AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS) (Form: N-CSR, Received: 01/05/2023 12:25:34)

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, 2022

Invesco Balanced-Risk Allocation Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

17		Consolidated Financial Statements

20		Consolidated Financial Highlights

21		Notes to Consolidated Financial Statements

30		Report of Independent Registered Public Accounting Firm

31		Fund Expenses

32		Approval of Investment Advisory and Sub-Advisory Contracts

34		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Balanced-Risk Allocation Fund (the Fund), at net asset value (NAV), outperformed the Custom Invesco Balanced-Risk Allocation Style Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-13.99	%
Class C Shares	-14.57
Class R Shares	-14.21
Class Y Shares	-13.78
Class R5 Shares	-13.72
Class R6 Shares	-13.69
S&P 500 Index^▼(Broad Market Index)	-14.61
Custom Invesco Balanced-Risk Allocation Style Index^∎(Style-Specific Index)	-16.98
Lipper Alternative Global Macro Funds Index^¨(Peer Group Index)	-11.64

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

Market conditions and your Fund

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

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

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

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

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

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

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

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

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich


2		Invesco Balanced-Risk Allocation Fund

Scott Wolle

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


3		Invesco Balanced-Risk Allocation Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

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

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

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

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


5		Invesco Balanced-Risk Allocation Fund

Supplemental Information

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

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

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

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

About indexes used in this report

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

∎

The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Bond Index. Effective December 1, 2009, the fixed income component of the Custom Balanced-Risk Allocation Style Index changed from the JP Morgan GBI Global (Traded) Index to the Bloomberg U.S. Aggregate Bond Index. The MSCI World Index is considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors. The Bloomberg U.S. Aggregate Bond Index is considered representative of the US investment-grade, fixed-rate bond market. The JP Morgan GBI Global (Traded) Index is considered representative of fixed-rate debt of developed government bond markets.

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

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Balanced-Risk Allocation Fund

Fund Information

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


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

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

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


7		Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

October 31, 2022


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities–34.46%
U.S. Treasury Bills–13.69%^(a)
U.S. Treasury Bills		1.71	%		12/08/2022	$	95,800	$	95,630,647


U.S. Treasury Bills		2.84	%		01/26/2023		91,000		90,134,249


U.S. Treasury Bills		3.39	%		03/09/2023		63,400		62,457,735


									248,222,631



U.S. Treasury Floating Rate Notes–20.77%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		4.09	%		01/31/2024		114,500		114,487,008


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		4.04	%		04/30/2024		128,300		128,113,689


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		4.15	%		07/31/2024		134,000		133,869,651


									376,470,348


Total U.S. Treasury Securities (Cost $625,471,229)									624,692,979



				Expiration Date
Commodity-Linked Securities–3.77%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)^(c)(d)					11/30/2022		22,850		32,296,681


RBC Capital Markets LLC, Commodity-Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 07 Excess Return Index) (Canada)^(c)(d)					12/05/2022		25,600		36,062,128


Total Commodity-Linked Securities (Cost $61,278,726)									68,358,809



						Shares
Money Market Funds–53.89%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f)							263,828,894		263,828,894


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(e)(f)							60,960,429		60,972,621


Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Institutional Class, 3.16%^(e)(f)							174,522,956		174,522,956


Invesco Treasury Obligations Portfolio, Institutional Class, 3.12%^(e)(f)							380,000,000		380,000,000


Invesco Treasury Portfolio, Institutional Class, 3.08%^(e)(f)							97,546,164		97,546,164


Total Money Market Funds (Cost $976,864,608)									976,870,635



Options Purchased–1.84%
(Cost $26,462,914)^(g)									33,248,201


TOTAL INVESTMENTS IN SECURITIES–93.96% (Cost $1,690,077,477)									1,703,170,624


OTHER ASSETS LESS LIABILITIES–6.04%									109,426,676


NET ASSETS–100.00%								$	1,812,597,300

Investment Abbreviations:

EMTN – European Medium-Term Notes

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


8		Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

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

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $68,358,809, which represented 3.77% of the Fund’s Net Assets.

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

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	389,413,824	$	727,002,206	$	(852,587,136	)	$	-		$	-		$263,828,894		$2,454,884

Invesco Liquid Assets Portfolio, Institutional Class		129,916,815		519,287,290		(588,207,517	)		(95,866	)		71,899		60,972,621		643,279

Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class		143,068,345		1,043,364,213		(1,011,909,602	)		-			-		174,522,956		1,639,040

Invesco Treasury Obligations Portfolio, Institutional Class		524,000,000		-		(144,000,000	)		-			-		380,000,000		3,670,414

Invesco Treasury Portfolio, Institutional

Class		156,128,941		830,859,664		(889,442,441	)		-			-		97,546,164		531,848

Total	$	1,342,527,925	$	3,120,513,373	$	(3,486,146,696	)	$	(95,866	)	$	71,899		$976,870,635		$8,939,465

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

^(g)	The table below details options purchased.

Open Exchange-Traded Index Options Purchased


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

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


9		Invesco Balanced-Risk Allocation Fund

Open Exchange-Traded Index Options Purchased–(continued)


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

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Futures Contracts^(a)




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


Commodity Risk


Brent Crude		426		December-2022	$	38,774,520	$	2,627,257		$	2,627,257


Gasoline Reformulated Blendstock Oxygenate Blending		392		November-2022		41,583,125		802,879			802,879


Low Sulphur Gas Oil		32		December-2022		3,263,200		282,777			282,777


Natural Gas		197		November-2022		12,519,350		(3,507,892	)		(3,507,892	)


New York Harbor Ultra-Low Sulfur Diesel		289		November-2022		44,596,226		2,307,068			2,307,068


WTI Crude		458		January-2023		38,517,800		547,869			547,869


Subtotal								3,059,958			3,059,958

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


10		Invesco Balanced-Risk Allocation Fund

Open Futures Contracts^(a)–(continued)




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


Equity Risk


E-Mini Russell 2000 Index		1,010		December-2022	$	93,576,500		$	(2,591,155	)	$	(2,591,155	)


EURO STOXX 50 Index		30		December-2022		1,072,646			(12,029	)		(12,029	)


FTSE 100 Index		100		December-2022		8,150,878			(424,740	)		(424,740	)


MSCI Emerging Markets Index		740		December-2022		31,583,200			(4,577,141	)		(4,577,141	)


Nikkei 225 Index		63		December-2022		11,672,551			51,590			51,590


Subtotal									(7,553,475	)		(7,553,475	)


Interest Rate Risk


Australia 10 Year Bonds		3,815		December-2022		289,126,538			(3,762,807	)		(3,762,807	)


Canada 10 Year Bonds		2,965		December-2022		267,760,818			(4,127,680	)		(4,127,680	)


Euro-Bund		1,382		December-2022		189,075,967			(9,547,674	)		(9,547,674	)


Japan 10 Year Bonds		137		December-2022		137,069,101			156,456			156,456


Long Gilt		2,085		December-2022		244,200,692			(13,668,873	)		(13,668,873	)


U.S. Treasury Long Bonds		893		December-2022		107,606,500			(13,139,466	)		(13,139,466	)


Subtotal									(44,090,044	)		(44,090,044	)


Subtotal–Long Futures Contracts									(48,583,561	)		(48,583,561	)



Short Futures Contracts


Equity Risk


E-Mini S&P 500 Index		104		December-2022		(20,191,600	)		(1,095,452	)		(1,095,452	)


Total Futures Contracts								$	(49,679,013	)	$	(49,679,013	)

^(a)	Futures contracts collateralized by $65,895,001 cash held with Merrill Lynch International, the futures commission merchant.

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


Counterparty	Pay/ Receive	Reference Entity^(c)	Fixed Rate			Payment Frequency	Number of Contracts		Maturity Date	Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Commodity Risk
J.P. Morgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25	%	Monthly		94,300	March-2023		USD	41,198,472	$–	$	284,758		$	284,758
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25		Monthly		151,000	June-2023		USD	20,070,074	–		0			0
Morgan Stanley Capital Services LLC	Receive	S&P GSCI Aluminum Dynamic Index Excess Return		0.30		Monthly		78,000	July-2023		USD	8,112,101	–		8,174			8,174
Royal Bank of Canada	Receive	RBC Enhanced Agricultural Basket 07 Excess Return Index		0.35		Monthly		235,000	May-2023		USD	30,391,869	–		0			0
Subtotal – Appreciation													–		292,932			292,932

Commodity Risk
Barclays Bank PLC	Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.26		Monthly		2,700	November-2022		USD	1,689,448	–		(24,024	)		(24,024	)
Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27		Monthly		260,000	August-2023		USD	24,014,562	–		(387,010	)		(387,010	)
Subtotal – Depreciation													–		(411,034	)		(411,034	)
Total – Total Return Swap Agreements													$–	$	(118,102	)	$	(118,102	)

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

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

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

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


11		Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/
Receive

Reference
Entity^(c)

Floating
Rate

Index

Payment
Frequency

Number
of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR +
0.050%

Monthly

3,400

November-2022

USD

19,021,130

$–

1,203,868

BNP Paribas S.A.

Receive

Invesco US Large Cap Broad Quality Total Return Index

SOFR +
0.280%

Monthly

2,350

November-2022

USD

19,152,101

–

813,898

BNP Paribas S.A.

Receive

MSCI EMU Minimum Volatility Index

1 mo.
EURIBOR
- 0.400%

Monthly

9,600

March-2023

EUR

26,015,328

–

904,225

BNP Paribas S.A.

Receive

MSCI EMU Momentum Index

1 mo.
EURIBOR
- 0.360%

Monthly

5,900

December-2022

EUR

26,419,244

–

1,247,576

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.400%

Monthly

57,066

February-2023

JPY

150,665,653

–

18,398

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.420%

Monthly

100,000

January-2023

JPY

264,020,000

–

32,240

BNP Paribas S.A.

Receive

MSCI Japan Quality Index

TONAR -
0.330%

Monthly

47,594

February-2023

JPY

124,345,512

–

38,352

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.420%

Monthly

1,794,732

January-2023

JPY

4,738,451,426

–

578,630

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.700%

Monthly

13,104

December-2022

USD

21,845,154

–

92,121

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.390%

Monthly

686,810

January-2023

JPY

1,813,315,762

–

221,431

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.400%

Monthly

81,392

February-2023

JPY

214,891,158

–

26,241

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR -
0.300%

Monthly

697,469

January-2023

JPY

1,822,228,433

–

562,028

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


12		Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/
Receive

Reference
Entity^(c)

Floating
Rate
Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR -
0.310%

Monthly

150,000

January-2023

JPY

391,894,500

$–

120,872

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR -
0.330%

Monthly

1,800,000

January-2023

JPY

4,702,734,000

–

1,450,459

Goldman Sachs International

Receive

MSCI Japan Quality Index

TONAR -
0.330%

Monthly

64,937

February-2023

JPY

169,656,354

–

52,327

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

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA +
0.190%

Monthly

2,605

November-2022

GBP

11,497,428

–

483,083

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA +
0.190%

Monthly

1,966

November-2022

GBP

10,506,599

–

375,226

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA +
0.190%

Monthly

1,960

November-2022

GBP

10,474,534

–

374,080

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

Receive

Invesco UK Broad Price Momentum Net Total Return Index

SONIA +
0.230%

Monthly

224

November-2022

GBP

1,197,090

–

42,752

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

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA +
0.230%

Monthly

1,760

November-2022

GBP

10,479,304

–

437,718

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

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA +
0.230%

Monthly

180

November-2022

GBP

1,071,747

–

44,767

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

Receive

Invesco US Large Cap Broad Price Momentum Total Return Index

SOFR +
0.280%

Monthly

3,000

November-2022

USD

20,407,410

–

1,575,636

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


13		Invesco Balanced-Risk Allocation Fund

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

Counterparty

Pay/
Receive

Reference
Entity^(c)

Floating
Rate

Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

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

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.680%

Monthly

1,344

December-2022

USD

2,240,529

$–

9,448

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

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.700%

Monthly

3,000

January-2023

USD

5,001,180

–

21,090

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

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.790%

Monthly

7,580

January-2023

USD

12,636,315

–

53,287

Merrill Lynch International

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA +
0.190%

Monthly

2,395

November-2022

GBP

10,570,572

–

444,140

Merrill Lynch International

Receive

Invesco UK Broad Quality Net Total Return Index

SONIA +
0.190%

Monthly

1,760

November-2022

GBP

10,479,304

–

437,718

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.680%

Monthly

1,455

November-2022

USD

2,425,572

–

10,229

Merrill Lynch International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR+
0.720%

Monthly

8,017

March-2023

USD

13,364,820

–

56,359

Merrill Lynch International

Receive

MSCI EMU Quality Volatility Index

1 mo.
EURIBOR
- 0.250%

Monthly

7,700

January-2023

EUR

26,039,783

–

788,832

Subtotal - Appreciation

–

12,517,031

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


14		Invesco Balanced-Risk Allocation Fund


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


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


Equity Risk



Goldman Sachs International		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index		SOFR + 0.760%		Monthly		1,590		November-2022		USD	9,503,684		$–	$	(123,491	)	$	(123,491	)



J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index		SOFR + 0.550%		Monthly		7,510		November-2022		USD	44,888,472		–		(583,282	)		(583,282	)



J.P. Morgan Chase Bank, N.A.		Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index		SOFR+ 0.680%		Monthly		600		January-2023		USD	3,586,296		–		(46,600	)		(46,600	)


Subtotal - Depreciation																–		(753,373	)		(753,373	)


Total - Total Return Swap Agreements																$–	$	11,763,658		$	11,763,658

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

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

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


Reference Entity Components


Reference Entity	Underlying Components	Percentage



Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index

	Long Futures Contracts


	Coffee	6.14%


	Corn	8.08


	Cotton	18.63


	Lean Hogs	0.49


	Live Cattle	0.88


	Soybean	18.59


	Soybean Oil	14.00


	Soymeal	20.29


	Sugar	6.22


	Wheat	6.68


	Total	100.00%

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


15		Invesco Balanced-Risk Allocation Fund


Reference Entity Components–(continued)


Reference Entity	Underlying Components	Percentage



RBC Enhanced Agricultural Basket 07 Excess Return Index

	Long Futures Contracts


	Coffee	6.14%


	Corn	8.08


	Cotton	18.63


	Lean Hogs	0.49


	Live Cattle	0.88


	Soybean	18.59


	Soybean Oil	14.00


	Soymeal	20.29


	Sugar	6.22


	Wheat	6.68


	Total	100.00%



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

	Long Futures Contracts


	Gas Oil	100.00%



MLCX Natural Gas Annual Excess Return Index

	Long Futures Contracts


	Natural Gas	100.00%



S&P GSCI Aluminum Dynamic Roll Index Excess Return

	Long Futures Contracts


	Aluminum	100.00%



Barclays Commodity Strategy 1452 Excess Return Index

	Long Futures Contracts


	Copper	100.00%



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

	Long Futures Contracts


	Copper	100.00%


Abbreviations:

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

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


16		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $713,212,869)	$	726,299,989



Investments in affiliated money market funds, at value (Cost $976,864,608)		976,870,635


Other investments:
Swaps receivable – OTC		19,958


Unrealized appreciation on swap agreements – OTC		12,809,963


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		65,895,001


Cash collateral – OTC Derivatives		3,540,000


Cash		11,227,936


Foreign currencies, at value (Cost $26,761,162)		27,020,662


Receivable for:
Fund shares sold		728,515


Dividends		2,415,857


Interest		144,840


Investment for trustee deferred compensation and retirement plans		464,633


Other assets		74,524


Total assets		1,827,512,513



Liabilities:
Other investments:
Variation margin payable - futures contracts		6,995,641


Swaps payable – OTC		2,989,734


Unrealized depreciation on swap agreements-OTC		1,164,407


Payable for:
Fund shares reacquired		2,030,467


Accrued fees to affiliates		1,077,694


Accrued trustees’ and officers’ fees and benefits		1,436


Accrued other operating expenses		140,398


Trustee deferred compensation and retirement plans		515,436


Total liabilities		14,915,213


Net assets applicable to shares outstanding	$	1,812,597,300


Net assets consist of:
Shares of beneficial interest	$	2,042,884,957


Distributable earnings (loss)		(230,287,657	)


	$	1,812,597,300



Net Assets:
Class A	$	852,411,928


Class C	$	100,108,616


Class R	$	16,270,138


Class Y	$	792,547,449


Class R5	$	12,873,720


Class R6	$	38,385,449



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		103,416,264


Class C		13,073,758


Class R		2,027,848


Class Y		93,736,603


Class R5		1,521,516


Class R6		4,522,802


Class A:
Net asset value per share	$	8.24


Maximum offering price per share (Net asset value of $8.24 ÷ 94.50%)	$	8.72


Class C:
Net asset value and offering price per share	$	7.66


Class R:
Net asset value and offering price per share	$	8.02


Class Y:
Net asset value and offering price per share	$	8.46


Class R5:
Net asset value and offering price per share	$	8.46


Class R6:
Net asset value and offering price per share	$	8.49

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


17		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	9,017,500


Dividends from affiliated money market funds (net of foreign withholding taxes of $223,188)		8,939,465


Total investment income		17,956,965



Expenses:
Advisory fees		19,210,676


Administrative services fees		314,409


Custodian fees		155,001


Distribution fees:
Class A		2,462,592


Class C		1,347,978


Class R		86,952


Transfer agent fees – A, C, R and Y		2,602,424


Transfer agent fees – R5		14,718


Transfer agent fees – R6		13,873


Trustees’ and officers’ fees and benefits		35,248


Registration and filing fees		145,060


Reports to shareholders		63,812


Professional services fees		98,874


Other		923,305


Total expenses		27,474,922


Less: Fees waived and/or expense offset arrangement(s)		(814,679	)


Net expenses		26,660,243


Net investment income (loss)		(8,703,278	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		22,389,586


Affiliated investment securities		71,899


Foreign currencies		(11,797,136	)


Futures contracts		(238,084,688	)


Swap agreements		(91,398,926	)


		(318,819,265	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		18,797,063


Affiliated investment securities		(95,866	)


Foreign currencies		346,207


Futures contracts		(7,544,637	)


Swap agreements		7,949,922


		19,452,689


Net realized and unrealized gain (loss)		(299,366,576	)


Net increase (decrease) in net assets resulting from operations	$	(308,069,854	)

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


18		Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	(8,703,278	)	$	(29,679,403	)


Net realized gain (loss)		(318,819,265	)		484,770,750


Change in net unrealized appreciation		19,452,689			14,666,344


Net increase (decrease) in net assets resulting from operations		(308,069,854	)		469,757,691



Distributions to shareholders from distributable earnings:
Class A		(225,061,518	)		(10,563,728	)


Class C		(34,535,946	)		(1,416,700	)


Class R		(3,731,479	)		(148,478	)


Class Y		(220,623,925	)		(15,303,622	)


Class R5		(3,417,238	)		(246,913	)


Class R6		(9,736,632	)		(2,626,550	)


Total distributions from distributable earnings		(497,106,738	)		(30,305,991	)



Share transactions–net:
Class A		127,096,042			91,241,745


Class C		(13,473,598	)		(235,030,332	)


Class R		4,973,468			(364,637	)


Class Y		85,280,229			(125,674,098	)


Class R5		1,621,069			(1,898,401	)


Class R6		5,266,488			(131,933,646	)


Net increase (decrease) in net assets resulting from share transactions		210,763,698			(403,659,369	)


Net increase (decrease) in net assets		(594,412,894	)		35,792,331



Net assets:
Beginning of year		2,407,010,194			2,371,217,863


End of year	$	1,812,597,300		$	2,407,010,194

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


19		Invesco Balanced-Risk Allocation Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/22		$	12.09		$	(0.04	)		$	(1.29	)		$	(1.33	)		$	(1.43	)		$	(1.09	)		$	(2.52	)		$	8.24		(13.99	)%		$	852,412		1.31	%		1.35	%		(0.47	)%		92	%
Year ended 10/31/21			10.12			(0.15	)			2.25				2.10				(0.13	)			-				(0.13	)			12.09		20.91				1,093,094		1.31			1.33			(1.26	)		16
Year ended 10/31/20			11.33			(0.05	)			0.01				(0.04	)			(0.67	)			(0.50	)			(1.17	)			10.12		(0.55	)			831,513		1.24			1.30			(0.53	)		81
Year ended 10/31/19			10.21			0.10				1.02				1.12				-				-				-				11.33		10.97				968,345		1.24			1.29			0.95			11
Year ended 10/31/18			11.28			0.03				(0.40	)			(0.37	)			-				(0.70	)			(0.70	)			10.21		(3.57	)			1,016,131		1.21			1.27			0.32			116
Class C
Year ended 10/31/22			11.36			(0.11	)			(1.19	)			(1.30	)			(1.31	)			(1.09	)			(2.40	)			7.66		(14.57	)			100,109		2.06			2.10			(1.22	)		92
Year ended 10/31/21			9.50			(0.22	)			2.12				1.90				(0.04	)			-				(0.04	)			11.36		20.04				167,794		2.06			2.08			(2.01	)		16
Year ended 10/31/20			10.69			(0.12	)			0.00				(0.12	)			(0.57	)			(0.50	)			(1.07	)			9.50		(1.36	)			349,294		1.99			2.05			(1.28	)		81
Year ended 10/31/19			9.70			0.02				0.97				0.99				-				-				-				10.69		10.21				527,251		1.99			2.04			0.20			11
Year ended 10/31/18			10.83			(0.04	)			(0.39	)			(0.43	)			-				(0.70	)			(0.70	)			9.70		(4.31	)			735,308		1.96			2.02			(0.43	)		116
Class R
Year ended 10/31/22			11.82			(0.07	)			(1.25	)			(1.32	)			(1.39	)			(1.09	)			(2.48	)			8.02		(14.21	)			16,270		1.56			1.60			(0.72	)		92
Year ended 10/31/21			9.90			(0.17	)			2.19				2.02				(0.10	)			-				(0.10	)			11.82		20.52				17,666		1.56			1.58			(1.51	)		16
Year ended 10/31/20			11.10			(0.08	)			0.02				(0.06	)			(0.64	)			(0.50	)			(1.14	)			9.90		(0.77	)			15,202		1.49			1.55			(0.78	)		81
Year ended 10/31/19			10.02			0.07				1.01				1.08				-				-				-				11.10		10.78				18,343		1.49			1.54			0.70			11
Year ended 10/31/18			11.11			0.01				(0.40	)			(0.39	)			-				(0.70	)			(0.70	)			10.02		(3.82	)			19,989		1.46			1.52			0.07			116
Class Y
Year ended 10/31/22			12.34			(0.02	)			(1.31	)			(1.33	)			(1.46	)			(1.09	)			(2.55	)			8.46		(13.66	)			792,547		1.06			1.10			(0.22	)		92
Year ended 10/31/21			10.33			(0.12	)			2.29				2.17				(0.16	)			-				(0.16	)			12.34		21.18				1,062,698		1.06			1.08			(1.01	)		16
Year ended 10/31/20			11.55			(0.03	)			0.01				(0.02	)			(0.70	)			(0.50	)			(1.20	)			10.33		(0.34	)			1,000,148		0.99			1.05			(0.28	)		81
Year ended 10/31/19			10.37			0.13				1.05				1.18				-				-				-				11.55		11.38				1,431,442		0.99			1.04			1.20			11
Year ended 10/31/18			11.43			0.06				(0.42	)			(0.36	)			-				(0.70	)			(0.70	)			10.37		(3.42	)			1,718,473		0.96			1.02			0.57			116
Class R5
Year ended 10/31/22			12.35			(0.02	)			(1.31	)			(1.33	)			(1.47	)			(1.09	)			(2.56	)			8.46		(13.72	)			12,874		1.04			1.08			(0.20	)		92
Year ended 10/31/21			10.34			(0.12	)			2.30				2.18				(0.17	)			-				(0.17	)			12.35		21.22				16,750		1.02			1.04			(0.97	)		16
Year ended 10/31/20			11.56			(0.03	)			0.02				(0.01	)			(0.71	)			(0.50	)			(1.21	)			10.34		(0.26	)			15,707		0.94			1.00			(0.23	)		81
Year ended 10/31/19			10.38			0.14				1.04				1.18				-				-				-				11.56		11.37				45,497		0.92			0.97			1.27			11
Year ended 10/31/18			11.43			0.07				(0.42	)			(0.35	)			-				(0.70	)			(0.70	)			10.38		(3.34	)			50,691		0.92			0.98			0.61			116
Class R6
Year ended 10/31/22			12.38			(0.01	)			(1.32	)			(1.33	)			(1.47	)			(1.09	)			(2.56	)			8.49		(13.62	)			38,385		0.97			1.01			(0.13	)		92
Year ended 10/31/21			10.37			(0.11	)			2.30				2.19				(0.18	)			-				(0.18	)			12.38		21.26				49,008		0.95			0.97			(0.90	)		16
Year ended 10/31/20			11.59			(0.02	)			0.02				0.00				(0.72	)			(0.50	)			(1.22	)			10.37		(0.21	)			159,353		0.86			0.92			(0.15	)		81
Year ended 10/31/19			10.40			0.15				1.04				1.19				-				-				-				11.59		11.44				255,753		0.87			0.92			1.32			11
Year ended 10/31/18			11.44			0.07				(0.41	)			(0.34	)			-				(0.70	)			(0.70	)			10.40		(3.24	)			398,406		0.86			0.92			0.67			116

^(a)	Calculated using average shares outstanding.

^(b)

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

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

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


20		Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the


21		Invesco Balanced-Risk Allocation Fund

inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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.


22		Invesco Balanced-Risk Allocation Fund

value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

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

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

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

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

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

Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.


23		Invesco Balanced-Risk Allocation Fund

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

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

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

During the period, the Fund experienced a low interest rate environment created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

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

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

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser less the amount paid by the Subsidiary to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $250 million		0.950%


Next $250 million		0.925%


Next $500 million		0.900%


Next $1.5 billion		0.875%


Next $2.5 billion		0.850%


Next $2.5 billion		0.825%


Next $2.5 billion		0.800%


Over $10 billion		0.775%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.90%.

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

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


24		Invesco Balanced-Risk Allocation Fund

and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

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

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $126,431 in front-end sales commissions from the sale of Class A shares and $1,837 and $9,945 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


U.S. Treasury Securities	$	–	$	624,692,979		$–	$	624,692,979


Commodity-Linked Securities		–		68,358,809		–		68,358,809


Money Market Funds		976,870,635		–		–		976,870,635


Options Purchased		33,248,201		–		–		33,248,201


Total Investments in Securities		1,010,118,836		693,051,788		–		1,703,170,624



Other Investments – Assets*


Futures Contracts		6,775,896		–		–		6,775,896


Swap Agreements		–		12,809,963		–		12,809,963


		6,775,896		12,809,963		–		19,585,859


25		Invesco Balanced-Risk Allocation Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Liabilities*


Futures Contracts	$	(56,454,909	)	$	–			$–	$	(56,454,909	)


Swap Agreements		–			(1,164,407	)		–		(1,164,407	)


		(56,454,909	)		(1,164,407	)		–		(57,619,316	)


Total Other Investments		(49,679,013	)		11,645,556			–		(38,033,457	)


Total Investments	$	960,439,823		$	704,697,344			$–	$	1,665,137,167

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
	Commodity			Equity			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	6,567,850		$	51,590		$	156,456		$	6,775,896


Unrealized appreciation on swap agreements – OTC		292,932			12,517,031			–			12,809,963


Options purchased, at value – Exchange-Traded^(b)		–			33,248,201			–			33,248,201


Total Derivative Assets		6,860,782			45,816,822			156,456			52,834,060


Derivatives not subject to master netting agreements		(6,567,850	)		(33,299,791	)		(156,456	)		(40,024,097	)


Total Derivative Assets subject to master netting agreements	$	292,932		$	12,517,031		$	–		$	12,809,963


	Value
	Commodity			Equity			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(3,507,892	)	$	(8,700,517	)	$	(44,246,500	)	$	(56,454,909	)


Unrealized depreciation on swap agreements – OTC		(411,034	)		(753,373	)		–			(1,164,407	)


Total Derivative Liabilities		(3,918,926	)		(9,453,890	)		(44,246,500	)		(57,619,316	)


Derivatives not subject to master netting agreements		3,507,892			8,700,517			44,246,500			56,454,909


Total Derivative Liabilities subject to master netting agreements	$	(411,034	)	$	(753,373	)	$	–		$	(1,164,407	)

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

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

Offsetting Assets and Liabilities

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


	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount^(a)


Fund


BNP Paribas S.A.	$	4,259,354	$	(53,655	)	$	4,205,699			$–	$	(4,205,699	)	$	–


Citibank, N.A.		586,049		–			586,049			–		(250,000	)		336,049


Goldman Sachs International		2,537,221		(172,476	)		2,364,745			–		(1,760,000	)		604,745


J.P. Morgan Chase Bank, N.A.		3,417,087		(811,348	)		2,605,739			–		(2,605,739	)		–


Merrill Lynch International		1,737,278		(55,244	)		1,682,034			–		(1,640,000	)		42,034


Subtotal - Fund		12,536,989		(1,092,723	)		11,444,266			–		(10,461,438	)		982,828


Subsidary
Barclays Bank PLC		–		(24,201	)		(24,201	)		–		–			(24,201	)


Canadian Imperial Bank of Commerce		–		(390,688	)		(390,688	)		–		–			(390,688	)


26		Invesco Balanced-Risk Allocation Fund


	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount^(a)


J.P. Morgan Chase Bank, N.A.	$	284,758	$	(2,215	)	$	282,543			$–	$	(282,543	)	$	–


Merrill Lynch International		–		(1,975,504	)		(1,975,504	)		–		1,975,504			–


Morgan Stanley Capital Services LLC		8,174		(981	)		7,193			–		–			7,193


Royal Bank of Canada		–		(667,829	)		(667,829	)		–		667,829			–


Subtotal - Subsidary		292,932		(3,061,418	)		(2,768,486	)		–		2,360,790			(407,696	)


Total	$	12,829,921	$	(4,154,141	)	$	8,675,780			$–	$	(8,100,648	)	$	575,132

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

Effect of Derivative Investments for the year ended October 31, 2022

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


	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Commodity			Equity			Interest
	Risk			Risk			Rate Risk			Total


Realized Gain (Loss):
Futures contracts	$	48,255,161		$	(89,205,347	)	$	(197,134,502	)	$	(238,084,688	)


Options purchased^(a)		-			(4,749,098	)		-			(4,749,098	)


Swap agreements		(1,142	)		(92,763,738	)		1,365,954			(91,398,926	)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(1,405,340	)		(15,054,448	)		8,915,151			(7,544,637	)


Options purchased^(a)		-			17,901,028			-			17,901,028


Swap agreements		7,315,811			634,111			-			7,949,922


Total	$	54,164,490		$	(183,237,492	)	$	(186,853,397	)	$	(315,926,399	)

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

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

Equity

Futures

Options

Swap

Contracts

Purchased

Agreements

Average notional value

2,068,411,994

395,680,263

863,872,979

Average contracts

–

3,977

–

NOTE 5–Expense Offset Arrangement(s)

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

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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


27		Invesco Balanced-Risk Allocation Fund

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

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


	2022		2021


Ordinary income*	$	428,299,995	$	30,305,991


Long-term capital gain		68,806,743		–


Total distributions	$	497,106,738	$	30,305,991

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

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(4,442,021	)


Net unrealized appreciation – foreign currencies		738,730


Temporary book/tax differences		(382,276	)


Capital loss carryforward		(226,202,090	)


Shares of beneficial interest		2,042,884,957


Total net assets	$	1,812,597,300

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

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

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

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

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$115,328,279

$110,873,811

$226,202,090

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $30,602,596 and $24,839,378, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	39,240,751


Aggregate unrealized (depreciation) of investments		(43,682,772	)


Net unrealized appreciation (depreciation) of investments	$	(4,442,021	)

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

NOTE 10–Reclassification of Permanent Differences

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

NOTE 11–Share Information


	Summary of Share Activity



	Year ended				Year ended
	October 31, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		7,675,989	$	73,144,192		7,717,868	$	89,718,206


Class C		1,764,890		15,574,741		1,858,756		20,404,306


Class R		512,017		4,634,315		395,503		4,525,565


Class Y		23,303,511		228,108,540		19,773,947		234,498,165


Class R5		98,801		961,133		128,696		1,486,744


Class R6		862,016		8,179,105		1,393,714		16,794,691


28		Invesco Balanced-Risk Allocation Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		21,402,812		$	205,895,058			882,471		$	9,645,406


Class C		3,455,498			31,099,481			121,143			1,251,404


Class R		393,370			3,693,741			13,746			147,216


Class Y		17,644,226			173,795,631			1,089,355			12,124,526


Class R5		330,794			3,258,322			22,093			245,897


Class R6		854,002			8,437,540			229,616			2,562,519



Automatic conversion of Class C shares to Class A shares:
Class A		3,448,280			31,918,195			18,455,595			209,165,274


Class C		(3,697,763	)		(31,918,195	)		(19,548,435	)		(209,165,274	)



Reacquired:
Class A		(19,509,831	)		(183,861,403	)		(18,796,945	)		(217,287,141	)


Class C		(3,218,052	)		(28,229,625	)		(4,412,659	)		(47,520,768	)


Class R		(371,925	)		(3,354,588	)		(451,008	)		(5,037,418	)


Class Y		(33,306,794	)		(316,623,942	)		(31,568,339	)		(372,296,789	)


Class R5		(263,981	)		(2,598,386	)		(313,605	)		(3,631,042	)


Class R6		(1,150,430	)		(11,350,157	)		(13,027,447	)		(151,290,856	)


Net increase (decrease) in share activity		20,227,430		$	210,763,698			(36,035,935	)	$	(403,659,369	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


29		Invesco Balanced-Risk Allocation Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Consolidated Financial Statements

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

Basis for Opinion

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

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

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


30		Invesco Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$893.70	$6.40	$1,018.45	$6.82	1.34%
Class C	1,000.00	891.70	9.97	1,014.67	10.61	2.09
Class R	1,000.00	893.10	7.59	1,017.19	8.08	1.59
Class Y	1,000.00	895.10	5.21	1,019.71	5.55	1.09
Class R5	1,000.00	895.20	5.06	1,019.86	5.40	1.06
Class R6	1,000.00	896.50	4.73	1,020.21	5.04	0.99

The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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


31		Invesco Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

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

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

B.	Fund Investment Performance

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

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


32		Invesco Balanced-Risk Allocation Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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


33		Invesco Balanced-Risk Allocation Fund

Tax Information

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

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

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


Federal and State Income Tax
Long-Term Capital Gain Distributions	$68,806,743
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.26	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


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


34		Invesco Balanced-Risk Allocation Fund

Trustees and Officers

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


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

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


T-1		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


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


T-2		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


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


T-3		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


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


T-4		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


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


T-5		Invesco Balanced-Risk Allocation Fund

Trustees and Officers–(continued)


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

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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Balanced-Risk Allocation Fund

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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.

LOGO


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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Balanced-Risk Commodity Strategy Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

14		Consolidated Financial Statements

17		Consolidated Financial Highlights

18		Notes to Consolidated Financial Statements

26		Report of Independent Registered Public Accounting Firm

27		Fund Expenses

28		Approval of Investment Advisory and Sub-Advisory Contracts

30		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Balanced-Risk Commodity Strategy Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Commodity Index, the Fund’s broad market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	6.63	%
Class C Shares	5.69
Class R Shares	6.17
Class Y Shares	6.80
Class R5 Shares	6.76
Class R6 Shares	6.77
Bloomberg Commodity Index^▼(Broad Market/Style-Specific Index)	11.15

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

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

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

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

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

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

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

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

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

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

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

Portfolio manager(s):

Mark Ahnrud

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle


2		Invesco Balanced-Risk Commodity Strategy Fund

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

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


3		Invesco Balanced-Risk Commodity Strategy Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

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 Balanced-Risk Commodity Strategy Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (11/30/10)	-1.37	%
10 Years	-2.25
5 Years	4.01
1 Year	0.72

Class C Shares
Inception (11/30/10)	-1.40	%
10 Years	-2.28
5 Years	4.41
1 Year	4.80

Class R Shares
Inception (11/30/10)	-1.13	%
10 Years	-1.94
5 Years	4.93
1 Year	6.17

Class Y Shares
Inception (11/30/10)	-0.64	%
10 Years	-1.47
5 Years	5.43
1 Year	6.80

Class R5 Shares
Inception (11/30/10)	-0.60	%
10 Years	-1.41
5 Years	5.47
1 Year	6.76

Class R6 Shares
Inception (9/24/12)	-1.67	%
10 Years	-1.37
5 Years	5.48
1 Year	6.77

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

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


5		Invesco Balanced-Risk Commodity Strategy Fund

Supplemental Information

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

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

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

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

About indexes used in this report

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

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Balanced-Risk Commodity Strategy Fund

Fund Information

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


Asset Class	Target Risk Contribution*	Notional Asset Weights**

Agriculture	20.36%	28.35%
Energy	64.89	44.58
Industrial Metals	9.88	14.22
Precious Metals	4.87	13.70
Total	100.00%	100.85%

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

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


7		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

October 31, 2022


	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–30.15%
U.S. Treasury Bills–9.78%^(a)
U.S. Treasury Bills		1.48	%		11/25/2022	$	59,300	$	59,241,886
U.S. Treasury Bills		1.71	%		12/08/2022		56,200		56,100,651
									115,342,537

U.S. Treasury Floating Rate Notes–20.37%^(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)		4.10	%		01/31/2024		80,200		80,190,900
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)		4.04	%		04/30/2024		74,500		74,391,815
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)		4.15	%		07/31/2024		85,600		85,516,732
									240,099,447
Total U.S. Treasury Securities (Cost $355,642,491)									355,441,984

				Expiration Date
Commodity-Linked Securities–6.97%
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Gold Nearby Total Return Index, multiplied by 2.5)^(c)					11/21/2022		15,200		11,141,453
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Copper Roll Yield Total Return Index, multiplied by 2)^(c)					08/01/2023		14,730		12,757,762
Citigroup Global Markets Holdings Inc.,, 1 month SOFR plus 0.04% (linked to the S&P GSCI Gold Excess Return Index, multiplied by 2.5)^(c)					11/30/2023		33,500		32,837,224
Societe Generale S.A. (France), U.S. Federal Funds Effective Rate minus 0.02% (linked to the Societe Generale Soybean Meal Index, multiplied by 2)^(c)					12/22/2022		17,500		25,469,019
Total Commodity-Linked Securities (Cost $80,930,000)									82,205,458

						Shares
Money Market Funds–56.66%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)							161,006,414		161,006,414
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)							114,006,606		114,029,407
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Institutional Class, 3.16%^(d)(e)							209,004,299		209,004,299
Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)							184,007,331		184,007,331
Total Money Market Funds (Cost $668,001,883)									668,047,451
TOTAL INVESTMENTS IN SECURITIES-93.78% (Cost $1,104,574,374)									1,105,694,893
OTHER ASSETS LESS LIABILITIES-6.22%									73,386,734
NET ASSETS-100.00%								$	1,179,081,627

Investment Abbreviations:

SOFR – Secured Overnight Financing Rate

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


8		Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Schedule of Investments:

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

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $82,205,458, which represented 6.97% of the Fund’s Net Assets.

^(d)


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

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


Open Futures Contracts^(a)


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


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

^(a)	Futures contracts collateralized by $51,865,000 cash held with Goldman Sachs & Co., the futures commission merchant.

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

Counterparty

Pay/
Receive

Reference
Entity^(c)

Fixed
Rate

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Commodity Risk

Barclays Bank PLC

Receive

Barclays Brent Crude Roll Yield Index

0.35

Monthly

33,600

February–2023

USD

19,281,000

$–

531,105

Barclays Bank PLC

Receive

Barclays WTI Crude Roll Yield Excess Return Index

0.35

Monthly

228,500

March–2023

USD

93,418,066

–

1,995,056

Goldman Sachs International

Receive

S&P GSCI Soybean Meal Excess Return Index

0.42

Monthly

23,050

December–2022

USD

27,185,862

–

1,858,982

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

Pay

S&P GSCI Gold Index Excess Return

0.09

Monthly

40,500

July–2023

USD

4,851,240

–

39,301

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

Receive

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

0.25

Monthly

214,500

March–2023

USD

93,712,326

–

647,726

Macquarie Bank Ltd.

