
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.13% (3 mo. USD LIBOR + 3.00%), 06/29/2025		1,363,591	1,354,680
Global Medical Response, Inc., Term Loan, 5.25% (1 mo. USD LIBOR + 4.25%), 10/02/2025		1,357,740	1,354,590

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)
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027	$ 1,368,125	$ 1,366,647
IRB Holding Corp., First Lien Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), 12/01/2027	2,656,699	2,659,794
Medline Industries, Inc., Term Loan, 13.00%, 08/04/2022^(s)	1,318,000	1,318,000
Medline Industries, Inc., Term Loan, 13.00%, 08/04/2022^(s)	1,976,000	1,976,000
PetSmart, Inc., First Lien Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/11/2028	1,874,302	1,879,157
Radiology Partners, Inc., First Lien Term Loan B, 4.34% (1 mo. USD LIBOR + 4.25%), 07/09/2025	1,370,000	1,370,096
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/23/2028	2,706,883	2,717,034
Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026	1,357,643	1,362,171
United Natural Foods, Inc., Term Loan B, 3.59% (3 mo. USD LIBOR + 3.50%), 10/22/2025	1,576,457	1,579,768
Valeant Pharmaceuticals International, Inc., First Lien Incremental Term Loan, 2.84% (3 mo. USD LIBOR + 2.75%), 11/27/2025	1,172,361	1,170,198
		22,652,650
Total Variable Rate Senior Loan Interests (Cost $24,053,944)		24,144,492


	Principal Amount	Value
Agency Credit Risk Transfer Notes–1.00%
United States–1.00%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 2.94% (1 mo. USD LIBOR + 2.85%), 11/25/2029^(g)	$ 2,515,830	$ 2,583,211
Series 2017-C07, Class 1M2, 2.49% (1 mo. USD LIBOR + 2.40%), 05/25/2030^(g)	1,053,378	1,068,774
Series 2018-C04, Class 2M2, 2.64% (1 mo. USD LIBOR + 2.55%), 12/25/2030^(g)	1,609,749	1,637,773
Series 2018-C06, Class 2M2, 2.19% (1 mo. USD LIBOR + 2.10%), 03/25/2031^(g)	4,524,678	4,567,116
Series 2018-R07, Class 1M2, 2.49% (1 mo. USD LIBOR + 2.40%), 04/25/2031^(a)(g)	1,328,891	1,336,390
Series 2019-R02, Class 1M2, 2.39% (1 mo. USD LIBOR + 2.30%), 08/25/2031^(a)(g)	343,812	345,839
Series 2019-R03, Class 1M2, 2.24% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(a)(g)	733,739	737,848
Freddie Mac,
Series 2016-DNA2, Class M3, STACR^®, 4.74% (1 mo. USD LIBOR + 4.65%), 10/25/2028^(g)	1,482,596	1,539,137
Series 2016-DNA3, Class M3, STACR^®, 5.09% (1 mo. USD LIBOR + 5.00%), 12/25/2028^(g)	4,959,377	5,180,193
Series 2018-DNA1, Class M2, STACR^®, 1.89% (1 mo. USD LIBOR + 1.80%), 07/25/2030^(g)	2,615,926	2,632,738
Series 2019-HRP1, Class M2, STACR^®, 1.49% (1 mo. USD LIBOR + 1.40%), 02/25/2049^(a)(g)	1,700,686	1,713,217
Total Agency Credit Risk Transfer Notes (Cost $22,568,106)		23,342,236

	Shares

Preferred Stocks–0.18%
United States–0.18%
AT&T, Inc., 2.88%, Series B, Pfd.^(d)	3,500,000	4,061,666
Claire’s Holdings LLC, Series A, Pfd.	195	50,456
Total Preferred Stocks (Cost $4,309,174)		4,112,122

Common Stocks & Other Equity Interests–0.04%
Argentina–0.01%
TMF Trust Company S.A.^(s)	21,811,304	218,817

United States–0.03%
ACNR Holdings, Inc.	2,129	133,595
Civitas Resources, Inc.	3,206	179,985
Claire’s Holdings LLC	614	214,900

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


21		Invesco Global Strategic Income Fund


	Shares		Value
United States–(continued)
Cxloyalty Group, Inc., Wts., expiring 04/10/2024^(s)		2,297	$ 0
McDermott International Ltd.^(u)		38,319	15,327
McDermott International Ltd., Series A, Wts., expiring 06/30/2027^(s)(u)		76,715	9,973
McDermott International Ltd., Series B, Wts., expiring 06/30/2027^(s)(u)		85,239	11,081
McDermott International Ltd., Wts., expiring 12/31/2049^(s)		55,393	21,049
Party City Holdco, Inc.^(u)		10,188	74,068
Sabine Oil & Gas Holdings, Inc.^(s)(u)		2,510	3,414
Windstream Services LLC		399	8,080
			671,472
Total Common Stocks & Other Equity Interests (Cost $8,467,611)			890,289

Money Market Funds–6.47%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(p)(v)		52,627,305	52,627,305
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(p)(v)		38,005,239	38,016,641
Invesco Treasury Portfolio, Institutional Class, 0.01%^(p)(v)		60,145,492	60,145,492
Total Money Market Funds (Cost $150,792,174)			150,789,438

Investment Abbreviations:


ARM		– Adjustable Rate Mortgage
ARS		– Argentina Peso
BRL		– Brazilian Real
CAD		– Canadian Dollar
CLP		– Chile Peso
CNY		– Chinese Yuan Renminbi
Conv.		– Convertible
Ctfs.		– Certificates
EGP		– Egypt Pound
ETF		– Exchange-Traded Fund
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
NZD		– New Zealand Dollar
Pfd.		– Preferred
PIK		– Pay-in-Kind
REMICs		– Real Estate Mortgage Investment Conduits
RUB		– Russian Ruble
SONIA		– Sterling Overnight Index Average
STACR^®		– Structured Agency Credit Risk
STRIPS		– Separately Traded Registered Interest and Principal Security
TBA		– To Be Announced
TRY		– Turkish Lira
USD		– U.S. Dollar
Wts.		– Warrants
ZAR		– South African Rand


	Shares	Value

Options Purchased–0.94%
(Cost $28,314,341)^(w)		$	21,936,417

TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.47% (Cost $2,362,571,065)			2,316,946,117


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.56%
Invesco Private Government Fund, 0.02%^(p)(v)(x)	17,905,063		17,905,063

Invesco Private Prime Fund, 0.11%^(p)(v)(x)	41,761,777		41,778,482

Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $59,683,545)			59,683,545

TOTAL INVESTMENTS IN SECURITIES—102.03% (Cost $2,422,254,610)			2,376,629,662

OTHER ASSETS LESS LIABILITIES–(2.03)%			(47,345,944	)

NET ASSETS–100.00%		$	2,329,283,718

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


22		Invesco Global Strategic Income Fund

Notes to Consolidated Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $980,360,133, which represented 42.09% of the Fund’s Net Assets.

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

^(c)	All or a portion of this security was out on loan at October 31, 2021.

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

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

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

^(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2021.

^(h)	Restricted security. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2021 represented less than 1% of the Fund’s Net Assets.

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

^(l)

^(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, 2021.

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

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

^(p)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Invesco Master Event-Linked Bond Fund, Class R6		$ 7,986,838	$	-	$	(7,608,739	)	$	(1,694,822	)	$	1,316,723			$ -		$ 72,745
Invesco Senior Loan ETF		-		91,099,935		(17,999,907	)		(687,187	)		16,161			72,429,002		1,517,131
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		24,182,945		759,128,040		(730,683,680	)		-			-			52,627,305		14,355
Invesco Liquid Assets Portfolio, Institutional Class		17,264,568		542,234,314		(521,478,143	)		(837	)		(3,261	)		38,016,641		9,986
Invesco Treasury Portfolio, Institutional Class		27,637,651		867,574,903		(835,067,062	)		-			-			60,145,492		6,151
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		86,529,041		(68,623,978	)		-			-			17,905,063		1,671*
Invesco Private Prime Fund		-		171,949,837		(130,171,355	)		-			-			41,778,482		21,971*
Total		$77,072,002	$	2,518,516,070	$	(2,311,632,864	)	$	(2,382,846	)	$	1,329,623			$ 282,901,985		$1,644,010

^(q)

^(r)

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

^(t)	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.

^(u)	Non-income producing security.

^(v)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(w)	The table below details options purchased.

^(x)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

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


23		Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

AUD versus USD

Call

Goldman Sachs International

12/08/2021

USD

0.76

AUD

66,600,000

$ 316,030

EUR versus CHF

Call

Morgan Stanley and Co. International PLC

02/16/2022

CHF

1.10

EUR

2,500,000

167,683

EUR versus USD

Call

Bank of America, N.A.

11/02/2021

USD

1.30

EUR

5,750,000

USD versus JPY

Call

Goldman Sachs International

04/06/2026

JPY

115.00

USD

43,000,000

1,291,634

USD versus JPY

Call

Goldman Sachs International

04/09/2026

JPY

115.00

USD

43,000,000

1,290,473

Subtotal – Foreign Currency Call Options Purchased

3,065,827

Currency Risk

EUR versus PLN

Put

Bank of America, N.A.

11/18/2021

PLN

4.28

EUR

720,000

182

EUR versus PLN

Put

Bank of America, N.A.

11/26/2021

PLN

4.28

EUR

720,000

254

EUR versus PLN

Put

Bank of America, N.A.

02/15/2022

PLN

4.45

EUR

2,500,000

224,079

EUR versus PLN

Put

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

11/02/2021

PLN

4.48

EUR

75,000,000

EUR versus PLN

Put

Morgan Stanley and Co. International PLC

11/25/2021

PLN

4.50

EUR

2,500,000

137,177

EUR versus RUB

Put

Goldman Sachs International

12/16/2021

RUB

85.25

EUR

71,000,000

EUR versus SEK

Put

UBS AG

02/18/2022

SEK

9.60

EUR

2,500,000

268,663

USD versus BRL

Put

Goldman Sachs International

12/16/2021

BRL

4.60

USD

3,600,000

3,024

USD versus BRL

Put

Goldman Sachs International

12/21/2021

BRL

4.50

USD

2,880,000

1,509

USD versus BRL

Put

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

03/09/2022

BRL

5.10

USD

3,700,000

393,395

USD versus BRL

Put

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

03/30/2022

BRL

4.75

USD

3,700,000

114,593

USD versus BRL

Put

Morgan Stanley and Co.

International PLC

01/14/2022

BRL

5.25

USD

2,500,000

234,390

USD versus CAD

Put

Bank of America, N.A.

01/14/2022

CAD

1.19

USD

3,600,000

305,856

USD versus CAD

Put

Goldman Sachs International

05/12/2022

CAD

1.19

USD

45,000,000

214,830

USD versus CNH

Put

Goldman Sachs International

11/04/2021

CNH

6.43

USD

75,000,000

249,075

USD versus CNH

Put

Goldman Sachs International

01/10/2022

CNH

6.44

USD

50,000,000

353,600

USD versus CNH

Put

Goldman Sachs International

05/17/2022

CNH

6.25

USD

3,600,000

378,479

USD versus CNH

Put

Standard Chartered Bank PLC

01/20/2022

CNH

6.35

USD

2,500,000

493,770

USD versus COP

Put

Bank of America, N.A.

12/03/2021

COP

3,650.00

USD

50,000,000

135,650

USD versus COP

Put

Goldman Sachs International

01/12/2022

COP

3,700.00

USD

50,000,000

553,250

USD versus INR

Put

Merrill Lynch International

02/03/2022

INR

75.00

USD

50,000,000

299,450

USD versus INR

Put

Standard Chartered Bank PLC

12/17/2021

INR

74.50

USD

50,000,000

42,450

USD versus INR

Put

Standard Chartered Bank PLC

02/24/2022

INR

74.50

USD

74,000,000

315,240

USD versus KRW

Put

Bank of America, N.A.

01/14/2022

KRW

1,160.00

USD

50,000,000

359,950

USD versus KRW

Put

Goldman Sachs International

11/01/2021

KRW

1,135.00

USD

37,500,000

USD versus KRW

Put

Goldman Sachs International

12/17/2021

KRW

1,160.00

USD

50,000,000

242,650

USD versus RUB

Put

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

01/28/2022

RUB

67.75

USD

3,550,000

319,653

USD versus SGD

Put

Goldman Sachs International

11/19/2021

SGD

1.33

USD

100,000,000

20,400

USD versus SGD

Put

Goldman Sachs International

12/03/2021

SGD

1.31

USD

6,250,000

65,400

USD versus THB

Put

Standard Chartered Bank PLC

11/24/2021

THB

32.50

USD

75,000,000

USD versus ZAR

Put

Bank of America, N.A.

02/23/2022

ZAR

14.30

USD

50,000,000

350,850

USD versus ZAR

Put

Goldman Sachs International

12/17/2021

ZAR

14.70

USD

71,000,000

439,490

USD versus ZAR

Put

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

11/18/2021

ZAR

14.40

USD

50,000,000

18,400

USD versus ZAR

Put

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

12/23/2021

ZAR

14.50

USD

50,000,000

34,350

Subtotal – Foreign Currency Put Options Purchased

6,570,340

Total Foreign Currency Options Purchased

$9,636,167

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $14,381,027.

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


24		Invesco Global Strategic Income Fund

Open Over-The-Counter 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

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.50%

Pay

3 Month USD LIBOR

Quarterly

06/05/2023

USD

88,750,000

2,915,247

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.50

Pay

3 Month USD LIBOR

Quarterly

07/10/2023

USD

270,000,000

9,385,003

Total Interest Rate Swaptions Purchased

12,300,250

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $14,381,027.

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

(Pay)/

Receive

Implied

Type of

Exercise

Reference

Fixed

Payment

Expiration

Credit

Notional

Counterparty

Contract

Rate

Entity

Rate

Frequency

Date

Spread^(b)

Value

Credit Risk

Goldman Sachs International

Put

106.00%

Markit CDX North America High Yield Index, Series 37, Version 1

5.00%

Quarterly

12/15/2021

3.047%

USD

35,500,000

(120,026

)

Goldman Sachs International

Put

106.50

Markit CDX North America High Yield Index, Series 37, Version 1

5.00

Quarterly

12/15/2021

3.047

USD

35,500,000

(143,022

)

Goldman Sachs International

Put

107.00

Markit CDX North America High Yield Index, Series 37, Version 1

5.00

Quarterly

12/15/2021

3.047

USD

35,500,000

(171,891

)

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

Put

400.00

Markit iTraxx Europe Crossover Index, Series 36, Version 1

5.00

Quarterly

02/16/2022

2.616

EUR

131,350,000

(740,353

)

Total Credit Default Swaptions Written

(1,175,292

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $14,381,027.

^(b)

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

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise

Price

Notional

Value

Currency Risk

EUR versus HUF

Call

Goldman Sachs International

02/02/2022

HUF

370.00

EUR

25,000,000

(195,884

)

EUR versus NOK

Call

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

08/23/2022

NOK

10.70

EUR

36,000,000

(433,597

)

EUR versus RUB

Call

Goldman Sachs International

01/31/2022

RUB

87.00

EUR

50,000,000

(561,585

)

EUR versus RUB

Call

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

04/28/2022

RUB

91.00

EUR

35,500,000

(574,491

)

USD versus BRL

Call

Morgan Stanley and Co. International PLC

01/04/2022

BRL

5.90

USD

50,000,000

(871,300

)

USD versus CAD

Call

Goldman Sachs International

05/12/2022

CAD

1.27

USD

45,000,000

(433,800

)

USD versus CNH

Call

Goldman Sachs International

06/10/2022

CNH

7.00

USD

37,500,000

(105,450

)

USD versus CNH

Call

Standard Chartered Bank PLC

06/21/2022

CNH

6.80

USD

50,000,000

(279,900

)

USD versus COP

Call

Bank of America, N.A.

12/03/2021

COP

4,000.00

USD

25,000,000

(48,400

)

USD versus COP

Call

Goldman Sachs International

01/12/2022

COP

3,950.00

USD

50,000,000

(424,000

)

USD versus INR

Call

Merrill Lynch International

02/03/2022

INR

77.35

USD

50,000,000

(237,850

)

USD versus INR

Call

Standard Chartered Bank PLC

03/15/2022

INR

77.00

USD

58,000,000

(571,126

)

USD versus JPY

Call

Goldman Sachs International

04/09/2026

JPY

130.00

USD

43,000,000

(509,464

)

USD versus KRW

Call

Bank of America, N.A.

01/14/2022

KRW

1,220.00

USD

50,000,000

(170,200

)

USD versus KRW

Call

Goldman Sachs International

12/17/2021

KRW

1,210.00

USD

50,000,000

(125,300

)

USD versus MXN

Call

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

01/06/2022

MXN

22.00

USD

45,000,000

(193,995

)

USD versus RUB

Call

Goldman Sachs International

01/17/2022

RUB

75.50

USD

36,000,000

(254,160

)

USD versus RUB

Call

Goldman Sachs International

09/15/2022

RUB

80.00

USD

72,000,000

(1,948,031

)

USD versus RUB

Call

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

02/24/2022

RUB

80.00

USD

50,000,000

(266,250

)

USD versus ZAR

Call

Bank of America, N.A.

02/23/2022

ZAR

16.00

USD

50,000,000

(1,173,300

)

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


25		Invesco Global Strategic Income Fund


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

Description	Type of Contract	Counterparty	Expiration Date		Exercise Price			Notional Value			Value

USD versus ZAR	Call	Goldman Sachs International		04/28/2022		ZAR	15.93		USD	21,300,000	$	(777,109	)

USD versus ZAR	Call	J.P. Morgan Chase Bank, N.A.		02/18/2022		ZAR	15.80		USD	71,000,000		(1,893,002	)

Subtotal – Foreign Currency Call Options Written												(12,048,194	)

Currency Risk
USD versus COP	Put	Goldman Sachs International		01/12/2022		COP	3,550.00		USD	50,000,000		(121,750	)

USD versus INR	Put	Bank of America, N.A.		02/03/2022		INR	73.30		USD	50,000,000		(69,000	)

USD versus KRW	Put	Goldman Sachs International		11/01/2021		KRW	1,100.00		USD	37,500,000		(38	)

USD versus KRW	Put	Goldman Sachs International		12/17/2021		KRW	1,140.00		USD	50,000,000		(71,750	)

Subtotal – Foreign Currency Put Options Written												(262,538	)

Total – Foreign Currency Options Written											$	(12,310,732	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $14,381,027.

Open Over-The-Counter Interest Rate Swaptions Written^(a)

Pay/

Receive

Type of

Exercise

Floating

Exercise

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate Index

Rate

Frequency

Date

Value

Interest Rate Risk

5 Year Interest Rate Swap

Call

Bank of America, N.A.

1.14%

3 Month USD LIBOR

Receive

Quarterly

11/12/2021

USD

266,250,000

(275,516

)

10 Year Interest Rate Swap

Call

Bank of America, N.A.

2.02

3 Month CDOR

Receive

Quarterly

11/12/2021

CAD

44,375,000

(16,154

)

5 Year Interest Rate Swap

Call

Bank of America, N.A.

1.19

3 Month USD LIBOR

Receive

Quarterly

11/18/2021

USD

213,000,000

(473,706

)

5 Year Interest Rate Swap

Call

Bank of America, N.A.

1.22

3 Month USD LIBOR

Receive

Quarterly

11/22/2021

USD

133,125,000

(433,716

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

1.57

3 Month USD LIBOR

Receive

Quarterly

11/26/2021

USD

133,125,000

(1,016,834

)

7 Year Interest Rate Swap

Call

Goldman Sachs International

1.42

3 Month USD LIBOR

Receive

Quarterly

11/22/2021

USD

266,250,000

(1,394,314

)

10 Year Interest Rate Swap

Call

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

1.50

3 Month USD LIBOR

Receive

Quarterly

11/05/2021

USD

177,500,000

(269,218

)

5 Year Interest Rate Swap

Call

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

1.23

3 Month USD LIBOR

Receive

Quarterly

11/26/2021

USD

177,500,000

(632,571

)

30 Year Interest Rate Swap

Call

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

0.89

SONIA

Receive

Annually

11/15/2021

GBP

35,500,000

(1,920,637

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.55

3 Month USD LIBOR

Receive

Quarterly

11/10/2021

USD

88,750,000

(389,291

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.26

6 Month EUR LIBOR

Receive

Semi-
Annually

11/12/2021

EUR

94,785,000

(410,916

)

5 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.24

3 Month USD LIBOR

Receive

Quarterly

11/26/2021

USD

71,000,000

(277,730

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.93

SONIA

Receive

Annually

11/22/2021

GBP

104,370,000

(1,054,871

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.60

3 Month USD LIBOR

Receive

Quarterly

11/22/2021

USD

177,500,000

(1,473,403

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.50

6 Month EUR LIBOR

Receive

Semi-
Annually

11/08/2021

EUR

57,510,000

(4,120,780

)

10 Year Interest Rate Swap

Call

Toronto-Dominion Bank (The)

1.97

3 Month CDOR

Receive

Quarterly

11/15/2021

CAD

35,500,000

(6,690

)

Subtotal–Interest Rate Call Swaptions Written

(14,166,347

)

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


26		Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Written^(a) –(continued)

Pay/

Receive

Type of

Exercise

Floating

Exercise

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate Index

Rate

Frequency

Date

Value

Interest Rate Risk

5 Year Interest Rate Swap

Put

Bank of America, N.A.

1.34%

3 Month USD LIBOR

Pay

Quarterly

11/18/2021

USD

213,000,000

(411,556

)

5 Year Interest Rate Swap

Put

Bank of America, N.A.

1.34

3 Month USD LIBOR

Pay

Quarterly

11/26/2021

USD

177,500,000

(453,386

)

5 Year Interest Rate Swap

Put

Bank of America, N.A.

1.76

3 Month CDOR

Pay

Quarterly

11/12/2021

CAD

88,750,000

(731,744

)

30 Year Interest Rate Swap

Put

Goldman Sachs International

3.00

3 Month USD LIBOR

Pay

Quarterly

06/05/2023

USD

108,000,000

(1,698,109

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.75

3 Month USD LIBOR

Pay

Quarterly

11/22/2021

USD

44,375,000

(90,123

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.26

3 Month USD LIBOR

Pay

Quarterly

11/15/2021

USD

266,250,000

(767,972

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

(0.03)

6 Month EUR LIBOR

Pay

Semi-
Annually

11/19/2021

EUR

355,000,000

(2,359,570

)

Subtotal–Interest Rate Put Swaptions Written

(6,512,460

)

Total Open Over-The-Counter Interest Rate Swaptions Written

(20,678,807

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $14,381,027.


Open Futures Contracts^(a)

										Unrealized
	Number of		Expiration	Notional						Appreciation
Long Futures Contracts	Contracts		Month	Value			Value			(Depreciation)

Interest Rate Risk

Three-Month Canadian Bankers’ Acceptance		710	December-2022	$	140,611,668		$	(45,038	)	$	(45,038	)

Three-Month Canadian Bankers’ Acceptance		355	September-2022		70,467,184			111,063			111,063

U.S. Treasury 2 Year Notes		452	December-2021		99,101,000			(423,750	)		(423,750	)

U.S. Treasury 10 Year Notes		927	December-2021		121,161,797			(2,206,460	)		(2,206,460	)

Subtotal–Long Futures Contracts								(2,564,185	)		(2,564,185	)


Short Futures Contracts

Interest Rate Risk

Euro BTP		195	December-2021		(33,420,765	)		1,284,397			1,284,397

Euro-Bund		19	December-2021		(3,692,587	)		6,414			6,414

Euro-Buxl 30 Year Bonds		111	December-2021		(26,815,475	)		(485,035	)		(485,035	)

Long Gilt		42	December-2021		(7,180,293	)		222,198			222,198

U.S. Treasury 5 Year Notes		323	December-2021		(39,325,250	)		542,539			542,539

U.S. Treasury 10 Year Ultra Notes		356	December-2021		(51,631,125	)		854,446			854,446

U.S. Treasury Long Bonds		248	December-2021		(39,889,250	)		292,875			292,875

U.S. Treasury Ultra Bonds		224	December-2021		(43,995,000	)		(632,132	)		(632,132	)

Subtotal–Short Futures Contracts								2,085,702			2,085,702

Total Futures Contracts							$	(478,483	)	$	(478,483	)

^(a)	Futures contracts collateralized by $6,385,017 cash held with Merrill Lynch International, the futures commission merchant.

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

11/03/2021

Bank of America, N.A.

BRL

45,855,600

USD

8,126,103

1,152

12/15/2021

Bank of America, N.A.

EUR

11,180,200

USD

13,243,282

305,578

12/15/2021

Bank of America, N.A.

GBP

26,781,534

USD

36,993,258

335,902

12/15/2021

Bank of America, N.A.

MXN

189,764,185

USD

9,230,000

72,900

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


27		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)

						Unrealized
Settlement		Contract to				Appreciation

Date	Counterparty	Deliver		Receive		(Depreciation)

12/15/2021	Bank of America, N.A.	USD	14,513,380	AUD	19,680,896	$ 294,046

12/15/2021	Bank of America, N.A.	USD	24,000,000	CAD	30,212,160	413,536

12/15/2021	Bank of America, N.A.	USD	7,900,000	GBP	5,789,336	24,183

12/15/2021	Bank of America, N.A.	USD	41,770,004	NOK	362,379,845	1,112,060

12/15/2021	Bank of America, N.A.	USD	26,401,827	NZD	37,103,104	169,181

12/15/2021	Bank of America, N.A.	USD	25,952,787	SEK	222,898,103	17,152

12/15/2021	Bank of America, N.A.	ZAR	172,037,210	USD	12,057,556	854,924

03/24/2022	Bank of America, N.A.	USD	440,000	RUB	35,275,900	42,478

12/15/2021	Citibank, N.A.	CLP	11,295,000,000	USD	14,202,188	384,616

12/15/2021	Citibank, N.A.	EUR	76,638,000	USD	90,789,206	2,103,866

12/15/2021	Citibank, N.A.	GBP	9,281,000	USD	12,846,435	143,021

12/15/2021	Citibank, N.A.	MXN	2,100,000	USD	104,005	2,669

11/03/2021	Goldman Sachs International	BRL	472,249,483	USD	87,670,946	3,995,146

11/12/2021	Goldman Sachs International	TRY	93,450,000	USD	10,500,000	829,270

12/15/2021	Goldman Sachs International	EUR	77,745,927	USD	91,571,756	1,604,326

12/15/2021	Goldman Sachs International	INR	187,224,650	USD	2,521,884	37,334

12/15/2021	Goldman Sachs International	MXN	591,122,170	USD	29,268,111	743,418

12/15/2021	Goldman Sachs International	USD	13,698,313	CNY	88,981,500	136,260

12/15/2021	Goldman Sachs International	USD	2,784,306	COP	10,536,900,000	5,602

12/15/2021	Goldman Sachs International	USD	8,640,000	RUB	624,525,120	87,700

12/15/2021	Goldman Sachs International	ZAR	669,068,455	USD	44,808,376	1,240,314

05/13/2022	Goldman Sachs International	CAD	25,128,195	USD	20,786,000	501,656

11/03/2021	J.P. Morgan Chase Bank, N.A.	BRL	207,585,000	USD	37,295,451	514,382

12/15/2021	J.P. Morgan Chase Bank, N.A.	CLP	9,049,389,000	USD	11,460,000	389,564

12/15/2021	J.P. Morgan Chase Bank, N.A.	EUR	114,433,316	USD	135,337,970	2,915,966

12/15/2021	J.P. Morgan Chase Bank, N.A.	GBP	22,523,063	USD	31,175,185	346,633

12/15/2021	J.P. Morgan Chase Bank, N.A.	JPY	4,364,610,725	USD	39,813,395	1,501,035

12/15/2021	J.P. Morgan Chase Bank, N.A.	MXN	795,484,040	USD	39,089,825	703,619

12/15/2021	J.P. Morgan Chase Bank, N.A.	NOK	25,000,000	USD	2,966,912	8,548

12/15/2021	J.P. Morgan Chase Bank, N.A.	RUB	515,992,500	USD	7,288,338	77,375

12/15/2021	J.P. Morgan Chase Bank, N.A.	THB	65,450,000	USD	2,001,352	29,532

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	74,727,662	AUD	101,365,915	1,537,578

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	22,270,216	CAD	28,181,733	502,593

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	50,873,898	CNY	329,576,372	367,634

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	21,000,000	COP	79,464,000,000	40,082

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	19,947,295	NOK	173,080,549	534,117

12/15/2021	J.P. Morgan Chase Bank, N.A.	ZAR	1,544,186,449	USD	107,206,668	6,653,115

01/10/2022	J.P. Morgan Chase Bank, N.A.	MXN	421,076,475	USD	20,250,000	13,968

11/03/2021	Morgan Stanley and Co. International PLC	BRL	862,056,933	USD	153,111,644	367,582

11/16/2021	Morgan Stanley and Co. International PLC	BRL	30,556,800	USD	5,760,000	359,943

12/02/2021	Morgan Stanley and Co. International PLC	BRL	740,660,000	USD	132,013,690	1,538,250

12/15/2021	Morgan Stanley and Co. International PLC	CAD	56,844,960	USD	46,000,000	65,301

12/15/2021	Morgan Stanley and Co. International PLC	EUR	7,546,484	USD	8,941,367	208,592

12/15/2021	Morgan Stanley and Co. International PLC	GBP	10,921,000	USD	15,115,210	167,037

12/15/2021	Morgan Stanley and Co. International PLC	MXN	388,950,683	USD	19,268,816	499,940

12/15/2021	Morgan Stanley and Co. International PLC	USD	18,104,805	AUD	24,561,711	374,826

12/15/2021	Morgan Stanley and Co. International PLC	USD	90,295,723	CAD	114,290,909	2,059,316

12/15/2021	Morgan Stanley and Co. International PLC	USD	2,473,376	INR	187,224,650	11,174

12/15/2021	Morgan Stanley and Co. International PLC	USD	24,000,000	MXN	504,108,000	325,810

12/15/2021	Morgan Stanley and Co. International PLC	USD	10,894,762	NOK	94,518,600	290,056

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


28		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)

						Unrealized
Settlement		Contract to				Appreciation

Date	Counterparty	Deliver		Receive		(Depreciation)

12/15/2021	Morgan Stanley and Co. International PLC	USD	26,387,328	NZD	37,086,168	$	171,552

12/15/2021	Morgan Stanley and Co. International PLC	USD	16,971,000	RUB	1,250,592,990		505,960

12/15/2021	Morgan Stanley and Co. International PLC	USD	476,949	SEK	4,096,764		367

12/15/2021	Royal Bank of Canada	EUR	70,254,588	USD	83,236,933		1,938,465

12/15/2021	Royal Bank of Canada	GBP	3,725,000	USD	5,157,434		58,822

12/15/2021	Royal Bank of Canada	JPY	93,526,076	USD	852,196		31,229

12/15/2021	Royal Bank of Canada	USD	1,856,612	CAD	2,340,000		34,271

11/10/2021	Standard Chartered Bank PLC	USD	33,499,170	CNY	227,121,020		1,920,334

12/15/2021	Standard Chartered Bank PLC	USD	46,000,000	KRW	54,114,400,000		21,614

12/15/2021	Standard Chartered Bank PLC	USD	9,762,500	THB	327,043,750		90,385

Subtotal–Appreciation							42,634,857


Currency Risk

11/03/2021	Bank of America, N.A.	USD	8,400,000	BRL	45,855,600		(275,049	)

12/15/2021	Bank of America, N.A.	CAD	38,286,121	USD	30,260,685		(677,176	)

12/15/2021	Bank of America, N.A.	CNY	58,419,000	USD	9,016,669		(66,139	)

12/15/2021	Bank of America, N.A.	KRW	13,607,950,000	USD	11,500,000		(72,887	)

12/15/2021	Bank of America, N.A.	NOK	431,023,312	USD	49,933,334		(1,071,626	)

12/15/2021	Bank of America, N.A.	USD	25,103,623	CZK	540,430,800		(804,345	)

12/15/2021	Bank of America, N.A.	USD	12,742,647	EUR	10,761,236		(289,765	)

12/15/2021	Bank of America, N.A.	USD	10,477,238	GBP	7,625,534		(39,751	)

12/15/2021	Bank of America, N.A.	USD	43,469,086	JPY	4,765,646,262		(1,636,455	)

12/15/2021	Bank of America, N.A.	USD	11,458,289	KRW	13,425,677,500		(40,416	)

12/15/2021	Bank of America, N.A.	USD	14,397,817	MXN	290,720,714		(369,043	)

12/15/2021	Bank of America, N.A.	USD	18,669,207	ZAR	274,888,313		(769,169	)

12/15/2021	Barclays Bank PLC	RUB	3,718,639,560	USD	50,161,053		(1,806,705	)

12/15/2021	Citibank, N.A.	USD	11,400,632	CLP	9,066,922,544		(308,746	)

12/15/2021	Citibank, N.A.	USD	6,745,599	EUR	5,720,000		(126,426	)

12/15/2021	Citibank, N.A.	USD	12,901,286	MXN	260,493,738		(331,120	)

11/03/2021	Goldman Sachs International	USD	84,174,201	BRL	472,249,483		(498,401	)

11/12/2021	Goldman Sachs International	USD	11,208,408	TRY	93,450,000		(1,537,679	)

11/30/2021	Goldman Sachs International	RUB	294,287,400	USD	3,960,000		(165,841	)

12/10/2021	Goldman Sachs International	AUD	17,916,000	USD	13,209,467		(269,836	)

12/15/2021	Goldman Sachs International	CNY	88,981,500	USD	13,693,464		(141,109	)

12/15/2021	Goldman Sachs International	GBP	14,626,000	USD	19,925,439		(93,971	)

12/15/2021	Goldman Sachs International	USD	18,213,962	EUR	15,511,000		(264,664	)

12/15/2021	Goldman Sachs International	USD	24,049,451	INR	1,785,431,261		(356,028	)

12/15/2021	Goldman Sachs International	USD	10,150,123	MXN	205,000,000		(257,816	)

12/15/2021	Goldman Sachs International	USD	14,357,661	ZAR	205,429,408		(980,612	)

11/03/2021	J.P. Morgan Chase Bank, N.A.	USD	36,786,284	BRL	207,585,000		(5,215	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	AUD	15,046,000	USD	11,092,017		(228,227	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	CAD	36,015,000	USD	28,460,344		(642,292	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	CNY	835,720,000	USD	128,801,853		(1,133,350	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	MXN	435,145,000	USD	20,948,935		(49,054	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	NOK	25,061,438	USD	2,888,296		(77,338	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	SEK	233,246,644	USD	27,158,857		(16,794	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	28,755,853	EUR	24,614,421		(272,094	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	9,254,393	GBP	6,686,000		(102,898	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	2,050,500	IDR	29,092,500,000		(14,565	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	2,974,203	NOK	25,061,438		(8,569	)

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	1,998,156	THB	65,450,000		(26,336	)

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


29		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)


						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)

12/15/2021	J.P. Morgan Chase Bank, N.A.	USD	37,888,929	ZAR	541,092,346	$	(2,654,351	)

01/10/2022	J.P. Morgan Chase Bank, N.A.	USD	18,017,212	MXN	372,184,400		(130,829	)

11/03/2021	Morgan Stanley and Co. International PLC	USD	154,504,428	BRL	862,056,933		(1,760,365	)

12/02/2021	Morgan Stanley and Co. International PLC	USD	29,403,680	BRL	164,950,233		(345,875	)

12/15/2021	Morgan Stanley and Co. International PLC	CAD	28,739,420	USD	23,000,000		(223,459	)

12/15/2021	Morgan Stanley and Co. International PLC	COP	42,367,399,999	USD	11,007,093		(210,737	)

12/15/2021	Morgan Stanley and Co. International PLC	IDR	29,092,500,000	USD	2,017,790		(18,145	)

12/15/2021	Morgan Stanley and Co. International PLC	INR	187,200,000	USD	2,473,050		(11,173	)

12/15/2021	Morgan Stanley and Co. International PLC	NOK	164,335,728	USD	19,066,666		(379,932	)

12/15/2021	Morgan Stanley and Co. International PLC	NZD	18,781,000	USD	13,187,098		(262,723	)

12/15/2021	Morgan Stanley and Co. International PLC	USD	4,271,343	EUR	3,680,000		(12,854	)

12/15/2021	Morgan Stanley and Co. International PLC	USD	9,500,000	GBP	6,880,507		(82,273	)

12/15/2021	Morgan Stanley and Co. International PLC	USD	7,390,433	JPY	810,479,971		(276,076	)

12/15/2021	Morgan Stanley and Co. International PLC	USD	28,500,000	MXN	581,471,250		(441,014	)

12/15/2021	Morgan Stanley and Co. International PLC	USD	12,413,793	ZAR	185,791,033		(315,546	)

12/15/2021	Royal Bank of Canada	CAD	60,552,000	USD	47,849,227		(1,081,020	)

12/15/2021	Royal Bank of Canada	GBP	2,000,000	USD	2,716,464		(21,046	)

12/15/2021	Royal Bank of Canada	USD	8,827,819	EUR	7,546,760		(94,724	)

12/15/2021	Royal Bank of Canada	USD	4,547,718	GBP	3,285,000		(51,358	)

11/10/2021	Standard Chartered Bank PLC	CNY	197,918,880	USD	29,140,000		(1,725,432	)

12/15/2021	Standard Chartered Bank PLC	CNY	103,036,414	USD	15,909,151		(110,637	)

Subtotal–Depreciation							(26,037,076	)

Total Forward Foreign Currency Contracts						$	16,597,781


Open Centrally Cleared Credit Default Swap Agreements^(a)


Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date	Implied Credit Spread^(b)			Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk

Markit iTraxx Europe Index, Series 36, Version 1	Buy		(1.00	)%	Quarterly	12/20/2026		0.506	%	EUR	15,265,000		$ (455,729	)		$ (446,399	)		$9,330

Markit iTraxx Europe Sub Financials Index, Series 36, Version 1	Buy		(1.00	)	Quarterly	12/20/2026		1.130		EUR	39,937,000		259,687			265,798			6,111

Brazil Government International Bonds	Buy		(1.00	)	Quarterly	12/20/2026		2.453		USD	21,300,000		665,232			982,399			317,167

South Africa Republic International Bonds	Buy		(1.00	)	Quarterly	12/20/2026		2.106		USD	1,775,000		88,880			94,490			5,610

Markit CDX North America High Yield Index, Series 37, Version 1	Buy		(5.00	)	Quarterly	12/20/2026		3.047		USD	35,500,000		(3,255,890	)		(3,150,590	)		105,300

Brazil Government International Bonds	Buy		(1.00	)	Quarterly	12/20/2024		1.790		USD	3,905,000		69,167			92,244			23,077

Subtotal - Appreciation													(2,628,653	)		(2,162,058	)		466,595

Credit Risk

Host Hotels & Resorts, L.P.	Buy		1.00		Quarterly	12/20/2023		0.523		USD	3,700,000		21,404			(96,022	)		(117,426)

Intesa Sanpaolo S.p.A.	Buy		(1.00	)	Quarterly	06/20/2026		0.563		EUR	5,475,000		(182,277	)		(259,480	)		(77,203)

Indonesia Government International Bonds	Buy		(1.00	)	Quarterly	12/20/2026		0.820		USD	13,135,000		(60,076	)		(86,483	)		(26,407)

Markit iTraxx Europe Senior Financials, Series 36, Version 1	Sell		1.00		Quarterly	12/20/2026		0.581		EUR	35,500,000		895,758			877,680			(18,078)

Markit CDX Emerging Markets Index, Series 36, Version 1	Sell		1.00		Quarterly	12/20/2026		0.019		USD	3,550,000		(431,142	)		(438,439	)		(7,297)

Subtotal - Depreciation													243,667			(2,744	)		(246,411)

Total Centrally Cleared Credit Default Swap Agreements													$(2,384,986	)		$(2,164,802	)		$220,184

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


30		Invesco Global Strategic Income Fund

^(a)	Centrally cleared swap agreements collateralized by $29,397,576 cash held with Counterparties.

^(b)


Open Centrally Cleared Interest Rate Swap Agreements^(a)

Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay	6 Month WIBOR	Semi-Annually		2.77	%	Annually	11/03/2031	PLN		31,700,000	$ –	$	–		$	–

Receive	6 Month WIBOR	Semi-Annually		(2.41	)	Annually	11/03/2023	PLN		143,700,000	–		–			–

Receive	3 Month JIBAR	Quarterly		(6.61	)	Quarterly	10/19/2026	ZAR		119,500,000	654		84,443			83,789

Receive	3 Month JIBAR	Quarterly		(6.65	)	Quarterly	10/11/2026	ZAR		124,250,000	–		88,662			88,662

Receive	6 Month WIBOR	Semi-Annually		(2.54	)	Annually	12/15/2024	PLN		97,100,000	–		88,871			88,871

Receive	3 Month JIBAR	Quarterly		(7.15	)	Quarterly	02/24/2031	ZAR		51,150,000	316		144,607			144,291

Pay	BZDIOVRA	At Maturity		12.47		At Maturity	01/02/2029	BRL		30,580,179	–		217,648			217,648

Pay	6 Month AUD BBSW	Semi-Annually		(1.84	)	Semi-Annually	09/15/2051	AUD		3,709,750	–		248,724			248,724

Pay	3 Month JIBAR	Quarterly		(6.75	)	Quarterly	02/15/2031	ZAR		68,625,000	–		311,625			311,625

Receive	28 Day MXN TIIE	28 Day		(7.07	)	28 Day	12/12/2029	MXN		321,750,000	–		358,055			358,055

Receive	3 Month JIBAR	Quarterly		(7.32	)	Quarterly	07/15/2031	ZAR		206,100,000	–		493,841			493,841

Receive	6 Month CZK PRIBOR	Semi-Annually		(1.96	)	Annually	08/16/2031	CZK		170,496,000	–		495,723			495,723

Receive	6 Month CZK PRIBOR	Semi-Annually		(2.05	)	Annually	08/16/2023	CZK		790,560,000	–		650,015			650,015

Receive	3 Month JIBAR	Quarterly		(6.70	)	Quarterly	01/29/2031	ZAR		145,000,000	–		682,519			682,519

Receive	3 Month JIBAR	Quarterly		(6.63	)	Quarterly	02/11/2031	ZAR		136,500,000	–		689,343			689,343

Receive	3 Month JIBAR	Quarterly		(6.70	)	Quarterly	01/27/2031	ZAR		148,000,000	–		695,493			695,493

Receive	6 Month WIBOR	Semi-Annually		(1.45	)	Annually	05/05/2026	PLN		55,700,000	–		717,277			717,277

Receive	6 Month WIBOR	Semi-Annually		(1.44	)	Annually	05/04/2026	PLN		56,160,000	–		734,166			734,166

Receive	3 Month KORIBOR	Quarterly		(1.75	)	Quarterly	06/16/2027	KRW		41,040,000,000	–		934,887			934,887

Receive	28 Day MXN TIIE	28 Day		(5.62	)	28 Day	01/29/2031	MXN		187,500,000	–		1,248,620			1,248,620

Receive	28 Day MXN TIIE	28 Day		(5.63	)	28 Day	05/29/2031	MXN		187,500,000	–		1,274,115			1,274,115

Receive	6 Month AUD BBSW	Semi-Annually		(0.99	)	Semi-Annually	10/01/2026	AUD		50,055,000	–		1,278,891			1,278,891

Receive	28 Day MXN TIIE	28 Day		(5.50	)	28 Day	11/29/2030	MXN		186,650,000	–		1,299,603			1,299,603

Receive	6 Month AUD BBSW	Semi-Annually		(0.94	)	Semi-Annually	09/27/2026	AUD		49,167,500	–		1,339,666			1,339,666

Receive	28 Day MXN TIIE	28 Day		(5.53	)	28 Day	05/29/2031	MXN		326,250,000	–		2,337,899			2,337,899

Receive	6 Month CLICP	Semi-Annually		(2.35	)	Semi-Annually	03/11/2026	CLP		22,500,000,000	–		3,243,249			3,243,249

Subtotal – Appreciation											970		19,657,942			19,656,972

Interest Rate Risk

Pay	3 Month CDOR	Semi-Annually		1.14		Semi-Annually	02/24/2024	CAD		587,350,000	–		(4,710,954	)		(4,710,954)

Pay	28 Day MXN TIIE	28 Day		4.81		28 Day	07/23/2025	MXN		982,000,000	–		(4,223,716	)		(4,223,716)

Pay	3 Month CDOR	Semi-Annually		0.70		Semi-Annually	02/04/2023	CAD		468,000,000	–		(2,560,553	)		(2,560,553)

Pay	BZDIOVRA	At Maturity		7.26		At Maturity	01/02/2029	BRL		50,267,476	–		(2,229,044	)		(2,229,044)

Pay	3 Month KORIBOR	Quarterly		1.19		Quarterly	03/14/2023	KRW		240,900,000,000	–		(1,801,329	)		(1,801,329)

Pay	3 Month CDOR	Semi-Annually		0.70		Semi-Annually	02/03/2023	CAD		302,000,000	–		(1,621,203	)		(1,621,203)

Pay	BZDIOVRA	At Maturity		9.27		At Maturity	01/04/2027	BRL		72,944,675	–		(1,477,073	)		(1,477,073)

Pay	28 Day MXN TIIE	28 Day		4.67		28 Day	07/02/2024	MXN		429,450,000	–		(1,399,196	)		(1,399,196)

Pay	3 Month NDBB	Quarterly		1.82		Semi-Annually	09/28/2026	NZD		52,185,000	–		(1,381,304	)		(1,381,304)

Pay	3 Month WIBOR	Quarterly		0.85		Annually	05/04/2023	PLN		273,600,000	–		(1,355,906	)		(1,355,906)

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


31		Invesco Global Strategic Income Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)

Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate		Payment Frequency	Maturity Date	Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)

Pay	3 Month NDBB	Quarterly		1.87%	Semi-Annually	10/04/2026		NZD	53,640,500	$ –	$	(1,331,707	)	$	(1,331,707	)

Pay	BZDIOVRA	At Maturity		10.26	At Maturity	01/02/2029		BRL	73,531,125	–		(1,306,927	)		(1,306,927	)

Pay	3 Month KORIBOR	Quarterly		1.51	Quarterly	06/16/2023		KRW	202,300,000,000	–		(1,248,876	)		(1,248,876	)

Pay	6 Month CZK PRIBOR	Semi-Annually		2.15	Annually	08/16/2026		CZK	651,744,000	–		(989,191	)		(989,191	)

Pay	3 Month CDOR	Semi-Annually		0.88	Semi-Annually	10/20/2022		CAD	585,750,000	–		(956,998	)		(956,998	)

Pay	BZDIOVRA	At Maturity		10.25	At Maturity	01/02/2029		BRL	52,173,026	–		(933,039	)		(933,039	)

Pay	3 Month JIBAR	Quarterly		7.48	Quarterly	02/15/2036		ZAR	108,925,000	–		(521,839	)		(521,839	)

Pay	FBIL Overnight MIBOR	At Maturity		4.18	At Maturity	12/15/2022		INR	14,125,000,000	–		(493,657	)		(493,657	)

Pay	FBIL Overnight MIBOR	At Maturity		4.62	At Maturity	04/25/2023		INR	8,030,000,000	–		(472,217	)		(472,217	)

Pay	28 Day MXN TIIE	28 Day		6.91	28 Day	12/16/2026		MXN	741,375,000	–		(462,789	)		(462,789	)

Pay	1 Month BZDIOVRA	At Maturity		8.68	At Maturity	01/04/2027		BRL	56,292,939	–		(434,790	)		(434,790	)

Pay	28 Day MXN TIIE	28 Day		7.08	28 Day	06/16/2031		MXN	187,090,000	–		(347,301	)		(347,301	)

Pay	BZDIOVRA	At Maturity		11.29	At Maturity	01/02/2029		BRL	44,051,614	–		(297,028	)		(297,028	)

Pay	BZDIOVRA	At Maturity		11.62	At Maturity	01/02/2029		BRL	85,834,406	–		(255,295	)		(255,295	)
Receive	3 Month USD LIBOR	Quarterly		(1.62)	Semi-Annually	10/14/2031		USD	37,630,000	–		(233,406	)		(233,406	)

Pay	BZDIOVRA	At Maturity		11.69	At Maturity	01/02/2029		BRL	31,364,638	–		(67,724	)		(67,724	)

Pay	6 Month WIBOR	Semi-Annually		2.79	Annually	12/15/2031		PLN	31,800,000	–		(10,801	)		(10,801	)

Subtotal – Depreciation										–		(33,123,863	)		(33,123,863	)

Total Centrally Cleared Interest Rate Swap Agreements										$970	$	(13,465,921	)	$	(13,466,891	)

^(a)	Centrally cleared swap agreements collateralized by $29,397,576 cash held with Counterparties.


Open Over-The-Counter Credit Default Swap Agreements^(a)

Counterparty	Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate		Payment Frequency	Maturity Date	Implied Credit Spread^(b)		Notional Value		Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)

Credit Risk

Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell		1.00%	Quarterly	12/20/2024		0.408%	EUR	7,500,000	$	92,076	$	163,265	$	71,189

Goldman Sachs International	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00	Quarterly	12/20/2025		1.224	USD	46,800,000		7,045,450		7,231,885		186,435

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00	Quarterly	12/20/2022		0.197	EUR	10,000,000		519,682		645,184		125,502

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00	Quarterly	12/20/2022		0.197	EUR	35,000,000		1,822,672		2,258,144		435,472

J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00	Quarterly	12/20/2025		1.224	USD	14,600,000		2,068,833		2,256,101		187,268

Subtotal–Appreciation												11,548,713		12,554,579		1,005,866

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 Credit Default Swap Agreements^(a)–(continued)

Counterparty	Reference Entity		Buy/Sell Protection	(Pay)/ Receive Fixed Rate		Payment Frequency	Maturity Date	Implied Credit Spread^(b)		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk

Citibank, N.A.		Assicurazioni Generali S.p.A.	Buy		(1.00)%	Quarterly	12/20/2024		0.737%	EUR	3,750,000		$	29,906	$	(36,179	)	$	(66,085	)

Goldman Sachs International		Markit iTraxx Europe Crossover Index, Series 32, Version 5	Sell		5.00	Quarterly	12/20/2024		3.283	EUR	7,100,000			548,351		438,272			(110,079	)

J.P. Morgan Chase Bank, N.A.		Royal Bank of Scotland Group PLC (The)	Buy		(1.00)	Quarterly	12/20/2021		0.199	EUR	7,500,000			2,048		(10,045	)		(12,093	)

J.P. Morgan Chase Bank, N.A.		Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell		5.00	Quarterly	12/20/2023		5.087	EUR	7,500,000			55,710		(15,910	)		(71,620	)

Subtotal–Depreciation														636,015		376,138			(259,877	)

Total Open Over-The-Counter Credit Default Swap Agreements													$	12,184,728	$	12,930,717		$	745,989

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $14,381,027.

^(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	$–	$	103,993		$	103,993

Interest Rate Risk

Goldman Sachs International	Pay	3 Month MOSKP	Quarterly		6.77	Annually		01/14/2030	RUB	595,000,000	–		(961,910	)		(961,910	)

Goldman Sachs International	Pay	3 Month MOSKP	Quarterly		6.98	Annually		03/25/2026	RUB	2,000,000,000	–		(2,004,618	)		(2,004,618	)

Bank of America, N.A.	Pay	3 Month MOSKP	Quarterly		7.31	Annually		08/17/2024	RUB	990,000,000	–		(695,312	)		(695,312	)

Subtotal–Depreciation											–		(3,661,840	)		(3,661,840	)

Total Over-The-Counter Interest Rate Swap Agreements											$–	$	(3,557,847	)	$	(3,557,847	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $14,381,027.


Open Centrally Cleared Inflation Rate Swap Agreements^(a)

Pay/Receive	Floating Rate Index	Payment Frequency	Fixed Rate			Payment Frequency	Maturity Date	Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)


Interest Rate Risk

Pay	United States CPI Urban Consumers NSA	At Maturity		2.42	%	At Maturity	05/10/2051	USD	7,862,400	$–	$	(353,139	)	$	(353,139	)

Pay	United States CPI Urban Consumers NSA	At Maturity		2.43		At Maturity	05/07/2051	USD	10,929,600	–		(453,986	)		(453,986	)

Total – Centrally Cleared Inflation Swap Agreements										$–	$	(807,125	)	$	(807,125	)

^(a)	Centrally cleared swap agreements collateralized by $29,397,576 cash held with Counterparties.


33		Invesco Global Strategic Income Fund

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
CNY		–Chinese Yuan Renminbi
COP		–Colombia Peso
CPI		–Consumer Price Index
CZK		–Czech Koruna
EUR		–Euro
FBIL		–Financial Benchmarks India Private Ltd.
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JIBAR		–Johannesburg Interbank Average Rate
JPY		–Japanese Yen
KRW		–South Korean Won
LIBOR		–London Interbank Offered Rate
MIBOR		–Mumbai Interbank Offered Rate
MOSKP		–MosPrime Rate
MXN		–Mexican Peso
NDBB		–New Zealand Dollar Bank Bill
NOK		–Norwegian Krone
NSA		–Non-Seasonally Adjusted
NZD		–New Zealand Dollar
PLN		–Polish Zloty
PRIBOR		–Prague Interbank Offerred Rate
RUB		–Russian Ruble
SEK		–Swedish Krona
SGD		–Singapore Dollar
SONIA		–Sterling Overnight Index Average
THB		–Thai Baht
TIIE		–Interbank Equilibrium Interest Rate
TRY		–Turkish Lira
USD		–U.S. Dollar
WIBOR		–Warsaw Interbank Offered Rate
ZAR		–South African Rand

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


34		Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021



Assets:
Investments in unaffiliated securities, at value (Cost $2,138,662,702)*		$2,093,727,677
Investments in affiliates, at value (Cost $283,591,908)		282,901,985
Other investments:
Variation margin receivable – futures contracts		6,489,939
Variation margin receivable–centrally cleared swap agreements		2,694,683
Swaps receivable – OTC		2,564,365
Unrealized appreciation on swap agreements – OTC		1,109,859
Premiums paid on swap agreements – OTC		12,184,728
Unrealized appreciation on forward foreign currency contracts outstanding		42,634,857
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		6,385,017
Cash collateral – centrally cleared swap agreements		29,397,576
Cash collateral – OTC Derivatives		14,381,027
Cash		36,793,973
Foreign currencies, at value (Cost $1,703,405)		1,622,877
Receivable for:
Investments sold		23,527,041
Fund shares sold		337,380
Dividends		9,991
Interest		28,610,087
Investment for trustee deferred compensation and retirement plans		546,691
Other assets		99,718
Total assets		2,586,019,471

Liabilities:
Other investments:
Options written, at value (premiums received $28,138,904)		34,164,831
Unrealized depreciation on forward foreign currency contracts outstanding		26,037,076
Swaps payable – OTC		460,783
Unrealized depreciation on swap agreements–OTC		3,921,717
Payable for:
Investments purchased		126,353,873
Dividends		995,587
Fund shares reacquired		2,470,119
Collateral upon return of securities loaned		59,683,545
Accrued fees to affiliates		1,412,624
Accrued trustees’ and officers’ fees and benefits		48
Accrued other operating expenses		544,914
Trustee deferred compensation and retirement plans		546,691
Unfunded loan commitments		143,945
Total liabilities		256,735,753
Net assets applicable to shares outstanding		$2,329,283,718



Net assets consist of:
Shares of beneficial interest	$	3,233,927,066

Distributable earnings (loss)		(904,643,348	)

	$	2,329,283,718


Net Assets:
Class A	$	2,004,153,006

Class C	$	78,454,632

Class R	$	70,527,082

Class Y	$	157,185,706

Class R5	$	9,648

Class R6	$	18,953,644


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		563,406,117

Class C		22,122,157

Class R		19,813,210

Class Y		44,257,356

Class R5		2,710

Class R6		5,354,892

Class A:
Net asset value per share	$	3.56

Maximum offering price per share (Net asset value of $3.56 ÷ 95.75%)	$	3.72

Class C:
Net asset value and offering price per share	$	3.55

Class R:
Net asset value and offering price per share	$	3.56

Class Y:
Net asset value and offering price per share	$	3.55

Class R5:
Net asset value and offering price per share	$	3.56

Class R6:
Net asset value and offering price per share	$	3.54

*	At October 31, 2021, securities with an aggregate value of $52,606,631 were on loan to brokers.

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


35		Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:
Interest (net of foreign withholding taxes of $1,091,521)	$	96,184,822

Dividends from affiliates (includes securities lending income of $47,922)		1,668,290

Other income		85,736

Total investment income		97,938,848


Expenses:
Advisory fees		14,414,885

Administrative services fees		364,988

Custodian fees		101,551

Distribution fees:
Class A		5,220,495

Class C		1,030,154

Class R		383,772

Transfer agent fees – A, C, R and Y		4,335,967

Transfer agent fees – R5		4

Transfer agent fees – R6		7,806

Trustees’ and officers’ fees and benefits		44,899

Registration and filing fees		95,809

Reports to shareholders		240,049

Professional services fees		146,507

Other		107,925

Total expenses		26,494,811

Less: Fees waived and/or expense offset arrangement(s)		(397,503	)

Net expenses		26,097,308

Net investment income		71,841,540


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $625,792)		33,203,631

Affiliated investment securities		1,329,623

Foreign currencies		(1,038,256	)

Forward foreign currency contracts		(28,863,570	)

Futures contracts		42,730,412

Option contracts written		38,439,158

Swap agreements		(111,390,442	)

		(25,589,444	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $699,789)		28,287,834

Affiliated investment securities		(2,382,846	)

Foreign currencies		(2,510,777	)

Forward foreign currency contracts		2,634,851

Futures contracts		2,199,018

Option contracts written		(1,918,878	)

Swap agreements		(13,708,473	)

		12,600,729

Net realized and unrealized gain (loss)		(12,988,715	)

Net increase in net assets resulting from operations	$	58,852,825

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


36		Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income	$	71,841,540		$	79,705,355

Net realized gain (loss)		(25,589,444	)		(140,323,908	)

Change in net unrealized appreciation (depreciation)		12,600,729			(12,314,057	)

Net increase (decrease) in net assets resulting from operations		58,852,825			(72,932,610	)


Distributions to shareholders from distributable earnings:
Class A		(25,957,364	)		(32,840,824	)

Class C		(1,216,045	)		(2,533,763	)

Class R		(905,564	)		(1,182,445	)

Class Y		(2,208,688	)		(4,013,668	)

Class R5		(118	)		(134	)

Class R6		(271,613	)		(325,758	)

Total distributions from distributable earnings		(30,559,392	)		(40,896,592	)


Return of capital:
Class A		(30,499,206	)		(42,081,663	)

Class C		(619,123	)		(1,895,583	)

Class R		(867,377	)		(1,311,576	)

Class Y		(3,021,211	)		(5,925,941	)

Class R5		(178	)		(208	)

Class R6		(401,918	)		(520,291	)

Total return of capital		(35,409,013	)		(51,735,262	)

Total distributions		(65,968,405	)		(92,631,854	)


Share transactions–net:
Class A		(222,799,297	)		(306,195,365	)

Class C		(78,911,388	)		(54,967,634	)

Class R		(8,352,959	)		(15,853,398	)

Class Y		(44,748,462	)		(111,534,682	)

Class R6		(1,719,097	)		(14,544,657	)

Net increase (decrease) in net assets resulting from share transactions		(356,531,203	)		(503,095,736	)

Net increase (decrease) in net assets		(363,646,783	)		(668,660,200	)


Net assets:
Beginning of year		2,692,930,501			3,361,590,701

End of year	$	2,329,283,718		$	2,692,930,501

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


37		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 10/31/21		$3.58		$0.10		$(0.03	)		$0.07			$(0.04	)		$(0.05	)		$(0.09	)		$3.56		2.04	%^(f)		$2,004,153		0.99%^(f)		1.01%^(f)		2.79%^(f)		241	%
Year ended 10/31/20		3.75		0.10		(0.16	)		(0.06	)		(0.05	)		(0.06	)		(0.11	)		3.58		(1.47	)^(f)		2,236,548		0.98^(f)		0.99^(f)		2.70^(f)		273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		(1.11	)		2,669,175		0.96^(g)		1.00^(g)		3.80^(g)		25
Year ended 09/30/19		3.73		0.19		(0.01	)		0.18			(0.13	)		(0.06	)		(0.19	)		3.72		5.08			2,671,046		0.95		1.00		5.25		114
Year ended 09/30/18		3.96		0.18		(0.23	)		(0.05	)		(0.18	)		-			(0.18	)		3.73		(1.49	)		2,699,688		1.00		1.07		4.79		67
Year ended 09/30/17		3.95		0.16		0.01			0.17			(0.11	)		(0.05	)		(0.16	)		3.96		4.45			3,124,887		1.01		1.08		4.13		69
Class C
Year ended 10/31/21		3.57		0.07		(0.02	)		0.05			(0.05	)		(0.02	)		(0.07	)		3.55		1.27			78,455		1.75		1.77		2.03		241
Year ended 10/31/20		3.74		0.07		(0.16	)		(0.09	)		(0.03	)		(0.05	)		(0.08	)		3.57		(2.23	)		154,642		1.74		1.75		1.94		273
One month ended 10/31/19		3.71		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.74		1.04			220,077		1.72^(g)		1.76^(g)		3.03^(g)		25
Year ended 09/30/19		3.72		0.17		(0.02	)		0.15			(0.11	)		(0.05	)		(0.16	)		3.71		4.28			224,035		1.71		1.76		4.49		114
Year ended 09/30/18		3.95		0.16		(0.24	)		(0.08	)		(0.15	)		-			(0.15	)		3.72		(2.26	)		540,465		1.76		1.83		4.03		67
Year ended 09/30/17		3.94		0.13		0.01			0.14			(0.09	)		(0.04	)		(0.13	)		3.95		3.67			696,936		1.77		1.84		3.37		69
Class R
Year ended 10/31/21		3.59		0.09		(0.03	)		0.06			(0.05	)		(0.04	)		(0.09	)		3.56		1.49			70,527		1.25		1.27		2.53		241
Year ended 10/31/20		3.75		0.09		(0.15	)		(0.06	)		(0.04	)		(0.06	)		(0.10	)		3.59		(1.45	)		79,116		1.24		1.25		2.44		273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		1.09			99,920		1.22^(g)		1.26^(g)		3.53^(g)		25
Year ended 09/30/19		3.73		0.18		(0.01	)		0.17			(0.12	)		(0.06	)		(0.18	)		3.72		4.81			100,112		1.21		1.26		4.99		114
Year ended 09/30/18		3.96		0.17		(0.23	)		(0.06	)		(0.17	)		-			(0.17	)		3.73		(1.75	)		111,816		1.26		1.33		4.53		67
Year ended 09/30/17		3.95		0.15		0.01			0.16			(0.10	)		(0.05	)		(0.15	)		3.96		4.19			123,825		1.27		1.34		3.87		69
Class Y
Year ended 10/31/21		3.58		0.11		(0.04	)		0.07			(0.04	)		(0.06	)		(0.10	)		3.55		2.00			157,186		0.75		0.77		3.03		241
Year ended 10/31/20		3.75		0.11		(0.16	)		(0.05	)		(0.05	)		(0.07	)		(0.12	)		3.58		(1.24	)		201,675		0.74		0.75		2.94		273
One month ended 10/31/19		3.71		0.01		0.04			0.05			(0.00	)		(0.01	)		(0.01	)		3.75		1.40			335,775		0.72^(g)		0.77^(g)		4.03^(g)		25
Year ended 09/30/19		3.73		0.20		(0.02	)		0.18			(0.13	)		(0.07	)		(0.20	)		3.71		5.05			329,963		0.72		0.77		5.49		114
Year ended 09/30/18		3.96		0.19		(0.23	)		(0.04	)		(0.19	)		-			(0.19	)		3.73		(1.26	)		371,434		0.76		0.83		5.03		67
Year ended 09/30/17		3.95		0.17		0.01			0.18			(0.11	)		(0.06	)		(0.17	)		3.96		4.70			494,017		0.77		0.84		4.43		69
Class R5
Year ended 10/31/21		3.59		0.12		(0.04	)		0.08			(0.04	)		(0.07	)		(0.11	)		3.56		2.14			10		0.61		0.62		3.17		241
Year ended 10/31/20		3.75		0.11		(0.14	)		(0.03	)		(0.06	)		(0.07	)		(0.13	)		3.59		(0.81	)		10		0.64		0.64		3.04		273
One month ended 10/31/19		3.72		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.75		1.14			10		0.70^(g)		0.72^(g)		4.05^(g)		25
Period ended 09/30/19^(h)		3.69		0.07		0.02			0.09			(0.04	)		(0.02	)		(0.06	)		3.72		2.40			10		0.63(g)		0.68^(g)		5.58^(g)		114
Class R6
Year ended 10/31/21		3.57		0.12		(0.04	)		0.08			(0.05	)		(0.06	)		(0.11	)		3.54		2.13			18,954		0.61		0.63		3.17		241
Year ended 10/31/20		3.73		0.11		(0.15	)		(0.04	)		(0.05	)		(0.07	)		(0.12	)		3.57		(0.86	)		20,939		0.63		0.63		3.05		273
One month ended 10/31/19		3.70		0.01		0.03			0.04			(0.00	)		(0.01	)		(0.01	)		3.73		1.14			36,634		0.57^(g)		0.62^(g)		4.18^(g)		25
Year ended 09/30/19		3.71		0.21		(0.01	)		0.20			(0.14	)		(0.07	)		(0.21	)		3.70		5.49			36,479		0.57		0.62		5.63		114
Year ended 09/30/18		3.94		0.20		(0.23	)		(0.03	)		(0.20	)		-			(0.20	)		3.71		(1.15	)		41,461		0.61		0.68		5.18		67
Year ended 09/30/17		3.93		0.18		0.01			0.19			(0.12	)		(0.06	)		(0.18	)		3.94		4.89			47,348		0.59		0.65		4.57		69

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.04%, 0.04%, 0.01% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017, respectively.

^(d)

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $364,949,527 and $405,130,315, $5,760,311,794 and $5,754,174,138, $6,366,360,171 and $6,415,700,475 and $5,559,676,349 and $5,415,035,851 for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017, respectively.

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

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

^(g)	Annualized.

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

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


38		Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official

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


39		Invesco Global Strategic Income Fund

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

The Fund 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.

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

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.

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.

K.	Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by


40		Invesco Global Strategic Income Fund

collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

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.


41		Invesco Global Strategic Income Fund

Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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.


42		Invesco Global Strategic Income Fund

having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

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

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

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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

W.	COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and


43		Invesco Global Strategic Income Fund

increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*		Rate
First $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $200 million		0.600%
Next $4 billion		0.500%
Next $5 billion		0.480%
Over $10 billion		0.460%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.56%.

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

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.04%, 1.79%, 1.29%, 0.79%, 0.70% and 0.65%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2021, the Adviser waived advisory fees of $390,109.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.


44		Invesco Global Strategic Income Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $77,318 in front-end sales commissions from the sale of Class A shares and $270 and $2,733 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	$	-		$	951,070,583		$	-	$	951,070,583

Non-U.S. Dollar Denominated Bonds & Notes		-			744,086,312			-		744,086,312

Asset-Backed Securities		-			214,036,949			-		214,036,949

U.S. Government Sponsored Agency Mortgage-Backed Securities		-			110,108,277			-		110,108,277

Affiliated Issuers		72,429,002			-			-		72,429,002

Variable Rate Senior Loan Interests		-			20,712,146			3,432,346		24,144,492

Agency Credit Risk Transfer Notes		-			23,342,236			-		23,342,236

Preferred Stocks		-			4,112,122			-		4,112,122

Common Stocks & Other Equity Interests		269,380			356,575			264,334		890,289

Money Market Funds		150,789,438			59,683,545			-		210,472,983

Options Purchased		-			21,936,417			-		21,936,417

Total Investments in Securities		223,487,820			2,149,445,162			3,696,680		2,376,629,662


Other Investments - Assets*

Futures Contracts		3,313,932			-			-		3,313,932

Forward Foreign Currency Contracts		-			42,634,857			-		42,634,857

Swap Agreements		-			21,233,426			-		21,233,426

		3,313,932			63,868,283			-		67,182,215


Other Investments - Liabilities*

Futures Contracts		(3,792,415	)		-			-		(3,792,415	)

Forward Foreign Currency Contracts		-			(26,037,076	)		-		(26,037,076	)

Options Written		-			(34,164,831	)		-		(34,164,831	)

Swap Agreements		-			(38,099,116	)		-		(38,099,116	)

		(3,792,415	)		(98,301,023	)		-		(102,093,438	)

Total Other Investments		(478,483	)		(34,432,740	)		-		(34,911,223	)

Total Investments	$	223,009,337		$	2,115,012,422		$	3,696,680	$	2,341,718,439

*	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.


45		Invesco Global Strategic Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2021:


		Value

Derivative Assets	Credit Risk				Currency Risk				Interest Rate Risk				Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)		$	-			$	-			$	3,313,932			$	3,313,932

Unrealized appreciation on swap agreements – Centrally Cleared^(a)			466,595				-				19,656,972				20,123,567

Unrealized appreciation on forward foreign currency contracts outstanding			-				42,634,857				-				42,634,857

Unrealized appreciation on swap agreements – OTC			1,005,866				-				103,993				1,109,859

Options purchased, at value – OTC^(b)			-				9,636,167				12,300,250				21,936,417

Total Derivative Assets			1,472,461				52,271,024				35,375,147				89,118,632

Derivatives not subject to master netting agreements			(466,595	)			-				(22,970,904	)			(23,437,499	)

Total Derivative Assets subject to master netting agreements		$	1,005,866			$	52,271,024			$	12,404,243			$	65,681,133


		Value

Derivative Liabilities		Credit Risk				Currency Risk				Interest Rate Risk				Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)		$	-			$	-			$	(3,792,415	)		$	(3,792,415	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)			(246,411	)			-				(33,930,988	)			(34,177,399	)

Unrealized depreciation on forward foreign currency contracts outstanding			-				(26,037,076	)			–				(26,037,076	)

Unrealized depreciation on swap agreements – OTC			(259,877	)			-				(3,661,840	)			(3,921,717	)

Options written, at value – OTC			(1,175,292	)			(12,310,732	)			(20,678,807	)			(34,164,831	)

Total Derivative Liabilities			(1,681,580	)			(38,347,808	)			(62,064,050	)			(102,093,438	)

Derivatives not subject to master netting agreements			246,411				-				37,723,403				37,969,814

Total Derivative Liabilities subject to master netting agreements		$	(1,435,169	)		$	(38,347,808	)		$	(24,340,647	)		$	(64,123,624	)

^(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, 2021.