Pay

Macquarie Single Commodity Nickel type A Excess Return Index

0.17

Monthly

212,000

February–2023

USD

29,999,102

–

695,763

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


9		Invesco Balanced-Risk Commodity Strategy Fund

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


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

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


10		Invesco Balanced-Risk Commodity Strategy Fund

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


Counterparty	Pay/ Receive	Reference Entity^(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2KW0 Index		0.05	%		Monthly		22,200		December–2022		USD	6,571,164	$–	$	(184,642	)	$	(184,642	)
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		724,000		December–2022		USD	96,379,242	–		(793,214	)		(793,214	)
Subtotal – Depreciation															–		(9,322,322	)		(9,322,322	)
Total – Total Return Swap Agreements															$–	$	3,277,097		$	3,277,097

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

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

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


Reference Entity Components
Reference Entity	Underlying Components	Percentage

Barclays Brent Crude Roll Yield Index

	Long Futures Contracts

	Brent Crude	100.00%


Barclays WTI Crude Roll Yield Excess Return Index

	Long Futures Contracts

	WTI Crude	100.00%


S&P GSCI Soybean Meal Excess Return Index

	Long Futures Contracts

	Soybean Meal	100.00%


S&P GSCI Gold Index Excess Return

	Long Futures Contracts

	Gold	100.00%


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

	Long Futures Contracts

	Gas Oil	100.00%


Macquarie Aluminum Dynamic Selection Index

	Long Futures Contracts

	Aluminum	100.00%


Macquarie Single Commodity Nickel type A Excess Return Index

	Long Futures Contracts

	Nickel	100.00%


Macquarie Single Commodity Zinc type A Excess Return Index

	Long Futures Contracts

	Zinc	100.00%


Merrill Lynch Gold Excess Return Index

	Long Futures Contracts

	Gold	100.00%


MLCIAPLH Excess Return Index

	Long Futures Contracts

	Lean Hogs	100.00%

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


11		Invesco Balanced-Risk Commodity Strategy Fund


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

MLCX2CCER Excess Return Index

	Long Futures Contracts

	Cocoa	100.00%


MLCX2LCER Excess Return Index

	Long Futures Contracts

	Live Cattle	100.00%


Merrill Lynch Soybean Meal Index

	Long Futures Contracts

	Soybean Meal	100.00%


MLCX Dynamic Enhanced Copper Excess Return Index

	Long Futures Contracts

	Copper	100.00%


MLCX Natural Gas Annual Excess Return Index

	Long Futures Contracts

	Natural Gas	100.00%


MLCX1XBE Excess Return Index

	Long Futures Contracts

	Gasoline Unleaded	100.00%


Morgan Stanley MSCY2XB0 Index

	Long Futures Contracts

	Gasoline RBOB	100.00%


MS Soybean Oil Dynamic Roll Index

	Long Futures Contracts

	Soybean Oil	100.00%


RBC Enhanced Brent Crude Oil 01 Excess Return Index

	Long Futures Contracts

	Brent Crude	100.00%


BNP Paribas Commodity Daily Dynamic Curve CO Index

	Long Futures Contracts

	Brent Crude	100.00%


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

	Long Futures Contracts

	Copper	100.00%


Cargill Single Commodity Index

	Long Futures Contracts

	Sugar	100.00%


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

	Long Futures Contracts

	Cotton	100.00%

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


12		Invesco Balanced-Risk Commodity Strategy Fund


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

Macquarie Single Commodity Silver type A Excess Return Index

	Long Futures Contracts

	Silver	100.00%


Morgan Stanley MSCY2KW0 Index

	Long Futures Contracts

	Kansas Wheat	100.00%


UBS Modified Roll Select Heating Oil Strategy

	Long Futures Contracts

	Heating Oil	100.00%

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


13		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $436,572,491)	$	437,647,442
Investments in affiliated money market funds, at value (Cost $668,001,883)		668,047,451
Other investments:
Variation margin receivable – futures contracts		6,601,242
Swaps receivable – OTC		11,500,303
Unrealized appreciation on swap agreements – OTC		12,599,419
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		51,865,000
Cash collateral – OTC Derivatives		7,070,000
Cash		31,560,382
Receivable for:
Fund shares sold		953,992
Dividends		1,737,531
Interest		638,982
Investment for trustee deferred compensation and retirement plans		56,713
Other assets		49,579
Total assets		1,230,328,036

Liabilities:
Other investments:
Swaps payable – OTC		5,380,312
Unrealized depreciation on swap agreements – OTC		9,322,322
Payable for:
Investments purchased		33,500,000
Fund shares reacquired		1,950,444
Accrued fees to affiliates		678,813
Accrued trustees’ and officers’ fees and benefits		1,187
Accrued other operating expenses		308,474
Trustee deferred compensation and retirement plans		104,857
Total liabilities		51,246,409
Net assets applicable to shares outstanding	$	1,179,081,627


Net assets consist of:
Shares of beneficial interest	$	1,093,434,744
Distributable earnings		85,646,883
	$	1,179,081,627

Net Assets:
Class A	$	86,967,987
Class C	$	26,354,554
Class R	$	11,778,994
Class Y	$	515,659,498
Class R5	$	154,844,844
Class R6	$	383,475,750

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,952,776
Class C		3,962,225
Class R		1,660,318
Class Y		68,735,734
Class R5		20,534,664
Class R6		50,726,170
Class A:
Net asset value per share	$	7.28
Maximum offering price per share (Net asset value of $7.28 ÷ 94.50%)	$	7.70
Class C:
Net asset value and offering price per share	$	6.65
Class R:
Net asset value and offering price per share	$	7.09
Class Y:
Net asset value and offering price per share	$	7.50
Class R5:
Net asset value and offering price per share	$	7.54
Class R6:
Net asset value and offering price per share	$	7.56

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


14		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest	$	5,450,342
Dividends from affiliated money market funds		6,911,411
Total investment income		12,361,753

Expenses:
Advisory fees		13,801,331
Administrative services fees		214,876
Custodian fees		114,811
Distribution fees:
Class A		183,440
Class C		237,166
Class R		37,521
Transfer agent fees – A, C, R and Y		1,916,848
Transfer agent fees – R5		168,781
Transfer agent fees – R6		131,234
Trustees’ and officers’ fees and benefits		32,383
Registration and filing fees		176,679
Reports to shareholders		233,605
Professional services fees		88,158
Other		(6,648	)
Total expenses		17,330,185
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(2,370,138	)
Net expenses		14,960,047
Net investment income (loss)		(2,598,294	)

Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		30,757,584
Affiliated investment securities		(75,585	)
Futures contracts		70,015,050
Swap agreements		52,260,726
		152,957,775
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(33,380,764	)
Affiliated investment securities		60,468
Futures contracts		(37,927,439	)
Swap agreements		8,734,618
		(62,513,117	)
Net realized and unrealized gain		90,444,658
Net increase in net assets resulting from operations	$	87,846,364

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


15		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021
Operations:
Net investment income (loss)	$	(2,598,294	)	$	(11,587,526	)
Net realized gain		152,957,775			222,479,514
Change in net unrealized appreciation (depreciation)		(62,513,117	)		62,178,589
Net increase in net assets resulting from operations		87,846,364			273,070,577

Distributions to shareholders from distributable earnings:
Class A		(6,880,799	)		–
Class C		(2,650,024	)		–
Class R		(435,805	)		–
Class Y		(128,443,740	)		–
Class R5		(22,431,534	)		–
Class R6		(53,113,623	)		–
Total distributions from distributable earnings		(213,955,525	)		–

Share transactions–net:
Class A		49,014,032			20,958,217
Class C		11,850,576			10,493,372
Class R		9,747,043			748,742
Class Y		(319,309,638	)		439,936,930
Class R5		9,937,358			(43,724,049	)
Class R6		(48,603,744	)		286,291,421
Net increase (decrease) in net assets resulting from share transactions		(287,364,373	)		714,704,633
Net increase (decrease) in net assets		(413,473,534	)		987,775,210

Net assets:
Beginning of year		1,592,555,161			604,779,951
End of year	$	1,179,081,627		$	1,592,555,161

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


16		Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains			Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/22		$	8.01		$	(0.03	)		$	0.47			$	0.44			$	(1.17	)		$ –			$	(1.17	)		$	7.28		6.63	%		$	86,968		1.31	%		1.56	%		(0.41	)%		106	%
Year ended 10/31/21			5.81			(0.10	)			2.30				2.20				–			–				–				8.01		37.87				45,976		1.33			1.67			(1.29	)		14
Year ended 10/31/20			6.22			(0.03	)			(0.32	)			(0.35	)			(0.06	)		–				(0.06	)			5.81		(5.75	)			17,291		1.31			1.73			(0.51	)		186
Year ended 10/31/19			6.50			0.05				(0.32	)			(0.27	)			(0.01	)		(0.00	)			(0.01	)			6.22		(4.15	)			24,633		1.31	^(d)		1.58	^(d)		0.79	^(d)		9
Year ended 10/31/18			6.70			0.01				(0.21	)			(0.20	)			–			–				–				6.50		(2.98	)			34,543		1.42			1.51			0.14			96
Class C
Year ended 10/31/22			7.44			(0.08	)			0.42				0.34				(1.13	)		–				(1.13	)			6.65		5.69				26,355		2.06			2.31			(1.16	)		106
Year ended 10/31/21			5.43			(0.14	)			2.15				2.01				–			–				–				7.44		37.02				17,125		2.08			2.42			(2.04	)		14
Year ended 10/31/20			5.87			(0.07	)			(0.32	)			(0.39	)			(0.05	)		–				(0.05	)			5.43		(6.63	)			4,393		2.06			2.48			(1.26	)		186
Year ended 10/31/19			6.16			0.00				(0.29	)			(0.29	)			–			(0.00	)			(0.00	)			5.87		(4.66	)			6,083		2.06	^(d)		2.33	^(d)		0.04	^(d)		9
Year ended 10/31/18			6.40			(0.04	)			(0.20	)			(0.24	)			–			–				–				6.16		(3.75	)			9,555		2.17			2.26			(0.61	)		96
Class R
Year ended 10/31/22			7.85			(0.05	)			0.45				0.40				(1.16	)		–				(1.16	)			7.09		6.17				11,779		1.56			1.81			(0.66	)		106
Year ended 10/31/21			5.70			(0.11	)			2.26				2.15				–			–				–				7.85		37.72				2,932		1.58			1.92			(1.54	)		14
Year ended 10/31/20			6.12			(0.04	)			(0.33	)			(0.37	)			(0.05	)		–				(0.05	)			5.70		(6.03	)			1,603		1.56			1.98			(0.76	)		186
Year ended 10/31/19			6.40			0.03				(0.30	)			(0.27	)			(0.01	)		(0.00	)			(0.01	)			6.12		(4.25	)			1,404		1.56	^(d)		1.83	^(d)		0.54	^(d)		9
Year ended 10/31/18			6.62			(0.01	)			(0.21	)			(0.22	)			–			–				–				6.40		(3.32	)			1,622		1.67			1.76			(0.11	)		96
Class Y
Year ended 10/31/22			8.22			(0.01	)			0.47				0.46				(1.18	)		–				(1.18	)			7.50		6.80				515,659		1.06			1.31			(0.16	)		106
Year ended 10/31/21			5.94			(0.08	)			2.36				2.28				–			–				–				8.22		38.38				896,762		1.08			1.42			(1.04	)		14
Year ended 10/31/20			6.36			(0.01	)			(0.35	)			(0.36	)			(0.06	)		–				(0.06	)			5.94		(5.74	)			316,851		1.06			1.48			(0.26	)		186
Year ended 10/31/19			6.63			0.07				(0.33	)			(0.26	)			(0.01	)		(0.00	)			(0.01	)			6.36		(3.84	)			726,446		1.06	^(d)		1.33	^(d)		1.04	^(d)		9
Year ended 10/31/18			6.82			0.03				(0.22	)			(0.19	)			(0.00	)		–				(0.00	)			6.63		(2.77	)			1,327,952		1.17			1.26			0.39			96
Class R5
Year ended 10/31/22			8.26			(0.01	)			0.47				0.46				(1.18	)		–				(1.18	)			7.54		6.76				154,845		1.06			1.17			(0.16	)		106
Year ended 10/31/21			5.97			(0.08	)			2.37				2.29				–			–				–				8.26		38.36				156,985		1.08			1.17			(1.04	)		14
Year ended 10/31/20			6.38			(0.02	)			(0.33	)			(0.35	)			(0.06	)		–				(0.06	)			5.97		(5.57	)			148,151		1.06			1.28			(0.26	)		186
Year ended 10/31/19			6.65			0.07				(0.32	)			(0.25	)			(0.02	)		(0.00	)			(0.02	)			6.38		(3.79	)			140,393		1.06	^(d)		1.17	^(d)		1.04	^(d)		9
Year ended 10/31/18			6.84			0.03				(0.22	)			(0.19	)			(0.00	)		–				(0.00	)			6.65		(2.74	)			167,687		1.11			1.19			0.45			96
Class R6
Year ended 10/31/22			8.28			(0.01	)			0.47				0.46				(1.18	)		–				(1.18	)			7.56		6.77				383,476		1.04			1.10			(0.14	)		106
Year ended 10/31/21			5.98			(0.08	)			2.38				2.30				–			–				–				8.28		38.46				472,776		1.04			1.08			(1.00	)		14
Year ended 10/31/20			6.40			(0.02	)			(0.34	)			(0.36	)			(0.06	)		–				(0.06	)			5.98		(5.71	)			116,491		1.06			1.19			(0.26	)		186
Year ended 10/31/19			6.67			0.07				(0.32	)			(0.25	)			(0.02	)		(0.00	)			(0.02	)			6.40		(3.72	)			119,820		1.01	^(d)		1.08	^(d)		1.09	^(d)		9
Year ended 10/31/18			6.86			0.04				(0.23	)			(0.19	)			(0.00	)		–				(0.00	)			6.67		(2.72	)			19,244		1.01			1.09			0.55			96

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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

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


17		Invesco Balanced-Risk Commodity Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’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.

Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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


18		Invesco Balanced-Risk Commodity Strategy Fund

inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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.


19		Invesco Balanced-Risk Commodity Strategy Fund

Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Consolidated Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statements of Assets and Liabilities. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

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

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


20		Invesco Balanced-Risk Commodity Strategy Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		1.050%


Next $250 million		1.025%


Next $500 million		1.000%


Next $1.5 billion		0.975%


Next $2.5 billion		0.950%


Next $2.5 billion		0.925%


Next $2.5 billion		0.900%


Over $10 billion		0.875%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 1.01%.

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $776,946 and reimbursed class level expenses of $141,242, $45,571, $14,625, $1,307,589, $83,479 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


21		Invesco Balanced-Risk Commodity Strategy Fund

the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $52,669 in front-end sales commissions from the sale of Class A shares and $2,418 and $8,355 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

Level 1 -

Prices are determined using quoted prices in an active market for identical assets.

Level 2 -

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 -

Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–		$	355,441,984			$–	$	355,441,984
Commodity-Linked Securities		–			82,205,458			–		82,205,458
Money Market Funds		668,047,451			–			–		668,047,451
Total Investments in Securities		668,047,451			437,647,442			–		1,105,694,893

Other Investments - Assets*
Futures Contracts		3,212,774			–			–		3,212,774
Swap Agreements		–			12,599,419			–		12,599,419
		3,212,774			12,599,419			–		15,812,193

Other Investments - Liabilities*
Futures Contracts		(15,495,236	)		–			–		(15,495,236	)
Swap Agreements		–			(9,322,322	)		–		(9,322,322	)
		(15,495,236	)		(9,322,322	)		–		(24,817,558	)
Total Other Investments		(12,282,462	)		3,277,097			–		(9,005,365	)
Total Investments	$	655,764,989		$	440,924,539			$–	$	1,096,689,528

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


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


22		Invesco Balanced-Risk Commodity Strategy Fund


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

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

Offsetting Assets and Liabilities

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


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

Effect of Derivative Investments for the year ended October 31, 2022

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


		Location of Gain (Loss) on
		Consolidated Statement of Operations
		Commodity Risk
Realized Gain:
Futures contracts		$ 70,015,050
Swap agreements		52,260,726
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(37,927,439)
Swap agreements		8,734,618
Total		$ 93,082,955

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


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

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

23 Invesco Balanced-Risk Commodity Strategy Fund

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

NOTE 7–Cash Balances

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

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


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

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

Tax Components of Net Assets at Period-End:


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

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

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

7,141,095

$–

7,141,095

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $93,230,000 and $139,315,072, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$23,826,780


Aggregate unrealized (depreciation) of investments	(22,773,292	)


Net unrealized appreciation of investments	$ 1,053,488

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

NOTE 10–Reclassification of Permanent Differences

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


24		Invesco Balanced-Risk Commodity Strategy Fund

NOTE 11–Share Information


	Summary of Share Activity
	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		10,005,503		$	78,497,690			5,621,619		$	42,637,268
Class C		2,282,984			16,402,860			1,726,047			12,129,709
Class R		1,688,747			12,822,228			182,131			1,380,411
Class Y		41,531,853			326,502,418			94,018,115			736,285,871
Class R5		3,312,197			26,956,361			1,368,949			10,698,962
Class R6		33,672,573			270,113,458			56,113,064			435,488,836

Issued as reinvestment of dividends:
Class A		879,856			5,930,231			-			-
Class C		374,025			2,318,957			-			-
Class R		66,005			434,310			-			-
Class Y		15,387,911			106,638,220			-			-
Class R5		3,217,990			22,429,386			-			-
Class R6		618,840			4,325,695			-			-

Automatic conversion of Class C shares to Class A shares:
Class A		87,779			672,462			49,518			364,740
Class C		(95,624	)		(672,462	)		(53,128	)		(364,740	)

Reacquired:
Class A		(4,757,894	)		(36,086,351	)		(2,912,281	)		(22,043,791	)
Class C		(901,355	)		(6,198,779	)		(179,974	)		(1,271,597	)
Class R		(468,097	)		(3,509,495	)		(89,754	)		(631,669	)
Class Y		(97,250,116	)		(752,450,276	)		(38,297,924	)		(296,348,941	)
Class R5		(5,004,803	)		(39,448,389	)		(7,184,371	)		(54,423,011	)
Class R6		(40,672,733	)		(323,042,897	)		(18,482,950	)		(149,197,415	)
Net increase (decrease) in share activity		(36,024,359	)	$	(287,364,373	)		91,879,061		$	714,704,633

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 77% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

25 Invesco Balanced-Risk Commodity Strategy Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Consolidated Financial Statements

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

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$895.40	$6.21	$1,018.65	$6.61	1.30%
Class C	1,000.00	891.40	9.77	1,014.87	10.41	2.05
Class R	1,000.00	892.90	7.40	1,017.39	7.88	1.55
Class Y	1,000.00	895.00	5.02	1,019.91	5.35	1.05
Class R5	1,000.00	895.50	5.02	1,019.91	5.35	1.05
Class R6	1,000.00	895.70	4.97	1,019.96	5.30	1.04

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

27 Invesco Balanced-Risk Commodity Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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


28		Invesco Balanced-Risk Commodity Strategy Fund

performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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 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.

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.


29		Invesco Balanced-Risk Commodity 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, 2022:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.14	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


30		Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers


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

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


T-1		Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


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


T-2		Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


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


T-3		Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


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


T-4		Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


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


T-5		Invesco Balanced-Risk Commodity Strategy Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801


T-6		Invesco Balanced-Risk Commodity Strategy Fund

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

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Annual Report to Shareholders		October 31, 2022

Invesco Core Bond Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

23		Financial Statements

26		Financial Highlights

27		Notes to Financial Statements

34		Auditor’s Report

35		Fund Expenses

36		Approval of Investment Advisory and Sub-Advisory Contracts

38		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Core Bond Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg U.S. Aggregate Bond Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-17.43	%
Class C Shares	-18.07
Class R Shares	-17.68
Class Y Shares	-17.21
Class R5 Shares	-17.36
Class R6 Shares	-17.22
Bloomberg U.S. Aggregate Bond Index^▼	-15.68
Bloomberg U.S. Credit Index^▼	-18.91
FTSE Broad Investment Grade Bond Index^▼	-15.94
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

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

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

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

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

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

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

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

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

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

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


2		Invesco Core Bond Fund

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

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

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

1	Source: US Bureau of Labor Statistics

2	Source: US Department of the Treasury

3	Source: Bloomberg

4	Source: Federal Reserve of Economic Data

Portfolio manager(s):

Matt Brill

Michael Hyman

Todd Schomberg

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


3		Invesco Core Bond Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

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1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

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

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

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


4		Invesco Core Bond Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (4/15/88)	3.59	%
10 Years	0.59
5 Years	-1.52
1 Year	-20.90

Class C Shares
Inception (7/11/95)	2.20	%
10 Years	0.39
5 Years	-1.48
1 Year	-18.88

Class R Shares
Inception (3/1/01)	1.31	%
10 Years	0.72
5 Years	-0.99
1 Year	-17.68

Class Y Shares
Inception (4/27/98)	2.23	%
10 Years	1.25
5 Years	-0.40
1 Year	-17.21

Class R5 Shares
10 Years	1.11	%
5 Years	-0.51
1 Year	-17.36

Class R6 Shares
Inception (4/27/12)	1.87	%
10 Years	1.38
5 Years	-0.34
1 Year	-17.22

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

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

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

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

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

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


5		Invesco Core Bond Fund

Supplemental Information

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

∎

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

∎

Unless otherwise noted, all data is provided by Invesco.

∎

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

About indexes used in this report

∎

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

∎

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

∎

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

∎

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

∎

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Core Bond Fund

Fund Information


Portfolio Composition
By security type	% of total investments

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

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Core Bond Fund

Schedule of Investments^(a)

October 31, 2022


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–53.10%
Aerospace & Defense–1.09%
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025	$	4,676,000	$	4,454,781
Lockheed Martin Corp.,
4.95%, 10/15/2025		2,285,000		2,288,371
5.10%, 11/15/2027		2,143,000		2,148,867
5.25%, 01/15/2033		2,559,000		2,568,745
4.15%, 06/15/2053		1,006,000		804,690
5.70%, 11/15/2054		1,556,000		1,569,840
4.30%, 06/15/2062		1,204,000		963,131
5.90%, 1’1/15/2063		1,556,000		1,584,769
				16,383,194

Agricultural & Farm Machinery–0.96%
Cargill, Inc.,
4.88%, 10/10/2025^(b)		2,604,000		2,583,656
3.63%, 04/22/2027^(b)		1,384,000		1,298,304
4.00%, 06/22/2032^(b)		1,672,000		1,497,477
5.13%, 10/11/2032^(b)		1,440,000		1,405,647
4.38%, 04/22/2052^(b)		1,208,000		983,716
CNH Industrial Capital LLC, 5.45%, 10/14/2025		3,516,000		3,479,579
John Deere Capital Corp., 4.55%, 10/11/2024		3,213,000		3,197,967
				14,446,346

Airlines–0.62%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		2,048,000		1,606,977
Series 2021-1, Class A, 2.88%, 07/11/2034		2,217,000		1,732,017
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025^(b)		1,494,193		1,456,601
4.75%, 10/20/2028^(b)		2,816,504		2,622,030
United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		1,926,954		1,862,266
Series 2019-2, Class AA, 2.70%, 05/01/2032		15,471		12,305
				9,292,196

Apparel Retail–0.11%
Ross Stores, Inc., 3.38%, 09/15/2024		1,657,000		1,600,896

Application Software–0.10%
salesforce.com, inc., 2.90%, 07/15/2051		2,399,000		1,548,632

Asset Management & Custody Banks–1.20%
Bank of New York Mellon Corp. (The),
4.41%, 07/24/2026^(c)		3,274,000		3,181,891
4.60%, 07/26/2030^(c)		779,000		731,387
5.83%, 10/25/2033^(c)		2,278,000		2,283,135
Blackstone Holdings Finance Co. LLC, 6.20%, 04/22/2033^(b)		5,838,000		5,827,959


	Principal Amount		Value
Asset Management & Custody Banks–(continued)
Blackstone Secured Lending Fund,
2.13%, 02/15/2027	$	2,121,000	$	1,713,834
2.85%, 09/30/2028		1,242,000		949,472
Northern Trust Corp., 6.13%, 11/02/2032		2,672,000		2,677,504
State Street Corp., 4.16%, 08/04/2033^(c)		786,000		696,801
				18,061,983

Automobile Manufacturers–1.69%
BMW US Capital LLC (Germany),
3.89% (SOFR + 0.84%), 04/01/2025^(b)(d)		901,000		896,671
3.45%, 04/01/2027^(b)		1,281,000		1,182,889
3.70%, 04/01/2032^(b)		1,438,000		1,236,145
General Motors Financial Co., Inc.,
4.15%, 06/19/2023		1,230,000		1,219,859
3.80%, 04/07/2025		1,304,000		1,233,209
6.05%, 10/10/2025		5,431,000		5,388,456
5.00%, 04/09/2027		1,961,000		1,854,786
Hyundai Capital America,
5.75%, 04/06/2023^(b)		1,342,000		1,342,985
4.13%, 06/08/2023^(b)		1,635,000		1,619,399
2.00%, 06/15/2028^(b)		1,652,000		1,286,737
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026^(b)		1,754,000		1,377,405
PACCAR Financial Corp., 4.95%, 10/03/2025		3,562,000		3,559,624
Stellantis Finance US, Inc., 6.38%, 09/12/2032^(b)		1,032,000		956,993
Toyota Motor Credit Corp., 4.55%, 09/20/2027		2,351,000		2,288,598
				25,443,756

Automotive Retail–0.22%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		2,451,000		2,003,360
AutoZone, Inc., 4.75%, 08/01/2032		1,482,000		1,379,158
				3,382,518

Biotechnology–0.54%
AbbVie, Inc.,
3.85%, 06/15/2024		1,571,000		1,539,218
3.20%, 05/14/2026		4,350,000		4,056,053
CSL Finance PLC (Australia),
3.85%, 04/27/2027^(b)		779,000		734,591
4.05%, 04/27/2029^(b)		598,000		549,798
4.63%, 04/27/2042^(b)		593,000		501,014
4.75%, 04/27/2052^(b)		913,000		767,596
				8,148,270

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


8		Invesco Core Bond Fund


	Principal Amount		Value
Cable & Satellite–0.97%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
6.09% (3 mo. USD LIBOR + 1.65%), 02/01/2024^(d)	$	1,657,000	$	1,668,175
4.91%, 07/23/2025		4,350,000		4,225,785
3.50%, 06/01/2041		1,116,000		706,724
3.50%, 03/01/2042		1,922,000		1,203,925
3.90%, 06/01/2052		1,514,000		940,274
3.85%, 04/01/2061		1,597,000		923,686
Comcast Corp.,
5.25%, 11/07/2025		767,000		766,793
5.50%, 11/15/2032		4,203,000		4,176,437
				14,611,799

Construction Machinery & Heavy Trucks–0.18%
Komatsu Finance America, Inc., 5.50%, 10/06/2027^(b)		2,647,000		2,645,882

Consumer Finance–0.31%
American Express Co.,
4.99%, 05/26/2033^(c)		1,769,000		1,607,387
4.42%, 08/03/2033^(c)		3,407,000		3,020,290
				4,627,677

Data Processing & Outsourced Services–0.58%
Fidelity National Information Services, Inc.,
4.70%, 07/15/2027		3,756,000		3,596,247
5.10%, 07/15/2032		3,756,000		3,539,843
PayPal Holdings, Inc., 5.05%, 06/01/2052		1,758,000		1,526,871
				8,662,961

Distributors–0.08%
Genuine Parts Co., 2.75%, 02/01/2032		1,593,000		1,236,316

Diversified Banks–10.45%
Australia & New Zealand Banking Group Ltd. (Australia), 6.75%^(b)(c)(e)		2,590,000		2,482,625
Bank of America Corp.,
2.46%, 10/22/2025^(c)		7,536,000		7,035,339
4.38%, 04/27/2028^(c)		3,188,000		2,967,012
4.95%, 07/22/2028^(c)		2,270,000		2,167,051
2.69%, 04/22/2032^(c)		2,423,000		1,875,604
2.57%, 10/20/2032^(c)		1,463,000		1,105,473
2.97%, 02/04/2033^(c)		1,639,000		1,272,314
4.57%, 04/27/2033^(c)		2,655,000		2,356,548
5.02%, 07/22/2033^(c)		3,104,000		2,850,205
3.85%, 03/08/2037^(c)		655,000		525,576
Series TT, 6.13%^(c)(e)		5,314,000		5,035,015
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082^(c)		4,065,000		4,089,862
Barclays PLC (United Kingdom),
7.44%, 11/02/2033^(c)		4,430,000		4,425,452
8.00%^(c)(e)		3,057,000		2,746,268
BPCE S.A. (France), 3.63% (SOFR + 0.57%), 01/14/2025^(b)(d)		2,634,000		2,570,295


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

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


9		Invesco Core Bond Fund


	Principal Amount		Value
Diversified Banks–(continued)
U.S. Bancorp,
4.55%, 07/22/2028^(c)	$	2,408,000	$	2,290,499
4.97%, 07/22/2033^(c)		1,838,000		1,676,186
5.85%, 10/21/2033^(c)		3,621,000		3,611,976
2.49%, 11/03/2036^(c)		3,525,000		2,587,074
Wells Fargo & Co.,
3.53%, 03/24/2028^(c)		1,629,000		1,468,121
4.81%, 07/25/2028^(c)		1,393,000		1,320,362
4.90%, 07/25/2033^(c)		1,366,000		1,251,359
4.61%, 04/25/2053^(c)		2,300,000		1,837,954
				157,253,486

Diversified Capital Markets–1.25%
Credit Suisse AG (Switzerland),
3.63%, 09/09/2024		1,315,000		1,222,644
5.00%, 07/09/2027		3,834,000		3,450,637
Credit Suisse Group AG (Switzerland),
4.55%, 04/17/2026		1,392,000		1,222,090
6.44%, 08/11/2028^(b)(c)		3,663,000		3,309,065
4.19%, 04/01/2031^(b)(c)		1,365,000		1,055,490
3.09%, 05/14/2032^(b)(c)		1,255,000		862,154
6.54%, 08/12/2033^(b)(c)		5,136,000		4,477,162
UBS Group AG (Switzerland),
4.13%, 04/15/2026^(b)		1,014,000		946,142
4.75%, 05/12/2028^(b)(c)		2,521,000		2,312,045
				18,857,429

Diversified Chemicals–0.78%
Celanese US Holdings LLC,
5.90%, 07/05/2024		3,140,000		3,086,261
6.05%, 03/15/2025		3,361,000		3,270,167
6.17%, 07/15/2027		3,516,000		3,319,847
6.38%, 07/15/2032		2,332,000		2,124,946
				11,801,221

Diversified REITs–0.67%
VICI Properties L.P.,
4.75%, 02/15/2028		2,137,000		1,950,002
4.95%, 02/15/2030		2,137,000		1,934,278
5.13%, 05/15/2032		1,550,000		1,376,865
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024^(b)		4,874,000		4,817,023
				10,078,168

Electric Utilities–2.25%
AEP Texas, Inc.,
3.95%, 06/01/2028^(b)		2,489,000		2,256,753
4.70%, 05/15/2032		881,000		802,888
5.25%, 05/15/2052		1,283,000		1,121,513
American Electric Power Co., Inc.,
5.75%, 11/01/2027		2,149,000		2,143,305
5.95%, 11/01/2032		1,560,000		1,549,345
Duke Energy Corp.,
4.30%, 03/15/2028		1,658,000		1,559,971
5.00%, 08/15/2052		2,612,000		2,166,282
EDP Finance B.V. (Portugal), 6.30%, 10/11/2027^(b)		912,000		908,936
Enel Finance America LLC (Italy), 7.10%, 10/14/2027^(b)		1,014,000		1,011,656


	Principal Amount		Value
Electric Utilities–(continued)
Enel Finance International N.V. (Italy),
6.80%, 10/14/2025^(b)	$	2,054,000	$	2,063,872
7.50%, 10/14/2032^(b)		1,318,000		1,321,947
7.75%, 10/14/2052^(b)		1,602,000		1,538,595
National Rural Utilities Cooperative Finance Corp.,
2.75%, 04/15/2032		1,720,000		1,381,069
5.80%, 01/15/2033		1,513,000		1,532,869
NextEra Energy Capital Holdings, Inc.,
4.63%, 07/15/2027		3,241,000		3,118,175
5.00%, 07/15/2032		1,021,000		971,200
Southern Co. (The),
5.15%, 10/06/2025		1,560,000		1,553,881
5.70%, 10/15/2032		1,521,000		1,505,366
Tampa Electric Co.,
3.88%, 07/12/2024		1,781,000		1,735,880
5.00%, 07/15/2052		1,046,000		920,436
Virginia Electric and Power Co.,
Series B, 3.75%, 05/15/2027		1,387,000		1,301,832
Series C, 4.63%, 05/15/2052		1,608,000		1,337,690
				33,803,461

Electrical Components & Equipment–0.46%
CenterPoint Energy Houston Electric LLC,
Series AI, 4.45%, 10/01/2032		3,746,000		3,515,052
Series AJ, 4.85%, 10/01/2052		3,783,000		3,337,490
				6,852,542

Electronic Equipment & Instruments–0.08%
Vontier Corp., 2.95%, 04/01/2031		1,614,000		1,135,433

Financial Exchanges & Data–1.15%
Cboe Global Markets, Inc., 3.00%, 03/16/2032		3,897,000		3,159,294
Intercontinental Exchange, Inc.,
4.00%, 09/15/2027		2,305,000		2,187,416
4.35%, 06/15/2029		1,777,000		1,684,914
4.60%, 03/15/2033		1,548,000		1,423,237
4.95%, 06/15/2052		2,123,000		1,842,162
5.20%, 06/15/2062		1,609,000		1,439,140
Moody’s Corp.,
2.00%, 08/19/2031		1,300,000		983,932
4.25%, 08/08/2032		894,000		806,169
2.75%, 08/19/2041		1,482,000		960,399
3.75%, 02/25/2052		1,426,000		1,009,453
3.10%, 11/29/2061		3,249,000		1,880,202
				17,376,318

General Merchandise Stores–0.42%
Dollar General Corp.,
4.63%, 11/01/2027		1,088,000		1,051,495
5.00%, 11/01/2032		958,000		913,450
5.50%, 11/01/2052		1,913,000		1,778,363
Target Corp., 4.50%, 09/15/2032		2,758,000		2,603,974
				6,347,282

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


10		Invesco Core Bond Fund


	Principal Amount		Value
Health Care Services–0.50%
Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032	$	1,105,000	$	820,313
Series 2042, 2.72%, 01/01/2042		1,067,000		681,502
2.86%, 01/01/2052		1,219,000		703,471
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		3,254,000		1,744,777
Roche Holdings, Inc., 2.31%, 03/10/2027^(b)		3,996,000		3,569,302
				7,519,365

Home Improvement Retail–1.00%
Home Depot, Inc. (The),
4.50%, 09/15/2032		2,753,000		2,611,977
4.95%, 09/15/2052		1,391,000		1,252,129
Lowe’s Cos., Inc.,
5.00%, 04/15/2033		5,104,000		4,819,966
5.63%, 04/15/2053		3,813,000		3,440,808
5.80%, 09/15/2062		3,178,000		2,847,927
				14,972,807

Homebuilding–0.08%
M.D.C. Holdings, Inc., 3.97%, 08/06/2061		2,500,000		1,249,705

Hotels, Resorts & Cruise Lines–0.36%
Expedia Group, Inc.,
4.63%, 08/01/2027		794,000		743,726
3.25%, 02/15/2030		5,712,000		4,609,373
				5,353,099

Household Products–0.32%
Church & Dwight Co., Inc., 5.60%, 11/15/2032		1,327,000		1,324,545
Colgate-Palmolive Co., 3.10%, 08/15/2027		3,716,000		3,471,089
				4,795,634

Hypermarkets & Super Centers–0.29%
Walmart, Inc.,
4.15%, 09/09/2032		2,629,000		2,490,250
4.50%, 09/09/2052		2,054,000		1,827,777
				4,318,027

Independent Power Producers & Energy Traders–0.05%
AES Corp. (The), 1.38%, 01/15/2026		803,000		694,042

Industrial Conglomerates–0.43%
Honeywell International, Inc., 5.00%, 02/15/2033		6,574,000		6,521,505

Insurance Brokers–0.17%
Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052		1,072,000		1,096,112
Willis North America, Inc., 4.65%, 06/15/2027		1,587,000		1,494,443
				2,590,555


	Principal Amount		Value
Integrated Oil & Gas–0.66%
BP Capital Markets America, Inc.,
3.06%, 06/17/2041	$	1,967,000	$	1,378,914
2.94%, 06/04/2051		1,521,000		948,346
3.00%, 03/17/2052		1,011,000		627,757
BP Capital Markets PLC (United Kingdom),
4.38%^(c)(e)		1,043,000		981,724
4.88%^(c)(e)		3,221,000		2,728,589
Shell International Finance B.V. (Netherlands),
2.88%, 11/26/2041		2,463,000		1,693,911
3.00%, 11/26/2051		2,463,000		1,588,535
				9,947,776

Integrated Telecommunication Services–0.91%
AT&T, Inc.,
3.69% (SOFR + 0.64%), 03/25/2024^(d)		2,067,000		2,055,253
4.30%, 02/15/2030		974,000		888,980
2.55%, 12/01/2033		3,743,000		2,762,691
Verizon Communications, Inc.,
1.75%, 01/20/2031		890,000		660,890
2.36%, 03/15/2032		6,006,000		4,553,570
2.85%, 09/03/2041		2,171,000		1,422,249
3.00%, 11/20/2060		1,129,000		631,920
3.70%, 03/22/2061		1,039,000		681,295
				13,656,848

Interactive Media & Services–0.59%
Meta Platforms, Inc.,
3.85%, 08/15/2032^(b)		4,106,000		3,498,151
4.45%, 08/15/2052^(b)		4,220,000		3,139,109
4.65%, 08/15/2062^(b)		2,928,000		2,164,701
				8,801,961

Internet & Direct Marketing Retail–0.08%
Amazon.com, Inc., 2.88%, 05/12/2041		1,783,000		1,268,002

Investment Banking & Brokerage–1.53%
Charles Schwab Corp. (The),
2.45%, 03/03/2027		783,000		699,277
3.92% (SOFR + 1.05%), 03/03/2027^(d)		2,731,000		2,674,205
2.90%, 03/03/2032		1,607,000		1,306,236
5.00%^(c)(e)		1,580,000		1,406,200
Goldman Sachs Group, Inc. (The),
5.70%, 11/01/2024		3,041,000		3,041,969
3.50%, 04/01/2025		1,002,000		949,884
1.95%, 10/21/2027^(c)		1,476,000		1,255,029
3.91% (SOFR + 1.12%), 02/24/2028^(d)		1,031,000		984,334
4.48%, 08/23/2028^(c)		1,897,000		1,763,157
1.99%, 01/27/2032^(c)		1,081,000		789,973
2.65%, 10/21/2032^(c)		1,748,000		1,325,494
3.10%, 02/24/2033^(c)		1,138,000		892,440
3.44%, 02/24/2043^(c)		1,408,000		961,022

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


11		Invesco Core Bond Fund


	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley,
5.00%, 11/24/2025	$	1,082,000	$	1,080,277
2.19%, 04/28/2026^(c)		763,000		696,755
3.62%, 04/01/2031^(c)		965,000		821,555
2.24%, 07/21/2032^(c)		1,998,000		1,475,191
2.51%, 10/20/2032^(c)		1,090,000		821,734
				22,944,732

Leisure Products–0.29%
Brunswick Corp.,
4.40%, 09/15/2032		1,837,000		1,462,199
5.10%, 04/01/2052		4,308,000		2,870,471
				4,332,670

Life & Health Insurance–2.25%
Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025^(b)		3,826,000		3,550,796
Series 21-1, 2.66%, 06/29/2026^(b)		10,423,000		9,143,160
F&G Global Funding, 2.00%, 09/20/2028^(b)		2,245,000		1,788,940
GA Global Funding Trust,
2.25%, 01/06/2027^(b)		2,836,000		2,441,119
1.95%, 09/15/2028^(b)		2,544,000		2,038,435
2.90%, 01/06/2032^(b)		2,436,000		1,848,946
MAG Mutual Holding Co., 4.75%, 04/30/2041^(f)		9,203,000		7,457,467
Northwestern Mutual Global Funding, 4.35%, 09/15/2027^(b)		3,482,000		3,337,620
Prudential Financial, Inc., 6.00%, 09/01/2052^(c)		2,472,000		2,261,124
				33,867,607

Managed Health Care–2.01%
Elevance Health, Inc.,
5.50%, 10/15/2032		1,314,000		1,309,764
6.10%, 10/15/2052		938,000		957,550
Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041		2,490,000		1,670,441
3.00%, 06/01/2051		2,595,000		1,607,064
UnitedHealth Group, Inc.,
5.00%, 10/15/2024		3,551,000		3,554,114
5.15%, 10/15/2025		2,476,000		2,480,865
3.70%, 05/15/2027		1,780,000		1,683,458
5.25%, 02/15/2028		3,040,000		3,050,818
5.30%, 02/15/2030		5,169,000		5,171,491
5.35%, 02/15/2033		4,444,000		4,461,737
5.88%, 02/15/2053		2,220,000		2,268,813
6.05%, 02/15/2063		2,040,000		2,100,363
				30,316,478