																								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.		$ 3,643,092		$ 1,376,828		$ 311,774		$ 5,331,694		$(6,111,821	)		$(4,256,678	)		$ (898,418	)		$(11,266,917	)		$(5,935,223	)		$ –			$4,810,000			$(1,125,223	)

Barclays Bank PLC		-		-		-		-		(1,806,705	)		-			-			(1,806,705	)		(1,806,705	)		-			1,806,705			-

Citibank, N.A.		2,634,172		-		81,366		2,715,538		(766,292	)		-			(76,262	)		(842,554	)		1,872,984			-			(880,000	)		992,984

Goldman Sachs International		9,181,026		8,335,210		2,653,192		20,169,428		(4,565,957	)		(10,072,517	)		(3,319,019	)		(17,957,493	)		2,211,935			-			(2,211,935	)		-

J.P. Morgan Chase Bank, N.A.		16,135,741		880,478		627,893		17,644,112		(5,361,912	)		(6,924,114	)		(93,890	)		(12,379,916	)		5,264,196			(5,264,196	)		(7,772,471	)		(7,772,471	)

Merrill Lynch International		-		299,450		-		299,450		-			(237,850	)		-			(237,850	)		61,600			-			-			61,600

Morgan Stanley and Co. International PLC		6,945,706		9,924,253		-		16,869,959		(4,340,172	)		(11,815,956	)		-			(16,156,128	)		713,831			-						713,831

Royal Bank of Canada		2,062,787		-		-		2,062,787		(1,248,148	)		-			-			(1,248,148	)		814,639			-			-			814,639

Standard Chartered Bank PLC		2,032,333		851,535		-		2,883,868		(1,836,069	)		(851,026	)		-			(2,687,095	)		196,773			-			(196,773	)		-

Toronto-Dominion Bank (The)		-		-		-		-		-			(6,690	)		-			(6,690	)		(6,690	)		-			-			(6,690	)

UBS AG		-		268,663		-		268,663		-			-			-			-			268,663			-			-			268,663

Total		$42,634,857		$21,936,417		$3,674,225		$68,245,499		$(26,037,076	)		$(34,164,831	)		$(4,387,589	)		$(64,589,496	)		$ 3,656,003			$(5,264,196	)		$(4,444,474	)		$(6,052,667	)


46		Invesco Global Strategic Income Fund

Effect of Derivative Investments for the year ended October 31, 2021

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


	Location of Gain (Loss) on Consolidated Statement of Operations


	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(28,863,570	)	$	-		$	-		$	(28,863,570	)

Futures contracts		-			-			-			42,730,412			42,730,412

Options purchased^(a)		-			(15,583,026	)		(1,568,205	)		35,510,232			18,359,001

Options written		-			36,915,589			785,475			738,094			38,439,158

Swap agreements		(3,543,355	)		-			80,996			(107,928,083	)		(111,390,442	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			2,634,851			-			-			2,634,851

Futures contracts		-			-			-			2,199,018			2,199,018

Options purchased^(a)		-			2,965,867			-			2,236,309			5,202,176

Options written		(216,079	)		930,296			-			(2,633,095	)		(1,918,878	)

Swap agreements		3,647,090			-			-			(17,355,563	)		(13,708,473	)

Total	$	(112,344	)	$	(999,993	)	$	(701,734	)	$	(44,502,676	)	$	(46,316,747	)

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

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


	Forward Foreign Currency Contracts		Futures Contracts		Index Options Purchased		Swaptions Purchased		Foreign Currency Options Purchased		Index Options Written		Swaptions Written		Foreign Currency Options Written		Swap Agreements

Average notional value		$4,820,901,541		$919,650,825		$102,564,000		$1,848,602,703		$1,836,117,886		$97,650,000		$2,301,780,637		$1,808,334,087		$9,093,643,740

Average contracts		-		-		252		-		-		252		-		-		-

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Unfunded Loan Commitments

Borrower

Type

Unfunded Loan

Commitment

Unrealized

Appreciation

(Depreciation)

Avianca Holdings S.A.

Term Loan A-1

$143,945

$(5,599)


47		Invesco Global Strategic Income Fund

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, 2021 and 2020 :


	2021		2020

Ordinary income*	$	30,559,392		$40,896,592

Return of capital		35,409,013		51,735,262

Total distributions	$	65,968,405		$92,631,854


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

Tax Components of Net Assets at Period-End:

			2021

Net unrealized appreciation (depreciation) – investments			$	(95,875,644	)

Net unrealized appreciation (depreciation) – foreign currencies				(1,421,649	)

Temporary book/tax differences				(540,903	)

Capital loss carryforward				(806,805,152	)

Shares of beneficial interest				3,233,927,066

Total net assets			$	2,329,283,718

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 bond amortization, forward contracts, master fund investments and straddle losses.

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


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	455,403,622	$	351,401,530	$	806,805,152

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

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $3,462,692,960 and $3,780,777,324, 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	$	119,367,639

Aggregate unrealized (depreciation) of investments		(215,243,283	)

Net unrealized appreciation (depreciation) of investments	$	(95,875,644	)

Cost of investments for tax purposes is $2,449,778,811.

NOTE 11–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, master fund reclass and return of capital, on October 31, 2021, undistributed net investment income was decreased by $38,899,543, undistributed net realized gain (loss) was increased by $70,424,706 and shares of beneficial interest was decreased by $31,525,163. This reclassification had no effect on the net assets of the Fund.

NOTE 12–Share Information


	Summary of Share Activity


	Year ended October 31, 2021^(a)				Year ended October 31, 2020

	Shares		Amount		Shares		Amount

Sold:
Class A		20,863,492	$	77,179,461		29,832,443	$	107,578,242

Class C		2,783,504		10,254,185		4,765,288		17,064,552

Class R		2,586,094		9,566,017		2,784,068		9,976,042

Class Y		9,009,632		33,154,213		39,906,017		140,851,296

Class R6		2,402,163		8,955,150		1,455,833		5,101,504


48		Invesco Global Strategic Income Fund


	Summary of Share Activity


	Year ended October 31, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:

Class A		12,530,450		$	46,049,135			17,183,869		$	60,767,093

Class C		435,507			1,597,225			1,166,147			4,127,050

Class R		473,313			1,740,994			685,844			2,429,219

Class Y		1,030,851			3,786,930			2,452,224			8,694,339

Class R6		160,580			587,476			224,553			799,363


Automatic conversion of Class C shares to Class A shares:

Class A		16,627,596			62,391,544			7,225,200			25,774,220

Class C		(16,673,698	)		(62,391,544	)		(7,245,597	)		(25,774,220	)


Reacquired:
Class A		(110,699,267	)		(408,419,437	)		(142,057,208	)		(500,314,920	)

Class C		(7,693,690	)		(28,371,254	)		(14,281,260	)		(50,385,016	)

Class R		(5,305,908	)		(19,659,970	)		(8,038,707	)		(28,258,659	)

Class Y		(22,140,461	)		(81,689,605	)		(75,626,117	)		(261,080,317	)

Class R6		(3,079,741	)		(11,261,723	)		(5,622,436	)		(20,445,524	)

Net increase (decrease) in share activity		(96,689,583	)	$	(356,531,203	)		(145,189,839	)	$	(503,095,736	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


49		Invesco Global Strategic Income Fund

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), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the two years in the period ended October 31, 2021, the one month ended October 31, 2019, and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021, the one month ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Global Strategic Income Fund (subsequently renamed Invesco Global Strategic Income Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for 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, 2021 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


50		Invesco Global Strategic Income 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$975.60	$4.88	$1,020.27	$4.99	0.98%
Class C	1,000.00	974.40	8.71	1,016.38	8.89	1.75
Class R	1,000.00	974.30	6.17	1,018.95	6.31	1.24
Class Y	1,000.00	976.70	3.74	1,021.42	3.82	0.75
Class R5	1,000.00	977.50	2.99	1,022.18	3.06	0.60
Class R6	1,000.00	977.20	3.04	1,022.13	3.11	0.61

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


51		Invesco Global Strategic Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods 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 Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s positioning in developed market high yield and emerging market foreign currencies negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and


52		Invesco Global Strategic Income Fund

that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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.

duplicative of services provided by Invesco Advisers to the Fund.


53		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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	21.55	%
Corporate Dividends Received Deduction*	5.51	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	94.49	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


54		Invesco Global Strategic Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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)	186	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
Christopher L. Wilson – 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk² – 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.

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-6		Invesco Global Strategic Income Fund

(This page intentionally left blank)

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

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco Global Targeted Returns Fund

Nasdaq:

A: GLTAX ∎ C: GLTCX ∎ R: GLTRX ∎ Y: GLTYX ∎ R5: GLTFX ∎ R6: GLTSX


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

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, 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 broad market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.55	%
Class C Shares	-1.34
Class R Shares	-0.88
Class Y Shares	-0.33
Class R5 Shares	-0.33
Class R6 Shares	-0.22
FTSE US 3-Month Treasury Bill Index^▼ (Broad Market/Style-Specific Index)	0.05
Source(s): ^▼RIMES 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 through an unconstrained approach to generating investment ideas and through robust risk management. Ideas are generated from discussion around investment themes, fundamental economic analysis and valuation/ qualitative modeling and may result in investments across a wide array of asset classes, geographies, sectors and currencies. 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. This can include investments in a wide range of asset types, including derivative instruments and physical securities.

The fiscal year began with optimism, with markets extending their gains following an impressive broad-based rally in the final stages of 2020. News around a positive global coronavirus (COVID-19) vaccine rollout pointing to a reopening that would drive growth higher alongside additional US fiscal stimulus, pent-up consumer demand and a further commitment from major developed market (DM) central banks to keep loose monetary policies to recover from the wrath of the pandemic were key reasons underpinning investors hope and optimism. Albeit not without bouts of volatility along the way, risk assets extended their positive performance in the first quarter of the fiscal year. Shifting market dynamics sustained the value versus growth theme that had started to unfold in the fourth quarter of 2020. Unsurprisingly, the quarter saw a material rise in bond yields

globally, with 10-year US Treasuries being a prime example, rising from 0.9% to 1.75%. Rising bond yields and rallying commodities ultimately led to higher inflation expectations and a stronger US dollar. Against this backdrop, the Fund registered a period of neutral performance. While directional equity and credit strategies performed well, the gains were broadly offset by the underperformance of long duration, commodity and currency strategies, most notably long Japanese yen versus the US dollar and Euro.

Many of the themes that characterized markets in the first quarter of 2021 carried over in the second quarter of the year. As a result, risk assets continued to benefit against this backdrop, with global equities delivering their fifth consecutive quarter of gains. Government bond markets on the other hand experienced a mixed period, as initially rising inflation expectations led to a rise in yields, but this later reversed as investors drew comfort from reassuring words from various US Federal Reserve (the Fed) speakers, including Chairman Powell, who noted that the FOMC “will wait for actual evidence of actual inflation or other imbalances” before moving interest rates higher. At the sector level, this led to outperformance in growth stocks with areas like technology and health care outperforming traditional value sectors such as financials. Over the second quarter of 2022, the Fund delivered a positive performance. Long duration strategies performed strongly, recovering a portion of the losses accrued in the first quarter. Long directional equity and credit strategies also did well though their gains were offset by short inflation and idiosyncratic currency positions.

The third quarter of 2021 was a tale of two halves for equity markets. A more cautious pattern in July and August was followed by a more volatile September driven by deepening inflation concerns, due to base effects, supply chain issues and labor shortages alongside

central bank signals that interest rate rises could be drawing closer. Against this backdrop, it was hardly surprising that financial markets generally struggled. Despite a more volatile environment, the Fund registered a positive quarter, with most strategies making positive advances. Equity relative value strategies with a cyclical/value bias performed strongly against a more reflationary backdrop as did our long US dollar positions. On the flip side, short inflation strategies proved to be the main detractor, negating a portion of the gains.

Global equities rebounded sharply in October 2021, boosted by strong earnings with many corporates across sectors and regions posting strong beats. Inflationary concerns and rate hike expectations, however, continued to exert pressure on government bonds. The Fund experienced negative performance in October. While equity strategies did well, long duration and short inflation positions more than offset the gains.

From an asset class perspective, equity strategies contributed the most over the second quarter of 2022, followed by directional exposures within credit. Inflation strategies on the other hand proved to be the main detractor, followed by interest rate, currency and commodity strategies.

From an investment idea perspective, equity strategies led the bulk of the gains, largely benefiting from the ongoing positive backdrop for risk assets. Within this space, our long Taiwan Carry, long Japanese and Australian equity strategies contributed the most. Albeit to a lesser degree, credit strategies also performed positively, benefiting from further narrowing in credit spreads. Our long US High Yield Credit and long Selective Credit ideas contributed to most of the upside.

In terms of detractors, inflation strategies, Short UK Inflation and Short US Real Yields (now closed), proved to be the biggest under-performers. These strategies were negatively impacted by investors shifting upwards their inflation expectations in large part driven by mechanical inflation re-base effects, material rebound in commodity prices and cyclical optimism due to ongoing reopening of economies. At the start of the fiscal year, the Commodity Carry position underperformed as commodity curves (mainly energy) went into backwardation. The Short European Insurers equity position (now closed) also detracted from overall performance, as did the Global FX Volatility position which came under pressure as volatility across markets continued to grind lower. Despite performance headwinds, the conviction is this Global FX Volatility idea remains as volatility levels are now very close to the all-time lows seen in 2007 and early 2020 before the pandemic hit.

Looking ahead, although we believe the economic recovery remains on track, headwinds such as higher energy costs, less supportive policy and a slowdown in China are


2		Invesco Global Targeted Returns Fund

intensifying. As a result, we may well be moving beyond the explosive stage of the recovery that we have seen in the last fiscal year. As economies continue to re-open, consumer demand is likely to shift between goods and services, thus changing the overall growth dynamic.

Central banks are set to face more difficult policy decisions in response to inflation. While we are of the opinion that some of these inflationary pressures are likely to ease as demand adjusts and supply chains are restored, the ongoing excessive stimulus once overall spare capacity is exhausted could cause inflation to prove to be stickier than originally anticipated. Globally we believe we are past peak monetary stimulus, with central banks likely to renege on previous commitments and bring forward interest rate hikes. While interest rates are likely to rise, high levels of debt will likely cap the extent of the moves.

Against a positive but more uncertain backdrop, market volatility across asset classes is likely to be expected. Slower and more uneven earnings growth, an uncertain policy reaction function and a changing investor base could underpin higher volatility within equity markets. Similarly, higher currency and interest volatility are probable as policy divergence among countries increases and markets increasingly challenge central banks.

Thematic market opportunities are likely to become of greater importance going forward. The US dollar for instance should benefit from US economic outperformance, marginal monetary policy divergence and growing risks to vulnerable areas from reduced global liquidity. In the equity space, opportunities are likely to be underpinned by structural, societal and environmental trends. We favor sectors with a reflationary bias such as banks and energy. Structural issues could resurface in emerging markets given a less favorable policy environment. We believe select opportunities in local market debt are emerging.

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

Gwilym Satchell

Georgina Taylor

ations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

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


3		Invesco Global 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.


4		Invesco Global Targeted Returns Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares

Inception (12/19/13)	-0.16	%

5 Years	-1.58
1 Year	-6.00


Class C Shares
Inception (12/19/13)	-0.19	%

5 Years	-1.20

1 Year	-2.33


Class R Shares
Inception (12/19/13)	0.30	%

5 Years	-0.74

1 Year	-0.88


Class Y Shares
Inception (12/19/13)	0.81	%

5 Years	-0.21

1 Year	-0.33


Class R5 Shares
Inception (12/19/13)	0.81	%

5 Years	-0.21

1 Year	-0.33


Class R6 Shares
Inception (12/19/13)	0.83	%

5 Years	-0.17

1 Year	-0.22

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.

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


5		Invesco Global Targeted Returns Fund

Supplemental Information

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, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The 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


6		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		0.40	%		5.34	%		-0.01	%
Credit		7.72			3.14			19.58
Currency		22.60			373.50			1.00
Equity		44.64			206.89			19.58
Inflation		9.03			180.56			-3.13
Interest Rate		12.57			215.47			16.94
Volatility⁽⁴⁾		3.04			1.01			-0.23
Money Market Funds Plus Other Assets Less Liabilities		–			–			46.27

⁽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, 2021.

⁽³⁾ The percentages in this column were calculated by adding the market value of purchased options, the net unrealized appreciation/depreciation of written options, futures, swaps and forwards, and the net asset value of affiliated money market funds held by the Fund. See the Consolidated Schedule of Investments for the complete list of derivative instruments held by the Fund as of October 31, 2021.

⁽⁴⁾ Includes the volatility and variance swaps held by the Fund, the gains and losses on which are driven by the volatility (i.e., the positive and negative changes in value over time) of a particular asset, such as stocks or currencies, and not by the asset itself.

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, 2021.


7		Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

October 31, 2021


	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes–21.83%^(a)
Belgium–0.49%
Solvay Finance SACA, 5.87%^(b)(c)(d)		EUR	100,000	$	128,793

France–1.55%
Burger King France S.A.S, 5.25% (3 mo. EURIBOR + 5.25%), 05/01/2023^(b)(e)		EUR	100,000		115,600
Electricite de France S.A., 5.88%^(b)(c)(d)		GBP	100,000		152,093
La Financiere Atalian S.A.S.U., 6.63%, 05/15/2025^(b)		GBP	100,000		136,633
					404,326

Italy–0.27%
Italy Buoni Poliennali Del Tesoro, 1.45%, 03/01/2036^(b)		EUR	60,000		69,399

Luxembourg–0.00%
Helix Holdco S.A., 9.75% PIK Rate, 0.25% Cash Rate, , 04/19/2026^(f)		EUR	15,898		1,170

Mexico–10.35%
Mexican Bonos,
Series M, 7.75%, 05/29/2031		MXN	24,300,000		1,199,585
Series M 20, 7.50%, 06/03/2027		MXN	500,000		24,407
Series M 20, 8.50%, 05/31/2029		MXN	28,590,000		1,472,823
					2,696,815

Portugal–0.15%
Portugal Obrigacoes do Tesouro OT, 2.88%, 10/15/2025^(b)		EUR	30,000		39,002

Russia–0.10%
Russian Federal Bond - OFZ, Series 6225, 7.25%, 05/10/2034		RUB	2,000,000		26,601

South Africa–3.80%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030		ZAR	8,393,000		499,129
Series 2032, 8.25%, 03/31/2032		ZAR	7,919,000		454,923
Series 2048, 8.75%, 02/28/2048		ZAR	650,000		34,940
					988,992

Spain–1.03%
Banco de Sabadell S.A., 5.63%, 05/06/2026^(b)		EUR	100,000		134,798


	Principal Amount				Value
Spain–(continued)
Codere Finance 2 (Luxembourg) S.A.,
10.75%, 09/30/2023^(b)		EUR		15,000	$	18,399
10.75%, 09/30/2023^(b)		EUR		9,000		11,249
10.75%, 09/30/2023^(b)		EUR		10,000		12,485
10.75%, 09/30/2023		EUR		14,000		15,698
6.25% PIK Rate, 4.5% Cash Rate, 11/01/2023^(b)(f)		EUR		103,125		75,229
						267,858

United Kingdom–4.09%
Barclays PLC, 7.88%^(b)(c)(d)		GBP		200,000		287,909
Modulaire Global Finance PLC, 6.50%, 02/15/2023^(b)		EUR		100,000		117,580
Nationwide Building Society, Series CCDS, 10.25%^(b)(d)		GBP		38,000		101,402
Next Group PLC, 3.63%, 05/18/2028^(b)		GBP		100,000		148,702
Rl Finance Bonds No. 3 PLC, 6.13%, 11/13/2028^(b)		GBP		100,000		166,022
Tesco Property Finance 2 PLC, 6.05%, 10/13/2039^(b)		GBP		39,686		70,858
United Kingdom Gilt Inflation-Linked, 0.13%, 03/22/2026^(b)		GBP		23,803		38,042
Wheel Bidco Ltd., 6.75%, 07/15/2026^(b)		GBP		100,000		134,198
						1,064,713
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $5,757,600)						5,687,669

			Shares
Common Stocks & Other Equity Interests–16.96%
Australia–0.75%
Alumina Ltd.				19,730		29,403
AMP Ltd.^(g)				13,988		11,317
BHP Group PLC				386		10,254
Glencore PLC				7,327		36,731
Newcrest Mining Ltd.				1,660		30,966
Origin Energy Ltd.				3,716		14,203
QBE Insurance Group Ltd.				3,559		31,476
Woodside Petroleum Ltd.				1,776		30,847
						195,197

Brazil–0.07%
Wheaton Precious Metals Corp.				167		6,748
Yara International ASA				207		10,815
						17,563

Canada–0.14%
Agnico Eagle Mines Ltd.				104		5,517
Barrick Gold Corp.				1,089		20,005
Barrick Gold Corp.				100		1,835
Constellation Software, Inc.				2		3,515
Dollarama, Inc.				134		6,057
						36,929

China–2.17%
Alibaba Group Holding Ltd.^{^(g)}				2,780		57,516
Alibaba Group Holding Ltd., ADR^(g)				138		22,762

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


8		Invesco Global Targeted Returns Fund


	Shares		Value
China–(continued)
Autohome, Inc., ADR		676	$	26,601
BeiGene Ltd., ADR^(g)		34		12,162
China Mobile Ltd.		1,500		9,311
China Overseas Land & Investment Ltd.		13,500		29,737
COSCO SHIPPING Ports Ltd.		12,000		9,985
Dongfeng Motor Group Co. Ltd., H Shares		22,000		20,572
Gree Electric Appliances, Inc. of Zhuhai, A Shares		3,100		17,708
JD.com, Inc., ADR^(g)		454		35,539
Ming Yang Smart Energy Group Ltd., A Shares		9,656		46,692
NetEase, Inc., ADR		456		44,501
Ping An Insurance (Group) Co. of China Ltd., H Shares		4,500		32,405
Prosus N.V.		323		28,616
Suofeiya Home Collection Co. Ltd., A Shares		7,800		20,719
Tencent Holdings Ltd.		300		18,626
Tencent Holdings Ltd., ADR		1,319		80,182
Tingyi Cayman Islands Holding Corp.		18,000		33,636
Wuxi Biologics Cayman, Inc.^(b)(g)		1,000		15,273
Youdao, Inc., ADR^(g)		216		2,652
				565,195

Denmark–0.18%
Carlsberg A/S, Class B		47		7,768
Novo Nordisk A/S, Class B		217		23,868
Vestas Wind Systems A/S		350		15,165
				46,801

Finland–0.14%
Metso Outotec OYJ		538		5,412
Nordea Bank Abp		209		2,563
Stora Enso OYJ, Class R		657		10,953
UPM-Kymmene OYJ		484		17,106
				36,034

France–1.05%
Arkema S.A.		38		5,201
Atos SE		111		5,778
AXA S.A.		515		14,991
BNP Paribas S.A.		185		12,411
Capgemini SE		75		17,486
Carrefour S.A.		766		13,874
Cie de Saint-Gobain		196		13,523
Electricite de France S.A.		293		4,324
ENGIE S.A.		684		9,733
Hermes International		15		23,824
L’Oreal S.A.		3		1,372
Orange S.A.		517		5,642
Publicis Groupe S.A.		158		10,605
Sanofi		359		35,936
TotalEnergies SE		1,523		76,361
Veolia Environnement S.A.		412		13,453
Verallia S.A.^(b)		274		10,134
				274,648

Germany–0.37%
Daimler AG		145		14,372
Deutsche Post AG		269		16,629
Deutsche Telekom AG		801		14,893
HelloFresh SE^(g)		60		4,856


	Shares		Value
Germany–(continued)
Infineon Technologies AG		395	$	18,463
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Class R		44		13,033
Siemens Energy AG^(g)		148		4,247
Volkswagen AG, Preference Shares		14		3,137
Zalando SE^(b)(g)		61		5,753
				95,383

Hong Kong–0.39%
AIA Group Ltd.		2,800		31,642
CK Asset Holdings Ltd.		5,000		30,915
CK Hutchison Holdings Ltd.		4,000		26,950
Link REIT		500		4,447
Pacific Basin Shipping Ltd.		16,000		7,440
				101,394

India–0.62%
Housing Development Finance Corp. Ltd.		984		37,477
ICICI Bank Ltd., ADR		1,682		35,574
Kotak Mahindra Bank Ltd.		93		2,518
Larsen & Toubro Ltd.		1,518		35,911
Mahindra & Mahindra Ltd.		2,539		30,072
Shriram Transport Finance Co. Ltd.		1,028		19,738
				161,290

Indonesia–0.19%
PT Astra International Tbk		79,900		34,033
PT Telkom Indonesia (Persero) Tbk		55,000		14,745
				48,778

Ireland–0.10%
CRH PLC		463		22,275
Ryanair Holdings PLC, ADR^(g)		40		4,541
				26,816

Israel–0.06%
Nice Ltd., ADR^(g)		54		15,283

Italy–0.11%
Enel S.p.A.		806		6,751
Intesa Sanpaolo S.p.A.		2,166		6,170
Telecom Italia S.p.A.		22,568		8,052
UniCredit S.p.A.		609		8,054
				29,027

Japan–0.01%
Sony Group Corp., ADR		36		4,168

Luxembourg–0.04%
ArcelorMittal S.A.		347		11,710
Helix Holdco S.A.^(h)		500		0
				11,710

Netherlands–0.19%
Adyen N.V.^(b)(g)		5		15,103
BE Semiconductor Industries N.V.		123		11,281
ING Groep N.V.		832		12,630
SBM Offshore N.V.		632		9,993
				49,007

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


9		Invesco Global Targeted Returns Fund


	Shares		Value
Portugal–0.04%
EDP - Energias de Portugal S.A.		1,895	$	10,713

Russia–0.01%
Sberbank of Russia PJSC, ADR		88		1,765

Singapore–0.21%
ComfortDelGro Corp. Ltd.		10,500		12,143
United Overseas Bank Ltd.		2,100		41,712
				53,855

South Africa–0.13%
Anglo American PLC		886		33,562

South Korea–0.74%
Hyundai Motor Co., Second Pfd.		274		23,019
KB Financial Group, Inc.		360		17,347
LG Corp.		314		24,573
POSCO		27		6,826
Samsung Electronics Co. Ltd.		1,242		74,411
Samsung Electronics Co. Ltd., Preference Shares		61		3,348
Samsung Fire & Marine Insurance Co. Ltd.		222		43,919
				193,443

Spain–0.28%
Amadeus IT Group S.A.^(g)		193		12,933
Banco Bilbao Vizcaya Argentaria S.A.		1,810		12,699
CaixaBank S.A.		3,653		10,515
Cellnex Telecom S.A.^(b)		221		13,593
Corp ACCIONA Energias Renovables S.A.^(g)		200		6,991
Industria de Diseno Textil S.A.		230		8,316
Repsol S.A.		585		7,460
				72,507

Sweden–0.12%
Biotage AB		130		4,208
Lundin Energy AB		155		6,112
Sandvik AB		492		12,491
SSAB AB, Class A^(g)		182		1,037
SSAB AB, Class B^(g)		1,618		8,074
				31,922

Switzerland–0.45%
Lonza Group AG		16		13,141
Nestle S.A.		103		13,605
Novartis AG		212		17,544
Roche Holding AG		105		40,678
Swatch Group AG (The), BR		23		6,321
Tecan Group AG, Class R		27		16,527
Zurich Insurance Group AG		19		8,437
				116,253

Taiwan–0.92%
Asustek Computer, Inc.		3,000		38,184
Hon Hai Precision Industry Co. Ltd.		6,400		24,765
MediaTek, Inc.		1,000		33,059
Sea Ltd., ADR^(g)		23		7,902
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		961		109,266
Uni-President Enterprises Corp.		11,000		26,417
				239,593


	Shares		Value
Thailand–0.16%
Kasikornbank PCL, NVDR		10,000	$	42,649

United Kingdom–4.48%
3i Group PLC		624		11,673
Ashtead Group PLC		313		26,292
AstraZeneca PLC		561		69,998
Aviva PLC		3,635		19,658
Babcock International Group PLC^(g)		2,669		11,668
BAE Systems PLC		5,261		39,668
Balfour Beatty PLC		852		2,964
Barclays PLC		26,878		74,158
Barratt Developments PLC		3,098		28,156
Berkeley Group Holdings PLC		138		8,233
BP PLC		14,833		71,189
British American Tobacco PLC		776		26,988
Bunzl PLC		651		24,088
Burberry Group PLC		227		6,011
Centrica PLC^(g)		24,063		19,895
Compass Group PLC^(g)		701		14,890
Croda International PLC		84		10,887
Diageo PLC		96		4,779
easyJet PLC^(g)		1,317		11,259
Experian PLC		440		20,126
Farfetch Ltd., Class A^(g)		151		5,921
GlaxoSmithKline PLC		583		12,113
Hays PLC		4,244		9,615
Hiscox Ltd.		1,094		12,479
HSBC Holdings PLC		3,565		21,481
J Sainsbury PLC		5,075		20,808
JD Sports Fashion PLC		1,866		27,862
Legal & General Group PLC		4,531		17,929
Marks & Spencer Group PLC^(g)		8,232		20,713
Melrose Industries PLC		3,091		6,656
National Grid PLC		4,244		54,289
NatWest Group PLC		3,794		11,447
Next PLC		391		42,680
Pennon Group PLC		253		4,038
Phoenix Group Holdings PLC		1,562		14,059
RELX PLC		1,437		44,471
RELX PLC		151		4,688
Rolls-Royce Holdings PLC^(g)		2,931		5,296
Royal Dutch Shell PLC, Class B		2,234		51,229
Severn Trent PLC		275		10,309
Shaftesbury PLC		351		3,003
Smith & Nephew PLC		1,228		21,126
SSE PLC		2,698		60,718
Standard Chartered PLC		3,750		25,419
Tesco PLC		9,811		36,281
Travis Perkins PLC		487		10,294
Ultra Electronics Holdings PLC		207		9,198
Unilever PLC		147		7,867
United Utilities Group PLC		1,268		18,040
Vodafone Group PLC		32,403		47,822
Whitbread PLC^(g)		563		25,244
Wickes Group PLC		700		2,055
				1,167,730

United States–2.84%
ABIOMED, Inc.^(g)		19		6,309

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


10		Invesco Global Targeted Returns Fund


	Shares		Value
United States–(continued)
Accenture PLC, Class A		21	$	7,535
Alphabet, Inc., Class A^(g)		9		26,648
Alphabet, Inc., Class C^(g)		9		26,689
Amazon.com, Inc.^(g)		10		33,724
American Express Co.		69		11,991
American Tower Corp.		37		10,433
Amphenol Corp., Class A		75		5,758
Apple, Inc.		29		4,344
Berkshire Hathaway, Inc., Class B^(g)		17		4,879
CME Group, Inc., Class A		16		3,529
Coca-Cola Co. (The)		271		15,276
Copart, Inc.^(g)		19		2,950
Costco Wholesale Corp.		4		1,966
Crowdstrike Holdings, Inc., Class A^(g)		111		31,280
Danaher Corp.		22		6,859
Edwards Lifesciences Corp.^(g)		57		6,830
Equifax, Inc.		23		6,381
Ferguson PLC		132		19,879
Home Depot, Inc. (The)		31		11,524
Illumina, Inc.^(g)		63		26,149
Installed Building Products, Inc.		80		10,164
Intercontinental Exchange, Inc.		85		11,769
JPMorgan Chase & Co.		128		21,746
KKR & Co., Inc., Class A		73		5,816
Markel Corp.^(g)		2		2,626
Mastercard, Inc., Class A		97		32,545
Meta Platforms, Inc., Class A^(g)		180		58,243
Microsoft Corp.		100		33,162
Moody’s Corp.		5		2,021
Newmont Corp.		291		15,714
NIKE, Inc., Class B		33		5,521
NVIDIA Corp.		14		3,579
Okta, Inc.^(g)		29		7,168
Old Dominion Freight Line, Inc.		17		5,803
PayPal Holdings, Inc.^(g)		72		16,746
PepsiCo, Inc.		45		7,272
Progressive Corp. (The)		202		19,166
salesforce.com, inc.^(g)		101		30,269
ServiceNow, Inc.^(g)		24		16,746
Sims Ltd.		1,153		12,492
Stellantis N.V.		752		15,011
Stryker Corp.		43		11,441
Texas Instruments, Inc.		73		13,686
Thermo Fisher Scientific, Inc.		49		31,020
TJX Cos., Inc. (The)		134		8,776
Twilio, Inc., Class A^(g)		112		32,632
Twist Bioscience Corp.^(g)		62		7,366
Uber Technologies, Inc.^(g)		227		9,947
Union Pacific Corp.		65		15,691
Valaris Ltd.^(g)		116		4,085
				739,156
Total Common Stocks & Other Equity Interests (Cost $2,967,352)				4,418,371


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–12.71%
Argentina–0.12%
Argentine Republic Government International Bond,
1.00%, 07/09/2029	$	4,402	$	1,607
1.13%, 07/09/2035⁽ⁱ⁾		97,000		30,047
				31,654

Brazil–0.73%
MARB BondCo PLC, 3.95%, 01/29/2031^(b)		200,000		190,491

Canada–0.06%
Baytex Energy Corp., 8.75%, 04/01/2027^(b)		5,000		5,346
Precision Drilling Corp., 6.88%, 01/15/2029^(b)		9,000		9,309
				14,655

France–0.87%
Altice France S.A., 5.50%, 10/15/2029^(b)		10,000		9,815
Societe Generale S.A., 7.38%^(b)(c)(d)		200,000		215,389
				225,204

United Kingdom–0.13%
Barclays Bank PLC, 0.44%^(d)		20,000		19,256
Vodafone Group PLC, 4.13%, 06/04/2081^(c)		14,000		13,935
				33,191

United States–10.80%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)		39,000		41,943
Akumin, Inc., 7.00%, 11/01/2025^(b)		12,000		11,479
Allison Transmission, Inc.,
4.75%, 10/01/2027^(b)		7,000		7,271
3.75%, 01/30/2031^(b)		21,000		20,213
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026^(b)		41,000		43,060
5.75%, 04/20/2029^(b)		7,000		7,543
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028^(b)		18,000		18,270
Audacy Capital Corp., 6.75%, 03/31/2029^(b)		22,000		21,841
Bath & Body Works, Inc., 6.88%, 11/01/2035		13,000		15,811
Bausch Health Americas, Inc., 9.25%, 04/01/2026^(b)		16,000		17,020
Bausch Health Cos., Inc.,
6.13%, 04/15/2025^(b)		16,000		16,316
5.75%, 08/15/2027^(b)		7,000		7,338
Boeing Co. (The), 5.15%, 05/01/2030		100,000		116,722
Brink’s Co. (The),
5.50%, 07/15/2025^(b)		12,000		12,592
4.63%, 10/15/2027^(b)		12,000		12,397
Bristow Group, Inc., 6.88%, 03/01/2028^(b)		21,000		21,814
Callon Petroleum Co., 8.00%, 08/01/2028^(b)		24,000		24,220

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


11		Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
Calpine Corp., 3.75%, 03/01/2031^(b)	$	16,000	$	15,380
Camelot Finance S.A., 4.50%, 11/01/2026^(b)		24,000		24,960
Carnival Corp., 10.50%, 02/01/2026^(b)		15,000		17,449
Carriage Services, Inc., 4.25%, 05/15/2029^(b)		22,000		22,066
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.13%, 05/01/2027^(b)		100,000		103,750
4.75%, 03/01/2030^(b)		7,000		7,236
4.50%, 08/15/2030^(b)		22,000		22,421
4.50%, 05/01/2032		28,000		28,168
Centene Corp.,
4.63%, 12/15/2029		7,000		7,560
3.00%, 10/15/2030		11,000		11,195
Civitas Resources, Inc., 5.00%, 10/15/2026^(b)		15,000		15,172
Clarios Global L.P., 6.75%, 05/15/2025^(b)		5,000		5,274
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		16,000		17,016
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(b)		15,000		14,954
Clearway Energy Operating LLC,
4.75%, 03/15/2028^(b)		20,000		21,185
3.75%, 02/15/2031^(b)		13,000		12,887
CNX Midstream Partners L.P., 4.75%, 04/15/2030^(b)		10,000		10,025
Community Health Systems, Inc.,
8.00%, 03/15/2026^(b)		14,000		14,788
6.13%, 04/01/2030^(b)		15,000		14,766
CSC Holdings LLC, 6.75%, 11/15/2021		42,000		42,105
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		16,000		16,261
DaVita, Inc.,
4.63%, 06/01/2030^(b)		13,000		13,081
3.75%, 02/15/2031^(b)		16,000		15,180
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		15,000		15,731
Dell International LLC/EMC Corp., 8.10%, 07/15/2036		100,000		151,678
Delta Air Lines, Inc., 7.00%, 05/01/2025^(b)		13,000		15,174
DigitalBridge Group, Inc., Conv., 5.00%, 04/15/2023		8,000		8,271
DISH DBS Corp., 7.38%, 07/01/2028		3,000		3,158
DISH Network Corp., Conv., 3.38%, 08/15/2026		21,000		21,448
Diversified Healthcare Trust,
4.75%, 05/01/2024		6,000		6,195
4.38%, 03/01/2031		22,000		21,288
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026^(b)		7,000		7,306
10.25%, 02/15/2027^(b)		6,000		6,446
Encompass Health Corp., 4.50%, 02/01/2028		14,000		14,271
Energizer Holdings, Inc., 4.75%, 06/15/2028^(b)		8,000		8,000


	Principal Amount		Value
United States–(continued)
EnerSys, 5.00%, 04/30/2023^(b)	$	27,000	$	28,077
EnPro Industries, Inc., 5.75%, 10/15/2026		20,000		20,950
Everi Holdings, Inc., 5.00%, 07/15/2029^(b)		16,000		16,400
Ford Motor Co.,
8.50%, 04/21/2023		82,000		90,015
9.00%, 04/22/2025		15,000		18,056
9.63%, 04/22/2030		12,000		17,303
4.75%, 01/15/2043		9,000		9,843
Gap, Inc. (The), 3.63%, 10/01/2029^(b)		4,000		3,925
Gartner, Inc.,
4.50%, 07/01/2028^(b)		16,000		16,679
3.63%, 06/15/2029^(b)		8,000		8,050
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		5,000		4,988
6.25%, 05/15/2026		12,000		11,630
8.00%, 01/15/2027		8,000		8,050
7.75%, 02/01/2028		10,000		9,895
Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		12,000		11,920
Gray Escrow II, Inc., 5.38%, 11/15/2031^(b)		8,000		8,090
Gray Television, Inc., 7.00%, 05/15/2027^(b)		15,000		16,069
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		24,000		24,035
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		12,000		12,435
Hanesbrands, Inc., 5.38%, 05/15/2025^(b)		48,000		49,980
HCA, Inc.,
5.88%, 02/15/2026		10,000		11,400
5.38%, 09/01/2026		12,000		13,681
5.88%, 02/01/2029		5,000		5,957
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(b)		9,000		9,249
5.75%, 02/01/2029^(b)		6,000		6,098
IRB Holding Corp.,
7.00%, 06/15/2025^(b)		4,000		4,230
6.75%, 02/15/2026^(b)		22,000		22,522
iStar, Inc.,
4.75%, 10/01/2024		19,000		20,097
5.50%, 02/15/2026		5,000		5,200
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		14,000		14,735
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029^(b)		13,000		14,398
Lamar Media Corp., 3.63%, 01/15/2031		15,000		14,728
LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(b)		15,000		15,421
Level 3 Financing, Inc., 3.75%, 07/15/2029^(b)		28,000		26,495
Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		15,000		15,563
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		13,000		14,369

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


12		Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(b)	$	11,000	$	11,737
4.50%, 12/15/2034		7,000		6,858
Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(b)		15,000		15,152
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(b)		26,000		26,845
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/2029^(b)		14,000		13,948
Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)		15,000		15,262
Navient Corp.,
7.25%, 09/25/2023		14,000		15,260
5.00%, 03/15/2027		10,000		10,211
NCL Corp. Ltd., 12.25%, 05/15/2024^(b)		22,000		25,979
NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)		15,000		15,206
NFP Corp.,
6.88%, 08/15/2028^(b)		18,000		18,315
4.88%, 08/15/2028^(b)		7,000		7,114
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		13,000		13,202
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		11,000		9,420
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)		19,000		19,979
NMI Holdings, Inc., 7.38%, 06/01/2025^(b)		18,000		20,704
Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(b)		14,000		15,073
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029^(b)		30,000		32,625
Occidental Petroleum Corp.,
8.50%, 07/15/2027		1,000		1,246
6.13%, 01/01/2031		19,000		22,776
6.20%, 03/15/2040		10,000		12,130
4.10%, 02/15/2047		15,000		14,646
OneMain Finance Corp.,
3.88%, 09/15/2028		8,000		7,810
5.38%, 11/15/2029		16,000		17,100
Papa John’s International, Inc., 3.88%, 09/15/2029^(b)		25,000		24,469
Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		18,000		18,186
Prestige Brands, Inc., 3.75%, 04/01/2031^(b)		20,000		19,350
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		28,000		28,910
Rockcliff Energy II LLC, 5.50%, 10/15/2029^(b)		12,000		12,327
Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		18,000		19,192
6.88%, 04/15/2040^(b)		12,000		13,609
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(b)		2,000		2,040
SBA Communications Corp., 3.88%, 02/15/2027		24,000		24,781


	Principal Amount		Value
United States–(continued)
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)	$	43,000	$	44,935
Scientific Games International, Inc.,
8.63%, 07/01/2025^(b)		10,000		10,805
8.25%, 03/15/2026^(b)		17,000		18,041
Scripps Escrow II, Inc.,
3.88%, 01/15/2029^(b)		17,000		16,936
5.38%, 01/15/2031^(b)		8,000		7,840
Sensata Technologies B.V., 4.88%, 10/15/2023^(b)		14,000		14,844
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029^(b)		13,000		13,146
Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(b)		12,000		12,030
4.00%, 07/15/2028^(b)		12,000		12,101
SM Energy Co.,
5.00%, 01/15/2024		13,000		12,954
6.75%, 09/15/2026		5,000		5,131
6.63%, 01/15/2027		9,000		9,304
Sonic Automotive, Inc., 4.63%, 11/15/2029^(b)		18,000		18,075
Standard Industries, Inc., 5.00%, 02/15/2027^(b)		14,000		14,385
Station Casinos LLC, 4.50%, 02/15/2028^(b)		15,000		15,131
SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)		16,000		15,900
Sysco Corp., 5.65%, 04/01/2025		10,000		11,384
Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)		27,000		25,833
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 01/15/2028^(b)		12,000		12,059
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027^(b)		24,000		25,339
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(b)		15,000		15,061
United Airlines, Inc., 4.38%, 04/15/2026^(b)		16,000		16,572
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		18,000		18,720
Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(b)(f)		5,000		5,213
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(f)		13,000		13,554
Verizon Communications, Inc., 2.36%, 03/15/2032^(b)		35,000		34,507
Vistra Operations Co. LLC,
5.63%, 02/15/2027^(b)		6,000		6,189
5.00%, 07/31/2027^(b)		10,000		10,263
4.38%, 05/01/2029^(b)		15,000		14,869
Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)		33,000		32,714
Weatherford International Ltd., 6.50%, 09/15/2028^(b)		10,000		10,575
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(b)		16,000		16,060

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


13		Invesco Global Targeted Returns Fund


	Principal Amount		Value
United States–(continued)
Yum! Brands, Inc., 7.75%, 04/01/2025^(b)	$	4,000	$	4,259
				2,814,419
Total U.S. Dollar Denominated Bonds & Notes (Cost $3,113,328)				3,309,614

U.S. Treasury Securities–0.60%
U.S. Treasury Inflation – Indexed Bonds–0.20%
0.75%, 07/15/2028^(j)		45,274		52,662

U.S. Treasury Notes–0.40%
2.75%, 07/31/2023		52,235		52,036
1.63%, 05/15/2026		52,484		51,096
				103,132
Total U.S. Treasury Securities (Cost $149,993)				155,794

	Shares
Money Market Funds–40.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(k)(l)		1,830,367		1,830,367


	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(k)(l)		1,399,293	$	1,399,713
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.01%^(k)(l)		5,129,560		5,129,560
Invesco Treasury Portfolio, Institutional Class, 0.01%^(k)(l)		2,091,848		2,091,848
Total Money Market Funds (Cost $10,451,505)				10,451,488

Options Purchased–1.50%
(Cost $289,855)^(m)				390,597
TOTAL INVESTMENTS IN SECURITIES–93.72% (Cost $22,729,633)				24,413,533
OTHER ASSETS LESS LIABILITIES–6.28%				1,636,869
NET ASSETS–100.00%			$	26,050,402

Investment Abbreviations:


ADR		– American Depositary Receipt
BR		– Bearer Shares
Conv.		– Convertible
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
MXN		– Mexican Peso
NVDR		– Non-Voting Depositary Receipt
Pfd.		– Preferred
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
RUB		– Russian Ruble
ZAR		– South African Rand

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, 2021 was $4,325,701, which represented 16.61% 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, 2021.

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

^(g)	Non-income producing security.

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

⁽ⁱ⁾	Step coupon bond. Rate shown is the rate in effect on October 31, 2021.

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

^(k)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,847,029		$	13,363,941		$	(14,380,603	)		$	-			$	-		$	1,830,367		$	640
Invesco Liquid Assets Portfolio, Institutional Class			2,125,627			9,545,094			(10,270,877	)			(553	)			422			1,399,713			473
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			6,509,172			6,247,844			(7,627,456	)			-				-			5,129,560			1,859
Invesco Treasury Portfolio, Institutional Class			3,253,747			15,273,075			(16,434,974	)			-				-			2,091,848			290
Total		$	14,735,575		$	44,429,954		$	(48,713,910	)		$	(553	)		$	422		$	10,451,488		$	3,262

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


14		Invesco Global Targeted Returns Fund

^(l)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(m)	The table below details options purchased.

Open Over-The-Counter Index Options Purchased

Description

Type of
Contract

Counterparty

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

EURO STOXX 50 Index

Call

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

12/17/2021

EUR

4,300.00

EUR

1,204,000

19,131

EURO STOXX 50 Index

Call

Morgan Stanley and Co.
International PLC

11/19/2021

EUR

4,300.00

EUR

1,204,000

9,273

EURO STOXX 50 Index

Call

UBS AG

03/18/2022

248

EUR

4,325.00

EUR

10,726,000

337,332

Subtotal – Index Call Options Purchased

304

365,736

Equity Risk

S&P 500 Index

Put

Citibank, N.A.

12/17/2021

USD

4,025.00

USD

1,610,000

5,974

Total Index Options Purchased

308

371,710

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional
Value

Value

Currency Risk

USD versus CAD

Call

Goldman Sachs International

01/21/2022

CAD

1.33

USD

600,000

337

Currency Risk

GBP versus USD

Put

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

10/28/2022

USD

1.32

GBP

769,533

18,550

Total Foreign Currency Options Purchased

18,887


Open Over-The-Counter Index Options Written

Description	Type of Contract		Counterparty	Expiration Date		Number of Contracts		Exercise Price		Notional Value^(a)		Value

Equity Risk

EURO STOXX 50 Index		Call	UBS AG		03/18/2022		124	EUR	4,150.00	EUR	5,146,000	$	(321,089	)

EURO STOXX Banks Index		Call	J.P. Morgan Chase Bank, N.A.		12/17/2021		207	EUR	112.00	EUR	1,159,200		(8,940	)

Subtotal– Index Call Options Written							331						(330,029	)

Equity Risk

EURO STOXX 50 Index		Put	Morgan Stanley and Co. International PLC		11/19/2021		28	EUR	4,025.00	EUR	1,127,000		(5,112	)

EURO STOXX 50 Index		Put	UBS AG		03/18/2022		62	EUR	3,750.00	EUR	2,325,000		(48,345	)

S&P 500 Index		Put	Citibank, N.A.		12/17/2021		4	USD	3,400.00	USD	1,360,000		(1,291	)

S&P 500 Index		Put	Citibank, N.A.		12/17/2021		4	USD	3,800.00	USD	1,520,000		(3,294	)

Subtotal– Index Put Options Written							98						(58,042	)

Total Index Options Written							429					$	(388,071	)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Over-The-Counter Foreign Currency Options Written

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise
Price

Notional
Value

Value

Currency Risk

GBP versus USD

Call

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

10/28/2022

USD

1.40

GBP

769,533

(22,821

)

Currency Risk

USD versus CAD

Put

Goldman Sachs International

01/21/2022

CAD

1.20

USD

600,000

(1,543

)

Total – Foreign Currency Options Written

(24,364

)

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


15		Invesco Global Targeted Returns Fund


Open Futures Contracts^(a)
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		6	December-2021	$	1,379,100		$	48,636		$	48,636
EURO STOXX Banks Index		313	December-2021		1,845,322			113,867			113,867
FTSE UK Mid Cap Tradable Plus Index		4	December-2021		278,514			(10,750	)		(10,750	)
Subtotal								151,753			151,753
Interest Rate Risk
Euro-Bobl		5	December-2021		773,133			(11,103	)		(11,103	)
Euro-Bund		33	December-2021		6,413,441			(168,128	)		(168,128	)
U.S. Treasury Ultra Bonds		15	December-2021		2,946,094			70,983			70,983
Subtotal								(108,248	)		(108,248	)
Subtotal–Long Futures Contracts								43,505			43,505

Short Futures Contracts
Equity Risk
E-Mini Russell 2000 Index		19	December-2021		(2,180,535	)		(68,471	)		(68,471	)
EURO STOXX 50 Index		61	December-2021		(2,987,763	)		(74,705	)		(74,705	)
EURO STOXX 600 Index		104	December-2021		(2,851,112	)		(67,581	)		(67,581	)
FTSE 100 Index		4	December-2021		(395,456	)		(10,523	)		(10,523	)
FTSE EPRA Nareit Global Real Estate Index		2	December-2021		(56,239	)		72			72
MSCI AC Asia ex Japan Index		23	December-2021		(1,432,716	)		56,207			56,207
MSCI World Index		12	December-2021		(1,146,360	)		(15,898	)		(15,898	)
Subtotal								(180,899	)		(180,899	)
Interest Rate Risk
Euro-OAT		31	December-2021		(5,877,104	)		169,530			169,530
Long Gilt		3	December-2021		(512,878	)		5,557			5,557
U.S. Treasury 10 Year Notes		5	December-2021		(653,516	)		14,544			14,544
Subtotal								189,631			189,631
Subtotal–Short Futures Contracts								8,732			8,732
Total Futures Contracts							$	52,237		$	52,237

^(a)	Futures contracts collateralized by $753,078 cash held with Merrill Lynch International, the futures commission merchant.


Open Centrally Cleared Credit Default Swap Agreements^(a)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(b)		Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Crossover Index, Series 36, Version 1		Buy		(5.00)%		Quarterly		12/20/2026		2.616%		EUR 28,000	$	(3,890	)	$	(3,618	)	$	272
Credit Risk
Markit iTraxx Europe Crossover Index, Series 36, Version 1		Sell		5.00		Quarterly		12/20/2026		2.616		EUR 384,000		54,493			49,622			(4,871	)
Markit CDX North America High Yield Index, Series 37, Version 1		Sell		5.00		Quarterly		12/20/2026		3.047		USD 342,000		31,148			30,352			(796	)
Subtotal - Depreciation														85,641			79,974			(5,667	)
Total Centrally Cleared Credit Default Swap Agreements													$	81,751		$	76,356		$	(5,395	)

^(a)	Centrally cleared swap agreements collateralized by $488,834 cash held with Credit Suisse.

^(b)

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


16		Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements^(a)

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 EUR LIBOR

Semi-Annually

(0.38)%

Annually

12/18/2040

EUR

129,375

$–

2,873

Receive

6 Month EUR LIBOR

Semi-Annually

(0.37)

Annually

12/18/2040

EUR

129,375

–

3,025

Receive

3 Month USD LIBOR

Quarterly

(0.85)

Semi-Anually

08/20/2026

USD

188,000

–

3,177

Receive

6 Month EUR LIBOR

Semi-Annually

(0.35)

Annually

03/19/2041

EUR

134,320

–

3,320

Receive

6 Month EUR LIBOR

Semi-Annually

(0.33)

Annually

12/18/2040

EUR

129,375

–

3,475

Pay

6 Month EUR LIBOR

Semi-Annually

0.67

Annually

03/19/2041

EUR

294,000

–

3,479

Pay

6 Month EUR LIBOR

Semi-Annually

0.71

Annually

12/18/2040

EUR

283,345

–

4,385

Pay

6 Month EUR LIBOR

Semi-Annually

0.72

Annually

12/18/2040

EUR

283,346

–

4,576

Pay

6 Month EUR LIBOR

Semi-Annually

0.87

Annually

12/18/2040

EUR

187,000

–

6,164

Receive

6 Month EUR LIBOR

Semi-Annually

(0.35)

Annually

12/18/2040

EUR

258,750

–

6,467

Pay

6 Month EUR LIBOR

Semi-Annually

0.78

Annually

12/18/2040

EUR

283,346

–

6,595

Pay

6 Month EUR LIBOR

Semi-Annually

0.91

Annually

03/19/2041

EUR

174,500

–

6,770

Pay

6 Month EUR LIBOR

Semi-Annually

0.92

Annually

03/19/2041

EUR

174,500

–

6,907

Receive

6 Month EUR LIBOR

Semi-Annually

(0.33)

Annually

03/19/2041

EUR

268,680

–

7,169

Pay

6 Month EUR LIBOR

Semi-Annually

0.82

Annually

12/18/2040

EUR

283,345

–

7,692

Receive

6 Month EUR LIBOR

Semi-Annually

(0.37)

Annually

09/19/2040

EUR

322,428

–

7,811

Receive

6 Month EUR LIBOR

Semi-Annually

(0.36)

Annually

09/19/2040

EUR

322,429

–

8,083

Pay

6 Month EUR LIBOR

Semi-Annually

0.83

Annually

12/18/2040

EUR

283,345

–

8,264

Receive

6 Month EUR LIBOR

Semi-Annually

(0.35)

Annually

09/19/2040

EUR

322,428

–

8,445

Receive

6 Month EUR LIBOR

Semi-Annually

(0.33)

Annually

09/19/2040

EUR

322,429

–

9,007

Receive

6 Month EUR LIBOR

Semi-Annually

(0.36)

Annually

12/18/2040

EUR

388,125

–

9,273

Receive

6 Month EUR LIBOR

Semi-Annually

(0.29)

Annually

12/18/2040

EUR

374,500

–

11,765

Receive

6 Month EUR LIBOR

Semi-Annually

(0.34)

Annually

12/18/2040

EUR

517,500

–

13,557

Pay

6 Month EUR LIBOR

Semi-Annually

0.80

Annually

12/18/2040

EUR

566,690

–

14,128

Receive

SONIA

Annually

(0.91)

Annually

10/02/2026

GBP

2,090,400

–

14,258

Pay

6 Month EUR LIBOR

Semi-Annually

0.79

Annually

06/18/2041

EUR

601,000

–

15,631

Pay

6 Month EUR LIBOR

Semi-Annually

0.79

Annually

12/18/2040

EUR

850,035

–

20,724

Pay

6 Month EUR LIBOR

Semi-Annually

0.81

Annually

12/18/2040

EUR

850,035

–

22,250

Receive

6 Month EUR LIBOR

Semi-Annually

(0.32)

Annually

12/18/2040

EUR

776,272

–

22,335

Pay

6 Month EUR LIBOR

Semi-Annually

0.84

Annually

12/18/2040

EUR

850,035

–

25,382

Receive

6 Month EUR LIBOR

Semi-Annually

(0.34)

Annually

09/19/2040

EUR

967,286

–

26,024

Receive

6 Month EUR LIBOR

Semi-Annually

(0.30)

Annually

12/18/2040

EUR

905,750

–

27,824

Receive

6 Month EUR LIBOR

Semi-Annually

(0.31)

Annually

12/18/2040

EUR

1,035,068

–

30,309

Pay

6 Month EUR LIBOR

Semi-Annually

0.85

Annually

12/18/2040

EUR

1,133,380

–

34,934

Receive

SONIA

Annually

(0.90)

Annually

10/02/2026

GBP

8,361,600

–

59,131

Receive

6 Month EUR LIBOR

Semi-Annually

0.29

Annually

06/16/2026

EUR

3,728,000

–

61,889

Subtotal – Appreciation

–

527,098

Interest Rate Risk

Pay

3 Month USD LIBOR

Quarterly

0.55

Semi-Annually

03/17/2026

USD

2,807,000

–

(74,343

)

(74,343

)

Receive

6 Month EUR LIBOR

Semi-Annually

(0.79)

Annually

03/19/2041

EUR

325,000

–

(8,007

)

(8,007

)

Pay

3 Month USD LIBOR

Quarterly

0.94

Semi-Annually

06/24/2026

USD

161,000

–

(1,854

)

(1,854

)

Pay

6 Month EUR LIBOR

Semi-Annually

(0.17)

Annually

09/30/2026

EUR

140,000

–

(1,619

)

(1,619

)

Subtotal – Depreciation

–

(85,823

)

(85,823

)

Total Centrally Cleared Interest Rate Swap Agreements

$–

441,275

$441,275

^(a)	Centrally cleared swap agreements collateralized by $488,834 cash held with Credit Suisse.

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


17		Invesco Global Targeted Returns Fund


Open Centrally Cleared Inflation Rate Swap Agreements^(a)
Pay/Receive	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date	Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive	United Kingdom RPI	At Maturity	(3.63)%	At Maturity	04/15/2028		GBP	538,000	$	–		$	64,217		$	64,217
Receive	United Kingdom RPI	At Maturity	(3.71)	At Maturity	07/15/2028		GBP	591,000		–			57,569			57,569
Receive	United Kingdom RPI	At Maturity	(3.87)	At Maturity	08/15/2028		GBP	386,000		–			27,822			27,822
Receive	United Kingdom RPI	At Maturity	(3.99)	At Maturity	09/15/2028		GBP	525,000		–			27,779			27,779
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.70)	At Maturity	07/15/2026		USD	660,000		–			23,050			23,050
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.66)	At Maturity	08/09/2026		USD	757,000		954			23,927			22,973
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.70)	At Maturity	09/09/2026		USD	712,000		–			15,932			15,932
Receive	United Kingdom RPI	At Maturity	(4.29)	At Maturity	09/15/2028		GBP	644,000		–			12,537			12,537
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.75)	At Maturity	09/30/2026		USD	715,000		–			12,118			12,118
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.94)	At Maturity	10/22/2026		USD	350,810		–			2,256			2,256
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.97)	At Maturity	10/22/2026		USD	350,810		–			1,853			1,853
Receive	United States CPI Urban Consumers NSA	At Maturity	(2.98)	At Maturity	10/22/2026		USD	350,810		–			1,496			1,496
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.04)	At Maturity	10/25/2026		USD	730,855		–			1,054			1,054
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.02)	At Maturity	10/25/2026		USD	367,883		–			876			876
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.03)	At Maturity	10/25/2026		USD	367,883		–			738			738
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.04)	At Maturity	10/25/2026		USD	367,883		–			481			481
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.04)	At Maturity	10/25/2026		USD	367,883		–			481			481
Subtotal – Appreciation										954			274,186			273,232
Interest Rate Risk
Pay	United States CPI Urban Consumers NSA	At Maturity	2.79	At Maturity	08/02/2026		USD	6,101,000		–			(161,785	)		(161,785	)
Pay	United States CPI Urban Consumers NSA	At Maturity	2.87	At Maturity	08/02/2025		USD	9,439,000		–			(228,169	)		(228,169	)
Pay	United Kingdom RPI	At Maturity	3.86	At Maturity	07/15/2027		GBP	3,980,000		(4,736	)		(306,370	)		(301,634	)
Pay	United Kingdom RPI	At Maturity	3.86	At Maturity	07/15/2028		GBP	6,627,500		(9,542	)		(533,724	)		(524,182	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.10)	At Maturity	10/25/2026		USD	367,883		–			(743	)		(743	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.10)	At Maturity	10/25/2026		USD	567,143		–			(1,161	)		(1,161	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.14)	At Maturity	10/27/2026		USD	367,883		–			(1,534	)		(1,534	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.13)	At Maturity	11/01/2026		USD	464,023		–			(1,646	)		(1,646	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.15)	At Maturity	11/01/2026		USD	367,883		–			(1,671	)		(1,671	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.15)	At Maturity	11/01/2026		USD	367,883		–			(1,721	)		(1,721	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.16)	At Maturity	10/29/2026		USD	367,883		–			(1,829	)		(1,829	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.16)	At Maturity	10/29/2026		USD	367,883		–			(1,829	)		(1,829	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.16)	At Maturity	10/28/2026		USD	367,883		–			(1,844	)		(1,844	)

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


18		Invesco Global Targeted Returns Fund


Open Centrally Cleared Inflation Rate Swap Agreements^(a) –(continued)
Pay/Receive	Floating Rate Index	Payment Frequency	Fixed Rate	Payment Frequency	Maturity Date	Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.16)%	At Maturity	11/01/2026		USD	367,883	$	–		$	(1,899	)	$	(1,899	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.16)	At Maturity	10/29/2026		USD	367,883		–			(1,918	)		(1,918	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.14)	At Maturity	11/01/2026		USD	464,123		–			(1,971	)		(1,971	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.17)	At Maturity	10/29/2026		USD	367,883		–			(2,027	)		(2,027	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.17)	At Maturity	10/28/2026		USD	367,883		–			(2,097	)		(2,097	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.17)	At Maturity	10/28/2026		USD	367,883		–			(2,122	)		(2,122	)
Receive	United States CPI Urban Consumers NSA	At Maturity	(3.12)	At Maturity	10/26/2026		USD	1,297,998		–			(3,624	)		(3,624	)
Subtotal – Depreciation										(14,278	)		(1,259,684	)		(1,245,406	)
Total – Centrally Cleared Inflation Swap Agreements									$	(13,324	)	$	(985,498	)	$	(972,174	)

^(a)	Centrally cleared swap agreements collateralized by $488,834 cash held with Credit Suisse.

Open Over-The-Counter Variance Swap Agreements

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike
Rate

Payment
Frequency

Maturity
Date

Notional
Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

Goldman Sachs International

S&P 500 Index

Pay

29.20

At Maturity

12/17/2021

USD

1,282

14,728

Goldman Sachs International

S&P 500 Index

Pay

29.86

At Maturity

12/17/2021

USD

338

3,864

Merrill Lynch International

S&P 500 Index

Pay

29.50

At Maturity

12/17/2021

USD

1,282

14,963

Merrill Lynch International

S&P 500 Index

Pay

29.25

At Maturity

12/17/2021

USD

1,282

14,766

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/17/2021

USD

1,282

14,572

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/15/2023

USD

7,520

35,696

Merrill Lynch International

S&P 500 Index

Pay

29.00

At Maturity

12/15/2023

USD

5,241

25,010

Societe Generale

S&P 500 Index

Pay

30.50

At Maturity

12/17/2021

USD

686

8,108

Societe Generale

S&P 500 Index

Pay

30.60

At Maturity

12/17/2021

USD

569

6,832

Societe Generale

S&P 500 Index

Pay

32.85

At Maturity

12/17/2021

USD

338

4,423

Societe Generale

S&P 500 Index

Pay

31.00

At Maturity

12/17/2021

USD

338

3,996

Societe Generale

S&P 500 Index

Pay

24.00

At Maturity

06/17/2022

USD

2,753

7,832

Societe Generale

S&P 500 Index

Pay

25.90

At Maturity

12/16/2022

USD

1,666

4,020

Subtotal – Appreciation

158,810

Equity Risk

Credit Suisse International

S&P 500 Index

Receive

27.55

At Maturity

12/15/2023

USD

1,245

(1,781

)

Goldman Sachs International

Russell 2000 Index

Receive

33.00

At Maturity

12/17/2021

USD

1,282

(11,799

)

Goldman Sachs International

Russell 2000 Index

Receive

33.56

At Maturity

12/17/2021

USD

333

(3,083

)

Merrill Lynch International

Russell 2000 Index

Receive

32.25

At Maturity

12/17/2021

USD

1,282

(11,106

)

Merrill Lynch International

Russell 2000 Index

Receive

32.90

At Maturity

12/17/2021

USD

1,282

(11,707

)

Merrill Lynch International

Russell 2000 Index

Receive

33.25

At Maturity

12/17/2021

USD

1,282

(12,033

)

Merrill Lynch International

S&P 500 Index

Receive

25.90

At Maturity

12/15/2023

USD

675

(507

)

Societe Generale

Russell 2000 Index

Receive

33.60

At Maturity

12/17/2021

USD

588

(5,570

)

Societe Generale

Russell 2000 Index

Receive

34.25

At Maturity

12/17/2021

USD

586

(5,704

)

Societe Generale

Russell 2000 Index

Receive

35.35

At Maturity

12/17/2021

USD

333

(3,482

)

Societe Generale

Russell 2000 Index

Receive

37.25

At Maturity

12/17/2021

USD

333

(3,940

)

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 Variance Swap Agreements—(continued)

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike
Rate

Payment
Frequency

Maturity

Date

Notional

Value

Unrealized
Appreciation
(Depreciation)

Societe Generale

Russell 2000 Index

Receive

28.95

At Maturity

06/17/2022

USD

2,753

(7,600

)

Societe Generale

Russell 2000 Index

Receive

30.90

At Maturity

12/16/2022

USD

1,666

(4,538

)

Subtotal – Depreciation

(82,850

)

Total – Variance Swap Agreements

75,960

Open Over-The-Counter Volatility Swap Agreements

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike
Rate

Payment
Frequency

Maturity

Date

Notional Value

Unrealized
Appreciation
(Depreciation)

Currency Risk

BNP Paribas S.A.

EUR/USD

Pay

6.70

At Maturity

12/14/2022

EUR

2,778

750

BNP Paribas S.A.

EUR/USD

Pay

7.63

At Maturity

12/14/2022

EUR

4,334

8,519

BNP Paribas S.A.

USD/JPY

Pay

7.65

At Maturity

01/10/2024

USD

4,832

1,295

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

EUR/USD

Receive

5.98

At Maturity

12/14/2022

EUR

3,746

2,445

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

EUR/USD

Receive

6.31

At Maturity

12/14/2022

EUR

8,559

2,436

Morgan Stanley and Co. International PLC

EUR/USD

Pay

9.40

At Maturity

12/14/2022

EUR

4,645

17,819

Morgan Stanley and Co. International PLC

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

4,280

350

Morgan Stanley and Co. International PLC

USD/JPY

Pay

7.60

At Maturity

01/23/2023

USD

2,808

3,301

Subtotal – Appreciation

36,915

Currency Risk

Barclays Bank PLC

EUR/USD

Receive

6.58

At Maturity

11/16/2021

EUR

1,851

(2,860

)

Barclays Bank PLC

EUR/USD

Receive

6.68

At Maturity

11/16/2021

EUR

1,851

(3,049

)

Barclays Bank PLC

EUR/USD

Receive

6.68

At Maturity

11/16/2021

EUR

1,851

(3,074

)

Barclays Bank PLC

EUR/USD

Receive

6.45

At Maturity

12/14/2022

EUR

7,698

(111

)

BNP Paribas S.A.

EUR/USD

Receive

6.75

At Maturity

12/14/2022

EUR

7,965

(2,811

)

BNP Paribas S.A.

EUR/USD

Receive

7.85

At Maturity

11/13/2023

EUR

8,119

(16,224

)

BNP Paribas S.A.

USD/JPY

Receive

7.25

At Maturity

01/23/2023

USD

6,316

(755

)

BNP Paribas S.A.

USD/JPY

Receive

7.33

At Maturity

01/23/2023

USD

6,316

(977

)

BNP Paribas S.A.

USD/JPY

Receive

7.33

At Maturity

01/23/2023

USD

6,669

(1,082

)

BNP Paribas S.A.

USD/JPY

Receive

7.40

At Maturity

01/23/2023

USD

6,316

(1,557

)

BNP Paribas S.A.

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,505

(1,537

)

BNP Paribas S.A.

USD/JPY

Receive

7.85

At Maturity

11/13/2023

USD

1,505

(1,599

)

BNP Paribas S.A.

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

1,567

(1,625

)

BNP Paribas S.A.

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

1,567

(1,625

)

BNP Paribas S.A.

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

3,134

(3,250

)

Citibank, N.A.

EUR/USD

Receive

7.50

At Maturity

11/13/2023

EUR

8,118

(12,905

)

Goldman Sachs International

EUR/USD

Receive

7.18

At Maturity

11/05/2021

EUR

2,303

(5,124

)

Goldman Sachs International

USD/JPY

Receive

7.60

At Maturity

11/13/2023

USD

1,148

(979

)

Goldman Sachs International

USD/JPY

Receive

7.68

At Maturity

11/13/2023

USD

1,148

(1,060

)

Goldman Sachs International

USD/JPY

Receive

7.73

At Maturity

11/13/2023

USD

1,466

(1,401

)

Goldman Sachs International

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,466

(1,518

)

Goldman Sachs International

USD/JPY

Receive

7.85

At Maturity

11/13/2023

USD

1,466

(1,592

)

Goldman Sachs International

USD/JPY

Receive

7.90

At Maturity

11/13/2023

USD

1,505

(1,686

)

Goldman Sachs International

USD/JPY

Receive

7.85

At Maturity

01/10/2024

USD

3,103

(2,827

)

Goldman Sachs International

USD/JPY

Receive

7.95

At Maturity

01/10/2024

USD

3,103

(3,176

)

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

USD/JPY

Receive

8.74

At Maturity

01/23/2023

USD

3,734

(8,804

)

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

USD/JPY

Receive

8.93

At Maturity

01/23/2023

USD

3,734

(9,480

)

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

USD/JPY

Receive

9.00

At Maturity

01/23/2023

USD

3,734

(9,609

)

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

USD/JPY

Receive

9.10

At Maturity

01/23/2023

USD

3,734

(10,049

)

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

USD/JPY

Receive

9.14

At Maturity

01/23/2023

USD

3,734

(10,172

)

Morgan Stanley and Co. International PLC

EUR/USD

Pay

6.23

At Maturity

11/13/2023

EUR

3,764

(1,060

)

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 Volatility Swap Agreements—(continued)

Counterparty

Reference Entity

Pay/
Receive
Variance

Volatility
Strike Rate

Payment
Frequency

Maturity
Date

Notional Value

Unrealized
Appreciation
(Depreciation)

Morgan Stanley and Co. International PLC

EUR/USD

Receive

6.70%

At Maturity

11/16/2021

EUR

1,851

$ (3,106

)

Morgan Stanley and Co. International PLC

EUR/USD

Receive

7.00

At Maturity

12/14/2022

EUR

23,893

(15,098

)

Morgan Stanley and Co. International PLC

USD/JPY

Receive

8.00

At Maturity

01/23/2023

USD

3,160

(4,977

)

Morgan Stanley and Co. International PLC

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,148

(1,199

)

Morgan Stanley and Co. International PLC

USD/JPY

Receive

7.80

At Maturity

11/13/2023

USD

1,148

(1,202

)

Societe Generale

EUR/USD

Receive

6.50

At Maturity

11/01/2021

EUR

8,340

(586

)

Societe Generale

EUR/USD

Receive

6.80

At Maturity

11/01/2021

EUR

4,673

(1,886

)

Standard Chartered Bank PLC

USD/JPY

Receive

7.53

At Maturity

01/10/2024

USD

6,917

(3,859

)

UBS AG

USD/JPY

Receive

7.08

At Maturity

11/16/2021

USD

2,188

(4,040

)

UBS AG

USD/JPY

Receive

7.23

At Maturity

11/16/2021

USD

2,189

(4,431

)

UBS AG

USD/JPY

Receive

7.30

At Maturity

11/16/2021

USD

2,188

(4,533

)

UBS AG

USD/JPY

Receive

7.33

At Maturity

11/16/2021

USD

2,188

(4,609

)

Subtotal – Depreciation

(173,104

)

Total – Volatility Swap Agreements

$(136,189

)

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

Counterparty

Pay/
Receive

Reference Entity^(b)

Fixed
Rate

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Commodity Risk

Citibank, N.A.

Receive

Citi Commodities Daily Risk-Adjusted F6F0 Market Neutral Carry Index

0.40

Monthly

7,221

September–2022

USD 1,390,079

$–

$(2,166)

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

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

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

Counterparty

Pay/
Receive

Reference Entity

Floating
Rate

Index

Payment

Frequency

Number of

Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Equity Risk

BNP Paribas S.A.

Receive

FTSE Taiwan RIC Capped Price Index

3 Month
USD
LIBOR +
0.030%

Quarterly

226

November–2021

USD

626,248

$ –

25,653

BNP Paribas S.A.