Movies & Entertainment–0.43%
Warnermedia Holdings, Inc.,
5.05%, 03/15/2042^(b)		4,050,000		2,969,720
5.14%, 03/15/2052^(b)		5,023,000		3,514,281
				6,484,001

Multi-line Insurance–0.22%
Allianz SE (Germany), 3.20%^(b)(c)(e)		2,890,000		1,958,842


	Principal Amount		Value
Multi-line Insurance–(continued)
Boardwalk Pipelines L.P., 3.60%, 09/01/2032	$	1,698,000	$	1,348,099
				3,306,941

Multi-Utilities–0.42%
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		830,000		713,133
WEC Energy Group, Inc.,
5.00%, 09/27/2025		3,710,000		3,697,884
5.15%, 10/01/2027		1,921,000		1,892,123
				6,303,140

Office REITs–0.29%
Office Properties Income Trust,
4.25%, 05/15/2024		2,347,000		2,132,300
4.50%, 02/01/2025		1,483,000		1,233,759
2.65%, 06/15/2026		314,000		229,153
2.40%, 02/01/2027		1,201,000		826,122
				4,421,334

Oil & Gas Exploration & Production–0.40%
Aker BP ASA (Norway), 2.00%, 07/15/2026^(b)		1,535,000		1,334,085
EQT Corp.,
5.68%, 10/01/2025		3,604,000		3,566,491
5.70%, 04/01/2028		1,077,000		1,049,687
				5,950,263

Oil & Gas Storage & Transportation–1.51%
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		832,000		918,213
Enbridge, Inc. (Canada),
3.34% (SOFR + 0.63%), 02/16/2024^(d)		542,000		536,110
1.60%, 10/04/2026		864,000		741,961
Energy Transfer L.P.,
4.25%, 03/15/2023		1,024,000		1,018,807
4.00%, 10/01/2027		808,000		731,576
Kinder Morgan, Inc.,
7.75%, 01/15/2032		1,236,000		1,345,256
4.80%, 02/01/2033		2,212,000		1,978,290
5.45%, 08/01/2052		4,237,000		3,591,886
MPLX L.P.,
1.75%, 03/01/2026		909,000		793,141
4.25%, 12/01/2027		756,000		697,689
4.95%, 03/14/2052		2,947,000		2,284,525
ONEOK, Inc., 6.35%, 01/15/2031		1,409,000		1,391,727
Targa Resources Corp.,
5.20%, 07/01/2027		1,916,000		1,849,588
6.25%, 07/01/2052		2,172,000		1,945,714
Williams Cos., Inc. (The),
2.60%, 03/15/2031		2,649,000		2,077,876
3.50%, 10/15/2051		1,287,000		826,497
				22,728,856

Other Diversified Financial Services–0.78%
Corebridge Financial, Inc., 6.88%, 12/15/2052^(b)(c)		3,008,000		2,717,403
Jackson Financial, Inc.,
5.17%, 06/08/2027		1,409,000		1,347,379
5.67%, 06/08/2032		1,620,000		1,476,033

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


12		Invesco Core Bond Fund


	Principal Amount		Value
Other Diversified Financial Services–(continued)
Pershing Square Holdings Ltd.,
3.25%, 11/15/2030^(b)	$	3,900,000	$	2,989,759
3.25%, 10/01/2031^(b)		4,300,000		3,146,783
				11,677,357

Paper Packaging–0.28%
Berry Global, Inc., 1.65%, 01/15/2027		5,120,000		4,223,487

Pharmaceuticals–0.27%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(b)		1,536,000		1,506,596
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		1,964,000		1,183,600
Mylan, Inc., 3.13%, 01/15/2023^(b)		1,397,000		1,388,402
				4,078,598

Precious Metals & Minerals–0.07%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024^(b)		1,168,000		1,123,541

Property & Casualty Insurance–0.30%
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032^(b)		3,084,000		2,796,694
Liberty Mutual Group, Inc., 5.50%, 06/15/2052^(b)		2,088,000		1,721,879
				4,518,573

Railroads–1.07%
CSX Corp.,
4.10%, 11/15/2032		3,331,000		3,001,640
4.50%, 11/15/2052		3,330,000		2,719,844
Union Pacific Corp.,
4.50%, 01/20/2033		3,789,000		3,576,902
4.95%, 09/09/2052		3,741,000		3,372,691
5.15%, 01/20/2063		3,828,000		3,433,204
				16,104,281

Regional Banks–3.44%
Citizens Financial Group, Inc.,
4.30%, 12/03/2025		2,321,000		2,212,561
2.50%, 02/06/2030		1,061,000		822,576
2.64%, 09/30/2032		4,070,000		2,899,349
Fifth Third Bancorp,
6.36%, 10/27/2028^(c)		2,463,000		2,475,263
4.77%, 07/28/2030^(c)		2,873,000		2,637,986
4.34%, 04/25/2033^(c)		1,677,000		1,456,621
Huntington Bancshares, Inc.,
4.00%, 05/15/2025		1,313,000		1,266,382
4.44%, 08/04/2028^(c)		1,558,000		1,451,474
KeyCorp,
2.25%, 04/06/2027		1,495,000		1,282,071
4.79%, 06/01/2033^(c)		1,117,000		1,011,761
PNC Financial Services Group, Inc. (The),
5.67%, 10/28/2025^(c)		3,625,000		3,630,288
4.63%, 06/06/2033^(c)		3,933,000		3,483,769
6.04%, 10/28/2033^(c)		2,943,000		2,959,831
Series O, 8.12% (3 mo. USD LIBOR + 3.68%)^(d)(e)		3,742,000		3,746,092
Series U, 6.00%^(c)(e)		3,153,000		2,932,290
Series V, 6.20%^(c)(e)		8,683,000		8,246,245


	Principal Amount		Value
Regional Banks–(continued)
Truist Financial Corp.,
4.12%, 06/06/2028^(c)	$	2,184,000	$	2,021,672
4.92%, 07/28/2033^(c)		4,842,000		4,318,517
6.12%, 10/28/2033^(c)		2,904,000		2,913,283
				51,768,031

Residential REITs–0.27%
American Homes 4 Rent L.P.,
3.63%, 04/15/2032		2,171,000		1,750,752
4.30%, 04/15/2052		1,058,000		731,029
Invitation Homes Operating Partnership L.P.,
2.30%, 11/15/2028		510,000		406,376
2.70%, 01/15/2034		1,646,000		1,139,790
				4,027,947

Restaurants–0.30%
McDonald’s Corp., 5.15%, 09/09/2052		3,374,000		3,037,332
Starbucks Corp., 3.00%, 02/14/2032		1,843,000		1,527,127
				4,564,459

Retail REITs–0.82%
Agree L.P., 4.80%, 10/01/2032		1,368,000		1,203,693
Kimco Realty Corp.,
1.90%, 03/01/2028		1,101,000		895,263
2.25%, 12/01/2031		1,425,000		1,050,394
Kite Realty Group L.P., 4.00%, 10/01/2026		1,842,000		1,657,819
Kite Realty Group Trust, 4.75%, 09/15/2030		697,000		596,238
Realty Income Corp.,
2.20%, 06/15/2028		1,369,000		1,135,241
3.25%, 01/15/2031		846,000		704,259
5.63%, 10/13/2032		1,924,000		1,882,082
2.85%, 12/15/2032		2,333,000		1,827,882
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080^(b)(c)		1,658,000		1,403,945
				12,356,816

Semiconductor Equipment–0.09%
KLA Corp., 4.95%, 07/15/2052		1,604,000		1,399,282

Semiconductors–0.76%
Broadcom, Inc.,
3.46%, 09/15/2026		4,691,000		4,309,384
3.42%, 04/15/2033^(b)		921,000		701,040
3.47%, 04/15/2034^(b)		1,647,000		1,235,039
3.14%, 11/15/2035^(b)		3,690,000		2,564,900
4.93%, 05/15/2037^(b)		836,000		690,684
QUALCOMM, Inc.,
2.15%, 05/20/2030		1,251,000		1,026,327
3.25%, 05/20/2050		1,214,000		838,208
				11,365,582

Soft Drinks–0.11%
PepsiCo, Inc.,
3.60%, 02/18/2028		1,009,000		950,363
3.90%, 07/18/2032		837,000		775,946
				1,726,309

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


13		Invesco Core Bond Fund


	Principal Amount		Value
Sovereign Debt–0.13%
Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032^(b)	$	2,109,000	$	1,959,336

Specialized Finance–0.11%
Blackstone Private Credit Fund, 7.05%, 09/29/2025^(b)		1,726,000		1,712,000

Specialized REITs–1.40%
American Tower Corp.,
3.00%, 06/15/2023		1,144,000		1,127,839
3.38%, 10/15/2026		4,350,000		3,940,155
2.70%, 04/15/2031		2,075,000		1,620,072
4.05%, 03/15/2032		1,124,000		962,463
Crown Castle, Inc.,
4.45%, 02/15/2026		4,350,000		4,167,484
2.50%, 07/15/2031		1,803,000		1,388,956
EPR Properties,
4.75%, 12/15/2026		757,000		652,534
4.95%, 04/15/2028		1,903,000		1,564,145
3.60%, 11/15/2031		1,583,000		1,070,246
Extra Space Storage L.P., 2.35%, 03/15/2032		1,596,000		1,156,877
Prologis L.P., 4.63%, 01/15/2033		3,726,000		3,454,366
				21,105,137

Technology Hardware, Storage & Peripherals–0.49%
Apple, Inc.,
3.35%, 08/08/2032		3,369,000		2,973,387
4.38%, 05/13/2045		723,000		631,835
2.55%, 08/20/2060		3,283,000		1,895,541
2.80%, 02/08/2061		3,064,000		1,822,055
				7,322,818

Trucking–0.62%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.00%, 07/15/2025^(b)		687,000		653,093
3.40%, 11/15/2026^(b)		1,134,000		1,026,454
4.40%, 07/01/2027^(b)		775,000		723,548
Ryder System, Inc., 4.63%, 06/01/2025		4,833,000		4,693,600
Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026^(b)		2,683,000		2,267,887
				9,364,582

Wireless Telecommunication Services–0.84%
Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052^(b)		5,290,000		4,099,752
T-Mobile USA, Inc.,
3.50%, 04/15/2025		4,350,000		4,152,321
3.40%, 10/15/2052		4,565,000		2,959,494
5.65%, 01/15/2053		1,594,000		1,474,034
				12,685,601
Total U.S. Dollar Denominated Bonds & Notes (Cost $901,465,747)				799,026,851


	Principal Amount		Value
Asset-Backed Securities–28.27%
Alternative Loan Trust,
Series 2005-21CB, Class A7, 5.50%, 06/25/2035	$	575,183	$	450,103
Series 2005-29CB, Class A4, 5.00%, 07/25/2035		269,530		165,359
AmeriCredit Automobile Receivables Trust,
Series 2018-3, Class C, 3.74%, 10/18/2024		1,919,990		1,917,507
Series 2019-2, Class C, 2.74%, 04/18/2025		1,645,000		1,629,696
Series 2019-2, Class D, 2.99%, 06/18/2025		4,570,000		4,430,249
Series 2019-3, Class D, 2.58%, 09/18/2025		2,285,000		2,197,525
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038^(b)		4,415,000		3,716,627
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.47%, 12/25/2059^(b)(g)		581,710		540,868
Series 2020-3, Class A1, 1.69%, 04/25/2065^(b)(g)		1,810,662		1,637,183
Series 2021-3, Class A1, 1.07%, 05/25/2066^(b)(g)		1,114,810		854,797
Series 2021-7, Class A1, 1.98%, 10/25/2066^(b)(g)		2,668,461		2,086,748
Series 2022-1, Class A1, 2.88%, 12/25/2066^(b)(h)		4,623,814		3,928,229
Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028^(b)		6,614,000		6,217,046
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 5.54% (3 mo. USD LIBOR + 1.18%), 07/25/2034^(b)(d)		7,338,000		7,038,265
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		176,072		139,882
Series 2007-C, Class 1A4, 3.18%, 05/20/2036^(g)		65,225		61,559
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037		194,951		156,103
Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052⁽ⁱ⁾		23,762,928		1,027,963
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051^(b)(g)		3,767,656		3,032,188
Series 2021-4, Class A4, 2.50%, 10/25/2051^(b)(g)		3,768,532		2,913,757
Series 2021-4, Class A8, 2.50%, 10/25/2051^(b)(g)		3,591,043		3,082,143
Series 2021-5, Class A1, 3.00%, 11/25/2051^(b)(g)		3,990,285		3,226,066
Series 2021-5, Class A2, 2.50%, 11/25/2051^(b)(g)		4,868,321		3,765,320
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(d)		159,853		149,228
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(d)		358,080		341,804

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


14		Invesco Core Bond Fund


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


	Principal Amount		Value
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(d)	$	708,208	$	682,497
Series 2021-INV3, Class A3, 2.50%, 05/25/2051^(b)(g)		3,804,129		2,951,712
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026		1,765,543		1,761,851
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(g)		158,421		155,111
Series 2021-5, Class A1, 1.73%, 11/26/2066^(b)(g)		2,005,636		1,650,605
Series 2022-1, Class A1, 2.28%, 12/27/2066^(b)(g)		2,862,024		2,357,086
Series 2022-2, Class A1, 2.99%, 02/25/2067^(b)(h)		2,751,273		2,324,746
Series 2022-3, Class A1, 3.90%, 02/25/2067^(b)(g)		3,800,252		3,356,595
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.37%, 12/10/2045⁽ⁱ⁾		2,862,764		29
Series 2013-CR6, Class AM, 3.15%, 03/10/2046^(b)		2,945,000		2,920,131
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		408,003		399,307
Series 2014-LC15, Class AM, 4.20%, 04/10/2047		2,865,000		2,759,678
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		5,720,000		5,438,209
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065^(b)(g)		700,039		639,468
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066^(b)(g)		923,417		782,231
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067^(b)(g)		3,670,658		3,315,720
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067^(b)(g)		1,890,000		1,512,406
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067^(b)(g)		3,888,589		3,617,680
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		10,613,000		8,595,927
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		602,843		322,772
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 5.16% (3 mo. USD LIBOR + 1.08%), 01/15/2034^(b)(d)		1,078,634		1,040,573
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065^(b)(g)		263,290		254,462
Series 2021-1, Class A1, 0.80%, 02/25/2066^(b)(g)		357,630		281,190
Series 2022-1, Class A1, 2.21%, 01/25/2067^(b)(g)		2,665,081		2,122,102
Series 2022-3, Class A1, 5.00%, 08/25/2067^(b)(h)		3,641,707		3,424,927
Extended Stay America Trust, Series 2021-ESH, Class B, 4.79% (1 mo. USD LIBOR + 1.38%), 07/15/2038^(b)(d)		1,688,813		1,605,888

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


15		Invesco Core Bond Fund


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


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

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


16		Invesco Core Bond Fund


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


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

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


17		Invesco Core Bond Fund


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


	Principal Amount		Value

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

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


18		Invesco Core Bond Fund


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


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

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


19		Invesco Core Bond Fund


	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–0.09%
6.00%, 07/01/2024 to 11/01/2037	$	62,179	$	63,499
9.00%, 01/01/2025 to 05/01/2025		759		773
6.50%, 07/01/2028 to 04/01/2034		73,018		75,438
7.00%, 10/01/2031 to 10/01/2037		716,213		746,084
5.50%, 09/01/2039		396,014		405,245

				1,291,039

Federal National Mortgage Association (FNMA)–0.67%
6.50%, 12/01/2029 to 11/01/2031		490,973		506,664
7.50%, 01/01/2033 to 08/01/2033		520,492		541,212
7.00%, 04/01/2033 to 04/01/2034		306,622		316,625
5.50%, 02/01/2035 to 05/01/2036		386,023		395,154
4.00%, 05/01/2052		9,156,842		8,380,010

				10,139,665

Government National Mortgage Association (GNMA)–3.97%
ARM, 2.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2025 to 07/20/2027^(d)		1,227		1,207
IO, 4.09% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032^(d)(j)		19,661		5
3.14% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(d)(j)		607,372		41,445
3.24% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(d)(j)		1,773,488		99,777
4.50%, 09/16/2047^(j)		2,727,636		466,998
2.79% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(d)(j)		2,250,365		184,025
TBA, 2.50%, 11/01/2052^(l)		69,445,000		58,865,970

				59,659,427

Uniform Mortgage-Backed Securities–20.63%
TBA, 2.50%, 11/01/2052^(l)		80,000,000		65,500,555
3.00%, 11/01/2052^(l)		80,000,000		68,018,750
4.00%, 11/01/2052^(l)		16,410,000		14,920,023
4.50%, 11/01/2052^(l)		16,409,000		15,396,257
5.00%, 11/01/2052^(l)		46,000,000		44,370,234
5.50%, 11/01/2052^(l)		59,800,000		58,998,452
6.00%, 11/01/2052^(l)		43,000,000		43,219,669
				310,423,940
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $403,783,846)				392,497,449

U.S. Treasury Securities–7.29%
U.S. Treasury Bonds–3.16%
3.38%, 08/15/2042		29,752,400		25,675,392
2.88%, 05/15/2052		28,266,200		21,946,054

				47,621,446


	Principal Amount		Value
U.S. Treasury Notes–4.13%
4.38%, 10/31/2024	$	27,155,000	$	27,099,843
4.25%, 10/15/2025		10,400		10,346
4.13%, 09/30/2027		0		0
4.13%, 10/31/2027		34,018,600		33,843,192
3.88%, 09/30/2029		0		0
4.00%, 10/31/2029		831,200		823,472
2.75%, 08/15/2032		343,300		307,253

				62,084,106
Total U.S. Treasury Securities (Cost $117,405,531)				109,705,552

Agency Credit Risk Transfer Notes–0.79%
Fannie Mae Connecticut Avenue Securities,
Series 2016-C02, Class 1M2, 9.59% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(d)		1,173,089		1,212,631
Series 2022-R03, Class 1M1, 5.10% (30 Day Average SOFR + 2.10%), 03/25/2042^(b)(d)		4,090,313		4,036,870
Series 2022-R04, Class 1M1, 5.00% (30 Day Average SOFR + 2.00%), 03/25/2042^(b)(d)		2,122,119		2,087,307
Freddie Mac,
Series 2014-DN3, Class M3, STACR^®, 7.59% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(d)		570,679		570,961
Series 2022-DNA3, Class M1A, STACR^®, 5.00% (30 Day Average SOFR + 2.00%), 04/25/2042^(b)(d)		3,018,368		2,960,034
Series 2022-DNA6, Class M1, STACR^®, 5.15% (30 Day Average SOFR + 2.15%), 09/25/2042^(b)(d)		999,546		992,834
Total Agency Credit Risk Transfer Notes (Cost $12,084,034)				11,860,637

Municipal Obligations–0.51%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		1,370,000		1,157,111
Series 2022, RB, 4.35%, 06/01/2041		995,000		817,997
California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052		1,725,000		1,000,174
Series 2021 B, Ref. RB, 2.94%, 11/01/2052		2,585,000		1,596,339
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		4,965,000		3,159,150
Total Municipal Obligations (Cost $11,640,000)				7,730,771

	Shares
Preferred Stocks–0.28%
Asset Management & Custody Banks–0.08%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(c)		1,173,000		1,126,080

Investment Banking & Brokerage–0.11%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(c)		2,214,000		1,647,216

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


20		Invesco Core Bond Fund


	Shares		Value

Other Diversified Financial Services–0.09%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(c)		1,502,000	$	1,400,615

Total Preferred Stocks (Cost $4,889,000)				4,173,911


Money Market Funds–7.92%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(m)(n)		42,417,738		42,417,738
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(m)(n)		28,197,126		28,202,765


	Shares		Value

Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 3.08%^(m)(n)		48,477,414	$	48,477,414
Total Money Market Funds (Cost $119,087,974)				119,097,917

TOTAL INVESTMENTS IN SECURITIES-124.25% (Cost $2,044,575,898)				1,869,521,648

OTHER ASSETS LESS LIABILITIES-(24.25)%				(364,826,856	)

NET ASSETS–100.00%			$	1,504,694,792


Investment Abbreviations:

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

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $491,821,337, which represented 32.69% of the Fund’s Net Assets.

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

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

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

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

^(g)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2022.

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

⁽ⁱ⁾

Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2022.

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

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

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

^(m)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	120,599,560	$	188,957,598	$	(267,139,420	)	$	-	$	-	$	42,417,738	$	509,808

Invesco Liquid Assets Portfolio, Institutional Class		84,066,037		134,969,712		(190,813,870	)		17,612		(36,726)		28,202,765		344,431

Invesco Treasury Portfolio, Institutional Class		137,828,068		215,951,540		(305,302,194	)		-		-		48,477,414		552,964

Total	$	342,493,665	$	539,878,850	$	(763,255,484	)	$	17,612	$	(36,726)	$	119,097,917	$	1,407,203

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

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


21		Invesco Core Bond Fund


Open Futures Contracts^(a)

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

Interest Rate Risk

U.S. Treasury 2 Year Notes	29	December-2022	$	5,927,102		$	(126,064	)	$	(126,064	)

U.S. Treasury 5 Year Notes	142	December-2022		15,136,312			(12,598	)		(12,598	)

U.S. Treasury 10 Year Notes	680	December-2022		75,203,750			(3,254,193	)		(3,254,193	)

U.S. Treasury Long Bonds	227	December-2022		27,353,500			(2,270,844	)		(2,270,844	)

Subtotal-Long Futures Contracts							(5,663,699	)		(5,663,699	)


Short Futures Contracts

Interest Rate Risk

U.S. Treasury 10 Year Ultra Notes	966	December-2022		(112,040,906	)		6,523,152			6,523,152

U.S. Treasury Ultra Bonds	3	December-2022		(382,969	)		(1,796	)		(1,796	)

Subtotal-Short Futures Contracts							6,521,356			6,521,356

Total Futures Contracts						$	857,657		$	857,657

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

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


22		Invesco Core Bond Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $ 1,925,487,924)	$	1,750,423,731

Investments in affiliated money market funds, at value (Cost $ 119,087,974)		119,097,917

Other investments:
Variation margin receivable – futures contracts		2,478,355

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,202,944

Cash collateral – TBA commitments		3,088,000

Cash		13,914,797

Receivable for:
Investments sold		96,351,563

Fund shares sold		15,564,493

Dividends		372,884

Interest		9,920,397

Principal paydowns		1,210

Investment for trustee deferred compensation and retirement plans		123,185

Other assets		92,264


Total assets		2,012,631,740



Liabilities:
Payable for:
Investments purchased		128,565,076

TBA sales commitment		375,295,253

Dividends		746,072

Fund shares reacquired		2,379,987

Accrued fees to affiliates		657,262

Accrued trustees’ and officers’ fees and benefits		1,714

Accrued other operating expenses		168,399

Trustee deferred compensation and retirement plans		123,185


Total liabilities		507,936,948


Net assets applicable to shares outstanding	$	1,504,694,792


Net assets consist of:
Shares of beneficial interest	$	1,865,058,094

Distributable earnings (loss)		(360,363,302	)


	$	1,504,694,792



Net Assets:
Class A	$	566,063,913


Class C	$	41,619,597


Class R	$	68,228,060


Class Y	$	544,604,961


Class R5	$	13,606


Class R6	$	284,164,655



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		102,821,952


Class C		7,553,158


Class R		12,397,398


Class Y		99,541,575


Class R5		2,472


Class R6		51,654,699


Class A:
Net asset value per share	$	5.51

Maximum offering price per share (Net asset value of $5.51 ÷ 95.75%)	$	5.75


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


Class R:
Net asset value and offering price per share	$	5.50


Class Y:
Net asset value and offering price per share	$	5.47


Class R5:
Net asset value and offering price per share	$	5.50


Class R6:
Net asset value and offering price per share	$	5.50

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


23		Invesco Core Bond Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest (net of foreign withholding taxes of $(1,105))	$	47,390,688


Dividends from affiliated money market funds		1,407,203


Total investment income		48,797,891



Expenses:
Advisory fees		5,842,638


Administrative services fees		243,953


Custodian fees		18,287


Distribution fees:
Class A		1,642,689


Class C		541,799


Class R		386,062


Transfer agent fees – A, C, R and Y		2,279,149


Transfer agent fees – R5		11


Transfer agent fees – R6		92,483


Trustees’ and officers’ fees and benefits		33,287


Registration and filing fees		183,806


Reports to shareholders		73,025


Professional services fees		92,209


Other		26,525


Total expenses		11,455,923


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,395,660	)


Net expenses		10,060,263


Net investment income		38,737,628



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(165,046,819	)


Affiliated investment securities		(36,726	)


Foreign currencies		5,821


Forward foreign currency contracts		348,997


Futures contracts		(16,780,752	)


		(181,509,479	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(181,536,928	)


Affiliated investment securities		17,612


Futures contracts		2,619,625


		(178,899,691	)


Net realized and unrealized gain (loss)		(360,409,170	)


Net increase (decrease) in net assets resulting from operations	$	(321,671,542	)

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


24		Invesco Core Bond Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	38,737,628		$	25,808,194


Net realized gain (loss)		(181,509,479	)		2,794,380


Change in net unrealized appreciation (depreciation)		(178,899,691	)		(24,947,671	)


Net increase (decrease) in net assets resulting from operations		(321,671,542	)		3,654,903



Distributions to shareholders from distributable earnings:
Class A		(16,307,502	)		(24,735,941	)


Class C		(896,446	)		(2,206,867	)


Class R		(1,685,982	)		(2,304,208	)


Class Y		(16,570,288	)		(23,138,369	)


Class R5		(416	)		(601	)


Class R6		(8,105,449	)		(9,852,844	)


Total distributions from distributable earnings		(43,566,083	)		(62,238,830	)



Share transactions–net:
Class A		(52,098,582	)		20,914,652


Class C		(15,137,193	)		(24,232,213	)


Class R		72,409			8,288,547


Class Y		(45,598,670	)		119,908,386


Class R6		35,989,122			56,640,636


Net increase (decrease) in net assets resulting from share transactions		(76,772,914	)		181,520,008


Net increase (decrease) in net assets		(442,010,539	)		122,936,081



Net assets:
Beginning of year		1,946,705,331			1,823,769,250


End of year	$	1,504,694,792		$	1,946,705,331

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


25		Invesco Core Bond Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover^(d)^(e)
Class A
Year ended 10/31/22	$	6.84	$	0.13	$	(1.31	)	$	(1.18	)	$	(0.15	)	$	–		$	(0.15	)	$	5.51		(17.43	)%	$	566,064		0.69	%		0.79	%		2.17	%		413	%
Year ended 10/31/21		7.05		0.09		(0.08	)		0.01			(0.10	)		(0.12	)		(0.22	)		6.84		0.15			760,690		0.72			0.79			1.23			526
Year ended 10/31/20		7.03		0.14		0.37			0.51			(0.15	)		(0.34	)		(0.49	)		7.05		7.36	^(f)		763,731		0.74	^(f)		0.80	^(f)		1.98	(f)		397
Ten months ended 10/31/19		6.57		0.17		0.46			0.63			(0.17	)		–			(0.17	)		7.03		9.73			563,054		0.75	^(g)		0.81	^(g)		2.95	^(g)		86
Year ended 12/31/18		6.86		0.21		(0.29	)		(0.08	)		(0.21	)		–			(0.21	)		6.57		(1.12	)		478,723		0.75			0.80			3.18			64
Year ended 12/31/17		6.76		0.18		0.11			0.29			(0.19	)		–			(0.19	)		6.86		4.29			561,713		0.77			0.87			2.62			86
Class C
Year ended 10/31/22		6.84		0.09		(1.32	)		(1.23	)		(0.10	)		–			(0.10	)		5.51		(18.07	)		41,620		1.44			1.54			1.42			413
Year ended 10/31/21		7.05		0.03		(0.07	)		(0.04	)		(0.05	)		(0.12	)		(0.17	)		6.84		(0.64	)		68,167		1.48			1.54			0.47			526
Year ended 10/31/20		7.03		0.08		0.37			0.45			(0.09	)		(0.34	)		(0.43	)		7.05		6.51			94,978		1.55			1.56			1.17			397
Ten months ended 10/31/19		6.58		0.12		0.46			0.58			(0.13	)		–			(0.13	)		7.03		8.85			75,026		1.54	^(g)		1.56	^(g)		2.15	^(g)		86
Year ended 12/31/18		6.87		0.16		(0.29	)		(0.13	)		(0.16	)		–			(0.16	)		6.58		(1.90	)		91,596		1.55			1.55			2.38			64
Year ended 12/31/17		6.77		0.12		0.11			0.23			(0.13	)		–			(0.13	)		6.87		3.43			109,888		1.60			1.63			1.79			86
Class R
Year ended 10/31/22		6.83		0.12		(1.31	)		(1.19	)		(0.14	)		–			(0.14	)		5.50		(17.68	)		68,228		0.94			1.04			1.92			413
Year ended 10/31/21		7.04		0.07		(0.08	)		(0.01	)		(0.08	)		(0.12	)		(0.20	)		6.83		(0.14	)		84,671		0.98			1.04			0.97			526
Year ended 10/31/20		7.03		0.12		0.36			0.48			(0.13	)		(0.34	)		(0.47	)		7.04		6.90			78,849		1.04			1.06			1.68			397
Ten months ended 10/31/19		6.57		0.15		0.47			0.62			(0.16	)		–			(0.16	)		7.03		9.47			58,568		1.05	^(g)		1.07	^(g)		2.66	^(g)		86
Year ended 12/31/18		6.86		0.19		(0.29	)		(0.10	)		(0.19	)		–			(0.19	)		6.57		(1.41	)		52,539		1.05			1.05			2.88			64
Year ended 12/31/17		6.76		0.16		0.10			0.26			(0.16	)		–			(0.16	)		6.86		3.95			61,691		1.10			1.12			2.29			86
Class Y
Year ended 10/31/22		6.79		0.15		(1.30	)		(1.15	)		(0.17	)		–			(0.17	)		5.47		(17.21	)		544,605		0.44			0.54			2.42			413
Year ended 10/31/21		7.00		0.10		(0.07	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.79		0.43			721,456		0.43			0.54			1.52			526
Year ended 10/31/20		6.99		0.16		0.36			0.52			(0.17	)		(0.34	)		(0.51	)		7.00		7.56			622,504		0.44			0.56			2.28			397
Ten months ended 10/31/19		6.53		0.18		0.47			0.65			(0.19	)		–			(0.19	)		6.99		10.05			528,791		0.45	^(g)		0.56	^(g)		3.25	^(g)		86
Year ended 12/31/18		6.82		0.23		(0.29	)		(0.06	)		(0.23	)		–			(0.23	)		6.53		(0.84	)		413,373		0.45			0.55			3.48			64
Year ended 12/31/17		6.72		0.20		0.11			0.31			(0.21	)		–			(0.21	)		6.82		4.60			343,689		0.48			0.62			2.93			86
Class R5
Year ended 10/31/22		6.84		0.15		(1.32	)		(1.17	)		(0.17	)		–			(0.17	)		5.50		(17.36	)		14		0.44			0.45			2.42			413
Year ended 10/31/21		7.05		0.11		(0.08	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.84		0.46			17		0.41			0.43			1.54			526
Year ended 10/31/20		7.03		0.16		0.37			0.53			(0.17	)		(0.34	)		(0.51	)		7.05		7.71			17		0.43			0.44			2.29			397
Period ended 10/31/19^(h)		6.81		0.10		0.21			0.31			(0.09	)		–			(0.09	)		7.03		4.60			19		0.40	^(g)		0.41	^(g)		3.29	^(g)		86
Class R6
Year ended 10/31/22		6.83		0.15		(1.31	)		(1.16	)		(0.17	)		–			(0.17	)		5.50		(17.22	)		284,165		0.40			0.41			2.46			413
Year ended 10/31/21		7.04		0.11		(0.08	)		0.03			(0.12	)		(0.12	)		(0.24	)		6.83		0.48			311,703		0.38			0.40			1.57			526
Year ended 10/31/20		7.02		0.17		0.36			0.53			(0.17	)		(0.34	)		(0.51	)		7.04		7.76			263,690		0.38			0.39			2.34			397
Ten months ended 10/31/19		6.57		0.19		0.45			0.64			(0.19	)		–			(0.19	)		7.02		9.91			968,348		0.38	^(g)		0.39	^(g)		3.31	^(g)		86
Year ended 12/31/18		6.86		0.23		(0.28	)		(0.05	)		(0.24	)		–			(0.24	)		6.57		(0.77	)		902,457		0.40			0.41			3.53			64
Year ended 12/31/17		6.75		0.20		0.12			0.32			(0.21	)		–			(0.21	)		6.86		4.81			993,755		0.42			0.43			2.98			86

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

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

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

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

^(g)	Annualized.

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

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


26		Invesco Core Bond Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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


27		Invesco Core Bond Fund

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

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

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

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

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

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.

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

Accounting Estimates – The 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

currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

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

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

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

Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

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

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

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

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

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


29		Invesco Core Bond Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*

Up to $500 million		0.400%

Next $500 million		0.350%

Next $4 billion		0.330%

Over $5 billion		0.310%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.34%.

The Adviser has contractually agreed, through February 29, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.70%, 1.45%, 0.95%, 0.45%, 0.45% and 0.45%, respectively of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended October 31, 2022, the Adviser waived advisory fees of $114,867 and reimbursed class level expenses of $589,074, $49,559, $71,608, $564,238, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $55,592 in front-end sales commissions from the sale of Class A shares and $13,208 and $2,390 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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


30		Invesco Core Bond Fund

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2		Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–		$	791,569,384	$	7,457,467	$	799,026,851
Asset-Backed Securities		–			419,935,560		5,493,000		425,428,560
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			392,497,449		–		392,497,449
U.S. Treasury Securities		–			109,705,552		–		109,705,552
Agency Credit Risk Transfer Notes		–			11,860,637		–		11,860,637
Municipal Obligations		–			7,730,771		–		7,730,771
Preferred Stocks		–			4,173,911		–		4,173,911
Money Market Funds		119,097,917			–		–		119,097,917


Total Investments in Securities		119,097,917			1,737,473,264		12,950,467		1,869,521,648



Other Investments - Assets*


Futures Contracts		6,523,152			–		–		6,523,152



Other Investments - Liabilities*


Futures Contracts		(5,665,495	)		–		–		(5,665,495	)


Total Other Investments		857,657			–		–		857,657


Total Investments		$119,955,574		$	1,737,473,264		$12,950,467	$	1,870,379,305

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
Derivative Assets	Interest Rate Risk


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	6,523,152

Derivatives not subject to master netting agreements		(6,523,152	)

Total Derivative Assets subject to master netting agreements	$	–


	Value
Derivative Liabilities	Interest Rate Risk


Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	(5,665,495	)

Derivatives not subject to master netting agreements		5,665,495

Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the year ended October 31, 2022

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	348,997		$	-		$	348,997
Futures contracts		-			(16,780,752	)		(16,780,752	)

Options purchased^(a)		(364,308	)		-			(364,308	)


31		Invesco Core Bond Fund


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Change in Net Unrealized Appreciation:

Futures contracts	$	-		$	2,619,625		$	2,619,625

Total	$	(15,311	)	$	(14,161,127	)	$	(14,176,438	)

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

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


	Forward Foreign Currency Contracts		Futures Contracts		Foreign Currency Options Purchased

Average notional value	$	88,919,871	$	332,797,313	$	63,917,326

NOTE 5–Expense Offset Arrangement(s)

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, 2022 and 2021:


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

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

Tax Components of Net Assets at Period-End:


	2022

Undistributed ordinary income	$	5,479,549

Net unrealized appreciation (depreciation) – investments		(182,843,559	)

Temporary book/tax differences		(120,270	)

Capital loss carryforward		(182,879,022	)

Shares of beneficial interest		1,865,058,094

Total net assets	$	1,504,694,792


32		Invesco Core Bond Fund

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	142,619,694	$	40,259,328	$	182,879,022

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,329,567,295 and $1,152,855,810, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	8,274,663

Aggregate unrealized (depreciation) of investments		(191,118,222	)

Net unrealized appreciation (depreciation) of investments	$	(182,843,559	)

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

NOTE 10–Reclassification of Permanent Differences

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

NOTE 11–Share Information


	Summary of Share Activity
	Year ended October 31, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		17,838,489		$	112,639,168			27,406,232		$	190,173,947
Class C		1,518,947			9,458,524			2,879,515			20,058,954
Class R		2,842,778			17,892,812			4,484,685			31,028,788
Class Y		74,333,819			455,512,781			64,678,895			444,839,834

Class R6		26,237,706			160,963,443			23,117,686			159,761,711
Issued as reinvestment of dividends:
Class A		2,390,857			14,761,196			3,282,857			22,851,333
Class C		131,458			814,804			293,791			2,053,420
Class R		271,732			1,673,246			329,541			2,294,068
Class Y		1,923,761			11,825,056			2,624,583			18,148,874

Class R6		1,043,833			6,429,314			1,103,448			7,669,664
Automatic conversion of Class C shares to Class A shares:
Class A		900,361			5,642,658			2,779,739			19,353,054

Class C		(899,544	)		(5,642,658	)		(2,776,541	)		(19,353,054	)
Reacquired:
Class A		(29,586,157	)		(185,141,604	)		(30,584,046	)		(211,463,682	)
Class C		(3,162,356	)		(19,767,863	)		(3,903,685	)		(26,991,533	)
Class R		(3,109,203	)		(19,493,649	)		(3,619,662	)		(25,034,309	)
Class Y		(82,922,888	)		(512,936,507	)		(49,988,861	)		(343,080,322	)

Class R6		(21,257,303	)		(131,403,635	)		(16,037,206	)		(110,790,739	)

Net increase (decrease) in share activity		(11,503,710	)	$	(76,772,914	)		26,070,971		$	181,520,008

^(a)

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


33		Invesco Core Bond Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Financial Highlights

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

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

Basis for Opinion

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

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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

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


35		Invesco Core Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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


36		Invesco Core Bond Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

D.	Economies of Scale and Breakpoints

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.

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.


37		Invesco Core Bond Fund

Tax Information

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

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

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


Federal and State Income Tax
Qualified Dividend Income*			5.86%
Corporate Dividends Received Deduction*			5.00%
U.S. Treasury Obligations*			12.34%
Qualified Business Income*			0.00%
Business Interest Income*			82.14%

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


38		Invesco Core Bond Fund

Trustees and Officers


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

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


T-1		Invesco Core Bond Fund

Trustees and Officers—(continued)


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


T-2		Invesco Core Bond Fund

Trustees and Officers—(continued)


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


T-3		Invesco Core Bond Fund

Trustees and Officers—(continued)


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


T-4		Invesco Core Bond Fund

Trustees and Officers—(continued)


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


T-5		Invesco Core Bond Fund

Trustees and Officers—(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Core Bond Fund

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

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Annual Report to Shareholders		October 31, 2022

Invesco Developing Markets Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

11		Consolidated Financial Statements

14		Consolidated Financial Highlights

15		Notes to Consolidated Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Approval of Investment Advisory and Sub-Advisory Contracts

27		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Developing Markets Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-38.24	%
Class C Shares	-38.70
Class R Shares	-38.39
Class Y Shares	-38.08
Class R5 Shares	-37.94
Class R6 Shares	-37.98
MSCI Emerging Markets Index^▼	-31.03

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

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

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

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

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

emerging market equities were both in negative territory.