Receive

FTSE Taiwan RIC Capped Price Index

3 Month
USD
LIBOR +
0.050%

Quarterly

140

November–2021

USD

387,941

–

15,891

Goldman Sachs International

Receive

China Securities Index 500 Net Total Return Index

3 Month
USD
LIBOR -
10.250%

Quarterly

December–2021

USD

214,818

Goldman Sachs International

Receive

FTSE EPRA Nareit Developed Europe Index

3 Month
EURIBOR
- 0.150%

Quarterly

July–2022

EUR

292,050

–

15,231

Goldman Sachs International

Receive

Solactive European Oil Majors NTR Index

3 Month
EURIBOR
- 0.140%

Quarterly

4,747

May–2022

EUR

454,193

–

82,258

Goldman Sachs International

Receive

Solactive European Oil Majors NTR Index

3 Month
EURIBOR
- 0.140%

Quarterly

3,920

May–2022

EUR

375,066

–

67,928

Goldman Sachs International

Receive

Solactive European Oil Majors NTR Index

3 Month
EURIBOR
- 0.140%

Quarterly

1,325

May–2022

EUR

126,776

–

22,960

Goldman Sachs International

Receive

Solactive European Oil Majors NTR Index

3 Month
EURIBOR
- 0.140%

Quarterly

4,338

May–2022

EUR

466,832

–

15,323

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


21		Invesco Global Targeted Returns Fund

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

Counterparty

Pay/
Receive

Reference Entity

Floating
Rate

Index

Payment

Frequency

Number of

Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Goldman Sachs
International

Receive

Solactive European Oil Majors NTR Index

3 Month
EURIBOR
- 0.140%

Quarterly

753

May–2022

EUR

72,047

$ –

13,048

Goldman Sachs
International

Receive

Solactive European Oil Majors NTR Index

3 Month
EURIBOR
- 0.140%

Quarterly

680

May–2022

EUR

65,062

–

11,783

Goldman Sachs
International

Receive

Solactive European Oil Majors NTR Index

3 Month
EURIBOR
- 0.140%

Quarterly

152

May–2022

EUR

14,543

–

2,634

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

Receive

China Securities Index 500 Net Total Return Index

3 Month
USD
LIBOR -
10.500%

Quarterly

January–2022

USD

350,868

–

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

Receive

China Securities Index 500 Net Total Return Index

3 Month
USD
LIBOR -
10.750%

Quarterly

January–2022

USD

257,310

–

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

Receive

FTSE Taiwan RIC Capped Price Index

3 Month
USD
LIBOR +
0.040%

Quarterly

235

November–2021

USD

677,824

–

26,675

Merrill Lynch
International

Receive

FTSE EPRA Nareit Developed Europe Index

3 Month
EURIBOR
- 0.150%

Quarterly

July–2022

EUR

180,649

–

9,421

Merrill Lynch International

Receive

FTSE EPRA Nareit Developed Europe Index

3 Month
EURIBOR
- 0.200%

Quarterly

129

July–2022

EUR

388,396

–

20,256

Societe Generale

Receive

SG Strong Balance Sheet 250 C Index

3 Month
USD
LIBOR +
0.49%

Quarterly

583

October–2022

USD

566,620

–

21,357

Societe Generale

Receive

SG Strong Balance Sheet 250 C Index

3 Month
USD
LIBOR +
0.49%

Quarterly

583

October–2022

USD

570,263

–

17,714

Societe Generale

Receive

SG Strong Balance Sheet 250 C Index

3 Month
USD
LIBOR +
0.49%

Quarterly

407

October–2022

USD

394,684

–

15,790

Societe Generale

Receive

SG Strong Balance Sheet 250 C Index

3 Month
USD
LIBOR +
0.49%

Quarterly

581

October–2022

USD

575,789

–

10,171

Total - Total Return Swap Agreements

$17

394,286

$394,269

^(a) 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.


22		Invesco Global Targeted Returns Fund


Reference Entity Components
Reference Entity	Underlying Components	Percentage



Citi Commodities Daily Risk-Adjusted F6F0 Market Neutral Carry Index


Long Futures Contracts
Aluminum	1.07	%
Brent Crude	6.62
Cocoa	2.22
Coffee ’C’	8.32
Copper	3.47
Corn	1.73
Cotton No. 2	6.21
Feeder Cattle	0.76
Gas Oil	3.20
Gold	6.49
Heating Oil	7.57
KC HRW Wheat	2.08
Lead	0.78
Lean Hogs	4.65
Live Cattle	3.80
Natural Gas	2.81
Nickel	0.51
RBOB Gasoline	2.00
Silver	8.36
Soybean Meal	3.50
Soybean Oil	2.42
Soybeans	4.18
Sugar No. 11	0.80
Wheat	0.45
WTI Crude	14.37
Zinc	1.63
Total	100.00	%

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


23		Invesco Global Targeted Returns Fund


	Reference Entity Components—(continued)
Reference Entity	Underlying Components	Percentage


Short Futures Contracts
Aluminum	(0.95	)%
Brent Crude	(6.32	)
Cocoa	(1.87	)
Coffee ‘C’	(8.13	)
Copper	(3.34	)
Corn	(1.58	)
Cotton No. 2	(5.90	)
Feeder Cattle	(0.60	)
Gas Oil	(2.88	)
Gold	(6.46	)
Heating Oil	(7.26	)
KC HRW Wheat	(1.85	)
Lead	(0.75	)
Lean Hogs	(3.29	)
Live Cattle	(3.58	)
Natural Gas	(1.97	)
Nickel	(0.50	)
RBOB Gasoline	(1.74	)
Silver	(8.32	)
Soybean Meal	(3.00	)
Soybean Oil	(2.14	)
Soybeans	(3.78	)
Sugar No. 11	(0.68	)
Wheat	(0.41	)
WTI Crude	(21.22	)
Zinc	(1.48	)
Total	100.00	%

Open Forward Foreign Currency Contracts

Settlement

Date

Counterparty

Contract to

Unrealized
Appreciation
(Depreciation)

Deliver

Receive

Currency Risk

11/12/2021

Barclays Bank PLC

EUR

50,845

GBP

43,333

516

11/12/2021

Barclays Bank PLC

EUR

104,796

SEK

1,050,000

1,105

11/12/2021

Barclays Bank PLC

GBP

5,000

EUR

5,930

11/12/2021

Barclays Bank PLC

GBP

326,333

USD

450,465

3,858

12/10/2021

Barclays Bank PLC

EUR

844,895

NOK

8,697,000

51,664

12/10/2021

Barclays Bank PLC

GBP

326,333

USD

450,415

3,767

01/12/2022

Barclays Bank PLC

GBP

326,333

USD

450,477

3,733

11/12/2021

BNP Paribas S.A.

EUR

44,817

GBP

38,333

643

11/29/2021

BNP Paribas S.A.

GBP

2,000

USD

2,757

12/10/2021

BNP Paribas S.A.

EUR

79,205

CHF

86,000

2,389

12/10/2021

BNP Paribas S.A.

EUR

522,667

USD

621,499

16,775

01/12/2022

BNP Paribas S.A.

HUF

417,123,102

EUR

1,156,628

3,257

01/12/2022

BNP Paribas S.A.

USD

327,739

HKD

2,550,000

12/10/2021

Citibank, N.A.

EUR

284,333

USD

332,306

3,333

12/10/2021

Citibank, N.A.

MXN

520,000

USD

25,744

632

12/10/2021

Citibank, N.A.

USD

441,976

CNY

2,864,887

3,637

01/12/2022

Citibank, N.A.

EUR

284,334

USD

332,898

3,589

01/12/2022

Citibank, N.A.

USD

563,432

HKD

4,384,000

127

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


24		Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
02/10/2022	Citibank, N.A.		EUR	284,333		USD	331,825	$	2,319
11/12/2021	Deutsche Bank AG		EUR	28,459		CHF	30,500		415
01/12/2022	Deutsche Bank AG		BRL	2,550,138		USD	454,773		9,808
01/12/2022	Deutsche Bank AG		EUR	680,937		NOK	6,795,000		15,179
01/12/2022	Deutsche Bank AG		USD	75,319		KRW	89,789,000		1,008
11/12/2021	Goldman Sachs International		EUR	541,667		USD	644,912		18,623
12/10/2021	Goldman Sachs International		BRL	3,352,093		USD	641,072		51,630
12/10/2021	Goldman Sachs International		EUR	114,308		GBP	98,333		2,333
12/10/2021	Goldman Sachs International		EUR	320,000		USD	380,155		9,917
12/10/2021	Goldman Sachs International		GBP	310,000		USD	426,954		2,662
12/10/2021	Goldman Sachs International		HUF	174,884,042		EUR	499,969		17,546
12/10/2021	Goldman Sachs International		TWD	8,254,653		USD	297,411		265
01/12/2022	Goldman Sachs International		CNY	3,047,500		USD	473,295		590
01/12/2022	Goldman Sachs International		EUR	360,667		USD	417,904		188
01/12/2022	Goldman Sachs International		USD	357,456		MXN	7,473,682		1,595
01/12/2022	Goldman Sachs International		USD	78,230		TWD	2,175,667		253
01/14/2022	Goldman Sachs International		USD	27,151		GBP	20,000		228
11/12/2021	J.P. Morgan Chase Bank, N.A.		EUR	689,336		NOK	7,203,000		55,571
11/12/2021	J.P. Morgan Chase Bank, N.A.		EUR	320,000		USD	375,793		5,801
11/12/2021	J.P. Morgan Chase Bank, N.A.		GBP	340,000		USD	471,398		6,086
11/12/2021	J.P. Morgan Chase Bank, N.A.		HUF	599,582,979		EUR	1,683,754		21,230
11/12/2021	J.P. Morgan Chase Bank, N.A.		KRW	1,284,291,000		USD	1,117,173		24,130
11/12/2021	J.P. Morgan Chase Bank, N.A.		USD	477,491		AUD	655,333		15,505
11/12/2021	J.P. Morgan Chase Bank, N.A.		USD	595,799		KRW	701,375,000		1,132
12/10/2021	J.P. Morgan Chase Bank, N.A.		CNY	511,000		USD	79,697		215
12/10/2021	J.P. Morgan Chase Bank, N.A.		KRW	1,221,099,000		USD	1,054,909		16,347
12/10/2021	J.P. Morgan Chase Bank, N.A.		ZAR	609,968		USD	42,076		2,330
01/12/2022	J.P. Morgan Chase Bank, N.A.		HKD	12,316,990		USD	1,589,114		5,777
11/12/2021	Morgan Stanley and Co. International PLC		BRL	3,008,826		USD	577,576		45,427
11/12/2021	Morgan Stanley and Co. International PLC		EUR	44,685		CHF	48,000		773
11/12/2021	Morgan Stanley and Co. International PLC		EUR	1,277,031		HUF	461,105,478		4,310
11/12/2021	Morgan Stanley and Co. International PLC		NOK	1,355,000		EUR	139,456		855
01/12/2022	Morgan Stanley and Co. International PLC		CNY	3,047,500		USD	473,538		833
11/17/2021	Natwest Group PLC		JPY	1,200,000		USD	10,563		33
01/14/2022	Natwest Group PLC		EUR	210,000		USD	244,075		848
11/12/2021	Standard Chartered Bank PLC		USD	88,848		TWD	2,485,600		489
01/12/2022	Standard Chartered Bank PLC		HKD	14,793,630		USD	1,908,518		6,810
11/29/2021	State Street Bank & Trust Co.		CAD	26,014		USD	21,065		45
11/29/2021	State Street Bank & Trust Co.		CNY	1,264,820		USD	197,346		428
11/29/2021	State Street Bank & Trust Co.		DKK	309,936		USD	48,462		271
11/29/2021	State Street Bank & Trust Co.		EUR	1,205,596		USD	1,402,477		8,076
11/29/2021	State Street Bank & Trust Co.		GBP	1,135,350		USD	1,563,554		9,744
11/29/2021	State Street Bank & Trust Co.		HKD	2,843,645		USD	365,723		212
11/29/2021	State Street Bank & Trust Co.		IDR	780,531,000		USD	55,017		301
11/29/2021	State Street Bank & Trust Co.		MXN	57,356,604		USD	2,814,730		40,072
11/29/2021	State Street Bank & Trust Co.		NOK	89,541		USD	10,653		56
11/29/2021	State Street Bank & Trust Co.		SGD	83,474		USD	62,052		158
11/29/2021	State Street Bank & Trust Co.		USD	112,746		AUD	150,499		479
11/29/2021	State Street Bank & Trust Co.		USD	4,761		CHF	4,361		6
11/29/2021	State Street Bank & Trust Co.		USD	2,904		THB	97,000		18

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


25		Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
11/29/2021	State Street Bank & Trust Co.		ZAR	15,165,221		USD	1,036,145	$	46,574
01/12/2022	UBS AG		HKD	6,164,379		USD	795,294		2,869
Subtotal–Appreciation									557,489

Currency Risk
11/12/2021	Barclays Bank PLC		CHF	4,000		EUR	3,743		(42	)
11/12/2021	Barclays Bank PLC		GBP	68,000		EUR	79,625		(998	)
11/12/2021	Barclays Bank PLC		SEK	5,454,334		EUR	534,350		(17,332	)
11/29/2021	Barclays Bank PLC		USD	9,436		INR	709,000		(8	)
11/29/2021	Barclays Bank PLC		USD	234		SEK	2,000		(2	)
11/29/2021	Barclays Bank PLC		USD	4,099		THB	136,000		(1	)
12/10/2021	Barclays Bank PLC		CNY	14,942,818		USD	2,300,683		(23,564	)
12/10/2021	Barclays Bank PLC		EUR	924,809		JPY	120,809,667		(9,647	)
12/10/2021	Barclays Bank PLC		EUR	971,553		PLN	4,391,632		(24,224	)
12/10/2021	Barclays Bank PLC		USD	53,703		INR	3,961,000		(1,106	)
01/12/2022	Barclays Bank PLC		SEK	8,561,333		EUR	842,020		(22,870	)
11/12/2021	BNP Paribas S.A.		USD	81,454		EUR	70,000		(518	)
11/29/2021	BNP Paribas S.A.		USD	22,145		EUR	19,000		(169	)
11/12/2021	Citibank, N.A.		AUD	655,333		USD	485,148		(7,849	)
11/12/2021	Citibank, N.A.		JPY	42,913,967		EUR	324,798		(1,214	)
12/10/2021	Citibank, N.A.		CHF	1,609,750		JPY	200,017,334		(4,975	)
12/10/2021	Citibank, N.A.		JPY	120,809,666		EUR	912,782		(4,269	)
01/12/2022	Citibank, N.A.		JPY	191,107,566		EUR	1,441,539		(8,761	)
02/10/2022	Citibank, N.A.		CHF	806,008		JPY	100,008,666		(4,410	)
12/10/2021	Deutsche Bank AG		USD	89,144		TWD	2,445,667		(1,106	)
01/12/2022	Deutsche Bank AG		EUR	1,483,179		JPY	191,107,566		(39,443	)
01/12/2022	Deutsche Bank AG		EUR	882,484		PLN	4,033,836		(12,646	)
01/12/2022	Deutsche Bank AG		KRW	766,333,000		USD	642,832		(8,601	)
11/12/2021	Goldman Sachs International		EUR	1,504,751		PLN	6,862,117		(20,130	)
11/12/2021	Goldman Sachs International		TWD	141,903,267		USD	5,084,153		(16,062	)
11/17/2021	Goldman Sachs International		USD	63,801		JPY	7,000,000		(2,378	)
11/17/2021	Goldman Sachs International		USD	22,874		TRY	200,000		(2,228	)
12/10/2021	Goldman Sachs International		SEK	8,949,333		EUR	878,794		(25,785	)
12/10/2021	Goldman Sachs International		USD	629,533		MXN	12,677,538		(17,302	)
11/12/2021	J.P. Morgan Chase Bank, N.A.		KRW	10,094,000		USD	8,577		(14	)
11/12/2021	J.P. Morgan Chase Bank, N.A.		USD	46,364		KRW	53,300,000		(1,001	)
12/10/2021	J.P. Morgan Chase Bank, N.A.		CNY	863,648		USD	133,050		(1,284	)
12/10/2021	J.P. Morgan Chase Bank, N.A.		USD	102,686		KRW	118,863,000		(1,591	)
01/12/2022	J.P. Morgan Chase Bank, N.A.		USD	163,200		CNY	1,049,100		(472	)
01/12/2022	J.P. Morgan Chase Bank, N.A.		USD	292,018		HKD	2,270,000		(211	)
01/12/2022	J.P. Morgan Chase Bank, N.A.		USD	66,527		INR	5,023,000		(101	)
01/14/2022	J.P. Morgan Chase Bank, N.A.		USD	68,915		GBP	50,000		(467	)
11/12/2021	Morgan Stanley and Co. International PLC		CHF	61,500		EUR	56,558		(1,793	)
11/12/2021	Morgan Stanley and Co. International PLC		EUR	330,437		JPY	42,913,967		(5,512	)
11/12/2021	Morgan Stanley and Co. International PLC		PLN	6,070,086		EUR	1,314,024		(1,903	)
11/12/2021	Morgan Stanley and Co. International PLC		USD	44,508		INR	3,340,000		(13	)
11/12/2021	Morgan Stanley and Co. International PLC		USD	665,592		MXN	13,395,847		(15,823	)
11/12/2021	Morgan Stanley and Co. International PLC		USD	55,738		TWD	1,548,667		(76	)
01/12/2022	Morgan Stanley and Co. International PLC		HKD	28,668,000		USD	3,684,880		(366	)
01/12/2022	Morgan Stanley and Co. International PLC		USD	618,833		HKD	4,811,000		(383	)
12/10/2021	Natwest Group PLC		USD	117,909		EUR	100,000		(2,209	)

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


26		Invesco Global Targeted Returns Fund


Open Forward Foreign Currency Contracts—(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
01/14/2022	Natwest Group PLC		GBP	370,000		USD	504,130		$ (2,388	)
11/29/2021	State Street Bank & Trust Co.		AUD	376,415		USD	281,911		(1,277	)
11/29/2021	State Street Bank & Trust Co.		CHF	118,704		USD	128,498		(1,238	)
11/29/2021	State Street Bank & Trust Co.		DKK	5,682		USD	882		(2	)
11/29/2021	State Street Bank & Trust Co.		INR	10,283,000		USD	136,693		(33	)
11/29/2021	State Street Bank & Trust Co.		JPY	1,350,000		USD	11,810		(37	)
11/29/2021	State Street Bank & Trust Co.		KRW	254,327,667		USD	216,157		(196	)
11/29/2021	State Street Bank & Trust Co.		SEK	304,259		USD	35,292		(144	)
11/29/2021	State Street Bank & Trust Co.		THB	1,498,000		USD	44,771		(362	)
11/29/2021	State Street Bank & Trust Co.		TWD	3,428,192		USD	123,192		(135	)
11/29/2021	State Street Bank & Trust Co.		USD	1,969		CAD	2,436		(0	)
11/29/2021	State Street Bank & Trust Co.		USD	113,062		CNY	723,697		(391	)
11/29/2021	State Street Bank & Trust Co.		USD	2,944		DKK	18,850		(13	)
11/29/2021	State Street Bank & Trust Co.		USD	162,370		EUR	139,702		(792	)
11/29/2021	State Street Bank & Trust Co.		USD	153,050		GBP	111,102		(998	)
11/29/2021	State Street Bank & Trust Co.		USD	11,175		HKD	86,863		(10	)
11/29/2021	State Street Bank & Trust Co.		USD	6,048		IDR	86,044,000		(16	)
11/29/2021	State Street Bank & Trust Co.		USD	160		INR	12,000		(0	)
11/29/2021	State Street Bank & Trust Co.		USD	17,479		KRW	20,502,000		(38	)
11/29/2021	State Street Bank & Trust Co.		USD	2,767		SEK	23,741		(2	)
11/29/2021	State Street Bank & Trust Co.		USD	4,471		SGD	6,025		(4	)
Subtotal–Depreciation									(318,935	)
Total Forward Foreign Currency Contracts									$ 238,554


Abbreviations:

AUD		–Australian Dollar
BRL		–Brazilian Real
CAD		–Canadian Dollar
CHF		–Swiss Franc
CNY		–Chinese Yuan Renminbi
CPI		–Consumer Price Index
DKK		–Danish Krone
EUR		–Euro
EURIBOR		–Euro Interbank Offered Rate
GBP		–British Pound Sterling
HKD		–Hong Kong Dollar
HUF		–Hungarian Forint
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
SEK		–Swedish Krona
SGD		–Singapore Dollar
SONIA		–Sterling Overnight Index Average
THB		–Thai Baht
TRY		–Turkish Lira
TWD		–New Taiwan Dollar
USD		–U.S. Dollar
ZAR		–South African Rand

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


27		Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $12,278,128)	$	13,962,045

Investments in affiliated money market funds, at value (Cost $10,451,505)		10,451,488

Other investments:
Variation margin receivable – futures contracts		64,087

Variation margin receivable–centrally cleared swap agreements		649,989

Swaps receivable – OTC		24,307

Unrealized appreciation on swap agreements – OTC		589,994

Premiums paid on swap agreements – OTC		17

Unrealized appreciation on forward foreign currency contracts outstanding		557,489

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		753,078

Cash collateral – centrally cleared swap agreements		488,834

Cash		35,152

Foreign currencies, at value (Cost $223,963)		222,748

Receivable for:
Investments sold		24,800

Fund shares sold		2,998

Dividends		23,540

Interest		195,930

Investment for trustee deferred compensation and retirement plans		19,634

Other assets		24,884

Total assets		28,091,014


Liabilities:
Other investments:
Options written, at value (premiums received $361,767)		412,435

Unrealized depreciation on forward foreign currency contracts outstanding		318,935

Swaps payable – OTC		31,053

Unrealized depreciation on swap agreements–OTC		258,120

Payable for:
Investments purchased		531,849

Fund shares reacquired		61,282

Accrued foreign taxes		5,513

Accrued other operating expenses		401,791

Trustee deferred compensation and retirement plans		19,634

Total liabilities		2,040,612

Net assets applicable to shares outstanding	$	26,050,402


Net assets consist of:
Shares of beneficial interest	$	33,263,488

Distributable earnings (loss)		(7,213,086	)

	$	26,050,402


Net Assets:
Class A	$	6,360,084

Class C	$	1,920,587

Class R	$	42,856

Class Y	$	17,545,824

Class R5	$	9,167

Class R6	$	171,884


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		699,604

Class C		217,563

Class R		4,761

Class Y		1,914,008

Class R5		1,000

Class R6		18,714

Class A:
Net asset value per share	$	9.09

Maximum offering price per share (Net asset value of $9.09 ÷ 94.50%)	$	9.62

Class C:
Net asset value and offering price per share	$	8.83

Class R:
Net asset value and offering price per share	$	9.00

Class Y:
Net asset value and offering price per share	$	9.17

Class R5:
Net asset value and offering price per share	$	9.17

Class R6:
Net asset value and offering price per share	$	9.18

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


28		Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$	787,165

Dividends (net of foreign withholding taxes of $17,867)		201,257

Dividends from affiliated money market funds		3,262

Total investment income		991,684


Expenses:

Advisory fees		412,326

Administrative services fees		4,557

Custodian fees		130,662

Distribution fees:
Class A		25,230

Class C		24,815

Class R		237

Transfer agent fees – A, C, R and Y		56,326

Transfer agent fees – R6		145

Trustees’ and officers’ fees and benefits		22,861

Registration and filing fees		77,930

Licensing fees		195,492

Reports to shareholders		294

Professional services fees		131,863

Other		7,779

Total expenses		1,090,517

Less: Fees waived and/or expenses reimbursed		(602,455	)

Net expenses		488,062

Net investment income		503,622


Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $3,376)		3,278,054

Affiliated investment securities		422

Foreign currencies		(138,381	)

Forward foreign currency contracts		(1,489,781	)

Futures contracts		(1,765,160	)

Option contracts written		(294,142	)

Swap agreements		463,819

		54,831

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $4,499)		528,220

Affiliated investment securities		(553	)

Foreign currencies		1,323

Forward foreign currency contracts		307,159

Futures contracts		22,933

Option contracts written		(251,605	)

Swap agreements		(1,102,234	)

		(494,757	)

Net realized and unrealized gain (loss)		(439,926	)

Net increase in net assets resulting from operations	$	63,696

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


29		Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income	$	503,622		$	762,279

Net realized gain (loss)		54,831			(3,937,948	)

Change in net unrealized appreciation (depreciation)		(494,757	)		2,150,345

Net increase (decrease) in net assets resulting from operations		63,696			(1,025,324	)


Distributions to shareholders from distributable earnings:
Class A		–			(478,375	)

Class C		–			(129,371	)

Class R		–			(1,429	)

Class Y		–			(1,634,267	)

Class R5		–			(424	)

Class R6		–			(514,506	)

Total distributions from distributable earnings		–			(2,758,372	)


Share transactions–net:
Class A		(5,060,168	)		624,835

Class C		(1,233,172	)		(990,135	)

Class R		(7,515	)		18,497

Class Y		(9,518,872	)		(10,377,556	)

Class R6		(1,008,180	)		(10,073,223	)

Net increase (decrease) in net assets resulting from share transactions		(16,827,907	)		(20,797,582	)

Net increase (decrease) in net assets		(16,764,211	)		(24,581,278	)


Net assets:
Beginning of year		42,814,613			67,395,891

End of year	$	26,050,402		$	42,814,613

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


30		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^(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 10/31/21		$	9.14		$	0.11		$	(0.16	)		$	(0.05	)		$	–			$	–			$	–			$	–			$	9.09		(0.55	)%		$	6,360		1.43	%		3.03	%		1.22	%		74	%
Year ended 10/31/20			9.76			0.11			(0.34	)			(0.23	)			(0.39	)			–				–				(0.39	)			9.14		(2.47	)			11,403		1.40			2.60			1.20			145
Year ended 10/31/19			9.64			0.17			0.13				0.30				(0.18	)			–				–				(0.18	)			9.76		3.14				11,566		1.39			2.52			1.77			77
Year ended 10/31/18			10.00			0.13			(0.49	)			(0.36	)			–				–				–				–				9.64		(3.60	)			11,416		1.40			2.69			1.26			67
Year ended 10/31/17			10.32			0.12			0.00				0.12				(0.12	)			(0.31	)			(0.01	)			(0.44	)			10.00		1.32				19,360		1.29			2.16			1.24			121
Class C
Year ended 10/31/21			8.95			0.04			(0.16	)			(0.12	)			–				–				–				–				8.83		(1.34	)			1,921		2.18			3.78			0.47			74
Year ended 10/31/20			9.52			0.04			(0.32	)			(0.28	)			(0.29	)			–				–				(0.29	)			8.95		(3.11	)			3,166		2.15			3.35			0.45			145
Year ended 10/31/19			9.38			0.10			0.12				0.22				(0.08	)			–				–				(0.08	)			9.52		2.38				4,388		2.14			3.27			1.02			77
Year ended 10/31/18			9.80			0.05			(0.47	)			(0.42	)			–				–				–				–				9.38		(4.29	)			7,351		2.15			3.44			0.51			67
Year ended 10/31/17			10.13			0.05			(0.01	)			0.04				(0.06	)			(0.31	)			(0.00	)			(0.37	)			9.80		0.52				12,263		2.04			2.91			0.49			121
Class R
Year ended 10/31/21			9.08			0.09			(0.17	)			(0.08	)			–				–				–				–				9.00		(0.88	)			43		1.68			3.28			0.97			74
Year ended 10/31/20			9.69			0.09			(0.34	)			(0.25	)			(0.36	)			–				–				(0.36	)			9.08		(2.74	)			51		1.65			2.85			0.95			145
Year ended 10/31/19			9.56			0.15			0.12				0.27				(0.14	)			–				–				(0.14	)			9.69		2.92				35		1.64			2.77			1.52			77
Year ended 10/31/18			9.94			0.10			(0.48	)			(0.38	)			–				–				–				–				9.56		(3.82	)			20		1.65			2.94			1.01			67
Year ended 10/31/17			10.27			0.10			(0.01	)			0.09				(0.10	)			(0.31	)			(0.01	)			(0.42	)			9.94		0.99				26		1.54			2.41			0.99			121
Class Y
Year ended 10/31/21			9.20			0.14			(0.17	)			(0.03	)			–				–				–				–				9.17		(0.33	)			17,546		1.18			2.78			1.47			74
Year ended 10/31/20			9.82			0.14			(0.34	)			(0.20	)			(0.42	)			–				–				(0.42	)			9.20		(2.16	)			27,023		1.15			2.35			1.45			145
Year ended 10/31/19			9.70			0.20			0.13				0.33				(0.21	)			–				–				(0.21	)			9.82		3.48				39,571		1.14			2.27			2.02			77
Year ended 10/31/18			10.04			0.15			(0.49	)			(0.34	)			–				–				–				–				9.70		(3.39	)			70,488		1.15			2.44			1.51			67
Year ended 10/31/17			10.37			0.15			(0.01	)			0.14				(0.15	)			(0.31	)			(0.01	)			(0.47	)			10.04		1.48				108,068		1.04			1.91			1.49			121
Class R5
Year ended 10/31/21			9.20			0.14			(0.17	)			(0.03	)			–				–				–				–				9.17		(0.33	)			9		1.18			2.65			1.47			74
Year ended 10/31/20			9.83			0.14			(0.35	)			(0.21	)			(0.42	)			–				–				(0.42	)			9.20		(2.25	)			9		1.15			2.25			1.45			145
Year ended 10/31/19			9.71			0.20			0.13				0.33				(0.21	)			–				–				(0.21	)			9.83		3.47				10		1.13			2.17			2.03			77
Year ended 10/31/18			10.05			0.15			(0.49	)			(0.34	)			–				–				–				–				9.71		(3.38	)			10		1.15			2.35			1.51			67
Year ended 10/31/17			10.37			0.15			0.00				0.15				(0.15	)			(0.31	)			(0.01	)			(0.47	)			10.05		1.58				10		1.04			1.87			1.49			121
Class R6
Year ended 10/31/21			9.21			0.14			(0.17	)			(0.03	)			–				–				–				–				9.18		(0.33	)			172		1.18			2.65			1.47			74
Year ended 10/31/20			9.82			0.14			(0.33	)			(0.19	)			(0.42	)			–				–				(0.42	)			9.21		(2.04	)			1,163		1.15			2.25			1.45			145
Year ended 10/31/19			9.70			0.20			0.13				0.33				(0.21	)			–				–				(0.21	)			9.82		3.48				11,826		1.13			2.17			2.03			77
Year ended 10/31/18			10.04			0.15			(0.49	)			(0.34	)			–				–				–				–				9.70		(3.39	)			10,839		1.15			2.35			1.51			67
Year ended 10/31/17			10.36			0.15			0.00				0.15				(0.15	)			(0.31	)			(0.01	)			(0.47	)			10.04		1.59				8,626		1.04			1.81			1.49			121

^(a)	Calculated using average shares outstanding.

^(b)

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

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


31		Invesco Global Targeted Returns Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund’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.


32		Invesco Global Targeted Returns 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.

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.


33		Invesco Global Targeted Returns Fund

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

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.


34		Invesco Global Targeted Returns Fund

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, inflation and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility and variance swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

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.


35		Invesco Global Targeted Returns Fund

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.

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.

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 1.10%.


36		Invesco Global Targeted Returns Fund

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $550,680 and reimbursed class level expenses of $14,284, $3,518, $67, $33,761, $0 and $145 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, 2021, IDI advised the Fund that IDI retained $232 in front-end sales commissions from the sale of Class A shares and $69 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information


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	$	101,402	$	5,586,267		$–	$	5,687,669

Common Stocks & Other Equity Interests		1,336,438		3,081,933		0		4,418,371

U.S. Dollar Denominated Bonds & Notes		–		3,309,614		–		3,309,614

U.S. Treasury Securities		–		155,794		–		155,794

Money Market Funds		10,451,488		–		–		10,451,488

Options Purchased		–		390,597		–		390,597

Total Investments in Securities		11,889,328		12,524,205		0		24,413,533


37		Invesco Global Targeted Returns Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Assets*

Futures Contracts	$	479,396		$	–			$–	$	479,396

Forward Foreign Currency Contracts		–			557,489			–		557,489

Swap Agreements		–			1,390,596			–		1,390,596

		479,396			1,948,085			–		2,427,481


Other Investments - Liabilities*

Futures Contracts		(427,159	)		–			–		(427,159	)

Forward Foreign Currency Contracts		–			(318,935	)		–		(318,935	)

Options Written		–			(412,435	)		–		(412,435	)

Swap Agreements		–			(1,595,016	)		–		(1,595,016	)

		(427,159	)		(2,326,386	)		–		(2,753,545	)

Total Other Investments		52,237			(378,301	)		–		(326,064	)

Total Investments	$	11,941,565		$	12,145,904			$0	$	24,087,469

*	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, 2021:


	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)		$ -		$	-		$	-		$	218,782		$	260,614		$	479,396

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		-			272			-			-			800,330			800,602

Unrealized appreciation on forward foreign currency contracts outstanding		-			-			557,489			-			-			557,489

Unrealized appreciation on swap agreements – OTC		-			-			36,915			553,079			-			589,994

Options purchased, at value – OTC^(b)		-			-			18,887			371,710			-			390,597

Total Derivative Assets		-			272			613,291			1,143,571			1,060,944			2,818,078

Derivatives not subject to master netting agreements		-			(272	)		-			(218,782	)		(1,060,944	)		(1,279,998	)

Total Derivative Assets subject to master netting agreements		$ -		$	-		$	613,291		$	924,789		$	-		$	1,538,080


	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)		$ -		$	-		$	-		$	(247,928	)	$	(179,231	)	$	(427,159	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)		-			(5,667	)		-			-			(1,331,229	)		(1,336,896	)

Unrealized depreciation on forward foreign currency contracts outstanding		-			-			(318,935	)		-			-			(318,935	)

Unrealized depreciation on swap agreements – OTC		(2,166	)		-			(173,104	)		(82,850	)		-			(258,120	)

Options written, at value – OTC		-			-			(24,364	)		(388,071	)		-			(412,435	)

Total Derivative Liabilities		(2,166	)		(5,667	)		(516,403	)		(718,849	)		(1,510,460	)		(2,753,545	)

Derivatives not subject to master netting agreements		-			5,667			-			247,928			1,510,460			1,764,055

Total Derivative Liabilities subject to master netting agreements		$(2,166	)	$	-		$	(516,403	)	$	(470,921	)	$	-		$	(989,490	)

^(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.


38		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, 2021.


	Financial Derivative Assets								Financial Derivative Liabilities												Collateral (Received)/Pledged

Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount^(a)

Fund
Barclays Bank PLC	$	64,656	$	-	$	-	$	64,656	$	(99,794	)	$	-		$	(9,094	)	$	(108,888	)	$	(44,232	)		$-	$	-		$	(44,232	)

BNP Paribas S.A.		23,145		-		52,108		75,253		(687	)		-			(33,367	)		(34,054	)		41,199			-		-			41,199

Citibank, N.A.		13,637		5,974		-		19,611		(31,478	)		(4,585	)		(12,905	)		(48,968	)		(29,357	)		-		-			(29,357	)

Credit Suisse International		-		-		-		-		-			-			(1,781	)		(1,781	)		(1,781	)		-		-			(1,781	)

Deutsche Bank AG		26,410		-		-		26,410		(61,796	)		-			-			(61,796	)		(35,386	)		-		-			(35,386	)

Goldman Sachs International		105,830		337		258,641		364,808		(83,885	)		(1,543	)		(34,245	)		(119,673	)		245,135			-		(245,135	)		-

J.P. Morgan Chase Bank, N.A.		154,124		37,681		36,629		228,434		(5,141	)		(31,761	)		(48,326	)		(85,228	)		143,206			-		(143,206	)		-

Merrill Lynch International		-		-		145,210		145,210		-			-			(35,353	)		(35,353	)		109,857			-		(80,000	)		29,857

Morgan Stanley and Co. International PLC		52,198		9,273		21,470		82,941		(25,869	)		(5,112	)		(26,642	)		(57,623	)		25,318			-		-			25,318

Natwest Group PLC		881		-		-		881		(4,597	)		-			-			(4,597	)		(3,716	)		-		-			(3,716	)

Societe Generale		-		-		100,243		100,243		-			-			(34,152	)		(34,152	)		66,091			-		-			66,091

Standard Chartered Bank PLC		7,299		-		-		7,299		-			-			(3,859	)		(3,859	)		3,440			-		-			3,440

State Street Bank & Trust Co.		106,440		-		-		106,440		(5,688	)		-			-			(5,688	)		100,752			-		-			100,752

UBS AG		2,869		337,332		-		340,201		-			(369,434	)		(17,613	)		(387,047	)		(46,846	)		-		-			(46,846	)

Subtotal -Fund		557,489		390,597		614,301		1,562,387		(318,935	)		(412,435	)		(257,337	)		(988,707	)		573,680			-		(468,341	)		105,339


Subsidiary
Citibank, N.A.		-		-		-		-		-			-			(12,890	)		(12,890	)		(12,890	)		-		-			(12,890	)

Macquarie Bank Ltd.		-		-		-		-		-			-			(18,946	)		(18,946	)		(18,946	)		-		-			(18,946	)

Subtotal - Subsidiary		-		-		-		-		-			-			(31,836	)		(31,836	)		(31,836	)		-		-			(31,836	)

Total	$	557,489		$390,597		$614,301		$1,562,387	$	(318,935	)	$	(412,435	)		$(289,173	)	$	(1,020,543	)		$541,844			$-	$	(468,341	)	$	73,503

^(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, 2021

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


						Location of Gain (Loss) on Consolidated Statement of Operations

	Commodity Risk			Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	-	$	(1,489,781	)	$	-		$	-		$	(1,489,781	)

Futures contracts		-			-		-			(1,634,710	)		(130,450	)		(1,765,160	)

Options purchased^(a)		-			-		(146,102	)		315,245			331,793			500,936

Options written		-			-		137,665			11,242			(443,049	)		(294,142	)

Swap agreements		(391,467	)		143,989		-			2,106,502			(1,395,205	)		463,819

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			-		307,159			-			-			307,159

Futures contracts		-			-		-			(89,602	)		112,535			22,933

Options purchased^(a)		-			-		39,446			500,898			(69,288	)		471,056

Options written		-			-		(17,154	)		(306,424	)		71,973			(251,605	)

Swap agreements		(71,273	)		81,695		(203,203	)		(26,110	)		(883,343	)		(1,102,234	)

Total	$	(462,740	)	$	225,684	$	(1,371,970	)	$	877,041		$	(2,405,034	)	$	(3,137,019	)

^(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.


39		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	$	117,843,839	$	28,472,069	$	24,616,089	$	14,043,100	$	889,423	$	17,716,648	$	12,650,667	$	705,314	$	166,817,049

Average contracts		-		-		1,051		-		-		231		-		-		-

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

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020:


	2021		2020
Ordinary income*		$-	$	2,736,030
Return of capital		-		22,342
Total distributions		$-	$	2,758,372

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

Tax Components of Net Assets at Period-End:

			2021
Undistributed ordinary income			$	39,578
Net unrealized appreciation– investments				541,043
Net unrealized appreciation (depreciation) - foreign currencies				(936	)
Temporary book/tax differences				(12,598	)
Capital loss carryforward				(7,780,173	)
Shares of beneficial interest				33,263,488
Total net assets			$	26,050,402

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, 2021, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,553,360	$	6,226,813	$	7,780,173

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


40		Invesco Global Targeted Returns Fund

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $13,699,919 and $25,679,585, 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	$	3,427,117

Aggregate unrealized (depreciation) of investments		(2,886,074	)

Net unrealized appreciation of investments	$	541,043

Cost of investments for tax purposes is $23,614,870.

NOTE 9—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, 2021, undistributed net investment income was decreased by $771,563, undistributed net realized gain (loss) was increased by $2,532,956 and shares of beneficial interest was decreased by $1,761,393. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information


	Summary of Share Activity


	Year ended October 31, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		164,283		$	1,516,972			436,719		$	4,146,614

Class C		3,299			30,026			9,558			88,981

Class R		3,414			31,122			1,858			17,427

Class Y		490,782			4,595,136			731,103			6,920,432

Class R6		1,941			18,105			167,660			1,588,441


Issued as reinvestment of dividends:
Class A		-			-			45,176			429,626

Class C		-			-			12,050			112,908

Class R		-			-			113			1,070

Class Y		-			-			163,363			1,558,482

Class R6		-			-			53,887			514,082


Automatic conversion of Class C shares to Class A shares:
Class A		40,558			378,498			8,584			80,174

Class C		(41,550	)		(378,498	)		(8,761	)		(80,174	)


Reacquired:
Class A		(752,358	)		(6,955,638	)		(427,897	)		(4,031,579	)

Class C		(98,119	)		(884,700	)		(119,638	)		(1,111,850	)

Class R		(4,242	)		(38,637	)		-			-

Class Y		(1,515,377	)		(14,114,008	)		(1,984,148	)		(18,856,470	)

Class R6		(109,419	)		(1,026,285	)		(1,299,622	)		(12,175,746	)

Net increase (decrease) in share activity		(1,816,788	)	$	(16,827,907	)		(2,209,995	)	$	(20,797,582	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 84% 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.


41		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), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


42		Invesco Global Targeted Returns 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$981.60	$7.24	$1,017.90	$7.38		1.45	%
Class C	1,000.00	977.90	10.97	1,014.12	11.17		2.20
Class R	1,000.00	980.40	8.44	1,016.69	8.59		1.69
Class Y	1,000.00	982.80	5.95	1,019.21	6.06		1.19
Class R5	1,000.00	982.80	6.00	1,019.16	6.11		1.20
Class R6	1,000.00	982.90	6.00	1,019.16	6.11		1.20

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


43		Invesco Global Targeted Returns Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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 Return 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, 2021. 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 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, 2020 to the performance of funds in the Broadridge performance universe and against the FTSE US 3-Month Treasury Bill Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of 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, specifically certain equity ideas across both long and short market implementations and certain currency ideas. The Board considered the Fund’s relative performance in the context of its objective to achieve absolute return with less


44		Invesco Global Targeted Returns Fund

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, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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.

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


45		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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


46		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	186	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 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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


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)
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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


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
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; 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.	N/A	N/A

		Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)
Russell C. Burk² - 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation	N/A	N/A

		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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC


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–(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.	N/A	N/A
		Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.	N/A	N/A

		Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust	N/A	N/A

		Formerly: Senior Vice President and Treasurer, Fidelity Investments
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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-6		Invesco Global Targeted Returns Fund

(This page intentionally left blank)

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

LOGO


Annual Report to Shareholders			October 31, 2021


Invesco Greater China Fund


Nasdaq:
A: AACFX ∎ C: CACFX ∎ R: IGCRX ∎ Y: AMCYX ∎ R5: IACFX ∎ R6: CACSX


2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		Notes to Financial Statements
19		Report of Independent Registered Public Accounting Firm
20		Fund Expenses
21		Approval of Investment Advisory and Sub-Advisory Contracts
23		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-13.66	%
Class C Shares	-14.27
Class R Shares	-13.93
Class Y Shares	-13.47
Class R5 Shares	-13.37
Class R6 Shares	-13.31
MSCI China Index^▼ (Broad Market Index)	-9.21
MSCI China All Shares Index^∎ (Style-Specific Index)	-0.59
Lipper China Region Funds Index^◆ (Peer Group Index)	4.38
Source(s):^▼ RIMES Technologies Corp.;^∎ Bloomberg LP;^◆Lipper Inc.

Market conditions and your Fund

default of a large Chinese property developer.

In October of 2021, global equity stocks were positive with the US market leading the way and Chinese equities rebounded after their decline in the third quarter. Overall, developed market equities outperformed emerging market equities for the fiscal year.

For the fiscal year, sector allocation and stock selection had a negative impact on the Fund’s performance relative to the style-specific index. Specifically, an overweight allocation to and stock selection in the communication services sector detracted from the Fund’s relative performance. The top detractor from the Fund’s relative performance was Autohome, the leading online destination for automobile consumers in China. We exited our position in Autohome during the fiscal year.

An underweight allocation to and stock selection in the industrials sector also detracted from the Fund’s performance relative to the style-specific index during the fiscal year.

Stock selection in the consumer staples sector detracted from the Fund’s performance relative to the style-specific index during the fiscal year as the Fund’s consumer staples holdings underperformed those represented in the style-specific index. Sun Art Retail Group, a leading retailer with hyper-market and e-commerce platforms in China, was a key detractor in this sector.

In contrast, the Fund’s underweight allocation to the real estate sector contributed to the Fund’s performance relative to the style-specific benchmark during the fiscal year. Also, stock selection in the financials sector helped the Fund’s relative performance. AIA Group, a multinational insurance and finance corporation based in Hong Kong was a top contributor to relative performance in this

sector. We exited our position in AIA Group during the fiscal year.

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 we believe possess sustainable leadership and competitive advantages. This has led to the Fund having meaningful exposure in consumer-related sectors. We believe the Fund’s holdings are well-positioned to gain from structural opportunities in China’s consumer sector.

Thank you for your continued investment in Invesco Greater China Fund.

Portfolio manager(s):

Mike Shiao

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


2		Invesco Greater China Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

LOGO

1	Source: Lipper Inc.

2	Source: Bloomberg LP

3	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


3		Invesco Greater China Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	7.81	%
10 Years	5.75
5 Years	5.83
1 Year	-18.40

Class C Shares
Inception (3/31/06)	7.78	%
10 Years	5.71
5 Years	6.23
1 Year	-15.12

Class R Shares
10 Years	6.07	%
5 Years	6.75
1 Year	-13.93
Class Y Shares
Inception (10/3/08)	8.26	%
10 Years	6.61
5 Years	7.29
1 Year	-13.47

Class R5 Shares
Inception (3/31/06)	8.68	%
10 Years	6.81
5 Years	7.45
1 Year	-13.37

Class R6 Shares
10 Years	6.54	%
5 Years	7.42
1 Year	-13.31

Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

Class R shares incepted on April 23, 2021. Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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.


4		Invesco Greater China Fund

Supplemental Information

Invesco Greater China Fund’s investment objective is long-term growth of capital.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The MSCI China Index is an unmanaged index considered representative of Chinese stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The MSCI China All Shares Index is composed of large- and mid-cap stocks issued as China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings.

∎

The Lipper China Region Funds Index is an unmanaged index considered representative of China region funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Greater China Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		25.96	%
Communication Services		21.72
Health Care		14.20
Information Technology		13.18
Consumer Staples		9.83
Materials		2.77
Industrials		2.32
Utilities		2.01
Money Market Funds Plus Other Assets Less Liabilities		8.01

Top 10 Equity Holdings*


		% of total net assets
1.	Tencent Holdings Ltd.		9.89	%
2.	Meituan, B Shares		7.01
3.	JD.com, Inc., ADR		4.96
4.	NetEase, Inc., ADR		4.77
5.	Jiangsu Hengrui Medicine Co. Ltd., A Shares		4.63
6.	Asustek Computer, Inc.		4.62
7.	Pinduoduo, Inc., ADR		4.52
8.	Weibo Corp., ADR		4.46
9.	Hon Hai Precision Industry Co. Ltd.		4.38
10.	Gourmet Master Co. Ltd.		4.37

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, 2021.


6		Invesco Greater China Fund

Schedule of Investments^(a)

October 31, 2021


	Shares		Value


Common Stocks & Other Equity Interests–91.99%^(b)
Air Freight & Logistics–2.32%
SF Holding Co. Ltd., A Shares		293,090	$	2,955,123



Apparel Retail–1.58%
Pou Sheng International (Holdings) Ltd. (Hong Kong)^(c)		11,922,000		2,008,018



Automobile Manufacturers–0.25%
Jiangling Motors Corp. Ltd., B Shares		311,100		319,914



Construction Materials–1.26%
Asia Cement China Holdings Corp.		2,090,500		1,597,356



Electronic Components–4.08%
Innolux Corp. (Taiwan)		5,257,000		3,169,623


Largan Precision Co. Ltd. (Taiwan)		27,000		2,018,383


				5,188,006



Electronic Manufacturing Services–4.49%
FIH Mobile Ltd.^(c)		877,000		136,850


Hon Hai Precision Industry Co. Ltd. (Taiwan)		1,438,000		5,564,406


				5,701,256



Footwear–1.38%
Stella International Holdings Ltd.		1,472,000		1,756,357



Gas Utilities–2.01%
Towngas China Co. Ltd.		3,715,564		2,551,998



Gold–1.51%
Zijin Mining Group Co. Ltd., H Shares		1,370,000		1,923,559



Health Care Equipment–1.45%
MicroPort CardioFlow Medtech Corp.^(c)(d)		4,645		3,248


MicroPort Scientific Corp.		388,000		1,834,649


Shanghai MicroPort MedBot Group Co. Ltd.^(c)		352		1,954


				1,839,851



Health Care Facilities–2.48%
Aier Eye Hospital Group Co. Ltd., A Shares		416,000		3,157,947



Health Care Supplies–4.05%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		3,012,000		5,150,034



Hotels, Resorts & Cruise Lines–0.58%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		381,578		733,001



Household Products–4.35%
Vinda International Holdings Ltd. (Hong Kong)^(e)		2,008,000		5,534,472



Hypermarkets & Super Centers–1.91%
Sun Art Retail Group Ltd.		4,120,500		2,426,907



Interactive Home Entertainment–4.77%
NetEase, Inc., ADR		62,105		6,060,827


	Shares		Value


Interactive Media & Services–16.09%
JOYY, Inc., ADR		43,834	$	2,208,795


Tencent Holdings Ltd.		202,500		12,572,465


Weibo Corp., ADR^(c)		126,196		5,676,296


				20,457,556



Internet & Direct Marketing Retail–17.26%
JD.com, Inc., A Shares^(c)		25,200		989,751


JD.com, Inc., ADR^(c)		80,530		6,303,888


Meituan, B Shares^(c)(d)		255,300		8,906,239


Pinduoduo, Inc., ADR^(c)		64,612		5,745,299


				21,945,177



Movies & Entertainment–0.86%
iQIYI, Inc., ADR^(c)		131,547		1,089,209



Packaged Foods & Meats–3.56%
Uni-President China Holdings Ltd.		5,301,000		4,529,358



Pharmaceuticals–6.22%
China Animal Healthcare Ltd.^(f)		349,000		0


Jiangsu Hengrui Medicine Co. Ltd., A Shares		765,184		5,884,257


Shanghai Fudan-Zhangjiang Bio- Pharmaceutical Co. Ltd., H Shares		615,000		303,596


Sino Biopharmaceutical Ltd.		2,320,500		1,721,358


				7,909,211



Restaurants–4.91%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,929,000		681,966


Gourmet Master Co. Ltd. (Taiwan)		1,180,000		5,559,772


				6,241,738



Technology Hardware, Storage & Peripherals–4.62%
Asustek Computer, Inc. (Taiwan)		461,000		5,867,634


Total Common Stocks & Other Equity Interests (Cost $107,391,195)				116,944,509



Money Market Funds–7.71%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(g)(h)		3,397,896		3,397,896


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(g)(h)		2,518,995		2,519,751


Invesco Treasury Portfolio, Institutional Class, 0.01%^(g)(h)		3,883,309		3,883,309


Total Money Market Funds (Cost $9,801,004)				9,800,956


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.70% (Cost $117,192,199)				126,745,465


Investments Purchased with Cash Collateral from Securities on Loan–0.08%

Money Market Funds–0.08%
Invesco Private Government Fund, 0.02%^(g)(h)(i)		28,962		28,962

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


7		Invesco Greater China Fund


	Shares		Value

Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%^(g)(h)(i)		67,552	$	67,579


Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $96,541)				96,541


TOTAL INVESTMENTS IN SECURITIES–99.78% (Cost $117,288,740)				126,842,006


OTHER ASSETS LESS LIABILITIES–0.22%				278,475


NET ASSETS–100.00%			$	127,120,481

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c)	Non-income producing security.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $8,909,487, which represented 7.01% of the Fund’s Net Assets.

^(e)	All or a portion of this security was out on loan at October 31, 2021.

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

^(g)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2021			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	835,025		$	35,019,855		$	(32,456,984	)		$	-		$	-			$	3,397,896		$	336
Invesco Liquid Assets Portfolio, Institutional Class			530,329			25,008,990			(23,019,456	)			26			(138	)			2,519,751			163
Invesco Treasury Portfolio, Institutional Class			954,314			40,022,692			(37,093,697	)			-			-				3,883,309			116

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			8,020,925			(7,991,963	)			-			-				28,962			52	*
Invesco Private Prime Fund			-			18,333,909			(18,266,330	)			-			-				67,579			702	*
Total		$	2,319,668		$	126,406,371		$	(118,828,430	)		$	26		$	(138	)		$	9,897,497		$	1,369

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

(h)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(i)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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


8		Invesco Greater China Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $107,391,195)*	$	116,944,509


Investments in affiliated money market funds, at value (Cost $9,897,545)		9,897,497


Foreign currencies, at value (Cost $39,792)		39,776


Receivable for:
Investments sold		705,209


Fund shares sold		39,839


Dividends		20,632


Investment for trustee deferred compensation and retirement plans		86,326


Other assets		149,699


Total assets		127,883,487



Liabilities:
Payable for:
Fund shares reacquired		357,212


Collateral upon return of securities loaned		96,541


Accrued fees to affiliates		100,109


Accrued other operating expenses		74,087


Trustee deferred compensation and retirement plans		135,057


Total liabilities		763,006


Net assets applicable to shares outstanding	$	127,120,481



Net assets consist of:
Shares of beneficial interest	$	117,975,429


Distributable earnings		9,145,052


	$	127,120,481


Net Assets:
Class A	$	110,422,543


Class C	$	4,295,752


Class R	$	701,278


Class Y	$	10,702,729


Class R5	$	17,452


Class R6	$	980,727



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,372,211


Class C		177,710


Class R		27,813


Class Y		422,353


Class R5		688


Class R6		38,652


Class A:
Net asset value per share	$	25.26

Maximum offering price per share
(Net asset value of $25.26 ÷ 94.50%)	$	26.73


Class C:
Net asset value and offering price per share	$	24.17


Class R:
Net asset value and offering price per share	$	25.21


Class Y:
Net asset value and offering price per share	$	25.34


Class R5:
Net asset value and offering price per share	$	25.37


Class R6:
Net asset value and offering price per share	$	25.37

*	At October 31, 2021, security with a value of $90,296 was on loan to brokers.

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


9		Invesco Greater China Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:
Dividends (net of foreign withholding taxes of $133,133)	$	2,123,718


Dividends from affiliated money market funds (includes securities lending income of $8,412)		9,027


Total investment income		2,132,745



Expenses:
Advisory fees		1,083,127


Administrative services fees		19,066


Distribution fees:
Class A		258,725


Class C		42,420


Class R		2,105


Transfer agent fees – A, C, R and Y		245,317


Transfer agent fees – R5		91


Transfer agent fees – R6		680


Trustees’ and officers’ fees and benefits		24,713


Registration and filing fees		81,038


Reports to shareholders		21,939


Professional services fees		63,600


Other		5,860


Total expenses		1,848,681


Less: Fees waived and/or expense offset arrangement(s)		(1,421	)


Net expenses		1,847,260


Net investment income		285,485



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		830,573


Affiliated investment securities		(138	)


Foreign currencies		(56,964	)


		773,471


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(31,923,460	)


Affiliated investment securities		26


Foreign currencies		(13,975	)


		(31,937,409	)


Net realized and unrealized gain (loss)		(31,163,938	)


Net increase (decrease) in net assets resulting from operations	$	(30,878,453	)

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


10		Invesco Greater China Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020



Operations:
Net investment income (loss)	$	285,485			$ (4,545	)


Net realized gain		773,471			3,106,953


Change in net unrealized appreciation (depreciation)		(31,937,409	)		15,717,415


Net increase (decrease) in net assets resulting from operations		(30,878,453	)		18,819,823



Distributions to shareholders from distributable earnings:
Class A		(368,979	)		(682,071	)


Class C		(19,714	)		(1,933	)


Class Y		(40,345	)		(125,477	)


Class R5		(427	)		(360	)


Class R6		(4,688	)		(8,603	)


Total distributions from distributable earnings		(434,153	)		(818,444	)



Share transactions–net:
Class A		68,016,911			(8,989,218	)


Class C		1,787,175			(2,495,312	)


Class R		911,501			-


Class Y		6,185,251			(3,466,519	)


Class R5		4,762			4,750


Class R6		352,739			46,889


Net increase (decrease) in net assets resulting from share transactions		77,258,339			(14,899,410	)


Net increase in net assets		45,945,733			3,101,969



Net assets:
Beginning of year		81,174,748			78,072,779


End of year	$	127,120,481		$	81,174,748

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


11		Invesco Greater China Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21	$	29.41	$	0.07		$	(4.06	)	$	(3.99	)	$	–		$	(0.16	)	$	(0.16	)	$	25.26		(13.66	)%	$	110,423		1.52	%		1.52	%		0.23	%		101	%
Year ended 10/31/20		23.24		0.00	^(d)		6.42			6.42			(0.25	)		–			(0.25	)		29.41		27.92			68,875		1.66			1.67			0.02	^(d)		59
Year ended 10/31/19		25.52		0.20	^(d)		1.77			1.97			(0.21	)		(4.04	)		(4.25	)		23.24		9.33			62,869		1.76			1.76			0.86	^(d)		59
Year ended 10/31/18		29.40		0.34	^(d)		(4.06	)^(e)		(3.72	)		(0.16	)		–			(0.16	)		25.52		(12.71	)^(e)		59,615		1.79			1.80			1.15	^(d)		45
Year ended 10/31/17		22.23		0.05			7.27			7.32			(0.15	)		–			(0.15	)		29.40		33.19			69,843		1.93			1.93			0.22			56
Class C
Year ended 10/31/21		28.37		(0.15	)		(3.89	)		(4.04	)		–			(0.16	)		(0.16	)		24.17		(14.33	)		4,296		2.27			2.27			(0.52	)		101
Year ended 10/31/20		22.35		(0.18	)^(d)		6.21			6.03			(0.01	)		–			(0.01	)		28.37		26.98			3,647		2.41			2.42			(0.73	)^(d)		59
Year ended 10/31/19		24.65		0.02	^(d)		1.72			1.74			–			(4.04	)		(4.04	)		22.35		8.51			5,198		2.51			2.51			0.11	^(d)		59
Year ended 10/31/18		28.45		0.11	^(d)		(3.91	)^(e)		(3.80	)		–			–			–			24.65		(13.36	)^(e)		10,155		2.54			2.55			0.40	^(d)		45
Year ended 10/31/17		21.52		(0.13	)		7.06			6.93			–			–			–			28.45		32.20			13,422		2.68			2.68			(0.53	)		56
Class R
Period ended 10/31/21^(f)		32.59		0.01			(7.39	)		(7.38	)		–			–			–			25.21		(22.65	)		701		1.71	^(g)		1.71	^(g)		0.04	^(g)		101
Class Y
Year ended 10/31/21		29.44		0.14			(4.08	)		(3.94	)		–			(0.16	)		(0.16	)		25.34		(13.47	)		10,703		1.27			1.27			0.48			101
Year ended 10/31/20		23.26		0.06	^(d)		6.43			6.49			(0.31	)		–			(0.31	)		29.44		28.26			7,754		1.41			1.42			0.27	^(d)		59
Year ended 10/31/19		25.57		0.26	^(d)		1.76			2.02			(0.29	)		(4.04	)		(4.33	)		23.26		9.56			9,339		1.51			1.51			1.11	^(d)		59
Year ended 10/31/18		29.44		0.42	^(d)		(4.07	)^(e)		(3.65	)		(0.22	)		–			(0.22	)		25.57		(12.48	)^(e)		7,801		1.54			1.55			1.40	^(d)		45
Year ended 10/31/17		22.26		0.12			7.27			7.39			(0.21	)		–			(0.21	)		29.44		33.53			11,444		1.68			1.68			0.47			56
Class R5
Year ended 10/31/21		29.45		0.18			(4.10	)		(3.92	)		–			(0.16	)		(0.16	)		25.37		(13.40	)		17		1.17			1.17			0.58			101
Year ended 10/31/20		23.27		0.11	^(d)		6.43			6.54			(0.36	)		–			(0.36	)		29.45		28.49			32		1.26			1.27			0.42	^(d)		59
Year ended 10/31/19		25.58		0.30	^(d)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.27		9.79			23		1.33			1.33			1.29	^(d)		59
Year ended 10/31/18		29.46		0.46	^(d)		(4.08	)^(e)		(3.62	)		(0.26	)		–			(0.26	)		25.58		(12.38	)^(e)		25		1.40			1.40			1.54	^(d)		45
Year ended 10/31/17		22.28		0.16			7.28			7.44			(0.26	)		–			(0.26	)		29.46		33.80			72		1.50			1.50			0.65			56
Class R6
Year ended 10/31/21		29.43		0.18			(4.08	)		(3.90	)		–			(0.16	)		(0.16	)		25.37		(13.34	)		981		1.13			1.13			0.62			101
Year ended 10/31/20		23.26		0.11	^(d)		6.42			6.53			(0.36	)		–			(0.36	)		29.43		28.46			867		1.25			1.26			0.43	^(d)		59
Year ended 10/31/19		25.57		0.30	^(d)		1.77			2.07			(0.34	)		(4.04	)		(4.38	)		23.26		9.79			642		1.33			1.33			1.29	^(d)		59
Year ended 10/31/18		29.45		0.46	^(d)		(4.07	)^(e)		(3.61	)		(0.27	)		–			(0.27	)		25.57		(12.36	)^(e)		629		1.40			1.40			1.54	^(d)		45
Period ended 10/31/17^(f)		23.28		0.25			5.92			6.17			–			–			–			29.45		26.50			107		1.47	^(g)		1.47	^(g)		0.68	^(g)		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. For the Year ended October 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $64,937,627 in connection with the acquisition of Invesco Pacific Growth Fund into the Fund.

^(d)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the Year ended October 31, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.05) and (0.17)%, $(0.23) and (0.92)%, $0.01 and 0.08%, $0.06 and 0.23% and $0.06 and 0.24% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the Year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.05 and 0.20%, $(0.13) and (0.55)%, $0.11 and 0.45%, $0.15 and 0.63% and $0.15 and 0.63% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the Year ended October 31, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.18 and 0.60%, $(0.05) and (0.15)%, $0.26 and 0.85%, $0.30 and 0.99% and $0.30 and 0.99% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

Includes litigation proceeds received during the year. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(4.16), $(4.01), $(4.17), $(4.18) and $(4.17) for Class A, Class C, Class Y, Class R5, and Class R6 shares, respectively. Total returns would have been lower.

^(f)	Commencement date of April 23, 2021 and April 4, 2017 for Class R and Class R6 shares, respectively.

^(g)	Annualized.

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


12		Invesco Greater China Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. On April 23, 2021, the Fund began offering Class R shares. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The 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.

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.

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

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


13		Invesco Greater China Fund

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

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

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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.


14		Invesco Greater China Fund

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 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.

Other Risks – Investing in a single-country mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries. The political and economic conditions and changes in regulatory, tax or economic policy in a single country could significantly affect the market in that country and in surrounding or related countries.

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar.

Transaction costs are often higher and there may be delays in settlement procedures.

Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than U.S. securities.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $1 billion		0.870%


Next $1 billion		0.820%


Next $49 billion		0.770%


Over $51 billion		0.760%

Prior to April 23, 2021, 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		0.935%


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, 2021, the effective advisory fee rate incurred by the Fund was 0.89% .

Effective April 23, 2021, the Adviser has contractually agreed, through at least April 30, 2022, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to April 23, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net asset. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, a could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2022. During its term, the fee waiver agreement cannot be terminated or amended to increase the


15		Invesco Greater China Fund

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, 2021, the Adviser waived advisory fees of $1,136.

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

The Trust has entered into 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, 2021, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $16,753 in front-end sales commissions from the sale of Class A shares and $189 and $1,127 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	27,084,314	$	89,860,195	$	0	$	116,944,509


Money Market Funds		9,800,956		96,541		–		9,897,497


Total Investments	$	36,885,270	$	89,956,736	$	0	$	126,842,006

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


16		Invesco Greater China Fund

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, 2021 and 2020:


	2021		2020


Ordinary income*	$	145,108	$	594,948


Long-term capital gain		289,045		223,496


Total distributions	$	434,153	$	818,444

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

Tax Components of Net Assets at Period-End:


	2021


Undistributed ordinary income	$	94,346


Net unrealized appreciation – investments		9,361,992


Net unrealized appreciation (depreciation) – foreign currencies		(13,982	)


Temporary book/tax differences		(104,791	)


Capital loss carryforward		(192,513	)


Shares of beneficial interest		117,975,429


Total net assets	$	127,120,481

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, 2021, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$192,513	$–	$	192,513

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $89,360,491 and $106,911,173, 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	$	25,449,817


Aggregate unrealized (depreciation) of investments		(16,087,825	)


Net unrealized appreciation of investments	$	9,361,992

Cost of investments for tax purposes is $117,480,014.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, securities litigation, passive foreign investment companies and distributions, on October 31, 2021, undistributed net investment income was increased by $30,989 and undistributed net realized gain (loss) was decreased by $30,989. Further, as a result of tax deferrals acquired in the reorganization of Invesco Pacific Growth Fund into the Fund, undistributed net investment income was decreased by $275,938, undistributed net realized gain (loss) was decreased by $2,065 and shares of beneficial interest was increased by $278,003. These reclassifications had no effect on the net assets.


17		Invesco Greater China Fund

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		486,983		$	14,703,904			342,657		$	8,833,626


Class C		31,778			952,536			22,769			582,376


Class R^(b)		5,448			148,412			-			-


Class Y		102,517			3,096,780			110,005			2,686,790


Class R5		2,735			83,928			674			18,633


Class R6		15,152			427,144			19,521			484,229



Issued as reinvestment of dividends:
Class A		11,997			350,678			27,259			641,679


Class C		654			18,429			74			1,688


Class Y		1,258			36,821			5,031			118,279


Class R5		11			313			4			97


Class R6		157			4,589			350			8,219



Automatic conversion of Class C shares to Class A shares:
Class A		36,493			1,081,327			26,492			681,501


Class C		(37,913	)		(1,081,327	)		(27,405	)		(681,501	)



Issued in connection with acquisitions:^(c)
Class A		2,392,360			77,968,123			-			-


Class C		118,746			3,718,418			-			-


Class R^(b)		31,836			1,037,560			-			-


Class Y		516,671			16,873,017			-			-


Class R5		553			18,086			-			-


Class R6		19,702			643,779			-			-



Reacquired:
Class A		(897,378	)		(26,087,121	)		(759,987	)		(19,146,024	)


Class C		(64,105	)		(1,820,881	)		(99,526	)		(2,397,875	)


Class R^(b)		(9,471	)		(274,471	)		-			-


Class Y		(461,461	)		(13,821,367	)		(253,128	)		(6,271,588	)


Class R5		(3,701	)		(97,565	)		(592	)		(13,980	)


Class R6		(25,816	)		(722,773	)		(18,026	)		(445,559	)


Net increase (decrease) in share activity		2,275,206		$	77,258,339			(603,828	)	$	(14,899,410	)

^(a)

^(b)	Commencement date of April 23, 2021.

^(c)

After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Pacific Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 3,079,868 shares of the Fund for 2,996,030 shares outstanding of the Target Fund as of the close of business on April 23, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $100,258,983, including $21,757,300 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $92,373,846 and $192,632,829 immediately after the acquisition.

The pro forma results of operations for the year ended October 31, 2021 assuming the reorganization had been completed on November 1, 2020, the beginning of the annual reporting period are as follows:


Net investment income (loss)	$	(440,870)


Net realized/unrealized gains (loss)		(18,268,537)


Change in net assets resulting from operations	$	(18,709,407)


18		Invesco Greater China Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Greater China Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Greater China Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


19		Invesco Greater China 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio


Class A	$1,000.00	$788.10	$6.58	$1,017.85	$7.43	1.46%
Class C	1,000.00	785.30	9.94	1,014.06	11.22	2.21
Class R	1,000.00	787.10	7.70	1,016.59	8.69	1.71
Class Y	1,000.00	788.90	5.46	1,019.11	6.16	1.21
Class R5	1,000.00	789.40	5.10	1,019.51	5.75	1.13
Class R6	1,000.00	789.40	4.92	1,019.71	5.55	1.09

2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


20		Invesco Greater China Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI China All Shares Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Board 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 and the Fund’s relative underweight allocation to China A-shares were the primary detractors from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


21		Invesco Greater China Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective April 2021. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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


22		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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	289,045
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.17	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


23		Invesco 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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School – Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees – (continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²- 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A

Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


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)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 Greater China Fund

(This page intentionally left blank)

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

LOGO

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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Health Care Fund

Nasdaq:

A: GGHCX ∎ C: GTHCX ∎ Y: GGHYX ∎ Investor: GTHIX ∎ R6: GGHSX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended October 31, 2021, Class A shares of Invesco Health Care Fund (the Fund), at net asset value (NAV), underperformed the S&P Composite 1500 Health Care (Sector) Index-TR, the Fund’s style-specific benchmark.

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

Fund vs. Indexes

Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.


Class A Shares	28.18	%
Class C Shares	27.26
Class Y Shares	28.52
Investor Class Shares	28.17
Class R6 Shares	28.64
MSCI World Index^q (Broad Market Index)	40.42
S&P Composite 1500 Health Care (Sector) Index-TR^q (Style-Specific Index)	33.53
MSCI World Health Care Index^q (Style-Specific Index)	29.97
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

US equity markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (COVID-19) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks were buoyed by the US Federal Reserve (the Fed) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made”¹ toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp sell-off in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.75%² at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021.³ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September 2021,³ the Fed declined to raise interest rates at its September 2021 Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a sell-off through most of September 2021 due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 index companies met or exceeded earnings expectations and the index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.⁴

In this environment, the Fund’s Class A shares at NAV underperformed the S&P Composite 1500 Health Care (Sector) Index-TR for the fiscal year. Underperformance was mainly attributed to weaker stock selection in biotechnology and health care services. This was partially offset by our overweight allocation to life sciences tools and services and strong stock selection within health care technology.

At the stock level, the top three individual contributors to absolute Fund performance during the fiscal year were UnitedHealth, Eli Lilly and HCA Healthcare. UnitedHealth is the largest managed care company in the US

and touches almost every segment of US health care. This impressive enterprise has a strong growth profile, with a unique strategy and market position. While COVID-19 has hindered numerous health care companies, the pandemic actually accelerated many of UnitedHealth’s strategic initiatives, including virtual home care, data-driven coordinated care and specialty pharmacy at home. Eli Lilly’s Alzheimer’s drug Donanemab had positive phase 2 data released in January 2021 and the stock rose in early June 2021 as approval of Biogen’s Alzheimer’s drug Aduhelm increased the likelihood that Donanemab will be approved based on existing data and earlier than expected. In addition, Eli Lilly’s diabetes and metabolic disease drug Tirzepatide continued to put up strong and differentiated data through the fiscal year. HCA Healthcare operates hospitals, surgery centers, emergency rooms and urgent care centers. The company reported better-than-expected quarterly results, driven by robust volume growth across most categories and an improved payor mix, which expanded profit margins.

At the stock level, the top three individual detractors from absolute Fund performance during the fiscal year were Olema Pharmaceuticals, Amedisys and Ultragenyx Pharmaceuticals. Olema Pharmaceuticals is a clinical stage biotechnology company researching targeted therapies for women’s cancers. Though Olema provided no major pipeline updates, the stock declined in the first and second quarters of 2021 in sympathy with the broader biotechnology industry. Amedisys is a home health and hospice company. Over the summer, the company reported better-than-expected earnings but slightly missed on revenue expectations and provided lower-than-expected full-year guidance. The company’s hospice care segment experienced hiring difficulties, employee turnover issues and referral difficulty as a result of the pandemic. Ultragenyx is a biopharmaceutical company that develops treatments for rare and ultra-rare genetic diseases. The stock price was pressured after trials of a gene therapy for Angelman Syndrome had been put on clinical hold in the fourth quarter of last year, and efforts to restart the trial were delayed. We exited our position in Olema Pharmaceuticals, Amedisys and Ultragenyx Pharmaceuticals during the fiscal year.

Please note effective December 18, 2020, Justin Livengood, CFA was added as a portfolio manager of the Fund. Looking ahead, we believe in the tremendous growth potential presented by the health care sector, particularly in the biotechnology, diagnostics, life science tools and medical device industries, among others. We have identified three main themes within health care that we believe are driving growth: genetic revolution, the evolution of the biotech ecosystem and disruptive medical technologies. We invest in premier health care companies that we believe are positioned to compound multi-year growth.

2 Invesco Health Care Fund

We combine in-depth health care experience with bottom-up fundamental analysis to evaluate company management, identify growth prospects and manage risk.

We thank you for your investment in the Invesco Health Care Fund.

1	Source: US Federal Reserve

2	Source: Bloomberg LP

3	Source: Bureau of Labor Statistics, July 13, 2021

4	Source: Lipper Inc.

Portfolio manager(s):

Justin Livengood

Henry Wu

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

3 Invesco Health Care Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.

4 Invesco Health Care Fund


Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	10.93	%
10 Years	13.32
5 Years	13.62
1 Year	21.14
Class C Shares
Inception (3/1/99)	9.40	%
10 Years	13.28
5 Years	14.06
1 Year	26.26
Class Y Shares
Inception (10/3/08)	12.14	%
10 Years	14.25
5 Years	15.20
1 Year	28.52
Investor Class Shares
Inception (7/15/05)	9.76	%
10 Years	13.96
5 Years	14.91
1 Year	28.17
Class R6 Shares
10 Years	14.13	%
5 Years	15.24
1 Year	28.64

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.

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

5 Invesco Health Care Fund

Supplemental Information

Invesco Health Care Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

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

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

About indexes used in this report

∎	The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The S&P Composite 1500 Health Care (Sector) Index-TR comprises those companies included in the S&P Composite 1500 that are classified as members of the GICS^® Health Care sector.