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

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

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

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

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

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

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

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

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

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

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


2		Invesco Developing Markets Fund

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

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

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

Portfolio manager(s):

Justin Leverenz

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


3		Invesco Developing Markets Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (11/18/96)	8.67	%
10 Years	-0.29
5 Years	-5.55
1 Year	-41.64

Class C Shares
Inception (11/18/96)	8.65	%
10 Years	-0.32
5 Years	-5.19
1 Year	-39.28

Class R Shares
Inception (3/1/01)	7.69	%
10 Years	0.02
5 Years	-4.71
1 Year	-38.39

Class Y Shares
Inception (9/7/05)	5.36	%
10 Years	0.54
5 Years	-4.23
1 Year	-38.08

Class R5 Shares
10 Years	0.40	%
5 Years	-4.24
1 Year	-37.94

Class R6 Shares
Inception (12/29/11)	2.15	%
10 Years	0.70
5 Years	-4.09
1 Year	-37.98

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

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

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 Developing Markets Fund

Supplemental Information

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

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

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

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

About indexes used in this report

∎	The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Developing Markets Fund

Fund Information

Portfolio Composition


By sector				% of total net assets

Financials				22.62%

Information Technology				21.18

Consumer Discretionary				16.62

Materials				9.53

Consumer Staples				9.20

Health Care				6.09

Communication Services				5.19

Industrials				4.97

Other Sectors, Each Less than 2% of Net Assets				1.36

Money Market Funds Plus Other Assets Less Liabilities				3.24

Top 10 Equity Holdings*


		% of total net assets

1.	Housing Development Finance Corp. Ltd.	8.92%

2.	Taiwan Semiconductor Manufacturing Co. Ltd.	6.48

3.	Kotak Mahindra Bank Ltd.	6.37

4.	Yum China Holdings, Inc.	5.46

5.	Tata Consultancy Services Ltd.	5.24

6.	Grupo Mexico S.A.B. de C.V., Class B	4.51

7.	Pernod Ricard S.A.	4.11

8.	Samsung Electronics Co. Ltd.	3.49

9.	H World Group Ltd., ADR	3.12

10.	ZTO Express (Cayman), Inc., ADR	2.72

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Developing Markets Fund

Consolidated Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–95.60%
Belgium–0.40%
Anheuser-Busch InBev S.A./N.V.		1,832,252	$	91,774,653



Brazil–7.98%
Ambev S.A.		139,047,690		430,696,552


Banco Bradesco S.A., Preference Shares		109,331,729		420,351,977


Lojas Renner S.A.		41,138,483		246,090,238


NU Holdings Ltd., Class A^(a)		40,742,954		203,714,770


Vale S.A., ADR		34,476,996		446,132,328


WEG S.A.		10,019,978		78,134,685


				1,825,120,550



Chile–0.47%
Antofagasta PLC		6,208,369		83,558,550


Banco Santander Chile		649,718,381		23,399,096


				106,957,646



China–20.11%
BeiGene Ltd., ADR (Acquired 01/04/2021-08/04/2021; Cost $724,027,817)^(a)(b)		2,235,297		377,519,310


Brii Biosciences Ltd.^(a)		40,372,238		28,764,141


H World Group Ltd.		1,984,000		5,423,890


H World Group Ltd., ADR^(c)(d)		26,367,347		714,027,757


Meituan, B Shares^(a)(e)		24,176,100		384,575,800


MicroTech Medical Hangzhou Co. Ltd., H Shares^(a)(e)		7,517,400		5,833,093


NetEase, Inc., ADR		9,063,153		504,092,570


New Horizon Health Ltd.^(a)(e)		12,827,500		28,539,988


Silergy Corp.		8,562,000		98,473,256


Sunny Optical Technology Group Co. Ltd.		5,855,000		50,791,781


Tencent Holdings Ltd.		4,206,158		110,368,590


Wuxi Biologics Cayman, Inc.^(a)(e)		48,709,000		220,359,767


Yum China Holdings, Inc.^(c)		30,183,310		1,248,079,869


Zai Lab Ltd., ADR (Acquired 04/22/2021-01/21/2022; Cost $847,529,843)^(a)(b)(c)		7,244,731		161,412,607


ZTO Express (Cayman), Inc.		2,473,482		41,929,651


ZTO Express (Cayman), Inc., ADR^(c)		36,797,774		621,514,403


				4,601,706,473



France–5.36%
Kering S.A.		273,383		125,137,202


L’Oreal S.A.		49,577		15,565,390


Pernod Ricard S.A.		5,357,784		940,009,407


TotalEnergies SE		2,647,242		144,672,507


				1,225,384,506



Hong Kong–1.62%
AIA Group Ltd.		48,992,200		369,974,316



India–24.81%
Delhivery Ltd.^(e)		4,814,900		20,021,003


Housing Development Finance Corp. Ltd.		68,477,338		2,041,513,479


Infosys Ltd.		30,849,933		572,294,637


Kotak Mahindra Bank Ltd.		63,390,950		1,458,033,997


	Shares		Value


India–(continued)
Oberoi Realty Ltd.^(c)		14,966,740	$	167,067,876


Pine Labs Pvt. Ltd. (Acquired 09/09/2021; Cost $49,999,780)^(b)(f)		134,098		62,853,388


Tata Consultancy Services Ltd.		31,072,921		1,197,648,432


Zee Entertainment Enterprises Ltd.^(c)		49,112,015		155,536,647


				5,674,969,459



Indonesia–0.87%
PT Bank Central Asia Tbk		353,549,900		199,221,034



Italy–1.73%
Ermenegildo Zegna N.V.		5,142,215		56,358,677


PRADA S.p.A.		74,536,610		338,762,262


				395,120,939



Japan–0.11%
Daiichi Sankyo Co. Ltd.		790,400		25,344,584



Mexico–8.50%
America Movil S.A.B. de C.V., Class L, ADR		17,183,161		323,215,258


Fomento Economico Mexicano S.A.B. de C.V., Series CPO		1,881,075		13,503,523


Grupo Mexico S.A.B. de C.V., Class B		284,733,475		1,032,272,019


Wal-Mart de Mexico S.A.B. de C.V., Series V		149,212,434		576,350,254


				1,945,341,054



Peru–0.93%
Credicorp Ltd.		1,462,117		213,995,444



Philippines–1.64%
SM Investments Corp.		26,325,832		374,537,053



Russia–0.00%
Novatek PJSC, GDR^(a)(e)(f)		8,262,941		8


Polyus PJSC, GDR^(a)(e)(f)		1,319,684		1


Sberbank of Russia PJSC^(a)(f)		4,942,538		5


TCS Group Holding PLC, GDR^(e)(f)		2,747,795		3


Yandex N.V., Class A^(a)(c)(f)		22,810,295		23


				40



South Africa–1.08%
FirstRand Ltd.		70,724,711		247,961,574



South Korea–8.84%
Coupang, Inc.^(a)		1,322,159		22,833,686


LG Chem Ltd.		1,408,666		617,264,441


LG H&H Co. Ltd.		101,100		36,103,595


NAVER Corp.		813,013		96,380,019


Samsung Biologics Co. Ltd.^(a)(e)		737,047		452,927,843


Samsung Electronics Co. Ltd.		19,176,496		797,425,876


				2,022,935,460



Switzerland–2.28%
Cie Financiere Richemont S.A.		5,260,240		514,493,339


Cie Financiere Richemont S.A., Wts., expiring 11/22/2023^(a)		15,598,668		7,633,043


				522,126,382

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


8		Invesco Developing Markets Fund


	Shares		Value


Taiwan–8.76%
MediaTek, Inc.		28,620,000	$	521,436,753


Taiwan Semiconductor Manufacturing Co. Ltd.		123,165,429		1,482,185,176


				2,003,621,929



United Kingdom–0.11%
AstraZeneca PLC, ADR		416,351		24,485,602


Total Common Stocks & Other Equity Interests (Cost $21,177,712,945)				21,870,578,698



Preferred Stocks–1.16%
China–0.29%
Abogen Therapeutics Ltd., Series C, Pfd. (Acquired 08/02/2021; Cost $65,429,977)^(b)(f)		1,436,122		65,429,977



India–0.87%
Bundl Technologies Pvt. Ltd., Series K, Pfd. (Acquired 01/00/1900; Cost $0)^(b)(f)		28,844		137,270,644


Pine Labs Pvt. Ltd., Series K, Pfd. (Acquired 09/09/2021; Cost $50,000,355)^(b)(f)		103,185		62,854,111


				200,124,755


Total Preferred Stocks (Cost $305,907,589)				265,554,732


	Shares		Value


Money Market Funds–2.67%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(g)		210,074,808	$	210,074,808


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(c)(g)		160,840,446		160,872,614


Invesco Treasury Portfolio, Institutional Class, 3.08%^(c)(g)		240,085,494		240,085,494


Total Money Market Funds (Cost $610,984,975)				611,032,916


TOTAL INVESTMENTS IN SECURITIES–99.43% (Cost $22,094,605,509)				22,747,166,346


OTHER ASSETS LESS LIABILITIES–0.57%				129,291,678


NET ASSETS–100.00%			$	22,876,458,024


Investment Abbreviations:

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

Notes to Consolidated Schedule of Investments:

^(a)	Non-income producing security.

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

^(c)

Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022.


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

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


9		Invesco Developing Markets Fund


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Other Affiliates:
Alsea S.A.B. de C.V.*	$	134,539,605	$	-	$	(122,524,060	)	$	24,982,311		$	(36,997,856	)	$	-	$	-
Grab Holdings, Inc., Class H, Pfd*		1,545,865,618		-		(645,131,084	)		(900,734,534	)		-			-		-
H World Group Ltd., ADR		1,284,440,610		7,597,532		(65,106,251	)		(522,891,762	)		9,987,628			714,027,757		5,264,101
Lojas Americanas S.A., Preference Shares*		130,156,093		-		(248,742,693	)		118,586,600			-			-		-
Oberoi Realty Ltd.*		257,865,739		-		(79,018,999	)		(45,630,325	)		33,851,461			167,067,876		521,009
Pagseguro Digital Ltd., Class A*		463,106,781		-		(146,268,570	)		1,362,034			(318,200,245	)		-		-
Yandex N.V., Class A		1,868,397,880		43,525,035		(42,437,347	)		(1,863,937,678	)		(5,547,867	)		23		-
Yum China Holdings, Inc.		1,671,168,604		44,114,387		-			(467,203,122	)		-			1,248,079,869		14,379,310
Zai Lab Ltd., ADR		550,795,399		142,890,266		-			(532,273,058	)		-			161,412,607		-
Zee Entertainment Enterprises Ltd.		691,264,774		-		(420,757,383	)		(63,806,124	)		(51,164,620	)		155,536,647		2,864,114
ZTO Express (Cayman), Inc., ADR		745,433,095		292,462,158		(30,639,721	)		(395,980,569	)		10,239,440			621,514,403		6,224,754
Total	$	9,891,892,159	$	7,948,982,072	$	(9,156,803,008	)	$	(4,647,477,713	)	$	(357,921,412	)	$	3,678,672,098	$	36,608,053

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

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

^(e)

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

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

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

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


10		Invesco Developing Markets Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $17,112,545,228)	$	19,235,562,124


Investments in affiliates, at value (Cost $4,982,060,281)		3,511,604,222


Cash		72,541,564


Foreign currencies, at value (Cost $126,588,872)		120,839,911


Receivable for:
Investments sold		268,959,990


Fund shares sold		35,964,286


Dividends		34,890,148


Investment for trustee deferred compensation and retirement plans		1,185,550


Other assets		176,392


Total assets		23,281,724,187



Liabilities:

Payable for:
Investments purchased		134,648,776


Fund shares reacquired		57,356,865


Accrued foreign taxes		193,211,924


Accrued fees to affiliates		10,917,302


Accrued trustees’ and officers’ fees and benefits		297,473


Accrued other operating expenses		7,648,273


Trustee deferred compensation and retirement plans		1,185,550


Total liabilities		405,266,163


Net assets applicable to shares outstanding	$	22,876,458,024



Net assets consist of:

Shares of beneficial interest	$	23,634,711,656


Distributable earnings (loss)		(758,253,632	)


	$	22,876,458,024


Net Assets:

Class A	$	2,394,926,155


Class C	$	30,354,855


Class R	$	209,735,692


Class Y	$	10,871,572,857


Class R5	$	129,507


Class R6	$	9,369,738,958



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		76,141,794


Class C		1,070,527


Class R		7,006,312


Class Y		350,840,686


Class R5		4,110


Class R6		302,101,026


Class A:
Net asset value per share	$	31.45


Maximum offering price per share
(Net asset value of $31.45 ÷ 94.50%)	$	33.28


Class C:
Net asset value and offering price per share	$	28.36


Class R:
Net asset value and offering price per share	$	29.94


Class Y:
Net asset value and offering price per share	$	30.99


Class R5:
Net asset value and offering price per share	$	31.51


Class R6:
Net asset value and offering price per share	$	31.02

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


11		Invesco Developing Markets Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $67,395,021)	$	484,607,104


Dividends from affiliates (net of foreign withholding taxes of $800,310)		36,608,053


Total investment income		521,215,157



Expenses:

Advisory fees		269,687,998


Administrative services fees		5,042,400


Custodian fees		10,372,068


Distribution fees:
Class A		8,196,240


Class C		479,325


Class R		1,430,973


Transfer agent fees – A, C, R and Y		35,995,183


Transfer agent fees – R5		2,622


Transfer agent fees – R6		5,021,382


Trustees’ and officers’ fees and benefits		400,728


Registration and filing fees		530,766


Professional services fees		2,574,319


Other		90,688


Total expenses		339,824,692


Less: Fees waived and/or expense offset arrangement(s)		(686,723	)


Net expenses		339,137,969


Net investment income		182,077,188



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $24,755,971)		(922,312,080	)


Affiliated investment securities		(357,921,412	)


Foreign currencies		(17,510,786	)


Forward foreign currency contracts		337,044


		(1,297,407,234	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $163,493,564)		(11,537,103,949	)


Affiliated investment securities		(4,647,477,713	)


Foreign currencies		(8,797,933	)


		(16,193,379,595	)


Net realized and unrealized gain (loss)		(17,490,786,829	)


Net increase (decrease) in net assets resulting from operations	$	(17,308,709,641	)

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


12		Invesco Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	182,077,188		$	236,913,705


Net realized gain (loss)		(1,297,407,234	)		2,776,140,754


Change in net unrealized appreciation (depreciation)		(16,193,379,595	)		3,726,132,780


Net increase (decrease) in net assets resulting from operations		(17,308,709,641	)		6,739,187,239



Distributions to shareholders from distributable earnings:

Class A		(196,709,112	)		–


Class C		(3,347,754	)		–


Class R		(17,064,426	)		–


Class Y		(1,100,030,266	)		(48,200,764	)


Class R5		(502,518	)		(44,458	)


Class R6		(1,049,638,131	)		(70,287,598	)


Total distributions from distributable earnings		(2,367,292,207	)		(118,532,820	)



Share transactions–net:

Class A		(257,246,966	)		(363,923,954	)


Class C		(13,976,453	)		(191,599,552	)


Class R		(12,600,336	)		(73,578,715	)


Class Y		(2,926,163,579	)		1,599,558,338


Class R5		(8,363,219	)		(5,511,623	)


Class R6		(3,779,141,156	)		1,765,562,602


Net increase (decrease) in net assets resulting from share transactions		(6,997,491,709	)		2,730,507,096


Net increase (decrease) in net assets		(26,673,493,557	)		9,351,161,515



Net assets:

Beginning of year		49,549,951,581			40,198,790,066


End of year	$	22,876,458,024		$	49,549,951,581

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


13		Invesco Developing Markets Fund

Consolidated Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Year ended 10/31/22		$	53.50		$	0.08			$	(19.74	)		$	(19.66	)		$	(0.04	)		$	(2.35	)		$	(2.39	)		$	31.45		(38.24	)%		$	2,394,926		1.24	%		1.24	%		0.23	%		27	%
Year ended 10/31/21			45.84			0.11				7.55				7.66				–				–				–				53.50		16.71				4,467,836		1.20			1.20			0.20			38
Year ended 10/31/20			44.28			0.04				2.50				2.54				(0.11	)			(0.87	)			(0.98	)			45.84		5.75				4,130,292		1.22			1.22			0.08			30
Two months ended 10/31/19			42.05			0.06				2.17				2.23				–				–				–				44.28		5.30				4,881,008		1.24	^(e)		1.24	^(e)		0.80	^(e)		7
Year ended 08/31/19			42.01			0.14				0.01				0.15				(0.11	)			–				(0.11	)			42.05		0.34				4,686,134		1.27			1.27			0.34			28
Year ended 08/31/18			41.49			0.06				0.59				0.65				(0.13	)			–				(0.13	)			42.01		1.59				5,277,791		1.29			1.29			0.13			36
Class C
Year ended 10/31/22			48.79			(0.19	)			(17.89	)			(18.08	)			–				(2.35	)			(2.35	)			28.36		(38.70	)			30,355		1.99			1.99			(0.52	)		27
Year ended 10/31/21			42.11			(0.28	)			6.96				6.68				–				–				–				48.79		15.86				71,470		1.95			1.95			(0.55	)		38
Year ended 10/31/20			40.96			(0.27	)			2.29				2.02				–				(0.87	)			(0.87	)			42.11		4.93				225,906		1.97			1.97			(0.67	)		30
Two months ended 10/31/19			38.95			–				2.01				2.01				–				–				–				40.96		5.16				403,027		2.00	^(e)		2.00	^(e)		0.03	^(e)		7
Year ended 08/31/19			39.10			(0.16	)			0.01				(0.15	)			–				–				–				38.95		(0.41	)			493,169		2.02			2.02			(0.42	)		28
Year ended 08/31/18			38.79			(0.25	)			0.56				0.31				–				–				–				39.10		0.80				826,481		2.05			2.05			(0.62	)		36
Class R
Year ended 10/31/22			51.11			(0.01	)			(18.81	)			(18.82	)			–				(2.35	)			(2.35	)			29.94		(38.38	)			209,736		1.49			1.49			(0.02	)		27
Year ended 10/31/21			43.91			(0.03	)			7.23				7.20				–				–				–				51.11		16.40				379,043		1.45			1.45			(0.05	)		38
Year ended 10/31/20			42.48			(0.07	)			2.40				2.33				(0.03	)			(0.87	)			(0.90	)			43.91		5.49				387,506		1.47			1.47			(0.17	)		30
Two months ended 10/31/19			40.36			0.04				2.08				2.12				–				–				–				42.48		5.25				472,840		1.50	^(e)		1.50	^(e)		0.54	^(e)		7
Year ended 08/31/19			40.32			0.03				0.01				0.04				–				–				–				40.36		0.10				471,206		1.52			1.52			0.08			28
Year ended 08/31/18			39.84			(0.05	)			0.58				0.53				(0.05	)			–				(0.05	)			40.32		1.32				585,385		1.55			1.55			(0.12	)		36
Class Y
Year ended 10/31/22			52.78			0.19				(19.44	)			(19.25	)			(0.19	)			(2.35	)			(2.54	)			30.99		(38.08	)			10,871,573		0.99			0.99			0.48			27
Year ended 10/31/21			45.21			0.24				7.45				7.69				(0.12	)			–				(0.12	)			52.78		17.01				23,079,615		0.95			0.95			0.45			38
Year ended 10/31/20			43.70			0.14				2.48				2.62				(0.24	)			(0.87	)			(1.11	)			45.21		6.01				18,432,202		0.97			0.97			0.33			30
Two months ended 10/31/19			41.49			0.07				2.14				2.21				–				–				–				43.70		5.33				19,342,101		1.00	^(e)		1.00	^(e)		1.04	^(e)		7
Year ended 08/31/19			41.48			0.24				0.00				0.24				(0.23	)			–				(0.23	)			41.49		0.61				18,525,445		1.02			1.02			0.59			28
Year ended 08/31/18			40.98			0.16				0.59				0.75				(0.25	)			–				(0.25	)			41.48		1.82				17,898,340		1.05			1.05			0.38			36
Class R5
Year ended 10/31/22			53.52			0.26				(19.70	)			(19.44	)			(0.22	)			(2.35	)			(2.57	)			31.51		(37.93	)			130		0.89			0.89			0.58			27
Year ended 10/31/21			45.85			0.27				7.55				7.82				(0.15	)			–				(0.15	)			53.52		17.07				10,527		0.90			0.90			0.50			38
Year ended 10/31/20			44.33			0.17				2.52				2.69				(0.30	)			(0.87	)			(1.17	)			45.85		6.10				13,560		0.89			0.89			0.41			30
Two months ended 10/31/19			42.08			0.08				2.17				2.25				–				–				–				44.33		5.35				6,006		0.88	^(e)		0.88	^(e)		1.16	^(e)		7
Period ended 08/31/19^(f)			41.26			0.09				0.73				0.82				–				–				–				42.08		1.99				10		0.87	^(e)		0.87	^(e)		0.74	^(e)		28
Class R6
Year ended 10/31/22			52.83			0.25				(19.44	)			(19.19	)			(0.27	)			(2.35	)			(2.62	)			31.02		(37.98	)			9,369,739		0.84			0.84			0.63			27
Year ended 10/31/21			45.25			0.32				7.45				7.77				(0.19	)			–				(0.19	)			52.83		17.17				21,541,460		0.81			0.81			0.59			38
Year ended 10/31/20			43.75			0.21				2.48				2.69				(0.32	)			(0.87	)			(1.19	)			45.25		6.17				17,009,325		0.82			0.82			0.48			30
Two months ended 10/31/19			41.52			0.09				2.14				2.23				–				–				–				43.75		5.37				17,106,921		0.83	^(e)		0.83	^(e)		1.21	^(e)		7
Year ended 08/31/19			41.52			0.31				(0.01	)			0.30				(0.30	)			–				(0.30	)			41.52		0.77				16,224,242		0.86			0.86			0.75			28
Year ended 08/31/18			41.01			0.23				0.59				0.82				(0.31	)			–				(0.31	)			41.52		2.00				13,987,540		0.87			0.87			0.55			36

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	Annualized.

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

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


14		Invesco Developing Markets Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Developing Markets Fund(the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the OFI Global China Fund, LLC (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of Delaware. The Subsidiary may invest in companies established or operating in, or with significant exposure to, the People’s Republic of China or other developing markets countries. For operational efficiency and regulatory considerations, the Fund may gain access to such companies through an investment in the Subsidiary. The Fund may invest 10% of its total assets in the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

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

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


15		Invesco Developing Markets Fund

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

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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider,as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Consolidated Statement of Assets and Liabilities.

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

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


16		Invesco Developing Markets Fund

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

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*


First $ 250 million		1.000%


Next $250 million		0.950%


Next $500 million		0.900%


Next $6 billion		0.850%


Next $3 billion		0.800%


Next $20 billion		0.750%


Next $15 billion		0.740%


Over $45 billion		0.730%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

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


17		Invesco Developing Markets Fund

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $677,281.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $45,004 in front-end sales commissions from the sale of Class A shares and $11,996 and $1,527 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information


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


18		Invesco Developing Markets Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Belgium	$	–	$	91,774,653	$	–	$	91,774,653


Brazil		1,825,120,550		–		–		1,825,120,550


Chile		–		106,957,646		–		106,957,646


China		3,626,646,516		975,059,957		65,429,977		4,667,136,450


France		–		1,225,384,506		–		1,225,384,506


Hong Kong		–		369,974,316		–		369,974,316


India		20,021,003		5,592,095,068		262,978,143		5,875,094,214


Indonesia		–		199,221,034		–		199,221,034


Italy		56,358,677		338,762,262		–		395,120,939


Japan		–		25,344,584		–		25,344,584


Mexico		1,945,341,054		–		–		1,945,341,054


Peru		213,995,444		–		–		213,995,444


Philippines		–		374,537,053		–		374,537,053


Russia		–		–		40		40


South Africa		–		247,961,574		–		247,961,574


South Korea		22,833,686		2,000,101,774		–		2,022,935,460


Switzerland		522,126,382		–		–		522,126,382


Taiwan		–		2,003,621,929		–		2,003,621,929


United Kingdom		24,485,602		–		–		24,485,602


Money Market Funds		611,032,916		–		–		611,032,916


Total Investments	$	8,867,961,830	$	13,550,796,356	$	328,408,160	$	22,747,166,346

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended October 31, 2022:


	Value 10/31/21*		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3*			Transfers out of Level 3*	Value 10/31/22


Preferred Stocks	$	274,854,376	$	190,477,257	$	(142,000,717	)	$–	$	–		$	(57,776,184	)	$	–		$–	$	265,554,732


Common Stocks & Other Equity Interests		49,999,780		367,216,785		(496,793,614	)	–		(45,836,186	)		(4,493,221,764	)		4,681,488,427	**	–		62,853,428


Total	$	324,854,156	$	557,694,042	$	(638,794,331	)	$–	$	(45,836,186	)	$	(4,550,997,948	)	$	4,681,488,427		$–	$	328,408,160

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

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

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

NOTE 4–Derivative Investments

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

Effect of Derivative Investments for the year ended October 31, 2022

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


	Location of Gain on Consolidated Statement of Operations
	Currency Risk


Realized Gain:
Forward foreign currency contracts		$337,044

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


		Forward Foreign Currency Contracts


Average notional value		$4,174,488


19		Invesco Developing Markets Fund

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

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

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


	2022		2021


Ordinary income*	$	197,775,456	$	118,532,820


Long-term capital gain		2,169,516,751		–


Total distributions	$	2,367,292,207	$	118,532,820

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	176,772,150


Net unrealized appreciation – investments		285,133,936


Net unrealized appreciation (depreciation) – foreign currencies		(7,977,732	)


Temporary book/tax differences		(1,410,778	)


Capital loss carryforward		(1,210,771,208	)


Shares of beneficial interest		23,634,711,656


Total net assets	$	22,876,458,024

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration		$1,210,771,208	$–		$1,210,771,208

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


20		Invesco Developing Markets Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $9,362,117,771 and $18,651,514,161, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$5,348,311,462


Aggregate unrealized (depreciation) of investments	(5,063,177,526	)


Net unrealized appreciation of investments	$285,133,936

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

NOTE 10–Reclassification of Permanent Differences

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

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		15,975,399		$	628,270,673			10,429,350		$	573,327,688


Class C		109,960			4,097,121			141,844			7,142,114


Class R		921,028			36,451,727			672,573			35,209,233


Class Y		107,662,674			4,291,619,180			113,886,507			6,147,223,252


Class R5		22,052			953,261			49,865			2,754,655


Class R6		83,670,704			3,385,134,926			103,363,104			5,626,041,796



Issued as reinvestment of dividends:
Class A		3,677,641			174,320,239			-			-


Class C		73,175			3,147,985			-			-


Class R		376,951			17,041,970			-			-


Class Y		20,494,817			954,853,521			783,038			40,702,319


Class R5		10,620			501,895			843			44,421


Class R6		17,923,230			834,684,837			1,073,932			55,812,257



Automatic conversion of Class C shares to Class A shares:
Class A		212,455			8,587,167			3,298,037			176,648,746


Class C		(234,663	)		(8,587,167	)		(3,596,045	)		(176,648,746	)



Reacquired:
Class A		(27,234,377	)		(1,068,425,045	)		(20,323,402	)		(1,113,900,388	)


Class C		(342,845	)		(12,634,392	)		(445,316	)		(22,092,920	)


Class R		(1,707,185	)		(66,094,033	)		(2,082,922	)		(108,787,948	)


Class Y		(214,616,817	)		(8,172,636,280	)		(85,074,511	)		(4,588,367,233	)


Class R5		(225,231	)		(9,818,375	)		(149,767	)		(8,310,699	)


Class R6		(207,243,475	)		(7,998,960,919	)		(72,605,766	)		(3,916,291,451	)


Net increase (decrease) in share activity		(200,473,887	)	$	(6,997,491,709	)		49,421,364		$	2,730,507,096

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


21		Invesco Developing Markets Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Consolidated Financial Statements

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

Consolidated Financial Highlights

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

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

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 27, 2022


22		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$848.40	$5.87	$1,018.85	$6.41	1.26%
Class C	1,000.00	845.30	9.35	1,015.07	10.21	2.01
Class R	1,000.00	847.50	7.03	1,017.59	7.68	1.51
Class Y	1,000.00	849.50	4.71	1,020.11	5.14	1.01
Class R5	1,000.00	850.70	4.94	1,019.86	5.40	1.06
Class R6	1,000.00	850.30	4.01	1,020.87	4.38	0.86

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


23		Invesco Developing Markets Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

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

B.	Fund Investment Performance


24		Invesco Developing Markets Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

D.	Economies of Scale and Breakpoints

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

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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

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


25		Invesco Developing Markets Fund


26		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$2,169,516,751
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	5.56	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%
Foreign Taxes	$ 0.0940		per share
Foreign Source Income	$ 0.8211		per share

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


27		Invesco Developing Markets Fund

Trustees and Officers


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

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


T-1		Invesco Developing Markets Fund

Trustees and Officers–(continued)


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


T-2		Invesco Developing Markets Fund

Trustees and Officers–(continued)


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


T-3		Invesco Developing Markets Fund

Trustees and Officers–(continued)


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


T-4		Invesco Developing Markets Fund

Trustees and Officers–(continued)


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


T-5		Invesco Developing Markets Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Developing Markets Fund

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

LOGO

Annual Report to Shareholders

October 31, 2022

Invesco Discovery Mid Cap Growth Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

21		Report of Independent Registered Public Accounting Firm

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

25		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Discovery Mid Cap Growth Fund (the Fund), at net asset value (NAV), underperformed the Russell Midcap Growth Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-30.69	%
Class C Shares	-31.15
Class R Shares	-30.85
Class Y Shares	-30.50
Class R5 Shares	-30.45
Class R6 Shares	-30.43
Russell Midcap Growth Index^q	-28.94

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

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

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

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

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

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

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

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

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

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

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

1 Source: Bloomberg LP

2 Source: US Bureau of Labor Statistics


2		Invesco Discovery Mid Cap Growth Fund

3 Source: US Federal Reserve

4 Source: Lipper Inc.

Portfolio manager(s):

Justin Livengood

Ronald Zibelli, Jr. - Lead

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


3		Invesco Discovery Mid Cap Growth Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (11/1/00)	7.27	%
10 Years	11.26
5 Years	8.18
1 Year	-34.50

Class C Shares
Inception (11/1/00)	7.23	%
10 Years	11.21
5 Years	8.62
1 Year	-31.69

Class R Shares
Inception (3/1/01)	8.30	%
10 Years	11.60
5 Years	9.14
1 Year	-30.85

Class Y Shares
Inception (11/1/00)	7.99	%
10 Years	12.19
5 Years	9.69
1 Year	-30.50

Class R5 Shares
10 Years	12.02	%
5 Years	9.67
1 Year	-30.45

Class R6 Shares
Inception (2/28/13)	11.99	%
5 Years	9.86
1 Year	-30.43

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

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

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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The Russell Midcap^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/ service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Discovery Mid Cap Growth Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Information Technology		26.98%

Health Care		16.62

Industrials		16.45

Consumer Discretionary		11.57

Financials		10.02

Energy		4.45

Consumer Staples		3.79

Materials		3.12

Real Estate		2.25

Communication Services		2.23

Money Market Funds Plus Other Assets Less Liabilities		2.52

Top 10 Equity Holdings*


		% of total net assets

1.	Cheniere Energy, Inc.	2.64%

2.	Paylocity Holding Corp.	2.55

3.	Waste Connections, Inc.	2.40

4.	Motorola Solutions, Inc.	2.39

5.	LPL Financial Holdings, Inc.	2.34

6.	Arthur J. Gallagher & Co.	2.24

7.	Gartner, Inc.	2.18

8.	Molina Healthcare, Inc.	2.16

9.	AmerisourceBergen Corp.	2.04

10.	Synopsys, Inc.	1.87

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–97.48%
Advertising–0.49%
Trade Desk, Inc. (The), Class A^(b)		513,533	$	27,340,497



Aerospace & Defense–1.76%
Northrop Grumman Corp.		178,774		98,148,714



Apparel, Accessories & Luxury Goods–1.30%
lululemon athletica, inc.^(b)(c)		221,381		72,843,204



Application Software–12.18%
Bill.com Holdings, Inc.^(b)		360,811		48,117,755


Cadence Design Systems, Inc.^(b)		450,834		68,251,759


HubSpot, Inc.^(b)(c)		80,738		23,943,661


Manhattan Associates, Inc.^(b)		636,255		77,413,146


Paycom Software, Inc.^(b)		128,606		44,497,676


Paylocity Holding Corp.^(b)(c)		613,623		142,231,675


Roper Technologies, Inc.		219,370		90,937,640


Synopsys, Inc.^(b)		356,908		104,413,436


Tyler Technologies, Inc.^(b)		249,330		80,615,869


				680,422,617



Asset Management & Custody Banks–0.77%
Ameriprise Financial, Inc.		138,780		42,899,674



Automotive Retail–1.70%
O’Reilly Automotive, Inc.^(b)		113,183		94,753,412



Biotechnology–1.86%
Alnylam Pharmaceuticals, Inc.^(b)(c)		253,343		52,507,870


Natera, Inc.^(b)(c)		421,842		19,809,700


Neurocrine Biosciences, Inc.^(b)		275,191		31,679,988


				103,997,558



Building Products–1.73%
Advanced Drainage Systems, Inc.		328,800		38,101,344


Carlisle Cos., Inc.		244,437		58,371,556


				96,472,900



Communications Equipment–2.39%
Motorola Solutions, Inc.		535,249		133,657,028



Construction & Engineering–2.48%
Quanta Services, Inc.^(c)		494,791		70,280,114


WillScot Mobile Mini Holdings Corp.^(b)		1,604,220		68,227,476


				138,507,590



Construction Materials–0.64%
Vulcan Materials Co.		219,210		35,884,677



Data Processing & Outsourced Services–1.12%
ExlService Holdings, Inc.^(b)(c)		345,653		62,856,998



Distributors–1.15%
Genuine Parts Co.		362,736		64,516,225



Electrical Components & Equipment–2.23%
AMETEK, Inc.		519,465		67,353,832


Hubbell, Inc.		241,382		57,323,397


				124,677,229


	Shares		Value


Environmental & Facilities Services–3.59%
Republic Services, Inc.		502,388	$	66,626,696


Waste Connections, Inc.		1,016,611		134,101,157


				200,727,853



Fertilizers & Agricultural Chemicals–0.61%
FMC Corp.		288,266		34,274,827



Financial Exchanges & Data–2.92%
FactSet Research Systems, Inc.		129,050		54,909,485


MSCI, Inc.		120,050		56,286,643


Nasdaq, Inc.		832,839		51,835,899


				163,032,027



Food Distributors–0.61%
Sysco Corp.		390,692		33,818,299



General Merchandise Stores–1.23%
Dollar General Corp.		270,601		69,016,785



Health Care Distributors–2.54%
AmerisourceBergen Corp.		724,708		113,938,592


McKesson Corp.		72,486		28,223,874


				142,162,466



Health Care Equipment–3.10%
DexCom, Inc.^(b)		166,486		20,108,179


IDEXX Laboratories, Inc.^(b)(c)		77,876		28,010,440


Insulet Corp.^(b)(c)		272,511		70,528,572


ResMed, Inc.		128,657		28,779,284


Shockwave Medical, Inc.^(b)		88,632		25,982,471


				173,408,946



Health Care Technology–0.21%
Doximity, Inc., Class A^(b)(c)		435,725		11,533,641



Hotels, Resorts & Cruise Lines–1.70%
Hilton Worldwide Holdings, Inc.		704,050		95,229,803



Hypermarkets & Super Centers–1.08%
BJ’s Wholesale Club Holdings, Inc.^(b)		779,925		60,366,195



Industrial Machinery–0.77%
Chart Industries, Inc.^(b)(c)		193,066		43,030,550



Insurance Brokers–2.24%
Arthur J. Gallagher & Co.		667,772		124,926,786



Interactive Media & Services–0.27%
Pinterest, Inc., Class A^(b)(c)		609,096		14,983,762



Investment Banking & Brokerage–2.34%
LPL Financial Holdings, Inc.^(c)		510,949		130,624,112



IT Consulting & Other Services–4.47%
Amdocs Ltd.		867,076		74,837,329


Gartner, Inc.^(b)		403,913		121,949,413


Globant S.A.^(b)(c)		281,878		53,184,741


				249,971,483



Life Sciences Tools & Services–3.66%
Mettler-Toledo International, Inc.^(b)(c)		59,017		74,652,374

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


8		Invesco Discovery Mid Cap Growth Fund


	Shares		Value


Life Sciences Tools & Services–(continued)
Repligen Corp.^(b)(c)		572,107	$	104,403,806


West Pharmaceutical Services, Inc.		110,569		25,441,927


				204,498,107



Managed Health Care–3.84%
Humana, Inc.		167,705		93,592,806


Molina Healthcare, Inc.^(b)		336,437		120,733,782


				214,326,588



Movies & Entertainment–1.47%
Liberty Media Corp.-Liberty Formula One, Class C^(b)(c)		688,987		39,775,219


Live Nation Entertainment, Inc.^(b)		529,442		42,148,878


				81,924,097



Office REITs–0.53%
Alexandria Real Estate Equities, Inc.		204,634		29,733,320



Oil & Gas Exploration & Production–1.28%
Antero Resources Corp.^(b)		761,176		27,904,712


Pioneer Natural Resources Co.		169,301		43,410,470


				71,315,182



Oil & Gas Storage & Transportation–3.17%
Cheniere Energy, Inc.		835,970		147,473,468


Targa Resources Corp.		437,380		29,903,670


				177,377,138



Packaged Foods & Meats–1.34%
Hershey Co. (The)		314,054		74,986,674



Paper Packaging–1.21%
Avery Dennison Corp.		399,588		67,750,145



Pharmaceuticals–1.41%
Royalty Pharma PLC, Class A^(c)		1,857,460		78,607,707



Property & Casualty Insurance–1.01%
W.R. Berkley Corp.		761,257		56,622,296



Regional Banks–0.74%
East West Bancorp, Inc.		577,749		41,349,496



Research & Consulting Services–2.57%
Booz Allen Hamilton Holding Corp.^(c)		518,997		56,492,824


CoStar Group, Inc.^(b)		1,051,449		86,975,861


				143,468,685



Restaurants–1.47%
Chipotle Mexican Grill, Inc.^(b)(c)		55,005		82,415,642



Semiconductor Equipment–1.25%
Enphase Energy, Inc.^(b)		226,872		69,649,704



Semiconductors–2.61%
First Solar, Inc.^(b)		219,892		32,009,678


Lattice Semiconductor Corp.^(b)(c)		851,628		41,312,474

Investment Abbreviations:

REIT – Real Estate Investment Trust


	Shares		Value


Semiconductors–(continued)
Monolithic Power Systems, Inc.		212,970	$	72,292,667


				145,614,819



Soft Drinks–0.76%
Monster Beverage Corp.^(b)		453,694		42,520,202



Specialized REITs–1.72%
Extra Space Storage, Inc.		178,327		31,642,343


SBA Communications Corp., Class A		238,228		64,297,737


				95,940,080



Specialty Chemicals–0.66%
Albemarle Corp.		132,812		37,170,094



Specialty Stores–3.02%
Tractor Supply Co.^(c)		347,892		76,456,225


Ulta Beauty, Inc.^(b)		220,399		92,428,728


				168,884,953



Systems Software–2.96%
Crowdstrike Holdings, Inc., Class A^(b)		415,340		66,952,808


Palo Alto Networks, Inc.^(b)		572,762		98,280,232


				165,233,040



Trucking–1.32%
Old Dominion Freight Line, Inc.^(c)		269,336		73,959,666


Total Common Stocks & Other Equity Interests (Cost $4,923,067,296)				5,447,433,493



Money Market Funds–4.38%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		79,857,341		79,857,341


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		73,979,913		73,994,709


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		91,265,533		91,265,533


Total Money Market Funds (Cost $245,094,900)				245,117,583


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.86% (Cost $5,168,162,196)				5,692,551,076



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.15%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		80,573,512		80,573,512


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		207,131,108		207,131,108


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $287,705,111)				287,704,620


TOTAL INVESTMENTS IN SECURITIES–107.01% (Cost $5,455,867,307)				5,980,255,696


OTHER ASSETS LESS LIABILITIES–(7.01)%				(391,864,689	)


NET ASSETS–100.00%			$	5,588,391,007

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


9		Invesco Discovery Mid Cap Growth Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

^(d)


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

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

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

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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


10		Invesco Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $ 4,923,067,296)*	$	5,447,433,493


Investments in affiliated money market funds, at value (Cost $ 532,800,011)		532,822,203


Cash		200,000


Receivable for:
Investments sold		115,601,001


Fund shares sold		3,346,154


Dividends		1,004,550


Investment for trustee deferred compensation and retirement plans		442,092


Other assets		139,614


Total assets		6,100,989,107



Liabilities:
Payable for:
Investments purchased		216,231,324


Fund shares reacquired		4,395,649


Collateral upon return of securities loaned		287,705,111


Accrued fees to affiliates		2,672,011


Accrued trustees’ and officers’ fees and benefits		8,080


Accrued other operating expenses		1,091,948


Trustee deferred compensation and retirement plans		493,977


Total liabilities		512,598,100


Net assets applicable to shares outstanding	$	5,588,391,007



Net assets consist of:
Shares of beneficial interest	$	5,320,859,212


Distributable earnings		267,531,795


	$5,588,391,007


Net Assets:
Class A	$	3,398,898,542


Class C	$	115,661,925


Class R	$	124,369,662


Class Y	$	668,812,166


Class R5	$	106,859,797


Class R6	$	1,173,788,915



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		158,077,643


Class C		7,503,339


Class R		6,460,067


Class Y		26,252,240


Class R5		4,902,359


Class R6		44,966,206


Class A:
Net asset value per share	$	21.50


Maximum offering price per share
(Net asset value of $21.50 ÷ 94.50%)	$	22.75


Class C:
Net asset value and offering price per share	$	15.41


Class R:
Net asset value and offering price per share	$	19.25


Class Y:
Net asset value and offering price per share	$	25.48


Class R5:
Net asset value and offering price per share	$	21.80


Class R6:
Net asset value and offering price per share	$	26.10

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

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


11		Invesco Discovery Mid Cap Growth Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Dividends (net of foreign withholding taxes of $207,208)	$	36,387,126