∎	The MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

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

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



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

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

6 Invesco Health Care Fund

Fund Information


Portfolio Composition

By industry	% of total net assets

Health Care Equipment		26.50	%

Life Sciences Tools & Services		17.62

Biotechnology		15.09

Pharmaceuticals		14.56

Managed Health Care		10.18

Health Care Supplies		4.49

Health Care Facilities		4.47

Health Care Technology		3.98

Health Care Services		1.36

Money Market Funds Plus Other Assets Less Liabilities		1.75


Top 10 Equity Holdings*
	% of total net assets

1. UnitedHealth Group, Inc.		7.00	%

2. Thermo Fisher Scientific, Inc.		4.35

3. Danaher Corp.		4.04

4. Eli Lilly and Co.		3.88

5. Intuitive Surgical, Inc.		3.73

6. IDEXX Laboratories, Inc.		3.47

7. HCA Healthcare, Inc.		3.02

8. AstraZeneca PLC, ADR		2.85

9. Abbott Laboratories		2.69

10. Anthem, Inc.		2.48

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, 2021.

7 Invesco Health Care Fund

Schedule of Investments^(a)

October 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests-98.25%

Biotechnology-15.09%

AbbVie, Inc.		303,533	$	34,806,129

Acceleron Pharma, Inc.^(b)		26,679		4,646,948

Alnylam Pharmaceuticals, Inc.^(b)		74,760		11,928,706

Amgen, Inc.		37,991		7,862,997

Arcus Biosciences, Inc.^(b)(c)		150,974		5,048,571

Argenx SE, ADR (Netherlands)^(b)		34,583		10,442,683

Biohaven Pharmaceutical Holding Co. Ltd.^(b)(c)		89,505		12,738,352

Biomea Fusion, Inc.^(b)(c)		147,909		1,588,543

CareDx, Inc.^(b)		119,143		6,076,293

Genmab A/S, ADR (Denmark)^(b)		255,313		11,397,172

Gilead Sciences, Inc.		222,072		14,408,031

Halozyme Therapeutics, Inc.^(b)		212,818		8,101,981

Horizon Therapeutics PLC^(b)		177,322		21,262,681

Intellia Therapeutics, Inc.^(b)		25,791		3,429,687

Legend Biotech Corp., ADR^(b)(c)		36,596		1,921,290

Mirati Therapeutics, Inc.^(b)(c)		31,283		5,913,113

Moderna, Inc.^(b)		35,226		12,160,367

Natera, Inc.^(b)		130,239		14,921,482

PMV Pharmaceuticals, Inc.^(b)(c)		100,501		2,373,834

Regeneron Pharmaceuticals, Inc.^(b)		35,025		22,413,899

Seagen, Inc.^(b)		52,222		9,208,305

SpringWorks Therapeutics, Inc.^(b)(c)		33,453		2,243,358

Sutro Biopharma, Inc.^(b)(c)		237,110		4,780,138

TG Therapeutics, Inc.^(b)		94,419		2,947,761

Twist Bioscience Corp.^(b)		34,544		4,103,827

United Therapeutics Corp.^(b)		50,406		9,615,449

Veracyte, Inc.^(b)(c)		120,038		5,747,419

Zai Lab Ltd., ADR (China)^(b)		26,086		2,723,378

Zentalis Pharmaceuticals, Inc.^(b)(c)		83,958		6,753,582
				261,565,976

Health Care Equipment-26.50%

Abbott Laboratories		361,723		46,622,477

Axonics, Inc.^(b)(c)		88,581		6,497,416

Danaher Corp.		224,652		70,039,754

DexCom, Inc.^(b)		33,729		21,020,250

Edwards Lifesciences Corp.^(b)		222,719		26,686,191

Globus Medical, Inc., Class A^(b)		211,518		16,322,844

IDEXX Laboratories, Inc.^(b)		90,441		60,246,368

Inari Medical, Inc.^(b)		89,073		8,062,888

Inmode Ltd.^(b)		54,860		5,197,436

Insulet Corp.^(b)		66,627		20,655,703

Intuitive Surgical, Inc.^(b)		178,866		64,593,879

Masimo Corp.^(b)		63,038		17,873,795

Medtronic PLC		166,989		20,015,302

Penumbra, Inc.^(b)(c)		45,604		12,611,786

ResMed, Inc.		51,563		13,556,428

Shockwave Medical, Inc.^(b)		50,595		10,812,151

Stryker Corp.		144,929		38,561,259
				459,375,927

Health Care Facilities-4.47%

HCA Healthcare, Inc.		208,836		52,305,065

Surgery Partners, Inc.^(b)		239,756		9,863,562


	Shares		Value
Health Care Facilities-(continued)
Tenet Healthcare Corp.^(b)		212,775	$	15,247,456
				77,416,083

Health Care Services-1.36%
AMN Healthcare Services, Inc.^(b)		44,342		4,376,555
CVS Health Corp.		130,188		11,623,185
Guardant Health, Inc.^(b)(c)		65,010		7,592,518
				23,592,258

Health Care Supplies-4.49%
Alcon, Inc. (Switzerland)^(c)		124,432		10,372,651
Align Technology, Inc.^(b)		39,119		24,424,730
Cooper Cos., Inc. (The)		39,211		16,347,850
West Pharmaceutical Services, Inc.		62,001		26,652,990
				77,798,221

Health Care Technology-3.98%
Health Catalyst, Inc.^(b)(c)		122,520		6,449,453
Inspire Medical Systems, Inc.^(b)		98,181		26,467,634
Omnicell, Inc.^(b)		51,849		9,236,899
Phreesia, Inc.^(b)		152,441		10,753,188
Veeva Systems, Inc., Class A^(b)		50,988		16,163,706
				69,070,880

Life Sciences Tools & Services-17.62%
10X Genomics, Inc., Class A^(b)(c)		55,166		8,896,621
Agilent Technologies, Inc.		256,195		40,348,150
Bio-Rad Laboratories, Inc., Class A^(b)		23,994		19,067,552
Bio-Techne Corp.		35,939		18,819,457
Charles River Laboratories International, Inc.^(b)		78,472		35,208,817
IQVIA Holdings, Inc.^(b)		107,817		28,185,520
Lonza Group AG (Switzerland)		17,014		13,973,744
Maravai LifeSciences Holdings, Inc., Class A^(b)		289,737		12,252,978
Medpace Holdings, Inc.^(b)		24,476		5,545,038
Mettler-Toledo International, Inc.^(b)		11,237		16,640,649
Quanterix Corp.^(b)		92,355		4,674,086
Repligen Corp.^(b)		91,407		26,553,733
Thermo Fisher Scientific, Inc.		118,998		75,334,064
				305,500,409

Managed Health Care-10.18%
Anthem, Inc.		98,653		42,926,880
Humana, Inc.		26,393		12,224,182
UnitedHealth Group, Inc.		263,639		121,397,850
				176,548,912

Pharmaceuticals-14.56%
Arvinas, Inc.^(b)		43,863		3,797,659
AstraZeneca PLC (United Kingdom)		37,628		4,694,996
AstraZeneca PLC, ADR (United Kingdom)		791,534		49,375,891
Catalent, Inc.^(b)		201,286		27,749,288
Eli Lilly and Co.		264,270		67,325,425
Merck & Co., Inc.		146,371		12,887,967
Novo Nordisk A/S, Class B (Denmark)		214,666		23,611,698
Roche Holding AG (Switzerland)		73,753		28,572,864

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

8 Invesco Health Care Fund


	Shares		Value

Pharmaceuticals-(continued)
Zoetis, Inc.		159,537	$	34,491,899
				252,507,687
Total Common Stocks & Other Equity Interests (Cost $1,124,101,230)				1,703,376,353

Money Market Funds-1.53%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(d)(e)		9,024,801		9,024,801
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(d)(e)		7,096,716		7,098,845
Invesco Treasury Portfolio, Institutional Class, 0.01%^(d)(e)		10,314,059		10,314,059
Total Money Market Funds (Cost $26,435,885)				26,437,705
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.78% (Cost $1,150,537,115)				1,729,814,058


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.99%
Invesco Private Government Fund, 0.02%^(d)(e)(f)		20,776,049	$	20,776,049
Invesco Private Prime Fund, 0.11%^(d)(e)(f)		48,458,064		48,477,448
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $69,253,497)				69,253,497
TOTAL INVESTMENTS IN SECURITIES-103.77% (Cost $1,219,790,612)				1,799,067,555
OTHER ASSETS LESS LIABILITIES-(3.77)%				(65,313,606	)
NET ASSETS-100.00%			$	1,733,753,949

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, 2021.

^(d)


	Value October 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,212,825		$	130,997,306		$	(131,185,330	)		$	-			$	-		$	9,024,801		$	2,086
Invesco Liquid Assets Portfolio, Institutional Class			8,099,318			92,703,922			(93,703,807	)			(916	)			328			7,098,845			1,824
Invesco Treasury Portfolio, Institutional Class			10,528,943			149,711,207			(149,926,091	)			-				-			10,314,059			948
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,336,493			201,637,354			(183,197,798	)			-				-			20,776,049			2,507	*
Invesco Private Prime Fund			3,504,739			343,765,053			(298,793,778	)			-				1,434			48,477,448			34,671	*
Total		$	33,682,318		$	918,814,842		$	(856,806,804	)		$	(916	)		$	1,762		$	95,691,202		$	42,036

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

9 Invesco Health Care Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $1,124,101,230)*	$	1,703,376,353
Investments in affiliated money market funds, at value (Cost $95,689,382)		95,691,202
Cash		1,056,123
Foreign currencies, at value (Cost $988)		982
Receivable for: Investments sold		10,671,806
Fund shares sold		204,677
Dividends		2,787,821
Investment for trustee deferred compensation and retirement plans		255,824
Other assets		40,722
Total assets		1,814,085,510

Liabilities:
Payable for: Investments purchased		8,998,023
Fund shares reacquired		791,611
Collateral upon return of securities loaned		69,253,497
Accrued fees to affiliates		811,475
Accrued other operating expenses		156,904
Trustee deferred compensation and retirement plans		320,051
Total liabilities		80,331,561
Net assets applicable to shares outstanding	$	1,733,753,949

Net assets consist of:
Shares of beneficial interest	$	814,730,004
Distributable earnings		919,023,945
	$	1,733,753,949


Net Assets:
Class A	$	896,054,424
Class C	$	29,390,827
Class Y	$	60,526,996
Investor Class	$	745,607,368
Class R6	$	2,174,334

Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		17,814,236
Class C		946,174
Class Y		1,170,905
Investor Class		14,820,410
Class R6		41,960
Class A:
Net asset value per share	$	50.30
Maximum offering price per share (Net asset value of $50.30 ÷ 94.50%)	$	53.23
Class C:
Net asset value and offering price per share	$	31.06
Class Y:
Net asset value and offering price per share	$	51.69
Investor Class:
Net asset value and offering price per share	$	50.31
Class R6:
Net asset value and offering price per share	$	51.82

*	At October 31, 2021, securities with an aggregate value of $67,549,087 were on loan to brokers.

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

10 Invesco Health Care Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $310,847)	$	12,624,866

Dividends from affiliated money market funds (includes securities lending income of $144,033)		148,891


Total investment income		12,773,757



Expenses:

Advisory fees		10,034,876

Administrative services fees		242,151

Distribution fees:
Class A		2,116,334

Class C		290,192

Investor Class		1,756,452

Transfer agent fees – A, C, Y and Investor		2,020,252

Transfer agent fees – R6		416

Trustees’ and officers’ fees and benefits		45,578

Registration and filing fees		111,248

Reports to shareholders		61,242

Professional services fees		149,419

Other		12,751


Total expenses		16,840,911


Less: Fees waived and/or expense offset arrangement(s)		(16,041	)


Net expenses		16,824,870


Net investment income (loss)		(4,051,113	)



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		353,710,033

Affiliated investment securities		1,762

Foreign currencies		71,502


		353,783,297


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		45,158,958

Affiliated investment securities		(916	)

Foreign currencies		(43,195	)


		45,114,847


Net realized and unrealized gain		398,898,144


Net increase in net assets resulting from operations	$	394,847,031

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

11 Invesco Health Care Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income (loss)		$ (4,051,113	)	$	1,130,113

Net realized gain		353,783,297			99,547,594

Change in net unrealized appreciation		45,114,847			62,553,401


Net increase in net assets resulting from operations		394,847,031			163,231,108



Distributions to shareholders from distributable earnings:
Class A		(51,038,869	)		(26,366,873	)

Class C		(3,032,486	)		(1,306,960	)

Class Y		(3,235,578	)		(1,567,121	)

Investor Class		(42,472,982	)		(22,563,713	)

Class R6		(48,621	)		(3,940	)


Total distributions from distributable earnings		(99,828,536	)		(51,808,607	)



Share transactions-net:
Class A		1,975,758			(18,107,030	)

Class C		(2,348,157	)		1,624,450

Class Y		6,894,946			2,617,317

Investor Class		(1,056,978	)		(27,198,605	)

Class R6		1,657,633			329,365


Net increase (decrease) in net assets resulting from share transactions		7,123,202			(40,734,503	)


Net increase in net assets		302,141,697			70,687,998



Net assets:
Beginning of year		1,431,612,252			1,360,924,254


End of year	$	1,733,753,949		$	1,431,612,252

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

12 Invesco Health Care Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/21	$	41.82	$	(0.11	)	$	11.49	$	11.38	$	(0.01	)	$	(2.89	)	$	(2.90	)	$	50.30		28.20	%	$	896,054		1.02	%		1.02	%		(0.24	)%		78	%
Year ended 10/31/20		38.59		0.03			4.67		4.70		(0.10	)		(1.37	)		(1.47	)		41.82		12.32			740,884		1.06			1.06			0.08			17
Year ended 10/31/19		37.89		0.08			3.52		3.60		–			(2.90	)		(2.90	)		38.59		10.46			700,483		1.08			1.08			0.22			11
Year ended 10/31/18		37.84		(0.02	)		2.52		2.50		–			(2.45	)		(2.45	)		37.89		7.03			687,513		1.09			1.09			(0.06	)		36
Year ended 10/31/17		32.93		(0.05	)		5.77		5.72		(0.07	)		(0.74	)		(0.81	)		37.84		17.73			722,643		1.12			1.12			(0.12	)		36
Class C
Year ended 10/31/21		26.99		(0.29	)		7.25		6.96		–			(2.89	)		(2.89	)		31.06		27.26			29,391		1.77			1.77			(0.99	)		78
Year ended 10/31/20		25.48		(0.18	)		3.06		2.88		–			(1.37	)		(1.37	)		26.99		11.46			27,720		1.81			1.81			(0.67	)		17
Year ended 10/31/19		26.20		(0.13	)		2.31		2.18		–			(2.90	)		(2.90	)		25.48		9.62			24,570		1.83			1.83			(0.53	)		11
Year ended 10/31/18		27.10		(0.21	)		1.76		1.55		–			(2.45	)		(2.45	)		26.20		6.24			45,895		1.84			1.84			(0.81	)		36
Year ended 10/31/17		23.91		(0.22	)		4.15		3.93		–			(0.74	)		(0.74	)		27.10		16.84			56,741		1.87			1.87			(0.87	)		36
Class Y
Year ended 10/31/21		42.90		0.00			11.79		11.79		(0.11	)		(2.89	)		(3.00	)		51.69		28.52			60,527		0.77			0.77			0.01			78
Year ended 10/31/20		39.54		0.14			4.79		4.93		(0.20	)		(1.37	)		(1.57	)		42.90		12.62			43,816		0.81			0.81			0.33			17
Year ended 10/31/19		38.67		0.18			3.59		3.77		–			(2.90	)		(2.90	)		39.54		10.70			38,519		0.83			0.83			0.47			11
Year ended 10/31/18		38.47		0.07			2.58		2.65		–			(2.45	)		(2.45	)		38.67		7.32			36,930		0.84			0.84			0.19			36
Year ended 10/31/17		33.48		0.05			5.85		5.90		(0.17	)		(0.74	)		(0.91	)		38.47		18.01			35,924		0.87			0.87			0.13			36
Investor Class
Year ended 10/31/21		41.83		(0.11	)		11.49		11.38		(0.01	)		(2.89	)		(2.90	)		50.31		28.20			745,607		1.02			1.02			(0.24	)		78
Year ended 10/31/20		38.60		0.03			4.67		4.70		(0.10	)		(1.37	)		(1.47	)		41.83		12.33			618,818		1.06			1.06			0.08			17
Year ended 10/31/19		37.90		0.08			3.52		3.60		–			(2.90	)		(2.90	)		38.60		10.45			597,301		1.08			1.08			0.22			11
Year ended 10/31/18		37.85		(0.02	)		2.52		2.50		–			(2.45	)		(2.45	)		37.90		7.03			583,069		1.09			1.09			(0.06	)		36
Year ended 10/31/17		32.94		(0.04	)		5.76		5.72		(0.07	)		(0.74	)		(0.81	)		37.85		17.72			595,801		1.12			1.12			(0.12	)		36
Class R6
Year ended 10/31/21		42.97		0.04			11.83		11.87		(0.13	)		(2.89	)		(3.02	)		51.82		28.66			2,174		0.69			0.69			0.09			78
Year ended 10/31/20		39.61		0.16			4.79		4.95		(0.22	)		(1.37	)		(1.59	)		42.97		12.65			374		0.77			0.77			0.37			17
Year ended 10/31/19		38.71		0.20			3.60		3.80		–			(2.90	)		(2.90	)		39.61		10.77			52		0.77			0.77			0.53			11
Year ended 10/31/18		38.49		0.09			2.58		2.67		–			(2.45	)		(2.45	)		38.71		7.37			41		0.79			0.79			0.24			36
Period ended 10/31/17^(d)		36.35		0.05			2.09		2.14		–			–			–			38.49		5.89			14		0.78	^(e)		0.78	^(e)		0.22	^(e)		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)	Commencement date of April 04, 2017.

^(e)	Annualized.

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

13 Invesco Health Care Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The 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.

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.

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.

14 Invesco Health Care Fund

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

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

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.

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 Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

15 Invesco Health Care Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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 Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L.	Other Risks - The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

The Fund has invested in non-publicly traded companies, some of which are in the startup or development stages. These investments are inherently risky, as the market for the technologies or products these companies are developing are typically in the early stages and may never materialize. The Fund could lose its entire investment in these companies. These investments are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Trustees. Investments in privately held venture capital securities are illiquid.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.61%.

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

For the year ended October 31, 2021, the Adviser waived advisory fees of $13,380.

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

16 Invesco Health Care Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $98,627 in front-end sales commissions from the sale of Class A shares and $1,659 and $1,077 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2021, the Fund incurred $38,398 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.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	1,632,523,051	$	70,853,302		$–	$	1,703,376,353

Money Market Funds		26,437,705		69,253,497		–		95,691,202

Total Investments	$	1,658,960,756	$	140,106,799		$–	$	1,799,067,555

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

17 Invesco Health Care 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, 2021 and 2020:


	2021		2020

Ordinary income*	$	16,339,203	$	3,603,383

Long-term capital gain		83,489,333		48,205,224

Total distributions	$	99,828,536	$	51,808,607

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

Tax Components of Net Assets at Period-End:


	2021

Undistributed long-term capital gain	$	343,577,617

Net unrealized appreciation – investments		579,024,183

Net unrealized appreciation – foreign currencies		15,167

Temporary book/tax differences		(232,754	)

Late-Year ordinary loss deferral		(3,360,268	)

Shares of beneficial interest		814,730,004

Total net assets	$	1,733,753,949

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 does not have a capital loss carryforward as of October 31, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $1,253,746,133 and $1,351,049,455, 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	$	597,323,683

Aggregate unrealized (depreciation) of investments		(18,299,500	)

Net unrealized appreciation of investments	$	579,024,183

Cost of investments for tax purposes is $1,220,043,372.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of an equalization payment, on October 31, 2021, undistributed net investment income (loss) was increased by $767,781, undistributed net realized gain was decreased by $10,391,784 and shares of beneficial interest was increased by $9,624,003. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity

	Year ended October 31, 2021^(a)				Year ended October 31, 2020
	Shares		Amount		Shares		Amount

Sold:
Class A		1,021,136	$	47,149,711		1,293,821	$	51,850,610

Class C		253,829		7,316,274		366,145		9,605,592

Class Y		355,766		16,886,586		410,958		17,042,917

Investor Class		137,542		6,363,951		150,759		5,981,461

Class R6		34,237		1,708,753		7,776		345,817


Issued as reinvestment of dividends:
Class A		1,048,926		46,121,227		588,599		23,755,862

Class C		103,744		2,835,324		47,165		1,236,669

Class Y		62,753		2,829,545		33,361		1,378,148

Investor Class		899,683		39,568,061		522,381		21,083,288

Class R6		980		44,284		40		1,655

18 Invesco Health Care Fund


	Summary of Share Activity

	Year ended October 31, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Automatic conversion of Class C shares to Class A shares:
Class A		138,688		$	6,338,338			42,503		$	1,734,470

Class C		(223,346	)		(6,338,338	)		(65,583	)		(1,734,470	)


Reacquired:
Class A		(2,111,190	)		(97,633,518	)		(2,360,788	)		(95,447,972	)

Class C		(215,019	)		(6,161,417	)		(285,183	)		(7,483,341	)

Class Y		(269,011	)		(12,821,185	)		(397,046	)		(15,803,748	)

Investor Class		(1,012,104	)		(46,988,990	)		(1,353,682	)		(54,263,354	)

Class R6		(1,953	)		(95,404	)		(421	)		(18,107	)

Net increase (decrease) in share activity		224,661		$	7,123,202			(999,195	)	$	(40,734,503	)

^(a)

19 Invesco Health Care Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Health Care Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Health Care Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021

20 Invesco Health Care 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,083.60	$5.36	$1,020.06	$5.19	1.02%
Class C	1,000.00	1,079.60	9.28	1,016.28	9.00	1.77
Class Y	1,000.00	1,085.00	4.05	1,021.32	3.92	0.77
Investor Class	1,000.00	1,083.60	5.36	1,020.06	5.19	1.02
Class R6	1,000.00	1,085.50	3.52	1,021.83	3.41	0.67

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21 Invesco Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI World Health Care Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that the Fund’s peer group includes funds that are more narrowly focused in certain health care sub-sectors than the Fund. The Board noted that stock selection in certain health care industries 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

22 Invesco Health Care Fund

performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

D.	Economies of Scale and Breakpoints

also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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

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

23 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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	93,752,333
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		54.67	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	16,016,104

24 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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None

T-2 Invesco Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

T-3 Invesco Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²- 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A

T-4 Invesco Health Care Fund

Trustees and Officers–(continued)


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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.

T-6 Invesco Health Care Fund

(This page intentionally left blank)

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

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco International Bond Fund

Nasdaq:

A: OIBAX ∎ C: OIBCX ∎ R: OIBNX ∎ Y: OIBYX ∎ R5: INBQX ∎ R6: OIBIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

27		Consolidated Financial Statements

30		Consolidated Financial Highlights

31		Notes to Consolidated Financial Statements

41		Report of Independent Registered Public Accounting Firm

42		Fund Expenses

43		Approval of Investment Advisory and Sub-Advisory Contracts

45		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2021, Class A shares of Invesco International Bond Fund (the Fund), at net asset value (NAV), outperformed 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-3.54	%
Class C Shares	-4.29
Class R Shares	-3.80
Class Y Shares	-3.29
Class R5 Shares	-3.16
Class R6 Shares	-3.17
FTSE Non-U.S. Dollar World Government Bond Index^▼	-4.32
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index^▼	0.84
JP Morgan EMBI Global Diversified Index^▼	4.41
Custom Invesco International Bond Index^∎	-1.04
Source(s):^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2021, global fixed income markets were characterized by volatility as investors grappled with pivots in central bank communications (particularly from the US Federal Reserve (the Fed), which drives markets globally), anticipated growth projections, and inflation concerns on the back of extraordinary monetary and fiscal support globally.

a subsequent selloff in global fixed income markets. The US dollar ended the quarter up 3.7%.

Nevertheless, central banks across developed countries affirmed their commitment to maintain accommodative monetary policies in support of economic recovery. The Fed reiterated its commitment to maintain the federal funds rate at ultra-low levels given its new policy framework of targeting average inflation. The European Central Bank maintained its main stimulus measures and accelerated its bond buying program to counter the Eurozone’s rising borrowing costs. While most central banks across emerging market (EM) economies left policy rates unchanged, central banks in Brazil and Russia began to tighten monetary policy.

In the second quarter of 2021, the Fed’s commentary was the primary influence on global fixed income markets. In early April, the Fed reiterated its average inflation targeting framework and its intent to be patient in reducing accommodative policies. This quelled investor concerns that arose in the first quarter and spurred solid performance across interest rates, currency, and corporate credit for much of the second quarter. Nevertheless, the market was spooked again in June when Fed comments in the face of economic growth and rising inflation were interpreted to suggest earlier policy tightening than investors anticipated. This perceived “hawkish pivot” drove down Treasury yields as investors questioned the Fed’s ability to avoid a policy error. Volatility rippled outward, roiling global markets and amplifying inflationary pressures in emerging markets, where several central banks (Russia, Brazil, Mexico) tightened monetary policy. After falling in April and May, the US dollar strengthened in the

second half of June to end the quarter down only slightly.

In the third quarter of 2021, investor anxiety increased due to concerns about growth prospects, inflation and the Fed’s slightly less accommodative tone, all of which combined to drive volatility in global fixed income markets and push the 10-year US Treasury yield higher. The Delta variant spurred escalating COVID-19 cases globally and subdued optimism for reopening plans (and ultimately growth prospects). Meanwhile, supply chain issues proved more extensive and enduring, which led to elevated inflation data. The Fed anticipated these issues were transitory and driven by COVID-19 disruptions but suggested that tapering its $120 billion in monthly asset purchases could begin earlier than expected. This accelerated the anticipated time frame for future rate hikes. Emerging market central banks generally continued (Russia, Brazil, Mexico) or accelerated (Chile, Czech Republic, Peru) their monetary policy tightening, while China issued an array of new regulations. The US dollar was flat in July, drifted higher in August and rose in September, ending the quarter more than 2% higher.

Compared to the Custom Invesco International Bond Index, the Fund’s credit exposure and foreign currency exposure contributed positively to relative Fund performance, while interest rate exposure detracted. The top contributors to relative Fund performance were interest rate positioning in Germany, credit positioning in Greece and positioning in the Euro, while the top detractors were interest rate positioning in Canada, Mexico and Brazil.

Entering 2021, portfolio positioning continued to favor emerging market rates and foreign currency (FX) exposure given attractive yields, global growth acceleration, and less of a need for central bank rate hikes amidst a low inflationary environment, as well as less attractive negative/low-yielding rates and FX in developed market (DM) countries. Yet a recalibration of yields occurred at the end of the first quarter as investors weighed enthusiasm over economic reopenings versus apprehension at the prospect of rising interest rates in the US. A spike in the US 10-year Treasury yield rippled through global markets, particularly emerging markets. Supported by a stronger vaccine distribution effort and economic recovery, the US dollar rose against major peers. As a result, the Fund’s higher EM and currency exposure led to underperformance in the first quarter.

This pattern of central bank commentary driving market volatility continued in the second and third quarters of 2021 following the June Fed meeting which noted higher inflation and the potential for an earlier-than-expected tapering of asset purchases. While the Fund was positioned for anticipated yield curve steepening in the second quarter of 2021, we instead saw significant flattening following the meeting, as investors priced in a


2		Invesco International Bond Fund

potential policy error. In the third quarter, the Delta variant led to a resurgence of COVID-19 in many parts of the world, stoking growth concerns, which also drove a rally in the US dollar. Over this time, the Fund continued to maintain an overweight to emerging market rates versus developed market rates. While the allocation was not larger than historically, the market underperformance has been historic, with EM rates having their worst year since 2003.

Many EM central banks preempted the Fed’s anticipated tapering by responding to higher domestic inflation prints, not having the luxury of seeing through temporary inflation the way the Fed does. However, we expect those inflation prints to be relatively transitory and expect inflation to be materially lower in EMs next year as compared to now. We believe that we are most likely at or maybe even past peak acceleration in EM rate hikes. While we expect some further pressures over the next few quarters, we do believe it will be more gradual, as the early hikers are nearing the end of the current cycle, the new hikers will most likely be gradual, and only a few with high negative real rates may accelerate over the next few months. As a result, we believe emerging market rates are at quite attractive levels outright and especially when compared to US interest rates, and believe this area of the market offers a compelling opportunity.

Inflation expectations remain pressure points for global interest rate markets and developed market central banks have begun signaling a gradual removal of the extraordinary monetary stimulus provided over the last 18 months. Higher interest rate expectations have buoyed the US dollar recently, but we believe the factors that have contributed to US dollar strength are now behind us and high US twin deficits will ultimately weigh on the dollar. While conditions in the US will continue to have an outsized effect on the rest of the world, we expect global growth will remain resilient and continue to find attractive yields abroad, particularly in emerging markets. In this regard, we believe the opportunity remains quite favorable, and the Fund is well positioned to capitalize.

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

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tend to fall. The risk may be greater in the current market environment 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 International Bond Fund.

Portfolio manager(s):

Hemant Baijal

Chris Kelly

Wim Vandenhoeck

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


3		Invesco International Bond Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/11

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.


4		Invesco International Bond Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (6/15/95)	6.14	%
10 Years	1.17
5 Years	0.35
1 Year	-7.64

Class C Shares
Inception (6/15/95)	6.06	%
10 Years	1.02
5 Years	0.49
1 Year	-5.23

Class R Shares
Inception (3/1/01)	5.57	%
10 Years	1.33
5 Years	0.96
1 Year	-3.80

Class Y Shares
Inception (9/27/04)	4.66	%
10 Years	1.88
5 Years	1.51
1 Year	-3.29

Class R5 Shares
10 Years	1.70	%
5 Years	1.39
1 Year	-3.16

Class R6 Shares
Inception (1/27/12)	1.97	%
5 Years	1.63
1 Year	-3.17

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.

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.


5		Invesco International Bond Fund

Supplemental Information

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

∎

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

The Custom Invesco International Bond Index is an index composed of 50% FTSE Non-U.S. Dollar World Government Bond Index, 30% JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index and 20% JP Morgan EMBI Global Diversified Index.

∎

The FTSE Non-U.S. Dollar World Government Bond Index is a broad benchmark providing exposure to the global sovereign fixed income market, excluding the US.

∎

The JP Morgan Government Bond Index–Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.

∎

The JP Morgan EMBI Global Diversified Index is an unmanaged index that tracks the traded market for US-dollar-denominated Brady bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco International Bond Fund

Fund Information

Portfolio Composition


By security type			% of total net assets
Non-U.S. Dollar Denominated Bonds & Notes				57.57	%
U.S. Dollar Denominated Bonds & Notes				18.46
U.S. Treasury Securities				8.22
Asset-Backed Securities				7.97
Security Types Each Less Than 1% of Portfolio				0.42
Money Market Funds Plus Other Assets Less Liabilities				7.36

Top Five Debt Issuers*
		% of total net assets
1.	U.S. Treasury Bills			8.22	%
2.	Hellenic Republic Bond			5.70
3.	Brazil Notas do Tesouro Nacional			5.04
4.	Colombian TES			4.82
5.	Province of Ontario			4.80

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2021.


7		Invesco International Bond Fund

Consolidated Schedule of Investments

October 31, 2021


	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–57.57%^(a)
Argentina–2.96%
Argentina Treasury Bond BONCER,
1.20%, 03/18/2022	ARS	693,367,280	$ 12,356,103
1.40%, 03/25/2023	ARS	1,711,725,360	30,022,162
1.50%, 03/25/2024	ARS	988,313,000	16,581,322
4.00%, 04/27/2025	ARS	117,500,000	4,378,698
Argentine Bonos del Tesoro, 15.50%, 10/17/2026	ARS	135,000,000	524,814
Provincia de Buenos Aires Government Bonds, 37.88% (BADLAR + 3.75%), 04/12/2025^(b)(c)	ARS	120,000,000	1,003,430
			64,866,529

Austria–0.28%
Erste Group Bank AG, 4.25%^(b)(d)(e)	EUR	5,000,000	6,124,481

Belgium–0.15%
KBC Group N.V., 4.75%^(b)(d)(e)	EUR	2,600,000	3,191,484

Brazil–5.15%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 05/15/2055	BRL	28,000,000	19,710,716
Series F, 10.00%, 01/01/2029	BRL	565,000,000	90,629,216
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(b)	BRL	13,857,000	2,289,531
			112,629,463

Canada–7.13%
Province of Manitoba, 7.75%, 12/22/2025	CAD	25,000,000	25,068,863
Province of Ontario, 6.50%, 03/08/2029	CAD	100,000,000	105,069,166
Province of Quebec, 8.50%, 04/01/2026	CAD	25,000,000	25,991,395
			156,129,424

Chile–0.65%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033^(b)	CLP	16,000,000,000	14,246,589

China–4.79%
China Development Bank, Series 2103, 3.30%, 03/03/2026	CNY	530,000,000	83,590,971
China Government Bond, 3.72%, 04/12/2051	CNY	130,000,000	21,112,582
			104,703,553


	Principal Amount		Value
Colombia–5.24%
Colombian TES,
Series B, 6.25%,11/26/2025	COP	360,000,000,000	$ 93,550,274
Series B, 7.75%, 09/18/2030	COP	45,000,000,000	11,926,317
Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044^(b)	COP	8,000,000,000	1,636,130
Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034^(b)	COP	6,107,644,400	1,679,680
PA Autopista Rio Magdalena, 6.05%, 06/15/2036^(b)	COP	23,500,000,000	5,869,797
			114,662,198

Egypt–1.60%
Egypt Government Bond,
16.30%, 01/01/2023	EGP	10,200,000	667,182
14.35%, 09/10/2024	EGP	50,000,000	3,195,520
14.48%, 04/06/2026	EGP	300,000,000	19,305,636
Egypt Government International Bond, 4.75%, 04/16/2026^(b)	EUR	10,400,000	11,822,418
			34,990,756

France–0.27%
Accor S.A., 2.63%^(b)(d)(e)	EUR	2,500,000	2,771,692
Electricite de France S.A., 3.00%^(b)(d)(e)	EUR	2,600,000	3,096,356
			5,868,048

Germany–0.66%
Bayer AG, 2.38%, 11/12/2079^(b)(d)	EUR	5,000,000	5,780,704
Commerzbank AG, 6.13%^(b)(d)(e)	EUR	2,400,000	3,009,863
Deutsche Lufthansa AG, 4.38%, 08/12/2075^(b)(d)	EUR	5,000,000	5,670,584
			14,461,151

Greece–5.72%

Hellenic Republic Government Bond,
1.88%, 01/24/2052^(b)	EUR	110,000,000	124,850,506
Series GDP, 0.00%, 10/15/2042	EUR	107,000,000	347,575
			125,198,081

India–2.64%
India Government Bond,
8.40%, 07/28/2024	INR	1,997,000,000	29,000,757
8.15%, 11/24/2026	INR	500,000,000	7,309,573
State of Gujarat India, 7.52%, 05/24/2027	INR	500,000,000	7,038,225
State of Maharashtra India, 7.99%, 10/28/2025	INR	500,000,000	7,215,271

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


8		Invesco International Bond Fund


	Principal Amount		Value
India–(continued)
State of Tamil Nadu India, 8.53%, 03/09/2026	INR	500,000,000	$ 7,289,913
			57,853,739

Italy–3.45%
Italy Buoni Poliennali Del Tesoro,
1.65%, 03/01/2032^(b)	EUR	47,000,000	56,764,166
1.50%, 04/30/2045^(b)	EUR	17,000,000	18,734,957
			75,499,123

Ivory Coast–0.43%
Ivory Coast Government International Bond, 4.88%, 01/30/2032^(b)	EUR	8,338,000	9,452,642

Mexico–3.66%
Mexican Bonos,
Series M, 8.00%, 12/07/2023	MXN	190,000,000	9,426,564
Series M, 5.75%, 03/05/2026	MXN	560,000,000	25,706,099
Series M, 7.75%, 05/29/2031	MXN	600,000,000	29,619,390
Series M, 7.75%, 11/13/2042	MXN	150,000,000	7,163,219
Series M 30, 8.50%, 11/18/2038	MXN	160,000,000	8,215,001
			80,130,273

Netherlands–1.34%
ABN AMRO Bank N.V., 4.38%^(b)(d)(e)	EUR	5,800,000	7,174,102
Cooperatieve Rabobank U.A.,
4.63%^(b)(d)(e)	EUR	5,000,000	6,320,678
4.38%^(b)(d)(e)	EUR	4,600,000	5,852,342
Stichting AK Rabobank Certificaten, 19.44%^(b)(e)(f)	EUR	6,252,450	10,059,508
			29,406,630

New Zealand–0.81%
New Zealand Government Bond, 2.75%, 05/15/2051	NZD	26,000,000	17,723,973

Portugal–0.39%
Caixa Geral de Depositos S.A., 10.75%^(b)(d)(e)	EUR	7,000,000	8,408,194

Romania–0.20%
Romanian Government International Bond, 2.00%, 04/14/2033^(b)	EUR	4,106,000	4,450,012

Russia–1.85%
Mos.ru, 5.00%, 08/22/2034	RUB	103,214,252	0


	Principal Amount		Value
Russia–(continued)
Russian Federal Bond - OFZ,
4.50%, 07/16/2025	RUB	2,000,000,000	$ 24,900,067
5.70%, 05/17/2028	RUB	700,000,000	8,692,648
Series 6221, 7.70%, 03/23/2033	RUB	500,000,000	6,882,753
			40,475,468

South Africa–5.13%
Republic of South Africa Government Bond,
Series 2032, 8.25%, 03/31/2032	ZAR	187,300,000	10,759,827
Series 2037, 8.50%, 01/31/2037	ZAR	1,380,000,000	75,278,887
Series 2048, 8.75%, 02/28/2048	ZAR	272,000,000	14,620,844
Series R186, 10.50%, 12/21/2026	ZAR	160,000,000	11,485,434
			112,144,992

Spain–0.92%
CaixaBank S.A., 3.63%^(b)(d)(e)	EUR	7,400,000	8,156,491
Repsol International Finance B.V., 3.75%^(b)(d)(e)	EUR	5,000,000	6,111,922
Telefonica Europe B.V., 2.88%^(b)(d)(e)	EUR	5,000,000	5,902,460
			20,170,873

Supranational–0.53%
African Development Bank,
0.00%, 04/05/2046^(g)	ZAR	600,000,000	4,856,028
0.00%, 01/17/2050^(g)	ZAR	310,000,000	1,917,824
International Finance Corp., 0.00%, 03/23/2038^(g)	MXN	350,000,000	4,815,836
			11,589,688

Sweden–0.13%
Heimstaden Bostad AB, 3.38%^(b)(d)(e)	EUR	2,500,000	2,889,884

Switzerland–0.25%
Dufry One B.V., 2.00%, 02/15/2027^(b)	EUR	5,000,000	5,469,324

United Kingdom–1.24%
Gatwick Airport Finance PLC, 4.38%, 04/07/2026^(b)	GBP	5,400,000	7,491,604
Gatwick Funding Ltd.,
3.13%, 09/28/2039^(b)	GBP	650,000	920,823
3.25%, 02/26/2048^(b)	GBP	2,500,000	3,654,030
International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025^(b)	EUR	2,400,000	2,770,409
1.50%, 07/04/2027^(b)	EUR	2,600,000	2,739,229

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


9		Invesco International Bond Fund


	Principal Amount			Value

United Kingdom–(continued)
Nationwide Building Society, 5.75%^(b)(d)(e)	GBP		2,500,000	$ 3,736,212
NatWest Group PLC, 4.50%^(d)(e)	GBP		4,300,000	5,906,583
				27,218,890
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,343,482,396)				1,259,955,462

U.S. Dollar Denominated Bonds & Notes–18.46%
Angola–0.23%
Angolan Government International Bond,
8.00%, 11/26/2029^(b)		$	2,500,000	2,484,275
9.38%, 05/08/2048^(b)			2,500,000	2,489,875
				4,974,150

Argentina–0.75%
Argentine Bonad Bonds, 0.10%, 11/30/2021			11,514,175	11,171,628
Argentine Republic Government International Bond, 0.50%, 07/09/2030^(f)			15,000,000	5,154,000
				16,325,628

Brazil–1.11%
Azul Investments L.L.P., 7.25%, 06/15/2026^(b)			3,750,000	3,484,331
B2W Digital Lux S.a.r.l., 4.38%, 12/20/2030^(b)			3,135,000	2,919,720
Banco do Brasil S.A., 9.00%^(b)(d)(e)			2,500,000	2,715,650
Braskem Netherlands Finance B.V., 4.50%, 01/31/2030^(b)			2,400,000	2,438,472
Brazilian Government International Bond, 4.75%, 01/14/2050			5,000,000	4,282,200
CSN Inova Ventures, 6.75%, 01/28/2028^(b)			2,500,000	2,658,125
Klabin Austria GmbH, 5.75%, 04/03/2029^(b)			1,000,000	1,090,000
Minerva Luxembourg S.A., 4.38%, 03/18/2031^(b)(h)			5,000,000	4,759,750
				24,348,248

Chile–0.12%
AES Andes S.A., 6.35%, 10/07/2079^(b)(d)			2,500,000	2,594,300


	Principal Amount		Value

China–1.22%
CIFI Holdings Group Co. Ltd.,
6.55%, 03/28/2024^(b)	$	800,000	$ 789,377
6.45%, 11/07/2024^(b)		450,000	443,400
6.00%, 07/16/2025^(b)		2,500,000	2,446,320
Country Garden Holdings Co. Ltd.,
5.13%, 01/17/2025^(b)		1,500,000	1,476,850
5.40%, 05/27/2025^(b)		3,500,000	3,467,425
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026^(b)		4,022,000	3,985,659
KWG Group Holdings Ltd.,
5.88%, 11/10/2024^(b)		1,000,000	852,008
5.95%, 08/10/2025^(b)		1,500,000	1,181,250
Logan Group Co. Ltd.,
7.50%, 08/25/2022^(b)		2,260,000	2,224,199
4.25%, 07/12/2025^(b)		1,500,000	1,356,936
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/2024^(b)		1,500,000	1,388,015
Prosus N.V., 4.03%, 08/03/2050^(b)		2,500,000	2,352,277
Shimao Group Holdings Ltd.,
6.13%, 02/21/2024^(b)		2,500,000	2,371,875
5.60%, 07/15/2026^(b)		2,500,000	2,365,432
			26,701,023

Colombia–1.43%
Bancolombia S.A., 4.88%, 10/18/2027^(d)		10,000,000	10,112,600
Colombia Government International Bond,
4.13%, 02/22/2042		7,500,000	6,809,925
5.00%, 06/15/2045		10,000,000	9,885,300
Ecopetrol S.A., 4.63%, 11/02/2031		4,546,000	4,518,247
			31,326,072

Denmark–0.12%
Danske Bank A/S, 6.13%^(b)(d)(e)		2,500,000	2,654,688

Dominican Republic–0.25%
Dominican Republic International Bond,
4.88%, 09/23/2032^(b)		3,300,000	3,357,783
5.30%, 01/21/2041^(b)		2,110,000	2,094,196
			5,451,979

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


10		Invesco International Bond Fund


	Principal Amount		Value
Ecuador–0.09%
Ecuador Government International Bond, 5.00%, 07/31/2030^(b)(f)	$	2,500,000	$ 2,081,250

Egypt–0.79%
Egypt Government International Bond,
6.59%, 02/21/2028^(b)		4,059,000	3,993,812
7.63%, 05/29/2032^(b)		6,500,000	6,303,316
8.50%, 01/31/2047^(b)		5,000,000	4,634,180
8.88%, 05/29/2050^(b)		2,500,000	2,363,013
			17,294,321

El Salvador–0.19%
El Salvador Government International Bond,
7.75%, 01/24/2023^(b)		2,500,000	2,218,125
8.25%, 04/10/2032^(b)		2,500,000	1,971,250
			4,189,375

France–0.23%
Societe Generale S.A., 4.75%^(b)(d)(e)		5,000,000	5,134,250

Ghana–0.63%
Ghana Government International Bond,
7.88%, 03/26/2027^(b)		7,500,000	6,982,297
7.75%, 04/07/2029^(b)		7,500,000	6,702,540
			13,684,837

Guatemala–0.36%
Guatemala Government Bond,
4.90%, 06/01/2030^(b)		4,000,000	4,346,280
3.70%, 10/07/2033^(b)		3,623,000	3,617,113
			7,963,393

Hong Kong–0.11%
Melco Resorts Finance Ltd., 4.88%, 06/06/2025^(b)(h)		2,500,000	2,475,625

India–0.75%
Adani Green Energy Ltd., 4.38%, 09/08/2024^(b)		3,977,000	4,031,094
JSW Steel Ltd., 3.95%, 04/05/2027^(b)		6,000,000	6,060,099
Reliance Industries Ltd., 4.88%, 02/10/2045^(b)		5,000,000	6,263,325
			16,354,518


	Principal Amount		Value
Indonesia–0.59%
PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051^(b)	$	5,000,000	$ 5,075,863
PT Indonesia Asahan Aluminium (Persero), 5.45%, 05/15/2030^(b)		2,500,000	2,860,950
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.38%, 02/05/2050^(b)		5,000,000	5,054,125
			12,990,938

Iraq–0.09%
Iraq International Bond, 5.80%, 01/15/2028^(b)		2,031,250	1,980,723

Ireland–0.51%
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025^(b)(g)		1,213,279	1,197,806
Series 119, 0.00%, 04/30/2025^(b)(g)		1,290,781	1,274,320
Series 120, 0.00%, 04/30/2025^(b)(g)		1,846,551	1,823,002
Series 122, 0.00%, 04/30/2025^(b)(g)		1,415,634	1,397,581
Series 124, 0.00%, 04/30/2025^(b)(g)		1,136,990	1,122,491
Series 126, 0.00%, 04/30/2025^(b)(g)		1,453,681	1,435,143
Series 127, 0.00%, 04/30/2025^(b)(g)		1,683,788	1,662,315
0.00%, 04/30/2025^(b)(g)		1,321,503	1,304,650
			11,217,308

Japan–0.37%
SoftBank Group Corp.,
4.63%, 07/06/2028^(b)		5,075,000	5,003,211
5.25%, 07/06/2031^(b)		3,000,000	3,010,095
			8,013,306

Kazakhstan–0.12%
KazMunayGas National Co. JSC, 3.50%, 04/14/2033^(b)		2,500,000	2,593,675

Macau–0.22%
MGM China Holdings Ltd., 5.88%, 05/15/2026^(b)		2,500,000	2,502,038
Sands China Ltd., 2.85%, 03/08/2029^(b)		2,500,000	2,349,275
			4,851,313

Mexico–1.59%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031^(b)(h)		2,443,000	2,421,990
Banco Mercantil del Norte S.A., 8.38%^(b)(d)(e)		2,500,000	2,925,900

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


11		Invesco International Bond Fund


	Principal Amount		Value

Mexico–(continued)
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029^(b)	$	5,000,000	$ 5,312,500
6.99%, 02/20/2032^(b)		2,076,000	2,127,900
Cemex S.A.B. de C.V.,
3.88%, 07/11/2031^(b)		3,500,000	3,517,325
5.13%^(b)(d)(e)(h)		3,457,000	3,576,004
Nemak S.A.B. de C.V., 3.63%, 06/28/2031^(b)		4,254,000	3,987,785
Petroleos Mexicanos,
6.38%, 01/23/2045		5,000,000	4,326,175
6.35%, 02/12/2048		5,000,000	4,272,950
7.69%, 01/23/2050		2,500,000	2,392,600
			34,861,129

Netherlands–0.10%
ING Groep N.V., 6.75%^(b)(d)(e)		2,000,000	2,179,354

Nigeria–0.14%
Nigeria Government International Bond, 7.88%, 02/16/2032^(b)		3,000,000	3,067,782

Oman–0.40%
Oman Government International Bond, 6.75%, 01/17/2048^(b)		8,600,000	8,722,163

Pakistan–0.12%
Pakistan Government International Bond, 8.88%, 04/08/2051^(b)		2,500,000	2,521,380

South Africa–0.38%
Eskom Holdings SOC Ltd., 7.13%, 02/11/2025^(b)		2,500,000	2,609,210
Republic of South Africa Government International Bond, 5.65%, 09/27/2047^(h)		2,500,000	2,374,630
Sasol Financing USA LLC, 4.38%, 09/18/2026		3,249,000	3,306,020
			8,289,860

Sri Lanka–0.07%
Sri Lanka Government International Bond, 7.55%, 03/28/2030^(b)		2,500,000	1,577,150

Switzerland–1.75%
Credit Suisse Group AG,
7.50%^(b)(d)(e)		2,500,000	2,663,750
7.50%^(b)(d)(e)		4,500,000	4,916,250
6.25%^(b)(d)(e)		7,800,000	8,408,478
5.25%^(b)(d)(e)		5,000,000	5,206,250


	Principal Amount		Value

Switzerland–(continued)
UBS Group AG,
7.00%^(b)(d)(e)(i)	$	7,500,000	$ 8,114,588
7.00%^(b)(d)(e)(i)		7,900,000	8,902,312
			38,211,628

Tanzania–0.22%
HTA Group Ltd., 7.00%, 12/18/2025^(b)		4,500,000	4,721,490

Thailand–0.25%
Krung Thai Bank PCL, 4.40%^(b)(d)(e)		3,000,000	2,998,710
Muang Thai Life Assurance PCL, 3.55%, 01/27/2037^(b)(d)		2,450,000	2,469,771
			5,468,481

Ukraine–0.94%
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.63%, 11/08/2026^(b)		2,400,000	2,374,342
Ukraine Government International Bond,
8.99%, 02/01/2024^(b)		3,750,000	4,106,850
6.88%, 05/21/2029^(b)		2,500,000	2,555,265
7.38%, 09/25/2032^(b)		6,000,000	6,187,320
1.26%, 05/31/2040^(b)		5,000,000	5,281,400
			20,505,177

United Kingdom–2.22%
abrdn PLC, 4.25%, 06/30/2028^(b)		2,500,000	2,722,475
BP Capital Markets PLC, 4.88%^(d)(e)		3,500,000	3,818,710
HSBC Holdings PLC,
6.00%^(d)(e)		12,149,000	13,219,570
6.38%^(d)(e)		2,500,000	2,696,875
M&G PLC, 6.50%, 10/20/2048^(b)(d)		2,500,000	3,011,945
Petrofac Ltd., 9.75%, 11/15/2026^(b)		3,640,000	3,604,619
Standard Chartered PLC,
6.00%^(b)(d)(e)(h)		7,500,000	8,171,250
4.30%^(b)(d)(e)(h)		5,439,000	5,236,506
Vodafone Group PLC, 4.13%, 06/04/2081^(d)		6,136,000	6,107,529
			48,589,479
Total U.S. Dollar Denominated Bonds & Notes (Cost $409,467,442)			403,915,993

U.S. Treasury Securities–8.22%
U.S. Treasury Bills–8.22%
0.05%, 03/10/2022 (Cost $179,970,330)^(j)(k)		179,970,330	179,964,526

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


12		Invesco International Bond Fund


	Principal Amount			Value

Asset-Backed Securities–7.97%
Alba PLC, Series 2007-1, Class F, 3.32% (3 mo. GBP LIBOR + 3.25%), 03/17/2039^(b)(c)		GBP	1,481,650	$ 1,979,152
Eurohome UK Mortgages PLC,
Series 2007-1, Class M2, 0.57% (3 mo. GBP LIBOR + 0.50%), 06/15/2044^(b)(c)		GBP	4,000,000	4,979,335
Series 2007-1, Class B1, 0.97% (3 mo. GBP LIBOR + 0.90%), 06/15/2044^(b)(c)		GBP	5,275,000	6,175,222
Series 2007-2, Class B1, 1.47% (3 mo. GBP LIBOR + 1.40%), 09/15/2044^(b)(c)		GBP	4,000,000	5,067,694
Series 2007-1, Class M1, 0.37% (3 mo. GBP LIBOR + 0.30%), 06/15/2044^(b)(c)		GBP	5,200,000	6,588,557
Series 2007-2, Class B2, 4.07% (3 mo. GBP LIBOR + 4.00%), 09/15/2044^(b)(c)		GBP	3,750,000	5,124,203
Eurosail PLC, Series 2007-4X, Class D1A, 1.82% (3 mo. GBP LIBOR + 1.75%), 06/13/2045^(b)(c)		GBP	5,302,374	6,776,081
Grifonas Finance No. 1 PLC, Class B, 0.00% (6 mo. EURIBOR + 0.52%), 08/28/2039^(b)(c)		EUR	5,000,000	5,458,337
Ludgate Funding PLC, Series 2007-1, Class RES, 1.00%, 01/01/2061^(b)(l)		GBP	207,500,000	11,839,739
Mansard Mortgages PLC, Series 2007-2X, Class B2, 3.07% (3 mo. GBP LIBOR + 3.00%), 12/15/2049^(b)(c)		GBP	6,362,234	8,536,617
Newgate Funding PLC,
Series 2006-2, Class CB, 0.00% (3 mo. EURIBOR + 0.43%), 12/01/2050^(b)(c)		EUR	1,911,888	2,127,816
Series 2007-2X, Class CB, 0.00% (3 mo. EURIBOR + 0.44%), 12/15/2050^(b)(c)		EUR	2,547,072	2,657,390
Series 2007-1X, Class CB, 0.00% (3 mo. EURIBOR + 0.38%), 12/01/2050^(b)(c)		EUR	1,442,210	1,523,974


	Principal Amount			Value
ResLoC UK PLC, Series 2007-1X, Class D1A, 0.66% (3 mo. EURIBOR + 1.20%), 12/15/2043^(b)(c)		EUR	5,160,211	$ 5,538,250
RMAC Securities No. 1 PLC, Series 2006-NS4X, Class B1C, 0.31% (3 mo. EURIBOR + 0.85%), 06/12/2044^(b)(c)		EUR	9,893,480	10,874,191
Towd Point Mortgage Funding PLC,
Series 2019-GR4X, Class ER, 1.45% (SONIA + 1.40%), 10/20/2051^(b)(c)		GBP	700,000	960,449
Series 2019-GR4X, Class FR, 2.10% (SONIA + 2.05%), 10/20/2051^(b)(c)		GBP	3,000,000	4,116,200
Series 2019-GR4X, Class BR, 0.90% (SONIA + 0.85%), 10/20/2051^(b)(c)		GBP	10,000,000	13,713,877
Series 2019-GR4X, Class CR, 1.10% (SONIA + 1.05%), 10/20/2051^(b)(c)		GBP	3,000,000	4,116,212
Series 2019-GR4X, Class DR, 1.25% (SONIA + 1.20%), 10/20/2051^(b)(c)		GBP	1,400,000	1,920,899
Series 2019-GR4X, Class GR, 2.55% (SONIA + 2.50%), 10/20/2051^(b)(c)		GBP	2,500,000	3,428,647
Sestante Finance S.r.l., Series 2005, Class C1, 0.25% (3 mo. EURIBOR + 0.80%), 07/15/2045^(b)(c)		EUR	9,700,000	5,573,857
IM Pastor 4, FTA,
Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044^(b)(c)		EUR	9,433,648	10,208,360
Series B, 0.00% (3 mo. EURIBOR + 0.19%), 03/22/2044^(b)(c)		EUR	3,800,000	2,705,974
Titulizacion de Activos Sociedad Gestora de Fondos de Titulizacion S.A., Series 27, Class A3, 0.00% (3 mo. EURIBOR + 0.19%), 12/28/2050^(b)(c)		EUR	33,863,260	35,156,719
Lusitano Mortgages No. 5 PLC, Class D, 0.41% (3 mo. EURIBOR + 0.96%), 07/15/2059^(b)(c)		EUR	7,158,910	7,317,017
Total Asset-Backed Securities (Cost $166,074,518)				174,464,769

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


13		Invesco International Bond Fund


	Shares		Value
Preferred Stocks–0.41%
United States–0.41%
AT&T, Inc., 2.88%, Series B, Pfd.^(d) (Cost $8,958,979)		7,700,000	$ 8,935,664

Common Stocks & Other Equity Interests–0.01%

Argentina–0.01%
TMF Trust Company S.A.^(m) (Cost $311,650)		30,720,147	308,194

Money Market Funds–0.04%
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(n)(o) (Cost $937,547)		936,985	937,266

Options Purchased–1.38%
(Cost $41,238,204)^(p)			30,110,787
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-94.06% (Cost $2,150,441,066)			2,058,592,661

Investment Abbreviations:


ARS		– Argentina Peso
BADLAR		– Buenos Aires Deposits of Large Amounts Rate
BRL		– Brazilian Real
CAD		– Canadian Dollar
CLP		– Chile Peso
CNY		– Chinese Yuan Renminbi
COP		– Colombia Peso
EGP		– Egypt Pound
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
INR		– Indian Rupee
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
NZD		– New Zealand Dollar
Pfd.		– Preferred
RUB		– Russian Ruble
SONIA		– Sterling Overnight Index Average
ZAR		– South African Rand


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.50%
Invesco Private Government Fund, 0.02%^(n)(o)(q)		3,260,112	$ 3,260,112
Invesco Private Prime Fund, 0.11%^(n)(o)(q)		7,603,886	7,606,928
Total Investments Purchased with Cash Collateral from Securities On Loan (Cost $10,867,040)			10,867,040
TOTAL INVESTMENTS IN SECURITIES–94.56% (Cost $2,161,308,106)			2,069,459,701
OTHER ASSETS LESS LIABILITIES–5.44%			119,109,378
NET ASSETS–100.00%			$2,188,569,079

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


14		Invesco International Bond Fund

Notes to Consolidated Schedule of Investments:

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

(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $854,034,037, which represented 39.02% of the Fund’s Net Assets.

(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2021.

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

(e)	Perpetual bond with no specified maturity date.

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

(g)	Zero coupon bond issued at a discount.

(h)	All or a portion of this security was out on loan at October 31, 2021.

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

(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 1M and Note 1P.

(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, 2021.

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

(n)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$95,184,516		$943,912,010		$(1,039,096,526	)		$ -		$ -			$ -		$16,472
Invesco Liquid Assets Portfolio, Institutional Class		67,971,646		674,222,864		(741,254,918	)		6,794		(9,120	)		937,266		13,313
Invesco Treasury Portfolio, Institutional Class		108,782,305		1,078,756,583		(1,187,538,888	)		-		-			-		7,553
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		15,624,218		(12,364,106	)		-		-			3,260,112		187*
Invesco Private Prime Fund		-		34,856,091		(27,249,163	)		-		-			7,606,928		2,366*
Total		$271,938,467		$2,747,371,766		$(3,007,503,601	)		$6,794		$(9,120	)		$11,804,306		$39,891

(o)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

(p)	The table below details options purchased.

(q)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

AUD versus USD

Call

Goldman Sachs International

12/08/2021

USD

0.76

AUD

66,600,000

$ 316,030

EUR versus CHF

Call

Morgan Stanley and Co. International PLC

02/16/2022

CHF

1.10

EUR

2,500,000

167,684

EUR versus USD

Call

Bank of America, N.A.

11/02/2021

USD

1.30

EUR

12,000,000

USD versus JPY

Call

Goldman Sachs International

04/06/2026

JPY

115.00

USD

43,000,000

1,291,634

USD versus JPY

Call

Goldman Sachs International

04/09/2026

JPY

115.00

USD

43,000,000

1,290,473

Subtotal – Foreign Currency Call Options Purchased

3,065,835

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


15		Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a) –(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.

02/07/2022

CZK

25.40

EUR

100,000,000

$ 108,548

EUR versus PLN

Put

Bank of America, N.A.

11/18/2021

PLN

4.28

EUR

1,000,000

253

EUR versus PLN

Put

Bank of America, N.A.

11/26/2021

PLN

4.28

EUR

1,000,000

353

EUR versus PLN

Put

Bank of America, N.A.

02/15/2022

PLN

4.45

EUR

2,500,000

224,079

EUR versus PLN

Put

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

11/02/2021

PLN

4.48

EUR

75,000,000

EUR versus PLN

Put

Morgan Stanley and Co.

International PLC

11/25/2021

PLN

4.50

EUR

2,500,000

137,177

EUR versus RUB

Put

Goldman Sachs International

12/16/2021

RUB

85.25

EUR

100,000,000

116

EUR versus SEK

Put

UBS AG

02/18/2022

SEK

9.60

EUR

2,500,000

268,663

USD versus BRL

Put

Goldman Sachs International

12/16/2021

BRL

4.60

USD

5,000,000

4,200

USD versus BRL

Put

Goldman Sachs International

12/21/2021

BRL

4.50

USD

4,000,000

2,096

USD versus BRL

Put

Goldman Sachs International

06/03/2022

BRL

4.75

USD

10,000,000

419,920

USD versus BRL

Put

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

03/09/2022

BRL

5.10

USD

5,000,000

531,615

USD versus BRL

Put

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

03/30/2022

BRL

4.75

USD

5,000,000

154,855

USD versus BRL

Put

Morgan Stanley and Co. International PLC

01/14/2022

BRL

5.25

USD

2,500,000

234,390

USD versus CAD

Put

Bank of America, N.A.

01/14/2022

CAD

1.19

USD

5,000,000

424,800

USD versus CAD

Put

Goldman Sachs International

05/12/2022

CAD

1.19

USD

45,000,000

214,830

USD versus CNH

Put

Goldman Sachs International

11/04/2021

CNH

6.43

USD

75,000,000

249,075

USD versus CNH

Put

Goldman Sachs International

01/10/2022

CNH

6.44

USD

50,000,000

353,600

USD versus CNH

Put

Goldman Sachs International

05/17/2022

CNH

6.25

USD

10,000,000

1,051,330

USD versus CNH

Put

Standard Chartered Bank PLC

01/20/2022

CNH

6.35

USD

2,500,000

493,770

USD versus COP

Put

Bank of America, N.A.

12/03/2021

COP

3,650.00

USD

50,000,000

135,650

USD versus COP

Put

Goldman Sachs International

01/12/2022

COP

3,700.00

USD

50,000,000

553,250

USD versus CZK

Put

Morgan Stanley and Co. International PLC

11/05/2021

CZK

21.10

USD

80,000,000

480

USD versus INR

Put

Bank of America, N.A.

02/03/2022

INR

75.00

USD

50,000,000

299,450

USD versus INR

Put

Standard Chartered Bank PLC

12/17/2021

INR

74.50

USD

50,000,000

42,450

USD versus INR

Put

Standard Chartered Bank PLC

02/24/2022

INR

74.50

USD

100,000,000

426,000

USD versus JPY

Put

Bank of America, N.A.

01/12/2022

JPY

111.00

USD

200,000,000

730,600

USD versus JPY

Put

Goldman Sachs International

01/12/2022

JPY

110.75

USD

100,000,000

327,600

USD versus JPY

Put

Goldman Sachs International

01/14/2022

JPY

111.10

USD

50,000,000

196,600

USD versus KRW

Put

Bank of America, N.A.

01/14/2022

KRW

1,160.00

USD

50,000,000

359,950

USD versus KRW

Put

Goldman Sachs International

11/01/2021

KRW

1,135.00

USD

37,500,000

USD versus KRW

Put

Goldman Sachs International

12/17/2021

KRW

1,160.00

USD

50,000,000

242,650

USD versus RUB

Put

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

01/28/2022

RUB

67.75

USD

5,000,000

450,215

USD versus SGD

Put

Goldman Sachs International

11/19/2021

SGD

1.33

USD

100,000,000

20,400

USD versus SGD

Put

Goldman Sachs International

12/03/2021

SGD

1.31

USD

6,250,000

65,400

USD versus SGD

Put

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

12/23/2021

SGD

1.33

USD

120,000,000

157,080

USD versus THB

Put

Standard Chartered Bank PLC

11/24/2021

THB

32.50

USD

75,000,000

USD versus ZAR

Put

Bank of America, N.A.

02/23/2022

ZAR

14.30

USD

50,000,000

350,850

USD versus ZAR

Put

Goldman Sachs International

12/17/2021

ZAR

14.70

USD

100,000,000

619,000

USD versus ZAR

Put

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

11/18/2021

ZAR

14.40

USD

50,000,000

18,400

USD versus ZAR

Put

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

12/23/2021

ZAR

14.50

USD

50,000,000

34,350

Subtotal – Foreign Currency Put Options Purchased

9,904,244

Total Foreign Currency Options Purchased

$12,970,079

(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $ 31,660,000.

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 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

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.50

Pay

3 Month USD LIBOR

Quarterly

06/05/2023

USD

125,000,000

4,105,982

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.50

Pay

3 Month USD LIBOR

Quarterly

07/10/2023

USD

375,000,000

13,034,726

Total Interest Rate Swaptions Purchased

17,140,708

(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $ 31,660,000.


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

Counterparty	Type of Contract		Exercise Rate		Reference Entity	(Pay)/ Receive Fixed Rate			Payment Frequency		Expiration Date		Implied Credit Spread^(b)			Notional Value			Value

Credit Risk

Goldman Sachs International		Put		1.06%	Markit CDX North America High Yield Index, Series 37, Version 1		5.00	%		Quarterly		12/15/2021		3.047	%		USD	50,000,000	$	(169,050	)

Goldman Sachs International		Put		1.07	Markit CDX North America High Yield Index, Series 37, Version 1		5.00			Quarterly		12/15/2021		3.047			USD	50,000,000		(201,440	)

Goldman Sachs International		Put		1.07	Markit CDX North America High Yield Index, Series 37, Version 1		5.00			Quarterly		12/15/2021		3.047			USD	50,000,000		(242,099	)

J.P. Morgan Chase Bank, N.A.		Put		4.00	Markit iTraxx Europe Crossover Index, Series 36, Version 1		5.00			Quarterly		02/16/2022		2.616			EUR	165,000,000		(930,021	)

Total Credit Default Swaptions Written																			$	(1,542,610	)

(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $31,660,000.

(b)

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

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

EUR versus HUF

Call

Goldman Sachs International

02/02/2022

HUF

370.00

EUR

25,000,000

(195,884

)

EUR versus NOK

Call

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

08/23/2022

NOK

10.70

EUR

50,000,000

(602,218

)

EUR versus RUB

Call

Goldman Sachs International

01/31/2022

RUB

87.00

EUR

70,000,000

(786,219

)

EUR versus RUB

Call

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

04/28/2022

RUB

91.00

EUR

50,000,000

(809,142

)

USD versus BRL

Call

Goldman Sachs International

12/14/2021

BRL

5.75

USD

2,000,000

(703,502

)

USD versus BRL

Call

Goldman Sachs International

01/11/2022

BRL

5.80

USD

60,000,000

(1,496,520

)

USD versus BRL

Call

Morgan Stanley and Co. International PLC

01/04/2022

BRL

5.90

USD

70,000,000

(1,219,820

)

USD versus CAD

Call

Goldman Sachs International

05/12/2022

CAD

1.27

USD

45,000,000

(433,800

)

USD versus CNH

Call

Goldman Sachs International

06/10/2022

CNH

7.00

USD

37,500,000

(105,450

)

USD versus CNH

Call

Standard Chartered Bank PLC

06/21/2022

CNH

6.80

USD

50,000,000

(279,900

)

USD versus COP

Call

Bank of America, N.A.

12/03/2021

COP

4,000.00

USD

25,000,000

(48,400

)

USD versus COP

Call

Goldman Sachs International

01/12/2022

COP

3,950.00

USD

50,000,000

(424,000

)

USD versus CZK

Call

Morgan Stanley and Co. International PLC

11/05/2021

CZK

22.10

USD

100,000,000

(795,100

)

USD versus INR

Call

Bank of America, N.A.

02/03/2022

INR

77.35

USD

50,000,000

(237,850

)

USD versus INR

Call

Standard Chartered Bank PLC

03/15/2022

INR

77.00

USD

75,000,000

(738,525

)

USD versus JPY

Call

Bank of America, N.A.

01/12/2022

JPY

116.05

USD

200,000,000

(926,000

)

USD versus JPY

Call

Goldman Sachs International

01/12/2022

JPY

115.80

USD

100,000,000

(516,400

)

USD versus JPY

Call

Goldman Sachs International

04/09/2026

JPY

130.00

USD

43,000,000

(509,464

)

USD versus KRW

Call

Bank of America, N.A.

01/14/2022

KRW

1,220.00

USD

50,000,000

(170,200

)

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


17		Invesco International Bond Fund


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

Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Notional Value			Value

USD versus KRW		Call	Goldman Sachs International		12/17/2021		KRW	1,210.00		USD	50,000,000	$	(125,300	)

USD versus MXN		Call	J.P. Morgan Chase Bank, N.A.		01/06/2022		MXN	22.00		USD	60,000,000		(258,660	)

USD versus RUB		Call	Goldman Sachs International		01/17/2022		RUB	75.50		USD	50,000,000		(353,000	)

USD versus RUB		Call	Goldman Sachs International		09/15/2022		RUB	80.00		USD	100,000,000		(2,705,600	)

USD versus RUB		Call	J.P. Morgan Chase Bank, N.A.		02/24/2022		RUB	80.00		USD	50,000,000		(266,250	)

USD versus SGD		Call	J.P. Morgan Chase Bank, N.A.		12/23/2021		SGD	1.37		USD	120,000,000		(181,080	)

USD versus ZAR		Call	Bank of America, N.A.		02/23/2022		ZAR	16.00		USD	50,000,000		(1,173,300	)

USD versus ZAR		Call	Goldman Sachs International		04/28/2022		ZAR	15.93		USD	30,000,000		(1,094,520	)

USD versus ZAR		Call	J.P. Morgan Chase Bank, N.A.		02/18/2022		ZAR	15.80		USD	100,000,000		(2,666,200	)

Subtotal – Foreign Currency Call Options Written													(19,822,304	)

Currency Risk

USD versus COP		Put	Goldman Sachs International		01/12/2022		COP	3,550.00		USD	50,000,000		(121,750	)

USD versus INR		Put	Bank of America, N.A.		02/03/2022		INR	73.30		USD	50,000,000		(69,000	)

USD versus KRW		Put	Goldman Sachs International		11/01/2021		KRW	1,100.00		USD	37,500,000		(38	)

USD versus KRW		Put	Goldman Sachs International		12/17/2021		KRW	1,140.00		USD	50,000,000		(71,750	)

Subtotal – Foreign Currency Put Options Written													(262,538	)

Total – Foreign Currency Options Written												$	(20,084,842	)

(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $ 31,660,000.

Open Over-The-Counter Interest Rate Swaptions Written^(a)

Description

Type of

Contract

Counterparty

Exercise

Rate

Floating

Rate Index

Pay/

Receive

Exercise

Rate

Payment

Frequency

Expiration

Date

Notional

Value

Interest Rate Risk

5 Year Interest Rate Swap

Call

Bank of America, N.A.

1.14%

3 Month

USD LIBOR

Receive

Quarterly

11/12/2021

USD

375,000,000

(388,050

)

10 Year Interest Rate Swap

Call

Bank of America, N.A.

2.02

3 Month

CDOR

Receive

Quarterly

11/12/2021

CAD

62,500,000

(22,753

)

5 Year Interest Rate Swap

Call

Bank of America, N.A.

1.19

3 Month

USD LIBOR

Receive

Quarterly

11/18/2021

USD

200,000,000

(444,794

)

5 Year Interest Rate Swap

Call

Bank of America, N.A.

1.22

3 Month

USD LIBOR

Receive

Quarterly

11/22/2021

USD

187,500,000

(610,868

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

1.57

3 Month

USD LIBOR

Receive

Quarterly

11/26/2021

USD

187,500,000

(1,432,161

)

7 Year Interest Rate Swap

Call

Goldman Sachs International

1.42

3 Month

USD LIBOR

Receive

Quarterly

11/22/2021

USD

375,000,000

(1,963,822

)

10 Year Interest Rate Swap

Call

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

1.50

3 Month

USD LIBOR

Receive

Quarterly

11/05/2021

USD

250,000,000

(379,180

)

5 Year Interest Rate Swap

Call

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

1.23

3 Month

USD LIBOR

Receive

Quarterly

11/26/2021

USD

250,000,000

(890,945

)

30 Year Interest Rate Swap

Call

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

0.89

SONIA

Receive

Annually

11/15/2021

GBP

50,000,000

(2,705,122

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.55

3 Month

USD LIBOR

Receive

Quarterly

11/10/2021

USD

125,000,000

(548,298

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.26

6 Month

EUR LIBOR

Receive

Semi-
Annually

11/12/2021

EUR

133,500,000

(578,755

)

5 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.24

3 Month

USD LIBOR

Receive

Quarterly

11/26/2021

USD

100,000,000

(391,169

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.93

SONIA

Receive

Annually

11/22/2021

GBP

147,000,000

(1,485,734

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.60

3 Month

USD LIBOR

Receive

Quarterly

11/22/2021

USD

250,000,000

(2,075,215

)

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


18		Invesco International Bond Fund

Open Over-The-Counter Interest Rate Swaptions Written^(a)–(continued)

Description

Type of
Contract

Counterparty

Exercise
Rate

Floating
Rate Index

Pay/
Receive
Exercise
Rate

Payment
Frequency

Expiration
Date

Notional

Value

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

0.50%

6 Month
EUR LIBOR

Receive

Semi-Annually

11/08/2021

EUR

81,000,000

(5,803,915

)

10 Year Interest Rate Swap

Call

Toronto-Dominion Bank (The)

1.97

3 Month
CDOR

Receive

Quarterly

11/15/2021

CAD

50,000,000

(9,423

)

Subtotal–Interest Rate Call Swaptions Written

(19,730,204

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

Bank of America, N.A.