Dividends from affiliated money market funds (includes net securities lending income of $310,484)		2,324,944


Total investment income		38,712,070



Expenses:
Advisory fees		39,217,027


Administrative services fees		911,898


Custodian fees		87,331


Distribution fees:
Class A		9,871,415


Class C		1,451,672


Class R		706,932


Transfer agent fees – A, C, R and Y		7,670,614


Transfer agent fees – R5		110,702


Transfer agent fees – R6		404,738


Trustees’ and officers’ fees and benefits		72,385


Registration and filing fees		288,108


Reports to shareholders		302,895


Professional services fees		105,146


Other		70,183


Total expenses		61,271,046


Less: Fees waived and/or expense offset arrangement(s)		(180,020	)


Net expenses		61,091,026


Net investment income (loss)		(22,378,956	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(233,146,203	)


Affiliated investment securities		(102,558	)


Foreign currencies		8,837


		(233,239,924	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(2,289,794,894	)


Affiliated investment securities		22,495


		(2,289,772,399	)


Net realized and unrealized gain (loss)		(2,523,012,323	)


Net increase (decrease) in net assets resulting from operations	$	(2,545,391,279	)

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


12		Invesco Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	(22,378,956	)	$	(49,254,192	)


Net realized gain (loss)		(233,239,924	)		1,314,390,157


Change in net unrealized appreciation (depreciation)		(2,289,772,399	)		1,283,576,994


Net increase (decrease) in net assets resulting from operations		(2,545,391,279	)		2,548,712,959



Distributions to shareholders from distributable earnings:
Class A		(812,766,598	)		(153,166,655	)


Class C		(41,238,028	)		(9,752,172	)


Class R		(30,829,170	)		(5,423,628	)


Class Y		(130,957,329	)		(19,511,808	)


Class R5		(23,402,647	)		(4,362,913	)


Class R6		(207,455,097	)		(32,063,012	)


Total distributions from distributable earnings		(1,246,648,869	)		(224,280,188	)



Share transactions–net:
Class A		514,718,145			(8,259,876	)


Class C		11,920,207			(47,381,579	)


Class R		29,406,569			11,738,676


Class Y		127,483,890			181,629,615


Class R5		22,515,201			999,051


Class R6		311,123,821			248,383,514


Net increase in net assets resulting from share transactions		1,017,167,833			387,109,401


Net increase (decrease) in net assets		(2,774,872,315	)		2,711,542,172



Net assets:
Beginning of year		8,363,263,322			5,651,721,150


End of year	$	5,588,391,007		$	8,363,263,322

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


13		Invesco Discovery Mid Cap Growth Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Class A
Year ended 10/31/22		$37.13		$(0.11	)		$ (9.79	)		$ (9.90	)		$(5.73	)		$21.50		(30.69	)%		$3,398,899		1.04	%		1.04	%		(0.44	)%		94	%
Year ended 10/31/21		26.65		(0.25	)		11.81			11.56			(1.08	)		37.13		44.48			5,288,400		1.03			1.03			(0.76	)		92
Year ended 10/31/20		22.17		(0.13	)		5.60			5.47			(0.99	)		26.65		25.60	^(e)		3,787,636		1.05	^(e)		1.05	^(e)		(0.54	)^(e)		131
Year ended 10/31/19		20.28		(0.08	)		3.75			3.67			(1.78	)		22.17		20.43			748,190		1.11			1.11			(0.37	)		84
Year ended 10/31/18		21.45		(0.12	)		0.81			0.69			(1.86	)		20.28		3.52			604,414		1.11			1.11			(0.55	)		108
Class C
Year ended 10/31/22		28.52		(0.21	)		(7.17	)		(7.38	)		(5.73	)		15.41		(31.22	)^(e)		115,662		1.78	^(e)		1.78	^(e)		(1.18	)^(e)		94
Year ended 10/31/21		20.83		(0.36	)		9.13			8.77			(1.08	)		28.52		43.47	^(e)		206,799		1.73	^(e)		1.73	^(e)		(1.46	)^(e)		92
Year ended 10/31/20		17.65		(0.24	)		4.41			4.17			(0.99	)		20.83		24.74			190,420		1.82			1.82			(1.31	)		131
Year ended 10/31/19		16.65		(0.18	)		2.96			2.78			(1.78	)		17.65		19.43			138,705		1.87			1.87			(1.12	)		84
Year ended 10/31/18		18.06		(0.23	)		0.68			0.45			(1.86	)		16.65		2.79			153,263		1.86			1.86			(1.30	)		108
Class R
Year ended 10/31/22		33.95		(0.15	)		(8.82	)		(8.97	)		(5.73	)		19.25		(30.85	)		124,370		1.29			1.29			(0.69	)		94
Year ended 10/31/21		24.51		(0.30	)		10.82			10.52			(1.08	)		33.95		44.11			181,872		1.28			1.28			(1.01	)		92
Year ended 10/31/20		20.51		(0.18	)		5.17			4.99			(0.99	)		24.51		25.31			121,009		1.32			1.32			(0.81	)		131
Year ended 10/31/19		18.95		(0.12	)		3.46			3.34			(1.78	)		20.51		20.09			75,342		1.37			1.37			(0.62	)		84
Year ended 10/31/18		20.21		(0.16	)		0.76			0.60			(1.86	)		18.95		3.27			63,189		1.36			1.36			(0.80	)		108
Class Y
Year ended 10/31/22		42.77		(0.05	)		(11.51	)		(11.56	)		(5.73	)		25.48		(30.50	)		668,812		0.79			0.79			(0.19	)		94
Year ended 10/31/21		30.48		(0.19	)		13.56			13.37			(1.08	)		42.77		44.84			971,407		0.78			0.78			(0.51	)		92
Year ended 10/31/20		25.15		(0.08	)		6.40			6.32			(0.99	)		30.48		25.95			538,205		0.82			0.82			(0.31	)		131
Year ended 10/31/19		22.71		(0.03	)		4.25			4.22			(1.78	)		25.15		20.68			253,901		0.87			0.87			(0.13	)		84
Year ended 10/31/18		23.74		(0.07	)		0.90			0.83			(1.86	)		22.71		3.79			243,035		0.87			0.87			(0.31	)		108
Class R5
Year ended 10/31/22		37.45		(0.03	)		(9.89	)		(9.92	)		(5.73	)		21.80		(30.45	)		106,860		0.73			0.73			(0.13	)		94
Year ended 10/31/21		26.80		(0.15	)		11.88			11.73			(1.08	)		37.45		44.88			155,263		0.72			0.72			(0.45	)		92
Year ended 10/31/20		22.20		(0.05	)		5.64			5.59			(0.99	)		26.80		26.12			110,206		0.71			0.71			(0.20	)		131
Period ended 10/31/19^(f)		20.60		0.00			1.60			1.60			-			22.20		7.77			11		0.75	^(g)		0.75	^(g)		(0.01	)^(g)		84
Class R6
Year ended 10/31/22		43.62		(0.02	)		(11.77	)		(11.79	)		(5.73	)		26.10		(30.43	)		1,173,789		0.67			0.67			(0.07	)		94
Year ended 10/31/21		31.03		(0.14	)		13.81			13.67			(1.08	)		43.62		45.02			1,559,522		0.65			0.65			(0.38	)		92
Year ended 10/31/20		25.55		(0.04	)		6.51			6.47			(0.99	)		31.03		26.14			904,245		0.65			0.65			(0.14	)		131
Year ended 10/31/19		23.00		0.01			4.32			4.33			(1.78	)		25.55		20.92			345,282		0.69			0.69			0.05			84
Year ended 10/31/18		23.98		(0.03	)		0.91			0.88			(1.86	)		23.00		3.97			199,881		0.70			0.70			(0.14	)		108

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $2,263,197,717 in connection with the acquisition of Invesco Mid Cap Growth Fund into the Fund.

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

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

^(g)	Annualized.

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


14		Invesco Discovery Mid Cap Growth Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

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

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

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

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

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


15		Invesco Discovery Mid Cap Growth Fund

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

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.

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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $14,351 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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


16		Invesco Discovery Mid Cap Growth Fund

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

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 for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*
First $ 500 million		0.680	%
Next $500 million		0.650	%
Next $4 billion		0.620	%
Over $5 billion		0.600	%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.61%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.


17		Invesco Discovery Mid Cap Growth Fund

IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $594,371 in front-end sales commissions from the sale of Class A shares and $11,430 and $3,960 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $5,217 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	5,447,433,493	$	–		$ –	$	5,447,433,493


Money Market Funds		245,117,583		287,704,620		–		532,822,203


Total Investments	$	5,692,551,076	$	287,704,620		$ –	$	5,980,255,696

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances


18		Invesco Discovery Mid Cap Growth Fund

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

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


	2022		2021


Ordinary income*	$	162,051,056	$	–


Long-term capital gain		1,084,597,813		224,280,188


Total distributions	$	1,246,648,869	$	224,280,188

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

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation – investments	$	488,377,527


Temporary book/tax differences		(377,886	)


Late-Year ordinary loss deferral		(14,616,180	)


Capital loss carryforward		(205,851,666	)


Shares of beneficial interest		5,320,859,212


Total net assets	$	5,588,391,007

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	205,851,666	$–	$	205,851,666

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $5,939,061,031 and $6,235,937,784, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 714,830,191


Aggregate unrealized (depreciation) of investments	(226,452,664	)


Net unrealized appreciation of investments	$488,377,527

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

NOTE 9–Reclassification of Permanent Differences

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

NOTE 10–Share Information


	Summary of Share Activity


	Year ended				Year ended
	October 31, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		11,816,206	$	295,474,702		13,472,916	$	431,707,965


Class C		1,051,819		19,432,387		1,370,442		33,869,961


Class R		1,284,557		28,768,746		1,312,889		38,649,773


Class Y		10,913,002		320,936,382		9,206,296		338,674,872


Class R5		719,838		18,284,370		606,551		20,213,465


Class R6		17,960,601		529,642,874		13,830,173		529,918,948


19		Invesco Discovery Mid Cap Growth Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Class A		26,589,469		$	773,221,924			5,005,084		$	145,998,307


Class C		1,909,121			40,053,351			420,162			9,474,657


Class R		1,179,551			30,774,475			202,315			5,407,874


Class Y		3,254,966			111,905,740			506,612			16,981,632


Class R5		795,893			23,399,246			148,658			4,361,612


Class R6		5,834,791			205,326,299			930,643			31,781,458



Automatic conversion of Class C shares to Class A shares:
Class A		679,402			16,377,029			1,506,533			47,789,753


Class C		(940,844	)		(16,377,029	)		(1,951,219	)		(47,789,753	)



Reacquired:
Class A		(23,451,842	)		(570,355,510	)		(19,661,369	)		(633,755,901	)


Class C		(1,768,643	)		(31,188,502	)		(1,728,578	)		(42,936,444	)


Class R		(1,360,714	)		(30,136,652	)		(1,094,876	)		(32,318,971	)


Class Y		(10,629,873	)		(305,358,232	)		(4,656,085	)		(174,026,889	)


Class R5		(759,081	)		(19,168,415	)		(722,088	)		(23,576,026	)


Class R6		(14,579,687	)		(423,845,352	)		(8,151,870	)		(313,316,892	)


Net increase in share activity		30,498,532		$	1,017,167,833			10,553,189		$	387,109,401

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


20		Invesco Discovery Mid Cap Growth Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Financial Highlights

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

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

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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

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


22		Invesco Discovery Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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


23		Invesco Discovery Mid Cap Growth Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

E.	Profitability and Financial Resources

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 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	1,084,597,813
Qualified Dividend Income*		11.36	%
Corporate Dividends Received Deduction*		10.51	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

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


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


25		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers


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

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


T-1		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


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


T-2		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


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


T-3		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


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


T-4		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


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


T-5		Invesco Discovery Mid Cap Growth Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Discovery Mid Cap Growth Fund

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:

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ 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.		O-DMCG-AR-1

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco EQV Emerging Markets All Cap Fund

Nasdaq:

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



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco EQV Emerging Markets All Cap Fund (the Fund), at net asset value (NAV), outperformed the MSCI Emerging Markets Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-30.89	%
Class C Shares	-31.40
Class Y Shares	-30.71
Class R5 Shares	-30.68
Class R6 Shares	-30.60
MSCI Emerging Markets Index^▼(Broad Market/Style-Specific Index)	-31.03
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

emerging market equities were both in negative territory.

Regardless of the macroeconomic environment, we remain focused on our bottom-up investment approach of identifying attractive companies that fit our earnings, quality and valuation (EQV) process.

The Fund outperformed its broad market/style-specific benchmark, the MSCI Emerging Markets Index, for the fiscal year. On the positive side, strong stock selection in the consumer discretionary sector was the largest contributor to the Fund’s relative performance. Within the sector, Brazil-based Arcos Dorados, the owner of the McDonald’s (not a Fund holding) franchise in Latin America and the Caribbean, was a key contributor to both absolute and relative results. The Fund’s holdings in the real estate sector outperformed those of the benchmark sector, adding to relative return. Brazil-based shopping centers company Multiplan Empreendimentos Imobiliarios and United Arab Emirates-based real estate developer Emaar Properties had strong positive returns during the fiscal year, contributing favorably to the Fund’s relative performance as well. Security selection and an overweight in the industrials sector also contributed to the Fund’s relative return. Mexico-based airport operator Grupo Aero-portuario del Centro Norte was a notable contributor within the industrials sector. On a geographic basis, stock selection in Mexico, Brazil and China contributed to the Fund’s relative performance. Overweights in Mexico and Brazil and an underweight in China were beneficial as well.

Conversely, security selection and an underweight in the financials sector was the largest detractor from relative Fund performance. Within the sector, SberBank of Russia was the most notable detractor. Due to market closures, lack of trading partners, low liquidity, settlement concerns and future uncertainty, Invesco has been employing fair value pricing for Russian equities held in its funds and the valuation of this security was

marked to zero on March 2, 2022. This impact was factored into the Fund’s NAV. Fund holdings in the communication services sector underperformed those of the benchmark sector, detracting from relative return. Russia-based internet company Yandex was a key detractor within communication services during the fiscal year. Similar to SberBank, the valuation of Yandex was marked to zero in March. Stock selection and an underweight in the energy sector also detracted from the Fund’s relative results. Not owning select benchmark index names, including Petroleo Brasileiro, negatively affected the Fund’s relative results. Geographically, security selection and an overweight in Russia detracted from relative Fund performance. Due to Russia’s invasion of Ukraine during the fiscal year, all Russian stocks were negatively impacted. An underweight in India and no exposure to Saudi Arabia also had a negative impact on the Fund’s relative performance.

During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our EQV characteristics for each company. We added several new holdings, including Taiwan-based information technology (IT) company MediaTek, a fabless semiconductor company, China-based consumer staples company Chongqing Fuling Zhacai and China-based industrials company AirTAC International, a manufacturer and supplier of pneumatic control equipment. We sold several holdings, including China-based consumer discretionary company Alibaba Group Holding, IT company Sunny Optical Technology and consumer staples company China Feihe.

As always, we remain focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. We continue to look for high-quality growth companies that exhibit the following characteristics: strong organic revenue growth; high returns on capital; pricing power; strong balance sheets; cash generation; effective capital allocation and reasonable valuations. In addition, we continue to favor companies that are resilient in weak economic environments. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

We thank you for your continued investment in Invesco EQV Emerging Markets All Cap Fund.

Portfolio manager(s):

Brent Bates

Steve Cao - Lead

Borge Endresen - Lead

Mark Jason

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views


2		Invesco EQV Emerging Markets All Cap Fund

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

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


3		Invesco EQV Emerging Markets All Cap Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

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 EQV Emerging Markets All Cap Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (1/11/94)	4.00	%
10 Years	-0.23
5 Years	-3.99
1 Year	-34.68

Class C Shares
Inception (3/1/99)	7.14	%
10 Years	-0.26
5 Years	-3.62
1 Year	-32.06

Class Y Shares
Inception (10/3/08)	4.55	%
10 Years	0.59
5 Years	-2.66
1 Year	-30.71

Class R5 Shares
Inception (10/25/05)	5.62	%
10 Years	0.69
5 Years	-2.58
1 Year	-30.68

Class R6 Shares
Inception (9/24/12)	0.77	%
10 Years	0.75
5 Years	-2.51
1 Year	-30.60

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.


5		Invesco EQV Emerging Markets All Cap Fund

Supplemental Information

Invesco Emerging Markets All Cap Fund’s investment objective is long-term growth of capital.

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

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

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

About indexes used in this report

∎	The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco EQV Emerging Markets All Cap Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Consumer Discretionary		18.91%

Financials		17.82

Consumer Staples		17.53

Information Technology		12.01

Industrials		9.03

Health Care		7.50

Real Estate		7.15

Communication Services		5.23

Money Market Funds Plus Other Assets Less Liabilities		4.82

Top 10 Equity Holdings*


		% of total net assets

1.	Yum China Holdings, Inc.	5.20%

2.	Arcos Dorados Holdings, Inc., Class A	4.67

3.	HDFC Bank Ltd., ADR	4.34

4.	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.	3.98

5.	Multiplan Empreendimentos Imobiliarios S.A.	3.66

6.	Gedeon Richter PLC	3.52

7.	Taiwan Semiconductor Manufacturing Co. Ltd.	3.33

8.	Samsung Electronics Co. Ltd.	3.15

9.	BDO Unibank, Inc.	3.08

10.	JD.com, Inc., ADR	3.00

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco EQV Emerging Markets All Cap Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–95.18%
Brazil–15.66%
Ambev S.A., ADR		7,405,469	$	22,512,626


Arcos Dorados Holdings, Inc., Class A^(a)		9,723,960		73,318,658


B3 S.A. - Brasil, Bolsa, Balcao		6,129,960		17,848,146


Multiplan Empreendimentos Imobiliarios S.A.		11,259,329		57,457,344


Raia Drogasil S.A.		5,920,900		30,157,561


Rede D’Or Sao Luiz S.A.^(b)		3,274,900		20,395,612


TOTVS S.A.		3,772,700		24,218,901


				245,908,848



China–23.25%
Airtac International Group		936,000		21,499,107


China Mengniu Dairy Co. Ltd.		8,812,000		28,244,797


China Resources Beer Holdings Co. Ltd.		5,904,000		27,836,720


Chongqing Fuling Zhacai Group Co. Ltd., A Shares		5,703,059		17,596,054


Fuyao Glass Industry Group Co. Ltd., H Shares^(b)		6,369,200		22,801,282


JD.com, Inc., ADR^(c)		1,262,867		47,092,310


Prosus N.V.		222,367		9,677,972


Tencent Holdings Ltd.		954,300		25,040,606


Tongcheng Travel Holdings Ltd.^(b)(d)		28,577,600		44,347,172


Wuliangye Yibin Co. Ltd., A Shares		2,140,260		39,181,938


Yum China Holdings, Inc.^(c)		1,975,192		81,674,189


				364,992,147



Egypt–1.53%
Eastern Co. S.A.E.		14,250,488		7,008,823


Egyptian Financial Group-Hermes Holding Co.^(d)		30,747,602		17,043,138


				24,051,961



France–2.17%
Bollore SE		6,808,819		34,051,443



Hungary–3.52%
Gedeon Richter PLC		2,790,740		55,184,097



India–5.90%
Emami Ltd.		4,289,538		24,552,150


HDFC Bank Ltd., ADR		1,092,650		68,083,021


				92,635,171



Indonesia–6.83%
PT Bank Central Asia Tbk		74,917,000		42,214,811


PT Kalbe Farma Tbk		319,828,200		42,048,683


PT Telkom Indonesia (Persero) Tbk		81,558,500		23,001,263


				107,264,757



Macau–0.50%
Galaxy Entertainment Group Ltd.		1,726,000		7,864,780



Mexico–13.55%
Bolsa Mexicana de Valores S.A.B. de C.V.		20,133,720		36,664,040


GMexico Transportes S.A.B. de C.V.		18,885,130		35,133,795


Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		7,831,898		62,392,711


	Shares		Value


Mexico–(continued)
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		898,238	$	13,913,554


Kimberly-Clark de Mexico S.A.B. de C.V., Class A^(c)		21,447,492		33,838,823


Wal-Mart de Mexico S.A.B. de C.V., Series V		7,952,134		30,716,036


				212,658,959



Nigeria–1.29%
Zenith Bank PLC		447,469,084		20,304,792



Philippines–5.38%
BDO Unibank, Inc.		21,884,310		48,368,951


SM Investments Corp.		613,590		8,729,532


SM Prime Holdings, Inc.		50,105,400		27,382,559


				84,481,042



Russia–0.00%
Detsky Mir PJSC^(e)		6,640,610		7


Moscow Exchange MICEX-RTS PJSC^(d)(e)		11,806,000		12


Ozon Holdings PLC, ADR^(d)(e)		783,546		1


Sberbank of Russia PJSC^(d)(e)		11,900,044		12


Sberbank of Russia PJSC, Preference Shares^(d)(e)		15,636,015		15


Yandex N.V., Class A^(d)(e)		1,617,426		1


				48



South Africa–0.65%
Naspers Ltd., Class N		98,890		10,239,751



South Korea–4.31%
Douzone Bizon Co. Ltd.		335,094		7,151,939


LEENO Industrial, Inc.		116,138		11,116,635


Samsung Electronics Co. Ltd.		1,188,962		49,441,205


				67,709,779



Taiwan–6.16%
ASPEED Technology, Inc.		155,000		8,013,766


MediaTek, Inc.		1,187,000		21,626,325


Taiwan Semiconductor Manufacturing Co. Ltd.		4,348,000		52,324,270


Visual Photonics Epitaxy Co. Ltd.		8,216,000		14,672,389


				96,636,750



Turkey–1.87%
Haci Omer Sabanci Holding A.S.		16,256,131		29,294,665



United Arab Emirates–1.75%
Emaar Properties PJSC		16,658,100		27,505,720



Vietnam–0.86%
Vietnam Dairy Products JSC		4,290,448		13,536,670


Total Common Stocks & Other Equity Interests (Cost $1,577,685,662)				1,494,321,380



Money Market Funds–4.05%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(a)(f)		24,452,871		24,452,871


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(a)(f)		11,274,693		11,276,948

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


8		Invesco EQV Emerging Markets All Cap Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 3.08%^(a)(f)		27,946,138	$	27,946,138


Total Money Market Funds (Cost $63,672,571)				63,675,957


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.23% (Cost $1,641,358,233)				1,557,997,337



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.27%
Invesco Private Government Fund, 3.18%^(a)(f)(g)		14,372,862		14,372,862


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%^(a)(f)(g)		36,948,524	$	36,948,524


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $51,318,188)				51,321,386


TOTAL INVESTMENTS IN SECURITIES–102.50% (Cost $1,692,676,421)				1,609,318,723


OTHER ASSETS LESS LIABILITIES–(2.50)%				(39,252,113	)


NET ASSETS–100.00%			$	1,570,066,610

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	51,451,993	$	154,140,232	$	(181,139,354	)	$	-	$	-	$	24,452,871	$	288,581
Invesco Liquid Assets Portfolio, Institutional Class		30,570,539		110,100,165		(129,385,252	)		1,032		(9,536)		11,276,948		147,126
Invesco Treasury Portfolio, Institutional Class		58,802,278		176,160,264		(207,016,404	)		-		-		27,946,138		306,619
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		312,596		111,126,543		(97,066,277	)		-		-		14,372,862		57,903*
Invesco Private Prime Fund		729,392		261,332,962		(225,125,854	)		3,198		8,826		36,948,524		159,519*
Investments in Other Affiliates:
Arcos Dorados Holdings, Inc., Class A		52,893,628		-		(10,929,198	)		34,274,952		(2,920,724)		73,318,658		1,247,976
Total	$	194,760,426	$	812,860,166	$	(850,662,339	)	$	34,279,182	$	(2,921,434)	$	188,316,001	$	2,207,724

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $87,544,066, which represented 5.58% of the Fund’s Net Assets.

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

^(d)	Non-income producing security.

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

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

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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


9		Invesco EQV Emerging Markets All Cap Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,520,548,364)*	$	1,421,002,722


Investments in affiliates, at value (Cost $172,128,057)		188,316,001


Foreign currencies, at value (Cost $3,965,464)		3,771,322


Receivable for:
Investments sold		9,803,584


Fund shares sold		891,086


Dividends		1,388,001


Investment for trustee deferred compensation and retirement plans		250,090


Other assets		79,241


Total assets		1,625,502,047



Liabilities:

Payable for:
Fund shares reacquired		2,463,558


Collateral upon return of securities loaned		51,318,188


Accrued fees to affiliates		716,053


Accrued trustees’ and officers’ fees and benefits		2,560


Accrued other operating expenses		655,009


Trustee deferred compensation and retirement plans		280,069


Total liabilities		55,435,437


Net assets applicable to shares outstanding	$	1,570,066,610



Net assets consist of:

Shares of beneficial interest	$	1,660,818,022


Distributable earnings (loss)		(90,751,412	)


	$	1,570,066,610


Net Assets:

Class A	$	388,330,340


Class C	$	7,695,646


Class Y	$	591,206,164


Class R5	$	135,693,087


Class R6	$	447,141,373



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		13,991,721


Class C		284,875


Class Y		21,277,961


Class R5		4,897,868


Class R6		16,143,546


Class A:
Net asset value per share	$	27.75


Maximum offering price per share (Net asset value of $27.75 ÷ 94.50%)	$	29.37


Class C:
Net asset value and offering price per share	$	27.01


Class Y:
Net asset value and offering price per share	$	27.78


Class R5:
Net asset value and offering price per share	$	27.70


Class R6:
Net asset value and offering price per share	$	27.70

*	At October 31, 2022, securities with an aggregate value of $49,415,297 were on loan to brokers.

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


10		Invesco EQV Emerging Markets All Cap Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Dividends (net of foreign withholding taxes of $5,167,842)	$	48,017,978


Dividends from affiliates (includes net securities lending income of $15,004)		2,005,306


Total investment income		50,023,284



Expenses:
Advisory fees		17,980,677


Administrative services fees		289,355


Custodian fees		935,033


Distribution fees:
Class A		1,181,479


Class C		111,612


Transfer agent fees – A, C and Y		2,095,525


Transfer agent fees – R5		172,317


Transfer agent fees – R6		192,235


Trustees’ and officers’ fees and benefits		36,477


Registration and filing fees		135,069


Reports to shareholders		245,812


Professional services fees		97,670


Other		13,693


Total expenses		23,486,954


Less: Fees waived and/or expense offset arrangement(s)		(94,004	)


Net expenses		23,392,950


Net investment income		26,630,334



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(26,874,936	)


Affiliated investment securities		(2,921,434	)


Foreign currencies		(172,212	)


		(29,968,582	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $116,485)		(791,507,049	)


Affiliated investment securities		34,279,182


Foreign currencies		(132,860	)


		(757,360,727	)


Net realized and unrealized gain (loss)		(787,329,309	)


Net increase (decrease) in net assets resulting from operations	$	(760,698,975	)

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


11		Invesco EQV Emerging Markets All Cap Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	26,630,334		$	22,112,473


Net realized gain (loss)		(29,968,582	)		97,241,994


Change in net unrealized appreciation (depreciation)		(757,360,727	)		227,576,870


Net increase (decrease) in net assets resulting from operations		(760,698,975	)		346,931,337



Distributions to shareholders from distributable earnings:

Class A		(23,821,085	)		(30,719,071	)


Class C		(557,095	)		(797,143	)


Class Y		(45,068,032	)		(59,858,079	)


Class R5		(9,177,465	)		(11,073,849	)


Class R6		(33,332,046	)		(30,036,166	)


Total distributions from distributable earnings		(111,955,723	)		(132,484,308	)



Share transactions–net:

Class A		(936,473	)		(15,190,495	)


Class C		(3,028,262	)		(2,792,302	)


Class Y		(132,804,152	)		(53,469,564	)


Class R5		(6,196,426	)		15,141,754


Class R6		(40,373,264	)		203,423,460


Net increase (decrease) in net assets resulting from share transactions		(183,338,577	)		147,112,853


Net increase (decrease) in net assets		(1,055,993,275	)		361,559,882



Net assets:

Beginning of year		2,626,059,885			2,264,500,003


End of year	$	1,570,066,610		$	2,626,059,885

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


12		Invesco EQV Emerging Markets All Cap Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/22		$41.94		$0.36			$(12.84	)		$(12.48	)		$(0.21	)		$(1.50	)		$(1.71	)		$27.75		(30.89	)%		$ 388,330		1.39	%		1.39	%		1.06	%		17	%
Year ended 10/31/21		38.27		0.26			5.58			5.84			(0.40	)		(1.77	)		(2.17	)		41.94		15.22			591,114		1.31			1.31			0.61			19
Year ended 10/31/20		36.81		0.27			1.76			2.03			(0.57	)		–			(0.57	)		38.27		5.54			552,262		1.37			1.38			0.76			33
Year ended 10/31/19		30.54		0.55			6.18			6.73			(0.46	)		–			(0.46	)		36.81		22.39			583,346		1.37			1.38			1.62			7
Year ended 10/31/18		36.66		0.44			(6.29	)		(5.85	)		(0.27	)		–			(0.27	)		30.54		(16.09	)		544,574		1.39			1.40			1.23			20
Class C
Year ended 10/31/22		40.94		0.11			(12.54	)		(12.43	)		–			(1.50	)		(1.50	)		27.01		(31.40	)		7,696		2.14			2.14			0.31			17
Year ended 10/31/21		37.38		(0.06	)		5.45			5.39			(0.06	)		(1.77	)		(1.83	)		40.94		14.35			15,632		2.06			2.06			(0.14	)		19
Year ended 10/31/20		35.83		0.00			1.71			1.71			(0.16	)		–			(0.16	)		37.38		4.78			16,812		2.12			2.13			0.01			33
Year ended 10/31/19		29.64		0.28			6.05			6.33			(0.14	)		–			(0.14	)		35.83		21.48			22,941		2.12			2.13			0.87			7
Year ended 10/31/18		35.59		0.17			(6.12	)		(5.95	)		(0.00	)		–			(0.00	)		29.64		(16.71	)		55,823		2.14			2.15			0.48			20
Class Y
Year ended 10/31/22		42.00		0.44			(12.84	)		(12.40	)		(0.32	)		(1.50	)		(1.82	)		27.78		(30.71	)		591,206		1.14			1.14			1.31			17
Year ended 10/31/21		38.32		0.37			5.58			5.95			(0.50	)		(1.77	)		(2.27	)		42.00		15.50			1,062,846		1.06			1.06			0.86			19
Year ended 10/31/20		36.85		0.36			1.78			2.14			(0.67	)		–			(0.67	)		38.32		5.82			1,015,412		1.12			1.13			1.01			33
Year ended 10/31/19		30.60		0.63			6.18			6.81			(0.56	)		–			(0.56	)		36.85		22.69			968,060		1.12			1.13			1.87			7
Year ended 10/31/18		36.74		0.53			(6.31	)		(5.78	)		(0.36	)		–			(0.36	)		30.60		(15.89	)		986,550		1.14			1.15			1.48			20
Class R5
Year ended 10/31/22		41.88		0.46			(12.80	)		(12.34	)		(0.34	)		(1.50	)		(1.84	)		27.70		(30.68	)		135,693		1.07			1.07			1.38			17
Year ended 10/31/21		38.22		0.39			5.57			5.96			(0.53	)		(1.77	)		(2.30	)		41.88		15.56			215,122		1.02			1.02			0.90			19
Year ended 10/31/20		36.76		0.39			1.77			2.16			(0.70	)		–			(0.70	)		38.22		5.90			182,631		1.05			1.06			1.08			33
Year ended 10/31/19		30.55		0.66			6.16			6.82			(0.61	)		–			(0.61	)		36.76		22.79			250,287		1.03			1.04			1.96			7
Year ended 10/31/18		36.68		0.56			(6.29	)		(5.73	)		(0.40	)		–			(0.40	)		30.55		(15.80	)		287,511		1.04			1.05			1.58			20
Class R6
Year ended 10/31/22		41.89		0.48			(12.79	)		(12.31	)		(0.38	)		(1.50	)		(1.88	)		27.70		(30.60	)		447,141		1.00			1.00			1.45			17
Year ended 10/31/21		38.22		0.42			5.58			6.00			(0.56	)		(1.77	)		(2.33	)		41.89		15.67			741,346		0.93			0.93			0.99			19
Year ended 10/31/20		36.76		0.42			1.76			2.18			(0.72	)		–			(0.72	)		38.22		5.96			497,383		0.96			0.97			1.17			33
Year ended 10/31/19		30.55		0.68			6.16			6.84			(0.63	)		–			(0.63	)		36.76		22.88			383,400		0.97			0.98			2.02			7
Year ended 10/31/18		36.67		0.57			(6.27	)		(5.70	)		(0.42	)		–			(0.42	)		30.55		(15.74	)		365,000		0.99			1.00			1.63			20

^(a)	Calculated using average shares outstanding.

^(b)

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

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


13		Invesco EQV Emerging Markets All Cap Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

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

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

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

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

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


14		Invesco EQV Emerging Markets All Cap Fund

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

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.

When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $845 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the Statement of Operations.


15		Invesco EQV Emerging Markets All Cap Fund

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

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 for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate


First $ 250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.88%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $91,377.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.


16		Invesco EQV Emerging Markets All Cap Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $32,822 in front-end sales commissions from the sale of Class A shares and $3,747 and $2,039 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,495 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	245,908,848	$	–		$ –	$	245,908,848


China		138,444,471		226,547,676		–		364,992,147


Egypt		24,051,961		–		–		24,051,961


France		–		34,051,443		–		34,051,443


Hungary		–		55,184,097		–		55,184,097


India		68,083,021		24,552,150		–		92,635,171


Indonesia		–		107,264,757		–		107,264,757


Macau		–		7,864,780		–		7,864,780


Mexico		212,658,959		–		–		212,658,959


Nigeria		–		20,304,792		–		20,304,792


Philippines		–		84,481,042		–		84,481,042


Russia		–		–		48		48


South Africa		–		10,239,751		–		10,239,751


South Korea		–		67,709,779		–		67,709,779


Taiwan		–		96,636,750		–		96,636,750


Turkey		–		29,294,665		–		29,294,665


United Arab Emirates		–		27,505,720		–		27,505,720


Vietnam		–		13,536,670		–		13,536,670


Money Market Funds		63,675,957		51,321,386		–		114,997,343


Total Investments	$	752,823,217	$	856,495,458		$48	$	1,609,318,723

NOTE 4–Expense Offset Arrangement(s)


17		Invesco EQV Emerging Markets All Cap 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, 2022 and 2021:


	2022		2021


Ordinary income*	$	19,389,385	$	72,422,446


Long-term capital gain		92,566,338		60,061,862


Total distributions	$	111,955,723	$	132,484,308

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

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	24,376,875


Net unrealized appreciation (depreciation) – investments		(95,198,761	)


Net unrealized appreciation (depreciation) – foreign currencies		(184,272	)


Temporary book/tax differences		(209,765	)


Capital loss carryforward		(19,535,489	)


Shares of beneficial interest		1,660,818,022


Total net assets	$	1,570,066,610

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	19,535,489	$	–	$	19,535,489

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $317,630,768 and $518,349,265, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	264,551,557


Aggregate unrealized (depreciation) of investments		(359,750,318	)


Net unrealized appreciation (depreciation) of investments	$	(95,198,761	)

Cost of investments for tax purposes is $1,704,517,484.


18		Invesco EQV Emerging Markets All Cap Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and distributions, on October 31, 2022, undistributed net investment income was decreased by $256,482 and undistributed net realized gain (loss) was increased by $256,482. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,785,231		$	59,015,273			1,889,937		$	81,886,430


Class C		47,250			1,591,114			76,205			3,255,333


Class Y		6,322,632			211,228,639			5,667,031			244,849,914


Class R5		973,625			32,575,583			1,141,051			49,259,888


Class R6		4,346,031			145,692,469			6,685,446			290,901,817



Issued as reinvestment of dividends:
Class A		549,442			20,944,720			627,884			26,484,157


Class C		13,287			496,154			17,346			718,977


Class Y		709,975			27,028,746			842,214			35,499,330


Class R5		238,575			9,051,542			255,130			10,718,029


Class R6		811,404			30,760,326			637,164			26,754,520



Automatic conversion of Class C shares to Class A shares:
Class A		47,349			1,514,612			91,667			3,898,704


Class C		(48,496	)		(1,514,612	)		(93,490	)		(3,898,704	)



Reacquired:
Class A		(2,483,704	)		(82,411,078	)		(2,945,340	)		(127,459,786	)


Class C		(108,967	)		(3,600,918	)		(68,030	)		(2,867,908	)


Class Y		(11,058,099	)		(371,061,537	)		(7,704,418	)		(333,818,808	)


Class R5		(1,450,932	)		(47,823,551	)		(1,038,107	)		(44,836,163	)


Class R6		(6,711,309	)		(216,826,059	)		(2,638,022	)		(114,232,877	)


Net increase (decrease) in share activity		(6,016,706	)	$	(183,338,577	)		3,443,668		$	147,112,853

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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


19		Invesco EQV Emerging Markets All Cap Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco EQV Emerging Markets All Cap Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


20		Invesco EQV 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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio

Class A	$1,000.00	$895.40	$ 6.69	$1,018.15	$ 7.12	1.40%
Class C	1,000.00	892.00	10.25	1,014.37	10.92	2.15
Class Y	1,000.00	896.40	5.50	1,019.41	5.85	1.15
Class R5	1,000.00	896.70	5.16	1,019.76	5.50	1.08
Class R6	1,000.00	897.30	4.83	1,020.11	5.14	1.01

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


21		Invesco EQV Emerging Markets All Cap Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and above the performance of the Index for the three year period. The Board noted that the Fund’s stock selection in and underweight exposure to certain sectors and geographic regions, as well as the Fund’s cash position in a rising equity market, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could


22		Invesco EQV Emerging Markets All Cap Fund

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

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered 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.

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 EQV 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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	92,566,338
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		3.03	%
U.S. Treasury Obligations*		0.05	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0911		per share
Foreign Source Income	$	0.9348		per share

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


24		Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers


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

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


T-1		Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)


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


T-2		Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)


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


T-3		Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)


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


T-4		Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)


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


T-5		Invesco EQV Emerging Markets All Cap Fund

Trustees and Officers–(continued)


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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco EQV Emerging Markets All Cap Fund

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

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Fund holdings and proxy voting information

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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Emerging Markets Innovators Fund

Nasdaq:

A: EMIAX ∎ C: EMVCX ∎ R: EMIRX ∎ Y: EMIYX ∎ R5: EMIMX ∎ R6: EMVIX




2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

21		Auditor’s Report

22		Fund Expenses

23		Approval of Investment Advisory and Sub-Advisory Contracts

26		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Emerging Markets Innovators Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-39.85	%
Class C Shares	-40.30
Class R Shares	-40.01
Class Y Shares	-39.68
Class R5 Shares	-39.73
Class R6 Shares	-39.77
MSCI Emerging Markets Index^▼	-31.03

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

emerging market equities were both in negative territory.

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

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

The largest contributors to the Fund’s absolute performance during the fiscal year included Arezzo Industria e Comercio (Arezzo), BIM Birlesik Magazalar (BIM) and Coca-Cola FEMSA.

Arezzo is a Brazilian retailer that provides its consumers an omnichannel approach to

shopping for women, men and children’s apparel. We believe, Arezzo’s growth profile should be supported by further consolidation in Brazil’s fragmented retail market and ongoing investments in digital platforms. Our observations of improving macro data in Brazil, including receding inflation and higher gross domestic product growth estimates, should bolster discretionary spending.

BIM operates the largest supermarket chain in Turkey offering consumers access to a large assortment of high-quality products at affordable prices. BIM’s private label products make up a large portion of store offerings providing BIM with price setting power, while digitalization initiatives have expanded their pool of customers.

Coca-Cola FEMSA, a subsidiary of Fomento Economico Mexicano (FEMSA), retails and distributes a diversified portfolio of beverages inclusive of traditional Coca-Cola products, sports drinks and bottled water. In our view, a focus on product innovation and streamlining product fulfillment should allow for the further expansion of Coca-Cola FEMSA’s products throughout Latin/South America.

The largest detractors from the Fund’s absolute performance during the fiscal year included Yandex, Silergy and WuXi Biologics.