1.34

3 Month
USD LIBOR

Pay

Quarterly

11/26/2021

USD

250,000,000

(638,573

)

5 Year Interest Rate Swap

Put

Bank of America, N.A.

1.34

3 Month
USD LIBOR

Pay

Quarterly

11/18/2021

USD

200,000,000

(386,438

)

5 Year Interest Rate Swap

Put

Bank of America, N.A.

1.76

3 Month
CDOR

Pay

Quarterly

11/12/2021

CAD

125,000,000

(1,030,625

)

30 Year Interest Rate Swap

Put

Goldman Sachs International

3.00

3 Month
USD LIBOR

Pay

Quarterly

06/05/2023

USD

150,000,000

(2,358,484

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.75

3 Month
USD LIBOR

Pay

Quarterly

11/22/2021

USD

62,500,000

(126,934

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

1.26

3 Month
USD LIBOR

Pay

Quarterly

11/15/2021

USD

375,000,000

(1,081,650

)

5 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

(0.03)

6 Month
EUR LIBOR

Pay

Semi-Annually

11/19/2021

EUR

500,000,000

(3,323,338

)

Subtotal–Interest Rate Put Swaptions Written

(8,946,042

)

Total Open Over-The-Counter Interest Rate Swaptions Written

(28,676,246

)

(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $31,660,000.


Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value		Unrealized Appreciation (Depreciation)

Interest Rate Risk

Euro-BTP		82	December-2021	$	14,053,860			$(547,898)		$(547,898)

Three-Month Canadian Bankers’ Acceptance		1,000	December-2022		198,044,602			(63,434)		(63,434)

Three-Month Canadian Bankers’ Acceptance		500	September-2022		99,249,556			156,427		156,427

Subtotal–Long Futures Contracts								(454,905)		(454,905)


Short Futures Contracts

Interest Rate Risk

Euro-Bund		26	December-2021		(5,053,014	)		8,777		8,777

Long Gilt		57	December-2021		(9,744,683	)		301,026		301,026

U.S. Treasury 10 Year Notes		26	December-2021		(3,398,281	)		59,312		59,312

U.S. Treasury 10 Year Ultra Notes		57	December-2021		(8,266,781	)		135,478		135,478

U.S. Treasury Ultra Bonds		38	December-2021		(7,463,438	)		(206,073)		(206,073)

Subtotal–Short Futures Contracts								298,520		298,520

Total Futures Contracts								$(156,385)		$(156,385)

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

11/03/2021

Bank of America, N.A.

BRL

43,672,000

USD

7,739,146

1,097

12/15/2021

Bank of America, N.A.

EUR

74,287,000

USD

87,995,180

2,030,413

12/15/2021

Bank of America, N.A.

JPY

14,307,761,500

USD

128,684,429

3,091,535

12/15/2021

Bank of America, N.A.

MXN

1,636,955,700

USD

80,832,914

1,841,362

12/15/2021

Bank of America, N.A.

USD

3,417,934

AUD

4,634,896

69,248

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


19		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)


Settlement		Contract to						Unrealized Appreciation
Settlement								Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

12/15/2021	Bank of America, N.A.		USD	80,000,000		CAD	99,701,600	$	565,858

12/15/2021	Bank of America, N.A.		USD	30,439,307		NOK	264,079,253		810,398

12/15/2021	Bank of America, N.A.		USD	73,921,088		NZD	103,706,773		347,455

12/15/2021	Bank of America, N.A.		USD	26,677,668		SEK	229,123,816		17,631

12/15/2021	Bank of America, N.A.		ZAR	165,090,871		USD	11,570,709		820,405

03/24/2022	Bank of America, N.A.		USD	900,000		RUB	72,155,250		86,886

12/15/2021	Citibank, N.A.		CLP	14,980,000,000		USD	18,835,660		510,098

12/15/2021	Citibank, N.A.		EUR	21,110,000		USD	25,007,962		579,512

12/15/2021	Citibank, N.A.		GBP	4,175,000		USD	5,778,889		64,337

12/15/2021	Citibank, N.A.		MXN	1,004,200,000		USD	49,734,291		1,276,464

11/03/2021	Goldman Sachs International		BRL	403,778,835		USD	74,973,507		3,429,718

11/12/2021	Goldman Sachs International		TRY	124,600,000		USD	14,000,000		1,105,694

12/15/2021	Goldman Sachs International		EUR	148,969,000		USD	175,069,744		2,683,117

12/15/2021	Goldman Sachs International		GBP	3,312,000		USD	4,584,417		51,101

12/15/2021	Goldman Sachs International		INR	4,634,235,000		USD	62,422,346		924,099

12/15/2021	Goldman Sachs International		JPY	1,249,985,000		USD	11,000,000		27,687

12/15/2021	Goldman Sachs International		MXN	196,525,000		USD	9,730,502		247,157

12/15/2021	Goldman Sachs International		USD	100,000,000		CAD	123,850,000		79,452

12/15/2021	Goldman Sachs International		USD	12,000,000		RUB	867,396,000		121,806

12/15/2021	Goldman Sachs International		ZAR	1,081,122,500		USD	72,800,951		2,400,963

05/13/2022	Goldman Sachs International		CAD	25,128,195		USD	20,786,000		501,656

11/03/2021	J.P. Morgan Chase Bank, N.A.		BRL	328,875,000		USD	59,297,567		1,025,659

12/15/2021	J.P. Morgan Chase Bank, N.A.		CLP	9,073,078,500		USD	11,490,000		390,583

12/15/2021	J.P. Morgan Chase Bank, N.A.		EUR	262,926,289		USD	310,957,284		6,699,510

12/15/2021	J.P. Morgan Chase Bank, N.A.		GBP	136,860,292		USD	189,434,489		2,106,292

12/15/2021	J.P. Morgan Chase Bank, N.A.		IDR	143,333,500,000		USD	10,096,042		65,354

12/15/2021	J.P. Morgan Chase Bank, N.A.		JPY	521,245,482		USD	4,754,731		179,261

12/15/2021	J.P. Morgan Chase Bank, N.A.		MXN	3,457,296		USD	171,245		4,412

12/15/2021	J.P. Morgan Chase Bank, N.A.		RUB	726,750,000		USD	10,265,265		108,979

12/15/2021	J.P. Morgan Chase Bank, N.A.		THB	758,450,000		USD	23,192,133		342,222

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	73,716,751		AUD	99,994,643		1,516,778

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	23,086,635		CAD	29,211,717		518,473

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	92,085,873		CNY	596,559,914		665,448

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	26,850,694		NOK	232,980,600		718,966

12/15/2021	J.P. Morgan Chase Bank, N.A.		ZAR	2,186,379,880		USD	151,917,792		9,546,213

01/10/2022	J.P. Morgan Chase Bank, N.A.		MXN	561,435,300		USD	27,000,000		18,624

06/27/2022	J.P. Morgan Chase Bank, N.A.		USD	70,563,204		IDR	1,127,600,000,000		6,652,197

11/03/2021	Morgan Stanley and Co. International PLC		BRL	888,153,835		USD	157,707,591		339,536

11/16/2021	Morgan Stanley and Co. International PLC		BRL	42,440,000		USD	8,000,000		499,920

12/02/2021	Morgan Stanley and Co. International PLC		BRL	778,102,244		USD	138,688,805		1,617,501

12/15/2021	Morgan Stanley and Co. International PLC		CAD	54,382,064		USD	44,000,000		55,493

12/15/2021	Morgan Stanley and Co. International PLC		EUR	38,750,000		USD	45,912,507		1,071,086

12/15/2021	Morgan Stanley and Co. International PLC		GBP	5,786,000		USD	8,008,113		88,497

12/15/2021	Morgan Stanley and Co. International PLC		MXN	1,755,427,572		USD	86,964,780		2,256,349

12/15/2021	Morgan Stanley and Co. International PLC		USD	41,155,454		AUD	55,833,151		852,047

12/15/2021	Morgan Stanley and Co. International PLC		USD	104,355,859		CAD	132,087,385		2,379,976

12/15/2021	Morgan Stanley and Co. International PLC		USD	881,505		COP	3,393,000,001		16,877

12/15/2021	Morgan Stanley and Co. International PLC		USD	7,264,301		IDR	104,736,700,000		65,325

12/15/2021	Morgan Stanley and Co. International PLC		USD	23,000,000		MXN	483,103,500		312,235

12/15/2021	Morgan Stanley and Co. International PLC		USD	10,894,762		NOK	94,518,600		290,056

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


20		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)


Settlement		Contract to						Unrealized Appreciation
Settlement								Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

12/15/2021	Morgan Stanley and Co. International PLC		USD	16,972,000		RUB	1,250,666,680	$	505,990

12/15/2021	Morgan Stanley and Co. International PLC		USD	476,948		SEK	4,096,756		367

12/15/2021	Royal Bank of Canada		EUR	122,862,090		USD	145,565,777		3,390,011

12/15/2021	Royal Bank of Canada		USD	2,578,628		CAD	3,250,000		47,599

11/10/2021	Standard Chartered Bank PLC		USD	33,741,536		CNY	228,764,240		1,934,227

12/15/2021	Standard Chartered Bank PLC		USD	25,834,855		CNY	167,320,728		179,663

12/15/2021	Standard Chartered Bank PLC		USD	8,326,102		IDR	118,980,000,000		291

12/15/2021	Standard Chartered Bank PLC		USD	22,000,000		KRW	25,911,600,000		36,531

12/15/2021	Standard Chartered Bank PLC		USD	15,346,386		THB	514,080,000		141,362

06/27/2022	Standard Chartered Bank PLC		IDR	1,127,600,000,000		USD	77,829,928		614,527

Subtotal–Appreciation									70,939,586


Currency Risk

11/03/2021	Bank of America, N.A.		USD	8,000,000		BRL	43,672,000		(261,951	)

12/15/2021	Bank of America, N.A.		CAD	64,666,004		USD	51,110,886		(1,143,763	)

12/15/2021	Bank of America, N.A.		CNY	81,137,500		USD	12,523,152		(91,860	)

12/15/2021	Bank of America, N.A.		NOK	425,871,464		USD	49,333,333		(1,061,985	)

12/15/2021	Bank of America, N.A.		USD	60,327,974		EUR	50,935,121		(1,385,955	)

12/15/2021	Bank of America, N.A.		USD	4,557,990		JPY	499,706,136		(171,592	)

12/15/2021	Bank of America, N.A.		USD	48,052,385		KRW	56,302,979,642		(169,492	)

12/15/2021	Bank of America, N.A.		USD	70,694,548		MXN	1,427,464,305		(1,812,035	)

12/15/2021	Bank of America, N.A.		USD	18,669,207		ZAR	274,888,313		(769,169	)

12/15/2021	Barclays Bank PLC		RUB	2,821,353,426		USD	38,057,482		(1,370,757	)

12/15/2021	Citibank, N.A.		GBP	1,281,000		USD	1,745,154		(8,221	)

12/15/2021	Citibank, N.A.		USD	11,728,652		CLP	9,327,797,093		(317,629	)

12/15/2021	Citibank, N.A.		USD	100,825,003		EUR	85,165,000		(2,272,237	)

12/15/2021	Citibank, N.A.		USD	60,145,917		GBP	43,454,746		(667,019	)

12/15/2021	Citibank, N.A.		USD	23,715,735		MXN	478,851,519		(608,680	)

11/03/2021	Goldman Sachs International		USD	71,952,372		BRL	403,778,835		(408,584	)

11/12/2021	Goldman Sachs International		USD	14,937,129		TRY	124,600,000		(2,042,823	)

11/30/2021	Goldman Sachs International		RUB	408,732,500		USD	5,500,000		(230,335	)

12/10/2021	Goldman Sachs International		AUD	17,916,000		USD	13,209,467		(269,836	)

12/15/2021	Goldman Sachs International		CNY	238,152,165		USD	36,649,508		(377,667	)

12/15/2021	Goldman Sachs International		GBP	19,319,000		USD	26,318,853		(124,123	)

12/15/2021	Goldman Sachs International		USD	120,580,514		EUR	101,873,000		(2,693,283	)

12/15/2021	Goldman Sachs International		USD	10,732,963		GBP	7,754,000		(119,637	)

12/15/2021	Goldman Sachs International		USD	58,473,736		INR	4,337,730,160		(910,233	)

12/15/2021	Goldman Sachs International		USD	24,206,851		MXN	488,900,925		(614,861	)

12/15/2021	Goldman Sachs International		USD	33,404,804		ZAR	477,955,935		(2,281,511	)

11/03/2021	J.P. Morgan Chase Bank, N.A.		USD	58,302,850		BRL	328,875,000		(30,940	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		CAD	33,348,000		USD	26,352,785		(594,729	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		CNY	684,218,617		USD	105,617,001		(763,228	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		MXN	621,635,000		USD	29,932,233		(64,860	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		NOK	9,940,000		USD	1,145,571		(30,674	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		SEK	233,246,644		USD	27,158,857		(16,794	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	563,984,276		EUR	476,662,582		(12,391,295	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	43,320,445		GBP	31,297,621		(481,673	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	10,096,591		IDR	143,341,300,000		(65,358	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	6,346,257		JPY	695,719,854		(239,259	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	14,475,561		MXN	292,250,000		(372,992	)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	16,871,225		THB	551,738,000		(248,951	)

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


21		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)


Settlement		Contract to						Unrealized Appreciation
Settlement								Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

12/15/2021	J.P. Morgan Chase Bank, N.A.		USD	63,921,834		ZAR	933,592,266	$	(3,128,644	)

01/10/2022	J.P. Morgan Chase Bank, N.A.		USD	18,319,262		MXN	380,763,300		(20,595	)

11/03/2021	Morgan Stanley and Co. International PLC		USD	159,199,331		BRL	888,153,835		(1,831,276	)

12/02/2021	Morgan Stanley and Co. International PLC		USD	26,963,928		BRL	151,263,591		(317,176	)

12/15/2021	Morgan Stanley and Co. International PLC		CAD	57,430,770		USD	46,000,000		(408,074	)

12/15/2021	Morgan Stanley and Co. International PLC		COP	480,417,200,000		USD	124,812,865		(2,389,604	)

12/15/2021	Morgan Stanley and Co. International PLC		IDR	1,228,798,800,000		USD	85,226,717		(766,411	)

12/15/2021	Morgan Stanley and Co. International PLC		NOK	160,901,336		USD	18,666,667		(373,524	)

12/15/2021	Morgan Stanley and Co. International PLC		NZD	25,700,000		USD	18,045,281		(359,511	)

12/15/2021	Morgan Stanley and Co. International PLC		USD	9,778,822		EUR	8,425,000		(29,429	)

12/15/2021	Morgan Stanley and Co. International PLC		USD	131,815,769		JPY	14,450,040,000		(4,973,960	)

12/15/2021	Morgan Stanley and Co. International PLC		USD	38,000,000		MXN	775,295,000		(588,019	)

12/15/2021	Morgan Stanley and Co. International PLC		USD	12,413,793		ZAR	185,791,033		(315,546	)

12/15/2021	Royal Bank of Canada		CAD	167,727,500		USD	131,880,262		(3,655,276	)

12/15/2021	Royal Bank of Canada		GBP	2,750,000		USD	3,735,138		(28,938	)

12/15/2021	Royal Bank of Canada		USD	10,500,708		EUR	8,893,721		(208,912	)

12/15/2021	Royal Bank of Canada		USD	50,181,332		GBP	36,248,000		(566,705	)

11/10/2021	Standard Chartered Bank PLC		CNY	197,918,880		USD	29,140,000		(1,725,432	)

12/15/2021	Standard Chartered Bank PLC		CNY	103,036,414		USD	15,909,151		(110,637	)

12/15/2021	Standard Chartered Bank PLC		THB	53,400,000		USD	1,594,744		(14,044	)

12/15/2021	Standard Chartered Bank PLC		USD	79,520,451		IDR	1,127,600,000,000		(609,363	)

12/15/2021	Standard Chartered Bank PLC		USD	4,689,627		THB	153,257,000		(72,435	)

Subtotal–Depreciation									(59,979,502	)

Total Forward Foreign Currency Contracts								$	10,960,084


Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate	Payment Frequency		Maturity Date		Implied Credit Spread^(b)	Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk

Markit iTraxx Europe Index, Series 36, Version 1	Buy	(1.00)%		Quarterly		12/20/2026	0.506%		EUR	21,500,000		$ (641,872	)	$	(628,731	)		$ 13,141

Markit iTraxx Europe Sub Financials Index, Series 36, Version 1	Buy	(1.00)		Quarterly		12/20/2026	1.130		EUR	51,250,000		365,762			374,369			8,607

Brazil Government International Bonds	Buy	(1.00)		Quarterly		12/20/2026	2.453		USD	20,000,000		936,946			1,383,660			446,714

South Africa Republic International Bonds	Buy	(1.00)		Quarterly		12/20/2026	2.106		USD	2,500,000		125,183			133,085			7,902

Markit CDX North America High Yield Index, Series 37, Version 1	Buy	(5.00)		Quarterly		12/20/2026	3.047		USD	50,000,000		(4,585,760	)		(4,437,450	)		148,310

Brazil Government International Bonds	Buy	(1.00)		Quarterly		12/20/2024	1.786		USD	4,500,000		79,707			106,300			26,593

Subtotal - Appreciation												(3,720,034	)		(3,068,767	)		651,267

Credit Risk

Intesa Sanpaolo S.p.A.	Buy	(1.00)		Quarterly		06/20/2026	0.563		EUR	15,000,000		(249,696	)		(355,453	)		(105,757)

Indonesia Government International Bonds	Buy	(1.00)		Quarterly		12/20/2026	0.820		USD	11,786,000		(75,470	)		(108,643	)		(33,173)

Markit iTraxx Europe Senior Financials, Series 36, Version 1	Sell	1.00		Quarterly		12/20/2026	0.581		EUR	50,000,000		1,261,630			1,236,168			(25,462)

Markit CDX Emerging Markets Index, Series 36, Version 1	Sell	1.00		Quarterly		12/20/2026	1.866		USD	15,000,000		(607,243	)		(617,520	)		(10,277)

Subtotal - Depreciation												329,221			154,552			(174,669)

Total Centrally Cleared Credit Default Swap Agreements												$(3,390,813	)	$	(2,914,215	)		$ 476,598

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


22		Invesco International Bond Fund

(a)	Centrally cleared swap agreements collateralized by $29,910,834 cash held with Counterparties.

(b)

Open Centrally Cleared Interest Rate Swap Agreements^(a)

Pay/
Receive
Floating
Rate

Floating Rate
Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Pay

6 Month WIBOR

Semi-Annually

2.77%

Annually

11/03/2031

PLN

45,350,000

–

Receive

6 Month WIBOR

Semi-Annually

(2.41)

Annually

11/03/2023

PLN

205,350,000

–

Receive

6 Month WIBOR

Semi-Annually

(2.54)

Annually

12/15/2024

PLN

136,800,000

–

125,206

Receive

3 Month JIBAR

Quarterly

(6.61)

Quarterly

10/19/2026

ZAR

336,700,000

1,844

237,924

236,080

Receive

3 Month JIBAR

Quarterly

(6.65)

Quarterly

10/11/2026

ZAR

350,000,000

–

249,752

Pay

BZDIOVRA

At Maturity

12.47

At Maturity

01/02/2029

BRL

43,070,674

–

306,546

Pay

6 Month AUD
BBSW

Semi-Annually

(1.84)

Semi-Annually

09/15/2051

AUD

5,225,000

–

350,315

Receive

3 Month JIBAR

Quarterly

(7.50)

Quarterly

03/01/2031

ZAR

310,000,000

2,035

397,370

395,335

Receive

3 Month JIBAR

Quarterly

(7.15)

Quarterly

02/24/2031

ZAR

147,600,000

911

417,281

416,370

Pay

3 Month JIBAR

Quarterly

(6.75)

Quarterly

02/15/2031

ZAR

94,000,000

–

426,853

Receive

28 Day MXN
TIIE

28 Day

(7.07)

28 Day

12/12/2029

MXN

572,000,000

–

636,541

Receive

6 Month CZK
PRIBOR

Semi-Annually

(1.96)

Annually

08/16/2031

CZK

236,800,000

–

688,504

Receive

6 Month CZK
PRIBOR

Semi-Annually

(2.05)

Annually

08/16/2023

CZK

1,098,000,000

–

902,799

Receive

6 Month WIBOR

Semi-Annually

(1.45)

Annually

05/05/2026

PLN

77,360,000

–

996,204

Receive

6 Month WIBOR

Semi-Annually

(1.44)

Annually

05/04/2026

PLN

78,000,000

–

1,019,675

Receive

3 Month
KORIBOR

Quarterly

(1.75)

Quarterly

06/16/2027

KRW

57,000,000,000

–

1,298,454

Receive

28 Day MXN
TIIE

28 Day

(5.62)

28 Day

01/29/2031

MXN

250,000,000

–

1,664,827

Receive

28 Day MXN
TIIE

28 Day

(5.50)

28 Day

11/29/2030

MXN

251,250,000

–

1,749,398

Receive

6 Month AUD
BBSW

Semi-Annually

(0.99)

Semi-Annually

10/01/2026

AUD

70,500,000

–

1,801,255

Receive

6 Month AUD
BBSW

Semi-Annually

(0.94)

Semi-Annually

09/27/2026

AUD

69,250,000

–

1,886,854

Receive

3 Month
COOVIBR

Quarterly

(4.20)

Quarterly

02/08/2031

COP

43,000,000,000

–

1,999,734

Receive

6 Month CLICP

Semi-Annually

(2.34)

Semi-Annually

03/10/2026

CLP

30,000,000,000

–

4,336,006

Subtotal – Appreciation

4,790

21,491,498

21,486,708

Interest Rate Risk

Pay

28 Day MXN
TIIE

28 Day

4.81

28 Day

07/23/2025

MXN

1,704,500,000

–

(7,331,287

)

(7,331,287)

Pay

3 Month CDOR

Semi-Annually

1.48

Semi-Annually

03/08/2024

CAD

1,280,000,000

–

(6,959,048

)

(6,959,048)

Pay

28 Day MXN
TIIE

28 Day

4.67

28 Day

07/02/2024

MXN

1,295,250,000

–

(4,220,069

)

(4,220,069)

Pay

3 Month CDOR

Semi-Annually

0.70

Semi-Annually

02/04/2023

CAD

650,000,000

–

(3,556,324

)

(3,556,324)

Pay

28 Day MXN
TIIE

28 Day

6.12

28 Day

02/11/2031

MXN

660,000,000

–

(3,303,521

)

(3,303,521)

Pay

BZDIOVRA

At Maturity

7.26

At Maturity

01/02/2029

BRL

67,929,022

–

(3,012,221

)

(3,012,221)

Pay

3 Month
KORIBOR

Quarterly

1.19

Quarterly

03/14/2023

KRW

330,000,000,000

–

(2,467,574

)

(2,467,574)

Pay

3 Month CDOR

Semi-Annually

0.70

Semi-Annually

02/03/2023

CAD

420,000,000

–

(2,254,653

)

(2,254,653)

Pay

BZDIOVRA

At Maturity

9.27

At Maturity

01/04/2027

BRL

101,329,264

–

(2,051,839

)

(2,051,839)

Pay

3 Month NDBB

Quarterly

1.82

Semi-Annually

09/28/2026

NZD

73,500,000

–

(1,945,498

)

(1,945,498)

Pay

BZDIOVRA

At Maturity

10.26

At Maturity

01/02/2029

BRL

108,365,806

–

(1,926,071

)

(1,926,071)

Pay

3 Month WIBOR

Quarterly

0.85

Annually

05/04/2023

PLN

380,000,000

–

(1,883,203

)

(1,883,203)

Pay

3 Month NDBB

Quarterly

1.87

Semi-Annually

10/04/2026

NZD

75,550,000

–

(1,875,644

)

(1,875,644)

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


23		Invesco International Bond Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a) –(continued)

Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Pay	3 Month KORIBOR	Quarterly		1.51%		Quarterly		06/16/2023		KRW	281,000,000,000		$ –	$	(1,734,721	)		$ (1,734,721	)

Pay	BZDIOVRA	At Maturity		10.25		At Maturity		01/02/2029		BRL	76,891,753		–		(1,375,097	)		(1,375,097	)

Pay	6 Month CZK PRIBOR	Semi-Annually		2.15		Annually		08/16/2026		CZK	905,200,000		–		(1,373,876	)		(1,373,876	)

Pay	3 Month CDOR	Semi-Annually		0.88		Semi-Annually		10/20/2022		CAD	825,000,000		–		(1,347,884	)		(1,347,884	)

Pay	FBIL Overnight MIBOR	At Maturity		4.18		At Maturity		12/15/2022		INR	28,125,000,000		–		(982,946	)		(982,946	)

Pay	28 Day MXN TIIE	28 Day		6.91		28 Day		12/16/2026		MXN	1,318,000,000		–		(822,735	)		(822,735	)

Pay	3 Month JIBAR	Quarterly		7.48		Quarterly		02/15/2036		ZAR	149,200,000		–		(714,789	)		(714,789	)

Pay	FBIL Overnight MIBOR	At Maturity		4.62		At Maturity		04/25/2023		INR	11,000,000,000		–		(646,872	)		(646,872	)

Pay	28 Day MXN TIIE	28 Day		7.08		28 Day		06/16/2031		MXN	259,850,000		–		(482,367	)		(482,367	)

Pay	BZDIOVRA	At Maturity		11.29		At Maturity		01/02/2029		BRL	60,344,677		–		(406,888	)		(406,888	)

Pay	BZDIOVRA	At Maturity		11.62		At Maturity		01/02/2029		BRL	120,931,950		–		(359,685	)		(359,685	)

Receive	3 Month USD LIBOR	Quarterly		(1.62)		Semi-Annually		10/14/2031		USD	53,000,000		–		(328,742	)		(328,742	)

Pay	BZDIOVRA	At Maturity		11.69		At Maturity		01/02/2029		BRL	44,127,738		–		(95,282	)		(95,282	)

Pay	6 Month WIBOR	Semi-Annually		2.79		Annually		12/15/2031		PLN	44,800,000		–		(15,216	)		(15,216	)

Subtotal – Depreciation													–		(53,474,052	)		(53,474,052	)

Total Centrally Cleared Interest Rate Swap Agreements													$4,790	$	(31,982,554	)		$(31,987,344	)

(a)	Centrally cleared swap agreements collateralized by $29,910,834 cash held with Counterparties.


Open Over-The-Counter Credit Default Swap Agreements^(a)

Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(b)		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Credit Risk

Citibank, N.A.	Assicurazioni Generali S.p.A.		Sell		1.00%		Quarterly		12/20/2024		0.408%		EUR	10,000,000		$122,739	$	217,686			$ 94,947

Credit Risk

Citibank, N.A.	Assicurazioni Generali S.p.A.		Buy		(1.00)		Quarterly		12/20/2024		0.737		EUR	5,000,000		39,866		(48,238	)		(88,104)

Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5		Sell		5.00		Quarterly		12/20/2024		3.283		EUR	10,000,000		772,325		617,284			(155,041)

J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)		Buy		(1.00)		Quarterly		12/20/2021		0.199		EUR	5,000,000		1,342		(6,696	)		(8,038)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00		Quarterly		12/20/2023		5.087		EUR	5,000,000		37,140		(10,607	)		(47,747)

Subtotal–Depreciation																850,673		551,743			(298,930)

Total Open Over-The-Counter Credit Default Swap Agreements																$973,412	$	769,429			$(203,983)

(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $31,660,000.

(b)

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


24		Invesco International Bond Fund

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

Counterparty

Pay/
Receive
Floating
Rate

Floating Rate
Index

Payment
Frequency

(Pay)/
Received
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional

Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

6.55%

Annually

11/01/2021

RUB 694,000,000

$–

(795

)

(795

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.89

Annually

07/01/2023

RUB 3,850,000,000

–

(3,847,324

)

(3,847,324

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.97

Annually

07/07/2023

RUB 3,888,000,000

–

(3,835,788

)

(3,835,788

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.81

Annually

07/10/2023

RUB 2,555,000,000

–

(2,624,419

)

(2,624,419

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

6.35

Annually

02/28/2025

RUB 1,150,000,000

–

(1,307,158

)

(1,307,158

)

Goldman Sachs International

Pay

3 Month MOSKP

Quarterly

4.90

Annually

08/05/2023

RUB 1,700,000,000

–

(1,812,680

)

(1,812,680

)

Bank of America, N.A.

Pay

3 Month MOSKP

Quarterly

7.31

Annually

08/17/2024

RUB 1,375,000,000

–

(965,711

)

(965,711

)

Total Over-The-Counter Interest Rate Swap Agreements

$–

(14,393,875

)

(14,393,875

)

(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $31,660,000.

Open Centrally Cleared Inflation Rate Swap Agreements^(a)

Pay/Receive

Floating Rate Index

Payment
Frequency

Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Pay

United States CPI Urban Consumers NSA

At Maturity

2.42%

At Maturity

05/10/2051

USD

7,280,000

$–

(326,981)

$(326,981)

Pay

United States CPI Urban Consumers NSA

At Maturity

2.43

At Maturity

05/07/2051

USD

10,120,000

–

(420,358)

Total – Centrally Cleared Inflation Swap Agreements

$–

(747,339)

$(747,339)

(a)	Centrally cleared swap agreements collateralized by $29,910,834 cash held with Counterparties.

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


25		Invesco International Bond Fund

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
CNY		–Chinese Yuan Renminbi
COOVIBR		–Colombia IBR Overnight Nominal Interbank Reference Rate
COP		–Colombia Peso
CPI		–Consumer Price Index
CZK		–Czech Koruna
EUR		–Euro
FBIL		–Financial Benchmarks India Private Ltd.
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JIBAR		–Johannesburg Interbank Average Rate
JPY		–Japanese Yen
KRW		–South Korean Won
LIBOR		–London Interbank Offered Rate
MIBOR		–Mumbai Interbank Offered Rate
MOSKP		–MosPrime Rate
MXN		–Mexican Peso
NDBB		–New Zealand Dollar Bank Bill
NOK		–Norwegian Krone
NSA		–Non-Seasonally Adjusted
NZD		–New Zealand Dollar
PLN		–Polish Zloty
PRIBOR		–Prague Interbank Offerred Rate
RUB		–Russian Ruble
SEK		–Swedish Krona
SGD		–Singapore Dollar
SONIA		–Sterling Overnight Index Average
THB		–Thai Baht
TIIE		–Interbank Equilibrium Interest Rate
TRY		–Turkish Lira
USD		–U.S. Dollar
WIBOR		–Warsaw Interbank Offered Rate
ZAR		–South African Rand

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


26		Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $2,149,503,519)*		$2,057,655,395
Investments in affiliated money market funds, at value (Cost $11,804,587)		11,804,306
Other investments:
Variation margin receivable–centrally cleared swap agreements		1,875,630
Swaps receivable – OTC		4,214,556
Unrealized appreciation on swap agreements – OTC		94,947
Premiums paid on swap agreements – OTC		973,412
Unrealized appreciation on forward foreign currency contracts outstanding		70,939,586
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		29,910,834
Cash collateral – OTC Derivatives		31,660,000
Cash		48,096,938
Foreign currencies, at value (Cost $27,589,669)		28,026,849
Receivable for:
Investments sold		72,552,295
Fund shares sold		958,316
Dividends		8,852
Interest		30,436,922
Investment for trustee deferred compensation and retirement plans		461,898
Other assets		79,572
Total assets		2,389,750,308

Liabilities:
Other investments:
Options written, at value (premiums received $40,342,955)		50,303,698
Variation margin payable - futures contracts		194,729
Unrealized depreciation on forward foreign currency contracts outstanding		59,979,502
Swaps payable – OTC		1,817,936
Unrealized depreciation on swap agreements–OTC		14,692,805
Payable for:
Investments purchased		57,397,496
Dividends		1,050,790
Fund shares reacquired		2,354,944
Accrued foreign taxes		341,826
Collateral upon return of securities loaned		10,867,040
Accrued trustees’ and officers’ fees and benefits		95
Accrued other operating expenses		1,718,470
Trustee deferred compensation and retirement plans		461,898
Total liabilities		201,181,229
Net assets applicable to shares outstanding		$2,188,569,079


Net assets consist of:

Shares of beneficial interest	$	2,502,845,877

Distributable earnings (loss)		(314,276,798	)

	$	2,188,569,079


Net Assets:

Class A	$	690,865,683

Class C	$	30,413,806

Class R	$	60,912,784

Class Y	$	936,624,194

Class R5	$	69,539

Class R6	$	469,683,073


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		136,008,934

Class C		6,011,471

Class R		12,027,934

Class Y		184,463,563

Class R5		13,677

Class R6		92,606,391

Class A:
Net asset value per share	$	5.08

Maximum offering price per share (Net asset value of $5.08 ÷ 95.75%)	$	5.31

Class C:
Net asset value and offering price per share	$	5.06

Class R:
Net asset value and offering price per share	$	5.06

Class Y:
Net asset value and offering price per share	$	5.08

Class R5:
Net asset value and offering price per share	$	5.08

Class R6:
Net asset value and offering price per share	$	5.07

*	At October 31, 2021, securities with an aggregate value of $10,548,817 were on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


27		Invesco International Bond Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest (net of foreign withholding taxes of $2,507,864)	$	96,122,285

Dividends from affiliated money market funds (includes securities lending income of $3,319)		40,657

Total investment income		96,162,942


Expenses:
Advisory fees		14,317,375

Administrative services fees		362,182

Custodian fees		685,149

Distribution fees:
Class A		2,005,685

Class C		429,245

Class R		366,455

Transfer agent fees – A, C, R and Y		3,778,312

Transfer agent fees – R5		2

Transfer agent fees – R6		87,959

Trustees’ and officers’ fees and benefits		42,968

Registration and filing fees		97,193

Reports to shareholders		446,306

Professional services fees		118,266

Other		243,069

Total expenses		22,980,166

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,256,227	)

Net expenses		21,723,939

Net investment income		74,439,003


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $2,539,462)		9,223,408

Affiliated investment securities		(9,120	)

Foreign currencies		(2,391,724	)

Forward foreign currency contracts		(68,361,604	)

Futures contracts		71,528,529

Option contracts written		66,042,198

Swap agreements		(155,781,794	)

		(79,750,107	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $2,630,726)		(17,957,033	)

Affiliated investment securities		6,794

Foreign currencies		(748,732	)

Forward foreign currency contracts		13,821,814

Futures contracts		(1,036,924	)

Option contracts written		(7,784,898	)

Swap agreements		(42,970,919	)

		(56,669,898	)

Net realized and unrealized gain (loss)		(136,420,005	)

Net increase (decrease) in net assets resulting from operations	$	(61,981,002	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


28		Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income	$	74,439,003		$	104,297,439

Net realized gain (loss)		(79,750,107	)		(163,389,675	)

Change in net unrealized appreciation (depreciation)		(56,669,898	)		39,254,450

Net increase (decrease) in net assets resulting from operations		(61,981,002	)		(19,837,786	)


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		(21,704,815	)		(12,584,992	)

Class C		(810,790	)		(939,221	)

Class R		(1,769,009	)		(1,083,963	)

Class Y		(31,503,592	)		(19,536,738	)

Class R5		(907	)		(144	)

Class R6		(17,034,255	)		(10,916,729	)

Total return of capital		(72,823,368	)		(45,061,787	)

Total distributions		(72,823,368	)		(118,141,121	)


Share transactions–net:
Class A		(163,005,229	)		(118,606,584	)

Class C		(33,693,204	)		(45,052,132	)

Class R		(15,250,325	)		(16,467,445	)

Class Y		(109,968,834	)		(443,976,101	)

Class R5		62,702			–

Class R6		(73,986,017	)		(276,644,428	)

Net increase (decrease) in net assets resulting from share transactions		(395,840,907	)		(900,746,690	)

Net increase (decrease) in net assets		(530,645,277	)		(1,038,725,597	)


Net assets:
Beginning of year		2,719,214,356			3,757,939,953

End of year	$	2,188,569,079		$	2,719,214,356

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


29		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 10/31/21		$	5.41		$	0.15		$	(0.33	)		$	(0.18	)		$	–			$	(0.15	)		$	(0.15	)		$	5.08		(3.54	)%		$	690,866		1.01	%		1.07	%		2.73	%		197	%
Year ended 10/31/20			5.53			0.17			(0.10	)			0.07				(0.12	)			(0.07	)			(0.19	)			5.41		1.35				894,798		1.00			1.04			3.17			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.60				1,043,265		1.01	^(e)		1.03	^(e)		4.60	^(e)		7
Year ended 09/30/19			5.47			0.28			(0.06	)			0.22				–				(0.28	)			(0.28	)			5.41		4.15				1,039,683		0.99			1.02			5.15			105
Year ended 09/30/18			5.95			0.25			(0.48	)			(0.23	)			(0.13	)			(0.12	)			(0.25	)			5.47		(4.20	)			1,082,539		0.99			1.01			4.31			115
Year ended 09/30/17			5.95			0.23			0.03				0.26				(0.10	)			(0.16	)			(0.26	)			5.95		4.67				1,280,770		1.02			1.05			3.94			96
Class C
Year ended 10/31/21			5.39			0.11			(0.33	)			(0.22	)			–				(0.11	)			(0.11	)			5.06		(4.29	)			30,414		1.76			1.82			1.98			197
Year ended 10/31/20			5.51			0.13			(0.10	)			0.03				(0.09	)			(0.06	)			(0.15	)			5.39		0.58				64,440		1.75			1.79			2.42			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.55				113,329		1.77	^(e)		1.79	^(e)		3.84	^(e)		7
Year ended 09/30/19			5.45			0.24			(0.06	)			0.18				–				(0.24	)			(0.24	)			5.39		3.36				116,134		1.74			1.77			4.39			105
Year ended 09/30/18			5.93			0.21			(0.48	)			(0.27	)			(0.11	)			(0.10	)			(0.21	)			5.45		(4.79	)			291,793		1.74			1.76			3.56			115
Year ended 09/30/17			5.92			0.18			0.05				0.23				(0.08	)			(0.14	)			(0.22	)			5.93		3.89				369,679		1.77			1.80			3.20			96
Class R
Year ended 10/31/21			5.39			0.14			(0.34	)			(0.20	)			–				(0.13	)			(0.13	)			5.06		(3.80	)			60,913		1.26			1.32			2.48			197
Year ended 10/31/20			5.51			0.15			(0.10	)			0.05				(0.10	)			(0.07	)			(0.17	)			5.39		1.09				79,763		1.25			1.29			2.92			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.59				99,080		1.27	^(e)		1.29	^(e)		4.34	^(e)		7
Year ended 09/30/19			5.45			0.27			(0.06	)			0.21				–				(0.27	)			(0.27	)			5.39		3.88				98,380		1.24			1.27			4.90			105
Year ended 09/30/18			5.93			0.24			(0.49	)			(0.25	)			(0.12	)			(0.11	)			(0.23	)			5.45		(4.47	)			117,668		1.23			1.25			4.06			115
Year ended 09/30/17			5.93			0.21			0.04				0.25				(0.09	)			(0.16	)			(0.25	)			5.93		4.41				131,112		1.27			1.30			3.67			96
Class Y
Year ended 10/31/21			5.40			0.16			(0.32	)			(0.16	)			–				(0.16	)			(0.16	)			5.08		(3.11	)			936,624		0.76			0.82			2.98			197
Year ended 10/31/20			5.53			0.18			(0.11	)			0.07				(0.12	)			(0.08	)			(0.20	)			5.40		1.41				1,105,508		0.75			0.79			3.42			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				1,623,640		0.77	^(e)		0.79	^(e)		4.84	^(e)		7
Year ended 09/30/19			5.47			0.29			(0.05	)			0.24				–				(0.30	)			(0.30	)			5.41		4.40				1,611,797		0.74			0.77			5.39			105
Year ended 09/30/18			5.95			0.26			(0.48	)			(0.22	)			(0.14	)			(0.12	)			(0.26	)			5.47		(3.80	)			2,597,821		0.74			0.76			4.56			115
Year ended 09/30/17			5.95			0.24			0.04				0.28				(0.11	)			(0.17	)			(0.28	)			5.95		4.75				2,345,993		0.77			0.80			4.13			96
Class R5
Year ended 10/31/21			5.41			0.16			(0.32	)			(0.16	)			–				(0.17	)			(0.17	)			5.08		(3.16	)			70		0.64			0.64			3.10			197
Year ended 10/31/20			5.53			0.19			(0.11	)			0.08				(0.12	)			(0.08	)			(0.20	)			5.41		1.71				10		0.61			0.62			3.56			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				10		0.68	^(e)		0.68	^(e)		4.93	^(e)		7
Period ended 09/30/19^(f)			5.41			0.11			(0.01	)			0.10				–				(0.10	)			(0.10	)			5.41		1.74				10		0.65	^(e)		0.67	^(e)		5.48	^(e)		105
Class R6
Year ended 10/31/21			5.40			0.17			(0.33	)			(0.16	)			–				(0.17	)			(0.17	)			5.07		(3.17	)			469,683		0.64			0.65			3.10			197
Year ended 10/31/20			5.52			0.19			(0.10	)			0.09				(0.13	)			(0.08	)			(0.21	)			5.40		1.75				574,695		0.61			0.62			3.56			162
One month ended 10/31/19			5.40			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.52		2.64				878,616		0.60	^(e)		0.62	^(e)		5.01	^(e)		7
Year ended 09/30/19			5.46			0.30			(0.06	)			0.24				–				(0.30	)			(0.30	)			5.40		4.55				857,498		0.60			0.62			5.53			105
Year ended 09/30/18			5.94			0.27			(0.48	)			(0.21	)			(0.14	)			(0.13	)			(0.27	)			5.46		(3.83	)			1,404,290		0.58			0.60			4.71			115
Year ended 09/30/17			5.94			0.25			0.04				0.29				(0.11	)			(0.18	)			(0.29	)			5.94		5.12				1,194,372		0.59			0.61			4.37			96

(a)	Calculated using average shares outstanding.

(b)

(c)	Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01%, 0.01% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019, 2018 and 2017 respectively.

(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

(e)	Annualized.

(f)	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


30		Invesco International Bond Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

Invesco International Bond Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco International Bond Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Susbsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is total return.

The 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.


31		Invesco International Bond 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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in


32		Invesco International Bond Fund

potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

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.

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.

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.


33		Invesco International Bond Fund

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 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.


34		Invesco International Bond Fund

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.

R.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

S.	Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

T.	Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund 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 ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.56%.


35		Invesco International Bond Fund

assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.01%, 1.76%, 1.26%, 0.76%, 0.67%, and 0.62%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $104,513 and reimbursed class level expenses of $422,958, $23,802, $40,945, $603,130, $0 and $58,432 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 Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2021, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2021, IDI advised the Fund that IDI retained $23,523 in front-end sales commissions from the sale of Class A shares and $120 and $860 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	$	–	$	1,259,955,462	$	–	$	1,259,955,462

U.S. Dollar Denominated Bonds & Notes		–		403,915,993		–		403,915,993

U.S. Treasury Securities		–		179,964,526		–		179,964,526

Asset-Backed Securities		–		174,464,769		–		174,464,769

Preferred Stocks		–		8,935,664		–		8,935,664

Common Stocks & Other Equity Interests		–		–		308,194		308,194

Money Market Funds		937,266		10,867,040		–		11,804,306

Options Purchased		–		30,110,787		–		30,110,787

Total Investments in Securities		937,266		2,068,214,241		308,194		2,069,459,701

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


36		Invesco International Bond Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Assets*

Futures Contracts	$	661,020		$	–		$	–	$	661,020

Forward Foreign Currency Contracts		–			70,939,586			–		70,939,586

Swap Agreements		–			22,232,922			–		22,232,922

		661,020			93,172,508			–		93,833,528


Other Investments - Liabilities*

Futures Contracts		(817,405	)		–			–		(817,405	)

Forward Foreign Currency Contracts		–			(59,979,502	)		–		(59,979,502	)

Options Written		–			(50,303,698	)		–		(50,303,698	)

Swap Agreements		–			(69,088,865	)		–		(69,088,865	)

		(817,405	)		(179,372,065	)		–		(180,189,470	)

Total Other Investments		(156,385	)		(86,199,557	)		–		(86,355,942	)

Total Investments	$	780,881		$	1,982,014,684		$	308,194	$	1,983,103,759

*	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, 2021:


	Value


Derivative Assets	Credit Risk			Currency Risk			Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	-		$	-		$	661,020		$	661,020

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		651,267			-			21,486,708			22,137,975

Unrealized appreciation on forward foreign currency contracts outstanding		-			70,939,586			-			70,939,586

Unrealized appreciation on swap agreements – OTC		94,947			-			-			94,947

Options purchased, at value – OTC^(b)		-			12,970,079			17,140,708			30,110,787

Total Derivative Assets		746,214			83,909,665			39,288,436			123,944,315

Derivatives not subject to master netting agreements		(651,267	)		-			(22,147,728	)		(22,798,995	)

Total Derivative Assets subject to master netting agreements	$	94,947		$	83,909,665		$	17,140,708		$	101,145,320


	Value


Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	-		$	-		$	(817,405	)	$	(817,405	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(174,669	)		-			(54,221,391	)		(54,396,060	)

Unrealized depreciation on forward foreign currency contracts outstanding		-			(59,979,502	)		-			(59,979,502	)

Unrealized depreciation on swap agreements - OTC		(298,930	)		-			(14,393,875	)		(14,692,805	)

Options written, at value – OTC		(1,542,610	)		(20,084,842	)		(28,676,246	)		(50,303,698	)

Total Derivative Liabilities		(2,016,209	)		(80,064,344	)		(98,108,917	)		(180,189,470	)

Derivatives not subject to master netting agreements		174,669			-			55,038,796			55,213,465

Total Derivative Liabilities subject to master netting agreements	$	(1,841,540	)	$	(80,064,344	)	$	(43,070,121	)	$	(124,976,005	)

(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.


37		Invesco International Bond Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2021.


	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received)/Pledged

Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount


Bank of America, N.A.	$	9,682,288	$	2,525,999	$	288,585	$	12,496,872	$	(6,867,802	)	$	(6,146,851	)	$	(1,247,802	)	$	(14,262,455	)	$	(1,765,583	)		$-	$	1,765,583		$	-


Barclays Bank PLC		-		-		-		-		(1,370,757	)		-			-			(1,370,757	)		(1,370,757	)		-		-			(1,370,757	)


Citibank, N.A.		2,430,411		-		108,516		2,538,927		(3,873,786	)		-			(94,889	)		(3,968,675	)		(1,429,748	)		-		1,429,748			-


Goldman Sachs International		11,572,450		11,324,223		3,878,478		26,775,151		(10,072,893	)		(16,010,253	)		(15,105,480	)		(41,188,626	)		(14,413,475	)		-		11,190,000			(3,223,475	)


J.P. Morgan Chase Bank, N.A.		30,558,971		1,455,150		33,924		32,048,045		(18,449,992	)		(9,688,818	)		(62,570	)		(28,201,380	)		3,846,665			-		(3,846,665	)		-


Morgan Stanley and Co. International PLC		10,351,255		13,574,457		-		23,925,712		(12,352,530	)		(17,429,928	)		-			(29,782,458	)		(5,856,746	)		-		590,000			(5,266,746	)


Royal Bank of Canada		3,437,610		-		-		3,437,610		(4,459,831	)		-			-			(4,459,831	)		(1,022,221	)		-		1,022,221			-


Standard Chartered Bank PLC		2,906,601		962,295		-		3,868,896		(2,531,911	)		(1,018,425	)		-			(3,550,336	)		318,560			-		(318,560	)		-


Toronto-Dominion Bank (The)		-		-		-		-		-			(9,423	)		-			(9,423	)		(9,423	)		-		-			(9,423	)


UBS AG		-		268,663		-		268,663		-			-			-			-			268,663			-		-			268,663


Total	$	70,939,586	$	30,110,787	$	4,309,503	$	105,359,876	$	(59,979,502	)	$	(50,303,698	)	$	(16,510,741	)	$	(126,793,941	)	$	(21,434,065	)		$-	$	11,832,327		$	(9,601,738	)

Effect of Derivative Investments for the year ended October 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Consolidated Statement of Operations


	Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total


Realized Gain (Loss):

Forward foreign currency contracts	$	-		$	(68,361,604	)	$	-		$	-		$	(68,361,604	)


Futures contracts		-			-			-			71,528,529			71,528,529


Options purchased^(a)		-			(31,351,745	)		(2,178,062	)		9,512,278			(24,017,529	)


Options written		-			45,968,039			1,090,938			18,983,221			66,042,198


Swap agreements		(1,952,083	)		-			109,453			(153,939,164	)		(155,781,794	)


Change in Net Unrealized Appreciation (Depreciation):

Forward foreign currency contracts		-			13,821,814			-			-			13,821,814


Futures contracts		-			-			-			(1,036,924	)		(1,036,924	)


Options purchased^(a)		-			2,829,235			-			5,183,343			8,012,578


Options written		(147,764	)		(2,217,937	)		-			(5,419,197	)		(7,784,898	)


Swap agreements		1,571,116			-			-			(44,542,035	)		(42,970,919	)


Total	$	(528,731	)	$	(39,312,198	)	$	(977,671	)	$	(99,729,949	)	$	(140,548,549	)

(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts		Futures Contracts		Index Options Purchased		Swaptions Purchased		Foreign Currency Options Purchased		Index Options Written		Swaptions Written		Foreign Currency Options Written		Swap Agreements


Average notional value	$	9,182,399,043	$	680,078,715	$	142,450,000	$	2,595,725,845	$	2,102,595,582	$	135,625,000	$	2,710,764,910	$	2,346,549,978	$	13,488,046,618

Average contracts		-		-		350		-		-		350		-		-		-


38		Invesco International Bond Fund

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, 2021 and 2020 :


	2021		2020


Ordinary income*	$	–	$	73,079,334


Return of capital		72,823,368		45,061,787


Total distributions	$	72,823,368	$	118,141,121

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2021


Net unrealized appreciation (depreciation) – investments	$	(153,079,721	)


Net unrealized appreciation (depreciation) – foreign currencies		(967,682	)


Temporary book/tax differences		(455,787	)


Capital loss carryforward		(159,773,608	)


Shares of beneficial interest		2,502,845,877


Total net assets	$	2,188,569,079

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, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	104,357,905	$	55,415,703	$	159,773,608

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.


39		Invesco International Bond Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $3,518,766,618 and $3,834,839,835, 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	$	139,532,099

Aggregate unrealized (depreciation) of investments		(292,611,820	)

Net unrealized appreciation (depreciation) of investments	$	(153,079,721	)

Cost of investments for tax purposes is $2,137,503,243.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, return of capital and net operating losses, on October 31, 2021, undistributed net investment income was increased by $3,555,700, undistributed net realized gain (loss) was increased by $155,392,996 and shares of beneficial interest was decreased by $158,948,696. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


Summary of Share Activity

	Year ended October 31, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount

Sold:

Class A		10,679,165		$	59,163,264			26,001,326		$	138,285,569

Class C		749,964			4,152,544			1,089,680			5,845,149

Class R		1,933,033			10,661,305			2,335,386			12,397,914

Class Y		52,906,667			292,887,665			54,924,076			292,087,108

Class R5		11,857			62,852			-			-

Class R6		25,033,048			138,232,595			38,722,105			207,171,403


Issued as reinvestment of dividends:

Class A		3,272,113			17,895,284			5,196,346			27,241,863

Class C		120,518			658,289			413,899			2,157,374

Class R		321,804			1,754,902			532,941			2,784,152

Class Y		4,262,472			23,303,587			7,469,088			39,200,481

Class R5		114			596			-			-

Class R6		2,726,524			14,911,604			4,911,505			25,788,764


Automatic conversion of Class C shares to Class A shares:
Class A		4,513,898			25,808,212			5,077,757			27,007,066

Class C		(4,530,213	)		(25,808,212	)		(5,096,737	)		(27,007,066	)


Reacquired:

Class A		(47,989,282	)		(265,871,989	)		(59,360,812	)		(311,141,082	)

Class C		(2,295,274	)		(12,695,825	)		(5,007,250	)		(26,047,589	)

Class R		(5,025,642	)		(27,666,532	)		(6,035,135	)		(31,649,511	)

Class Y		(77,271,663	)		(426,160,086	)		(151,453,160	)		(775,263,690	)

Class R5		(142	)		(746	)		-			-

Class R6		(41,611,072	)		(227,130,216	)		(96,206,785	)		(509,604,595	)

Net increase (decrease) in share activity		(72,192,111	)	$	(395,840,907	)		(176,485,770	)	$	(900,746,690	)

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


40		Invesco International Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco International Bond Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco International Bond Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, 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, 2021, 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, 2021 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the two years in the period ended October 31, 2021, the one month ended October 31, 2019, and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the two years in the period ended October 31, 2021, the one month ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5.

The consolidated financial statements of Oppenheimer International Bond Fund (subsequently renamed Invesco International Bond Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for 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 23, 2021


41		Invesco International Bond 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, if these transaction costs were included, your costs would have been higher.



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio

Class A	$1,000.00	$935.10	$4.98	$1,020.06	$5.19	1.02%

Class C	1,000.00	931.20	8.66	1,016.23	9.05	1.78

Class R	1,000.00	933.60	6.19	1,018.80	6.46	1.27

Class Y	1,000.00	936.30	3.76	1,021.32	3.92	0.77

Class R5	1,000.00	935.20	3.17	1,021.93	3.31	0.65

Class R6	1,000.00	936.80	3.22	1,021.88	3.36	0.66

2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


42		Invesco International Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco International Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the third quintile for the three year period 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 year period and the below the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund


43		Invesco International Bond Fund

performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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

Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board also received information about commissions that an affiliated broker may receive for

executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.


44		Invesco International Bond Fund

Tax Information

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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


45		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	186	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 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

Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)

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	186	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 President and Director of Grahamtastic Connection (non-profit)

Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)

Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School – Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)

Elizabeth Krentzman -1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee

Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)

Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)

Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership

Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None

Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A

Russell C. Burk² - 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation	N/A	N/A

		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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC


T-4		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC	N/A	N/A

		Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.

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-6		Invesco International Bond 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

LOGO


SEC file number(s): 811-05426 and 033-19338				Invesco Distributors, Inc.		O-IBD-AR-1

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Macro Allocation Strategy Fund

Nasdaq:

A: GMSDX ∎ C: GMSEX ∎ R: GMSJX ∎ Y: GMSHX ∎ R5: GMSKX ∎ R6: GMSLX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

15		Consolidated Financial Statements

18		Consolidated Financial Highlights

19		Notes to Consolidated Financial Statements

28		Report of Independent Registered Public Accounting Firm

29		Fund Expenses

30		Approval of Investment Advisory and Sub-Advisory Contracts

32		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco Macro Allocation Strategy Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg 3-Month Treasury Bellwether Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	11.84	%
Class C Shares	11.14
Class R Shares	11.63
Class Y Shares	12.12
Class R5 Shares	12.11
Class R6 Shares	12.14
Bloomberg 3-Month Treasury Bellwether Index^q (Broad Market/Style-Specific Index)	0.05
Lipper Absolute Return Funds Index^∎ (Peer Group Index)	11.11
Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2021, the Fund at NAV reported positive absolute performance as two of the major asset classes in which the Fund invests (stocks and commodities) contributed to results, while the sovereign debt exposure detracted. The Fund operates on a fully systematic platform and invests in derivatives, such as swaps, options and futures, which are expected to correspond to the performance of the US and international fixed-income, equity and commodity markets. The strategy is constructed by combining two separate components; an adaptive positioning and a diversified defense component. The adaptive positioning component seeks to capture market trends by taking both long and short positions across global equity, government bond and commodity markets. The diversified defense component adds a permanent allocation to defensive assets and strategies to the portfolio.

The adaptive positioning’s investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our equity, fixed-income and commodity allocations. Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try and take advantage of shorter-term market dynamics. Here, the team introduces a component to the aggregate portfolio that is anchored on the premise that over the long-term asset classes typically generate an excess return over cash. This concept has a long-term orientation and therefore needs to be complemented with an overlay that takes into account the differentiated behavior of assets over the short term.

The adaptive positioning generated a positive result for the fiscal year. The exposures to equities and commodities contributed to results while the exposure to sovereign debt markets detracted from results. This result is consistent with the reflationary trade caused by the expansionary monetary policies put in place by global central banks and government as a consequence of the economic shutdown triggered by the spread of the coronavirus (COVID-19).

The diversified defense component introduces dedicated defensive assets and strategies to the aggregate portfolio. This component is designed in a manner that improves the reactivity during market turbulence and is made up of four parts that exhibit defensive characteristics: (1) dedicated long exposure to high-quality sovereign debt; (2) long equity put option strategies; (3) defensive equity factor premia (momentum, low volatility, quality), and (4) optimal roll of select commodities. These four concepts are combined into an aggregate diversified defense strategy using a risk-balanced framework.

The final portfolio is then put together seeking to achieve long-term correlation to equities of zero. From a risk-contribution perspective, the adaptive position contributes 80% while the diversified defense contributes 20% of the portfolio’s aggregate risk.

In equities, all markets contributed to Fund results with North America performing the best, followed by Europe and emerging markets. Commodities also benefited by bottlenecks in supply chains caused by the shutdown of production sites that reduced stock, adverse weather conditions that impeded transportation but also affect key agriculture asset growing regions, and a general sense of underinvestment in an asset class that never recovered from the all-time high in June of 2008. Noteworthy mention goes to energy

assets that on aggregate were the best performing complex for the fiscal year. Conversely, precious metals struggled as demand for safe haven assets waned in an environment that favors risky investments. Additionally, at a complex level, the current fiscal year’s performance is the mirror opposite of the previous fiscal year’s results when energy assets struggled in step with lockdown policies introduced as COVID-19 spread havoc while precious metals provided a safe haven.

The Fund’s exposure to global government bonds provided the largest detraction to the Fund’s absolute performance. This is largely the reaction to the risk-on trade favoring equities and commodities but also the increase in inflationary data strongly suggesting that an interest rate hike is in the cards sooner rather than later. While the spread of COVID-19 ushered in significant economic uncertainty, which created a favorable environment for government bonds, this sentiment faded toward the end of the last fiscal year as economic data suggested that a recovery was very well in the line of succession. The yield of the US 10-year Treasury reached an all-time low in early August 2020, meanwhile that number has tripled a year later.

All four diversified defense components detracted from the strategy during the fiscal year with the long bond exposure detracting the most, followed by the options strategy, the defensive factor premia and optimal roll for commodities.

Please note that our strategy is principally implemented with derivative instruments that include options, futures and total return swaps. Therefore, all or most of the strategy performance, 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


2		Invesco Macro Allocation Strategy Fund

completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Macro Allocation Strategy Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 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.


4		Invesco Macro Allocation Strategy Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception	2.53	%
5 Years	1.61
1 Year	5.65

Class C Shares
Inception	2.42	%
5 Years	2.03
1 Year	10.14

Class R Shares
Inception	2.94	%
5 Years	2.52
1 Year	11.63

Class Y Shares
Inception (9/26/12)	3.44	%
5 Years	3.02
1 Year	12.12

Class R5 Shares
Inception	3.45	%
5 Years	3.04
1 Year	12.11

Class R6 Shares
Inception	3.43	%
5 Years	3.02
1 Year	12.14

On August 28, 2013, Class H1 shares converted to Class Y shares.

Class A, Class C and Class R shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class A, Class C and Class R shares.

Class R5 shares and Class R6 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco Macro Allocation Strategy Fund

Supplemental Information

Invesco Macro Allocation Strategy Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

:=n

Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

:=n

Unless otherwise noted, all data is provided by Invesco.

:=n

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The Bloomberg 3-Month Treasury Bellwether Index measures the performance of treasury bills with maturities of less than three months.

∎

The Lipper Absolute Return Funds Index is an unmanaged index considered representative of absolute return funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Macro Allocation Strategy Fund

Fund Information

Target Risk Contribution and Notional Asset Weights as of October 31, 2021


Asset Class	Target Risk Contribution*			Notional Asset Weights**

Equities		89.61	%		47.06	%
Fixed Income		5.91			15.94
Commodities		18.66			54.41
Options		-14.18			17.87
Total		100.00	%		135.28	%

Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns.

Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.


7		Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

October 31, 2021


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-38.41%
U.S. Treasury Bills-12.27%^(a)
U.S. Treasury Bills		0.05%		12/02/2021	$	15,580	$ 15,579,564
U.S. Treasury Bills		0.05%		12/09/2021		2,510	2,509,906
U.S. Treasury Bills		0.05%		03/10/2022		12,800	12,797,477
							30,886,947

U.S. Treasury Notes-26.14%^(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)		0.20%		01/31/2022		32,900	32,912,474
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)		0.16%		04/30/2022		32,900	32,918,092
							65,830,566
Total U.S. Treasury Securities (Cost $96,711,330)							96,717,513

					Shares
Money Market Funds-48.96%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)						53,989,266	53,989,266
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)						18,891,509	18,897,176
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.01%^(c)(d)						20,435,916	20,435,916
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)						29,978,590	29,978,590
Total Money Market Funds (Cost $123,301,642)							123,300,948

Options Purchased–0.52%
(Cost $2,882,340)^(e)							1,317,650
TOTAL INVESTMENTS IN SECURITIES-87.89% (Cost $222,895,312)							221,336,111
OTHER ASSETS LESS LIABILITIES-12.11%							30,485,667
NET ASSETS-100.00%							$251,821,778

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, 2021.

^(c)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$43,201,676		$167,005,577		$(156,217,987	)		$ -		$ -		$ 53,989,266	$12,771
Invesco Liquid Assets Portfolio, Institutional Class		17,065,275		113,143,576		(111,310,035	)		1,712		(3,352)		18,897,176	4,638
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		10,541,153		63,793,297		(53,898,534	)		-		-		20,435,916	5,441
Invesco Treasury Portfolio, Institutional Class		27,341,344		181,172,088		(178,534,842	)		-		-		29,978,590	2,998
Total		$98,149,448		$525,114,538		$(499,961,398	)		$1,712		$(3,352)		$123,300,948	$25,848

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(e)	The table below details options purchased.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


8		Invesco Macro Allocation Strategy Fund


Open Exchange-Traded Index Options Purchased^(a)

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*			Value
Equity Risk
S&P 500 Index		Put		12/17/2021		10		USD	3,625.00		USD	3,625,000	$ 5,650
S&P 500 Index		Put		03/18/2022		10		USD	3,750.00		USD	3,750,000	44,600
S&P 500 Index		Put		04/14/2022		10		USD	3,925.00		USD	3,925,000	74,350
S&P 500 Index		Put		06/17/2022		10		USD	4,050.00		USD	4,050,000	128,600
S&P 500 Index		Put		01/21/2022		10		USD	4,075.00		USD	4,075,000	38,000
S&P 500 Index		Put		02/18/2022		10		USD	4,075.00		USD	4,075,000	57,250
S&P 500 Index		Put		11/19/2021		10		USD	4,050.00		USD	4,050,000	3,850
S&P 500 Index		Put		05/20/2022		10		USD	4,025.00		USD	4,025,000	108,050
S&P 500 Index		Put		07/15/2022		10		USD	4,150.00		USD	4,150,000	162,900
S&P 500 Index		Put		09/16/2022		10		USD	4,350.00		USD	4,350,000	247,700
S&P 500 Index		Put		10/21/2022		10		USD	4,250.00		USD	4,250,000	240,450
S&P 500 Index		Put		08/19/2022		10		USD	4,250.00		USD	4,250,000	206,250
Total Index Options Purchased						120							$1,317,650

^(a)	Open Exchange-Traded Index Options Purchased collateralized by $4,095,000 cash held with Morgan Stanley & Co.

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Brent Crude		18		December-2021	$	1,485,900	$	107,406			$ 107,406

Coffee ‘C’		33		December-2021		2,523,881		231,463			231,463

Cotton No. 2		24		December-2021		1,378,200		362,180			362,180

Gasoline Reformulated Blendstock Oxygenate Blending		15		November-2021		1,492,911		(24,235	)		(24,235	)

Gold 100 oz.		11		December-2021		1,962,290		(33,318	)		(33,318	)

KC HRW Wheat		47		December-2021		1,846,513		267,791			267,791

Lean Hogs		47		December-2021		1,430,210		(129,109	)		(129,109	)

LME Aluminum		11		December-2021		747,656		(66,378	)		(66,378	)

LME Nickel		11		December-2021		1,286,076		77,673			77,673

Natural Gas		9		November-2021		488,340		57,060			57,060

Silver		11		December-2021		1,317,195		55,310			55,310

Soybean Meal		37		December-2021		1,230,620		(130,092	)		(130,092	)

Soybeans		7		July-2022		445,725		7,402			7,402

Sugar No. 11		18		February-2022		388,483		33,998			33,998

Wheat		5		December-2021		193,188		8,751			8,751

WTI Crude		16		April-2022		1,220,320		71,941			71,941

Subtotal								897,843			897,843

Equity Risk

E-Mini Russell 2000 Index		146		December-2021		16,755,690		477,969			477,969

EURO STOXX 50 Index		344		December-2021		16,849,022		328,360			328,360

FTSE 100 Index		246		December-2021		24,320,569		680,216			680,216

S&P/TSX 60 Index		95		December-2021		19,351,568		533,673			533,673

Tokyo Stock Price Index		124		December-2021		21,677,561		(299,569	)		(299,569	)

Subtotal								1,720,649			1,720,649

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


9		Invesco Macro Allocation Strategy Fund


Open Futures Contracts^(a) – (continued)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

Australia 10 Year Bonds		272		December-2021	$	27,592,217		$	(1,933,289	)		$(1,933,289	)

Canada 10 Year Bonds		126		December-2021		14,350,113			(493,994	)		(493,994	)

Japan Mini 10 Year Bonds		47		December-2021		6,238,763			(23,405	)		(23,405	)

Long Gilt		10		December-2021		1,709,593			(51,107	)		(51,107	)

U.S. Treasury Long Bonds		36		December-2021		5,790,375			(63,261	)		(63,261	)

Subtotal									(2,565,056	)		(2,565,056	)

Subtotal–Long Futures Contracts									53,436			53,436


Short Futures Contracts

Commodity Risk

Cocoa		85		March-2022		(2,193,000	)		86,468			86,468

Corn		55		December-2021		(1,562,688	)		(28,559	)		(28,559	)

Live Cattle		34		December-2021		(1,758,140	)		32,991			32,991

LME Aluminum		11		December-2021		(747,656	)		(455	)		(455	)

LME Aluminum		13		January-2022		(883,350	)		71,672			71,672

LME Nickel		37		December-2021		(4,325,892	)		(256,065	)		(256,065	)

Low Sulphur Gas Oil		8		March-2022		(553,200	)		(8,024	)		(8,024	)

New York Harbor Ultra-Low Sulfur Diesel		5		March-2022		(498,015	)		(23,618	)		(23,618	)

Soybean Oil		36		December-2021		(1,323,432	)		(99,113	)		(99,113	)

Subtotal									(224,703	)		(224,703	)

Equity Risk

E-Mini S&P 500 Index		65		December-2021		(14,940,250	)		(369,046	)		(369,046	)

MSCI EAFE Index		222		December-2021		(25,969,560	)		396,929			396,929

MSCI Emerging Markets Index		232		December-2021		(14,639,200	)		155,971			155,971

Subtotal									183,854			183,854

Interest Rate Risk

Euro-Bund		163		December-2021		(31,678,512	)		434,296			434,296

Subtotal-Short Futures Contracts									393,447			393,447

Total Futures Contracts								$	446,883			$ 446,883

^(a)	Futures contracts collateralized by $22,160,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.


Open Over-The-Counter Total Return Swap Agreements^(a)(b)
Counterparty	Pay/ Receive	Reference Entity^(c)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)
Commodity Risk
Barclays Bank PLC	Pay		Barclays Commodity Strategy 1452 Excess Return Index		0.33	%		Monthly		100		September-2022		USD	81,925		$-	$	4,898	$ 4,898
Canadian Imperial Bank of Commerce	Pay		Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		500		May-2022		USD	57,648		-		364	364
Macquarie Bank Ltd.	Receive		Macquarie F6 Carry Alpha Index		0.32			Monthly		316,700		April-2022		USD	82,069,416		-		1,093,819	1,093,819
Merrill Lynch International	Pay		MLCX Dynamic Enhanced Copper Excess Return Index		0.10			Monthly		290		September-2022		USD	254,544		-		0	0
Subtotal – Appreciation																	-		1,099,081	1,099,081

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


10		Invesco Macro Allocation Strategy Fund


Open Over-The-Counter Total Return Swap Agreements^(a)(b)— (continued)
Counterparty	Pay/ Receive		Reference Entity^(c)		Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Barclays Bank PLC		Receive		Barclays Commodity Strategy 1748 Excess Return Index		0.42	%		Monthly		140,470		April-2022		USD	42,687,976		$-	$	(24,372	)		$	(24,372	)

Total – Total Return Swap Agreements																		$-	$	1,074,709			$	1,074,709

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,950,000.

^(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)

Counterparty

Pay/

Receive

Reference Entity

Floating

Rate

Index

Payment

Frequency

Number of

Contracts

Maturity Date

Notional Value

Upfront

Payments

Paid

(Received)

Value

Unrealized

Appreciation

(Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

MSCI EAFE Minimum
Volatility Index

1 Month
USD LIBOR
+ 0.260%

Monthly

2,922

January-2022

USD

6,271,693

161,382

$ 161,382

BNP Paribas S.A.

Receive

MSCI EAFE Minimum
Volatility Index

1 Month
USD LIBOR
+ 0.430%

Monthly

975

January-2022

USD

2,145,965

595

BNP Paribas S.A.

Receive

MSCI EAFE
Momentum Index

1 Month
USD LIBOR
+ 0.140%

Monthly

982

December-2021

USD

7,121,739

76,264

BNP Paribas S.A.

Receive

MSCI EAFE
Momentum Index

1 Month
USD LIBOR
+ 0.300%

Monthly

198

December-2021

USD

1,393,615

57,714

BNP Paribas S.A.

Receive

MSCI EAFE Quality
Index

1 Month
USD LIBOR
+ 0.390%

Monthly

358

January-2022

USD

1,845,794

7,291

BNP Paribas S.A.

Receive

MSCI EAFE Quality
Index

1 Month
USD LIBOR
+ 0.490%

Monthly

1,310

January-2022

USD

6,500,508

280,333

BNP Paribas S.A.

Receive

MSCI USA Minimum
Volatility Daily Net
Total Return Index

1 Month
USD LIBOR
- 0.030%

Monthly

1,347

March-2022

USD

6,887,911

156,872

Citigroup Global Markets, Inc.

Receive

MSCI USA Quality
Index

1 Month
USD LIBOR
+ 0.100%

Monthly

1,569

March-2022

USD

6,764,273

192,344

Goldman Sachs International

Receive

MSCI Emerging
Markets Minimum
Volatility Index

1 Month
USD LIBOR
+ 0.8%

Monthly

1,250

November-2021

USD

2,582,088

2,625

Goldman Sachs International

Receive

MSCI Emerging
Markets Momentum
Index

1 Month
USD LIBOR
+ 0.76%

Monthly

177

November-2021

USD

2,311,004

53,974

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging
Markets Minimum
Volatility Daily Net
Total Return Index

1 Month
USD LIBOR
+ 1.150%

Monthly

170

November-2021

USD

351,164

357

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging
Markets Momentum
Net Total Return
Index

1 Month
USD LIBOR
+ 1.110%

Monthly

November-2021

USD

339,470

7,928

J.P. Morgan Chase Bank, N.A.

Receive

MSCI USA Minimum
Volatility Index

1 Month
USD LIBOR
- 0.13%

Monthly

346

November-2021

USD

1,769,278

40,295

J.P. Morgan Chase Bank, N.A.