Yandex is one of the dominant internet companies in Russia’s transforming digital landscape, holding positions in several categories including Russia’s search engine, shared mobility, food delivery, e-commerce and others. Note that Yandex runs one of the most profitable mobility and food delivery platforms in the world and we believe it may benefit from future industry consolidation in e-commerce. However, Yandex has been affected by the impact of sanctions on Russia following the invasion of Ukraine. Due to ongoing market closures, lack of trading partners, low liquidity, settlement concerns and future uncertainty, Invesco priced all Russian equity holdings of the Fund to zero as of March 2, 2022.

Silergy is the largest fabless producer in Taiwan and a global leader in PMIC (power management integrated circuits), a growing business as more IoT (Internet of Things) devices come to market and demand expands. Silergy has diversified its business into higher margin product mixes. Softening demand in the consumer electronics segment has had a negative impact on the industry.

WuXi Biologics (WuXi) leveraged its unique technology and drug production know-how to become the largest contract development and manufacturing organization (CDMO) in China. WuXi collaborates with clients from conception through commercial manufacturing delivering end-to-end solutions and support.


2		Invesco Emerging Markets Innovators Fund

view, this should lead to improved earnings and returns in these businesses as they become more rational and disciplined. We have been focused on finding investments in opportunities where the visible risks are well understood, have been deeply digested and have led to discounts in prices. We are looking out for circumstances where the risks have not yet been widely perceived. The net result is an opportunity to own undervalued, high-quality names with the potential for long-term structural growth.

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

Portfolio manager(s):

Justin Leverenz

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.

Past performance cannot guarantee future results.

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

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

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


4		Invesco Emerging Markets Innovators Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (6/30/14)	-3.64	%
5 Years	-7.50
1 Year	-43.17
Class C Shares
Inception (6/30/14)	-3.70	%
5 Years	-7.18
1 Year	-40.82
Class R Shares
Inception (6/30/14)	-3.25	%
5 Years	-6.71
1 Year	-40.01
Class Y Shares
Inception (6/30/14)	-2.75	%
5 Years	-6.23
1 Year	-39.68
Class R5 Shares
Inception	-2.87	%
5 Years	-6.25
1 Year	-39.73
Class R6 Shares
Inception (6/30/14)	-2.61	%
5 Years	-6.13
1 Year	-39.77

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

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 Innovators Fund

Supplemental Information

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

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

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

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

About indexes used in this report

∎	The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Emerging Markets Innovators Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Consumer Discretionary		27.37%

Consumer Staples		14.31

Industrials		12.21

Health Care		11.38

Information Technology		8.38

Financials		8.11

Real Estate		7.37

Materials		6.84

Communication Services		1.00

Money Market Funds Plus Other Assets Less Liabilities		3.03

Top 10 Equity Holdings*


		% of total net assets

1.	Le Travenues Technology Ltd.	6.49%

2.	Samsung Biologics Co. Ltd.	5.13

3.	Yum China Holdings, Inc.	5.08

4.	Arezzo Industria e Comercio S.A.	4.90

5.	H World Group Ltd., ADR	4.59

6.	LG Chem Ltd.	3.32

7.	Voltronic Power Technology Corp.	2.94

8.	Coca-Cola FEMSA S.A.B. de C.V., ADR	2.93

9.	Wal-Mart de Mexico S.A.B. de C.V., Series V	2.76

10.	Oberoi Realty Ltd.	2.73

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

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Emerging Markets Innovators Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–96.97%
Brazil–10.07%
Arezzo Industria e Comercio S.A.		310,000	$	6,271,416


Lojas Renner S.A.		341,910		2,045,304


NU Holdings Ltd., Class A^(a)		192,905		964,525


Pagseguro Digital Ltd., Class A^(a)		158,558		2,169,074


WEG S.A.		182,900		1,426,234


				12,876,553



Chile–2.81%
Banco Santander Chile		49,887,193		1,796,648


Parque Arauco S.A.		2,125,488		1,799,204


				3,595,852



China–24.94%
BeiGene Ltd. (Acquired 01/12/2021; Cost $1,613,033)^(a)(b)		67,600		867,990


BeiGene Ltd., ADR (Acquired 08/11/2020-06/16/2022; Cost $2,004,939)^(a)(b)		10,774		1,819,622


Brii Biosciences Ltd.^(a)		1,126,500		802,601


H World Group Ltd., ADR		216,874		5,872,948


New Horizon Health Ltd.^(a)(c)		462,500		1,029,019


Silergy Corp.		252,000		2,898,302


SITC International Holdings Co. Ltd.		725,000		1,188,738


Sunny Optical Technology Group Co. Ltd.		240,900		2,089,793


Tencent Music Entertainment Group, ADR^(a)		353,742		1,277,008


Wuxi Biologics Cayman, Inc.^(a)(c)		513,000		2,320,815


Yum China Holdings, Inc.		156,979		6,491,082


Zai Lab Ltd., ADR (Acquired 10/13/2021-01/07/2022; Cost $4,606,156)^(a)(b)		52,088		1,160,521


Zhongsheng Group Holdings Ltd.		370,789		1,408,169


ZTO Express (Cayman), Inc., ADR		158,185		2,671,745


				31,898,353



India–17.49%
Asian Paints Ltd.		4,121		154,955


Godrej Properties Ltd.^(a)		100,830		1,536,942


Havells India Ltd.		189,989		2,794,161


HDFC Life Insurance Co. Ltd.^(c)		136,798		892,586


ICICI Lombard General Insurance Co. Ltd.^(c)		95,324		1,346,660


ICICI Prudential Life Insurance Co. Ltd.^(c)		289,650		1,774,630


Le Travenues Technology Ltd.^(d)		7,200,800		8,303,809


Marico Ltd.		80,956		513,313


Oberoi Realty Ltd.		312,627		3,489,733


Voltas Ltd.		147,941		1,564,911


				22,371,700



Indonesia–5.64%
PT Ace Hardware Indonesia Tbk		46,685,600		1,691,053


PT Bank Rakyat Indonesia (Persero) Tbk		6,316,029		1,879,562


PT Semen Indonesia (Persero) Tbk		3,759,600		1,913,764


PT Unilever Indonesia Tbk		5,803,100		1,726,455


				7,210,834


	Shares		Value


Mexico–12.60%
Alsea S.A.B. de C.V.		924,684	$	1,773,015


Coca-Cola FEMSA S.A.B. de C.V., ADR		59,665		3,746,365


Fomento Economico Mexicano S.A.B. de C.V., Series CPO		339,900		2,440,013


Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		93,795		2,195,162


Grupo Mexico S.A.B. de C.V., Class B		671,800		2,435,542


Wal-Mart de Mexico S.A.B. de C.V., Series V		912,500		3,524,637


				16,114,734



Peru–2.61%
Credicorp Ltd.		11,786		1,724,999


InRetail Peru Corp.^(c)		46,827		1,615,531


				3,340,530



Philippines–2.09%
San Miguel Food and Beverage, Inc.		111,850		70,774


SM Prime Holdings, Inc.		4,750,800		2,596,308


				2,667,082



Russia–0.00%
Fix Price Group Ltd., GDR^(c)(d)		148,043		0


Polyus PJSC, GDR^(c)(d)		82,477		0


TCS Group Holding PLC, GDR^(c)(d)		72,043		0


Yandex N.V., Class A^(a)(d)		220,435		0


				0



South Korea–10.28%
Coupang, Inc.^(a)		67,028		1,157,574


LG Chem Ltd.		9,687		4,244,754


LG H&H Co. Ltd.		3,324		1,187,026


Samsung Biologics Co. Ltd.^(a)(c)		10,675		6,559,968


				13,149,322



Taiwan–4.80%
MediaTek, Inc.		131,000		2,386,730


Voltronic Power Technology Corp.		92,919		3,758,831


				6,145,561



Turkey–2.72%
BIM Birlesik Magazalar A.S.		481,875		3,479,544



United States–0.92%
Globant S.A.^(a)		6,255		1,180,193


Total Common Stocks & Other Equity Interests (Cost $134,199,709)				124,030,258



Money Market Funds–1.21%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f)		540,907		540,907


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(e)(f)		386,333		386,410


Invesco Treasury Portfolio, Institutional Class, 3.08%^(e)(f)		618,180		618,180


Total Money Market Funds (Cost $1,545,459)				1,545,497


TOTAL INVESTMENTS IN SECURITIES–98.18% (Cost $135,745,168)				125,575,755


OTHER ASSETS LESS LIABILITIES–1.82%				2,328,590


NET ASSETS–100.00%			$	127,904,345

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


8		Invesco Emerging Markets Innovators Fund


Investment Abbreviations:

ADR		– American Depositary Receipt
CPO		– Certificates of Ordinary Participation
GDR		– Global Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	Restricted security. The aggregate value of these securities at October 31, 2022 was $3,848,133, which represented 3.01% of the Fund’s Net Assets.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $15,539,209, which represented 12.15% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	5,168,377	$	30,834,034	$	(35,461,504	)		$ -	$	-	$	540,907	$	8,368
Invesco Liquid Assets Portfolio, Institutional Class		3,651,667		22,024,310		(25,289,109	)		38		(496)		386,410		7,006
Invesco Treasury Portfolio, Institutional Class		5,906,716		35,238,897		(40,527,433	)		-		-		618,180		10,387
Total	$	14,726,760	$	88,097,241	$	(101,278,046	)		$38	$	(496)	$	1,545,497	$	25,761

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

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


9		Invesco Emerging Markets Innovators Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $134,199,709)	$	124,030,258


Investments in affiliated money market funds, at value (Cost $1,545,459)		1,545,497


Cash		300,000


Foreign currencies, at value (Cost $3,016,982)		2,799,974


Receivable for:
Fund shares sold		165,386


Dividends		168,434


Investment for trustee deferred compensation and retirement plans		18,602


Other assets		44,274


Total assets		129,072,425



Liabilities:
Payable for:
Fund shares reacquired		556,042


Accrued foreign taxes		339,662


Accrued fees to affiliates		67,299


Accrued trustees’ and officers’ fees and benefits		1,177


Accrued other operating expenses		185,298


Trustee deferred compensation and retirement plans		18,602


Total liabilities		1,168,080


Net assets applicable to shares outstanding	$	127,904,345



Net assets consist of:
Shares of beneficial interest	$	179,528,926


Distributable earnings (loss)		(51,624,581	)


	$	127,904,345


Net Assets:
Class A	$	37,385,816


Class C	$	9,061,536


Class R	$	5,210,830


Class Y	$	49,073,539


Class R5	$	7,041


Class R6	$	27,165,583



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,642,431


Class C		1,466,303


Class R		804,274


Class Y		7,253,456


Class R5		1,049


Class R6		3,963,161


Class A:
Net asset value per share	$	6.63


Maximum offering price per share (Net asset value of $6.63 ÷ 94.50%)	$	7.02


Class C:
Net asset value and offering price per share	$	6.18


Class R:
Net asset value and offering price per share	$	6.48


Class Y:
Net asset value and offering price per share	$	6.77


Class R5:
Net asset value and offering price per share	$	6.71


Class R6:
Net asset value and offering price per share	$	6.85

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


10		Invesco Emerging Markets Innovators Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Dividends (net of foreign withholding taxes of $383,293)	$	3,600,819


Dividends from affiliated money market funds		25,761


Total investment income		3,626,580



Expenses:
Advisory fees		2,760,975


Administrative services fees		33,884


Custodian fees		187,484


Distribution fees:
Class A		149,064


Class C		132,313


Class R		31,723


Transfer agent fees – A, C, R and Y		292,537


Transfer agent fees – R5		4


Transfer agent fees – R6		19,125


Trustees’ and officers’ fees and benefits		21,657


Registration and filing fees		83,249


Professional services fees		108,488


Other		(29,517	)


Total expenses		3,790,986


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(439,323	)


Net expenses		3,351,663


Net investment income		274,917



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $976,548)		(40,255,337	)


Affiliated investment securities		(496	)


Foreign currencies		(194,708	)


Forward foreign currency contracts		(12,698	)


		(40,463,239	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $1,518,898)		(96,132,262	)


Affiliated investment securities		38


Foreign currencies		(181,530	)


		(96,313,754	)


Net realized and unrealized gain (loss)		(136,776,993	)


Net increase (decrease) in net assets resulting from operations	$	(136,502,076	)

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


11		Invesco Emerging Markets Innovators Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	274,917		$	(2,429,104	)


Net realized gain (loss)		(40,463,239	)		45,142,513


Change in net unrealized appreciation (depreciation)		(96,313,754	)		22,177,647


Net increase (decrease) in net assets resulting from operations		(136,502,076	)		64,891,056



Distributions to shareholders from distributable earnings:
Class A		(9,157,227	)		(2,484,125	)


Class C		(2,188,956	)		(750,908	)


Class R		(881,257	)		(272,278	)


Class Y		(19,805,340	)		(6,588,853	)


Class R5		(1,397	)		(419	)


Class R6		(9,542,026	)		(4,744,973	)


Total distributions from distributable earnings		(41,576,203	)		(14,841,556	)



Share transactions–net:
Class A		(56,547,378	)		59,012,767


Class C		(1,366,014	)		(2,753,965	)


Class R		1,301,649			(521,215	)


Class Y		(60,903,339	)		(11,476,814	)


Class R6		(26,675,537	)		(60,850,966	)


Net increase (decrease) in net assets resulting from share transactions		(144,190,619	)		(16,590,193	)


Net increase (decrease) in net assets		(322,268,898	)		33,459,307



Net assets:
Beginning of year		450,173,243			416,713,936


End of year	$	127,904,345		$	450,173,243

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


12		Invesco Emerging Markets Innovators Fund

Financial Highlights

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income			Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/22		$	12.47		$	(0.00	)		$	(4.51	)		$	(4.51	)		$ -			$	(1.33	)		$	(1.33	)		$	6.63		(39.85	)%^(e)		$	37,386		1.48	%^(e)		1.69	%^(e)		0.01	%^(e)		17	%
Year ended 10/31/21			11.17			(0.08	)			1.78				1.70			-				(0.40	)			(0.40	)			12.47		15.15	^(e)			136,638		1.58	^(e)		1.64	^(e)		(0.65	)^(e)		50
Year ended 10/31/20			10.41			(0.06	)			0.82				0.76			-				-				-				11.17		7.30	^(e)			70,918		1.68	^(e)		1.68	^(e)		(0.62	)^(e)		67
Two months ended 10/31/19			9.85			(0.01	)			0.57				0.56			-				-				-				10.41		5.69				83,842		1.68	^(f)		1.68	^(f)		(0.63	)^(f)		20
Year ended 08/31/19			10.38			(0.02	)			(0.51	)			(0.53	)		-				-				-				9.85		(5.11	)			80,454		1.71			1.71			(0.25	)		36
Year ended 08/31/18			10.67			(0.02	)			(0.25	)			(0.27	)		(0.02	)			-				(0.02	)			10.38		(2.52	)			97,641		1.70			1.70			(0.18	)		24
Class C
Year ended 10/31/22			11.81			(0.06	)			(4.24	)			(4.30	)		-				(1.33	)			(1.33	)			6.18		(40.35	)			9,062		2.24			2.45			(0.75	)		17
Year ended 10/31/21			10.67			(0.18	)			1.72				1.54			-				(0.40	)			(0.40	)			11.81		14.34				19,858		2.35			2.40			(1.42	)		50
Year ended 10/31/20			10.02			(0.14	)			0.79				0.65			-				-				-				10.67		6.49				20,337		2.44			2.44			(1.38	)		67
Two months ended 10/31/19			9.49			(0.02	)			0.55				0.53			-				-				-				10.02		5.58				26,427		2.44	^(f)		2.44	^(f)		(1.40	)^(f)		20
Year ended 08/31/19			10.09			(0.09	)			(0.51	)			(0.60	)		-				-				-				9.49		(5.95	)			26,661		2.45			2.45			(1.01	)		36
Year ended 08/31/18			10.42			(0.10	)			(0.23	)			(0.33	)		-				-				-				10.09		(3.17	)			38,156		2.46			2.46			(0.94	)		24
Class R
Year ended 10/31/22			12.25			(0.02	)			(4.42	)			(4.44	)		-				(1.33	)			(1.33	)			6.48		(40.01	)			5,211		1.74			1.95			(0.25	)		17
Year ended 10/31/21			11.01			(0.12	)			1.76				1.64			-				(0.40	)			(0.40	)			12.25		14.82				8,126		1.85			1.90			(0.92	)		50
Year ended 10/31/20			10.28			(0.09	)			0.82				0.73			-				-				-				11.01		7.10				7,741		1.94			1.94			(0.88	)		67
Two months ended 10/31/19			9.73			(0.01	)			0.56				0.55			-				-				-				10.28		5.65				8,012		1.94	^(f)		1.94	^(f)		(0.90	)^(f)		20
Year ended 08/31/19			10.29			(0.05	)			(0.51	)			(0.56	)		-				-				-				9.73		(5.44	)			7,516		1.95			1.95			(0.51	)		36
Year ended 08/31/18			10.59			(0.05	)			(0.24	)			(0.29	)		(0.01	)			-				(0.01	)			10.29		(2.77	)			6,884		1.97			1.97			(0.45	)		24
Class Y
Year ended 10/31/22			12.67			0.02				(4.59	)			(4.57	)		-				(1.33	)			(1.33	)			6.77		(39.68	)			49,074		1.24			1.45			0.25			17
Year ended 10/31/21			11.32			(0.06	)			1.81				1.75			-				(0.40	)			(0.40	)			12.67		15.40				193,558		1.35			1.40			(0.42	)		50
Year ended 10/31/20			10.52			(0.04	)			0.84				0.80			-				-				-				11.32		7.60				183,438		1.44			1.44			(0.38	)		67
Two months ended 10/31/19			9.95			(0.01	)			0.58				0.57			-				-				-				10.52		5.73				216,384		1.44	^(f)		1.44	^(f)		(0.40	)^(f)		20
Year ended 08/31/19			10.47			(0.00	)			(0.52	)			(0.52	)		-				-				-				9.95		(4.97	)			212,530		1.46			1.46			(0.00	)		36
Year ended 08/31/18			10.75			0.01				(0.25	)			(0.24	)		(0.04	)			-				(0.04	)			10.47		(2.23	)			281,465		1.46			1.46			0.06			24
Class R5
Year ended 10/31/22			12.58			0.02				(4.56	)			(4.54	)		-				(1.33	)			(1.33	)			6.71		(39.73	)			7		1.25			1.34			0.24			17
Year ended 10/31/21			11.23			(0.04	)			1.79				1.75			-				(0.40	)			(0.40	)			12.58		15.52				13		1.26			1.26			(0.33	)		50
Year ended 10/31/20			10.42			(0.02	)			0.83				0.81			-				-				-				11.23		7.77				12		1.27			1.27			(0.21	)		67
Two months ended 10/31/19			9.86			(0.00	)			0.56				0.56			-				-				-				10.42		5.68				11		1.31	^(f)		1.31	^(f)		(0.26	)^(f)		20
Period ended 08/31/19^(g)			9.53			0.00				0.33				0.33			-				-				-				9.86		3.46				10		1.28	^(f)		1.28	^(f)		0.15	^(f)		36
Class R6
Year ended 10/31/22			12.82			0.02				(4.66	)			(4.64	)		-				(1.33	)			(1.33	)			6.85		(39.77	)			27,166		1.25			1.34			0.24			17
Year ended 10/31/21			11.44			(0.04	)			1.82				1.78			-				(0.40	)			(0.40	)			12.82		15.50				91,980		1.25			1.26			(0.32	)		50
Year ended 10/31/20			10.61			(0.02	)			0.85				0.83			-				-				-				11.44		7.82				134,269		1.25			1.26			(0.19	)		67
Two months ended 10/31/19			10.04			(0.00	)			0.57				0.57			-				-				-				10.61		5.68				292,944		1.27	^(f)		1.27	^(f)		(0.22	)^(f)		20
Year ended 08/31/19			10.54			0.02				(0.52	)			(0.50	)		-				-				-				10.04		(4.74	)			278,033		1.27			1.27			0.18			36
Year ended 08/31/18			10.82			0.03				(0.25	)			(0.22	)		(0.06	)			-				(0.06	)			10.54		(2.06	)			105,736		1.29			1.29			0.26			24

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2022, 2021 and 2020.

^(f)	Annualized.

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

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


13		Invesco Emerging Markets Innovators Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek capital appreciation.

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

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

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

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

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


14		Invesco Emerging Markets Innovators Fund

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

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.

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.


15		Invesco Emerging Markets Innovators Fund

realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*


First $ 500 million		1.150%


Next $500 million		1.100%


Next $4 billion		1.050%


Over $5 billion		1.000%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 1.14%.

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $3,169 and reimbursed class level expenses of $122,134, $27,270, $13,106, $225,137, $9 and $46,896 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.


16		Invesco Emerging Markets Innovators Fund

monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $18,053 in front-end sales commissions from the sale of Class A shares and $895 and $2,689 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $2,177 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


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

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	12,876,553	$	–	$	–	$	12,876,553


Chile		–		3,595,852		–		3,595,852


China		19,292,926		12,605,427		–		31,898,353


India		–		14,067,891		8,303,809		22,371,700


Indonesia		–		7,210,834		–		7,210,834


Mexico		16,114,734		–		–		16,114,734


Peru		3,340,530		–		–		3,340,530


Philippines		–		2,667,082		–		2,667,082


Russia		–		–		0		0


South Korea		1,157,574		11,991,748		–		13,149,322


Taiwan		–		6,145,561		–		6,145,561


Turkey		–		3,479,544		–		3,479,544


United States		1,180,193		–		–		1,180,193


Money Market Funds		1,545,497		–		–		1,545,497


Total Investments	$	55,508,007	$	61,763,939	$	8,303,809	$	125,575,755

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended October 31, 2022:


	Value 10/31/21*		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums	Realized Gain		Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3*			Transfers out of Level 3*	Value 10/31/22


Common Stocks & Other Equity Interests	$	–	$	9,964,902	$	(8,706,860	)	$–	$	2,544,427	$	(40,659,992	)	$	45,161,332	**	$–	$	8,303,809


Preferred Stocks		9,169,499		–		(9,169,499	)	–		–		–			–		–		–


Total	$	9,169,499	$	9,964,902	$	(17,876,359	)	$–	$	2,544,427	$	(40,659,992	)	$	45,161,332		$–	$	8,303,809

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

**	Amount includes $37,157,402 and $8,003,930 of Russian equity securities previously classified as Level 1 and Level 2 securities, respectively.


17		Invesco Emerging Markets Innovators Fund

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

Fair Value

at 10/31/22

Valuation

Technique

Unobservable
Inputs

Range of
Unobservable
Inputs

Unobservable
Input Used

Le Travenues Technology Ltd.

$8,303,809

Cost price adjusted by exchange rate

Cost price

N/A

$509.36 ^(a)

Stock split ratio

N/A

400 for 1

^(a)

The Fund fair values certain private placement securities at the original purchase price or “cost”. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event, which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Derivative Investments

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

Effect of Derivative Investments for the year ended October 31, 2022

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


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


Realized Gain (Loss):
Forward foreign currency contracts		$(12,698)

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


		Forward Foreign Currency Contracts


Average notional value		$1,640,067

NOTE 5–Expense Offset Arrangement(s)

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, 2022 and 2021:


	2022		2021


Long-term capital gain	$	41,576,203	$	14,841,556


18		Invesco Emerging Markets Innovators Fund

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(15,306,002	)


Net unrealized appreciation (depreciation) – foreign currencies		(225,447	)


Temporary book/tax differences		(16,695	)


Late-Year ordinary loss deferral		(597,233	)


Capital loss carryforward		(35,479,204	)


Shares of beneficial interest		179,528,926


Total net assets	$	127,904,345

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


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	28,798,165	$	6,681,039	$	35,479,204

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $40,201,907 and $214,856,540, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	28,940,101


Aggregate unrealized (depreciation) of investments		(44,246,103	)


Net unrealized appreciation (depreciation) of investments	$	(15,306,002	)

Cost of investments for tax purposes is $140,881,757.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign capital gains taxes and net operating losses, on October 31, 2022, undistributed net investment income was increased by $1,213,817, undistributed net realized gain (loss) was increased by $1,235,530 and shares of beneficial interest was decreased by $2,449,347. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended October 31, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,042,462		$	8,912,777			6,255,457		$	80,659,716


Class C		174,172			1,434,037			321,067			4,060,781


Class R		213,127			1,750,743			133,649			1,731,723


Class Y		4,199,740			35,825,100			2,609,368			34,702,024


Class R6		3,012,596			26,026,269			1,363,252			18,353,203



Issued as reinvestment of dividends:
Class A		859,837			8,710,145			183,162			2,322,499


Class C		218,352			2,076,530			58,673			709,352


Class R		88,466			878,468			21,782			272,050


Class Y		1,416,769			14,635,222			447,254			5,751,687


Class R6		296,991			3,106,522			243,443			3,167,195



Automatic conversion of Class C shares to Class A shares:
Class A		72,182			589,410			188,539			2,464,557


Class C		(77,112	)		(589,410	)		(198,024	)		(2,464,557	)


19		Invesco Emerging Markets Innovators Fund


	Summary of Share Activity


	Year ended October 31, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(7,291,835	)	$	(74,759,710	)		(2,018,986	)	$	(26,434,005	)


Class C		(531,237	)		(4,287,171	)		(405,511	)		(5,059,541	)


Class R		(160,666	)		(1,327,562	)		(195,301	)		(2,524,988	)


Class Y		(13,636,919	)		(111,363,661	)		(3,990,225	)		(51,930,525	)


Class R6		(6,519,957	)		(55,808,328	)		(6,171,816	)		(82,371,364	)


Net increase (decrease) in share activity		(16,623,032	)	$	(144,190,619	)		(1,154,217	)	$	(16,590,193	)

^(a)

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


20		Invesco Emerging Markets Innovators Fund

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Financial Highlights

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

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

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

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


21		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$878.10	$6.96	$1,017.80	$7.48	1.47%
Class C	1,000.00	875.40	10.54	1,013.96	11.32	2.23
Class R	1,000.00	876.90	8.18	1,016.48	8.79	1.73
Class Y	1,000.00	880.40	5.83	1,019.00	6.26	1.23
Class R5	1,000.00	879.40	6.02	1,018.80	6.46	1.27
Class R6	1,000.00	878.20	6.01	1,018.80	6.46	1.27

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


22		Invesco Emerging Markets Innovators Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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

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

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

B.	Fund Investment Performance


23		Invesco Emerging Markets Innovators Fund

acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight or overweight exposure to certain sectors and geographic regions, as well as certain factor exposures, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were in the fifth quintile of its expense group, requested and considered additional information from management regarding the appropriateness of the management fees and total expense ratio, and discussed with management reasons for such relative actual and contractual management fees and total expenses.

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.

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

information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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


24		Invesco Emerging Markets Innovators Fund

summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.


25		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$41,576,203
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

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


26		Invesco Emerging Markets Innovators Fund

Trustees and Officers


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

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


T-1		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


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


T-2		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


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


T-3		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


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


T-4		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


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


T-5		Invesco Emerging Markets Innovators Fund

Trustees and Officers–(continued)


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

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801


T-6		Invesco Emerging Markets Innovators Fund

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

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Emerging Markets Local Debt Fund

Nasdaq:

A: OEMAX ∎ C: OEMCX ∎ R: OEMNX ∎ Y: OEMYX ∎ R5: EMLDX ∎ R6: OEMIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

16		Financial Statements

19		Financial Highlights

20		Notes to Financial Statements

29		Report of Independent Registered Public Accounting Firm

30		Fund Expenses

31		Approval of Investment Advisory and Sub-Advisory Contracts

34		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Emerging Markets Local Debt Fund (the Fund), at net asset value (NAV), outperformed the JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-16.80	%
Class C Shares	-17.45
Class R Shares	-17.02
Class Y Shares	-16.59
Class R5 Shares	-16.47
Class R6 Shares	-16.47
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index^▼	-20.27
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

During the fiscal year ended October 31, 2022, global fixed-income markets remained volatile due to a series of shocks to financial markets from the Russia-Ukraine war, high commodity prices, high inflation, rapid monetary policy tightening, recession fears and slowing growth in China. Throughout the year, inflation data continued to surprise on the upside, leading both developed market (DM) and emerging market (EM) central banks to hike interest rates aggressively, prompting negative returns across fixed-income markets. In particular, the US Federal Reserve (the Fed) raised policy rates (which have a global impact) during the fiscal year at a pace and scale not seen in the past two decades. This prompted the US dollar to rise considerably over the fiscal year and generated uncertainty on the degree to which EM central banks would need to continue hiking despite getting an earlier start last year.

Towards the end of 2021, concerns about inflation were already heightened, although the Fed left policy rates unchanged in the quarter. They indicated accommodative policies were coming to an end and announced the reduction of their monthly bond purchase program. In the first quarter of 2022, conflict and uncertainty drove sharp moves across risk assets following Russia’s invasion of Ukraine. As commodity prices spiked, this exacerbated existing inflationary pressures and forced several central banks to adopt a more hawkish stance. Global monetary policy divergence persisted, as most EMs (aside from China) seemed closer to the end of their interest rate hiking cycles, while various developed markets were in different stages. Elevated inflation and a tight labor market led the Fed to officially commence its rate hiking cycle, and the Bank of England raised rates twice after their initial increase in December,

while China signaled a potential increase in its monetary policy accommodation. The US dollar ended the quarter 2.3% higher.¹

In the second quarter of 2022, capital markets were preoccupied with surging inflation that prompted the Fed and subsequently the European Central Bank and Reserve Bank of Australia, to shift toward tighter monetary policy. EM central banks across Latin America and Central Europe followed suit, alongside elevated food and energy prices. Toward the end of June, market focus shifted from inflation fears and the prospect of increasingly aggressive interest rate hikes to recession fears and the anticipation of lower rates. Though US and European economies were already decelerating, growth in Asia remained relatively resilient, supported by post-COVID-19 reopenings, despite some drag from lingering lockdowns in China, which is typically the region’s main driver. The US dollar rose considerably in April, fell slightly in May and then rose again in June, ending the quarter almost 6.5% higher.¹

The third quarter of 2022 began with a relief rally in July as markets anticipated slowing inflation and possible rate cuts by the Fed in 2023. This narrative quickly reversed course in August and September on the back of continued geopolitical uncertainty, rising concerns of a global economic slowdown and persistent elevated inflation. As a result, central banks continued their aggressive rate hiking cycles, with the Fed hiking 1.5%, the European Central Bank hiking 1.25% and the Bank of England hiking 1%. In EMs, central banks in Asia, Central and Eastern Europe and Latin America all raised their interest rates, though it seemed like central banks such as Brazil and Hungary might be reaching the end of their hiking cycles. While global growth indicators continued to slow, European concerns about an energy crisis heading into winter lingered and China’s lackluster

re-opening dynamics remained intact, central banks continued to prioritize bringing down inflation over supporting growth. These conditions contributed to the US dollar’s rapid rise, increasing slightly in July and reaching 20-year highs in August and September, ending the quarter almost 7.1% higher.¹

Over the fiscal year, underweight positioning in Russia, Egypt and Romania contributed the most to the Fund’s relative performance compared to the JP Morgan Government Bond Index – Emerging Markets (GBI-EM) Global Diversified Index, while positioning in Indonesia, Peru and Poland detracted the most. Specific positive contributors to relative Fund performance included positioning in the Turkish Lira, Egyptian Pound and Brazilian Real. Conversely, interest rate positioning in Colombia and Turkey and positioning in the South African Rand detracted from relative Fund performance.

While the absolute return of the asset class year-to-date has experienced a large decline over the past fiscal year, the EM local asset class has done well on a relative basis, outperforming EM hard currency and some US duration-based strategies. We have seen considerable volatility this fiscal year from the rapid repricing of inflation expectations and the path of US interest rates (which have a global impact), yet we anticipate the value created from an income and total return perspective in EMs is meaningful. A year ago, EM monetary policy rates averaged around 3.25%, while today, the average policy rate is over 6.75%,¹ though there is divergence across regions. We believe the conditions are aligning for EMs to potentially outperform over the next two to three years.

After hiking considerably in 2021, EM central banks may be approaching their interest rate peaks (having started their hiking cycles ahead of developed markets), and we expect the growth picture for EMs to remain stronger than that of the US and Europe, where a growth revival could take some time. While uncertainty on the path of US interest rates has prevented markets from unlocking the value we see in EMs so far, we believe the path of US interest rates should soon become clearer and inflation expectations in EMs should become more anchored. With average EM inflation already lower than US inflation, this makes the real-rate differential compelling. Additionally, with the US dollar recently reaching 40-year highs and the Fed getting closer to the end of its hiking cycle, we may be seeing signs of stability and reversal. A decline in the US dollar could serve as a tailwind for EMs.

Overall, we believe individual country dynamics will drive performance going forward and we expect the dispersion in returns between countries will be larger than in the past, which argues for an actively managed approach such as ours. We believe this is a fertile landscape to extract performance alpha in the asset class, particularly as the Fed’s


2		Invesco Emerging Markets Local Debt Fund

monetary policy trajectory becomes more visible, and we remain focused on capitalizing on it.

Please note that we implemented our strategy using derivative instruments, including futures, forwards, swaps and options. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

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

Thank you for investing in Invesco Emerging Markets Local Debt Fund.

1	Source: Bloomberg LP

Portfolio manager(s):

Hemant Baijal

Wim Vandenhoeck

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

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


3		Invesco Emerging Markets Local Debt Fund

Your Fund’s Long-Term Performance

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

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (6/30/10)	-0.43	%
10 Years	-2.43
5 Years	-4.07
1 Year	-20.29

Class C Shares
Inception (6/30/10)	-0.58	%
10 Years	-2.62
5 Years	-4.04
1 Year	-18.24

Class R Shares
Inception (6/30/10)	-0.37	%
10 Years	-2.30
5 Years	-3.56
1 Year	-17.02

Class Y Shares
Inception (6/30/10)	0.17	%
10 Years	-1.76
5 Years	-3.06
1 Year	-16.59

Class R5 Shares
10 Years	-1.91	%
5 Years	-3.05
1 Year	-16.47

Class R6 Shares
Inception (9/28/12)	-1.53	%
10 Years	-1.66
5 Years	-2.91
1 Year	-16.47

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

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

The performance 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, 2022, and is based on total net assets.

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

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

About indexes used in this report

∎	The JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Emerging Markets Local Debt Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Sovereign Debt		71.28	%

Financials		2.02

Other Sectors, Each Less than 2% of Net Assets		4.08

Money Market Funds Plus Other Assets Less Liabilities		22.62

Top Five Debt Issuers*


		% of total net assets

1.	Republic of South Africa Government Bond		12.31	%

2.	Malaysia Government Bond		9.90

3.	Thailand Government Bond		7.58

4.	Colombian TES		7.38

5.	Indonesia Treasury Bond		7.00

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

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Emerging Markets Local Debt Fund

Schedule of Investments

October 31, 2022


		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–75.84%^(a)
Brazil–3.57%

Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2027	BRL		15,000,000	$ 2,761,467

Chile–2.93%

Bonos de la Tesoreria de la Republica, 0.00%, 03/01/2025	CLP		1,211,012,250	1,178,981

Bonos de la Tesoreria de la Republica en pesos, 2.30%, 10/01/2028^(b)	CLP		1,300,000,000	1,088,078

				2,267,059

China–3.71%

China Development Bank, Series 2110, 3.41%, 06/07/2031	CNY		6,000,000	854,116

China Government Bond, 3.72%, 04/12/2051	CNY		4,000,000	606,998

Export-Import Bank of China (The), Series 2105, 3.22%, 05/14/2026	CNY		10,000,000	1,407,173

				2,868,287

Colombia–8.68%
Colombian TES,

Series B, 5.75%, 11/03/2027	COP		24,100,000,000	3,542,708

Series B, 7.25%, 10/18/2034	COP		3,500,000,000	443,834

Series B, 9.25%, 05/28/2042	COP		2,000,000,000	280,588

Series B, 7.25%, 10/26/2050	COP		13,300,000,000	1,445,157

PA Autopista Rio Magdalena, 6.05%, 06/15/2036^(b)	COP		6,500,000,000	1,010,624

				6,722,911

Czech Republic–4.49%
Czech Republic Government Bond,

Series 100, 0.25%, 02/10/2027	CZK		20,000,000	635,578

Series 105, 2.75%, 07/23/2029	CZK		20,000,000	668,379

Series 125, 1.50%, 04/24/2040	CZK		2,000,000	44,031

Series 148, 6.00%, 02/26/2026	CZK		20,000,000	805,071

Series 49, 4.20%, 12/04/2036^(b)	CZK		14,000,000	481,589

Series 78, 2.50%, 08/25/2028^(b)	CZK		25,000,000	842,973

				3,477,621

India–3.11%

India Government Bond, 7.27%, 04/08/2026	INR		200,000,000	2,411,486


		Principal Amount		Value
Indonesia–7.00%
Indonesia Treasury Bond,

Series FR91, 6.38%, 04/15/2032	IDR		15,000,000,000	$ 889,623

Series FR92, 7.13%, 06/15/2042	IDR		19,000,000,000	1,160,276

Series FR95, 6.38%, 08/15/2028	IDR		30,000,000,000	1,835,237

Series FR96, 7.00%, 02/15/2033	IDR		25,000,000,000	1,533,467

				5,418,603

Malaysia–9.90%
Malaysia Government Bond,

Series 0122, 3.58%, 07/15/2032	MYR		5,000,000	992,942

Series 0519, 3.76%, 05/22/2040	MYR		6,500,000	1,188,235

Series 115, 3.96%, 09/15/2025	MYR		8,000,000	1,695,177

Series 120, 4.07%, 06/15/2050	MYR		5,000,000	915,968

Series 513, 3.73%, 06/15/2028	MYR		14,000,000	2,869,350

				7,661,672

Mexico–3.85%

Mexican Bonos, Series M, 7.75%, 05/29/2031	MXN		65,000,000	2,891,023

Red de Carreteras de Occidente S.A.B. de C.V., 9.00%, 06/10/2028^(b)	MXN		1,840,000	92,583

				2,983,606

Peru–2.02%
Peru Government Bond,

5.94%, 02/12/2029	PEN		2,000,000	450,787

6.15%, 08/12/2032	PEN		4,350,000	931,321

5.35%, 08/12/2040	PEN		1,000,000	178,021

				1,560,129

Poland–4.03%
Republic of Poland Government Bond,

Series 0727, 2.50%, 07/25/2027	PLN		6,000,000	970,235

Series 1029, 2.75%, 10/25/2029	PLN		9,000,000	1,347,908

Series 432, 1.75%, 04/25/2032	PLN		6,600,000	800,928

				3,119,071

Romania–0.62%

Romania Government Bond, Series 15, 4.75%, 10/11/2034	RON		3,500,000	481,205

South Africa–13.08%

Eskom Holdings SOC Ltd., Series ES23, 10.00%, 01/25/2023	ZAR		11,000,000	598,749

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


8		Invesco Emerging Markets Local Debt Fund


		Principal Amount		Value
South Africa–(continued)
Republic of South Africa Government Bond,

Series 2030, 8.00%, 01/31/2030	ZAR		65,000,000	$ 3,038,789

Series 2037, 8.50%, 01/31/2037	ZAR		65,000,000	2,724,913

Series 2040, 9.00%, 01/31/2040	ZAR		45,000,000	1,929,962

Series R186, 10.50%, 12/21/2026	ZAR		20,000,000	1,142,674

Series R209, 6.25%, 03/31/2036	ZAR		20,000,000	690,793

				10,125,880

Supranational– 0.06%

International Finance Corp., 0.00%, 02/15/2029^(b)(c)	TRY		7,300,000	47,206

Thailand–7.58%
Thailand Government Bond,

1.00%, 06/17/2027	THB		60,000,000	1,464,697

2.88%, 12/17/2028	THB		40,000,000	1,052,193

3.78%, 06/25/2032	THB		50,000,000	1,374,703

1.59%, 12/17/2035	THB		95,000,000	1,973,604

				5,865,197

Uruguay–1.21%

Uruguay Government International Bond, 4.38%, 12/15/2028	UYU		36,305,307	938,515

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $72,186,094)				58,709,915


Investment Abbreviations:

BRL		- Brazilian Real
CLP		- Chile Peso
CNY		- Chinese Yuan Renminbi
COP		- Colombia Peso
CZK		- Czech Koruna
IDR		- Indonesian Rupiah
INR		- Indian Rupee
MXN		- Mexican Peso
MYR		- Malaysian Ringgit
PEN		- Peruvian Sol
PLN		- Polish Zloty
RON		- Romania New Leu
THB		- Thai Baht
TRY		- Turkish Lira
UYU		- Uruguay Peso
ZAR		- South African Rand


	Principal Amount	Value
U.S. Dollar Denominated Bonds & Notes–0.75%
Egypt–0.61%

Egypt Government International Bond, 5.75%, 05/29/2024^(b)	$ 500,000	$	473,523

United States–0.14%

United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028	120,000		111,011

Total U.S. Dollar Denominated Bonds & Notes (Cost $617,223)			584,534

	Shares
Money Market Funds–19.26%

Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)	5,217,146		5,217,146

Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)	3,726,465		3,727,211

Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)	5,962,453		5,962,453

Total Money Market Funds (Cost $14,906,495)			14,906,810

Options Purchased–0.79%

(Cost $573,389)^(f)			613,745

TOTAL INVESTMENTS IN SECURITIES–96.64% (Cost $88,283,201)			74,815,004

OTHER ASSETS LESS LIABILITIES–3.36%			2,598,012

NET ASSETS–100.00%		$	77,413,016

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


9		Invesco Emerging Markets Local Debt Fund

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $4,036,576, which represented 5.21% of the Fund’s Net Assets.

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

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 5,607,012	$	49,194,457	$	(49,584,323	)		$ -	$	-		$ 5,217,146		$12,526
Invesco Liquid Assets Portfolio, Institutional Class		4,280,399		35,138,898		(35,691,960	)		402		(528)		3,727,211		11,240
Invesco Treasury Portfolio, Institutional Class		6,408,013		56,222,237		(56,667,797	)		-		-		5,962,453		16,584
Total		$16,295,424	$	140,555,592	$	(141,944,080	)		$402	$	(528)		$14,906,810		$40,350

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

^(f)	The table below details options purchased.

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise

Price

Notional

Value

Currency Risk

USD versus CNH

Call

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

12/28/2022

CNH

7.38

USD

4,050,000

$ 48,900

USD versus CNH

Call

Morgan Stanley and Co.

International PLC

01/19/2023

CNH

7.25

USD

3,750,000

78,630

Subtotal – Foreign Currency Call Options Purchased

127,530

Currency Risk

EUR versus HUF

Put

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

12/12/2022

HUF

430.00

EUR

3,000,000

134,508

USD versus BRL

Put

Goldman Sachs International

01/26/2023

BRL

5.05

USD

4,000,000

84,504

USD versus CLP

Put

Morgan Stanley and Co.

International PLC

11/09/2022

CLP

772.00

USD

4,500,000

USD versus MXN

Put

Bank of America, N.A.

01/03/2023

MXN

19.95

USD

2,800,000

45,987

USD versus MXN

Put

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

12/07/2022

MXN

20.00

USD

4,100,000

63,829

USD versus THB

Put

Standard Chartered Bank PLC

12/14/2022

THB

35.85

USD

4,500,000

4,707

USD versus ZAR

Put

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

02/21/2023

ZAR

16.15

USD

3,500,000

7,182

Subtotal – Foreign Currency Put Options Purchased

340,721

Total Foreign Currency Options Purchased

$468,251

Open Over-The-Counter Interest Rate Swaptions Purchased

Description

Type of
Contract

Counterparty

Exercise
Rate

Pay/

Receive

Exercise

Rate

Floating Rate
Index

Payment

Frequency

Expiration

Date

Notional

Value

Interest Rate Risk

2 Year Interest Rate Swap

Put

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

7.71%

Pay

6 Month WIBOR

Semi-Annually

12/09/2022

PLN 65,800,000

$145,494

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


10		Invesco Emerging Markets Local Debt Fund

Open Over-The-Counter Foreign Currency Options Written

Description

Type of

Contract

Counterparty

Expiration
Date

Exercise

Price

Notional

Value

Currency Risk

USD versus BRL

Call

Goldman Sachs International

03/24/2023

BRL

6.05

USD

2,000,000

(27,518

)

USD versus CLP

Call

Morgan Stanley and Co. International PLC

12/15/2022

CLP

1,017.00

USD

3,000,000

(37,281

)

USD versus CLP

Call

Morgan Stanley and Co. International PLC

02/10/2023

CLP

948.00

USD

3,000,000

(158,025

)

USD versus CNH

Call

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

12/28/2022

CNH

7.65

USD

4,050,000

(16,042

)

USD versus CNH

Call

Morgan Stanley and Co. International PLC

01/19/2023

CNH

7.45

USD

3,750,000

(39,116

)

USD versus MXN

Call

Bank of America, N.A.

12/15/2022

MXN

21.02

USD

3,000,000

(12,471

)

USD versus MXN

Call

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

12/07/2022

MXN

21.30

USD

4,100,000

(9,377

)

USD versus THB

Call

Standard Chartered Bank PLC

12/14/2022

THB

37.60

USD

4,500,000

(84,515

)

Subtotal – Foreign Currency Call Options Written

(384,345

)

Currency Risk

EUR versus HUF

Put

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

12/12/2022

HUF

415.00

EUR

4,500,000

(91,633

)

USD versus CLP

Put

Morgan Stanley and Co. International PLC

12/15/2022

CLP

891.00

USD

3,000,000

(23,811

)

USD versus MXN

Put

Bank of America, N.A.

12/15/2022

MXN

19.56

USD

3,000,000

(18,003

)

USD versus MXN

Put

Bank of America, N.A.

01/03/2023

MXN

19.40

USD

5,600,000

(31,030

)

USD versus MXN

Put

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

12/07/2022

MXN

19.20

USD

4,100,000

(6,572

)

USD versus THB

Put

Standard Chartered Bank PLC

12/14/2022

THB

34.75

USD

4,500,000

(900

)

USD versus ZAR

Put

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

02/21/2023

ZAR

15.55

USD

4,665,000

(3,951

)

Subtotal – Foreign Currency Put Options Written

(175,900

)

Total – Foreign Currency Options Written

(560,245

)

Open Over-The-Counter Interest Rate Swaptions Written

Description

Type of
Contract

Counterparty

Exercise
Rate

Floating
Rate
Index

Pay/
Receive
Exercise
Rate

Payment
Frequency

Expiration
Date

Notional

Value

Interest Rate Risk

2 Year Interest Rate Swap

Put

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

8.21%

6 Month

WIBOR

Pay

Semi-Annually

12/09/2022

PLN 65,800,000

(75,399

)

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

11/03/2022

Bank of America, N.A.

USD

1,646,377

BRL

8,655,003

$ 29,163

12/21/2022

Bank of America, N.A.

COP

25,024,462,000

USD

5,602,479

578,577

12/21/2022

Bank of America, N.A.

GBP

15,000

USD

17,405

174

12/21/2022

Bank of America, N.A.

IDR

561,960,000

USD

36,571

665

12/21/2022

Bank of America, N.A.

USD

218,088

CLP

207,530,000

12/21/2022

Bank of America, N.A.

USD

2,520,000

MXN

51,236,640

43,933

12/21/2022

Barclays Bank PLC

USD

113,340

CLP

108,260,000

466

12/21/2022

BNP Paribas S.A.

CZK

1,730,000

USD

70,633

1,005

11/03/2022

Citibank, N.A.

USD

1,454,387

BRL

7,719,887

40,122

12/21/2022

Citibank, N.A.

IDR

2,333,400,000

USD

152,639

3,548

12/21/2022

Citibank, N.A.

THB

24,180,000

USD

646,472

8,365

12/21/2022

Deutsche Bank AG

USD

813,195

GBP

725,000

19,656

12/21/2022

Deutsche Bank AG

USD

1,696,839

INR

141,440,000

1,781

12/21/2022

Deutsche Bank AG

ZAR

40,618,690

USD

2,316,556

113,614

12/21/2022

Goldman Sachs International

COP

801,690,000

USD

163,854

2,906

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


11		Invesco Emerging Markets Local Debt Fund


Open Forward Foreign Currency Contracts–(continued)


									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)


11/03/2022	J.P. Morgan Chase Bank, N.A.		USD		171,581	BRL		935,116		$ 9,449


12/02/2022	J.P. Morgan Chase Bank, N.A.		USD		6,500,876	BRL		34,872,000		208,341


12/21/2022	J.P. Morgan Chase Bank, N.A.		CLP		1,221,261,000	USD		1,354,699		70,880


12/21/2022	J.P. Morgan Chase Bank, N.A.		CNY		5,820,000	USD		808,227		7,209


12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR		160,000	USD		159,559		793


12/21/2022	J.P. Morgan Chase Bank, N.A.		INR		343,500,250	USD		4,237,371		112,114


12/21/2022	J.P. Morgan Chase Bank, N.A.		KRW		54,650,000	USD		39,685		1,361


12/21/2022	J.P. Morgan Chase Bank, N.A.		MYR		3,819,100	USD		851,791		43,784


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		6,378,637	MXN		128,742,000		63,741


02/23/2023	J.P. Morgan Chase Bank, N.A.		ZAR		4,058,450	USD		235,000		15,850


02/27/2023	J.P. Morgan Chase Bank, N.A.		CNY		12,283,743	USD		1,733,691		41,820


03/15/2023	J.P. Morgan Chase Bank, N.A.		CNY		22,165,000	USD		3,300,693		245,281


11/14/2022	Morgan Stanley and Co. International PLC		CLP		977,944,500	USD		1,170,000		135,100


12/21/2022	Morgan Stanley and Co. International PLC		EUR		365,153	USD		368,144		5,806


12/21/2022	Morgan Stanley and Co. International PLC		IDR		1,181,360,000	USD		76,118		636


12/21/2022	Morgan Stanley and Co. International PLC		PEN		22,415,000	USD		5,719,571		124,477


12/21/2022	Morgan Stanley and Co. International PLC		USD		284,617	CZK		7,150,000		3,152


12/21/2022	Morgan Stanley and Co. International PLC		USD		409,474	EUR		420,000		7,288


12/21/2022	Morgan Stanley and Co. International PLC		USD		179,923	HUF		77,040,000		3,475


12/21/2022	Morgan Stanley and Co. International PLC		ZAR		13,654,850	USD		749,228		8,662


02/14/2023	Morgan Stanley and Co. International PLC		CLP		483,930,000	USD		570,000		66,277


04/13/2023	Morgan Stanley and Co. International PLC		CNY		7,412,080	USD		1,040,000		16,693


12/21/2022	Royal Bank of Canada		CNY		740,000	USD		102,488		640


12/02/2022	Standard Chartered Bank PLC		USD		80,107	BRL		430,000		2,623


12/16/2022	Standard Chartered Bank PLC		THB		76,503,000	USD		2,100,000		82,187


12/21/2022	Standard Chartered Bank PLC		MYR		350,000	USD		75,529		1,479


12/21/2022	Standard Chartered Bank PLC		THB		4,160,000	USD		113,119		3,337


03/15/2023	Standard Chartered Bank PLC		CNY		7,300,000	USD		1,077,984		71,689


12/21/2022	UBS AG		HUF		23,140,000	USD		57,467		2,380


Subtotal–Appreciation										2,200,572



Currency Risk


11/03/2022	Bank of America, N.A.		BRL		8,655,003	USD		1,590,262		(85,278	)


12/21/2022	Bank of America, N.A.		MXN		24,826,375	USD		1,225,184		(17,153	)


12/21/2022	Bank of America, N.A.		USD		806,000	ZAR		14,411,862		(24,377	)


12/21/2022	Barclays Bank PLC		THB		5,100,000	USD		133,976		(612	)


11/03/2022	Citibank, N.A.		BRL		7,719,887	USD		1,468,497		(26,012	)


12/02/2022	Citibank, N.A.		BRL		7,719,887	USD		1,445,225		(40,046	)


12/21/2022	Citibank, N.A.		EUR		340,000	USD		334,369		(3,009	)


12/21/2022	Citibank, N.A.		PLN		3,920,000	USD		803,292		(10,926	)


12/21/2022	Citibank, N.A.		USD		2,175,919	CNY		15,142,001		(91,894	)


12/21/2022	Citibank, N.A.		USD		795,115	COP		3,857,700,000		(20,645	)


12/21/2022	Deutsche Bank AG		USD		80,351	EUR		80,000		(968	)


12/21/2022	Deutsche Bank AG		USD		2,326,376	IDR		34,790,956,782		(103,432	)


12/21/2022	Deutsche Bank AG		USD		2,506,099	PLN		12,036,290		(6,057	)


12/21/2022	Deutsche Bank AG		USD		1,068,725	RON		5,295,000		(7,789	)


12/02/2022	Goldman Sachs International		BRL		4,060,000	USD		769,222		(11,904	)


12/21/2022	Goldman Sachs International		MXN		18,120,000	USD		896,185		(10,558	)


12/21/2022	Goldman Sachs International		THB		13,410,000	USD		353,817		(72	)


12/21/2022	Goldman Sachs International		USD		99,782	THB		3,750,000		(820	)


11/03/2022	J.P. Morgan Chase Bank, N.A.		BRL		935,116	USD		177,880		(3,151	)

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


12		Invesco Emerging Markets Local Debt Fund


Open Forward Foreign Currency Contracts–(continued)


									Unrealized
Settlement		Contract to							Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)


12/21/2022	J.P. Morgan Chase Bank, N.A.		CZK		1,310,000	USD		52,546		$ (178	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		MXN		11,440,000	USD		564,530		(7,939	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		THB		4,970,000	USD		130,164		(993	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		2,474,341	CNY		17,440,000		(74,038	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		37,556	CZK		930,000		(126	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD		2,816,157	HUF		1,146,316,831		(87,286	)


02/14/2023	J.P. Morgan Chase Bank, N.A.		CLP		1,103,560,000	USD		1,024,576		(124,122	)


02/27/2023	J.P. Morgan Chase Bank, N.A.		USD		882,691	CNY		5,962,110		(61,514	)


03/15/2023	J.P. Morgan Chase Bank, N.A.		USD		4,187,741	CNY		27,590,000		(384,500	)


12/21/2022	Morgan Stanley and Co. International PLC		CLP		724,470,000	USD		735,104		(26,476	)


12/21/2022	Morgan Stanley and Co. International PLC		CZK		1,390,000	USD		55,045		(899	)


12/21/2022	Morgan Stanley and Co. International PLC		GBP		710,000	USD		807,668		(7,952	)


12/21/2022	Morgan Stanley and Co. International PLC		IDR		579,220,000	USD		36,972		(37	)


12/21/2022	Morgan Stanley and Co. International PLC		MXN		7,958,583	USD		391,490		(6,765	)


12/21/2022	Morgan Stanley and Co. International PLC		PLN		6,020,000	USD		1,237,374		(13,032	)


12/21/2022	Morgan Stanley and Co. International PLC		TRY		800,000	USD		40,135		(1,228	)


12/21/2022	Morgan Stanley and Co. International PLC		USD		114,913	CNY		830,000		(679	)


12/21/2022	Morgan Stanley and Co. International PLC		USD		736,970	CZK		18,299,700		(454	)


12/21/2022	Morgan Stanley and Co. International PLC		USD		90,421	HUF		37,564,999		(996	)


12/21/2022	Morgan Stanley and Co. International PLC		USD		5,339,117	PEN		20,924,000		(116,197	)


12/21/2022	Morgan Stanley and Co. International PLC		USD		3,062,357	THB		110,979,810		(133,613	)


12/21/2022	Morgan Stanley and Co. International PLC		USD		55,112	ZAR		1,000,000		(878	)


02/14/2023	Morgan Stanley and Co. International PLC		CLP		137,780,000	USD		129,797		(13,618	)


04/13/2023	Morgan Stanley and Co. International PLC		USD		440,000	CNY		2,944,480		(33,487	)


12/21/2022	Standard Chartered Bank PLC		HUF		170,562,000	USD		376,609		(29,424	)


12/21/2022	Standard Chartered Bank PLC		USD		909,228	CLP		854,137,500		(11,337	)


12/21/2022	Standard Chartered Bank PLC		USD		507,387	CNY		3,639,600		(6,461	)


12/21/2022	Standard Chartered Bank PLC		USD		223,415	PEN		895,000		(10	)


12/21/2022	Standard Chartered Bank PLC		USD		1,074,773	THB		39,600,000		(29,734	)


03/15/2023	Standard Chartered Bank PLC		USD		286,807	CNY		1,875,000		(28,341	)


12/21/2022	UBS AG		THB		7,450,000	USD		196,212		(393	)


12/21/2022	UBS AG		USD		1,121,478	PLN		5,335,000		(13,352	)


Subtotal–Depreciation										(1,680,762	)


Total Forward Foreign Currency Contracts										$ 519,810

Open Centrally Cleared Interest Rate Swap Agreements^(a)

Pay/
Receive
Floating
Rate

Floating Rate Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Interest Rate Risk

Pay

3 Month CNRR007

Quarterly

2.36

Quarterly

04/12/2027

CNY

15,000,000

$–

$ 812

Pay

3 Month CNRR007

Quarterly

2.44

Quarterly

04/27/2027

CNY

5,000,000

–

2,428

Pay

3 Month CNRR007

Quarterly

2.51

Quarterly

07/18/2027

CNY

5,000,000

–

4,319

Pay

28 Day MXN TIIE

28 Days

9.36

28 Days

06/03/2027

MXN

58,700,000

–

4,431

Receive

BZDIOVRA

At Maturity

(12.84

)

At Maturity

01/02/2024

BRL

23,193,620

–

5,561

Pay

BZDIOVRA

At Maturity

11.72

At Maturity

01/02/2026

BRL

8,286,342

–

10,077

Pay

BZDIOVRA

At Maturity

11.74

At Maturity

01/02/2025

BRL

29,824,026

–

10,151

Receive

TTHORON

Quarterly

(2.48

)

Quarterly

09/05/2027

THB

40,000,000

–

11,400

Receive

6 Month THBFIX

Semi-Annually

(1.71

)

Semi-Annually

04/18/2025

THB

81,000,000

–

12,478

Receive

3 Month COOVIBR

Quarterly

(11.25

)

Quarterly

10/31/2024

COP

25,000,000,000

–

33,186

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


13		Invesco Emerging Markets Local Debt Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)

Receive	3 Month JIBAR	Quarterly		(7.98)%		Quarterly		03/07/2032		ZAR	10,700,000	$–		$ 55,671			$ 55,671

Receive	3 Month JIBAR	Quarterly		(7.95)		Quarterly		03/07/2032		ZAR	11,000,000	–		58,382			58,382

Receive	3 Month COOVIBR	Quarterly		(8.37)		Quarterly		03/25/2027		COP	3,000,000,000	–		58,401			58,401

Receive	3 Month COOVIBR	Quarterly		(9.05)		Quarterly		08/10/2027		COP	4,545,500,000	–		67,498			67,498

Receive	3 Month COOVIBR	Quarterly		(8.59)		Quarterly		05/31/2032		COP	3,215,000,000	–		89,439			89,439

Receive	3 Month COOVIBR	Quarterly		(8.96)		Quarterly		05/23/2032		COP	4,400,000,000	–		102,079			102,079
Receive	3 Month COOVIBR	Quarterly		(8.62)		Quarterly		06/02/2024		COP	13,300,000,000	–		119,794			119,794
Subtotal – Appreciation												–		646,107			646,107

Interest Rate Risk

Pay	6 Month BUBOR	Semi-Annually		4.67		Annually		01/07/2032		HUF	270,000,000	–		(214,299	)		(214,299	)

Pay	6 Month BUBOR	Semi-Annually		12.89		Annually		08/08/2024		HUF	1,300,000,000	–		(107,708	)		(107,708	)

Pay	6 Month BUBOR	Semi-Annually		9.78		Annually		08/04/2027		HUF	475,000,000	–		(98,495	)		(98,495	)

Pay	6 Month BUBOR	Semi-Annually		9.61		Annually		07/27/2027		HUF	389,700,000	–		(86,451	)		(86,451	)

Pay	6 Month WIBOR	Semi-Annually		6.75		Annually		09/21/2024		PLN	15,600,000	–		(75,718	)		(75,718	)

Receive	FBIL Overnight MIBOR	Semi-Annually		(6.97)		Semi-Annually		05/25/2027		INR	125,000,000	–		(13,579	)		(13,579	)

Receive	28 Day MXN TIIE	28 Days		(9.66)		28 Days		12/17/2025		MXN	70,000,000	–		(13,547	)		(13,547	)

Receive	TTHORON	Quarterly		(2.75)		Quarterly		12/21/2025		THB	105,000,000	–		(13,460	)		(13,460	)

Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026		BRL	8,667,090	–		(8,967	)		(8,967	)

Pay	BZDIOVRA	At Maturity		11.27		At Maturity		01/02/2029		BRL	4,325,237	–		(8,264	)		(8,264	)

Receive	BZDIOVRA	At Maturity		(13.08)		At Maturity		01/02/2024		BRL	21,290,463	–		(4,708	)		(4,708	)

Pay	6 Month WIBOR	Semi-Annually		7.45		Annually		05/25/2027		PLN	5,200,000	–		(4,513	)		(4,513	)

Pay	BZDIOVRA	At Maturity		11.44		At Maturity		01/02/2026		BRL	8,592,101	–		(3,545	)		(3,545	)

Pay	28 Day MXN TIIE	28 Days		9.27		28 Days		10/14/2032		MXN	51,800,000	–		(2,516	)		(2,516	)

Receive	BZDIOVRA	At Maturity		(13.00)		At Maturity		01/02/2024		BRL	22,346,786	–		(1,438	)		(1,438	)
Pay	3 Month CNRR007	Quarterly		2.34		Quarterly		08/26/2027		CNY	6,000,000	–		(1,263	)		(1,263	)
Subtotal – Depreciation												–		(658,471	)		(658,471	)

Total Centrally Cleared Interest Rate Swap Agreements												$–		$ (12,364	)		$ (12,364	)

^(a)	Centrally cleared swap agreements collateralized by $705,709 cash held with Counterparties.

Open Over-The-Counter Interest Rate Swap Agreements

Counterparty

Pay/
Receive

Floating
Rate

Floating Rate

Index

Payment
Frequency

(Pay)/
Received
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Interest Rate Risk

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.85)%

Quarterly

03/23/2024

MYR

8,000,000

$–

$20,866

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.97)

Quarterly

04/11/2024

MYR

30,300,000

–

72,471

Total Over-The-Counter Interest Rate Swap Agreements

$–

$93,337

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


14		Invesco Emerging Markets Local Debt Fund


Abbreviations:

BRL		–Brazilian Real
BUBOR		–Budapest Interbank Offered Rate
BZDIOVRA		–Brazil Ceptip DI Interbank Deposit Rate
CLP		–Chile Peso
CNH		–Chinese Renminbi
CNRR007		–China 7-Day Reverse Repo Rate
CNY		–Chinese Yuan Renminbi
COOVIBR		–Colombia IBR Overnight Nominal Interbank Reference Rate
COP		–Colombia Peso
CZK		–Czech Koruna
EUR		–Euro
FBIL		–Financial Benchmarks India Private Ltd.
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JIBAR		–Johannesburg Interbank Average Rate
KLIBOR		–Kuala Lumpur Interbank Offered Rate
KRW		–South Korean Won
MIBOR		–Mumbai Interbank Offered Rate
MXN		–Mexican Peso
MYR		–Malaysian Ringgit
PEN		–Peruvian Sol
PLN		–Polish Zloty
RON		–Romania New Leu
THB		–Thai Baht
THBFIX		–Thai Baht Interest Rate Fixing
TIIE		–Interbank Equilibrium Interest Rate
TRY		–Turkish Lira
TTHORON		–Thai Overnight Repurchase Rate
USD		–U.S. Dollar
WIBOR		–Warsaw Interbank Offered Rate
ZAR		–South African Rand

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


15		Invesco Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $73,376,706)	$	59,908,194


Investments in affiliated money market funds, at value (Cost $14,906,495)		14,906,810


Other investments:
Swaps receivable –OTC		814


Unrealized appreciation on swap agreements –OTC		93,337


Unrealized appreciation on forward foreign currency contracts outstanding		2,200,572


Deposits with brokers:
Cash collateral – centrally cleared swap agreements		705,709


Cash		487,436


Foreign currencies, at value (Cost $538,968)		341,193


Receivable for:
Fund shares sold		23,479


Dividends		7,015


Interest		1,360,368


Cash segregated as collateral		233,834


Investment for trustee deferred compensation and retirement plans		23,531


Other assets		44,300


Total assets		80,336,592



Liabilities:
Other investments:
Options written, at value (premiums received $543,666)		635,644


Variation margin payable – centrally cleared swap agreements		36,660


Unrealized depreciation on forward foreign currency contracts outstanding		1,680,762


Payable for:
Dividends		80,874


Fund shares reacquired		319,771


Accrued fees to affiliates		48,795


Accrued trustees’ and officers’ fees and benefits		911


Accrued other operating expenses		96,628


Trustee deferred compensation and retirement plans		23,531


Total liabilities		2,923,576


Net assets applicable to shares outstanding	$	77,413,016


Net assets consist of:
Shares of beneficial interest	$	103,045,754


Distributable earnings (loss)		(25,632,738	)


	$	77,413,016



Net Assets:
Class A	$	20,621,304


Class C	$	4,472,946


Class R	$	1,472,295


Class Y	$	48,253,461


Class R5	$	7,375


Class R6	$	2,585,635



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,219,629


Class C		914,922


Class R		301,182


Class Y		9,865,861


Class R5		1,508


Class R6		529,000


Class A:
Net asset value per share	$	4.89


Maximum offering price per share (Net asset value of $4.89 ÷ 95.75%)	$	5.11


Class C:
Net asset value and offering price per share	$	4.89


Class R:
Net asset value and offering price per share	$	4.89


Class Y:
Net asset value and offering price per share	$	4.89


Class R5:
Net asset value and offering price per share	$	4.89


Class R6:
Net asset value and offering price per share	$	4.89

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


16		Invesco Emerging Markets Local Debt Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest (net of foreign withholding taxes of $139,961)	$	6,388,071


Dividends from affiliated money market funds		40,350


Total investment income		6,428,421



Expenses:
Advisory fees		745,319


Administrative services fees		15,402


Custodian fees		98,542


Distribution fees:
Class A		67,157


Class C		58,393


Class R		8,390


Interest, facilities and maintenance fees		94,096


Transfer agent fees – A, C, R and Y		190,475


Transfer agent fees – R5		2


Transfer agent fees – R6		822


Trustees’ and officers’ fees and benefits		20,009


Registration and filing fees		82,792


Professional services fees		60,858


Other		1,637


Total expenses		1,443,894


Less: Fees waived and/or expense offset arrangement(s)		(5,103	)


Net expenses		1,438,791


Net investment income		4,989,630



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $95,286)		(15,700,811	)


Affiliated investment securities		(528	)


Foreign currencies		(341,879	)


Forward foreign currency contracts		(1,850,616	)


Futures contracts		210,259


Option contracts written		293,266


Swap agreements		(1,438,428	)


		(18,828,737	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $115,147)		(5,437,762	)


Affiliated investment securities		402


Foreign currencies		(164,043	)


Forward foreign currency contracts		728,514


Futures contracts		(146,184	)


Option contracts written		(116,179	)


Swap agreements		530,522


		(4,604,730	)


Net realized and unrealized gain (loss)		(23,433,467	)


Net increase (decrease) in net assets resulting from operations	$	(18,443,837	)

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


17		Invesco Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	4,989,630		$	6,985,788


Net realized gain (loss)		(18,828,737	)		(5,383,132	)


Change in net unrealized appreciation (depreciation)		(4,604,730	)		(5,029,120	)


Net increase (decrease) in net assets resulting from operations		(18,443,837	)		(3,426,464	)



Distributions to shareholders from distributable earnings:
Class A		–			(361,670	)


Class C		–			(68,120	)


Class R		–			(17,389	)


Class Y		–			(971,109	)


Class R5		–			(98	)


Class R6		–			(50,888	)


Total distributions from distributable earnings		–			(1,469,274	)



Return of capital:
Class A		(1,308,109	)		(1,144,032	)


Class C		(232,461	)		(215,475	)


Class R		(75,996	)		(55,004	)


Class Y		(3,505,240	)		(3,071,809	)


Class R5		(437	)		(312	)


Class R6		(172,749	)		(160,969	)


Total return of capital		(5,294,992	)		(4,647,601	)


Total distributions		(5,294,992	)		(6,116,875	)



Share transactions–net:
Class A		(10,038,507	)		2,610,087


Class C		(1,780,116	)		(3,566,572	)


Class R		200			(239,522	)


Class Y		(29,344,167	)		6,805,786


Class R6		(1,047,904	)		526,466


Net increase (decrease) in net assets resulting from share transactions		(42,210,494	)		6,136,245


Net increase (decrease) in net assets		(65,949,323	)		(3,407,094	)



Net assets:
Beginning of year		143,362,339			146,769,433


End of year	$	77,413,016		$	143,362,339

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


18		Invesco Emerging Markets Local Debt Fund

Financial Highlights

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


	Net asset value, beginning of period		Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover^(d)
Class A
Year ended 10/31/22		$6.17		$0.25			$(1.26	)		$(1.01	)		$ –			$(0.27	)		$(0.27	)		$4.89		(16.80	)%^(e)		$ 20,621		1.45	%^(e)(f)		1.45	%^(e)(f)		4.47	%^(e)(f)		137	%
Year ended 10/31/21		6.53		0.29			(0.40	)		(0.11	)		(0.06	)		(0.19	)		(0.25	)		6.17		(1.81	)		36,826		1.23			1.35			4.38			107
Year ended 10/31/20		6.99		0.24			(0.45	)		(0.21	)		(0.07	)		(0.18	)		(0.25	)		6.53		(3.01	)^(e)		36,680		1.15	^(e)		1.28	^(e)		3.57	^(e)		50
Five months ended 10/31/19		6.68		0.16			0.30			0.46			(0.09	)		(0.06	)		(0.15	)		6.99		6.99			48,921		1.15	^(g)		1.32	^(g)		5.66	^(g)		21
Year ended 05/31/19		7.02		0.39			(0.34	)		0.05			(0.18	)		(0.21	)		(0.39	)		6.68		0.85			44,188		1.16			1.27			5.82			67
Year ended 05/31/18		7.38		0.42			(0.36	)		0.06			(0.40	)		(0.02	)		(0.42	)		7.02		0.62			55,015		1.15			1.29			5.60			48
Class C
Year ended 10/31/22		6.17		0.21			(1.27	)		(1.06	)		–			(0.22	)		(0.22	)		4.89		(17.45	)		4,473		2.21	^(f)		2.21	^(f)		3.71	^(f)		137
Year ended 10/31/21		6.53		0.24			(0.40	)		(0.16	)		(0.05	)		(0.15	)		(0.20	)		6.17		(2.62	)		7,568		2.02			2.10			3.59			107
Year ended 10/31/20		6.99		0.18			(0.45	)		(0.27	)		(0.05	)		(0.14	)		(0.19	)		6.53		(3.83	)		11,457		2.00			2.04			2.72			50
Five months ended 10/31/19		6.68		0.14			0.30			0.44			(0.08	)		(0.05	)		(0.13	)		6.99		6.61			15,332		2.00	^(g)		2.08	^(g)		4.81	^(g)		21
Year ended 05/31/19		7.02		0.33			(0.34	)		(0.01	)		(0.15	)		(0.18	)		(0.33	)		6.68		(0.14	)		16,488		2.01			2.04			4.97			67
Year ended 05/31/18		7.38		0.36			(0.36	)		–			(0.34	)		(0.02	)		(0.36	)		7.02		(0.09	)		19,932		2.00			2.05			4.75			48
Class R
Year ended 10/31/22		6.17		0.23			(1.26	)		(1.03	)		–			(0.25	)		(0.25	)		4.89		(17.02	)		1,472		1.71	^(f)		1.71	^(f)		4.21	^(f)		137
Year ended 10/31/21		6.53		0.27			(0.40	)		(0.13	)		(0.05	)		(0.18	)		(0.23	)		6.17		(2.12	)		1,854		1.53			1.60			4.08			107
Year ended 10/31/20		6.99		0.21			(0.45	)		(0.24	)		(0.06	)		(0.16	)		(0.22	)		6.53		(3.35	)		2,195		1.50			1.54			3.22			50
Five months ended 10/31/19		6.68		0.15			0.30			0.45			(0.09	)		(0.05	)		(0.14	)		6.99		6.84			2,588		1.50	^(g)		1.58	^(g)		5.31	^(g)		21
Year ended 05/31/19		7.02		0.36			(0.34	)		0.02			(0.17	)		(0.19	)		(0.36	)		6.68		0.50			2,603		1.51			1.54			5.47			67
Year ended 05/31/18		7.38		0.39			(0.36	)		0.03			(0.37	)		(0.02	)		(0.39	)		7.02		0.27			2,935		1.50			1.55			5.25			48
Class Y
Year ended 10/31/22		6.17		0.27			(1.27	)		(1.00	)		–			(0.28	)		(0.28	)		4.89		(16.59	)		48,253		1.21	^(f)		1.21	^(f)		4.71	^(f)		137
Year ended 10/31/21		6.54		0.31			(0.41	)		(0.10	)		(0.07	)		(0.20	)		(0.27	)		6.17		(1.75	)		92,706		1.01			1.10			4.60			107
Year ended 10/31/20		7.00		0.25			(0.45	)		(0.20	)		(0.07	)		(0.19	)		(0.26	)		6.54		(2.80	)		92,205		0.95			1.04			3.77			50
Five months ended 10/31/19		6.68		0.17			0.31			0.48			(0.10	)		(0.06	)		(0.16	)		7.00		7.24			162,754		0.95	^(g)		1.08	^(g)		5.86	^(g)		21
Year ended 05/31/19		7.03		0.40			(0.35	)		0.05			(0.19	)		(0.21	)		(0.40	)		6.68		0.91			143,684		0.96			1.03			6.02			67
Year ended 05/31/18		7.38		0.44			(0.35	)		0.09			(0.41	)		(0.03	)		(0.44	)		7.03		0.96			162,875		0.95			1.04			5.80			48
Class R5
Year ended 10/31/22		6.17		0.27			(1.26	)		(0.99	)		–			(0.29	)		(0.29	)		4.89		(16.47	)		7		1.05	^(f)		1.05	^(f)		4.87	^(f)		137
Year ended 10/31/21		6.53		0.31			(0.40	)		(0.09	)		(0.06	)		(0.21	)		(0.27	)		6.17		(1.54	)		9		0.94			0.99			4.67			107
Year ended 10/31/20		6.99		0.25			(0.45	)		(0.20	)		(0.07	)		(0.19	)		(0.26	)		6.53		(2.74	)		10		0.90			0.93			3.82			50
Five months ended 10/31/19		6.67		0.17			0.31			0.48			(0.10	)		(0.06	)		(0.16	)		6.99		7.27			11		0.90	^(g)		1.00	^(g)		5.91	^(g)		21
Period ended 05/31/19^(h)		6.63		0.00	⁽ⁱ⁾		0.04			0.04			(0.00	)⁽ⁱ⁾		(0.00	)⁽ⁱ⁾		(0.00	)⁽ⁱ⁾		6.67		0.64			10		0.85	^(g)		0.85	^(g)		6.13	^(g)		67
Class R6
Year ended 10/31/22		6.17		0.27			(1.26	)		(0.99	)		–			(0.29	)		(0.29	)		4.89		(16.47	)		2,586		1.05	^(f)		1.05	^(f)		4.87	^(f)		137
Year ended 10/31/21		6.53		0.31			(0.40	)		(0.09	)		(0.06	)		(0.21	)		(0.27	)		6.17		(1.50	)		4,399		0.91			0.99			4.70			107
Year ended 10/31/20		6.99		0.26			(0.45	)		(0.19	)		(0.07	)		(0.20	)		(0.27	)		6.53		(2.72	)		4,222		0.85			0.93			3.87			50
Five months ended 10/31/19		6.67		0.17			0.31			0.48			(0.10	)		(0.06	)		(0.16	)		6.99		7.29			22,887		0.85	^(g)		0.95	^(g)		5.96	^(g)		21
Year ended 05/31/19		7.02		0.41			(0.35	)		0.06			(0.19	)		(0.22	)		(0.41	)		6.67		1.01			8,604		0.86			0.91			6.12			67
Year ended 05/31/18		7.37		0.44			(0.35	)		0.09			(0.41	)		(0.03	)		(0.44	)		7.02		1.05			7,601		0.85			0.87			5.90			48

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the five months ended October 31, 2019 and the years ended May 31, 2019 and 2018.

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

^(e)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2022 and 2020.

^(f)	Ratios include interest, facilities and maintenance fees of 0.09% for the year ended October 31, 2022.

^(g)	Annualized.

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

⁽ⁱ⁾	Amount represents less than 0.005%.

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


19		Invesco Emerging Markets Local Debt Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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


20		Invesco Emerging Markets Local Debt Fund

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

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.

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.

Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts, and other expenses associated with establishing and maintaining a line of credit.

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.


21		Invesco Emerging Markets Local Debt Fund

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

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

Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.


22		Invesco Emerging Markets Local Debt Fund

bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

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

Notional amounts of each individual credit default swap agreement outstanding as of October 31, 2022, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

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

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

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.


23		Invesco Emerging Markets Local Debt Fund

sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in the Fund, even beyond any direct investment exposure the Fund may have to Russian issuers or the adjoining geographic regions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate*


First $ 500 million		0.700%


Next $500 million		0.650%


Next $4 billion		0.600%


Over $5 billion		0.580%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.70%.