Receive

MSCI USA
Momentum Index

1 Month
USD LIBOR
- 0.020%

Monthly

1,593

November-2021

USD

6,962,234

199,627

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


11		Invesco Macro Allocation Strategy Fund


Open Over-The-Counter Total Return Swap Agreements^(a)— (continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index	Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
J.P. Morgan Chase Bank, N.A.		Receive	MSCI USA Momentum Net Total Return Index	1 Month USD LIBOR + 0.180%		Monthly		419		March-2022		USD	1,831,247	$-	$	52,507			$	52,507

J.P. Morgan Chase Bank, N.A.		Receive	MSCI USA Quality Index	1 Month USD LIBOR		Monthly		436		November-2021		USD	1,879,683	-		53,449				53,449

Subtotal - Appreciation														-		1,343,557				1,343,557

Equity Risk

J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Minimum Volatility Index	1 Month USD LIBOR + 0.770%		Monthly		4,701		April-2022		USD	9,828,569	-		(107,982	)			(107,982	)

J.P. Morgan Chase Bank, N.A.		Receive	MSCI Emerging Markets Momentum Index	1 Month USD LIBOR + 0.780%		Monthly		752		April-2022		USD	10,266,199	-		(218,381	)			(218,381	)

Subtotal - Depreciation														-		(326,363	)			(326,363	)

Total - Total Return Swap Agreements														$-	$	1,017,194				$1,017,194

^(a)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

Abbreviations:


LIBOR		– London Interbank Offered Rate
USD		U.S. Dollar


Reference Entity Components

Reference Entity	Underlying Components	Percentage

Barclays Commodity Strategy 1452 Excess Return Index

	Long Futures Contracts

	Copper	100%


Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2

	Long Futures Contracts

	Copper	100%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


12		Invesco Macro Allocation Strategy Fund


Reference Entity Components—(continued)

Reference Entity	Underlying Components	Percentage


Macquarie F6 Carry Alpha Index
	Long Futures Contracts

	Aluminum	5.83%

	Coffee ‘C’	4.90%

	Copper	6.57%

	Corn	6.84%

	Cotton No. 2	2.13%

	Heating Oil	3.27%

	KC HRW Wheat	2.13%

	Lean Hogs	2.40%

	Live Cattle	4.62%

	Low Sulphur Gasoil	4.16%

	Natural Gas	13.65%

	Nickel	3.01%

	RBOB Gasoline	3.64%

	Soybean Meal	2.94%

	Soybean Oil	4.50%

	Soybeans	5.71%

	Sugar No. 11	3.74%

	Wheat	3.64%

	WTI Crude	12.48%

	Zinc	3.84%

	Total	100.00%


	Short Futures Contracts

	Aluminum	(5.50)%

	Coffee ‘C’	(4.52)%

	Copper	(6.23)%

	Corn	(6.30)%

	Cotton No. 2	(2.11)%

	Heating Oil	(3.26)%

	KC HRW Wheat	(2.02)%

	Lean Hogs	(1.87)%

	Live Cattle	(4.26)%

	Low Sulphur Gasoil	(4.11)%

	Natural Gas	(17.79)%

	Nickel	(2.85)%

	RBOB Gasoline	(3.32)%

	Soybean Meal	(2.69)%

	Soybean Oil	(4.36)%

	Soybeans	(5.25)%

	Sugar No. 11	(3.61)%

	Wheat	(3.41)%

	WTI Crude	(12.81)%

	Zinc	(3.73)%

	Total	(100.00)%


MLCX Dynamic Enhanced Copper Excess Return Index

	Long Futures Contracts

	Copper	100%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


13		Invesco Macro Allocation Strategy Fund


Reference Entity Components—(continued)

Reference Entity	Underlying Components	Percentage


Barclays Commodity Strategy 1748 Excess Return Index

	Long Futures Contracts

	Aluminum	4.40%

	Brent Crude	8.17%

	Coffee ‘C’	3.58%

	Corn	4.97%

	Cotton No. 2	1.66%

	Gas Oil	3.27%

	Gasoline	2.69%

	Gold	10.62%

	Heating Oil	2.57%

	KC HRW Wheat	1.59%

	Lean Hogs	1.48%

	Live Cattle	3.37%

	Natural Gas	13.36%

	Nickel	2.26%

	Silver	2.97%

	Soybean Meal	2.12%

	Soybean Oil	3.47%

	Soybeans	4.16%

	Sugar No. 11	2.87%

	US Copper	4.98%

	Wheat	2.69%

	WTI Crude	9.83%

	Zinc	2.92%

	Total	100.00%


	Short Futures Contracts

	Aluminum	(4.38)%

	Brent Crude	(8.21)%

	Coffee ‘C’	(3.58)%

	Corn	(5.00)%

	Cotton No. 2	(1.69)%

	Gas Oil	(3.28)%

	Gasoline	(2.66)%

	Gold	(10.62)%

	Heating Oil	(2.59)%

	KC HRW Wheat	(1.60)%

	Lean Hogs	(1.48)%

	Live Cattle	(3.36)%

	Natural Gas	(12.79)%

	Nickel	(2.27)%

	Silver	(2.97)%

	Soybean Meal	(2.17)%

	Soybean Oil	(3.47)%

	Soybeans	(4.16)%

	Sugar No. 11	(2.87)%

	US Copper	(4.96)%

	Wheat	(2.70)%

	WTI Crude	(10.22)%

	Zinc	(2.97)%

	Total	(100.00)%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


14		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $99,593,670)		$ 98,035,163
Investments in affiliated money market funds, at value (Cost $123,301,642)		123,300,948
Other investments:
Unrealized appreciation on LME futures contracts		149,345
Swaps receivable — OTC		29
Unrealized appreciation on swap agreements — OTC		2,442,638
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		22,160,000
Cash collateral — exchange-traded options contracts		4,095,000
Cash collateral — OTC Derivatives		1,950,000
Cash		1,240,000
Foreign currencies, at value (Cost $31)		30
Receivable for:
Fund shares sold		6,796
Dividends		3,457
Interest		30,931
Investment for trustee deferred compensation and retirement plans		24,453
Other assets		50,263
Total assets		253,489,053

Liabilities:
Other investments:
Variation margin payable - futures contracts		96,118
Swaps payable – OTC		36,784
Unrealized depreciation on LME futures contracts		322,898
Unrealized depreciation on swap agreements—OTC		350,735
Payable for:
Fund shares reacquired		66,610
Accrued fees to affiliates		21,089
Accrued other operating expenses		746,451
Trustee deferred compensation and retirement plans		26,590
Total liabilities		1,667,275
Net assets applicable to shares outstanding		$251,821,778



Net assets consist of:
Shares of beneficial interest		$233,593,248
Distributable earnings		18,228,530
		$251,821,778

Net Assets:
Class A		$ 1,981,684
Class C		$ 364,002
Class R		$ 150,541
Class Y		$ 5,934,454
Class R5		$ 8,811
Class R6		$243,382,286

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		216,325
Class C		40,550
Class R		16,505
Class Y		641,275
Class R5		952
Class R6		26,337,328
Class A:
Net asset value per share		$ 9.16
Maximum offering price per share (Net asset value of $9.16 ÷ 94.50%)		$ 9.69
Class C:
Net asset value and offering price per share		$ 8.98
Class R:
Net asset value and offering price per share		$ 9.12
Class Y:
Net asset value and offering price per share		$ 9.25
Class R5:
Net asset value and offering price per share		$ 9.26
Class R6:
Net asset value and offering price per share		$ 9.24

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


15		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$ 56,300

Dividends (net of foreign withholding taxes of $3,343)	63,322

Dividends from affiliated money market funds	25,848

Total investment income	145,470


Expenses:

Advisory fees	2,560,743

Administrative services fees	39,739

Custodian fees	66,361

Distribution fees:
Class A	5,495

Class C	5,563

Class R	668

Transfer agent fees - A, C, R and Y	17,089

Trustees’ and officers’ fees and benefits	25,686

Registration and filing fees	82,150

Reports to shareholders	17,889

Professional services fees	64,982

Taxes	1,158

Other	(20,700	)

Total expenses	2,866,823

Less: Fees waived and/or expenses reimbursed	(133,818	)

Net expenses	2,733,005

Net investment income (loss)	(2,587,535	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities	3,910,699

Affiliated investment securities	(3,352	)

Foreign currencies	(56,662	)

Futures contracts	8,666,506

Option contracts written	711,977

Swap agreements	7,889,139

	21,118,307

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities	(1,266,886	)

Affiliated investment securities	1,712

Foreign currencies	(2,071	)

Futures contracts	3,442,161

Option contracts written	(11,910	)

Swap agreements	2,096,812

	4,259,818

Net realized and unrealized gain	25,378,125

Net increase in net assets resulting from operations	$22,790,590

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


16		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income (loss)	$	(2,587,535	)		$ (346,202	)

Net realized gain (loss)		21,118,307			(407,544	)

Change in net unrealized appreciation (depreciation)		4,259,818			(3,420,341	)

Net increase (decrease) in net assets resulting from operations		22,790,590			(4,174,087	)


Distributions to shareholders from distributable earnings:
Class A		-			(346,939	)

Class C		-			(189,555	)

Class R		-			(8,631	)

Class Y		-			(1,267,811	)

Class R5		-			(666	)

Class R6		-			(22,043	)

Total distributions from distributable earnings		-			(1,835,645	)


Share transactions-net:
Class A		(372,312	)		(2,219,668	)

Class C		(554,593	)		(2,100,202	)

Class R		40,352			(11,807	)

Class Y		(5,461,382	)		(4,743,301	)

Class R6		52,072,741			171,930,483

Net increase in net assets resulting from share transactions		45,724,806			162,855,505

Net increase in net assets		68,515,396			156,845,773


Net assets:
Beginning of year		183,306,382			26,460,609

End of year	$	251,821,778			$183,306,382

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


17		Invesco Macro Allocation Strategy Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21		$	8.18		$	(0.12	)		$	1.10			$	0.98			$	-			$	-			$	-			$	9.16		11.98	%		$	1,982		1.42	%		1.62	%		(1.36	)%		86	%
Year ended 10/31/20			9.47			(0.06	)			(0.56	)			(0.62	)			(0.67	)			-				(0.67	)			8.18		(7.02	)			2,111		1.38			1.85			(0.75	)		120
Year ended 10/31/19			8.81			0.08				0.60				0.68				(0.02	)			-				(0.02	)			9.47		7.67				4,982		1.37	^(d)		2.12	^(d)		0.87	^(d)		0
Year ended 10/31/18			9.60			0.03				(0.40	)			(0.37	)			-				(0.42	)			(0.42	)			8.81		(4.03	)			4,491		1.36			2.12			0.29			94
Year ended 10/31/17			10.26			(0.06	)			0.68				0.62				(1.28	)			-				(1.28	)			9.60		6.55				4,645		1.41			2.30			(0.66	)		25
Class C
Year ended 10/31/21			8.08			(0.19	)			1.09				0.90				-				-				-				8.98		11.14				364		2.17			2.37			(2.11	)		86
Year ended 10/31/20			9.30			(0.13	)			(0.54	)			(0.67	)			(0.55	)			-				(0.55	)			8.08		(7.61	)			828		2.13			2.60			(1.50	)		120
Year ended 10/31/19			8.71			0.01				0.58				0.59				(0.00	)			-				(0.00	)			9.30		6.82				3,329		2.12	^(d)		2.87	^(d)		0.12	^(d)		0
Year ended 10/31/18			9.57			(0.04	)			(0.40	)			(0.44	)			-				(0.42	)			(0.42	)			8.71		(4.80	)			6,167		2.11			2.87			(0.46	)		94
Year ended 10/31/17			10.20			(0.13	)			0.69				0.56				(1.19	)			-				(1.19	)			9.57		5.90				7,398		2.16			3.05			(1.41	)		25
Class R
Year ended 10/31/21			8.17			(0.15	)			1.10				0.95				-				-				-				9.12		11.63				151		1.67			1.87			(1.61	)		86
Year ended 10/31/20			9.44			(0.08	)			(0.56	)			(0.64	)			(0.63	)			-				(0.63	)			8.17		(7.22	)			98		1.63			2.10			(1.00	)		120
Year ended 10/31/19			8.80			0.06				0.59				0.65				(0.01	)			-				(0.01	)			9.44		7.41				128		1.62	^(d)		2.37	^(d)		0.62	^(d)		0
Year ended 10/31/18			9.61			0.00				(0.39	)			(0.39	)			-				(0.42	)			(0.42	)			8.80		(4.24	)			100		1.61			2.37			0.04			94
Year ended 10/31/17			10.25			(0.09	)			0.70				0.61				(1.25	)			-				(1.25	)			9.61		6.42				54		1.66			2.55			(0.91	)		25
Class Y
Year ended 10/31/21			8.25			(0.10	)			1.10				1.00				-				-				-				9.25		12.12				5,934		1.17			1.37			(1.11	)		86
Year ended 10/31/20			9.54			(0.04	)			(0.55	)			(0.59	)			(0.70	)			-				(0.70	)			8.25		(6.66	)			10,377		1.13			1.60			(0.50	)		120
Year ended 10/31/19			8.87			0.10				0.60				0.70				(0.03	)			-				(0.03	)			9.54		7.88				17,768		1.12	^(d)		1.87	^(d)		1.12	^(d)		0
Year ended 10/31/18			9.64			0.05				(0.40	)			(0.35	)			-				(0.42	)			(0.42	)			8.87		(3.80	)			30,581		1.11			1.87			0.54			94
Year ended 10/31/17			10.29			(0.04	)			0.70				0.66				(1.31	)			-				(1.31	)			9.64		6.93				30,657		1.16			2.05			(0.41	)		25
Class R5
Year ended 10/31/21			8.26			(0.10	)			1.10				1.00				-				-				-				9.26		12.11				9		1.17			1.22			(1.11	)		86
Year ended 10/31/20			9.54			(0.04	)			(0.54	)			(0.58	)			(0.70	)			-				(0.70	)			8.26		(6.55	)			8		1.13			1.58			(0.50	)		120
Year ended 10/31/19			8.88			0.11				0.58				0.69				(0.03	)			-				(0.03	)			9.54		7.76				9		1.12	^(d)		1.83	^(d)		1.12	^(d)		0
Year ended 10/31/18			9.65			0.05				(0.40	)			(0.35	)			-				(0.42	)			(0.42	)			8.88		(3.79	)			8		1.11			1.82			0.54			94
Year ended 10/31/17			10.30			(0.04	)			0.70				0.66				(1.31	)			-				(1.31	)			9.65		6.93				9		1.15			1.97			(0.40	)		25
Class R6
Year ended 10/31/21			8.23			(0.10	)			1.11				1.01				-				-				-				9.24		12.27				243,382		1.17			1.22			(1.11	)		86
Year ended 10/31/20			9.53			(0.04	)			(0.56	)			(0.60	)			(0.70	)			-				(0.70	)			8.23		(6.77	)			169,884		1.13			1.58			(0.50	)		120
Year ended 10/31/19			8.86			0.10				0.60				0.70				(0.03	)			-				(0.03	)			9.53		7.89				244		1.12	^(d)		1.83	^(d)		1.12	^(d)		0
Year ended 10/31/18			9.63			0.05				(0.40	)			(0.35	)			-				(0.42	)			(0.42	)			8.86		(3.80	)			440		1.11			1.82			0.54			94
Year ended 10/31/17			10.29			(0.04	)			0.69				0.65				(1.31	)			-				(1.31	)			9.63		6.83				345		1.15			1.97			(0.40	)		25

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.11% for the year ended October 31, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


18		Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Macro Allocation Strategy Fund (the “Fund”), is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’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.

Security Valuations - Securities, including restricted securities, are valued according to the following policy.


19		Invesco Macro Allocation Strategy 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 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.


20		Invesco Macro Allocation Strategy Fund

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 equitize the Fund’s cash holdings or to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Consolidated Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

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.


21		Invesco Macro Allocation Strategy Fund

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.

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.

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 1.10%.


22		Invesco Macro Allocation Strategy Fund

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $121,416 and reimbursed class level expenses of $2,916, $735, $177, $8,574, $0 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, 2021, IDI advised the Fund that IDI retained $1,054 in front-end sales commissions from the sale of Class A shares and $219 and $6 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


		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. Treasury Securities	$	-	$	96,717,513		$-	$ 96,717,513
Money Market Funds		123,300,948		-		-	123,300,948
Options Purchased		1,317,650		-		-	1,317,650
Total Investments in Securities		124,618,598		96,717,513		-	221,336,111


23		Invesco Macro Allocation Strategy Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Assets*

Futures Contracts	$	4,479,520		$	-			$-		$ 4,479,520

Swap Agreements		-			2,442,638			-		2,442,638

		4,479,520			2,442,638			-		6,922,158

Other Investments - Liabilities*

Futures Contracts		(4,032,637	)		-			-		(4,032,637	)

Swap Agreements		-			(350,735	)		-		(350,735	)

		(4,032,637	)		(350,735	)		-		(4,383,372	)

Total Other Investments		446,883			2,091,903			-		2,538,786

Total Investments	$	125,065,481		$	98,809,416			$-		$223,874,897

*	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, 2021:


	Value

Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts - Exchange-Traded^(a)	$	1,472,106		$	2,573,118		$	434,296			$ 4,479,520

Unrealized appreciation on swap agreements - OTC		1,099,081			1,343,557			-			2,442,638

Options purchased, at value - Exchange-Traded^(b)		-			1,317,650			-			1,317,650

Total Derivative Assets		2,571,187			5,234,325			434,296			8,239,808

Derivatives not subject to master netting agreements		(1,472,106	)		(3,890,768	)		(434,296	)		(5,797,170	)

Total Derivative Assets subject to master netting agreements	$	1,099,081		$	1,343,557		$	-			$ 2,442,638


	Value

Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts - Exchange-Traded^(a)	$	(798,966	)	$	(668,615	)	$	(2,565,056	)		$(4,032,637	)

Unrealized depreciation on swap agreements - OTC		(24,372	)		(326,363	)		-			(350,735	)

Total Derivative Liabilities		(823,338	)		(994,978	)		(2,565,056	)		(4,383,372	)

Derivatives not subject to master netting agreements		798,966			668,615			2,565,056			4,032,637

Total Derivative Liabilities subject to master netting agreements	$	(24,372	)	$	(326,363	)	$	-			$ (350,735	)

^(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, 2021.


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives		Non-Cash		Cash			Net Amount^(a)
Fund
BNP Paribas S.A.	$	740,451	$	(4,625	)	$	735,826		$-	$	-		$ 735,826
Citigroup Global Markets, Inc.		192,344		(407	)		191,937		-		-		191,937
Goldman Sachs International		56,599		(2,002	)		54,597		-		-		54,597
J.P. Morgan Chase Bank, N.A.		354,192		(329,517	)		24,675		-		(24,675	)	-
Subtotal-Fund		1,343,586		(336,551	)		1,007,035		-		(24,675	)	982,360


24		Invesco Macro Allocation Strategy Fund


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Swap Agreements		Swap Agreements			Net Value of Derivatives			Non-Cash		Cash			Net Amount^(a)

Subsidiary

Barclays Bank PLC	$	4,898		$ (32,565	)	$	(27,667	)		$-	$	27,667			$ -

Canadian Imperial Bank of Commerce		364		-			364			-		-			364

Macquarie Bank Ltd.		1,093,819		(4,965	)		1,088,854			-		(600,000	)		488,854

Merrill Lynch International		-		(13,438	)		(13,438	)		-		-			(13,438	)

Subtotal - Subsidiary		1,099,081		(50,968	)		1,048,113			-		(572,333	)		475,780

Total	$	2,442,667		$(387,519	)	$	2,055,148			$-	$	(597,008	)		$1,458,140

^(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, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk		Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Futures contracts	$	6,739,693	$	4,236,726		$	(2,309,913	)		$ 8,666,506

Options purchased^(a)		-		(787,074	)		-			(787,074	)

Options written		-		711,977			-			711,977

Swap agreements		2,209,852		5,679,287			-			7,889,139

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		3,182,588		2,179,456			(1,919,883	)		3,442,161

Options purchased^(a)		-		(1,564,690	)		-			(1,564,690	)

Options written		-		(11,910	)		-			(11,910	)

Swap agreements		1,079,618		1,017,194			-			2,096,812

Total	$	13,211,751	$	11,460,966		$	(4,229,796	)		$20,442,921

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Futures Contracts		Equity Options Purchased		Equity Options Written		Swap Agreements
Average notional value	$	300,247,680	$	44,850,357	$	25,556,500	$170,696,163
Average contracts		-		114		362	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.


25		Invesco Macro Allocation Strategy 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, 2021 and 2020:


	2021	2020
Ordinary income*	$-	$1,835,645

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2021

Undistributed ordinary income		$ 22,761,267

Net unrealized appreciation (depreciation) - investments		(2,421,768	)

Net unrealized appreciation (depreciation) - foreign currencies		(997	)

Temporary book/tax differences		(17,883	)

Capital loss carryforward		(2,092,089	)

Shares of beneficial interest		233,593,248

Total net assets		$251,821,778

The Fund has a capital loss carryforward as of October 31, 2021, as follows:


Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$659,604	$1,432,485	$2,092,089

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $6,307,117 and $44,820,906, 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	$ 3,527,423

Aggregate unrealized (depreciation) of investments	(5,949,191	)

Net unrealized appreciation (depreciation) of investments	$(2,421,768	)

Cost of investments for tax purposes is $226,296,665.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of swap agreements and income from the Subsidiary, on October 31, 2021, undistributed net investment income (loss) was increased by $14,778,228, undistributed net realized gain was decreased by $14,777,069 and shares of beneficial interest was decreased by $1,159. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity
	Year ended October 31, 2021^(a)				Year ended October 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		79,759	$	733,387		40,646	$ 333,600
Class C		2,580		23,183		30,721	251,039
Class R		5,178		46,899		1,307	10,681
Class Y		137,105		1,261,958		312,667	2,686,841
Class R6^(b)		7,293,808		66,867,282		20,736,821	173,033,857


26		Invesco Macro Allocation Strategy Fund


	Summary of Share Activity

	Year ended October 31, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Class A		-		$	-			28,184			$ 247,461

Class C		-			-			19,893			173,465

Class R		-			-			915			8,030

Class Y		-			-			117,375			1,036,418

Class R6		-			-			2,426			21,377


Automatic conversion of Class C shares to Class A shares:
Class A		28,670			258,713			21,452			178,384

Class C		(29,083	)		(258,713	)		(21,662	)		(178,384	)


Reacquired:
Class A		(150,015	)		(1,364,412	)		(358,612	)		(2,979,113	)

Class C		(35,389	)		(319,063	)		(284,321	)		(2,346,322	)

Class R		(706	)		(6,547	)		(3,791	)		(30,518	)

Class Y		(754,036	)		(6,723,340	)		(1,033,615	)		(8,466,560	)

Class R6		(1,588,368	)		(14,794,541	)		(132,923	)		(1,124,751	)

Net increase in share activity		4,989,503		$	45,724,806			19,477,483			$162,855,505

^(a)	96% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	On July 21, 2020 and August 5, 2020, 10,452,000 Class R6 shares valued at $86,438,040 and 10,173,395 Class R6 shares valued at $85,659,987, respectively, were sold to affiliated mutual funds.


27		Invesco Macro Allocation Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Macro Allocation Strategy Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Macro Allocation Strategy Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related consolidated statement of operations for the year ended October 31, 2021, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


28		Invesco Macro Allocation 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, if these transaction costs were included, your costs would have been higher.


	Beginning Account Value (05/01/21)	ACTUAL			HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²		Ending Account Value (10/31/21)		Expenses Paid During Period²		Annualized Expense Ratio
Class A	$1,000.00	$1,005.50		$7.23		$1,018.00		$7.27		1.43	%
Class C	1,000.00	1,002.20		11.00		1,014.22		11.07		2.18
Class R	1,000.00	1,004.40		8.49		1,016.74		8.54		1.68
Class Y	1,000.00	1,006.50		5.97		1,019.26		6.01		1.18
Class R5	1,000.00	1,006.50		6.02		1,019.21		6.06		1.19
Class R6	1,000.00	1,006.50		6.02		1,019.21		6.06		1.19

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


29		Invesco Macro Allocation Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays 3-Month Treasury Bellwether Index (Index). The Board noted that performance of Class Y shares of the Fund was in the third quintile of its performance universe for the one year period, the fourth quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class Y 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 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 tactical positioning in equities detracted from performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund


30		Invesco Macro Allocation Strategy Fund

performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class Y shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The 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.

D.	Economies of Scale and Breakpoints

that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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.

fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


31		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, 2021:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


32		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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Macro Allocation Strategy Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Macro Allocation Strategy Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²- 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Macro Allocation Strategy Fund

Trustees and Officers—(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A
		Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)


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)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 Macro Allocation Strategy Fund

(This page intentionally left blank)

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

LOGO


SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		MAS-AR-1

LOGO



Annual Report to Shareholders		October 31, 2021

Invesco Multi-Asset Income Fund

Nasdaq:

A: PIAFX ∎ C: PICFX ∎ R: PIRFX ∎ Y: PIYFX ∎ R5: IPNFX ∎ R6: PIFFX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

22		Financial Statements

25		Financial Highlights

26		Notes to Financial Statements

35		Report of Independent Registered Public Accounting Firm

36		Fund Expenses

37		Approval of Investment Advisory and Sub-Advisory Contracts

39		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	11.73	%
Class C Shares	11.01
Class R Shares	11.43
Class Y Shares	12.11
Class R5 Shares	12.01
Class R6 Shares	12.17
Bloomberg U.S. Aggregate Bond Index^▼ (Broad Market Index)	-0.48
Custom Invesco Multi-Asset Income Index^∎ (Style-Specific Index)	14.55
Lipper Mixed-Asset Target Allocation Conservative Funds Index^¨ (Peer Group Index)	13.83

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2021, the Fund at NAV reported positive absolute performance having rebounded strongly from a challenging previous fiscal year. The fiscal year was marked by a continued rally in risky assets, as the world recovered from the coronavirus (COVID-19) crisis, led by equities and commodities. The fiscal year began with global equities, commodities and high-yield bonds benefiting from massive monetary policies around the globe and improving economic data. As COVID-19 vaccination programs started rolling out in early 2021, equities and economically sensitive commodities pushed higher, while inflation fears resulting from global fiscal stimulus packages led to struggles for interest rate sensitive assets. Through the middle of the fiscal year, global equity markets continued to be supported by further acceleration of vaccination rollouts and easing of COVID-related restrictions in most developed markets. Fixed-income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance that was experienced earlier in the fiscal year due to a sharply rising interest rate environment. Toward the end of the fiscal year, equities briefly stalled amid continued concerns about rising inflation, supply disruptions and the economic growth rate. Energy stocks and energy-driven markets performed relatively well as global shortages pushed oil and gas prices higher.

All strategic assets delivered positive contributions to the Fund’s absolute performance for the fiscal year except US Treasuries, which suffered from a general rise in yields. US high-yield was the leading contributor, having only one negative month during the fiscal year. This behavior falls in line with the general theme of asset classes on the riskier end

of the spectrum performing well over the fiscal year. In addition, in this low-yield environment, investors were more willing to extend their risk tolerance to generate income. Preferred equity was the next best contributor, though with a bit of a choppier path, as strong gains in the first half waned in the second half of the fiscal year, with rising inflation impacting this interest rate-sensitive asset class.

The equity allocations, invested through the equity-linked note (ELN) structure, performed well across the board. Energy and the energy aligned master limited partnerships (MLPs), performed well due to surging demand from the ongoing reopening of the global economy. As demand increased, energy output remained curtailed as Oil Petroleum Export Countries (OPEC) plus Russia maintained production cuts due to demand uncertainty with recurring waves of COVID-19 infection. Oil and natural gas production in the US also remained below pre-COVID levels as producers implemented stricter capital discipline just as investor interest in heavy carbon-based industries declined. US REITs were also a consistent contributor for the fiscal year, as investors sought attractive yields, inflation increased demand for real assets and fear set in over an increase in the corporate tax rate. Rounding out the equity sleeve were consumer staples and utilities, which offered a bit more muted contributions to returns for the fiscal year.

Exposure to emerging markets debt was also additive to the Fund’s absolute performance over the fiscal year. The asset class managed to overcome a pullback in the middle of the fiscal year and again in September 2021, which resulted from the economic slowdown in China and increased speculation around the Chinese government’s involvement in salvaging the Chinese property developer Evergrande’s liquidity crisis.

The Fund’s tactical positioning, expressed through the use of exchange-traded futures, was positive for the fiscal year. In general, the portfolio’s long equity index positions drove performance as bond positions were largely flat. While contributions were positive for nearly all of the fiscal year, gains were strongest during the first half as equities surged higher.

Please note that our strategy utilizes derivative instruments that includes futures. Therefore, some of the performance of the Fund, 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.


2		Invesco Multi-Asset Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 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.


3		Invesco Multi-Asset Income Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (12/14/11)	4.65	%
5 Years	2.93
1 Year	5.58

Class C Shares
Inception (12/14/11)	4.60	%
5 Years	3.34
1 Year	10.01

Class R Shares
Inception (12/14/11)	4.99	%
5 Years	3.86
1 Year	11.43

Class Y Shares
Inception (12/14/11)	5.51	%
5 Years	4.38
1 Year	12.11

Class R5 Shares
Inception (12/14/11)	5.50	%
5 Years	4.34
1 Year	12.01

Class R6 Shares
Inception	5.51	%
5 Years	4.41
1 Year	12.17

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 of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.


4		Invesco Multi-Asset Income Fund

Supplemental Information

Invesco Multi-Asset Income Fund’s investment objective is to provide current income.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

The Custom Invesco Multi-Asset Income Index comprises the following indexes: 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index. The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Mixed-Asset Target Alloca-tion Conservative Funds Index is an unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Multi-Asset Income Fund

Fund Information

Portfolio Composition


By security type	% of total net assets

U.S. Dollar Denominated Bonds & Notes		37.04	%

Preferred Stocks		20.78

Equity Linked Notes		19.75

U.S. Treasury Securities		7.51

Variable Rate Senior Loan Interests		2.15

Security Types Each Less Than 1% of Portfolio		0.05

Money Market Funds Plus Other Assets Less Liabilities		12.72

Top Five Debt Issuers*


		% of total net assets

1.	U.S. Treasury Bonds		7.48	%

2.	Republic of Indonesia Bond		0.90

3.	Colombia Government International Bond		0.77

4.	Russian Foreign Bond - Eurobond		0.68

5.	Turkey Government International Bond		0.67

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, 2021.


6		Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

October 31, 2021


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–37.04%
Advertising–0.11%
Lamar Media Corp., 3.63%, 01/15/2031	$	1,970,000	$	1,934,323



Aerospace & Defense–0.19%
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		2,652,000		2,796,454


TransDigm, Inc., 6.25%, 03/15/2026^(b)		420,000		438,900


				3,235,354



Airlines–0.49%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 04/20/2026^(b)		5,096,000		5,352,074


5.75%, 04/20/2029^(b)		786,000		846,915


United Airlines, Inc., 4.38%, 04/15/2026^(b)		2,073,000		2,147,048


				8,346,037



Alternative Carriers–0.11%
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		1,715,000		1,895,590



Apparel Retail–0.09%
Gap, Inc. (The), 3.63%, 10/01/2029^(b)		1,654,000		1,622,988



Auto Parts & Equipment–0.25%
Clarios Global L.P., 6.75%, 05/15/2025^(b)		58,000		61,182


Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		244,000		259,499


Dana, Inc.,
5.38%, 11/15/2027		1,107,000		1,160,966


5.63%, 06/15/2028		786,000		832,178


NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)		2,007,000		2,034,596


				4,348,421



Automobile Manufacturers–0.91%
Allison Transmission, Inc.,
4.75%, 10/01/2027^(b)		2,017,000		2,095,159


3.75%, 01/30/2031^(b)		2,846,000		2,739,403


Ford Motor Co., 4.75%, 01/15/2043		1,475,000		1,613,104


Ford Motor Credit Co. LLC,
5.60%, 01/07/2022		37,000		37,313


5.13%, 06/16/2025		682,000		740,823


3.38%, 11/13/2025		811,000		834,316


5.11%, 05/03/2029		2,129,000		2,368,512


4.00%, 11/13/2030		2,983,000		3,117,235


J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		2,008,000		2,113,420


				15,659,285



Automotive Retail–0.74%
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		3,997,000		4,002,796


	Principal Amount		Value


Automotive Retail–(continued)
LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(b)	$	3,581,000	$	3,681,519


Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		2,029,000		2,105,108


Sonic Automotive, Inc., 4.63%, 11/15/2029^(b)		2,950,000		2,962,242


				12,751,665



Broadcasting–0.15%
Gray Television, Inc., 7.00%, 05/15/2027^(b)(c)		2,318,000		2,483,157



Building Products–0.11%
Standard Industries, Inc., 5.00%, 02/15/2027^(b)		1,850,000		1,900,875



Cable & Satellite–1.54%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.00%, 02/01/2028^(b)		1,565,000		1,629,556


4.50%, 08/15/2030^(b)		3,880,000		3,954,224


4.50%, 05/01/2032		3,847,000		3,870,101


CSC Holdings LLC,
6.50%, 02/01/2029^(b)		2,199,000		2,361,176


5.75%, 01/15/2030^(b)		2,252,000		2,224,863


4.63%, 12/01/2030^(b)		1,684,000		1,545,129


4.50%, 11/15/2031^(b)(c)		998,000		968,285


5.00%, 11/15/2031^(b)(c)		320,000		297,568


DISH DBS Corp., 7.75%, 07/01/2026		169,000		188,013


DISH Network Corp., Conv., 3.38%, 08/15/2026		2,055,000		2,098,846


Gray Escrow II, Inc., 5.38%, 11/15/2031^(b)		1,432,000		1,448,110


Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(b)(c)		2,275,000		2,280,688


4.00%, 07/15/2028^(b)		1,577,000		1,590,326


Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030^(b)		812,000		808,417


Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)		1,061,000		1,120,851


				26,386,153



Casinos & Gaming–0.84%
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.13% PIK Rate, 4.50% Cash Rate, 11/01/2023^(b)(d)		388,359		234,957


Everi Holdings, Inc., 5.00%, 07/15/2029^(b)		1,944,000		1,992,600


Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(b)		2,099,000		2,120,294


Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(b)		3,700,000		3,820,250


Scientific Games International, Inc.,
8.63%, 07/01/2025^(b)		598,000		646,109


8.25%, 03/15/2026^(b)		1,298,000		1,377,503

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Casinos & Gaming–(continued)
Station Casinos LLC, 4.50%, 02/15/2028^(b)(c)	$	2,059,000	$	2,077,016


Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(b)(c)		2,030,000		2,037,613


				14,306,342



Construction & Engineering–0.12%
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(b)		2,054,000		2,092,040



Consumer Finance–0.59%
Navient Corp.,
7.25%, 09/25/2023		2,349,000		2,560,410


5.00%, 03/15/2027		381,000		389,045


OneMain Finance Corp.,
7.13%, 03/15/2026		3,232,000		3,672,360


3.88%, 09/15/2028		1,071,000		1,045,564


5.38%, 11/15/2029		2,219,000		2,371,556


				10,038,935



Copper–0.22%
First Quantum Minerals Ltd. (Zambia), 6.88%, 10/15/2027^(b)		3,600,000		3,847,500



Data Processing & Outsourced Services–0.12%
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(b)		2,106,000		2,099,577



Department Stores–0.17%
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(b)		1,761,000		1,878,926


4.50%, 12/15/2034^(c)		1,091,000		1,068,853


				2,947,779



Diversified Banks–0.56%
Banco Nacional de Desenvolvimento Economico e Social (Brazil), 5.75%, 09/26/2023^(b)		1,637,000		1,773,182


Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025^(b)		1,441,000		1,158,423


Development Bank of Kazakhstan JSC (Kazakhstan), 4.13%, 12/10/2022^(b)		1,250,000		1,292,245


Export-Import Bank of India (India), 3.88%, 02/01/2028^(b)		1,961,000		2,104,289


Vnesheconombank Via VEB Finance PLC (Russia),
5.94%, 11/21/2023^(b)		1,450,000		1,570,847


6.80%, 11/22/2025^(b)		1,418,000		1,659,145


				9,558,131



Diversified Chemicals–0.11%
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(b)		1,959,000		1,966,934


	Principal Amount		Value


Diversified Metals & Mining–0.24%
Corp. Nacional del Cobre de Chile (Chile),
6.15%, 10/24/2036^(b)	$	1,390,000	$	1,816,385


5.63%, 10/18/2043^(b)		95,000		123,032


4.88%, 11/04/2044^(b)		105,000		124,791


4.50%, 08/01/2047^(b)		1,740,000		1,995,075


				4,059,283



Diversified REITs–0.31%
DigitalBridge Group, Inc., Conv., 5.00%, 04/15/2023		1,253,000		1,295,518


iStar, Inc.,
4.75%, 10/01/2024		3,089,000		3,267,390


5.50%, 02/15/2026		636,000		661,440


				5,224,348



Electric Utilities–0.50%
NextEra Energy Capital Holdings, Inc., Series K, Investment Units, 5.25%, 06/01/2076		57,464		1,460,735


Talen Energy Supply LLC, 7.63%, 06/01/2028^(b)(c)		3,009,000		2,878,996


Vistra Operations Co. LLC,
5.63%, 02/15/2027^(b)		750,000		773,678


5.00%, 07/31/2027^(b)		1,321,000		1,355,676


4.38%, 05/01/2029^(b)		2,085,000		2,066,756


				8,535,841



Electrical Components & Equipment–0.24%
EnerSys, 5.00%, 04/30/2023^(b)		2,194,000		2,281,497


Sensata Technologies B.V., 4.88%, 10/15/2023^(b)		1,798,000		1,906,428


				4,187,925



Environmental & Facilities Services–0.29%
Waste Pro USA, Inc., 5.50%, 02/15/2026^(b)		4,999,000		4,955,709



Fertilizers & Agricultural Chemicals–0.24%
Consolidated Energy Finance S.A. (Switzerland),
6.50%, 05/15/2026^(b)		799,000		829,961


5.63%, 10/15/2028^(b)		1,170,000		1,165,730


OCI N.V. (Netherlands), 4.63%, 10/15/2025^(b)		1,998,000		2,080,417


				4,076,108



Food Distributors–0.28%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028^(b)		2,866,000		2,908,990


Prosperous Ray Ltd. (China), 4.63%, 11/12/2023^(b)		1,750,000		1,859,578


				4,768,568



Food Retail–0.35%
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029^(b)		1,881,000		2,035,186


SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/2028^(b)(c)		1,899,000		2,001,071

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Food Retail–(continued)
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029^(b)	$	1,938,000	$	1,959,802


				5,996,059



Health Care Facilities–0.35%
Encompass Health Corp., 4.50%, 02/01/2028^(c)		2,005,000		2,043,792


HCA, Inc.,
5.88%, 02/15/2026		1,322,000		1,507,080


5.38%, 09/01/2026^(c)		511,000		582,590


5.88%, 02/01/2029		720,000		857,851


3.50%, 09/01/2030		972,000		1,023,346


				6,014,659



Health Care REITs–0.36%
CTR Partnership L.P./ CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		2,102,000		2,136,336


Diversified Healthcare Trust,
4.75%, 05/01/2024		947,000		977,778


9.75%, 06/15/2025		84,000		91,350


4.38%, 03/01/2031^(c)		2,972,000		2,875,811


				6,081,275



Health Care Services–0.80%
Akumin, Inc., 7.00%, 11/01/2025^(b)(c)		1,970,000		1,884,413


Community Health Systems, Inc.,
8.00%, 03/15/2026^(b)		1,845,000		1,948,781


6.13%, 04/01/2030^(b)(c)		2,008,000		1,976,675


DaVita, Inc.,
4.63%, 06/01/2030^(b)		1,883,000		1,894,769


3.75%, 02/15/2031^(b)		2,101,000		1,993,324


Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		1,842,000		1,908,773


MEDNAX, Inc., 6.25%, 01/15/2027^(b)		2,022,000		2,122,736


				13,729,471



Health Care Supplies–0.12%
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/2029^(b)		2,110,000		2,102,088



Homebuilding–0.18%
Taylor Morrison Communities, Inc., 6.63%, 07/15/2027^(b)		2,372,000		2,504,381


Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023^(b)		600,000		628,500


				3,132,881



Hotels, Resorts & Cruise Lines–0.14%
Carnival Corp., 10.50%, 02/01/2026^(b)(c)		1,996,000		2,321,847



Household Products–0.18%
Energizer Holdings, Inc., 4.38%, 03/31/2029^(b)		215,000		206,293


Prestige Brands, Inc., 3.75%, 04/01/2031^(b)		3,027,000		2,928,622


				3,134,915


	Principal Amount		Value


Independent Power Producers & Energy Traders–0.37%
Calpine Corp., 3.75%, 03/01/2031^(b)	$	2,052,000	$	1,972,526


Clearway Energy Operating LLC,
4.75%, 03/15/2028^(b)		2,443,000		2,587,748


3.75%, 02/15/2031^(b)		1,814,000		1,798,173


				6,358,447



Industrial Machinery–0.24%
EnPro Industries, Inc., 5.75%, 10/15/2026		1,826,000		1,912,735


Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)		2,001,000		2,036,018


Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(b)		238,000		242,760


				4,191,513



Integrated Oil & Gas–1.47%
KazMunayGas National Co. JSC (Kazakhstan), 6.38%, 10/24/2048^(b)		1,000,000		1,288,710


Occidental Petroleum Corp.,
8.50%, 07/15/2027		750,000		934,688


6.13%, 01/01/2031^(c)		2,216,000		2,656,430


4.10%, 02/15/2047		2,302,000		2,247,615


Petroleos Mexicanos (Mexico),
6.84%, 01/23/2030		3,100,000		3,246,986


6.63%, 06/15/2035		3,555,000		3,450,430


7.69%, 01/23/2050		4,600,000		4,402,384


Petronas Capital Ltd. (Malaysia),
3.50%, 03/18/2025^(b)		1,000,000		1,064,289


4.55%, 04/21/2050^(b)		2,120,000		2,634,088


Saudi Arabian Oil Co. (Saudi Arabia), 4.25%, 04/16/2039^(b)		2,812,000		3,156,512


				25,082,132



Integrated Telecommunication Services–0.55%
Altice France S.A. (France),
8.13%, 02/01/2027^(b)		945,000		1,017,056


5.13%, 07/15/2029^(b)		1,193,000		1,163,390


5.50%, 10/15/2029^(b)		1,190,000		1,167,949


Iliad Holding S.A.S. (France),
6.50%, 10/15/2026^(b)		889,000		917,155


7.00%, 10/15/2028^(b)(c)		2,026,000		2,090,913


Level 3 Financing, Inc., 3.75%, 07/15/2029^(b)		3,170,000		2,999,612


				9,356,075



Interactive Home Entertainment–0.13%
Cinemark USA, Inc., 5.88%, 03/15/2026^(b)(c)		2,140,000		2,148,025



Interactive Media & Services–0.36%
Audacy Capital Corp., 6.75%, 03/31/2029^(b)(c)		2,972,000		2,950,498


Scripps Escrow II, Inc.,
3.88%, 01/15/2029^(b)		2,253,000		2,244,563


5.38%, 01/15/2031^(b)		1,050,000		1,029,031


				6,224,092



Internet & Direct Marketing Retail–0.13%
QVC, Inc., 5.45%, 08/15/2034		2,091,000		2,188,200

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Investment Banking & Brokerage–0.37%
MDGH - GMTN B.V. (United Arab Emirates),
4.50%, 11/07/2028^(b)	$	1,180,000	$	1,364,393


3.75%, 04/19/2029^(b)		1,740,000		1,921,705


NFP Corp.,
4.88%, 08/15/2028^(b)		801,000		814,016


6.88%, 08/15/2028^(b)		2,265,000		2,304,588


				6,404,702



IT Consulting & Other Services–0.23%
Gartner, Inc.,
4.50%, 07/01/2028^(b)		2,750,000		2,866,737


3.63%, 06/15/2029^(b)		1,002,000		1,008,263


				3,875,000



Managed Health Care–0.17%
Centene Corp.,
4.63%, 12/15/2029		714,000		771,120


3.00%, 10/15/2030^(c)		2,134,000		2,171,750


				2,942,870



Marine Ports & Services–0.20%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037^(b)		2,590,000		3,428,668



Metal & Glass Containers–0.25%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028^(b)		1,947,000		1,908,060


Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025^(b)		2,200,000		2,290,750


				4,198,810



Multi-Utilities–0.11%
DTE Energy Co.,
Series F, Investment Units, 6.00%, 12/15/2076		28,228		720,096


Series E, Investment Units, 5.25%, 12/01/2077		46,261		1,210,651


				1,930,747



Oil & Gas Drilling–0.73%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		2,073,000		2,174,059


NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		1,705,000		1,731,428


Precision Drilling Corp. (Canada),
7.13%, 01/15/2026^(b)		263,000		270,833


6.88%, 01/15/2029^(b)		1,566,000		1,619,675


Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		2,000,000		2,132,500


6.88%, 04/15/2040^(b)		1,577,000		1,788,397


Valaris Ltd., 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(b)(c)(d)		749,000		780,937


Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(d)		1,871,000		1,950,779


				12,448,608


	Principal Amount		Value
Oil & Gas Equipment & Services–0.44%
Bristow Group, Inc., 6.88%, 03/01/2028^(b)	$	2,873,000	$	2,984,329


Oil and Gas Holding Co. BSCC (The) (Bahrain), 7.50%, 10/25/2027^(b)		1,000,000		1,098,632


Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026^(b)		877,000		868,475


USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		2,500,000		2,600,000


				7,551,436



Oil & Gas Exploration & Production–1.94%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)		5,616,000		6,039,783


Baytex Energy Corp. (Canada), 8.75%, 04/01/2027^(b)		851,000		909,945


Callon Petroleum Co.,
6.13%, 10/01/2024		1,048,000		1,035,545


8.00%, 08/01/2028^(b)(c)		3,790,000		3,824,679


Civitas Resources, Inc., 5.00%, 10/15/2026^(b)		2,131,000		2,155,400


Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		12,000		11,970


6.25%, 05/15/2026		1,964,000		1,903,489


8.00%, 01/15/2027		1,370,000		1,378,590


7.75%, 02/01/2028		1,691,000		1,673,236


Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(b)		1,164,000		1,196,191


5.75%, 02/01/2029^(b)		721,000		732,716


Northern Oil and Gas, Inc., 8.13%, 03/01/2028^(b)		3,319,000		3,573,484


Rockcliff Energy II LLC, 5.50%, 10/15/2029^(b)		1,973,000		2,026,764


Sinopec Group Overseas Development 2018 Ltd. (China), 2.95%, 11/12/2029^(b)		2,760,000		2,869,854


SM Energy Co.,
5.00%, 01/15/2024		1,000,000		996,490


6.75%, 09/15/2026^(c)		1,065,000		1,092,956


6.63%, 01/15/2027^(c)		1,796,000		1,856,615


				33,277,707



Oil & Gas Refining & Marketing–0.21%
Petroliam Nasional Bhd. (Malaysia), 7.63%, 10/15/2026^(b)		1,920,000		2,449,284


Weatherford International Ltd., 6.50%, 09/15/2028^(b)(c)		1,150,000		1,216,125


				3,665,409



Oil & Gas Storage & Transportation–0.85%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047^(b)		1,587,000		1,849,522


CNX Midstream Partners L.P., 4.75%, 04/15/2030^(b)		1,979,000		1,983,947


NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		1,420,000		1,216,088

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Oil & Gas Storage & Transportation-(continued)
Oasis Midstream Partners L.P./OMP Finance Corp., 8.00%, 04/01/2029^(b)	$	3,826,000	$	4,160,775
Southern Gas Corridor CJSC (Azerbaijan), 6.88%, 03/24/2026^(b)		2,800,000		3,286,774
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 5.50%, 01/15/2028^(b)		2,075,000		2,085,126
				14,582,232

Other Diversified Financial Services-0.02%
Hazine Mustesarligi Varlik Kiralama A.S. (Turkey), 5.00%, 04/06/2023^(b)		320,000		325,680

Packaged Foods & Meats-0.23%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029^(b)(c)		1,840,000		2,037,800
Kraft Heinz Foods Co. (The), 6.88%, 01/26/2039		1,340,000		1,965,051
				4,002,851

Paper Products-0.12%
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026^(b)		1,888,000		1,972,960

Pharmaceuticals-0.25%
AdaptHealth LLC,
6.13%, 08/01/2028^(b)		949,000		1,005,940
5.13%, 03/01/2030^(b)		1,042,000		1,048,513
Bausch Health Cos., Inc.,
6.13%, 04/15/2025^(b)		324,000		330,405
9.00%, 12/15/2025^(b)		132,000		138,642
5.75%, 08/15/2027^(b)		739,000		774,646
Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		887,000		896,189
				4,194,335

Railroads-0.11%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050^(b)		1,550,000		1,811,617

Research & Consulting Services-0.12%
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026^(b)		1,334,000		1,392,362
10.25%, 02/15/2027^(b)		583,000		626,288
				2,018,650

Restaurants-0.23%
Papa John’s International, Inc., 3.88%, 09/15/2029^(b)		3,966,000		3,881,722

Retail REITs-0.13%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)		2,086,000		2,193,533

Security & Alarm Services-0.12%
Brink’s Co. (The),
5.50%, 07/15/2025^(b)		245,000		257,091
4.63%, 10/15/2027^(b)		1,670,000		1,725,193
				1,982,284


	Principal Amount		Value


Sovereign Debt-13.09%
Angolan Government International Bond (Angola),
9.50%, 11/12/2025^(b)	$	1,044,000	$	1,132,479
9.13%, 11/26/2049^(b)		1,140,000		1,116,393
Argentine Republic Government International Bond (Argentina), 0.50%, 07/09/2030^(e)		6,951,645		2,388,585
Bahrain Government International Bond (Bahrain), 6.13%, 07/05/2022^(b)		2,800,000		2,886,632
Bolivian Government International Bond (Bolivia), 4.50%, 03/20/2028^(b)		699,000		629,100
Brazilian Government International Bond (Brazil), 4.25%, 01/07/2025		4,600,000		4,856,657
Chile Government International Bond (Chile), 3.24%, 02/06/2028		200,000		211,405
Colombia Government International Bond (Colombia),
3.88%, 04/25/2027		4,750,000		4,930,595
4.50%, 03/15/2029		1,640,000		1,735,661
7.38%, 09/18/2037		3,500,000		4,347,210
6.13%, 01/18/2041		1,950,000		2,171,803
Costa Rica Government International Bond (Costa Rica),
5.63%, 04/30/2043^(b)		1,300,000		1,165,450
7.16%, 03/12/2045^(b)		800,000		810,808
Croatia Government International Bond (Croatia), 5.50%, 04/04/2023^(b)		1,515,000		1,615,360
Dominican Republic International Bond (Dominican Republic),
5.95%, 01/25/2027^(b)(c)		2,228,000		2,489,812
7.45%, 04/30/2044^(b)(c)		2,935,000		3,503,686
6.85%, 01/27/2045^(b)		2,902,000		3,243,014
6.40%, 06/05/2049^(b)		935,000		995,784
Ecuador Government International Bond (Ecuador), 5.50%, 07/31/2030^(b)(e)		3,135,000		2,609,887
Egypt Government International Bond (Egypt),
7.60%, 03/01/2029^(b)		200,000		201,596
8.50%, 01/31/2047^(b)		2,896,000		2,684,117
7.90%, 02/21/2048^(b)		1,200,000		1,059,715
8.70%, 03/01/2049^(b)		2,110,000		1,973,863
El Salvador Government International Bond (El Salvador),
7.65%, 06/15/2035^(b)		1,110,000		838,050
7.12%, 01/20/2050^(b)		1,120,000		806,400
9.50%, 07/15/2052^(b)		512,000		423,680
Ghana Government International Bond (Ghana),
7.63%, 05/16/2029^(b)		818,000		723,748
8.13%, 03/26/2032^(b)		2,590,000		2,292,098
8.95%, 03/26/2051^(b)		738,000		635,172

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Sovereign Debt-(continued)
Indonesia Government International Bond (Indonesia),
8.50%, 10/12/2035^(b)	$	5,230,000	$	8,228,142
6.63%, 02/17/2037^(b)		1,100,000		1,509,638
7.75%, 01/17/2038^(b)		830,000		1,243,543
6.75%, 01/15/2044^(b)		3,030,000		4,388,584
5.95%, 01/08/2046^(b)		420,000		570,539
Ivory Coast Government International Bond (Ivory Coast), 6.38%, 03/03/2028^(b)		650,000		712,019
Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028		1,600,000		1,877,600
Jordan Government International Bond (Jordan), 6.13%, 01/29/2026^(b)		1,000,000		1,082,515
Kazakhstan Government International Bond (Kazakhstan),
3.88%, 10/14/2024^(b)		1,650,000		1,777,571
6.50%, 07/21/2045^(b)		700,000		1,010,422
Kenya Government International Bond (Kenya),
6.88%, 06/24/2024^(b)		1,100,000		1,188,475
7.25%, 02/28/2028^(b)		1,100,000		1,188,753
Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027^(b)		3,090,000		3,386,294
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026^(b)		250,000		268,825
Mexico Government International Bond (Mexico), Series A,
6.05%, 01/11/2040		3,682,000		4,594,510
5.55%, 01/21/2045^(c)		500,000		598,720
4.60%, 01/23/2046		1,050,000		1,120,728
5.75%, 10/12/2110		420,000		487,179
Mongolia Government International Bond (Mongolia), 8.75%, 03/09/2024^(b)		1,716,000		1,930,664
Nigeria Government International Bond (Nigeria), 8.75%, 01/21/2031^(b)		2,550,000		2,754,630
Oman Government International Bond (Oman),
4.75%, 06/15/2026^(b)		3,310,000		3,409,972
5.63%, 01/17/2028^(b)		3,725,000		3,928,359
6.75%, 01/17/2048^(b)		2,054,000		2,083,177
Pakistan Government International Bond (Pakistan), 8.25%, 04/15/2024^(b)		1,640,000		1,756,055
Panama Government International Bond (Panama),
4.00%, 09/22/2024		3,725,000		3,979,529
7.13%, 01/29/2026		1,110,000		1,352,413
3.88%, 03/17/2028		1,000,000		1,086,695
Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026^(b)		1,000,000		1,110,750
Perusahaan Penerbit SBSN Indonesia III (Indonesia),
4.33%, 05/28/2025^(b)		300,000		331,185
4.15%, 03/29/2027^(b)(c)		2,600,000		2,894,918


	Principal Amount		Value


Sovereign Debt-(continued)
Peruvian Government International Bond (Peru),
7.35%, 07/21/2025	$	600,000	$	721,944
4.13%, 08/25/2027		2,000,000		2,203,600
2.84%, 06/20/2030		1,170,000		1,188,732
8.75%, 11/21/2033		2,391,000		3,714,060
6.55%, 03/14/2037		1,084,000		1,479,644
Philippine Government International Bond (Philippines),
4.20%, 01/21/2024		100,000		106,978
10.63%, 03/16/2025		2,144,000		2,797,399
9.50%, 02/02/2030		80,000		123,825
6.38%, 10/23/2034		850,000		1,170,124
3.95%, 01/20/2040		900,000		999,113
Qatar Government International Bond (Qatar),
5.10%, 04/23/2048^(b)		6,660,000		8,854,976
4.82%, 03/14/2049^(b)		2,100,000		2,706,902
RAK Capital (United Arab Emirates), 3.09%, 03/31/2025^(b)		743,000		782,785
Republic of Poland Government International Bond (Poland),
3.00%, 03/17/2023		599,000		617,120
4.00%, 01/22/2024		2,095,000		2,233,348
Republic of South Africa Government International Bond (South Africa),
5.88%, 06/22/2030		3,200,000		3,519,968
5.75%, 09/30/2049		5,853,000		5,599,185
Romanian Government International Bond (Romania),
4.38%, 08/22/2023^(b)		833,000		882,397
6.13%, 01/22/2044^(b)		2,000,000		2,611,656
5.13%, 06/15/2048^(b)		2,344,000		2,765,920
Russian Foreign Bond - Eurobond (Russia),
4.75%, 05/27/2026^(b)		3,200,000		3,594,000
4.25%, 06/23/2027^(b)		2,800,000		3,106,457
12.75%, 06/24/2028^(b)		3,060,000		5,037,785
5.63%, 04/04/2042^(b)		1,600,000		2,081,008
Saudi Government International Bond (Saudi Arabia),
3.25%, 10/26/2026^(b)		500,000		536,230
3.63%, 03/04/2028^(b)		3,100,000		3,381,371
4.38%, 04/16/2029^(b)		538,000		616,494
4.50%, 10/26/2046^(b)		1,000,000		1,155,890
4.63%, 10/04/2047^(b)		4,640,000		5,472,430
5.00%, 04/17/2049^(b)		1,548,000		1,933,559
5.25%, 01/16/2050^(b)		2,680,000		3,477,107
Sharjah Sukuk Program Ltd. (United Arab Emirates),
3.85%, 04/03/2026^(b)		600,000		639,380
4.23%, 03/14/2028^(b)		1,019,000		1,098,851
Slovakia Government International Bond (Slovakia), 4.38%, 05/21/2022^(b)		1,658,000		1,695,656
Sri Lanka Government International Bond (Sri Lanka),
6.83%, 07/18/2026^(b)		903,000		577,920
6.20%, 05/11/2027^(b)		923,000		585,440
6.75%, 04/18/2028^(b)		1,012,000		638,562
7.85%, 03/14/2029^(b)		1,041,000		663,461

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Sovereign Debt-(continued)
Trinidad & Tobago Government International Bond (Trinidad), 4.50%, 08/04/2026^(b)(c)	$	1,730,000	$	1,803,542
Turkey Government International Bond (Turkey),
7.38%, 02/05/2025		527,000		557,423
4.88%, 10/09/2026		326,000		309,955
6.00%, 03/25/2027		1,890,000		1,871,134
7.63%, 04/26/2029		2,430,000		2,562,124
11.88%, 01/15/2030		1,920,000		2,547,903
8.00%, 02/14/2034		1,580,000		1,702,497
6.88%, 03/17/2036		1,218,000		1,182,315
7.25%, 03/05/2038		1,170,000		1,169,998
Ukraine Government International Bond (Ukraine),
7.75%, 09/01/2022^(b)		657,000		682,377
7.75%, 09/01/2023^(b)		650,000		693,737
7.75%, 09/01/2024^(b)		650,000		702,335
7.75%, 09/01/2026^(b)		4,450,000		4,806,676
7.75%, 09/01/2027^(b)		1,090,000		1,177,089
9.75%, 11/01/2028^(b)		900,000		1,046,389
Uruguay Government International Bond (Uruguay), 4.50%, 08/14/2024		2,215,922		2,361,641
Vietnam Government International Bond (Vietnam), 4.80%, 11/19/2024^(b)		1,000,000		1,099,755
				223,979,331

Specialized Consumer Services-0.28%
Carriage Services, Inc., 4.25%, 05/15/2029^(b)		3,041,000		3,050,123
Terminix Co. LLC (The), 7.45%, 08/15/2027		1,473,000		1,771,282
				4,821,405

Specialized REITs-0.23%
SBA Communications Corp., 3.88%, 02/15/2027^(c)		3,791,000		3,914,321

Specialty Chemicals-0.33%
Braskem Idesa S.A.P.I. (Mexico), 6.99%, 02/20/2032^(b)(c)		1,097,000		1,124,425
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		3,577,000		3,693,253
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026^(b)		832,000		839,804
				5,657,482

Specialty Stores-0.13%
Bath & Body Works, Inc.,
6.88%, 11/01/2035		1,579,000		1,920,412
6.75%, 07/01/2036		190,000		228,356
				2,148,768

Steel-0.12%
SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)		2,068,000		2,055,075

Systems Software-0.33%
Camelot Finance S.A., 4.50%, 11/01/2026^(b)		5,457,000		5,675,280


	Principal Amount		Value



Textiles-0.17%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025^(b)	$	3,015,000	$	2,899,435

Thrifts & Mortgage Finance-0.16%
NMI Holdings, Inc., 7.38%, 06/01/2025^(b)		2,447,000		2,814,588

Wireless Telecommunication Services-0.12%
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081^(f)		1,980,000		1,970,813
Total U.S. Dollar Denominated Bonds & Notes (Cost $622,861,158)				633,916,866

	Shares
Preferred Stocks-20.78%
Alternative Carriers-0.25%
Qwest Corp., 6.50%, Pfd.		98,546		2,529,676
Qwest Corp., 6.75%, Pfd.		66,717		1,755,324
				4,285,000

Asset Management & Custody Banks-0.60%
Affiliated Managers Group, Inc., 5.88%, Pfd.		31,235		860,837
Affiliated Managers Group, Inc., 4.75%, Pfd.		28,632		741,855
Affiliated Managers Group, Inc., 4.20%, Pfd.		20,000		494,000
Apollo Global Management, Inc., 6.38%, Series A, Pfd.		28,632		745,864
Apollo Global Management, Inc., 6.38%, Series B, Pfd.		31,235		843,033
Brightsphere Investment Group, Inc., 5.13%, Pfd.		13,015		327,457
Northern Trust Corp., 4.70%, Series E, Pfd.		40,326		1,098,480
Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		18,118		485,743
Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		24,043		656,374
Prospect Capital Corp., 5.35%, Series A, Pfd.		15,122		353,855
State Street Corp., 5.35%, Series G, Pfd.^(f)		50,407		1,477,429
State Street Corp., 5.90%, Series D, Pfd.^(f)		76,088		2,167,747
				10,252,674

Automobile Manufacturers-0.25%
Ford Motor Co., 6.20%, Pfd.		75,611		2,079,303
Ford Motor Co., 6.00%, Pfd.		81,294		2,217,700
				4,297,003

Consumer Finance-0.94%
Capital One Financial Corp., 5.20%, Series G, Pfd.		62,470		1,581,740
Capital One Financial Corp., 6.00%, Series H, Pfd.		46,059		1,168,978
Capital One Financial Corp., 5.00%, Series I, Pfd.		153,176		4,079,077
Capital One Financial Corp., 4.80%, Series J, Pfd.		127,146		3,329,954

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Multi-Asset Income Fund


	Shares		Value
Consumer Finance-(continued)
Capital One Financial Corp., 4.63%, Series K, Pfd.		13,015	$	343,596
Capital One Financial Corp., 4.38%, Series L, Pfd.		70,279		1,787,898
Capital One Financial Corp., 4.25%, Series N, Pfd.		40,000		1,013,600
Navient Corp., 6.00%, Pfd.		30,244		773,339
Synchrony Financial, 5.63%, Series A, Pfd.		75,611		2,016,545
				16,094,727
Department Stores-0.03%
Dillard’s Capital Trust I, 7.50%, Pfd.		20,823		564,303
Diversified Banks-4.79%
Bank of America Corp., 6.00%, Series GG, Pfd.		137,558		3,661,794
Bank of America Corp., 5.88%, Series HH, Pfd.		86,916		2,347,601
Bank of America Corp., 5.38%, Series KK, Pfd.		159,573		4,329,215
Bank of America Corp., 5.00%, Series LL, Pfd.		158,341		4,234,038
Bank of America Corp., 4.38%, Series NN, Pfd.^(c)		147,094		3,736,188
Bank of America Corp., 4.13%, Series PP, Pfd.		117,217		2,935,114
Citigroup, Inc., 7.13%, Series J, Pfd.^(f)		95,774		2,690,292
Citigroup, Inc., 6.88%, Series K, Pfd.^(f)		150,718		4,274,362
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		171,007		4,659,941
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		186,507		5,173,704
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		90,733		2,379,019
JPMorgan Chase & Co., 4.55%, Series JJ, Pfd.		151,222		3,948,406
JPMorgan Chase & Co., 4.63%, Series LL, Pfd.		186,507		4,875,293
JPMorgan Chase & Co., 4.20%, Series MM, Pfd.		202,000		5,080,300
U.S. Bancorp, 5.50%, Series K, Pfd.^(c)		57,968		1,572,092
U.S. Bancorp, 3.75%, Series L, Pfd.^(c)		51,059		1,237,160
U.S. Bancorp, 4.00%, Series M, Pfd.		75,611		1,891,031
Wells Fargo & Co., 5.63%, Series Y, Pfd.		69,562		1,803,743
Wells Fargo & Co., 5.85%, Series Q, Pfd.^(f)		175,559		4,731,315
Wells Fargo & Co., 6.63%, Series R, Pfd.^(f)		84,684		2,383,855
Wells Fargo & Co., 4.75%, Series Z, Pfd.		192,664		4,989,998
Wells Fargo & Co., 4.70%, Series AA, Pfd.		118,790		3,075,473
Wells Fargo & Co., 4.38%, Series CC, Pfd.		112,578		2,830,211
Wells Fargo & Co., 4.25%, Series DD, Pfd.		125,000		3,120,000
				81,960,145
Diversified Chemicals-0.03%
EI du Pont de Nemours and Co., 4.50%, Series B, Pfd.		4,355		494,946


	Shares		Value
Diversified REITs-0.21%
Global Net Lease, Inc., 7.25%, Series A, Pfd.		17,699	$	468,669
iStar, Inc., 8.00%, Series D, Pfd.		10,081		259,485
iStar, Inc., 7.50%, Series I, Pfd.		12,602		326,392
PS Business Parks, Inc., 5.20%, Series W, Pfd.		19,130		480,546
PS Business Parks, Inc., 5.25%, Series X, Pfd.		23,947		625,017
PS Business Parks, Inc., 5.20%, Series Y, Pfd.		21,026		553,614
PS Business Parks, Inc., 4.88%, Series Z, Pfd.		32,838		889,910
				3,603,633
Electric Utilities-1.26%
Alabama Power Co., 5.00%, Series A, Pfd.		25,029		652,005
Brookfield Infrastructure Finance ULC, 5.00%, Pfd.		25,192		650,961
Duke Energy Corp., 5.63%, Pfd.		51,059		1,411,781
Duke Energy Corp., 5.75%, Series A, Pfd.		100,815		2,802,657
Entergy Arkansas LLC, 4.88%, Pfd.		40,188		1,013,943
Entergy Louisiana LLC, 4.88%, Pfd.		25,612		646,703
Entergy Mississippi LLC, 4.90%, Pfd.		27,564		705,363
Entergy New Orleans LLC, 5.50%, Pfd.		11,584		298,288
Georgia Power Co., 5.00%, Series 2017-A, Pfd.		27,112		710,606
Interstate Power and Light Co., 5.10%, Series D, Pfd.		20,826		542,309
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.		69,581		1,966,359
Pacific Gas and Electric Co., 6.00%, Series A, Pfd.		10,000		295,000
SCE Trust II, 5.10%, Pfd.		15,986		402,048
SCE Trust III, 5.75%, Series H, Pfd.^(f)		28,402		731,920
SCE Trust IV, 5.38%, Series J, Pfd.^(f)		32,765		821,091
SCE Trust V, 5.45%, Series K, Pfd.^(f)		29,311		758,569
SCE Trust VI, 5.00%, Pfd.		55,486		1,387,150
Southern Co. (The), 5.25%, Pfd.		45,367		1,195,420
Southern Co. (The), 4.95%, Series 2020, Pfd.		100,815		2,680,671
Southern Co. (The), 4.20%, Series C, Pfd.		76,088		1,945,570
				21,618,414
Gas Utilities–0.07%
South Jersey Industries, Inc., 5.63%, Pfd.		20,823		556,807
Spire, Inc., 5.90%, Series A, Pfd.		25,204		693,362
				1,250,169
Health Care REITs–0.09%
Diversified Healthcare Trust, 5.63%, Pfd.		61,801		1,498,674
Integrated Telecommunication Services–0.79%
AT&T, Inc., 5.35%, Pfd.		133,327		3,482,501
AT&T, Inc., 5.63%, Pfd.		83,172		2,239,822
AT&T, Inc., 5.00%, Series A, Pfd.		120,978		3,218,015
AT&T, Inc., 4.75%, Series C, Pfd.^(c)		176,426		4,594,133
				13,534,471

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco Multi-Asset Income Fund


	Shares		Value
Internet & Direct Marketing Retail-0.31%
Qurate Retail, Inc., 8.00%, Pfd.		31,505	$	3,439,716
QVC, Inc., 6.38%, Pfd.		23,426		617,275
QVC, Inc., 6.25%, Pfd.		50,085		1,309,723
				5,366,714
Investment Banking & Brokerage-1.43%
Brookfield Finance I (UK) PLC, 4.50%, Pfd.		23,947		602,028
Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		40,647		1,033,653
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		75,588		1,941,856
Charles Schwab Corp. (The), 4.45%, Series J, Pfd.		62,470		1,645,460
Goldman Sachs Group, Inc. (The), 5.50%, Series J, Pfd.^(f)		100,815		2,709,907
Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.^(f)		70,882		2,010,214
Morgan Stanley, 5.85%, Series K, Pfd.^(f)		100,815		2,970,010
Morgan Stanley, 7.13%, Series E, Pfd.^(f)		86,953		2,469,465
Morgan Stanley, 6.88%, Series F, Pfd.^(f)		85,693		2,420,827
Morgan Stanley, 6.38%, Series I, Pfd.^(f)		100,815		2,885,325
Morgan Stanley, 4.88%, Series L, Pfd.		51,059		1,373,487
Stifel Financial Corp., 5.20%, Pfd.		22,683		608,358
Stifel Financial Corp., 6.25%, Series B, Pfd.		16,130		436,316
Stifel Financial Corp., 6.13%, Series C, Pfd.		22,683		636,939
Stifel Financial Corp., 4.50%, Series D, Pfd.		30,244		771,222
				24,515,067
Leisure Products-0.09%
Brunswick Corp., 6.50%, Pfd.		19,262		529,705
Brunswick Corp., 6.63%, Pfd.		13,015		363,899
Brunswick Corp., 6.38%, Pfd.		23,947		677,940
				1,571,544
Life & Health Insurance–1.61%
AEGON Funding Co. LLC, 5.10%, Pfd.		94,308		2,540,658
American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.^(f)		40,326		1,125,095
American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.^(f)		30,244		865,886
Athene Holding Ltd., 6.35%, Series A, Pfd.^(f)		86,953		2,599,025
Athene Holding Ltd., 5.63%, Series B, Pfd.		34,920		953,665
Athene Holding Ltd., 6.38%, Series C, Pfd.^(f)		60,489		1,746,922
Athene Holding Ltd., 4.88%, Series D, Pfd.		57,968		1,499,632
Brighthouse Financial, Inc., 6.25%, Pfd.		38,044		1,022,242
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		43,250		1,188,942
Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		40,907		1,160,941
Brighthouse Financial, Inc., 5.38%, Series C, Pfd.		58,867		1,561,153


	Shares		Value
Life & Health Insurance-(continued)
CNO Financial Group, Inc., 5.13%, Pfd.		16,212	$	437,724
Globe Life, Inc., 4.25%, Pfd.		33,126		856,307
MetLife, Inc., 5.63%, Series E, Pfd.		81,814		2,231,886
MetLife, Inc., 4.75%, Series F, Pfd.		100,815		2,705,875
Prudential Financial, Inc., 5.63%, Pfd.		56,960		1,553,869
Prudential Financial, Inc., 4.13%, Pfd.^(c)		50,967		1,325,652
Prudential PLC, 6.75%, Pfd.		41,916		1,070,954
Prudential PLC, 6.50%, Pfd.		8,800		225,104
Unum Group, 6.25%, Pfd.		30,244		825,661
				27,497,193
Multi-line Insurance-0.29%
American Financial Group, Inc., 5.88%, Pfd.		12,602		343,279
American Financial Group, Inc., 5.13%, Pfd.		20,163		547,426
American Financial Group, Inc., 5.63%, Pfd.^(c)		15,122		437,177
American Financial Group, Inc., 4.50%, Pfd.		20,823		568,051
American International Group, Inc., 5.85%, Series A, Pfd.		52,059		1,418,087
Assurant, Inc., 5.25%, Pfd.		26,029		703,043
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		34,781		964,477
				4,981,540
Multi-Utilities-0.65%
Algonquin Power & Utilities Corp., 6.88%, Pfd.^(f)		28,984		799,669
Algonquin Power & Utilities Corp., 6.20%, Series 19-A, Pfd.^(f)		35,285		985,510
Brookfield Infrastructure Partners L.P., 5.13%, Series 13, Pfd.		20,550		519,709
Brookfield Infrastructure Partners L.P., 5.00%, Series 14, Pfd.		20,600		521,592
CMS Energy Corp., 5.63%, Pfd.		16,502		440,933
CMS Energy Corp., 5.88%, Pfd.		17,335		471,512
CMS Energy Corp., 5.88%, Pfd.		79,658		2,190,595
CMS Energy Corp., 4.20%, Series C, Pfd.		22,000		545,600
DTE Energy Co., 4.38%, Series G, Pfd.		17,202		442,952
Integrys Holding, Inc., 6.00%, Pfd.^(f)		25,250		691,850
NiSource, Inc., 6.50%, Series B, Pfd.^(f)		50,407		1,417,445
Sempra Energy, 5.75%, Pfd.		76,367		2,130,639
				11,158,006
Office REITs-0.24%
Office Properties Income Trust, 6.38%, Pfd.		16,332		457,949
SL Green Realty Corp., 6.50%, Series I, Pfd.		23,187		604,485
Vornado Realty Trust, 5.40%, Series L, Pfd.		22,552		587,254
Vornado Realty Trust, 5.25%, Series M, Pfd.		29,800		789,998
Vornado Realty Trust, 5.25%, Series N, Pfd.		32,290		881,840
Vornado Realty Trust, 4.45%, Series O, Pfd.		30,000		747,900
				4,069,426