The Adviser has contractually agreed, through February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective March 1, 2023 through at least February 29, 2024, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.95%, 1.45%, 0.95%, 0.95%, and 0.95%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $4,485.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $2,258 in front-end sales commissions from the sale of Class A shares and $0 and $325 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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


24		Invesco Emerging Markets Local Debt Fund

NOTE 3–Additional Valuation Information


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

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Non-U.S. Dollar Denominated Bonds & Notes	$	–	$	58,709,915			$–	$	58,709,915


U.S. Dollar Denominated Bonds & Notes		–		584,534			–		584,534


Money Market Funds		14,906,810		–			–		14,906,810


Options Purchased		–		613,745			–		613,745


Total Investments in Securities		14,906,810		59,908,194			–		74,815,004



Other Investments - Assets*


Forward Foreign Currency Contracts		–		2,200,572			–		2,200,572


Swap Agreements		–		739,444			–		739,444


		–		2,940,016			–		2,940,016



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(1,680,762	)		–		(1,680,762	)


Options Written		–		(635,644	)		–		(635,644	)


Swap Agreements		–		(658,471	)		–		(658,471	)


		–		(2,974,877	)		–		(2,974,877	)


Total Other Investments		–		(34,861	)		–		(34,861	)


Total Investments	$	14,906,810	$	59,873,333			$–	$	74,780,143

*	Forward foreign currency contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total


Unrealized appreciation on swap agreements – Centrally Cleared^(a)	$	–	$	646,107		$ 646,107


Unrealized appreciation on forward foreign currency contracts outstanding		2,200,572		–		2,200,572


Unrealized appreciation on swap agreements – OTC		–		93,337		93,337


Options purchased, at value – OTC^(b)		468,251		145,494		613,745


Total Derivative Assets		2,668,823		884,938		3,553,761


Derivatives not subject to master netting agreements		–		(646,107	)	(646,107)


Total Derivative Assets subject to master netting agreements	$	2,668,823	$	238,831		$ 2,907,654


25		Invesco Emerging Markets Local Debt Fund


	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on swap agreements – Centrally Cleared^(a)		$ –		$	(658,471	)		$ (658,471	)


Unrealized depreciation on forward foreign currency contracts outstanding		(1,680,762	)		–			(1,680,762	)


Options written, at value – OTC		(560,245	)		(75,399	)		(635,644	)


Total Derivative Liabilities		(2,241,007	)		(733,870	)		(2,974,877	)


Derivatives not subject to master netting agreements		–			658,471			658,471


Total Derivative Liabilities subject to master netting agreements		$(2,241,007	)	$	(75,399	)		$(2,316,406	)

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

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

Offsetting Assets and Liabilities

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


	Financial Derivative Assets								Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash			Net Amount


Bank of America, N.A.		$ 652,585		$ 45,987		$ –		$ 698,572		$ (126,808	)		$ (61,504	)		$ (188,312	)		$ 510,260		$–		$(528,263	)		$(18,003	)


Barclays Bank PLC		466		–		–		466		(612	)		–			(612	)		(146	)	–		–			(146	)


BNP Paribas S.A.		1,005		–		–		1,005		–			–			–			1,005		–		–			1,005


Citibank, N.A.		52,035		–		–		52,035		(192,532	)		–			(192,532	)		(140,497	)	–		–			(140,497	)


Deutsche Bank AG		135,051		–		–		135,051		(118,246	)		–			(118,246	)		16,805		–		–			16,805


Goldman Sachs International		2,906		84,504		–		87,410		(23,354	)		(27,518	)		(50,872	)		36,538		–		–			36,538


J.P. Morgan Chase Bank, N.A.		820,623		399,913		–		1,220,536		(743,847	)		(202,974	)		(946,821	)		273,715		–		–			273,715


Morgan Stanley and Co. International PLC		371,566		78,634		–		450,200		(356,311	)		(258,233	)		(614,544	)		(164,344	)	–		–			(164,344	)


Royal Bank of Canada		640		–		–		640		–			–			–			640		–		–			640


Standard Chartered Bank PLC		161,315		4,707		94,151		260,173		(105,307	)		(85,415	)		(190,722	)		69,451		–		–			69,451


UBS AG		2,380		–		–		2,380		(13,745	)		–			(13,745	)		(11,365	)	–		–			(11,365	)


Total		$2,200,572		$613,745		$94,151		$2,908,468		$(1,680,762	)		$(635,644	)		$(2,316,406	)		$ 592,062		$–		$(528,263	)		$ 63,799

Effect of Derivative Investments for the year ended October 31, 2022

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


	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	(1,850,616	)	$	-		$	(1,850,616	)


Futures contracts		-			210,259			210,259


Options purchased^(a)		(293,459	)		-			(293,459	)


Options written		293,266			-			293,266


Swap agreements		-			(1,438,428	)		(1,438,428	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		728,514			-			728,514


Futures contracts		-			(146,184	)		(146,184	)


Options purchased^(a)		59,781			42,375			102,156


Options written		(95,373	)		(20,806	)		(116,179	)


Swap agreements		-			530,522			530,522


Total	$	(1,157,887	)	$	(822,262	)	$	(1,980,149	)

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


26		Invesco Emerging Markets Local Debt Fund

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

Foreign

Forward

Currency

Foreign Currency

Futures

Swaptions

Options

Swaptions

Options

Swap

Contracts

Purchased

Written

Agreements

Average notional value

$199,490,733

3,345,356

13,986,356

41,610,291

13,986,356

53,957,692

91,808,685

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

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

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


	2022		2021


Ordinary income*		$ –	$	1,469,274


Return of capital		5,294,992		4,647,601


Total distributions		$5,294,992	$	6,116,875

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

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(14,166,706	)


Net unrealized appreciation (depreciation) – foreign currencies		(317,001	)


Temporary book/tax differences		(21,846	)


Capital loss carryforward		(11,127,185	)


Shares of beneficial interest		103,045,754


Total net assets	$	77,413,016

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


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	6,335,769	$	4,791,416	$	11,127,185

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


27		Invesco Emerging Markets Local Debt Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $129,278,211 and $174,477,358, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 3,668,601


Aggregate unrealized (depreciation) of investments	(17,835,307	)


Net unrealized appreciation (depreciation) of investments	$(14,166,706	)

Cost of investments for tax purposes is $89,087,565.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and return of capital distributions, on October 31, 2022, undistributed net investment income was increased by $251,992, undistributed net realized gain (loss) was increased by $11,803,718 and shares of beneficial interest was decreased by $12,055,710. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		462,981			$ 2,654,156			1,783,731			$ 12,076,112


Class C		105,233			602,616			152,961			1,031,334


Class R		49,259			273,219			55,562			372,110


Class Y		6,135,961			35,757,530			7,673,682			51,393,420


Class R6		265,007			1,525,372			420,643			2,835,417



Issued as reinvestment of dividends:
Class A		164,172			905,430			157,004			1,035,690


Class C		32,739			180,693			31,849			210,341


Class R		13,643			74,941			10,726			70,771


Class Y		453,036			2,503,232			370,079			2,437,961


Class R6		24,154			134,005			26,376			173,769



Automatic conversion of Class C shares to Class A shares:
Class A		69,125			394,522			315,777			2,184,475


Class C		(69,109	)		(394,522	)		(315,777	)		(2,184,475	)



Reacquired:
Class A		(2,444,400	)		(13,992,615	)		(1,904,261	)		(12,686,190	)


Class C		(380,496	)		(2,168,903	)		(395,830	)		(2,623,772	)


Class R		(62,179	)		(347,960	)		(101,868	)		(682,403	)


Class Y		(11,736,637	)		(67,604,929	)		(7,136,449	)		(47,025,595	)


Class R6		(472,971	)		(2,707,281	)		(380,547	)		(2,482,720	)


Net increase (decrease) in share activity		(7,390,482	)		$(42,210,494)			763,658			$ 6,136,245

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


28		Invesco Emerging Markets Local Debt Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Local Debt Fund

Opinion on the Financial Statements

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

Financial Highlights

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

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

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

Basis for Opinion

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

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period^{2, 3}	Ending Account Value (10/31/22)	Expenses Paid During Period^{2, 4}	Annualized Expense Ratio²
Class A	$1,000.00	$920.80	$8.33	$1,016.53	$8.74	1.72%
Class C	1,000.00	915.50	11.97	1,012.70	12.58	2.48
Class R	1,000.00	917.90	9.57	1,015.22	10.06	1.98
Class Y	1,000.00	920.30	7.16	1,017.74	7.53	1.48
Class R5	1,000.00	921.00	6.05	1,018.90	6.36	1.25
Class R6	1,000.00	922.70	6.20	1,018.75	6.51	1.28

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective March 1 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.20%, 1.95%, 1.45%, 0.95%, 0.95% and 0.95% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 1.20%, 1.95%, 1.45%, 0.95%, 0.95% and 0.95% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $5.81, $9.41, $7.01, $4.60, $4.60 and $4.60 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $6.11, $9.91, $7.38, $4.84, $4.84 and $4.84 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.


30		Invesco Emerging Markets Local Debt Fund

Approval of Investment Advisory and Sub-Advisory Contracts

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

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the fourth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one , three and


31		Invesco Emerging Markets Local Debt Fund

five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s exposure to, and interest rate positioning in, certain emerging market countries and currencies detracted from performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual management fees and total expense ratio were in the fifth quintile of its expense group, requested and considered additional information from management regarding the appropriateness of the management fees and total expense ratio, and discussed with management reasons for such relative actual management fees and total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

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. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.


32		Invesco Emerging Markets Local Debt Fund


33		Invesco Emerging Markets Local Debt Fund

Tax Information

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

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


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

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


34		Invesco Emerging Markets Local Debt Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Emerging Markets Local Debt Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Emerging Markets Local Debt Fund

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		O-EMLD-AR-1

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Annual Report to Shareholders		October 31, 2022

Invesco Emerging Markets Select Equity Fund

Nasdaq:

A: IEMAX ∎ C: IEMCX ∎ R: IEMRX ∎ Y: IEMYX ∎ R5: IEMIX ∎ R6: EMEFX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Emerging Markets Select Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI Emerging Markets Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-38.99	%
Class C Shares	-39.43
Class R Shares	-39.15
Class Y Shares	-38.83
Class R5 Shares	-38.83
Class R6 Shares	-38.93
MSCI EAFE Index^▼(Broad Market Index)	-23.00
MSCI Emerging Markets Index^▼(Style-Specific Index)	-31.03
Lipper Emerging Market Funds Index^∎(Peer Group Index)	-32.51

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

Before we discuss the Fund’s results during the fiscal year, it is helpful to briefly explain how we manage the Fund for shareholders. We seek to maintain a long-term perspective, with stock selection in the portfolio being bottom-up and fundamentally driven. We invest in high-conviction businesses with preferred quality characteristics, including a focus on a company’s growth potential and sustainable competitive advantages. We strive to develop a proprietary view of a business through in-depth, fundamental research that includes careful financial statement analysis. We then seek to purchase businesses whose stock prices are below what we have calculated to be the true value of the company based on an estimate of its future free cash flows.

During the fiscal year, security selection within the consumer discretionary and information technology sectors were beneficial to the Fund’s performance relative to the Fund’s style-specific benchmark. From a country perspective, an overweighting to Brazil and Mexico, two of the stronger performing countries within emerging markets, contributed to the Fund’s relative performance, as did positive security selection in China. The top individual contributors to the Fund’s absolute performance over the fiscal year included Arcos Dorados, a leading McDonald’s franchisee based in Latin America and Itau Unibanco, the largest private bank in Brazil.

Conversely, the Fund’s security selection in the communication services and financials sectors hurt the Fund’s performance relative to the style-specific benchmark over the fiscal year. From a country perspective, the Fund’s security selection in India and Taiwan detracted from relative performance, as did two

holdings that the Fund held in Russia. The top individual detractors from the Fund’s absolute performance included China Isotope & Radiation, a Chinese diagnostic and therapeutic radiopharmaceuticals company and Tencent, a Chinese internet and technology company.

During the fiscal year, the Fund acquired new holdings, which included Pinduoduo,

Yum China, Inner Mongolia Yili Industrial and Itau Unibanco. Generally, we sell Fund holdings when they reach full valuation; if new, relatively more attractive investment opportunities exist; or if new information changes our thesis on the future of a business. As such, we sold Alibaba, Ping An Insurance, China National Building Material and Vipshop Holdings.

At the close of the fiscal year, relative to the style-specific benchmark, the Fund’s largest overweight positions were in the consumer discretionary and consumer staples sectors. Conversely, the Fund’s largest underweight positions were in the information technology and financial sectors. The Fund ended the fiscal year with its largest overweight exposures to China and Brazil while having the largest underweight exposures to Taiwan and South Korea.

Please note, the Fund’s country and sector allocations are the result of our bottom-up, fundamental stock selection process, and are not based on the characteristics of the Fund’s style-specific index.

As always, we thank you for your investment in Invesco Emerging Markets Select Equity Fund and for sharing our long-term investment perspective.

Portfolio manager(s):

Justin Leverenz

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Emerging Markets Select Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 Emerging Markets Select Equity Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (5/31/11)	-3.97	%
10 Years	-2.00
5 Years	-8.19
1 Year	-42.33

Class C Shares
Inception (5/31/11)	-4.00	%
10 Years	-2.05
5 Years	-7.84
1 Year	-40.02

Class R Shares
Inception (5/31/11)	-3.75	%
10 Years	-1.70
5 Years	-7.39
1 Year	-39.15

Class Y Shares
Inception (5/31/11)	-3.27	%
10 Years	-1.20
5 Years	-6.93
1 Year	-38.83

Class R5 Shares
Inception (5/31/11)	-3.27	%
10 Years	-1.20
5 Years	-6.93
1 Year	-38.83

Class R6 Shares
Inception (9/24/12)	-1.51	%
10 Years	-1.23
5 Years	-6.94
1 Year	-38.93

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


4		Invesco Emerging Markets Select Equity Fund

Supplemental Information

Invesco Emerging Markets Select Equity Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI EAFE^® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The MSCI Emerging Markets Index^SM is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Emerging Market Funds Index is an unmanaged index considered representative of emerging market funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Emerging Markets Select Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		32.16	%

Consumer Staples		15.85

Financials		14.88

Information Technology		9.82

Health Care		8.52

Industrials		8.22

Real Estate		2.97

Communication Services		2.80

Materials		2.28

Money Market Funds Plus Other Assets Less Liabilities		2.50

Top 10 Equity Holdings*


		% of total net assets

1.	Gree Electric Appliances, Inc. of Zhuhai, A Shares		5.42	%

2.	China Isotope & Radiation Corp.		4.99

3.	Housing Development Finance Corp. Ltd.		4.82

4.	Pinduoduo, Inc., ADR		4.44

5.	Samsung Electronics Co. Ltd., Preference Shares		4.32

6.	Kweichow Moutai Co. Ltd., A Shares		4.12

7.	Yum China Holdings, Inc.		3.90

8.	PT Bank Rakyat Indonesia (Persero) Tbk		3.69

9.	Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		3.28

10.	KE Holdings, Inc., ADR		2.97

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Emerging Markets Select Equity Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–97.50%
Brazil–18.54%
Afya Ltd., Class A^(a)(b)		70,000	$	1,031,800


Ambev S.A.		350,000		1,084,116


Arcos Dorados Holdings, Inc., Class A		122,000		919,880


Grupo SBF S.A.		160,001		586,665


Hypera S.A.		80,000		786,913


Itau Unibanco Holding S.A., Preference Shares		186,000		1,094,647


MercadoLibre, Inc.^(a)		1,000		901,620


Raia Drogasil S.A.		115,000		585,742


				6,991,383



Chile–0.72%
Banco de Chile		3,000,000		271,053



China–40.17%
Beijing Airdoc Technology Co. Ltd.^(a)(c)		107,600		141,433


China Isotope & Radiation Corp.		1,218,800		1,879,576


East Money Information Co. Ltd., A Shares		486,000		1,037,763


Gree Electric Appliances, Inc. of Zhuhai, A Shares		520,003		2,043,116


Haitian International Holdings Ltd.		278,000		555,892


Helens International Holdings Co. Ltd.^(a)		460,000		442,614


Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		358,000		1,237,652


KE Holdings, Inc., ADR^(a)(b)		110,000		1,119,800


Kweichow Moutai Co. Ltd., A Shares		8,400		1,555,052


Medlive Technology Co. Ltd.^(c)		467,500		403,993


Pinduoduo, Inc., ADR^(a)		30,500		1,672,315


Shenzhou International Group Holdings Ltd.		106,500		735,060


Tencent Holdings Ltd.		22,000		577,275


Virscend Education Co. Ltd.^(c)		16,000,000		277,485


Yum China Holdings, Inc.		35,600		1,472,060


				15,151,086



India–13.12%
Computer Age Management Services Ltd.		32,000		984,794


FSN E-Commerce Ventures Ltd.^(a)		48,500		676,131


Housing Development Finance Corp. Ltd.		61,000		1,818,592


Varun Beverages Ltd.		43,800		554,555


Zomato Ltd.^(a)		1,200,000		912,688


				4,946,760



Indonesia–5.97%
PT Avia Avian Tbk		17,077,700		859,528


PT Bank Rakyat Indonesia (Persero) Tbk		4,680,000		1,392,703


				2,252,231



Malaysia–1.74%
CTOS Digital Bhd.		2,200,000		655,736



Mexico–3.42%
Arca Continental S.A.B. de C.V.		43,058		352,692


	Shares		Value


Mexico–(continued)
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		39,999	$	936,129


				1,288,821



Poland–3.80%
CD Projekt S.A.^(b)		18,000		478,608


InPost S.A.^(a)		150,000		956,787


				1,435,395



Russia–0.00%
Sberbank of Russia PJSC^(a)(d)		532,000		0


Yandex N.V., Class A^(a)(d)		26,000		0


				0



South Korea–5.51%
Coupang, Inc.^(a)(b)		26,000		449,020


Samsung Electronics Co. Ltd., Preference Shares		43,600		1,628,144


				2,077,164



Taiwan–2.89%
King Slide Works Co. Ltd.		9,000		117,045


Taiwan Semiconductor Manufacturing Co. Ltd.		81,000		974,762


				1,091,807



Thailand–1.62%
Thai Beverage PCL		1,500,000		609,584


Total Common Stocks & Other Equity Interests (Cost $50,780,880)				36,771,020



Money Market Funds–2.67%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(e)(f)		354,701		354,701


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(e)(f)		248,510		248,560


Invesco Treasury Portfolio, Institutional Class, 3.08%^(e)(f)		405,372		405,372


Total Money Market Funds (Cost $1,008,610)				1,008,633


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.17% (Cost $51,789,490)				37,779,653



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.66%
Invesco Private Government Fund, 3.18%^(e)(f)(g)		386,334		386,334


Invesco Private Prime Fund, 3.28%^(e)(f)(g)		993,173		993,173


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,379,499)				1,379,507


TOTAL INVESTMENTS IN SECURITIES–103.83% (Cost $53,168,989)				39,159,160


OTHER ASSETS LESS LIABILITIES–(3.83)%				(1,444,028	)


NET ASSETS–100.00%			$	37,715,132

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Emerging Markets Select Equity Fund

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at October 31, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $822,911, which represented 2.18% of the Fund’s Net Assets.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)


								Change in		Realized
	Value		Purchases		Proceeds			Unrealized		Gain			Value
	October 31, 2021		at Cost		from Sales			Appreciation		(Loss)			October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,026,877	$	7,931,351	$	(9,603,527	)	$	-	$	-		$	354,701		$ 1,828
Invesco Liquid Assets Portfolio, Institutional Class		1,411,912		5,665,250		(6,828,642	)		61		(21	)		248,560		1,812
Invesco Treasury Portfolio, Institutional Class		2,316,431		9,064,401		(10,975,460	)		-		-			405,372		2,750
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		7,613,664		(7,227,330	)		-		-			386,334		4,650	*
Invesco Private Prime Fund		-		17,936,222		(16,943,196	)		8		139			993,173		12,578	*
Total	$	5,755,220	$	48,210,888	$	(51,578,155	)	$	69	$	118		$	2,388,140		$23,618

^(f)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Emerging Markets Select Equity Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $50,780,880)*	$	36,771,020


Investments in affiliated money market funds, at value (Cost $2,388,109)		2,388,140


Foreign currencies, at value (Cost $25,511)		21,105


Receivable for:
Investments sold		76,814


Fund shares sold		37,996


Dividends		16,549


Investment for trustee deferred compensation and retirement plans		17,620


Other assets		38,462


Total assets		39,367,706



Liabilities:
Payable for:
Investments purchased		115,694


Fund shares reacquired		35,354


Accrued foreign taxes		3,174


Collateral upon return of securities loaned		1,379,499


Accrued fees to affiliates		29,710


Accrued trustees’ and officers’ fees and benefits		852


Accrued other operating expenses		69,321


Trustee deferred compensation and retirement plans		18,970


Total liabilities		1,652,574


Net assets applicable to shares outstanding	$	37,715,132



Net assets consist of:
Shares of beneficial interest	$	64,244,192


Distributable earnings (loss)		(26,529,060	)


	$	37,715,132


Net Assets:
Class A	$	19,148,304


Class C	$	2,730,809


Class R	$	2,793,546


Class Y	$	10,950,764


Class R5	$	1,359,381


Class R6	$	732,328



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,367,608


Class C		503,963


Class R		498,161


Class Y		1,915,246


Class R5		237,713


Class R6		128,148


Class A:
Net asset value per share	$	5.69


Maximum offering price per share (Net asset value of $5.69 ÷ 94.50%)	$	6.02


Class C:
Net asset value and offering price per share	$	5.42


Class R:
Net asset value and offering price per share	$	5.61


Class Y:
Net asset value and offering price per share	$	5.72


Class R5:
Net asset value and offering price per share	$	5.72


Class R6:
Net asset value and offering price per share	$	5.71

*	At October 31, 2022, securities with an aggregate value of $1,330,587 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Emerging Markets Select Equity Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $144,032)	$	1,285,687


Dividends from affiliated money market funds (includes net securities lending income of $1,038)		7,428


Total investment income		1,293,115



Expenses:

Advisory fees		533,849


Administrative services fees		7,257


Custodian fees		37,588


Distribution fees:
Class A		74,057


Class C		39,944


Class R		17,857


Transfer agent fees – A, C, R and Y		127,693


Transfer agent fees – R5		530


Transfer agent fees – R6		335


Trustees’ and officers’ fees and benefits		19,501


Registration and filing fees		79,290


Reports to shareholders		15,690


Professional services fees		57,165


Other		12,458


Total expenses		1,023,214


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(275,392	)


Net expenses		747,822


Net investment income		545,293



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $19,139)		(12,000,934	)


Affiliated investment securities		118


Foreign currencies		(109,041	)


Forward foreign currency contracts		(2,773	)


		(12,112,630	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $129,744)		(16,021,885	)


Affiliated investment securities		69


Foreign currencies		(1,416	)


		(16,023,232	)


Net realized and unrealized gain (loss)		(28,135,862	)


Net increase (decrease) in net assets resulting from operations	$	(27,590,569	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Emerging Markets Select Equity Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	545,293		$	917,718


Net realized gain (loss)		(12,112,630	)		5,548,469


Change in net unrealized appreciation (depreciation)		(16,023,232	)		(15,956,937	)


Net increase (decrease) in net assets resulting from operations		(27,590,569	)		(9,490,750	)



Distributions to shareholders from distributable earnings:
Class A		(1,347,566	)		(232,728	)


Class C		(149,032	)		(30,624	)


Class R		(137,567	)		(18,143	)


Class Y		(818,543	)		(196,967	)


Class R5		(80,790	)		(14,105	)


Class R6		(57,289	)		(7,257	)


Total distributions from distributable earnings		(2,590,787	)		(499,824	)



Share transactions–net:
Class A		(5,657,746	)		6,168,552


Class C		(764,650	)		(684,996	)


Class R		379,273			1,340,633


Class Y		(10,476,582	)		(984,967	)


Class R5		80,442			(1,742	)


Class R6		(165,209	)		546,920


Net increase (decrease) in net assets resulting from share transactions		(16,604,472	)		6,384,400


Net increase (decrease) in net assets		(46,785,828	)		(3,606,174	)



Net assets:
Beginning of year		84,500,960			88,107,134


End of year	$	37,715,132		$	84,500,960

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Emerging Markets Select Equity Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/22		$	9.68		$	0.07			$	(3.73	)		$	(3.66	)		$	(0.07	)		$	(0.26	)		$	(0.33	)		$	5.69		(38.99	)%		$	19,148		1.33	%		1.83	%		0.93	%		70	%
Year ended 10/31/21			10.58			0.10				(0.94	)			(0.84	)			(0.06	)			–				(0.06	)			9.68		(8.07	)			40,389		1.33			1.67			0.84			47
Year ended 10/31/20			9.10			0.04				1.67				1.71				(0.23	)			–				(0.23	)			10.58		19.11				39,446		1.33			1.72			0.45			42
Year ended 10/31/19			7.67			0.23	^(d)			1.60				1.83				(0.03	)			(0.37	)			(0.40	)			9.10		25.14				34,665		1.33			1.89			2.81	^(d)		45
Year ended 10/31/18			9.30			0.07				(1.69	)			(1.62	)			(0.01	)			–				(0.01	)			7.67		(17.45	)			27,580		1.33			2.03			0.73			104
Class C
Year ended 10/31/22			9.23			0.01				(3.56	)			(3.55	)			–				(0.26	)			(0.26	)			5.42		(39.43	)			2,731		2.08			2.58			0.18			70
Year ended 10/31/21			10.16			0.01				(0.90	)			(0.89	)			(0.04	)			–				(0.04	)			9.23		(8.81	)			5,605		2.08			2.42			0.09			47
Year ended 10/31/20			8.74			(0.03	)			1.60				1.57				(0.15	)			–				(0.15	)			10.16		18.17				6,882		2.08			2.47			(0.30	)		42
Year ended 10/31/19			7.41			0.16	^(d)			1.54				1.70				–				(0.37	)			(0.37	)			8.74		24.09				6,550		2.08			2.64			2.06	^(d)		45
Year ended 10/31/18			9.04			(0.00	)			(1.63	)			(1.63	)			–				–				–				7.41		(18.03	)			7,296		2.08			2.78			(0.02	)		104
Class R
Year ended 10/31/22			9.55			0.05				(3.68	)			(3.63	)			(0.05	)			(0.26	)			(0.31	)			5.61		(39.15	)			2,794		1.58			2.08			0.68			70
Year ended 10/31/21			10.46			0.07				(0.93	)			(0.86	)			(0.05	)			–				(0.05	)			9.55		(8.30	)			4,292		1.58			1.92			0.59			47
Year ended 10/31/20			8.99			0.02				1.65				1.67				(0.20	)			–				(0.20	)			10.46		18.90				3,514		1.58			1.97			0.20			42
Year ended 10/31/19			7.59			0.21	^(d)			1.57				1.78				(0.01	)			(0.37	)			(0.38	)			8.99		24.62				2,795		1.58			2.14			2.56	^(d)		45
Year ended 10/31/18			9.21			0.05				(1.67	)			(1.62	)			–				–				–				7.59		(17.59	)			2,077		1.58			2.28			0.48			104
Class Y
Year ended 10/31/22			9.73			0.09				(3.75	)			(3.66	)			(0.09	)			(0.26	)			(0.35	)			5.72		(38.83	)			10,951		1.08			1.58			1.18			70
Year ended 10/31/21			10.62			0.13				(0.96	)			(0.83	)			(0.06	)			–				(0.06	)			9.73		(7.91	)			30,487		1.08			1.42			1.09			47
Year ended 10/31/20			9.13			0.07				1.67				1.74				(0.25	)			–				(0.25	)			10.62		19.48				34,678		1.08			1.47			0.70			42
Year ended 10/31/19			7.71			0.26	^(d)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.13		25.27				23,550		1.08			1.64			3.06	^(d)		45
Year ended 10/31/18			9.33			0.09				(1.69	)			(1.60	)			(0.02	)			–				(0.02	)			7.71		(17.17	)			16,697		1.08			1.78			0.98			104
Class R5
Year ended 10/31/22			9.73			0.09				(3.75	)			(3.66	)			(0.09	)			(0.26	)			(0.35	)			5.72		(38.83	)			1,359		1.08			1.37			1.18			70
Year ended 10/31/21			10.62			0.13				(0.96	)			(0.83	)			(0.06	)			–				(0.06	)			9.73		(7.91	)			2,224		1.08			1.25			1.09			47
Year ended 10/31/20			9.13			0.07				1.67				1.74				(0.25	)			–				(0.25	)			10.62		19.48				2,428		1.08			1.26			0.70			42
Year ended 10/31/19			7.71			0.26	^(d)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.13		25.27				2,033		1.08			1.39			3.06	^(d)		45
Year ended 10/31/18			9.33			0.09				(1.69	)			(1.60	)			(0.02	)			–				(0.02	)			7.71		(17.16	)			1,623		1.08			1.55			0.98			104
Class R6
Year ended 10/31/22			9.73			0.09				(3.76	)			(3.67	)			(0.09	)			(0.26	)			(0.35	)			5.71		(38.93	)			732		1.08			1.37			1.18			70
Year ended 10/31/21			10.61			0.13				(0.95	)			(0.82	)			(0.06	)			–				(0.06	)			9.73		(7.82	)			1,505		1.08			1.25			1.09			47
Year ended 10/31/20			9.12			0.07				1.67				1.74				(0.25	)			–				(0.25	)			10.61		19.50				1,161		1.08			1.26			0.70			42
Year ended 10/31/19			7.70			0.26	^(d)			1.59				1.85				(0.06	)			(0.37	)			(0.43	)			9.12		25.31				629		1.08			1.39			3.06	^(d)		45
Year ended 10/31/18			9.32			0.09				(1.69	)			(1.60	)			(0.02	)			–				(0.02	)			7.70		(17.18	)			227		1.08			1.55			0.98			104

^(a)	Calculated using average shares outstanding.

^(b)

^(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.


12		Invesco Emerging Markets Select Equity Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Emerging Markets Select Equity Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. The Fund is classified as non-diversified. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


13		Invesco Emerging Markets Select Equity Fund

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.


14		Invesco Emerging Markets Select Equity Fund

K.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.93%.

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.


15		Invesco Emerging Markets Select Equity Fund

For the year ended October 31, 2022, the Adviser waived advisory fees of $675 and reimbursed class level expenses of $145,252, $19,594, $17,538, $83,327, $5,109 and $3,223 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $6,927 in front-end sales commissions from the sale of Class A shares and $1,170 and $352 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $174 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	6,991,383	$	–		$–	$	6,991,383


Chile		–		271,053		–		271,053


China		4,264,175		10,886,911		–		15,151,086


India		–		4,946,760		–		4,946,760


Indonesia		–		2,252,231		–		2,252,231


Malaysia		–		655,736		–		655,736


Mexico		1,288,821		–		–		1,288,821


Poland		–		1,435,395		–		1,435,395


Russia		–		–		0		0


South Korea		449,020		1,628,144		–		2,077,164


Taiwan		–		1,091,807		–		1,091,807


Thailand		–		609,584		–		609,584


Money Market Funds		1,008,633		1,379,507		–		2,388,140


Total Investments	$	14,002,032	$	25,157,128		$0	$	39,159,160

NOTE 4–Derivative Investments

The Trust may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a trust may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and


16		Invesco Emerging Markets Select Equity Fund

close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Trust does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Statement of Operations
	Currency
	Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(2,773)

The table below summarizes the average notional value of forward foreign currency contracts held during the period.


		Forward
		Foreign Currency
		Contracts


Average notional value		$451,596

NOTE 5–Expense Offset Arrangement(s)

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	558,194	$	499,824


Long-term capital gain		2,032,593		–


Total distributions	$	2,590,787	$	499,824

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	377,110


Net unrealized appreciation (depreciation) – investments		(15,374,163	)


Net unrealized appreciation (depreciation) – foreign currencies		(4,876	)


Temporary book/tax differences		(16,486	)


Capital loss carryforward		(11,510,645	)


Shares of beneficial interest		64,244,192


Total net assets	$	37,715,132


17		Invesco Emerging Markets Select Equity Fund

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$7,059,795

$4,450,850

$11,510,645

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $39,203,025 and $52,459,768, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,149,684


Aggregate unrealized (depreciation) of investments		(19,523,847	)


Net unrealized appreciation (depreciation) of investments	$	(15,374,163	)

Cost of investments for tax purposes is $54,533,323.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, foreign capital gains taxes and distributions, on October 31, 2022, undistributed net investment income was decreased by $148,609 and undistributed net realized gain (loss) was increased by $148,609. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		427,982		$	3,270,667			1,596,968		$	19,214,515


Class C		93,567			691,359			194,700			2,223,840


Class R		154,824			1,144,146			211,427			2,434,522


Class Y		890,254			6,920,762			1,822,655			21,297,060


Class R5		-			-			817			9,738


Class R6		45,928			356,071			75,337			896,201



Issued as reinvestment of dividends:
Class A		144,164			1,251,341			17,922			215,778


Class C		16,831			140,207			2,462			28,493


Class R		15,857			136,054			1,517			18,069


Class Y		76,547			666,722			15,856			191,539


Class R5		9,235			80,442			1,156			13,965


Class R6		6,386			55,620			595			7,179



Automatic conversion of Class C shares to Class A shares:
Class A		36,333			267,811			101,965			1,203,141


Class C		(38,011	)		(267,811	)		(106,303	)		(1,203,141	)


18		Invesco Emerging Markets Select Equity Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,414,424	)	$	(10,447,565	)		(1,271,382	)	$	(14,464,882	)


Class C		(175,368	)		(1,328,405	)		(161,042	)		(1,734,188	)


Class R		(121,960	)		(900,927	)		(99,313	)		(1,111,958	)


Class Y		(2,183,906	)		(18,064,066	)		(1,971,810	)		(22,473,566	)


Class R5		-			-			(2,109	)		(25,445	)


Class R6		(78,928	)		(576,900	)		(30,570	)		(356,460	)


Net increase (decrease) in share activity		(2,094,689	)	$	(16,604,472	)		400,848		$	6,384,400

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


19		Invesco Emerging Markets Select Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Emerging Markets Select Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Emerging Markets Select Equity Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$807.10	$6.06	$1,018.50	$6.77	1.33%
Class C	1,000.00	804.20	9.46	1,014.72	10.56	2.08
Class R	1,000.00	806.00	7.19	1,017.24	8.03	1.58
Class Y	1,000.00	807.90	4.92	1,019.76	5.50	1.08
Class R5	1,000.00	807.90	4.92	1,019.76	5.50	1.08
Class R6	1,000.00	807.60	4.92	1,019.76	5.50	1.08

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco Emerging Markets Select Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Emerging Markets Select Equity Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI Emerging Markets Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s stock selection in certain sectors, as well as the Fund’s holdings in China, detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


22		Invesco Emerging Markets Select Equity Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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

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.

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.


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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	2,032,592
Qualified Dividend Income*		100.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco Emerging Markets Select Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Emerging Markets Select Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801


T-6		Invesco Emerging Markets Select Equity Fund

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		EME-AR-1




Annual Report to Shareholders		October 31, 2022

Invesco Fundamental Alternatives Fund

Nasdaq:

A: QVOPX ∎ C: QOPCX ∎ R: QOPNX ∎ Y: QOPYX ∎ R5: FDATX ∎ R6: QOPIX


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

23		Consolidated Financial Statements

26		Consolidated Financial Highlights

27		Notes to Consolidated Financial Statements

37		Report of Independent Registered Public Accounting Firm

38		Fund Expenses

39		Approval of Investment Advisory and Sub-Advisory Contracts

41		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Fundamental Alternatives Fund (the Fund), at net asset value (NAV), underperformed the HFRX Global Hedge Fund Index.
Your Fund’s long-term performance appears later in this report.


Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-6.60	%
Class C Shares	-7.28
Class R Shares	-6.87
Class Y Shares	-6.38
Class R5 Shares	-6.25
Class R6 Shares	-6.21
HFRX Global Hedge Fund Index^▼	-5.28
Source(s): ^▼Bloomberg LP

Market conditions and your Fund

emerging market equities were both in negative territory.

For the fiscal year ended October 31, 2022, the Fund’s Class A shares (without sales charge) generated a total return of -6.60%. The Fund underperformed the HFRX Global Hedge Fund Index, which returned -5.28% during the fiscal year. The Fund invests across three distinct alternative investment strategies including equity, credit and macro. All three strategies generated positive returns during the fiscal year.

The Fund’s equity sleeve follows its systematic defensive multi-factor approach, which combines a focus on low volatility with other factor exposures, particularly Quality, Momentum and Value.

The strategy simultaneously targets to provide downside protection and benefits from the extra return potential of equity factors.

The resulting portfolio will hold a diversified mix of stocks that are deemed attractive from a factor and/or risk perspective. We believe this may decrease the impact of stock-specific effects on the portfolio and hence increase the portion of risk and return that is explained by our intended factors – Quality, Momentum and Value, as well as Low Volatility.

For the fiscal year ended October 31, 2022, the Fund’s equity strategy outperformed the S&P 500 Index mainly due to its inherently defensive low volatility positioning, which had a strong positive contribution in a declining market. In addition, our intended factors combined to also add to performance. Within our factors, Value led the way as investors rewarded companies trading at attractive valuations through mid-June before pulling back abruptly. By the beginning of October, sentiment reversed again with Value regaining its upward trend. Momentum added to returns as well, particularly toward the end of the fiscal year. Quality, however, detracted modestly overall.

US interest rate moves and inflation risk significantly affected fixed-income valuations

during the fourth quarter of 2021. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year Treasury increased slightly from 1.48% to 1.52% during the quarter.¹ The yield curve, as measured by the yield differential between two-and 10-year Treasuries, flattened during the quarter.

The onset of the Russia-Ukraine war in the first quarter further exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. These forces, combined with tightening financial conditions, were negative for credit asset classes, as evidenced by the two-year Treasury yield rising significantly from 0.78% to 2.28%, while the 10-year Treasury increased slightly from 1.63% to 2.32%,¹ during the first quarter.

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth continued to apply pressure on fixed-income markets. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed-income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May and three 0.75% hikes each of June, July and November, the largest hikes since 1994 to a target Fed funds rate of 3.75-4.00%, the highest since 2008.³ In their November 2022 meeting, the Fed signaled their hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.¹ At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

The Fund’s credit sleeve utilizes a systematic, quantitative, factor-based approach to investing.

Over the fiscal year, duration was the largest detractor from the Fund’s performance as interest rates rose sharply over the fiscal year, followed by carry and value, while low volatility bonds were the sole contributor to the Fund’s performance. The rise of interest rates during the fiscal year had a negative impact on performance, but overall, bonds with attractive factor characteristics positively impacted the Fund’s absolute performance, counterweighing the negative impact of interest rates.


2		Invesco Fundamental Alternatives Fund

The Fund’s macro sleeve attempts to take advantage of short-term market trends by investing both long- and short-term across liquid global equity, government bond and commodity markets based on each asset’s likelihood to outperform cash over the next 30-day period. Within the macro sleeve, bonds were the top contributor to the Fund’s performance while equities and commodities detracted from the Fund’s performance. Bonds delivered gains due to timely underweight exposures in the UK and the US. Exposure to equities produced negative results as there was no persistent performance month-to-month, which made getting on the right side of the trend a challenge. Exposure to commodities produced modest losses as strong early fiscal year commodity performance became volatile later in the fiscal year and ran counter to our positioning in energy and agriculture.

The Fund is managed as three separate strategies; therefore, the detractors from the Fund’s performance are included in the discussion of the individual sleeves that collectively make up the Fund.

The Fund continues to focus on selecting securities that we believe offer attractive risk-adjusted returns and can deliver effective diversification combined with low volatility, good downside risk mitigation and low sensitivity to traditional market factors over the long-term.

Please note that the macro strategy is principally implemented with derivative instruments that include futures, forward foreign currency contracts, commodity-linked notes, credit default swaps and total return swaps. Therefore, all or most of the performance of the macro strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities

We thank you for your continued investment in the Invesco Fundamental Alternatives Fund.

1	Source: US Department of the Treasury

2	Source: Bloomberg LP

3	Source: Federal Reserve of Economic Data

Portfolio manager(s):

Chris Devine

Tarun Gupta

Scott Hixon

Jay Raol

Scott Wolle

the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Fundamental Alternatives Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (1/3/89)	6.66	%
10 Years	1.29
5 Years	-1.02
1 Year	-11.75

Class C Shares
Inception (9/1/93)	5.05	%
10 Years	1.24
5 Years	-0.65
1 Year	-8.19

Class R Shares
Inception (3/1/01)	1.80	%
10 Years	1.59
5 Years	-0.16
1 Year	-6.87

Class Y Shares
Inception (12/16/96)	3.82	%
10 Years	2.10
5 Years	0.34
1 Year	-6.38

Class R5 Shares
10 Years	2.00	%
5 Years	0.38
1 Year	-6.25

Class R6 Shares
Inception (2/28/13)	2.16	%
5 Years	0.53
1 Year	-6.21

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Fundamental Alternatives Fund (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Fundamental Alternatives Fund. Note: The Fund was subsequently renamed the Invesco Fundamental Alternatives Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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 Fundamental Alternatives Fund

Supplemental Information

Invesco Fundamental Alternatives Fund’s investment objective is to seek total return.

∎

Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe.

∎


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE


6		Invesco Fundamental Alternatives Fund

Fund Information

Volatility Contribution*


Strategy	Annualized Volatility Contribution	Volatility Contribution as % of Investment Strategy
Credit	0.42%	11.08%
Equity	3.14	82.85
Macro	0.23	6.07
Total	3.79%	100.00%

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Fundamental Alternatives Fund

Consolidated Schedule of Investments^(a)

October 31, 2022


	Shares		Value
Common Stocks & Other Equity Interests–37.43%
Advertising–0.14%
Catalina Marketing Corp.		1,362	$ 460
Interpublic Group of Cos., Inc. (The)		9,527	283,809
Omnicom Group, Inc.		3,331	242,330
			526,599

Aerospace & Defense–0.10%
Raytheon Technologies Corp.		4,176	395,968

Agricultural & Farm Machinery–0.06%
Deere & Co.		612	242,242

Agricultural Products–0.07%
Archer-Daniels-Midland Co.		2,940	285,121

Air Freight & Logistics–0.31%
C.H. Robinson Worldwide, Inc.		2,776	271,271
Expeditors International of Washington, Inc.^(b)		4,339	424,571
United Parcel Service, Inc., Class B		3,012	505,323
			1,201,165

Alternative Carriers–0.07%
Liberty Global PLC, Class C (United Kingdom)^(c)		9,783	172,768
Lumen Technologies, Inc.		13,183	97,027
			269,795

Application Software–0.54%
Adobe, Inc.^(c)		1,627	518,199
Blackbaud, Inc.^(c)		2,864	156,661
Cadence Design Systems, Inc.^(c)		2,034	307,927
Dropbox, Inc., Class A^(c)		5,458	118,712
Fusion Connect, Inc.^(c)(d)		1	0
Fusion Connect, Inc., Wts., expiring 01/14/2040^(c)(d)		6,073	61
Intuit, Inc.		655	280,012
Manhattan Associates, Inc.^(c)		1,014	123,373
salesforce.com, inc.^(b)(c)		2,178	354,121
Synopsys, Inc.^(c)		491	143,642
Tyler Technologies, Inc.^(c)		247	79,863
			2,082,571

Asset Management & Custody Banks–0.16%
Ameriprise Financial, Inc.		835	258,115
Blackstone, Inc., Class A		1,902	173,348
Federated Hermes, Inc., Class B		5,165	179,484
			610,947

Auto Parts & Equipment–0.02%
Gentex Corp.		3,426	90,755

Automobile Manufacturers–0.51%
Ford Motor Co.		20,451	273,430
General Motors Co.		6,025	236,481
Tesla, Inc.^(c)		6,443	1,466,040
			1,975,951


	Shares		Value
Automotive Retail–0.29%
AutoNation, Inc.^(c)		1,850	$ 196,673
AutoZone, Inc.^(c)		178	450,853
Murphy USA, Inc.		494	155,368
O’Reilly Automotive, Inc.^(c)		365	305,567
			1,108,461

Biotechnology–2.19%
AbbVie, Inc.		8,782	1,285,685
Amgen, Inc.		4,160	1,124,656
Biogen, Inc.^(c)		2,457	696,412
BioMarin Pharmaceutical, Inc.^(c)		7,048	610,568
Gilead Sciences, Inc.		14,465	1,134,924
Incyte Corp.^(c)		3,314	246,363
Ionis Pharmaceuticals, Inc.^(b)(c)		9,775	432,055