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco Multi-Asset Income Fund


	Shares		Value


Office Services & Supplies-0.06%
Pitney Bowes, Inc., 6.70%, Pfd.		42,846	$	1,081,433



Oil & Gas Storage & Transportation-0.42%
DCP Midstream L.P., 7.88%, Series B, Pfd.^(f)		16,789		423,586


DCP Midstream L.P., 7.95%, Series C, Pfd.^(f)		11,453		288,501


Enbridge, Inc., 6.38%, Series B, Pfd.^(f)		62,470		1,677,944


Energy Transfer L.P., 7.63%, Series D, Pfd.^(f)		42,528		1,064,901


Energy Transfer L.P., 7.38%, Series C, Pfd.^(f)		40,628		1,025,451


Energy Transfer L.P., 7.60%, Series E, Pfd.^(f)		87,823		2,241,243


NuStar Energy L.P., 9.00%, Series C, Pfd.^(f)		17,391		452,340


				7,173,966



Other Diversified Financial Services-0.43%
Brookfield BRP Holdings Canada, Inc., 4.63%, Pfd.		35,441		885,316


Carlyle Finance LLC, 4.63%, Pfd.		50,407		1,298,484


Equitable Holdings, Inc., 5.25%, Series A, Pfd.		81,294		2,160,795


Equitable Holdings, Inc., 4.30%, Series C, Pfd.		30,235		763,131


KKR Group Finance Co. IX LLC, 4.63%, Pfd.		50,407		1,314,615


Voya Financial, Inc., 5.35%, Series B, Pfd.^(f)		30,244		892,198


				7,314,539



Property & Casualty Insurance-1.01%
Allstate Corp. (The), 5.63%, Series G, Pfd.		57,968		1,579,628


Allstate Corp. (The), 5.10%, Pfd.^(f)		51,059		1,376,040


Allstate Corp. (The), 5.10%, Series H, Pfd.		115,937		3,141,893


Allstate Corp. (The), 4.75%, Series I, Pfd.		30,244		822,637


Arch Capital Group Ltd., 5.45%, Series F, Pfd.		32,374		842,695


Arch Capital Group Ltd., 4.55%, Series G, Pfd.		50,000		1,297,500


Argo Group International Holdings Ltd., 7.00%, Pfd.^(f)		15,618		436,055


Argo Group U.S., Inc., 6.50%, Pfd.		14,967		389,741


Aspen Insurance Holdings Ltd., 5.63%, Pfd.		25,204		696,638


Aspen Insurance Holdings Ltd., 5.95%, Pfd.^(f)		27,724		756,588


Aspen Insurance Holdings Ltd., 5.63%, Pfd.		25,204		666,898


AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		57,264		1,444,198


PartnerRe Ltd., 4.88%, Series J, Pfd.		20,163		545,812


Selective Insurance Group, Inc., 4.60%, Series B, Pfd.		20,163		513,955


W R Berkley Corp., 4.13%, Pfd.^(c)		30,244		815,076


W.R. Berkley Corp., 5.70%, Pfd.		18,262		507,501


W.R. Berkley Corp., 5.10%, Pfd.		30,235		811,810


W.R. Berkley Corp., 4.25%, Pfd.		25,204		682,776


				17,327,441


	Shares		Value


Real Estate Operating Companies-0.21%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		18,550	$	476,735


Brookfield Property Partners L.P., 6.38%, Series A-2, Pfd.		25,552		662,819


Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		28,984		707,499


Brookfield Property Preferred L.P., 6.25%, Pfd.		69,000		1,713,270


				3,560,323



Regional Banks-2.52%
Associated Banc-Corp., 5.88%, Series E, Pfd.		10,412		281,957


Associated Banc-Corp., 5.63%, Series F, Pfd.		10,412		281,863


Bank of Hawaii Corp., 4.38%, Series A, Pfd.		20,000		520,000


Cadence Bank, 5.50%, Series A, Pfd.		17,960		471,450


CIT Group, Inc., 5.63%, Series B, Pfd.		20,823		551,393


Citizens Financial Group, Inc., 6.35%, Series D, Pfd.^(f)		21,249		594,122


Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		56,474		1,497,126


Cullen/Frost Bankers, Inc., 4.45%, Series B, Pfd.		16,566		439,827


Dime Community Bancshares, Inc., 5.50%, Pfd.		13,793		359,997


F.N.B. Corp., 7.25%, Pfd.^(f)		11,178		321,256


Fifth Third Bancorp, 6.63%, Series I, Pfd.^(f)		49,232		1,415,420


Fifth Third Bancorp, 6.00%, Series A, Pfd.		13,307		355,031


Fifth Third Bancorp, 4.95%, Series K, Pfd.		28,315		751,480


First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		34,781		956,478


First Horizon Corp., 6.50%, Pfd.		16,869		470,139


First Horizon Corp., 6.10%, Series D, Pfd.^(f)		8,607		228,602


First Horizon Corp., 4.70%, Series F, Pfd.		15,122		393,172


First Midwest Bancorp, Inc., 7.00%, Series A, Pfd.		10,888		307,042


First Midwest Bancorp, Inc., 7.00%, Series C, Pfd.		12,350		349,382


First Republic Bank, 5.13%, Series H, Pfd.		20,823		541,190


First Republic Bank, 5.50%, Series I, Pfd.		30,244		802,071


First Republic Bank, 4.70%, Series J, Pfd.		39,126		1,048,968


First Republic Bank, 4.13%, Series K, Pfd.		51,059		1,279,028


First Republic Bank, 4.25%, Series L, Pfd.		75,828		1,905,558


First Republic Bank, 4.00%, Series M, Pfd.		75,611		1,843,396


Fulton Financial Corp., 5.13%, Series A, Pfd.		20,823		548,061


Hancock Whitney Corp., 6.25%, Pfd.		17,850		502,388


Huntington Bancshares, Inc., 4.50%, Series H, Pfd.		51,059		1,299,452

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Invesco Multi-Asset Income Fund


	Shares		Value


Regional Banks-(continued)
Huntington Bancshares, Inc., 5.70%, Series C, Pfd.		17,643	$	461,364


KeyCorp, 6.13%, Series E, Pfd.^(f)		50,407		1,544,975


KeyCorp, 5.65%, Series F, Pfd.		42,846		1,164,554


KeyCorp, 5.63%, Series G, Pfd.		45,853		1,271,045


People’s United Financial, Inc., 5.63%, Series A, Pfd.^(f)		25,204		712,013


Popular Capital Trust I, 6.70%, Pfd.		18,854		475,686


Popular Capital Trust II, 6.13%, Pfd.		13,106		340,101


Regions Financial Corp., 6.38%, Series B, Pfd.^(f)		50,407		1,431,559


Regions Financial Corp., 5.70%, Series C, Pfd.^(f)		50,407		1,453,738


Regions Financial Corp., 4.45%, Series E, Pfd.		40,647		1,036,498


Signature Bank, 5.00%, Series A, Pfd.^(c)		73,595		1,906,110


Silvergate Capital Corp., 5.38%, Series A, Pfd.		20,000		496,600


SVB Financial Group, 5.25%, Series A, Pfd.		35,285		931,171


Synovus Financial Corp., 6.30%, Series D, Pfd.^(f)		20,823		545,563


Synovus Financial Corp., 5.88%, Series E, Pfd.^(f)		35,285		948,461


Texas Capital Bancshares, Inc., 5.75%, Series B, Pfd.		30,244		803,281


Truist Financial Corp., 5.25%, Series O, Pfd.		57,867		1,624,905


Truist Financial Corp., 4.75%, Series R, Pfd.		93,254		2,485,219


Valley National Bancorp, 6.25%, Series A, Pfd.^(f)		12,083		352,582


Webster Financial Corp., 5.25%, Series F, Pfd.		15,122		395,440


Western Alliance Bancorp, 4.25%, Series A, Pfd.^(f)		30,250		794,365


Wintrust Financial Corp., 6.50%, Series D, Pfd.^(f)		12,602		351,344


Wintrust Financial Corp., 6.88%, Series E, Pfd.^(f)		28,984		818,508


Zions Bancorporation N.A., 6.30%, Series G, Pfd.^(f)		13,952		376,564


				43,037,495



Reinsurance-0.30%
Enstar Group Ltd., 7.00%, Series D, Pfd.^(f)		42,424		1,242,599


Enstar Group Ltd., 7.00%, Series E, Pfd.		9,774		266,341


Reinsurance Group of America, Inc., 5.75%, Pfd.^(f)		40,326		1,150,904


RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		25,204		685,297


RenaissanceRe Holdings Ltd., 4.20%, Series G, Pfd.		50,407		1,269,248


SiriusPoint Ltd., 8.00%, Series B, Pfd.^(f)		20,163		576,662


				5,191,051



Renewable Electricity-0.03%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		20,163		533,715


	Shares		Value


Residential REITs-0.04%
American Homes 4 Rent, 5.88%, Series F, Pfd.		16,159	$	418,680


American Homes 4 Rent, 5.88%, Series G, Pfd.		4,500		117,900


American Homes 4 Rent, 6.25%, Series H, Pfd.		4,000		108,200


				644,780



Retail REITs-0.18%
Agree Realty Corp., 4.25%, Series A, Pfd.		17,650		433,308


Federal Realty Investment Trust, 5.00%, Series C, Pfd.		15,810		412,483


Kimco Realty Corp., 5.13%, Series L, Pfd.		22,683		590,438


Kimco Realty Corp., 5.25%, Class M, Pfd.		26,665		711,689


SITE Centers Corp., 6.38%, Series A, Pfd.		18,220		478,822


Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		17,960		468,576


				3,095,316



Specialized Finance-0.04%
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		25,204		700,419



Specialized REITs-0.76%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		20,823		542,647


Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		21,171		581,356


Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		34,781		952,651


EPR Properties, 5.75%, Series G, Pfd.		16,266		424,543


Public Storage, 4.90%, Series E, Pfd.		64,949		1,645,808


Public Storage, 5.15%, Series F, Pfd.		9,700		251,133


Public Storage, 5.05%, Series G, Pfd.		21,400		567,100


Public Storage, 5.60%, Series H, Pfd.		28,732		796,738


Public Storage, 4.88%, Series I, Pfd.		31,883		860,203


Public Storage, 4.70%, Series J, Pfd.		12,000		320,160


Public Storage, 4.75%, Series K, Pfd.		18,500		495,985


Public Storage, 4.63%, Series L, Pfd.		59,564		1,610,015


Public Storage, 4.13%, Series M, Pfd.		24,165		623,699


Public Storage, 3.88%, Series N, Pfd.		30,000		763,800


Public Storage, 3.90%, Series O, Pfd.		18,500		473,600


Public Storage, 4.00%, Series P, Pfd.		65,000		1,647,100


Public Storage, 3.95%, Series Q, Pfd.^(c)		20,000		508,000


				13,064,538



Thrifts & Mortgage Finance-0.14%
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.^(f)		51,920		1,518,660


Washington Federal, Inc., 4.88%, Series A, Pfd.		30,244		796,627


				2,315,287



Trading Companies & Distributors-0.30%
Air Lease Corp., 6.15%, Series A, Pfd.^(f)		26,029		703,824


Fortress Transportation and Infrastructure Investors LLC, 8.00%, Series B, Pfd.^(f)		12,451		330,574

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Invesco Multi-Asset Income Fund


	Shares		Value


Trading Companies & Distributors-(continued)
Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series A, Pfd.^(f)		10,535	$	283,918


Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series C, Pfd.^(f)		10,586		282,435


Triton International Ltd., 8.00%, Pfd.		14,492		402,588


Triton International Ltd., 7.38%, Pfd.		17,643		482,536


Triton International Ltd., 6.88%, Pfd.		15,122		409,806


Triton International Ltd., 5.75%, Series E, Pfd.		18,000		480,600


WESCO International, Inc., 10.63%, Series A, Pfd.^(f)		54,469		1,710,327


				5,086,608



Wireless Telecommunication Services-0.41%
Telephone & Data Systems, Inc., 6.63%, Series UU, Pfd.		43,729		1,199,487


Telephone and Data Systems, Inc., 6.00%, Series VV, Pfd.		60,000		1,573,200


United States Cellular Corp., 6.25%, Pfd.		50,937		1,398,730


United States Cellular Corp., 5.50%, Pfd.		53,666		1,428,052


United States Cellular Corp., 5.50%, Pfd.		53,157		1,407,597


				7,007,066


Total Preferred Stocks (Cost $339,923,221)				355,747,626



	Principal Amount
Equity Linked Notes-19.75%
Diversified Banks-16.76%
Bank of Montreal (Canada), 10.53%, 11/15/2021^(b)	$	15,232,000		15,312,468


Barclays Bank PLC (United Kingdom),
14.20%, 11/16/2021^(b)		7,664,000		7,452,935


11.97%, 11/23/2021^(b)		14,292,000		14,031,536


31.19%, 12/01/2021^(b)		7,463,000		7,210,396


18.58%, 12/02/2021^(b)		7,241,000		7,069,406


BNP Paribas Issuance B.V. (France),
18.16%, 11/05/2021^(b)		14,662,000		14,957,540


14.91%, 11/10/2021^(b)		14,644,000		15,011,325


20.05%, 11/16/2021^(b)		7,463,000		7,547,217


6.86%, 11/30/2021^(b)		14,135,000		13,821,223


Canadian Imperial Bank of Commerce (Canada),
15.44%, 11/03/2021^(b)		14,868,000		15,286,948


12.72%, 11/24/2021^(b)		14,163,000		14,044,188


11.57%, 11/26/2021^(b)		14,392,000		14,034,958


12.17%, 12/03/2021^(b)		14,498,000		14,498,000


Citigroup Global Markets Holdings, Inc., 13.03%, 11/08/2021^(b)		14,570,000		14,844,356


HSBC Bank USA N.A. (United Kingdom), 11.57%, 11/29/2021^(b)		14,251,000		14,003,404


JPMorgan Chase Bank N.A., 10.66%, 11/19/2021^(b)		14,319,000		14,260,192


Royal Bank of Canada (Canada), Conv.,
13.90%, 11/16/2021^(b)		14,672,000		14,815,527


11.52%, 11/18/2021^(b)		14,451,000		14,581,421


18.39%, 11/22/2021^(b)		7,337,000		7,189,665


	Principal Amount		Value


Diversified Banks-(continued)
Societe Generale S.A. (France),
17.03%, 11/01/2021	$	7,690,000	$	8,078,335


22.43%, 11/01/2021		7,770,000		8,287,830


19.38%, 11/02/2021		7,644,000		8,025,789


22.15%, 11/02/2021		7,740,000		8,268,674


15.95%, 12/01/2021^(b)		7,257,000		7,133,514


33.00%, 12/02/2021^(b)		7,273,000		7,051,979


				286,818,826



Diversified Capital Markets-2.13%
Credit Suisse AG (Switzerland),
18.20%, 11/12/2021^(b)		7,520,000		7,430,892


23.28%, 11/12/2021^(b)		7,504,000		7,582,752


13.60%, 11/17/2021^(b)		14,624,000		14,624,015


35.90%, 11/22/2021^(b)		7,160,000		6,726,816


				36,364,475



Investment Banking & Brokerage-0.86%
Nomura International Funding Pte. Ltd. (Japan), 15.00%, 11/09/2021^(b)		14,595,000		14,786,395


Total Equity Linked Notes (Cost $337,094,000)				337,969,696



U.S. Treasury Securities-7.51%
U.S. Treasury Bills-0.03%
0.04% - 0.05%, 02/17/2022^(g)(h)		455,000		454,933


U.S. Treasury Bonds-7.48%
4.25%, 11/15/2040^(g)		93,200,000		128,120,875


Total U.S. Treasury Securities (Cost $121,945,511)				128,575,808



Variable Rate Senior Loan Interests-2.15%^(i)(j)
Food Distributors-0.14%
United Natural Foods, Inc., Term Loan B, 3.59% (3 mo. USD LIBOR + 3.50%), 10/22/2025		2,435,897		2,441,012



Health Care Equipment-0.13%
Radiology Partners, Inc., First Lien Term Loan B, 4.34% (1 mo. USD LIBOR + 4.25%), 07/09/2025		2,195,000		2,195,154



Health Care Services-0.26%
Global Medical Response, Inc., Term Loan, 5.25% (1 mo. USD LIBOR + 4.25%), 10/02/2025		2,177,545		2,172,493


Surgery Center Holdings, Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 09/03/2026		2,177,389		2,184,651


				4,357,144



Health Care Supplies-0.30%
Medline Industries, Inc., Term Loan,
-%, 08/04/2022^(k)(l)		2,017,000		2,017,000


-%, 08/04/2022^(k)(l)		3,026,000		3,026,000


				5,043,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Hotels, Resorts & Cruise Lines-0.12%
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan, 2.09% (3 mo. USD LIBOR + 2.00%), 11/30/2023	$	2,108,399	$	2,107,091



Metal & Glass Containers-0.12%
Flex Acquisition Co., Inc., Incremental Term Loan B, 3.13% (3 mo. USD LIBOR + 3.00%), 06/29/2025		2,102,409		2,088,670



Paper Packaging-0.12%
Graham Packaging Co., Inc., Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), 08/04/2027		2,109,400		2,107,122



Paper Products-0.25%
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/23/2028		4,330,813		4,347,053



Pharmaceuticals-0.29%
Endo Luxembourg Finance Co I S.a.r.l., Term Loan, 5.75% (1 mo. USD LIBOR + 5.00%), 03/10/2028		2,119,350		2,072,248


Valeant Pharmaceuticals International, Inc., First Lien Incremental Term Loan, 2.84% (3 mo. USD LIBOR + 2.75%), 11/27/2025		2,908,037		2,902,672


				4,974,920



Restaurants-0.23%
IRB Holding Corp., First Lien Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), 12/01/2027		3,940,344		3,944,934



Specialty Stores-0.19%
PetSmart, Inc., First Lien Term Loan B, 4.50% (1 mo. USD LIBOR + 3.75%), 02/11/2028		3,216,605		3,224,936


Total Variable Rate Senior Loan Interests (Cost $36,817,066)				36,831,036



	Shares
Common Stocks & Other Equity Interests-0.03%
Oil & Gas Drilling-0.03%
Valaris Ltd. (Cost $247,907)^(m)		13,320		469,130



	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.02%⁽ⁿ⁾
Casinos & Gaming-0.01%
Codere Finance 2 (Luxembourg) S.A. (Spain), 10.75%, 09/30/2023^(b)		EUR 211,000		258,807



Textiles-0.01%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023^(b)		EUR 100,000		111,383


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $362,142)				370,190


	Principal Amount		Value


Asset-Backed Securities-0.00%
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037	$	63,712	$	62,571


GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037^(o)		2,543		2,641


Total Asset-Backed Securities (Cost $60,339)				65,212



U.S. Government Sponsored Agency Mortgage-Backed Securities-0.00%
Collateralized Mortgage Obligations–0.00%
Fannie Mae REMICs, IO,
6.61% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024^(p)(q)		496		11


9.71% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031^(p)(q)		23		2


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,213)				13



	Shares
Money Market Funds-15.92%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(r)(s)		92,515,254		92,515,254


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(r)(s)		74,241,949		74,264,221


Invesco Treasury Portfolio, Institutional Class, 0.01%^(r)(s)		105,731,720		105,731,720


Total Money Market Funds (Cost $272,498,356)				272,511,195


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-103.20% (Cost $1,731,810,913)				1,766,456,772



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.26%
Invesco Private Government Fund, 0.02%^(r)(s)(t)		16,713,748		16,713,748


Invesco Private Prime Fund, 0.11%^(r)(s)(t)		38,983,153		38,998,746


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $55,712,494)				55,712,494


TOTAL INVESTMENTS IN SECURITIES-106.46% (Cost $1,787,523,407)				1,822,169,266


OTHER ASSETS LESS LIABILITIES-(6.46)%				(110,512,988	)


NET ASSETS-100.00%			$	1,711,656,278

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Invesco Multi-Asset Income Fund

Investment Abbreviations:


Conv.		- Convertible
EUR		- Euro
IO		- Interest Only
LIBOR		- London Interbank Offered Rate
Pfd.		- Preferred
PIK		- Pay-in-Kind
REIT		- Real Estate Investment Trust
REMICs		- Real Estate Mortgage Investment Conduits
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, 2021 was $758,477,483, which represented 44.31% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2021.

^(d)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 10.

^(h)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾

^(j)

^(k)	This variable rate interest will settle after October 31, 2021, at which time the interest rate will be determined.

^(l)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(m)	Non-income producing security.

⁽ⁿ⁾	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(o)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2021.

^(p)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(q)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2021.

^(r)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	91,650,571	$	238,373,458	$	(237,508,775	)	$	-	$	-		$ 92,515,254		$ 25,531
Invesco Liquid Assets Portfolio, Institutional Class		70,629,080		169,172,082		(165,528,360	)		(4,644)		(3,937)		74,264,221		20,990
Invesco Treasury Portfolio, Institutional Class		104,743,510		272,426,809		(271,438,599	)		-		-		105,731,720		11,644
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		3,753,133		80,729,431		(67,768,816	)		-		-		16,713,748		1,507*
Invesco Private Prime Fund		5,629,700		151,290,571		(117,921,725	)		-		200		38,998,746		19,156*
Total	$	276,405,994	$	911,992,351	$	(860,166,275	)	$	(4,644)	$	(3,737)		$328,223,689		$78,828

^(s)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(t)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1L.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Invesco Multi-Asset Income Fund


Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)


Equity Risk


E-Mini Russell 2000 Index		182		December-2021		$ 20,887,230			$ 580,964			$ 580,964


E-Mini S&P 500 Index		94		December-2021		21,605,900			440,064			440,064


EURO STOXX 50 Index		385		December-2021		18,857,190			361,300			361,300


FTSE 100 Index		302		December-2021		29,856,959			850,284			850,284


MSCI Emerging Market Index		215		December-2021		13,566,500			(422,733	)		(422,733	)


Tokyo Stock Price Index		110		December-2021		19,230,094			(249,951	)		(249,951	)


Subtotal									1,559,928			1,559,928


Interest Rate Risk


U.S. Treasury 2 Year Notes		7		December-2021		1,534,750			(6,508	)		(6,508	)


U.S. Treasury 10 Year Notes		4		December-2021		522,813			125			125


U.S. Treasury 10 Year Ultra Notes		147		December-2021		21,319,594			(422,702	)		(422,702	)


U.S. Treasury Long Bonds		215		December-2021		34,581,406			(377,850	)		(377,850	)


U.S. Treasury Ultra Bonds		68		December-2021		13,355,625			(89,739	)		(89,739	)


Subtotal									(896,674	)		(896,674	)


Subtotal-Long Futures Contracts									663,254			663,254



Short Futures Contracts


Interest Rate Risk


Euro-Bund		259		December-2021		(50,335,795	)		642,934			642,934


Long Gilt		207		December-2021		(35,388,586	)		120,206			120,206


U.S. Treasury 5 Year Notes		97		December-2021		(11,809,750	)		166,671			166,671


U.S. Treasury Long Bonds		94		December-2021		(15,119,313	)		248,219			248,219


Subtotal-Short Futures Contracts									1,178,030			1,178,030


Total Futures Contracts									$1,841,284			$1,841,284

^(a)	Futures contracts collateralized by $10,060,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.

Open Forward Foreign Currency Contracts

Contract to

Unrealized
Appreciation

Settlement Date

Counterparty

Deliver

Receive

Currency Risk

11/17/2021

Citibank, N.A.

EUR 2,000,000

USD 2,348,858

$36,184

11/17/2021

Goldman Sachs International

GBP 1,448,000

USD 2,006,421

24,737

Total Forward Foreign Currency Contracts

$60,921

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.


21		Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $1,459,312,557)*	$	1,493,945,577


Investments in affiliated money market funds, at value (Cost $328,210,850)		328,223,689


Other investments:
Variation margin receivable - futures contracts		470,991


Unrealized appreciation on forward foreign currency contracts outstanding		60,921


Deposits with brokers:
Cash collateral - exchange-traded futures contracts		10,060,000


Cash		349,045


Foreign currencies, at value (Cost $4,638,485)		4,623,510


Receivable for:
Investments sold		608,122


Fund shares sold		234,372


Dividends		1,885,170


Interest		11,535,702


Principal paydowns		46


Investment for trustee deferred compensation and retirement plans		254,852


Other assets		34,926


Total assets		1,852,286,923



Liabilities:
Payable for:
Investments purchased		81,465,698


Fund shares reacquired		1,426,327


Collateral upon return of securities loaned		55,712,494


Accrued fees to affiliates		994,429


Accrued other operating expenses		729,722


Trustee deferred compensation and retirement plans		301,975


Total liabilities		140,630,645


Net assets applicable to shares outstanding	$	1,711,656,278



Net assets consist of:
Shares of beneficial interest	$	2,120,124,242


Distributable earnings (loss)		(408,467,964	)


	$	1,711,656,278


Net Assets:
Class A	$	1,178,388,742


Class C	$	147,029,820


Class R	$	47,214,455


Class Y	$	274,095,429


Class R5	$	77,844


Class R6	$	64,849,988



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		120,846,963


Class C		15,085,278


Class R		4,837,767


Class Y		28,088,165


Class R5		7,983


Class R6		6,646,170


Class A:
Net asset value per share	$	9.75


Maximum offering price per share
(Net asset value of $9.75 ÷ 94.50%)	$	10.32


Class C:
Net asset value and offering price per share	$	9.75


Class R:
Net asset value and offering price per share	$	9.76


Class Y:
Net asset value and offering price per share	$	9.76


Class R5:
Net asset value and offering price per share	$	9.75


Class R6:
Net asset value and offering price per share	$	9.76

*	At October 31, 2021, securities with an aggregate value of $54,326,769 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Invesco Multi-Asset Income Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest	$	83,747,386


Dividends (net of foreign withholding taxes of $5,905)		20,606,055


Dividends from affiliated money market funds (includes securities lending income of $179,513)		237,678


Total investment income		104,591,119



Expenses:
Advisory fees		7,999,000


Administrative services fees		256,072


Custodian fees		26,681


Distribution fees:
Class A		2,821,356


Class C		1,740,267


Class R		261,496


Transfer agent fees - A, C, R and Y		2,563,010


Transfer agent fees - R5		64


Transfer agent fees - R6		10,639


Trustees’ and officers’ fees and benefits		53,745


Registration and filing fees		124,389


Licensing fees		906,394


Reports to shareholders		220,278


Professional services fees		71,849


Other		100,796


Total expenses		17,156,036


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,547,489	)


Net expenses		15,608,547


Net investment income		88,982,572



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		51,237,509


Affiliated investment securities		(3,737	)


Foreign currencies		(292,771	)


Forward foreign currency contracts		(14,017	)


Futures contracts		32,686,434


Swap agreements		(614,917	)


		82,998,501


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		27,290,794


Affiliated investment securities		(4,644	)


Foreign currencies		(52,104	)


Forward foreign currency contracts		(5,448	)


Futures contracts		6,876,542


Swap agreements		307,585


		34,412,725


Net realized and unrealized gain		117,411,226


Net increase in net assets resulting from operations	$	206,393,798

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020


Operations:
Net investment income	$	88,982,572		$	89,487,820


Net realized gain (loss)		82,998,501			(136,463,179	)


Change in net unrealized appreciation		34,412,725			67,596,696


Net increase in net assets resulting from operations		206,393,798			20,621,337



Distributions to shareholders from distributable earnings:
Class A		(71,763,758	)		(43,417,650	)


Class C		(8,990,275	)		(9,182,693	)


Class R		(2,967,083	)		(1,823,413	)


Class Y		(19,341,966	)		(25,144,721	)


Class R5		(5,253	)		(5,020	)


Class R6		(4,148,032	)		(4,004,038	)


Total distributions from distributable earnings		(107,216,367	)		(83,577,535	)



Share transactions–net:
Class A		(94,140,757	)		1,000,267,355


Class C		(74,779,394	)		104,140,912


Class R		(11,542,014	)		49,020,979


Class Y		(105,129,569	)		27,485,746


Class R5		(12,046	)		(9,326	)


Class R6		(4,237,143	)		14,917,961


Net increase (decrease) in net assets resulting from share transactions		(289,840,923	)		1,195,823,627


Net increase (decrease) in net assets		(190,663,492	)		1,132,867,429



Net assets:
Beginning of year		1,902,319,770			769,452,341


End of year	$	1,711,656,278		$	1,902,319,770

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		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 10/31/21		$	9.26		$	0.48		$	0.59			$	1.07			$	(0.58	)		$	–			$	(0.58	)		$	9.75		11.73	%^(d)		$	1,178,389		0.82	%^(d)		0.91	%^(d)		4.93	%^(d)		53	%
Year ended 10/31/20			10.79			0.58			(1.55	)			(0.97	)			(0.56	)			–				(0.56	)			9.26		(8.97	)^(d)			1,209,154		0.82	^(d)		0.92	^(d)		6.13	^(d)		117
Year ended 10/31/19			10.07			0.55			0.74				1.29				(0.57	)			–				(0.57	)			10.79		13.18				188,655		0.84			0.97			5.21			76
Year ended 10/31/18			11.01			0.51			(0.84	)			(0.33	)			(0.52	)			(0.09	)			(0.61	)			10.07		(3.13	)			131,971		0.85			1.00			4.76			59
Year ended 10/31/17			10.51			0.49			0.50				0.99				(0.49	)			–				(0.49	)			11.01		9.64				191,395		0.86			1.06			4.53			40
Class C
Year ended 10/31/21			9.26			0.40			0.60				1.00				(0.51	)			–				(0.51	)			9.75		10.89				147,030		1.59			1.68			4.16			53
Year ended 10/31/20			10.78			0.51			(1.54	)			(1.03	)			(0.49	)			–				(0.49	)			9.26		(9.58	)			210,967		1.59			1.69			5.36			117
Year ended 10/31/19			10.06			0.47			0.74				1.21				(0.49	)			–				(0.49	)			10.78		12.35				118,619		1.59			1.72			4.46			76
Year ended 10/31/18			11.00			0.43			(0.84	)			(0.41	)			(0.44	)			(0.09	)			(0.53	)			10.06		(3.87	)			85,370		1.60			1.75			4.01			59
Year ended 10/31/17			10.50			0.41			0.50				0.91				(0.41	)			–				(0.41	)			11.00		8.83				74,211		1.61			1.81			3.78			40
Class R
Year ended 10/31/21			9.27			0.45			0.59				1.04				(0.55	)			–				(0.55	)			9.76		11.43				47,214		1.09			1.18			4.66			53
Year ended 10/31/20			10.78			0.55			(1.52	)			(0.97	)			(0.54	)			–				(0.54	)			9.27		(9.02	)			55,930		1.09			1.19			5.86			117
Year ended 10/31/19			10.07			0.52			0.74				1.26				(0.55	)			–				(0.55	)			10.78		12.80				5,202		1.09			1.22			4.96			76
Year ended 10/31/18			11.01			0.48			(0.84	)			(0.36	)			(0.49	)			(0.09	)			(0.58	)			10.07		(3.38	)			2,220		1.10			1.25			4.51			59
Year ended 10/31/17			10.51			0.46			0.50				0.96				(0.46	)			–				(0.46	)			11.01		9.37				1,608		1.11			1.31			4.28			40
Class Y
Year ended 10/31/21			9.27			0.50			0.59				1.09				(0.60	)			–				(0.60	)			9.76		11.99				274,095		0.59			0.68			5.16			53
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			–				(0.59	)			9.27		(8.65	)			360,565		0.59			0.69			6.36			117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			–				(0.60	)			10.79		13.47				397,303		0.59			0.72			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			288,116		0.60			0.75			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			–				(0.52	)			11.01		9.91				328,798		0.61			0.81			4.78			40
Class R5
Year ended 10/31/21			9.27			0.50			0.58				1.08				(0.60	)			–				(0.60	)			9.75		11.89				78		0.59			0.60			5.16			53
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			–				(0.59	)			9.27		(8.63	)			85		0.59			0.63			6.36			117
Year ended 10/31/19			10.08			0.57			0.74				1.31				(0.60	)			–				(0.60	)			10.79		13.35				104		0.59			0.68			5.46			76
Year ended 10/31/18			11.01			0.53			(0.82	)			(0.29	)			(0.55	)			(0.09	)			(0.64	)			10.08		(2.79	)			150		0.60			0.69			5.01			59
Year ended 10/31/17			10.52			0.52			0.49				1.01				(0.52	)			–				(0.52	)			11.01		9.81				30		0.61			0.72			4.78			40
Class R6
Year ended 10/31/21			9.27			0.51			0.59				1.10				(0.61	)			–				(0.61	)			9.76		12.05				64,850		0.54			0.55			5.21			53
Year ended 10/31/20			10.79			0.62			(1.55	)			(0.93	)			(0.59	)			–				(0.59	)			9.27		(8.59	)			65,618		0.53			0.54			6.42			117
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			–				(0.60	)			10.79		13.47				59,569		0.59			0.60			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			53,904		0.60			0.63			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			–				(0.52	)			11.01		9.91				61,077		0.61			0.69			4.78			40

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,279,950,104 in connection with the acquisition of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% for Class A for the years ended October 31, 2021 and 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


25		Invesco Multi-Asset Income Fund

Notes to Financial Statements

October 31, 2021

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.

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.


26		Invesco Multi-Asset Income Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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.

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.

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


27		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.

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.

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.

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.

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.


28		Invesco Multi-Asset Income Fund

through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s 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.

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.


29		Invesco Multi-Asset Income 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’ claims.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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, 2021, the effective advisory fee rate incurred by the Fund was 0.44%.

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $143,854 and reimbursed class level expenses of $966,541, $139,358, $41,801, $251,905, $7 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, IDI advised the Fund that IDI retained $122,683 in front-end sales commissions from the sale of Class A shares and $14,871 and $9,690 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.


30		Invesco Multi-Asset Income Fund

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.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2		Level 3		Total



Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	3,391,482		$	630,525,384	$	–	$	633,916,866


Preferred Stocks		355,747,626			–		–		355,747,626


Equity Linked Notes		–			337,969,696		–		337,969,696


U.S. Treasury Securities		–			128,575,808		–		128,575,808


Variable Rate Senior Loan Interests		–			31,788,036		5,043,000		36,831,036


Common Stocks & Other Equity Interests		469,130			–		–		469,130


Non-U.S. Dollar Denominated Bonds & Notes		–			370,190		–		370,190


Asset-Backed Securities		–			65,212		–		65,212


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			13		–		13


Money Market Funds		272,511,195			55,712,494		–		328,223,689


Total Investments in Securities		632,119,433			1,185,006,833		5,043,000		1,822,169,266



Other Investments - Assets*


Futures Contracts		3,410,767			–		–		3,410,767


Forward Foreign Currency Contracts		–			60,921		–		60,921


		3,410,767			60,921		–		3,471,688



Other Investments - Liabilities*


Futures Contracts		(1,569,483	)		–		–		(1,569,483	)


Total Other Investments		1,841,284			60,921		–		1,902,205


Total Investments	$	633,960,717		$	1,185,067,754	$	5,043,000	$	1,824,071,471

*	Forward foreign currency contracts and futures contracts 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, 2021:


	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)		$ -	$	2,232,612		$	1,178,155		$	3,410,767


Unrealized appreciation on forward foreign currency contracts outstanding		60,921		-			-			60,921


Total Derivative Assets		60,921		2,232,612			1,178,155			3,471,688


Derivatives not subject to master netting agreements		-		(2,232,612	)		(1,178,155	)		(3,410,767	)


Total Derivative Assets subject to master netting agreements		$60,921	$	-		$	-		$	60,921


31		Invesco Multi-Asset Income Fund


	Value
Derivative Liabilities	Currency Risk		Equity Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)		$ -	$	(672,684	)	$	(896,799	)	$	(1,569,483	)


Derivatives not subject to master netting agreements		-		672,684			896,799			1,569,483


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, 2021.

Financial
Derivative
Assets

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

Citibank, N.A.

$36,184

$–

36,184

Goldman Sachs International

24,737

–

24,737

Total

$60,921

$–

60,921

Effect of Derivative Investments for the year ended October 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations

	Credit Risk			Currency Risk			Equity Risk		Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(14,017	)	$	-		$ -			$ (14,017	)


Futures contracts		-			-			36,578,127		(3,891,693	)		32,686,434


Swap agreements		(614,917	)		-			-		-			(614,917	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(5,448	)		-		-			(5,448	)


Futures contracts		-			-			4,872,812		2,003,730			6,876,542


Swap agreements		307,585			-			-		-			307,585


Total	$	(307,332	)	$	(19,465	)	$	41,450,939		$(1,887,963	)		$39,236,179



The table below summarizes the average notional value of derivatives held during the period.
									Forward Foreign Currency Contracts			Futures Contracts


Average notional value										$7,194,771		$	286,991,972

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances


32		Invesco Multi-Asset Income Fund

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2021 and 2020 :


	2021		2020


Ordinary income*		$107,216,367		$83,577,535


* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Period-End:
			2021


Undistributed ordinary income			$	3,688,653


Net unrealized appreciation – investments				22,591,814


Net unrealized appreciation – foreign currencies				28,762


Temporary book/tax differences				(353,447	)


Capital loss carryforward				(434,423,746	)


Shares of beneficial interest				2,120,124,242


Total net assets			$	1,711,656,278

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, futures contracts, bond premiums and straddle losses.

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, 2021, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	311,494,797	$	122,928,949	$	434,423,746

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $615,498,565 and $776,373,319, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	39,628,428


Aggregate unrealized (depreciation) of investments		(17,036,614	)


Net unrealized appreciation of investments	$	22,591,814

Cost of investments for tax purposes is $ 1,801,479,657.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of bond premium amortization, on October 31, 2021, undistributed net investment income was increased by $3,619,916 and undistributed net realized gain (loss) was decreased by $3,619,916. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.


33		Invesco Multi-Asset Income Fund

NOTE 11–Share Information


				Summary of Share Activity


	Year ended October 31, 2021^(a)						Year ended October 31, 2020
	Shares			Amount			Shares			Amount


Sold:
Class A		7,128,123		$	69,477,960			8,837,871		$	88,755,660


Class C		1,252,443			12,208,067			2,856,994			29,356,874


Class R		1,078,403			10,463,046			595,843			5,785,820


Class Y		5,484,763			53,435,990			16,440,584			167,316,372


Class R5		-			-			-			110


Class R6		516,714			5,035,545			1,764,474			16,779,029



Issued as reinvestment of dividends:
Class A		6,476,987			63,061,818			4,010,393			37,584,452


Class C		695,997			6,772,970			704,919			6,647,943


Class R		301,005			2,933,273			193,046			1,809,692


Class Y		1,361,455			13,260,495			1,927,191			18,384,754


Class R5		406			3,954			405			3,889


Class R6		417,894			4,070,849			419,206			3,980,308



Automatic conversion of Class C shares to Class A shares:
Class A		3,713,985			36,122,567			1,803,643			16,874,860


Class C		(3,714,866	)		(36,122,567	)		(1,803,869	)		(16,874,860	)



Issued in connection with acquisitions:^(b)
Class A		-			-			124,864,023			1,103,134,519


Class C		-			-			17,661,349			155,963,156


Class R		-			-			5,864,869			51,826,412


Class Y		-			-			20,645,499			182,406,435


Class R5		-			-			1,827			16,146


Class R6		-			-			1,551,029			13,703,735



Reacquired:
Class A		(26,983,354	)		(262,803,102	)		(26,495,343	)		(246,082,136	)


Class C		(5,926,072	)		(57,637,864	)		(7,648,910	)		(70,952,201	)


Class R		(2,572,091	)		(24,938,333	)		(1,105,734	)		(10,400,945	)


Class Y		(17,640,042	)		(171,826,054	)		(36,959,975	)		(340,621,815	)


Class R5		(1,616	)		(16,000	)		(2,711	)		(29,471	)


Class R6		(1,364,800	)		(13,343,537	)		(2,179,968	)		(19,545,111	)


Net increase (decrease) in share activity		(29,774,666	)	$	(289,840,923	)		133,946,655		$	1,195,823,627

^(a)

^(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.


34		Invesco Multi-Asset Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Multi-Asset Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Multi-Asset Income Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


35		Invesco Multi-Asset Income 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,031.20	$4.25	$1,021.02	$4.23	0.83%
Class C	1,000.00	1,027.30	8.18	1,017.14	8.13	1.60
Class R	1,000.00	1,029.80	5.63	1,019.66	5.60	1.10
Class Y	1,000.00	1,032.40	3.07	1,022.18	3.06	0.60
Class R5	1,000.00	1,032.40	3.18	1,022.08	3.16	0.62
Class R6	1,000.00	1,032.60	2.87	1,022.38	2.85	0.56

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


36		Invesco Multi-Asset Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Multi-Asset Income Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered how the Fund’s strategy is implemented using a multi-sleeve structure and discussed how each sleeve impacted Fund performance, noting that exposure to U.S. master limited partnerships and equity real estate investment trusts detracted from performance. The Board further noted that the Fund’s tactical positioning, obtained using futures, detracted from Fund performance in light of the short-term market movements that occurred during the one-year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


37		Invesco Multi-Asset Income Fund

C.	Advisory and Sub-Advisory Fees and Fund 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

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.


38		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 Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended October 31, 2021:


Federal and State Income Tax
Qualified Dividend Income*	12.84	%
Corporate Dividends Received Deduction*	12.07	%
U.S. Treasury Obligations*	4.09	%
Qualified Business Income*	0.00	%
Business Interest Income*	47.54	%
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


39		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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²- 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 Multi-Asset Income Fund

(This page intentionally left blank)

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

LOGO


SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		MAIN-AR-1

LOGO


Annual Report to Shareholders		October 31, 2021

Invesco U.S. Managed Volatility Fund

Nasdaq:

R6: USMVX


2		Management’s Discussion
2		Performance Summary
4		Long-Term Fund Performance
6		Supplemental Information
8		Schedule of Investments
15		Financial Statements
18		Financial Highlights
19		Notes to Financial Statements
24		Report of Independent Registered Public Accounting Firm
25		Fund Expenses
26		Approval of Investment Advisory and Sub-Advisory Contracts
28		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance


Performance summary For the fiscal year ended October 31, 2021, Class R6 shares of Invesco U.S. Managed Volatility Fund (the Fund), at net asset value (NAV), underperformed 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, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class R6 Shares			34.75%
S&P 500 Index^q (Broad Market Index)			42.91
Invesco US Large Cap Index^q (Style-Specific Index)			43.05
Lipper Large Cap Core Funds Index^∎ (Peer Group Index)			40.30
Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

At the outset of the fiscal year, US equity markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (COVID-19) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the fourth quarter of 2020 with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter of 2020 with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks were buoyed by the US Federal Reserve’s (the Fed’s) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made”¹ toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.75%² at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest

rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021.³ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index increasing in June through September 2021,³ the Fed declined to raise interest rates at its September Federal Open Market Committee meeting.¹ The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 Index companies met or exceeded earnings expectations and the Index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.⁴

Invesco U.S. Managed Volatility Fund is a domestic large-cap core equity strategy focused on providing capital appreciation while managing portfolio volatility. The strategy seeks equity-like exposure during periods of economic strength and downside protection during economic stress. The Fund seeks to accomplish this by investing in the Invesco US Large Cap Index with 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 exceeded 16%.

The Fund posted a double-digit gain during the fiscal year but underperformed the Fund’s style-specific benchmark, the Invesco US Large Cap Index. The Fund’s relative underperformance can primarily be attributed to the Fund’s volatility overlay. Due to increased market volatility experienced during most of

2021, the overlay was enacted throughout much of the fiscal year and helped to keep the Fund’s overall volatility significantly lower than the Invesco US Large Cap Index. The lower level of volatility came with performance drag, however, as the large cap equity markets saw strong positive Fund performance.

During the fiscal year, all sectors contributed positively to absolute performance. From an individual holdings perspective, holdings in the information technology (IT) sector were the leading contributors to the Fund’s absolute performance. Technology firms Microsoft, Alphabet (Google) and Apple were the leading contributors. Continuing last year’s trend, technology stocks generally rose throughout the fiscal year as tech companies continued to produce stronger than expected earnings because of the work from home trend that arose during the COVID-19 pandemic. In contrast, however, outside of the volatility overlay which was the main detractor, some IT holdings did modestly hurt the Fund’s absolute performance. Zoom Video Communications, Pinterest and Splunk were the largest individual detractors to the Fund’s absolute performance, as investors were disheartened by earnings reports throughout the fiscal year.

Our base case continues to anticipate that economies will accelerate as they reopen, but that any accompanying rise in inflation will be largely temporary. We expect that in the short run, there will be a continued focus on raising levels of vaccination rates. As vaccination rates rise, the economy reopens and spending increases, we believe inflation should remain elevated, especially in the US. We do, however, anticipate it will then moderate to a rate faster than pre-crisis trends but not sufficient to induce aggressive action from central banks. Over the longer-term, we expect demographics and innovation to place downward pressure on inflation. Given our expectation of a continued strong economic recovery, we believe the environment will be largely positive for equities, however, it is also our expectation that we are likely to see more volatility in the near term.

Please note, the Fund’s strategy is principally implemented through equity investments, but we may also use futures and options contracts, derivative instruments, to manage volatility. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your investment in Invesco U.S. Managed Volatility Fund.

1	Source: US Federal Reserve

2	Source: Bloomberg LP

3	Source: Bureau of Labor Statistics, July 13, 2021

4	Source: Lipper Inc.

2 Invesco U.S. Managed Volatility Fund

Portfolio manager(s):

Jacob Borbidge

David Hemming

Alessio de Longis

Duy Nguyen

Theodore Samulowitz

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco U.S. Managed Volatility Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/18/17

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.

4 Invesco U.S. Managed Volatility Fund


Average Annual Total Returns
As of 10/31/21

Class R6 Shares
Inception (12/18/17)	15.41	%
1 Year	34.75

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.

5 Invesco U.S. Managed Volatility Fund

Supplemental Information

Invesco U.S. Managed Volatility Fund’s investment objective is to seek to provide capital appreciation

while managing portfolio volatility.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎	The Invesco US Large Cap Index is a broad-based benchmark measuring the aggregate performance of US large-cap equities.

∎	The Lipper Large Cap Core Funds Index is an unmanaged index considered representative of large-cap core 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.


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

6 Invesco U.S. Managed Volatility Fund

Fund Information


Portfolio Composition

By sector	% of total net assets

Information Technology		29.22	%
Health Care		12.76
Consumer Discretionary		12.72
Financials		11.53
Communication Services		11.19
Industrials		7.33
Consumer Staples		5.77
Energy		2.64
Real Estate		2.32
Utilities		2.15
Materials		2.15
Money Market Funds Plus Other Assets Less Liabilities		0.22


Top 10 Equity Holdings*

	% of total net assets
1. Apple, Inc.		6.30	%
2. Microsoft Corp.		6.30
3. Alphabet, Inc., Class A		4.50
4. Amazon.com, Inc.		3.80
5. Tesla, Inc.		2.39
6. Meta Platforms, Inc., Class A		1.96
7. NVIDIA Corp.		1.57
8. Berkshire Hathaway, Inc., Class B		1.36
9. JPMorgan Chase & Co.		1.27
10. UnitedHealth Group, Inc.		1.11

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, 2021.

7 Invesco U.S. Managed Volatility Fund

Schedule of Investments^(a)

October 31, 2021


	Shares		Value
Common Stocks & Other Equity Interests-99.78%

Advertising-0.04%

Omnicom Group, Inc.		159	$	10,825

Aerospace & Defense-1.37%

Boeing Co. (The)^(b)		425		87,988
General Dynamics Corp.		202		40,955
L3Harris Technologies, Inc.		143		32,967
Lockheed Martin Corp.		200		66,464
Northrop Grumman Corp.		116		41,438
Raytheon Technologies Corp.		1,095		97,302
TransDigm Group, Inc.^(b)		38		23,705
				390,819

Agricultural & Farm Machinery-0.24%

Deere & Co.		203		69,489

Agricultural Products-0.09%

Archer-Daniels-Midland Co.		396		25,439

Air Freight & Logistics-0.64%

C.H. Robinson Worldwide, Inc.		96		9,311
Expeditors International of Washington, Inc.		127		15,654
FedEx Corp.		181		42,631
United Parcel Service, Inc., Class B		533		113,779
				181,375

Airlines-0.03%

Delta Air Lines, Inc.^(b)		114		4,461
Southwest Airlines Co.^(b)		105		4,964
				9,425

Alternative Carriers-0.07%

Liberty Global PLC, Class C (United Kingdom)^(b)		379		10,930
Lumen Technologies, Inc.		818		9,702
				20,632

Apparel Retail-0.30%

Ross Stores, Inc.		249		28,187
TJX Cos., Inc. (The)		874		57,238
				85,425

Apparel, Accessories & Luxury Goods-0.20%

lululemon athletica, inc.^(b)		82		38,213
VF Corp.		273		19,896
				58,109

Application Software-3.27%

Adobe, Inc.^(b)		345		224,374
ANSYS, Inc.^(b)		61		23,154
Autodesk, Inc.^(b)		159		50,500
Cadence Design Systems, Inc.^(b)		198		34,276
Citrix Systems, Inc.		93		8,810
DocuSign, Inc.^(b)		140		38,961
HubSpot, Inc.^(b)		32		25,927
Intuit, Inc.		193		120,816
Palantir Technologies, Inc., Class A^(b)		1,117		28,908
RingCentral, Inc., Class A^(b)		60		14,627


	Shares		Value
Application Software-(continued)

salesforce.com, inc.^(b)		688	$	206,187
Splunk, Inc.^(b)		121		19,943
Synopsys, Inc.^(b)		111		36,983
Unity Software, Inc.^(b)		118		17,855
Workday, Inc., Class A^(b)		137		39,727
Zoom Video Communications, Inc., Class A^(b)		159		43,669
				934,717

Asset Management & Custody Banks-1.21%

Ameriprise Financial, Inc.		79		23,868
Bank of New York Mellon Corp. (The)		620		36,704
BlackRock, Inc.		104		98,120
Blackstone, Inc., Class A		495		68,518
Franklin Resources, Inc.		212		6,676
KKR & Co., Inc., Class A		410		32,665
Northern Trust Corp.		153		18,825
State Street Corp.		260		25,623
T. Rowe Price Group, Inc.		164		35,568
				346,567

Auto Parts & Equipment-0.12%

Aptiv PLC^(b)		196		33,886

Automobile Manufacturers-2.76%

Ford Motor Co.^(b)		2,859		48,832
General Motors Co.^(b)		1,052		57,260
Tesla, Inc.^(b)		612		681,768
				787,860

Automotive Retail-0.27%

AutoZone, Inc.^(b)		16		28,558
CarMax, Inc.^(b)		121		16,567
O’Reilly Automotive, Inc.^(b)		51		31,738
				76,863

Biotechnology-2.04%

AbbVie, Inc.		1,288		147,695
Amgen, Inc.		406		84,030
Biogen, Inc.^(b)		106		28,268
BioMarin Pharmaceutical, Inc.^(b)		138		10,934
BioNTech SE, ADR (Germany)^(b)		172		47,942
CureVac N.V. (Germany)^(b)		25		1,002
Gilead Sciences, Inc.		908		58,911
Incyte Corp.^(b)		166		11,119
Moderna, Inc.^(b)		253		87,338
Regeneron Pharmaceuticals, Inc.^(b)		75		47,995
Seagen, Inc.^(b)		135		23,804
Vertex Pharmaceuticals, Inc.^(b)		184		34,027
				583,065

Broadcasting-0.12%

Fox Corp., Class A		414		16,452
ViacomCBS, Inc., Class B		484		17,531
				33,983

Building Products-0.35%

Carrier Global Corp.		632		33,010
Johnson Controls International PLC		511		37,492

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco U.S. Managed Volatility Fund


	Shares		Value
Building Products-(continued)
Trane Technologies PLC		167	$	30,215
				100,717

Cable & Satellite-0.95%

Charter Communications, Inc., Class A^(b)		87		58,715
Comcast Corp., Class A		3,309		170,182
Liberty Broadband Corp., Class C^(b)		119		19,332
Liberty Media Corp.-Liberty SiriusXM, Class C^(b)		404		19,925
Sirius XM Holdings, Inc.		653		3,977
				272,131

Casinos & Gaming-0.11%

DraftKings, Inc., Class A^(b)		241		11,228
Las Vegas Sands Corp.^(b)		543		21,074
				32,302

Commodity Chemicals-0.17%

Dow, Inc.		529		29,608
LyondellBasell Industries N.V., Class A		196		18,193
				47,801

Communications Equipment-0.77%

Arista Networks, Inc.^(b)		45		18,436
Cisco Systems, Inc.		3,065		171,548
Motorola Solutions, Inc.		123		30,577
				220,561

Computer & Electronics Retail-0.07%

Best Buy Co., Inc.		167		20,414

Construction Machinery & Heavy Trucks-0.44%

Caterpillar, Inc.		396		80,788
Cummins, Inc.		99		23,744
PACCAR, Inc.		242		21,688
				126,220

Construction Materials-0.13%

Martin Marietta Materials, Inc.		46		18,070
Vulcan Materials Co.		99		18,822
				36,892

Consumer Electronics-0.06%

Garmin Ltd.		111		15,940

Consumer Finance-0.67%

American Express Co.		574		99,750
Capital One Financial Corp.		316		47,725
Discover Financial Services		208		23,571
Synchrony Financial		414		19,230
				190,276

Copper-0.14%

Freeport-McMoRan, Inc.		1,069		40,323

Data Processing & Outsourced Services-3.52%

Automatic Data Processing, Inc.		304		68,245
Fidelity National Information Services, Inc.		444		49,169
Fiserv, Inc.^(b)		434		42,745
FleetCor Technologies, Inc.^(b)		61		15,092
Global Payments, Inc.		207		29,599
Mastercard, Inc., Class A		712		238,890
Paychex, Inc.		234		28,847


	Shares		Value
Data Processing & Outsourced Services-(continued)

PayPal Holdings, Inc.^(b)		859	$	199,795
Square, Inc., Class A^(b)		287		73,041
Visa, Inc., Class A		1,231		260,689
				1,006,112

Distillers & Vintners-0.15%

Brown-Forman Corp., Class B		295		20,027
Constellation Brands, Inc., Class A		111		24,066
				44,093

Distributors-0.05%

Genuine Parts Co.		105		13,767

Diversified Banks-3.39%

Bank of America Corp.		6,023		287,779
Citigroup, Inc.		1,450		100,282
JPMorgan Chase & Co.		2,138		363,225
U.S. Bancorp		1,067		64,415
Wells Fargo & Co.		2,971		151,996
				967,697

Diversified Support Services-0.17%

Cintas Corp.		61		26,419
Copart, Inc.^(b)		150		23,294
				49,713

Drug Retail-0.09%

Walgreens Boots Alliance, Inc.		524		24,638

Electric Utilities-1.43%

American Electric Power Co., Inc.		357		30,241
Avangrid, Inc.		51		2,688
Duke Energy Corp.		557		56,819
Edison International		283		17,809
Entergy Corp.		149		15,350
Eversource Energy		253		21,480
Exelon Corp.		709		37,712
FirstEnergy Corp.		405		15,605
NextEra Energy, Inc.		1,431		122,107
PPL Corp.		573		16,502
Southern Co. (The)		768		47,862
Xcel Energy, Inc.		383		24,738
				408,913

Electrical Components & Equipment-0.48%

AMETEK, Inc.		164		21,713
Eaton Corp. PLC		289		47,616
Emerson Electric Co.		430		41,714
Rockwell Automation, Inc.		82		26,191
				137,234

Electronic Components-0.19%

Amphenol Corp., Class A		435		33,395
Corning, Inc.		577		20,524
				53,919

Electronic Equipment & Instruments-0.16%

Keysight Technologies, Inc.^(b)		135		24,303
Zebra Technologies Corp., Class A^(b)		39		20,824
				45,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco U.S. Managed Volatility Fund


	Shares		Value
Electronic Manufacturing Services-0.12%

TE Connectivity Ltd.		236	$	34,456

Environmental & Facilities Services-0.33%

Republic Services, Inc.		156		20,997
Waste Connections, Inc.		186		25,298
Waste Management, Inc.		294		47,108
				93,403

Fertilizers & Agricultural Chemicals-0.08%

Corteva, Inc.		539		23,258

Financial Exchanges & Data-1.24%

CME Group, Inc., Class A		260		57,343
Coinbase Global, Inc., Class A^(b)		108		34,497
Intercontinental Exchange, Inc.		403		55,799
MarketAxess Holdings, Inc.		28		11,443
Moody’s Corp.		135		54,560
MSCI, Inc.		58		38,563
Nasdaq, Inc.		88		18,469
S&P Global, Inc.		174		82,504
				353,178

Food Distributors-0.10%

Sysco Corp.		364		27,992

Food Retail-0.08%

Kroger Co. (The)		545		21,811

Footwear-0.53%

NIKE, Inc., Class B		905		151,397

General Merchandise Stores-0.52%

Dollar General Corp.		172		38,102
Dollar Tree, Inc.^(b)		171		18,427
Target Corp.		357		92,684
				149,213

Gold-0.11%

Newmont Corp.		581		31,374

Health Care Distributors-0.16%

AmerisourceBergen Corp.		111		13,544
Cardinal Health, Inc.		219		10,471
McKesson Corp.		108		22,451
				46,466

Health Care Equipment-3.13%

Abbott Laboratories		1,279		164,850
Baxter International, Inc.		353		27,873
Becton, Dickinson and Co.		205		49,116
Boston Scientific Corp.^(b)		1,030		44,424
Danaher Corp.		463		144,349
DexCom, Inc.^(b)		70		43,625
Edwards Lifesciences Corp.^(b)		449		53,799
IDEXX Laboratories, Inc.^(b)		60		39,968
Intuitive Surgical, Inc.^(b)		258		93,172
Medtronic PLC		975		116,863
ResMed, Inc.		102		26,817
Stryker Corp.		253		67,316
Zimmer Biomet Holdings, Inc.		155		22,184
				894,356


	Shares		Value
Health Care Facilities-0.15%

HCA Healthcare, Inc.		174	$	43,580

Health Care REITs-0.19%

Healthpeak Properties, Inc.		401		14,239
Ventas, Inc.		303		16,171
Welltower, Inc.		304		24,442
				54,852

Health Care Services-0.60%

Cigna Corp.		244		52,121
CVS Health Corp.		956		85,352
Laboratory Corp. of America Holdings^(b)		71		20,378
Quest Diagnostics, Inc.		84		12,329
				170,180

Health Care Supplies-0.20%

Align Technology, Inc.^(b)		53		33,092
West Pharmaceutical Services, Inc.		55		23,643
				56,735

Health Care Technology-0.17%

Cerner Corp.		216		16,047
Veeva Systems, Inc., Class A^(b)		101		32,018
				48,065

Home Improvement Retail-1.42%

Home Depot, Inc. (The)		772		286,983
Lowe’s Cos., Inc.		511		119,482
				406,465

Homebuilding-0.15%

D.R. Horton, Inc.		235		20,979
Lennar Corp., Class A		209		20,885
				41,864

Hotels, Resorts & Cruise Lines-0.78%

Airbnb, Inc., Class A^(b)		338		57,683
Booking Holdings, Inc.^(b)		30		72,623
Carnival Corp.^(b)		626		13,872
Expedia Group, Inc.^(b)		111		18,250
Hilton Worldwide Holdings, Inc.^(b)		195		28,070
Marriott International, Inc., Class A^(b)		196		31,364
				221,862

Household Products-1.26%

Church & Dwight Co., Inc.		183		15,987
Clorox Co. (The)		90		14,671
Colgate-Palmolive Co.		611		46,552
Kimberly-Clark Corp.		246		31,855
Procter & Gamble Co. (The)		1,761		251,805
				360,870

Hypermarkets & Super Centers-1.11%

Costco Wholesale Corp.		323		158,768
Walmart, Inc.		1,060		158,385
				317,153

Industrial Conglomerates-1.06%

3M Co.		418		74,688
General Electric Co.		768		80,540
Honeywell International, Inc.		500		109,310

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco U.S. Managed Volatility Fund


	Shares		Value
Industrial Conglomerates-(continued)

Roper Technologies, Inc.		77	$	37,566
				302,104

Industrial Gases-0.59%

Air Products and Chemicals, Inc.		161		48,270
Linde PLC (United Kingdom)		372		118,742
				167,012

Industrial Machinery-0.57%

Dover Corp.		107		18,092
Fortive Corp.		276		20,896
Illinois Tool Works, Inc.		227		51,726
Otis Worldwide Corp.		302		24,254
Parker-Hannifin Corp.		92		27,286
Stanley Black & Decker, Inc.		121		21,747
				164,001

Industrial REITs-0.27%

Prologis, Inc.		531		76,974

Insurance Brokers-0.56%

Aon PLC, Class A		162		51,827
Arthur J. Gallagher & Co.		147		24,647
Marsh & McLennan Cos., Inc.		365		60,882
Willis Towers Watson PLC		95		23,017
				160,373

Integrated Oil & Gas-1.34%

Chevron Corp.		1,412		161,660
Exxon Mobil Corp.		3,081		198,632
Occidental Petroleum Corp.		664		22,264
				382,556

Integrated Telecommunication Services-1.02%

AT&T, Inc.		5,205		131,478
Verizon Communications, Inc.		3,019		159,977
				291,455

Interactive Home Entertainment-0.29%

Activision Blizzard, Inc.		531		41,519
Electronic Arts, Inc.		190		26,648
ROBLOX Corp., Class A^(b)		165		13,863
				82,030

Interactive Media & Services-6.94%

Alphabet, Inc., Class A^(b)		434		1,285,039
Match Group, Inc.^(b)		196		29,553
Meta Platforms, Inc., Class A^(b)		1,727		558,805
Pinterest, Inc., Class A^(b)		412		18,392
Snap, Inc., Class A^(b)		791		41,591
Twitter, Inc.^(b)		565		30,250
Zillow Group, Inc., Class C^(b)		175		18,135
				1,981,765

Internet & Direct Marketing Retail-4.26%

Amazon.com, Inc.^(b)		322		1,085,922
Coupang, Inc. (South Korea)^(b)		406		12,083
DoorDash, Inc., Class A^(b)		112		21,818
eBay, Inc.		425		32,606
MercadoLibre, Inc. (Argentina)^(b)		34		50,355
Wayfair, Inc., Class A^(b)		54		13,451
				1,216,235


	Shares		Value
Internet Services & Infrastructure-0.56%

Akamai Technologies, Inc.^(b)		119	$	12,550
Okta, Inc.^(b)		99		24,471
Snowflake, Inc., Class A^(b)		190		67,229
Twilio, Inc., Class A^(b)		123		35,837
VeriSign, Inc.^(b)		82		18,259
				158,346

Investment Banking & Brokerage-1.07%

Charles Schwab Corp. (The)		1,226		100,569
Goldman Sachs Group, Inc. (The)		237		97,964
Morgan Stanley		1,028		105,658
				304,191

IT Consulting & Other Services-1.06%

Accenture PLC, Class A		459		164,685
Cognizant Technology Solutions Corp., Class A		372		29,050
EPAM Systems, Inc.^(b)		39		26,256
International Business Machines Corp.		651		81,440
				301,431

Leisure Products-0.06%

Peloton Interactive, Inc., Class A^(b)		190		17,374

Life & Health Insurance-0.37%

Aflac, Inc.		429		23,024
MetLife, Inc.		611		38,371
Principal Financial Group, Inc.		196		13,150
Prudential Financial, Inc.		270		29,713
				104,258

Life Sciences Tools & Services-1.18%

Agilent Technologies, Inc.		220		34,648
Illumina, Inc.^(b)		106		43,996
IQVIA Holdings, Inc.^(b)		138		36,076
Mettler-Toledo International, Inc.^(b)		17		25,175
Thermo Fisher Scientific, Inc.		287		181,691
Waters Corp.^(b)		45		16,540
				338,126

Managed Health Care-1.62%

Anthem, Inc.		174		75,713
Centene Corp.^(b)		406		28,923
Humana, Inc.		92		42,611
UnitedHealth Group, Inc.		685		315,422
				462,669

Metal & Glass Containers-0.08%

Ball Corp.		241		22,047

Movies & Entertainment-1.65%

Netflix, Inc.^(b)		318		219,519
Roku, Inc.^(b)		85		25,916
Walt Disney Co. (The)^(b)		1,327		224,356
				469,791

Multi-line Insurance-0.19%

American International Group, Inc.		620		36,636
Hartford Financial Services Group, Inc. (The)		254		18,524
				55,160

Multi-Sector Holdings-1.36%

Berkshire Hathaway, Inc., Class B^(b)		1,356		389,186

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco U.S. Managed Volatility Fund


	Shares		Value
Multi-Utilities-0.64%

Ameren Corp.		192	$	16,184
CMS Energy Corp.		215		12,975
Consolidated Edison, Inc.		271		20,433
Dominion Energy, Inc.		587		44,571
DTE Energy Co.		143		16,209
Public Service Enterprise Group, Inc.		357		22,777
Sempra Energy		231		29,482
WEC Energy Group, Inc.		233		20,984
				183,615

Office REITs-0.13%

Alexandria Real Estate Equities, Inc.		113		23,068
Boston Properties, Inc.		116		13,182
				36,250

Oil & Gas Equipment & Services-0.17%

Baker Hughes Co., Class A		617		15,474
Schlumberger N.V.		1,019		32,873
				48,347

Oil & Gas Exploration & Production-0.56%

ConocoPhillips		963		71,734
EOG Resources, Inc.		423		39,111
Hess Corp.		208		17,174
Pioneer Natural Resources Co.		171		31,974
				159,993

Oil & Gas Refining & Marketing-0.27%

Marathon Petroleum Corp.		454		29,932
Phillips 66		312		23,331
Valero Energy Corp.		290		22,426
				75,689

Oil & Gas Storage & Transportation-0.31%

Cheniere Energy, Inc.^(b)		187		19,336
Kinder Morgan, Inc.		1,402		23,483
ONEOK, Inc.		330		20,995
Williams Cos., Inc. (The)		864		24,270
				88,084

Packaged Foods & Meats-0.78%

Campbell Soup Co.		146		5,833
Conagra Brands, Inc.		357		11,495
General Mills, Inc.		429		26,512
Hershey Co. (The)		107		18,762
Hormel Foods Corp.		403		17,055
JM Smucker Co. (The)		76		9,337
Kellogg Co.		253		15,509
Kraft Heinz Co. (The)		716		25,697
McCormick & Co., Inc.		185		14,843
Mondelez International, Inc., Class A		1,008		61,226
Tyson Foods, Inc., Class A		216		17,274
				223,543

Paper Packaging-0.10%

Amcor PLC		1,147		13,844
International Paper Co.		289		14,355
				28,199

Paper Products-0.00%

Sylvamo Corp.^(b)		26		732


	Shares		Value
Personal Products-0.19%

Estee Lauder Cos., Inc. (The), Class A		167	$	54,163

Pharmaceuticals-3.50%

Bristol-Myers Squibb Co.		1,598		93,323
Eli Lilly and Co.		656		167,123
Johnson & Johnson		1,921		312,893
Merck & Co., Inc.		1,841		162,100
Pfizer, Inc.		4,092		178,984
Royalty Pharma PLC, Class A		306		12,096
Zoetis, Inc.		342		73,940
				1,000,459

Property & Casualty Insurance-0.59%

Allstate Corp. (The)		207		25,600
Chubb Ltd.		309		60,372
Markel Corp.^(b)		10		13,131
Progressive Corp. (The)		427		40,514
Travelers Cos., Inc. (The)		179		28,798
				168,415

Railroads-0.85%

CSX Corp.		1,622		58,668
Kansas City Southern		63		19,546
Norfolk Southern Corp.		178		52,163
Union Pacific Corp.		466		112,492
				242,869

Real Estate Services-0.09%

CBRE Group, Inc., Class A^(b)		236		24,563

Regional Banks-0.88%

Fifth Third Bancorp		480		20,895
First Republic Bank		126		27,258
KeyCorp		699		16,266
M&T Bank Corp.		95		13,976
PNC Financial Services Group, Inc. (The)		307		64,786
Regions Financial Corp.		705		16,694
SVB Financial Group^(b)		44		31,566
Truist Financial Corp.		958		60,804
				252,245

Research & Consulting Services-0.38%

CoStar Group, Inc.^(b)		278		23,922
Equifax, Inc.		87		24,136
IHS Markit Ltd.		287		37,517
Verisk Analytics, Inc.		113		23,760
				109,335

Residential REITs-0.22%

AvalonBay Communities, Inc.		103		24,378
Equity Residential		260		22,464
Essex Property Trust, Inc.		48		16,317
				63,159

Restaurants-1.01%

Chipotle Mexican Grill, Inc.^(b)		21		37,360
McDonald’s Corp.		546		134,070
Starbucks Corp.		856		90,796
Yum! Brands, Inc.		213		26,612
				288,838

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco U.S. Managed Volatility Fund


	Shares		Value
Retail REITs-0.23%

Realty Income Corp.		422	$	30,143
Simon Property Group, Inc.		237		34,740
				64,883

Semiconductor Equipment-0.66%

Applied Materials, Inc.		656		89,643

KLA Corp.		111		41,376
Lam Research Corp.		102		57,484
				188,503

Semiconductors-4.68%

Advanced Micro Devices, Inc.^(b)		879		105,682

Analog Devices, Inc.		388		67,314

Broadcom, Inc.		294		156,311

Intel Corp.		2,971		145,579

Marvell Technology, Inc.		596		40,826

Microchip Technology, Inc.		384		28,451

Micron Technology, Inc.		816		56,386

NVIDIA Corp.		1,750		447,422

QUALCOMM, Inc.		818		108,827

Skyworks Solutions, Inc.		123		20,557

Texas Instruments, Inc.		669		125,424
Xilinx, Inc.		181		32,580
				1,335,359

Soft Drinks-1.33%

Coca-Cola Co. (The)		3,135		176,720

Keurig Dr Pepper, Inc.		533		19,236

Monster Beverage Corp.^(b)		263		22,355
PepsiCo, Inc.		1,006		162,569
				380,880

Specialized REITs-1.14%

American Tower Corp.		331		93,332

Crown Castle International Corp.		311		56,073

Digital Realty Trust, Inc.		202		31,878

Equinix, Inc.		65		54,409

Public Storage		126		41,855

SBA Communications Corp., Class A		77		26,590
Weyerhaeuser Co.		558		19,932
				324,069

Specialty Chemicals-0.67%

Celanese Corp.		81		13,082

DuPont de Nemours, Inc.		365		25,404

Ecolab, Inc.		181		40,222

International Flavors & Fragrances, Inc.		178		26,246

PPG Industries, Inc.		169		27,136
Sherwin-Williams Co. (The)		191		60,473
				192,563

Specialty Stores-0.05%

Ulta Beauty, Inc.^(b)		40		14,694

Steel-0.08%

Nucor Corp.		214		23,893

Systems Software-7.51%

Crowdstrike Holdings, Inc., Class A^(b)		142		40,015


	Shares		Value
Systems Software-(continued)

Fortinet, Inc.^(b)		99	$	33,298

Microsoft Corp.		5,422		1,798,044

NortonLifeLock, Inc.		431		10,969

Oracle Corp.		1,166		111,866

Palo Alto Networks, Inc.^(b)		68		34,618

ServiceNow, Inc.^(b)		143		99,780

UiPath, Inc., Class A^(b)		129		6,482
VMware, Inc., Class A^(b)		59		8,950
				2,144,022

Technology Distributors-0.07%

CDW Corp.		100		18,665

Technology Hardware, Storage & Peripherals-6.67%

Apple, Inc.		12,009		1,798,948

Dell Technologies, Inc., Class C^(b)		200		21,998

Hewlett Packard Enterprise Co.		971		14,225

HP, Inc.		878		26,630

NetApp, Inc.		168		15,003

Seagate Technology Holdings PLC		168		14,964
Western Digital Corp.^(b)		222		11,608
				1,903,376

Tobacco-0.58%

Altria Group, Inc.		1,330		58,666
Philip Morris International, Inc.		1,137		107,492
				166,158

Trading Companies & Distributors-0.14%

Fastenal Co.		408		23,288
W.W. Grainger, Inc.		35		16,209
				39,497

Trucking-0.26%

Old Dominion Freight Line, Inc.		73		24,918
Uber Technologies, Inc.^(b)		1,151		50,437
				75,355

Water Utilities-0.08%

American Water Works Co., Inc.		128		22,295

Wireless Telecommunication Services-0.17%

T-Mobile US, Inc.^(b)		429		49,348
Total Common Stocks & Other Equity Interests (Cost $18,855,772)				28,490,941

Money Market Funds-0.36%

Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(c)(d)		32,778		32,778

Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(c)(d)		33,003		33,013
Invesco Treasury Portfolio, Institutional Class, 0.01%^(c)(d)		37,461		37,461
Total Money Market Funds (Cost $103,250)				103,252
TOTAL INVESTMENTS IN SECURITIES-100.14% (Cost $18,959,022)				28,594,193
OTHER ASSETS LESS LIABILITIES-(0.14)%				(41,065	)
NET ASSETS-100.00%			$	28,553,128

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco U.S. Managed Volatility Fund

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)


											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value
	October 31, 2020			at Cost			from Sales				Appreciation			(Loss)				October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	100,239		$	3,867,770		$	(3,935,231	)		$	-		$	-			$	32,778		$	27
Invesco Liquid Assets Portfolio, Institutional Class			80,355			2,758,511			(2,805,836	)			4			(21	)			33,013			24
Invesco Treasury Portfolio, Institutional Class			114,558			4,420,309			(4,497,406	)			-			-				37,461			12
Total		$	295,152		$	11,046,590		$	(11,238,473	)		$	4		$	(21	)		$	103,252		$	63

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco U.S. Managed Volatility Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:

Investments in unaffiliated securities, at value (Cost $18,855,772)	$	28,490,941
Investments in affiliated money market funds, at value (Cost $103,250)		103,252
Receivable for:
Dividends		21,961
Cash segregated as collateral		100,000
Investment for trustee deferred compensation and retirement plans		11,472
Other assets		5,001
Total assets		28,732,627

Liabilities:
Payable for:
Investments purchased		20,396
Fund shares reacquired		118,605
Accrued fees to affiliates		2,229
Accrued other operating expenses		26,797
Trustee deferred compensation and retirement plans		11,472
Total liabilities		179,499
Net assets applicable to shares outstanding	$	28,553,128


Net assets consist of:
Shares of beneficial interest	$	22,035,503
Distributable earnings		6,517,625
	$	28,553,128

Net Assets:
Class R6	$	28,553,128

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		1,951,289
Class R6:
Net asset value and offering price per share	$	14.63

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco U.S. Managed Volatility Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Dividends (net of foreign withholding taxes of $21)	$	328,105
Dividends from affiliated money market funds		63
Total investment income		328,168

Expenses:
Advisory fees		24,017
Administrative services fees		3,526
Custodian fees		6,364
Transfer agent fees		3,518
Trustees’ and officers’ fees and benefits		19,826
Registration and filing fees		20,178
Reports to shareholders		12,237
Professional services fees		47,588
Other		5,189
Total expenses		142,443
Less: Fees waived and/or expenses reimbursed		(106,572	)
Net expenses		35,871
Net investment income		292,297

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		17,169
Affiliated investment securities		(21	)
Futures contracts		(937,382	)
Option contracts written		(31,672	)
		(951,906	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		7,310,784
Affiliated investment securities		4
Futures contracts		(85,378	)
Option contracts written		(22,194	)
		7,203,216
Net realized and unrealized gain		6,251,310
Net increase in net assets resulting from operations	$	6,543,607

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco U.S. Managed Volatility Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020

Operations:
Net investment income	$	292,297		$	175,771
Net realized gain (loss)		(951,906	)		(339,277	)
Change in net unrealized appreciation		7,203,216			1,606,810
Net increase in net assets resulting from operations		6,543,607			1,443,304

Distributions to shareholders from distributable earnings:
Class R6		(1,821,222	)		(251,272	)
Share transactions-net:
Class R6		10,166,162			4,269,603
Net increase in net assets		14,888,547			5,461,635

Net assets:
Beginning of year		13,664,581			8,202,946
End of year	$	28,553,128		$	13,664,581

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco U.S. Managed Volatility Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class R6
Year ended 10/31/21		$	12.27		$	0.16		$	3.72			$	3.88		$	(0.16	)		$	(1.36	)		$	(1.52	)		$	14.63		34.64	%		$	28,553		0.15	%		0.59	%		1.22	%		33	%
Year ended 10/31/20			10.90			0.19			1.50				1.69			(0.17	)			(0.15	)			(0.32	)			12.27		15.78				13,665		0.15			1.12			1.63			23
Year ended 10/31/19			10.14			0.19			0.81				1.00			(0.19	)			(0.05	)			(0.24	)			10.90		10.13				8,203		0.15			2.10			1.89			7
Period ended 10/31/18^(d)			10.00			0.16			(0.02	)			0.14			–				–				–				10.14		1.40				5,910		0.15	^(e)		3.40	^(e)		1.74	^(e)		9

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)	Portfolio turnover is not annualized for periods less than one year, if applicable.

^(d)	Commencement date of December 18, 2017.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco U.S. Managed Volatility Fund

Notes to Financial Statements

October 31, 2021

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.

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.

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.

19 Invesco U.S. Managed Volatility Fund

and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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.

Call Options Purchased and Written - The Fund may write call options and/or buy call options. A call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a 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 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 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. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser at the annual rate of 0.10% of the Fund’s average daily net assets.

20 Invesco U.S. Managed Volatility Fund

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class R6 shares to 0.15% of the Fund’s average daily net assets (the “expense limit”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $24,017 and reimbursed Fund expenses of $82,555.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund’s shares. The Fund does not pay a distribution fee to IDI under the agreement.

For the year ended October 31, 2021, the Fund incurred $160 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.

As of October 31, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended October 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Equity Risk

Realized Gain (Loss):
Futures contracts		$(937,382)

Options purchased^(a)		162,896

Options written		(31,672)

21 Invesco U.S. Managed Volatility Fund


	Location of Gain (Loss) on Statement of Operations
	Equity Risk

Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		$	(85,378	)

Options purchased^(a)			47,687

Options written			(22,194	)

Total		$	(866,043	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Futures Contracts		Options Purchased		Options Written

Average notional value	$	2,631,693	$	3,162,333	$3,559,833

Average contracts		–		9	9

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, 2021 and 2020 :


	2021		2020

Ordinary income*	$	683,750	$171,167

Long-term capital gain		1,137,472	80,105

Total distributions	$	1,821,222	$251,272

^*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


		2021

Undistributed ordinary income		$ 285,840

Net unrealized appreciation – investments		6,239,145

Temporary book/tax differences		(7,360)

Shares of beneficial interest		22,035,503

Total net assets		$28,553,128

The Fund does not have a capital loss carryforward as of October 31, 2021.

22 Invesco U.S. Managed Volatility Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $15,862,969 and $7,633,659, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments		$6,354,225
Aggregate unrealized (depreciation) of investments		(115,080)
Net unrealized appreciation of investments		$6,239,145

Cost of investments for tax purposes is $22,355,048.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of REIT distributions, on October 31, 2021, undistributed net investment income was decreased by $3,267 and undistributed net realized gain (loss) was increased by $3,267. 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, 2021^(a)						Year ended October 31, 2020

	Shares			Amount			Shares			Amount

Sold:
Class R6		1,256,654		$	15,960,141			451,158		$ 5,269,631

Issued as reinvestment of dividends:
Class R6		89,748			1,059,021			8,388		93,022

Reacquired:
Class R6		(509,006	)		(6,853,000	)		(97,991	)	(1,093,050)
Net increase in share activity		837,396		$	10,166,162			361,555		$ 4,269,603

^(a)	97% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

23 Invesco U.S. Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco U.S. Managed Volatility Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco U.S. Managed Volatility Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2021 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, 2021, 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, 2021 and the financial highlights for each of the three years in the period ended October 31, 2021 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

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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021

24 Invesco U.S. Managed Volatility 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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class R6	$1,000.00	$1,105.00	$0.80	$1,024.45	$0.77	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 184/365 to reflect the most recent fiscal half year.

25 Invesco U.S. Managed Volatility Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. 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 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 three full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Invesco U.S. Large Cap Index (Index). The Board noted that performance of Class R6 shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the two and three year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class R6 shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the two and three year periods. The Board noted that, unlike certain of the peer funds and the Index, managing portfolio volatility is a component of the Fund’s investment objective. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

26 Invesco U.S. Managed Volatility Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only three 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

27 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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	1,137,472
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$	484,098

28 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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	None


T-2		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee 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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	186	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-3		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk²- 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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	N/A	N/A


T-4		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; 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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	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)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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 U.S. Managed Volatility Fund

(This page intentionally left blank)

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/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

LOGO


SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		USMGV-AR-1

LOGO



Annual Report to Shareholders			October 31, 2021

Invesco World Bond Factor Fund

Nasdaq:

A: AUBAX ∎ C: AUBCX ∎ Y: AUBYX ∎ R5: AUBIX ∎ R6: AUBFX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

17		Financial Statements

20		Financial Highlights

21		Notes to Financial Statements

30		Report of Independent Registered Public Accounting Firm

31		Fund Expenses

32		Approval of Investment Advisory and Sub-Advisory Contracts

34		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2021, Class A shares of Invesco World Bond Factor Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Global Aggregate Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/20 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.49	%
Class C Shares	-1.24
Class Y Shares	-0.33
Class R5 Shares	-0.34
Class R6 Shares	-0.33
Bloomberg Global Aggregate Index^▼ (Broad Market/Style-Specific Index)	-1.24
Lipper Global Income Funds Index∎ (Peer Group Index)	0.95

Source(s): ^▼RIMES Technologies Corp.; ∎ Lipper Inc.

Market conditions and your Fund

The global fixed-income market as measured by the Bloomberg Global Aggregate Index was negative for the fiscal year. The market’s negative performance was driven by the rise in interest rates. The strongest performing component of the Bloomberg Global Aggregate Index was corporate credit which was not enough to compensate for the weak performance of treasuries.

During the first quarter of 2021, interest rates started rising and leading to negative performance of treasuries which continued throughout the fiscal year. The negative performance due to interest rates continued until the end of the fiscal year.

The Fund attempts to meet its investment objective by overweighting the higher-yielding component of the fixed-income market (corporate bonds). Within corporate bonds, the investment team targets bonds from the Bloomberg Global Aggregate Corporate Bond Index that it believes tends 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.

Value and low volatility bonds outperformed the Bloomberg Global Aggregate Index. Overall, bonds with attractive factor characteristics positively impacted the Fund’s relative performance. During the month of October 2021, the Fund performed in line with the Bloomberg Global Aggregate Index. Value and carry bonds positively contributed to performance, whereas, low volatility bonds had a negative contribution.

Please note that we implemented our strategy using derivative instruments, including futures, forwards and swaps. Therefore, a portion of the performance of the Funds’s 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 tend 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 US Federal Reserve’s (the Fed’s) 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

See important Fund and, if applicable, index disclosures later in this report.


2		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 10/31/11

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.


3		Invesco World Bond Factor Fund



Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	3.13	%
10 Years	1.32
5 Years	2.07
1 Year	-4.73

Class C Shares
Inception (3/31/06)	3.01	%
10 Years	1.14
5 Years	2.17
1 Year	-2.21

Class Y Shares
Inception (10/3/08)	3.23	%
10 Years	2.01
5 Years	3.20
1 Year	-0.33
Class R5 Shares
Inception (3/31/06)	3.62	%
10 Years	1.94
5 Years	3.06
1 Year	-0.34

Class R6 Shares
10 Years	1.99	%
5 Years	3.22
1 Year	-0.33

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.

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.


4		Invesco World Bond Factor Fund

Supplemental Information

Invesco World Bond Factor Fund’s investment objective is total return.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2021, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.

∎	The Lipper Global Income Funds Index is an unmanaged index considered representative of global income funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales
charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco World Bond Factor Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Sovereign Debt		41.26	%

Financials		14.77

U.S. Treasury Securities		10.42

Collateralized Mortgage Obligations		7.45

Industrials		3.89

Utilities		3.24

Consumer Discretionary		2.92

Health Care		2.87

Communication Services		2.78

Information Technology		2.57

Energy		2.42

Consumer Staples		2.40

Other Sectors, Each Less than 2% of Net Assets		2.79

Money Market Funds Plus Other Assets Less Liabilities		0.22

Top Five Debt Issuers*


		% of total net assets

1.	Japan Government Bond		10.72	%

2.	U.S. Treasury		10.42

3.	Canadian Government Bond		6.60

4.	Bundesrepublik Deutschland Bundesanleihe		4.14

5.	Federal Home Loan Mortgage Corp.		4.06

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, 2021.


6		Invesco World Bond Factor Fund

Schedule of Investments

October 31, 2021


		Principal Amount		Value


Non-U.S. Dollar Denominated Bonds & Notes–56.13%^(a)
Australia–3.91%
Australia Government Bond,
Series 133, 5.50%, 04/21/2023^(b)	AUD		742,000	$	598,285


Series 142, 4.25%, 04/21/2026^(b)	AUD		557,000		468,620


Series 157, 1.50%, 06/21/2031^(b)	AUD		762,000		545,727


Series 162, 1.75%, 06/21/2051^(b)	AUD		34,000		20,295


National Australia Bank Ltd., 1.25%, 05/18/2026^(b)	EUR		65,000		78,674


					1,711,601



Austria–0.27%
Raiffeisen Bank International AG, 1.50%, 03/12/2030^(b)(c)	EUR		100,000		116,897



Belgium–0.19%
Anheuser-Busch InBev S.A./N.V., 2.88%, 09/25/2024^(b)	EUR		65,000		81,853



Canada–6.87%
Canadian Government Bond,
0.25%, 11/01/2022	CAD		570,000		458,210


0.50%, 09/01/2025	CAD		2,000,000		1,565,105


1.50%, 06/01/2031	CAD		832,000		661,159


2.00%, 12/01/2051	CAD		261,000		211,551


Canadian Imperial Bank of Commerce, 0.38%, 05/03/2024^(b)	EUR		100,000		116,745


					3,012,770



Finland–0.27%
Transmission Finance DAC, 1.50%, 05/24/2023^(b)	EUR		100,000		118,377



France–5.30%
Airbus Finance B.V., 2.38%, 04/02/2024^(b)	EUR		100,000		121,698


Banque Federative du Credit Mutuel S.A., 3.00%, 05/21/2024^(b)	EUR		100,000		124,183


Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.38%^(b)(c)(d)	EUR		100,000		131,472


Danone S.A., 1.25%, 05/30/2024^(b)	EUR		100,000		119,641


Dassault Systemes SE, 0.13%, 09/16/2026^(b)	EUR		100,000		115,591


Engie Alliance GIE, 5.75%, 06/24/2023^(b)	EUR		50,000		63,403


French Republic Government Bond OAT, 0.01%, 11/25/2030^(b)	EUR		1,000,000		1,137,205


Holding d’Infrastructures de Transport S.A.S.U., 1.63%, 09/18/2029^(b)	EUR		100,000		120,822


La Mondiale SAM, 5.05%^(b)(c)(d)	EUR		100,000		134,231


Mercialys S.A., 4.63%, 07/07/2027^(b)	EUR		100,000		135,500


		Principal Amount		Value


France–(continued)
Societe Generale S.A., 1.25%, 02/15/2024^(b)	EUR		100,000	$	118,988


					2,322,734



Germany–8.40%
Bayer AG, 3.13%, 11/12/2079^(b)(c)	EUR		100,000		117,798


BMW Finance N.V., 0.75%, 07/12/2024^(b)	EUR		50,000		59,135


Bundesobligation, Series 183, 0.01%, 04/10/2026^(b)	EUR		381,000		448,945


Bundesrepublik Deutschland Bundesanleihe,
0.01%, 08/15/2030^(b)	EUR		1,210,434		1,420,183


0.01%, 08/15/2050^(b)	EUR		353,371		394,431


Commerzbank AG,
0.63%, 08/28/2024^(b)	EUR		70,000		82,192


0.38%, 09/01/2027^(b)	EUR		25,000		28,715


Daimler AG, 0.01%, 02/08/2024^(b)	EUR		38,000		44,046


Daimler International Finance B.V., 0.25%, 11/06/2023^(b)	EUR		101,000		117,588


Deutsche Telekom International Finance B.V.,
2.75%, 10/24/2024^(b)	EUR		50,000		62,964


0.63%, 12/13/2024^(b)	EUR		80,000		94,337


E.ON International Finance B.V., 5.53%, 02/21/2023	EUR		50,000		62,176


E.ON SE, 0.88%, 05/22/2024^(b)	EUR		75,000		88,682


Grenke Finance PLC, 1.50%, 10/05/2023^(b)	EUR		60,000		69,054


LANXESS AG, 0.01%, 09/08/2027^(b)	EUR		37,000		41,639


Merck Financial Services GmbH, 0.13%, 07/16/2025^(b)	EUR		100,000		116,194


Volkswagen Bank GmbH, 1.25%, 06/10/2024^(b)	EUR		100,000		118,981


Volkswagen Financial Services AG, 1.50%, 10/01/2024^(b)	EUR		60,000		72,039


Vonovia Finance B.V., 1.25%, 12/06/2024^(b)	EUR		100,000		119,658


Wintershall Dea Finance B.V., 1.82%, 09/25/2031^(b)	EUR		100,000		121,127


					3,679,884



Indonesia–0.43%
Indonesia Treasury Bond, 6.50%, 06/15/2025	IDR		2,546,000,000		189,501



Italy–1.10%
2i Rete Gas S.p.A., 1.61%, 10/31/2027^(b)	EUR		100,000		122,231


Enel Finance International N.V., 1.00%, 09/16/2024^(b)	EUR		100,000		118,873


Eni S.p.A., 1.00%, 10/11/2034^(b)	EUR		100,000		119,025


FCA Bank S.p.A., 0.63%, 11/24/2022^(b)	EUR		103,000		120,036


					480,165

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco World Bond Factor Fund


		Principal Amount		Value


Japan–10.72%
Japan Government Bond,
Series 146, 0.10%, 12/20/2025	JPY		164,800,000	$	1,457,293


Series 361, 0.10%, 12/20/2030	JPY		149,700,000		1,319,326


Series 420, 0.10%, 01/01/2023	JPY		115,300,000		1,014,194


Series 69, 0.70%, 12/20/2050	JPY		102,250,000		905,360


					4,696,173



Malaysia–0.12%
Malaysia Government Bond, Series 120, 4.07%, 06/15/2050	MYR		222,000		50,910



Mexico–0.67%
Mexican Bonos, Series M 20, 10.00%, 12/05/2024	MXN		5,600,000		293,883



Netherlands–0.46%
Cooperatieve Rabobank U.A., 1.25%, 03/23/2026^(b)	EUR		120,000		145,958


Heineken N.V., 3.50%, 03/19/2024^(b)	EUR		45,000		56,732


					202,690



New Zealand–0.89%
New Zealand Government Bond,
0.50%, 05/15/2026	NZD		453,000		299,474


1.50%, 05/15/2031	NZD		142,000		92,554


					392,028



Norway–2.52%
Norway Government Bond,
Series 475, 2.00%, 05/24/2023^(b)	NOK		3,480,000		417,623


Series 478, 1.50%, 02/19/2026^(b)	NOK		4,136,000		488,309


Series 483, 1.25%, 09/17/2031^(b)	NOK		1,744,000		198,566


					1,104,498



Poland–0.46%
Republic of Poland Government Bond, Series 725, 3.25%, 07/25/2025	PLN		775,000		201,566



Romania–0.27%
NE Property B.V., 1.88%, 10/09/2026^(b)	EUR		100,000		119,368



Russia–0.33%
Russian Federal Bond—OFZ, Series 6221, 7.70%, 03/23/2033	RUB		10,543,000		145,130


		Principal Amount		Value


South Korea–0.76%
Korea Treasury Bond,
Series 2512, 2.25%, 12/10/2025	KRW		176,130,000	$	149,780


Series 3012, 1.50%, 12/10/2030	KRW		112,340,000		87,098


Series 5003, 1.50%, 03/10/2050	KRW		140,830,000		96,207


					333,085



Spain–0.82%
Banco Bilbao Vizcaya Argentaria S.A., 0.38%, 10/02/2024^(b)	EUR		100,000		116,570


Banco Santander S.A., 3.25%, 04/04/2026^(b)	EUR		100,000		127,972


Santander Consumer Finance S.A., 0.38%, 01/17/2025^(b)	EUR		100,000		116,416


					360,958



Sweden–3.90%
Balder Finland OYJ, 1.00%, 01/20/2029^(b)	EUR		100,000		112,218


Svenska Handelsbanken AB, 1.13%, 12/14/2022^(b)	EUR		106,000		124,675


Swedbank AB, 0.75%, 05/05/2025^(b)	EUR		100,000		118,352


Sweden Government Bond,
Series 1057, 1.50%, 11/13/2023^(b)	SEK		835,000		100,385


Series 1058, 2.50%, 05/12/2025	SEK		325,000		41,153


Series 1059, 1.00%, 11/12/2026^(b)	SEK		7,455,000		905,993


Series 1062, 0.13%, 05/12/2031^(b)	SEK		2,100,000		238,210


Telia Co. AB, 3.88%, 10/01/2025^(b)	EUR		50,000		66,311


					1,707,297


Switzerland–1.60%
Swiss Confederation Government Bond,
4.00%, 02/11/2023^(b)	CHF		129,000		149,436


1.25%, 05/28/2026^(b)	CHF		261,000		305,167


2.25%, 06/22/2031^(b)	CHF		161,000		214,794


4.00%, 01/06/2049^(b)	CHF		14,000		31,964


					701,361



Thailand–0.11%
Thailand Government Bond, 1.88%, 06/17/2049	THB		1,949,000		47,990



United Kingdom–3.52%
BAT International Finance PLC, 2.25%, 01/16/2030^(b)	EUR		100,000		120,684


BP Capital Markets PLC, 0.90%, 07/03/2024^(b)	EUR		100,000		118,643


CNH Industrial Finance Europe S.A., 1.63%, 07/03/2029^(b)	EUR		100,000		121,431


Informa PLC, 1.50%, 07/05/2023^(b)	EUR		100,000		118,333


Lloyds Banking Group PLC, 0.50%, 11/12/2025^(b)(c)	EUR		100,000		116,594


NatWest Markets PLC, 1.00%, 05/28/2024^(b)	EUR		100,000		118,654

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco World Bond Factor Fund


		Principal Amount		Value


United Kingdom–(continued)
Royal Mail PLC, 1.25%, 10/08/2026^(b)	EUR		100,000	$	120,027


United Kingdom Gilt,
0.75%, 07/22/2023^(b)	GBP		92,000		126,184


0.63%, 06/07/2025^(b)	GBP		12,769		17,430


0.63%, 10/22/2050^(b)	GBP		472,442		566,117


					1,544,097



United States–2.24%
Abbott Ireland Financing DAC, 0.88%, 09/27/2023^(b)	EUR		100,000		118,044


Altria Group, Inc., 3.13%, 06/15/2031	EUR		100,000		129,483


Apple, Inc., 0.88%, 05/24/2025	EUR		100,000		119,188


AT&T, Inc., 2.40%, 03/15/2024	EUR		116,000		141,100


Goldman Sachs Group, Inc. (The),
0.13%, 08/19/2024^(b)	EUR		60,000		69,429


0.25%, 01/26/2028^(b)	EUR		47,000		52,608


Johnson & Johnson, 0.65%, 05/20/2024	EUR		100,000		118,096


Toyota Motor Credit Corp., 0.25%, 07/16/2026^(b)	EUR		100,000		115,829


Wells Fargo & Co., 0.50%, 04/26/2024^(b)	EUR		100,000		116,877


					980,654


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $25,342,098)					24,595,470



U.S. Dollar Denominated Bonds & Notes–22.42%
Australia–0.15%
Westpac Banking Corp., 2.35%, 02/19/2025		$	65,000		67,570



Canada–0.62%
Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		105,038


Magna International, Inc., 3.63%, 06/15/2024			52,000		55,490


Suncor Energy, Inc., 3.10%, 05/15/2025			40,000		42,230


TransCanada PipeLines Ltd., 4.88%, 01/15/2026			60,000		67,974


					270,732



France–0.25%
Sanofi, 3.38%, 06/19/2023			105,000		109,664



Mexico–0.43%
America Movil S.A.B. de C.V.,
6.38%, 03/01/2035			35,000		48,532


6.13%, 03/30/2040			100,000		141,621


					190,153



Netherlands–0.48%
Cooperatieve Rabobank U.A., 5.25%, 05/24/2041			85,000		118,021


Koninklijke KPN N.V., 8.38%, 10/01/2030			30,000		42,460


Shell International Finance B.V., 6.38%, 12/15/2038			35,000		51,888


					212,369


	Principal Amount		Value


United Kingdom–2.35%
Barclays PLC, 4.84%, 05/09/2028	$	200,000	$	222,958


BAT Capital Corp.,
4.54%, 08/15/2047		60,000		62,973


5.28%, 04/02/2050		75,000		86,617


BP Capital Markets PLC, 2.75%, 05/10/2023		46,000		47,488


British Airways Pass-Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029^(b)		52,060		52,139


CNH Industrial N.V., 3.85%, 11/15/2027		24,000		26,401


HSBC Holdings PLC,
4.58%, 06/19/2029^(c)		200,000		226,138


6.10%, 01/14/2042		48,000		69,130


Mead Johnson Nutrition Co., 4.13%, 11/15/2025		95,000		104,656


Reynolds American, Inc., 5.70%, 08/15/2035		18,000		21,362


United Utilities PLC, 6.88%, 08/15/2028		84,000		107,621


				1,027,483



United States–18.14%
Adventist Health System/West, 2.95%, 03/01/2029		40,000		41,989


Aflac, Inc., 1.13%, 03/15/2026		50,000		49,549


Aircastle Ltd., 4.40%, 09/25/2023		55,000		58,235


Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025		32,000		34,587


Altria Group, Inc.,
4.80%, 02/14/2029		74,000		84,359


5.95%, 02/14/2049		10,000		12,785


Amazon.com, Inc., 4.25%, 08/22/2057		40,000		52,541


American Express Co.,
2.50%, 07/30/2024		90,000		93,849


3.00%, 10/30/2024		50,000		52,885


American Honda Finance Corp., 2.15%, 09/10/2024		65,000		67,154


American International Group, Inc., 4.13%, 02/15/2024		55,000		58,900


American Water Capital Corp., 6.59%, 10/15/2037		14,000		20,359


Ameriprise Financial, Inc., 4.00%, 10/15/2023		44,000		46,886


AmerisourceBergen Corp., 3.40%, 05/15/2024		50,000		52,951


Appalachian Power Co., 7.00%, 04/01/2038		25,000		36,892


Apple, Inc., 4.45%, 05/06/2044		35,000		44,784


Ares Capital Corp., 4.20%, 06/10/2024		47,000		50,047


Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.,
2.77%, 12/15/2022		28,000		28,635


4.08%, 12/15/2047		75,000		85,751

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco World Bond Factor Fund


	Principal Amount		Value


United States–(continued)
Bank of America Corp.,
4.20%, 08/26/2024	$	188,000	$	203,454


4.00%, 01/22/2025		30,000		32,349


4.45%, 03/03/2026		35,000		38,799


Baxter International, Inc., 2.60%, 08/15/2026		103,000		107,723


BGC Partners, Inc., 3.75%, 10/01/2024		36,000		37,998


Boeing Co. (The),
2.25%, 06/15/2026		100,000		101,073


2.70%, 02/01/2027		29,000		29,759


6.63%, 02/15/2038		92,000		124,084


Booking Holdings, Inc., 4.63%, 04/13/2030		65,000		76,710


California Institute of Technology, 4.70%, 11/01/2111		22,000		32,633


Capital One Financial Corp., 3.20%, 02/05/2025		75,000		79,369


Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		59,000		68,835


Chevron USA, Inc., 5.25%, 11/15/2043		65,000		90,459


Cigna Corp., 4.50%, 02/25/2026		55,000		61,285


Citigroup, Inc., 3.75%, 06/16/2024		45,000		48,239


Comcast Corp., 3.70%, 04/15/2024		87,000		92,801


CommonSpirit Health,
2.76%, 10/01/2024		65,000		67,813


1.55%, 10/01/2025		82,000		81,805


Constellation Brands, Inc., 4.25%, 05/01/2023		25,000		26,296


Corning, Inc., 5.85%, 11/15/2068		13,000		19,473


Cummins, Inc., 4.88%, 10/01/2043		55,000		72,678


Dell International LLC/EMC Corp., 6.02%, 06/15/2026		75,000		88,405


Dignity Health, 5.27%, 11/01/2064		25,000		35,247


Discovery Communications LLC, 3.95%, 06/15/2025		150,000		162,167


Duke Energy Corp., 3.75%, 04/15/2024		71,000		75,279


Eaton Vance Corp., 3.63%, 06/15/2023		52,000		54,374


Eli Lilly and Co., 5.50%, 03/15/2027		75,000		90,104


Exelon Generation Co. LLC, 6.25%, 10/01/2039		60,000		76,842


Expedia Group, Inc., 4.63%, 08/01/2027		16,000		17,922


Exxon Mobil Corp., 3.18%, 03/15/2024		52,000		54,605


Federal Realty Investment Trust, 3.95%, 01/15/2024		45,000		47,620


FedEx Corp., 4.75%, 11/15/2045		107,000		133,160


	Principal Amount		Value


United States–(continued)
Fifth Third Bancorp, 2.38%, 01/28/2025	$	50,000	$	51,626


FS KKR Capital Corp., 4.63%, 07/15/2024		25,000		26,731


General Electric Co., 6.15%, 08/07/2037		75,000		105,858


Series A, 6.88%, 01/10/2039		50,000		76,180


General Motors Co., 6.75%, 04/01/2046		93,000		135,137


Gilead Sciences, Inc., 3.70%, 04/01/2024		84,000		89,066


Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024		186,000		198,636


Harley-Davidson, Inc., 4.63%, 07/28/2045		26,000		29,205


Hasbro, Inc., 6.35%, 03/15/2040		50,000		68,883


HCA, Inc., 5.25%, 06/15/2026		100,000		113,421


Hewlett Packard Enterprise Co., 6.35%, 10/15/2045		30,000		41,218


Hexcel Corp., 4.20%, 02/15/2027		70,000		75,798


HP, Inc., 6.00%, 09/15/2041		31,000		40,984


Intel Corp., 2.88%, 05/11/2024		50,000		52,452


International Business Machines Corp., 7.13%, 12/01/2096		43,000		81,717


Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		40,000		47,038


IPALCO Enterprises, Inc., 4.25%, 05/01/2030		68,000		75,595


JPMorgan Chase & Co., 3.88%, 09/10/2024		115,000		123,675


KLA Corp., 4.65%, 11/01/2024		47,000		51,602


Kohl’s Corp., 5.55%, 07/17/2045		68,000		79,215


Loews Corp., 4.13%, 05/15/2043		60,000		70,562


Marriott International, Inc., Series EE, 5.75%, 05/01/2025		9,000		10,204


MetLife, Inc., Series D, 4.37%, 09/15/2023		76,000		81,073


Microsoft Corp.,
2.88%, 02/06/2024		71,000		74,310


3.13%, 11/03/2025		100,000		107,339


3.95%, 08/08/2056		21,000		26,497


Morgan Stanley,
3.70%, 10/23/2024		85,000		91,185


6.38%, 07/24/2042		35,000		53,414


NextEra Energy Capital Holdings, Inc., 3.15%, 04/01/2024		70,000		73,582


Nordstrom, Inc., 5.00%, 01/15/2044		88,000		87,242


Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		110,000		111,730


Oracle Corp.,
3.63%, 07/15/2023		50,000		52,486


2.50%, 04/01/2025		85,000		88,172


Parker-Hannifin Corp., 3.30%, 11/21/2024		55,000		58,290

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco World Bond Factor Fund


	Principal Amount		Value


United States–(continued)
Patterson-UTI Energy, Inc., 5.15%, 11/15/2029	$	99,000	$	102,206


Philip Morris International, Inc., 6.38%, 05/16/2038		30,000		42,389


PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024		50,000		53,463


QUALCOMM, Inc., 2.90%, 05/20/2024		50,000		52,481


Ralph Lauren Corp., 2.95%, 06/15/2030		44,000		46,091


Rockwell Collins, Inc., 3.20%, 03/15/2024		51,000		53,636


San Diego Gas & Electric Co., 6.00%, 06/01/2039		50,000		70,041


Seagate HDD Cayman, 4.75%, 01/01/2025		50,000		54,062


Sempra Energy, 3.75%, 11/15/2025		30,000		32,509


Simon Property Group L.P., 6.75%, 02/01/2040		38,000		56,421


Southern California Edison Co.,
6.65%, 04/01/2029		75,000		93,076


6.00%, 01/15/2034		47,000		61,216


Series 2004-G, 5.75%, 04/01/2035		30,000		38,461


Southwest Airlines Co., 3.00%, 11/15/2026		100,000		105,264


Spectra Energy Partners L.P., 4.75%, 03/15/2024		63,000		67,904


Spirit Realty L.P., 3.20%, 02/15/2031		30,000		31,089


Starbucks Corp., 3.85%, 10/01/2023		22,000		23,161


Swiss Re America Holding Corp., 7.00%, 02/15/2026		47,000		57,519


Sysco Corp., 6.60%, 04/01/2050		46,000		73,964


Time Warner Cable LLC, 7.30%, 07/01/2038		30,000		43,229


Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023		35,000		38,620


Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026		50,000		61,655


Truist Financial Corp., 2.50%, 08/01/2024		60,000		62,543


Tyco Electronics Group S.A., 3.45%, 08/01/2024		60,000		63,408


Union Electric Co., 8.45%, 03/15/2039		48,000		82,413


United Parcel Service, Inc., 2.20%, 09/01/2024		55,000		57,110


UnitedHealth Group, Inc., 3.38%, 04/15/2027		50,000		54,500


US Airways Pass-Through Trust, Series 2013-1A, Class PTT, 3.95%, 11/15/2025		38,173		38,927


ViacomCBS, Inc., 7.88%, 07/30/2030		35,000		49,035


Wachovia Corp., 7.57%, 08/01/2026^(e)		82,000		102,640


Walmart, Inc., 3.30%, 04/22/2024		27,000		28,558


	Principal Amount		Value


United States–(continued)
Waste Management, Inc., 3.13%, 03/01/2025	$	50,000	$	53,121


Wells Fargo & Co.,
4.10%, 06/03/2026		76,000		83,369


5.38%, 02/07/2035		90,000		119,507


Xilinx, Inc., 2.95%, 06/01/2024		40,000		41,818


				7,948,027


Total U.S. Dollar Denominated Bonds & Notes (Cost $9,636,583)				9,825,998



U.S. Treasury Securities–10.42%
U.S. Treasury Bills–0.21%
0.05%, 02/17/2022^(f)(g)		91,987		91,987



U.S. Treasury Bonds–2.63%
1.63%, 11/15/2050		1,169,947		1,150,475



U.S. Treasury Notes–7.58%
0.13%, 12/31/2022		557,891		557,411


0.25%, 09/30/2023		847,425		846,613


0.38%, 12/31/2025		1,379,214		1,355,112


1.13%, 02/15/2031		576,415		562,413


				3,321,549


Total U.S. Treasury Securities (Cost $4,622,879)				4,564,011



U.S. Government Sponsored Agency Mortgage-Backed Securities–9.79%
Federal Home Loan Mortgage Corp.,
2.50%, 07/01/2035 -08/01/2050		698,573		726,186


4.50%, 09/01/2049 -01/01/2050		59,243		64,041


3.00%, 01/01/2050 -10/01/2050		379,996		402,999


2.00%, 01/01/2051 -10/01/2051		587,869		588,386


Federal National Mortgage Association,
4.50%, 06/01/2049		24,036		25,935


3.00%, 10/01/2049 -08/01/2050		396,188		416,498


2.50%, 01/01/2050 -08/01/2050		474,697		492,504


2.00%, 03/01/2051 -08/01/2051		511,339		513,514


Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K038, Class X1, IO, 1.10%, 03/25/2024^(h)		1,485,729		34,479


Uniform Mortgage Backed Securities, TBA,
2.00%, 11/01/2036⁽ⁱ⁾		420,000		431,017


2.50%, 11/01/2051⁽ⁱ⁾		579,000		594,685


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $4,325,088)				4,290,244



		Shares
Exchange-Traded Funds–1.02%
United States–1.02%
Invesco High Yield Bond Factor ETF^(j)(Cost $446,307)		17,500		446,425

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco World Bond Factor Fund


	Shares		Value


Money Market Funds–2.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%^(j)(k)		349,902	$	349,902


Invesco Liquid Assets Portfolio, Institutional Class, 0.01%^(j)(k)		240,218		240,290


Invesco Treasury Portfolio, Institutional Class, 0.01%^(j)(k)		399,888		399,888


Total Money Market Funds (Cost $990,080)				990,080


TOTAL INVESTMENTS IN SECURITIES—102.04% (Cost $45,363,035)				44,712,228


OTHER ASSETS LESS LIABILITIES–(2.04)%				(894,452	)


NET ASSETS–100.00%			$	43,817,776

Investment Abbreviations:


AUD	–	Australian Dollar
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
Ctfs.	–	Certificates
ETF	–	Exchange-Traded Fund
EUR	–	Euro
GBP	–	British Pound Sterling
IDR	–	Indonesian Rupiah
IO	–	Interest Only
JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
PLN	–	Polish Zloty
RUB	–	Russian Ruble
SEK	–	Swedish Krona
TBA	–	To Be Announced
THB	–	Thai Baht

Notes to Schedule of Investments:

^(a⁾	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $14,790,122, which represented 33.75% of the Fund’s Net Assets.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Perpetual bond with no specified maturity date.

^(e)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

^(g)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(h)

⁽ⁱ⁾	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1N.

^(j)


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Invesco High Yield Bond Factor ETF	$	-	$	446,307	$	-		$	118	$	-	$	446,425	$	13,140
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		1,625,443		6,845,952		(8,121,493	)		-		-		349,902		155
Invesco Liquid Assets Portfolio, Institutional Class		1,023,375		4,685,360		(5,468,430	)		72		(87)		240,290		152
Invesco Treasury Portfolio, Institutional Class		1,857,649		7,823,944		(9,281,705	)		-		-		399,888		72

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco World Bond Factor Fund


	Value October 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	-	$	90,630	$	(90,630	)	$	-	$	-		$	-	$	-
Invesco Private Prime Fund		-		267,330		(267,330	)		-		-			-		1	*
Total	$	4,506,467	$	20,159,523	$	(23,229,588	)	$	190	$	(87	)	$	1,436,505	$	13,520

(k)	The rate shown is the 7-day SEC standardized yield as of October 31, 2021.


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		3		December-2021	$	341,669		$	(13,502	)	$	(13,502	)
Euro-Bund		1		December-2021		194,347			(5,040	)		(5,040	)
Euro-Buxl 30 Year Bonds		3		December-2021		724,743			(763	)		(763	)
Japan 10 Year Bonds		1		December-2021		1,327,660			(4,562	)		(4,562	)
Long Gilt		6		December-2021		1,025,756			(32,353	)		(32,353	)
Subtotal–Long Futures Contracts									(56,220	)		(56,220	)
Short Futures Contracts
Interest Rate Risk
Euro-Schatz		1		December-2021		(129,426	)		376			376
Total Futures Contracts								$	(55,844	)	$	(55,844	)


Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
Currency Risk
11/17/2021	Bank of America, N.A.		EUR	101,040		USD	119,836	$	3,000
11/17/2021	Bank of America, N.A.		PLN	17,000		USD	4,297		37
11/17/2021	Barclays Bank PLC		SEK	15,944,340		USD	1,857,834		1,035
11/17/2021	Barclays Bank PLC		USD	14,200		CAD	18,000		344
11/17/2021	Barclays Bank PLC		USD	128,209		SGD	174,000		815
11/17/2021	Barclays Bank PLC		USD	72,197		THB	2,424,000		843
11/17/2021	BNP Paribas S.A.		EUR	50,010		USD	59,308		1,480
11/17/2021	BNP Paribas S.A.		GBP	1,095,311		USD	1,510,443		11,437
11/17/2021	Citibank, N.A.		EUR	228,000		USD	267,770		4,125
11/17/2021	Citibank, N.A.		JPY	24,220,630		USD	218,317		5,787
11/17/2021	Citibank, N.A.		PLN	540,000		USD	138,899		3,586
11/17/2021	Citibank, N.A.		SGD	12,080		USD	8,983		25
11/17/2021	Citibank, N.A.		USD	88,066		INR	6,628,000		180
11/17/2021	Citibank, N.A.		USD	58,705		JPY	6,705,000		130
11/18/2021	Citibank, N.A.		USD	93,098		IDR 1,356,335,998			2,100
11/17/2021	Deutsche Bank AG		USD	1,049,262		NOK	9,068,390		24,096
11/17/2021	Deutsche Bank AG		USD	123,458		SEK	1,074,000		1,615
11/17/2021	Goldman Sachs International		BRL	16,880		USD	3,239		256
11/17/2021	Goldman Sachs International		EUR	5,793,000		USD	6,744,292		45,634
11/17/2021	Goldman Sachs International		ZAR	2,019,000		USD	135,251		3,307
11/18/2021	HSBC Bank USA		USD	11,144		IDR	159,827,500		74
11/17/2021	J.P. Morgan Chase Bank, N.A.		EUR	185,880		USD	215,761		821
11/17/2021	J.P. Morgan Chase Bank, N.A.		JPY	3,233,655		USD	29,134		759

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco World Bond Factor Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
11/17/2021	J.P. Morgan Chase Bank, N.A.		MXN	4,303,750		USD	211,689	$	3,099
11/17/2021	J.P. Morgan Chase Bank, N.A.		USD	103,408		AUD	140,325		2,158
11/17/2021	J.P. Morgan Chase Bank, N.A.		USD	353,693		GBP	260,810		3,243
11/17/2021	J.P. Morgan Chase Bank, N.A.		USD	5,100		NOK	44,272		140
11/17/2021	J.P. Morgan Chase Bank, N.A.		USD	329,300		NZD	471,000		8,153
11/17/2021	Morgan Stanley and Co. International PLC		USD	588,462		AUD	802,000		14,881
11/17/2021	Morgan Stanley and Co. International PLC		USD	1,944,703		GBP	1,434,203		18,099
11/17/2021	Morgan Stanley and Co. International PLC		USD	302,500		NOK	2,627,164		8,458
11/17/2021	Royal Bank of Canada		USD	38,795		COP	155,344,000		2,415
11/17/2021	Royal Bank of Canada		USD	9,232		SEK	79,460		22
11/17/2021	State Street Bank & Trust Co.		CHF	200,120		USD	218,944		292
11/17/2021	State Street Bank & Trust Co.		EUR	67,000		USD	77,781		307
11/17/2021	State Street Bank & Trust Co.		JPY	8,279,392		USD	75,276		2,626
11/17/2021	State Street Bank & Trust Co.		USD	7,828		CAD	9,870		147
11/17/2021	State Street Bank & Trust Co.		USD	136,505		CHF	126,720		1,950
11/17/2021	UBS AG		GBP	141,063		USD	194,575		1,521
11/17/2021	UBS AG		INR	751,530		USD	10,212		206
11/17/2021	UBS AG		USD	352,607		AUD	483,039		10,781
11/17/2021	UBS AG		USD	144,886		RUB	10,790,350		6,816
11/17/2021	UBS AG		USD	3,429		SEK	30,000		65
11/18/2021	UBS AG		USD	3,151,313		CNY	20,306,000		13,175
Subtotal–Appreciation									210,040
Currency Risk
11/17/2021	Bank of America, N.A.		CAD	416,231		USD	328,395		(7,923	)
11/17/2021	Bank of America, N.A.		NOK	8,293,171		USD	960,403		(21,198	)
11/17/2021	Bank of America, N.A.		SEK	5,826,498		USD	666,327		(12,199	)
11/17/2021	Bank of America, N.A.		USD	445,020		EUR	375,220		(11,140	)
11/17/2021	Bank of America, N.A.		USD	49,928		JPY	5,491,396		(1,742	)
11/17/2021	Barclays Bank PLC		CAD	387,220		USD	305,479		(7,398	)
11/17/2021	BNP Paribas S.A.		USD	157,300		CHF	143,902		(73	)
11/17/2021	Citibank, N.A.		USD	46,303		BRL	248,000		(2,484	)
11/17/2021	Citibank, N.A.		USD	129,875		KRW	149,385,000		(2,753	)
11/17/2021	Citibank, N.A.		USD	4,599		MXN	92,750		(104	)
11/18/2021	Citibank, N.A.		IDR	471,583,160		USD	32,487		(613	)
11/18/2021	Citibank, N.A.		USD	52,922		CZK	1,146,000		(1,347	)
11/17/2021	Deutsche Bank AG		SEK	5,030,974		USD	584,999		(883	)
11/17/2021	Deutsche Bank AG		USD	973,883		GBP	704,830		(9,277	)
11/17/2021	Goldman Sachs International		NOK	8,034,000		USD	898,341		(52,584	)
11/17/2021	Goldman Sachs International		RUB	623,915		USD	8,428		(343	)
11/17/2021	Goldman Sachs International		USD	39,801		BRL	215,950		(1,645	)
11/17/2021	Goldman Sachs International		USD	22,608		CLP	17,759,000		(813	)
11/17/2021	Goldman Sachs International		USD	7,310,548		EUR	6,227,000		(110,040	)
11/17/2021	Goldman Sachs International		USD	526,433		GBP	380,000		(6,377	)
11/17/2021	Goldman Sachs International		USD	35,950		HUF	10,843,000		(1,137	)
11/17/2021	Goldman Sachs International		USD	42,360		TRY	365,110		(4,668	)
11/17/2021	Goldman Sachs International		USD	134,313		ZAR	2,005,000		(3,284	)
11/17/2021	J.P. Morgan Chase Bank, N.A.		AUD	156,080		USD	115,019		(2,400	)
11/17/2021	J.P. Morgan Chase Bank, N.A.		GBP	87,000		USD	117,983		(1,082	)
11/17/2021	J.P. Morgan Chase Bank, N.A.		NOK	69,000		USD	7,948		(219	)
11/17/2021	J.P. Morgan Chase Bank, N.A.		USD	16,846		INR	1,254,100		(148	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco World Bond Factor Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
11/17/2021	J.P. Morgan Chase Bank, N.A.		USD	13,081		MXN	266,000	$	(189	)
11/10/2021	Morgan Stanley and Co. International PLC		CAD	1,089,354		USD	868,982		(11,227	)
11/17/2021	Morgan Stanley and Co. International PLC		AUD	2,953,000		USD	2,166,742		(54,791	)
11/17/2021	Morgan Stanley and Co. International PLC		CAD	587,000		USD	466,896		(7,404	)
11/17/2021	Morgan Stanley and Co. International PLC		CHF	725,000		USD	790,174		(1,965	)
11/17/2021	Morgan Stanley and Co. International PLC		NZD	570,274		USD	395,016		(13,562	)
11/17/2021	Morgan Stanley and Co. International PLC		USD	695,913		CAD	856,860		(3,564	)
11/17/2021	Royal Bank of Canada		SEK	168,640		USD	19,593		(46	)
11/17/2021	State Street Bank & Trust Co.		USD	5,505		CHF	5,032		(7	)
11/17/2021	State Street Bank & Trust Co.		USD	146,148		EUR	125,890		(577	)
11/17/2021	UBS AG		AUD	279,770		USD	203,184		(7,286	)
11/17/2021	UBS AG		NZD	512,722		USD	361,425		(5,919	)
11/17/2021	UBS AG		RUB	6,452,000		USD	86,111		(4,598	)
11/17/2021	UBS AG		SGD	51,920		USD	38,286		(213	)
11/17/2021	UBS AG		USD	90,792		EUR	76,382		(2,468	)
11/17/2021	UBS AG		USD	391,569		GBP	283,880		(3,061	)
11/17/2021	UBS AG		USD	1,563,940		JPY	172,341,000		(51,691	)
11/17/2021	UBS AG		USD	5,141		KRW	5,950,700		(78	)
11/17/2021	UBS AG		USD	5,126		THB	165,499		(139	)
11/17/2021	UBS AG		USD	139,324		TRY	1,264,480		(8,788	)
Subtotal—Depreciation									(441,447	)
Total Forward Foreign Currency Contracts								$	(231,407	)


		Open Centrally Cleared Interest Rate Swap Agreements^(a)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive	3 Month USD LIBOR		Quarterly		(1.53	)%		Semi-Annually		10/08/2031		USD	300,000	$	–		$	799		$	799
Receive	6 Month EUR LIBOR		Semi-Annually		(0.49	)		Annually		08/31/2023		EUR	254,000		129			1,244			1,115
Receive	6 Month NIBOR		Semi-Annually		(1.27	)		Annually		08/31/2031		NOK	302,000		979			2,161			1,182
Receive	SONIA		Annually		(1.18	)		Annually		09/30/2031		GBP	182,000		(6,158	)		(4,694	)		1,464
Receive	6 Month NIBOR		Semi-Annually		(1.04	)		Annually		08/31/2026		NOK	800,000		1,751			3,587			1,836
Receive	3 Month NDBB		Quarterly		(1.29	)		Semi-Annually		08/31/2023		NZD	160,000		(26	)		1,831			1,857
Receive	SONIA		Annually		(1.00	)		Annually		09/30/2026		GBP	145,000		(2,470	)		532			3,002
Receive	3 Month USD LIBOR		Quarterly		(0.67	)		Semi-Annually		10/08/2024		USD	500,000		–			4,061			4,061
Receive	6 Month AUD BBSW		Semi-Annually		(0.08	)		Semi-Annually		01/19/2023		AUD	922,000		–			4,601			4,601
	China 7-Day Reverse Repo
Pay	Rate		Quarterly		2.83			Quarterly		04/08/2026		CNY	7,065,538		–			9,788			9,788
Receive	3 Month USD LIBOR		Quarterly		(0.61	)		Semi-Annually		02/17/2026		USD	621,000		–			14,424			14,424
Receive	3 Month NDBB		Quarterly		(1.07	)		Semi-Annually		04/09/2026		NZD	334,523		697			15,434			14,737
Receive	3 Month NDBB		Quarterly		(1.81	)		Semi-Annually		08/03/2031		NZD	920,000		8,521			52,495			43,974
Receive	3 Month NDBB		Quarterly		(1.46	)		Semi-Annually		08/03/2026		NZD	1,780,000		9,331			66,534			57,203
Subtotal – Appreciation															12,754			172,797			160,043

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco World Bond Factor Fund


		Open Centrally Cleared Interest Rate Swap Agreements^(a)– (continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive	3 Month USD LIBOR		Quarterly		(1.81	)%		Semi-Annually		10/08/2051		USD	200,000	$	–		$		(3,979)	$	(3,979	)
Receive	SONIA		Annually		(1.25	)		Annually		09/30/2051		GBP	6,000		(568	)		(997	)		(429	)
Pay	China 7-Day Reverse Repo Rate		Quarterly		2.59			Quarterly		10/29/2025		CNY	20,000,000		–			(178	)		(178	)
Pay	3 Month STIBOR		Annually		0.49			Quarterly		02/08/2031		SEK	171		(1	)		(1	)		0
Subtotal — Depreciation															(569	)		(5,155	)		(4,586	)
Total Centrally Cleared Interest Rate Swap Agreements														$	12,185		$	167,642		$	155,457

(a)	Centrally cleared swap agreements collateralized by $110,000 cash held with Credit Suisse Securities (USA) LLC.

Abbreviations:


AUD		–Australian Dollar
BBSW		–Bank Bill Swap Rate
BRL		–Brazilian Real
CAD		–Canadian Dollar
CHF		–Swiss Franc
CLP		–Chile Peso
CNY		–Chinese Yuan Renminbi
COP		–Colombia Peso
CZK		–Czech Koruna
EUR		–Euro
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JPY		–Japanese Yen
KRW		–South Korean Won
LIBOR		–London Interbank Offered Rate
MXN		–Mexican Peso
NDBB		–New Zealand Dollar Bank Bill
NIBOR		–Norwegian Interbank Offered Rate
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PLN		–Polish Zloty
RUB		–Russian Ruble
SEK		–Swedish Krona
SGD		–Singapore Dollar
SONIA		–Sterling Overnight Index Average
STIBOR		–Stockholm Interbank Offered Rate
THB		–Thai Baht
TRY		–Turkish Lira
USD		–U.S. Dollar
ZAR		–South African Rand

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Invesco World Bond Factor Fund

Statement of Assets and Liabilities

October 31, 2021


Assets:
Investments in unaffiliated securities, at value (Cost $43,926,648)	$	43,275,723
Investments in affiliates, at value (Cost $1,436,387)		1,436,505
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		210,040
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		110,000
Cash		17,957
Foreign currencies, at value (Cost $271,067)		271,507
Receivable for:
Investments sold		591,071
Fund shares sold		39,655
Dividends		5
Interest		246,833
Investment for trustee deferred compensation and retirement plans		34,294
Other assets		32,297
Total assets		46,265,887

Liabilities:
Other investments:
Variation margin payable – futures contracts		5,727
Variation margin payable – centrally cleared swap agreements		6,173
Unrealized depreciation on forward foreign currency contracts outstanding		441,447
Payable for:
Investments purchased		1,838,416
Fund shares reacquired		3,197
Accrued foreign taxes		813
Accrued fees to affiliates		24,581
Accrued other operating expenses		91,116
Trustee deferred compensation and retirement plans		36,641
Total liabilities		2,448,111
Net assets applicable to shares outstanding	$	43,817,776


Net assets consist of:
Shares of beneficial interest	$	43,716,016
Distributable earnings		101,760
	$	43,817,776

Net Assets:
Class A	$	24,149,512
Class C	$	2,078,705
Class Y	$	16,364,665
Class R5	$	861
Class R6	$	1,224,033

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,255,144
Class C		194,598
Class Y		1,528,988
Class R5		81
Class R6		114,240
Class A:
Net asset value per share	$	10.71
Maximum offering price per share (Net asset value of $10.71 ÷ 95.75%)	$	11.19
Class C:
Net asset value and offering price per share	$	10.68
Class Y:
Net asset value and offering price per share	$	10.70
Class R5:
Net asset value and offering price per share	$	10.63
Class R6:
Net asset value and offering price per share	$	10.71

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Invesco World Bond Factor Fund

Statement of Operations

For the year ended October 31, 2021


Investment income:

Interest (net of foreign withholding taxes of $3,137)	$	442,388

Dividends from affiliates (includes securities lending income of $38)		13,557

Total investment income		455,945

Expenses:

Advisory fees		119,830

Administrative services fees		6,666

Custodian fees		27,908
Distribution fees:

Class A		64,893

Class C		23,199

Transfer agent fees – A, C and Y		101,951

Transfer agent fees – R5		1

Transfer agent fees – R6		727

Trustees’ and officers’ fees and benefits		22,819

Registration and filing fees		78,437

Reports to shareholders		21,657

Professional services fees		51,274

Other		11,989

Total expenses		531,351

Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(315,468	)

Net expenses		215,883

Net investment income		240,062

Realized and unrealized gain (loss) from:

Net realized gain (loss) from:

Unaffiliated investment securities		624,769

Affiliated investment securities		(87	)

Foreign currencies		(30,577	)

Forward foreign currency contracts		564,218

Futures contracts		27,696

Swap agreements		64,485

		1,250,504

Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities (net of foreign taxes of $243)		(1,517,056	)

Affiliated investment securities		190

Foreign currencies		8,934

Forward foreign currency contracts		(317,363	)

Futures contracts		(108,247	)

Swap agreements		157,519

		(1,776,023	)

Net realized and unrealized gain (loss)		(525,519	)

Net increase (decrease) in net assets resulting from operations	$	(285,457	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Invesco World Bond Factor Fund

Statement of Changes in Net Assets

For the years ended October 31, 2021 and 2020


	2021			2020
Operations:
Net investment income	$	240,062		$	354,293
Net realized gain		1,250,504			1,136,358
Change in net unrealized appreciation (depreciation)		(1,776,023	)		86,334
Net increase (decrease) in net assets resulting from operations		(285,457	)		1,576,985

Distributions to shareholders from distributable earnings:
Class A		(598,985	)		(347,746	)
Class C		(38,984	)		(19,553	)
Class Y		(362,187	)		(92,861	)
Class R5		(23	)		(17	)
Class R6		(16,326	)		(3,200	)
Total distributions from distributable earnings		(1,016,505	)		(463,377	)

Share transactions–net:
Class A		(1,284,998	)		4,873,802
Class C		(346,200	)		358,491
Class Y		5,128,819			8,736,215
Class R6		971,470			142,855
Net increase in net assets resulting from share transactions		4,469,091			14,111,363
Net increase in net assets		3,167,129			15,224,971

Net assets:
Beginning of year		40,650,647			25,425,676
End of year	$	43,817,776		$	40,650,647

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Invesco World Bond Factor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/21	$	11.01	$	0.05		$	(0.10	)	$	(0.05	)	$	(0.12	)	$	(0.13	)	$	–		$	(0.25	)	$	10.71		(0.49	)%	$	24,150		0.54	%		1.25	%		0.49	%		165	%
Year ended 10/31/20		10.61		0.13			0.45			0.58			(0.18	)		–			–			(0.18	)		11.01		5.56			26,165		0.64			1.49			1.21			191
Year ended 10/31/19		9.66		0.30			0.92			1.22			(0.11	)		–			(0.16	)		(0.27	)		10.61		12.83			20,458		0.94			2.08			2.97			177
Year ended 10/31/18		10.43		0.33			(0.83	)		(0.50	)		(0.21	)		–			(0.06	)		(0.27	)		9.66		(4.89	)		18,347		0.93			2.21			3.25			131
Year ended 10/31/17		10.44		0.33			(0.07	)		0.26			(0.04	)		–			(0.23	)		(0.27	)		10.43		2.63			22,150		0.95			2.21			3.22			245
Class C
Year ended 10/31/21		10.98		(0.03	)		(0.10	)		(0.13	)		(0.04	)		(0.13	)		–			(0.17	)		10.68		(1.24	)		2,079		1.29			2.00			(0.26	)		165
Year ended 10/31/20		10.59		0.05			0.45			0.50			(0.11	)		–			–			(0.11	)		10.98		4.74			2,482		1.39			2.24			0.46			191
Year ended 10/31/19		9.64		0.22			0.93			1.15			(0.08	)		–			(0.12	)		(0.20	)		10.59		12.01			2,046		1.69			2.83			2.22			177
Year ended 10/31/18		10.41		0.26			(0.84	)		(0.58	)		(0.15	)		–			(0.04	)		(0.19	)		9.64		(5.62	)		3,591		1.68			2.96			2.50			131
Year ended 10/31/17		10.42		0.25			(0.07	)		0.18			(0.03	)		–			(0.16	)		(0.19	)		10.41		1.80			4,147		1.70			2.96			2.47			245
Class Y
Year ended 10/31/21		11.01		0.08			(0.11	)		(0.03	)		(0.15	)		(0.13	)		–			(0.28	)		10.70		(0.33	)		16,365		0.29			1.00			0.74			165
Year ended 10/31/20		10.61		0.16			0.44			0.60			(0.20	)		–			–			(0.20	)		11.01		5.81			11,717		0.39			1.24			1.46			191
Year ended 10/31/19		9.65		0.33			0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.61		13.23			2,783		0.69			1.83			3.22			177
Year ended 10/31/18		10.42		0.36			(0.83	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.65		(4.66	)		2,903		0.68			1.96			3.50			131
Year ended 10/31/17		10.44		0.35			(0.07	)		0.28			(0.04	)		–			(0.26	)		(0.30	)		10.42		2.81			5,797		0.70			1.96			3.47			245
Class R5
Year ended 10/31/21		10.94		0.08			(0.11	)		(0.03	)		(0.15	)		(0.13	)		–			(0.28	)		10.63		(0.34	)		1		0.29			0.85			0.74			165
Year ended 10/31/20		10.56		0.15			0.43			0.58			(0.20	)		–			–			(0.20	)		10.94		5.64			1		0.39			1.11			1.46			191
Year ended 10/31/19		9.64		0.33			0.89			1.22			(0.12	)		–			(0.18	)		(0.30	)		10.56		12.81			1		0.69			1.60			3.22			177
Year ended 10/31/18		10.42		0.36			(0.84	)		(0.48	)		(0.23	)		–			(0.07	)		(0.30	)		9.64		(4.75	)		1		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36			(0.08	)		0.28			(0.04	)		–			(0.26	)		(0.30	)		10.42		2.81			1		0.70			1.77			3.47			245
Class R6
Year ended 10/31/21		11.02		0.08			(0.11	)		(0.03	)		(0.15	)		(0.13	)		–			(0.28	)		10.71		(0.33	)		1,224		0.29			0.85			0.74			165
Year ended 10/31/20		10.62		0.15			0.46			0.61			(0.21	)		–			–			(0.21	)		11.02		5.81			286		0.39			1.11			1.46			191
Year ended 10/31/19		9.66		0.33			0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.62		13.21			138		0.69			1.60			3.22			177
Year ended 10/31/18		10.43		0.35			(0.82	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.66		(4.65	)		106		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36			(0.07	)		0.29			(0.04	)		–			(0.26	)		(0.30	)		10.43		2.91			11		0.70			1.77			3.47			245

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Invesco World Bond Factor Fund

Notes to Financial Statements

October 31, 2021

NOTE 1–Significant Accounting Policies

Invesco World Bond Factor Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return.

The 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.

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.


21		Invesco World Bond Factor Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.


22		Invesco World Bond Factor Fund

and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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 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.

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.


23		Invesco World Bond Factor 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.

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.

P.	Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Q.	Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

R.	Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

S.	COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and


24		Invesco World Bond Factor Fund

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 2 billion		0.270	%


Over $2 billion		0.250	%

For the year ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.27%.

The Adviser has contractually agreed, through at least February 28, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.54%, 1.29%, 0.29%, 0.29% and 0.29%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2021, the Adviser waived advisory fees of $119,830 and reimbursed fund level expenses of $92,836 and reimbursed class level expenses of $60,722, $5,429, $35,800, $1 and $727 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, IDI advised the Fund that IDI retained $3,430 in front-end sales commissions from the sale of Class A shares and $478 and $253 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.


25		Invesco World Bond Factor Fund

The following is a summary of the tiered valuation input levels, as of October 31, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total


Investments in Securities


Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	24,595,470		$	–	$	24,595,470


U.S. Dollar Denominated Bonds & Notes		–			9,825,998			–		9,825,998


U.S. Treasury Securities		–			4,564,011			–		4,564,011


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			4,290,244			–		4,290,244


Exchange-Traded Funds		446,425			–			–		446,425


Money Market Funds		990,080			–			–		990,080


Total Investments in Securities		1,436,505			43,275,723			–		44,712,228


Other Investments - Assets*


Futures Contracts		376			–			–		376


Forward Foreign Currency Contracts		–			210,040			–		210,040


Swap Agreements		–			160,043			–		160,043


		376			370,083			–		370,459


Other Investments - Liabilities*


Futures Contracts		(56,220	)		–			–		(56,220	)


Forward Foreign Currency Contracts		–			(441,447	)		–		(441,447	)


Swap Agreements		–			(4,586	)		–		(4,586	)


		(56,220	)		(446,033	)		–		(502,253	)


Total Other Investments		(55,844	)		(75,950	)		–		(131,794	)


Total Investments	$	1,380,661		$	43,199,773		$	–	$	44,580,434

*	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, 2021:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded	$	–	$	376		$	376


Unrealized appreciation on swap agreements – Centrally Cleared		–		160,043			160,043


Unrealized appreciation on forward foreign currency contracts outstanding		210,040		–			210,040


Total Derivative Assets		210,040		160,419			370,459


Derivatives not subject to master netting agreements		–		(160,419	)		(160,419	)


Total Derivative Assets subject to master netting agreements	$	210,040	$	–		$	210,040


	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded	$	–		$	(56,220)		$	(56,220)


Unrealized depreciation on swap agreements – Centrally Cleared		–			(4,586	)		(4,586	)


Unrealized depreciation on forward foreign currency contracts outstanding		(441,447	)		–			(441,447	)


Total Derivative Liabilities		(441,447	)		(60,806	)		(502,253	)


Derivatives not subject to master netting agreements		–			60,806			60,806


Total Derivative Liabilities subject to master netting agreements	$	(441,447	)	$	–		$	(441,447	)


26		Invesco World Bond Factor Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2021.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount


Bank of America, N.A.	$	3,037	$	(54,202	)	$	(51,165	)	$	–	$	–	$	(51,165	)


Barclays Bank PLC		3,037		(7,398	)		(4,361	)		–		–		(4,361	)


BNP Paribas S.A.		12,917		(73	)		12,844			–		–		12,844


Citibank, N.A.		15,933		(7,301	)		8,632			–		–		8,632


Deutsche Bank AG		25,711		(10,160	)		15,551			–		–		15,551


Goldman Sachs International		49,197		(180,891	)		(131,694	)		–		–		(131,694	)


HSBC Bank USA		74		–			74			–		–		74


J.P. Morgan Chase Bank, N.A.		18,373		(4,038	)		14,335			–		–		14,335


Morgan Stanley and Co. International PLC		41,438		(92,513	)		(51,075	)		–		–		(51,075	)


Royal Bank of Canada		2,437		(46	)		2,391			–		–		2,391


State Street Bank & Trust Co.		5,322		(584	)		4,738			–		–		4,738


UBS AG		32,564		(84,241	)		(51,677	)		–		–		(51,677	)


Total	$	210,040	$	(441,447	)	$	(231,407	)	$	–	$	–	$	(231,407	)

Effect of Derivative Investments for the year ended October 31, 2021

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total


Realized Gain:
Forward foreign currency contracts	$	564,218		$	–		$	564,218


Futures contracts		–			27,696			27,696


Swap agreements		–			64,485			64,485


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(317,363	)		–			(317,363	)


Futures contracts		–			(108,247	)		(108,247	)


Swap agreements		–			157,519			157,519


Total	$	246,855		$	141,453		$	388,308

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	$	41,047,753	$	8,044,374	$	7,160,831

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits


27		Invesco World Bond Factor Fund

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. 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, 2021 and 2020 :


	2021		2020
Ordinary income*	$	779,487	$	463,377
Long-term capital gain		237,018		-
Total distributions	$	1,016,505	$	463,377

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2021
Undistributed ordinary income	$	705,757
Undistributed long-term capital gain		59,205
Net unrealized appreciation (depreciation) - investments		(637,667	)
Net unrealized appreciation (depreciation) - foreign currencies		(190	)
Temporary book/tax differences		(25,345	)
Shares of beneficial interest		43,716,016
Total net assets	$	43,817,776

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, futures contracts, forward foreign currency contracts and straddle losses deferred.

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 does not have a capital loss carryforward as of October 31, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2021 was $47,203,559 and $37,831,306, 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	$	849,274
Aggregate unrealized (depreciation) of investments		(1,486,941	)
Net unrealized appreciation (depreciation) of investments	$	(637,667	)

Cost of investments for tax purposes is $45,218,101.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2021, undistributed net investment income was increased by $1,122,783 and undistributed net realized gain was decreased by $1,122,783. This reclassification had no effect on the net assets or the distributable earnings of the Fund.


28		Invesco World Bond Factor Fund

NOTE 11–Share Information


	Summary of Share Activity
	Year ended						Year ended
	October 31, 2021^(a)						October 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		445,039		$	4,926,597			1,116,052		$	11,975,564
Class C		57,595			632,108			110,646			1,185,774
Class Y		936,589			10,306,720			1,068,531			11,521,900
Class R6		94,190			1,036,295			16,109			176,431

Issued as reinvestment of dividends:
Class A		49,932			553,308			30,389			319,821
Class C		3,097			34,438			1,481			15,419
Class Y		26,094			288,436			7,013			74,502
Class R6		1,459			16,039			283			2,991

Automatic conversion of Class C shares to Class A shares:
Class A		39,260			435,539			15,908			168,477
Class C		(39,358	)		(435,539	)		(15,940	)		(168,477	)

Reacquired:
Class A		(655,265	)		(7,200,442	)		(713,541	)		(7,590,060	)
Class C		(52,733	)		(577,207	)		(63,360	)		(674,225	)
Class Y		(498,338	)		(5,466,337	)		(273,293	)		(2,860,187	)
Class R6		(7,390	)		(80,864	)		(3,405	)		(36,567	)
Net increase in share activity		400,171		$	4,469,091			1,296,873		$	14,111,363

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


29		Invesco World Bond Factor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco World Bond Factor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco World Bond Factor Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 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, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2021


30		Invesco World Bond Factor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on

purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

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, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)¹	Expenses Paid During Period²	Ending Account Value (10/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$990.10	$2.71	$1,022.48	$2.75	0.54%
Class C	1,000.00	986.30	6.46	1,018.70	6.56	1.29
Class Y	1,000.00	991.30	1.46	1,023.74	1.48	0.29
Class R5	1,000.00	991.20	1.46	1,023.74	1.48	0.29
Class R6	1,000.00	991.30	1.46	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 184/365 to reflect the most recent fiscal half year.


31		Invesco World Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco World Bond Factor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. 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 for the one, three and five year periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Global Aggregate Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board further considered that the Fund had changed its name, investment strategy and index against which future performance will be compared 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. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board considered information provided regarding the more recent performance of the Fund utilizing the new strategy as


32		Invesco World Bond Factor Fund

well as other metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective in 2020 in connection with its repositioning as a factor-based fund. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

D.	Economies of Scale and Breakpoints

Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

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.

Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


33		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, 2021:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$237,018
Qualified Dividend Income*	1.65	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.38	%
Qualified Business Income*	0.00	%
Business Interest Income*	7.12	%

* 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			$255,924


34		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)	186	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
Christopher L. Wilson - 1957 Trustee and Chair	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	186	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	186	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 President and Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	186	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	186	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)


T-1		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management—Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	186	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	186	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	186	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	186	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	186	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	186	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	186	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)
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	186	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer 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	186	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(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; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Russell C. Burk² - 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A


T-3		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC	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, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers - (continued)

John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers - (continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; 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

²	On November 10, 2021, Russell Burk resigned from his role as Senior Vice President and Senior Officer of the Invesco Funds.


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

(This page intentionally left blank)

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

LOGO


SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		WBD-AR-1

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Vaughn. Cynthia Hostetler, Anthony J. LaCava, 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.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLC (“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 2021	Fees Billed for Services Rendered to the Registrant for fiscal year end 2020

Audit Fees	$ 999,325	$ 1,287,747
Audit-Related Fees⁽¹⁾	$ 0	$ 35,100
Tax Fees⁽²⁾	$ 538,211	$ 488,497
All Other Fees	$ 0	$ 0
Total Fees	$ 1,537,536	$ 1,811,344

(1)

Audit-Related Fees for the fiscal year ended October 31, 2020 includes fees billed for reviewing regulatory filings.

(2)

Tax Fees for the fiscal years ended October 31, 2021 and October 31, 2020 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 2021 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 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾	$ 760,000	$ 701,000
Tax Fees	$ 0	$ 0
All Other Fees	$ 0	$ 0
Total Fees	$ 760,000	$ 701,000

(1)	Audit-Related Fees for the fiscal years ended 2021 and 2020 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.

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.

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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;

•

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 $5,910,000 for the fiscal year ended October 31, 2021 and $6,227,000 for the fiscal year ended October 31, 2020. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,208,211 for the fiscal year ended October 31, 2021 and $7,416,497 for the fiscal year ended October 31, 2020.

PwC provided audit services to the Investment Company complex of approximately $30 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 INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of December 20, 2021, 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 20, 2021, 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 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)

Not applicable.

13(a) (4)

Not applicable.

13(b)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:

AIM Investment Funds (Invesco Investment Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 6, 2022

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 6, 2022


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		January 6, 2022

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 Officer

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 6, 2022		/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(s) 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 6, 2022		/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, 2021, 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 6, 2022		/s/ Sheri Morris
		Sheri Morris, Principal Executive 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, 2021, 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 6, 2022		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer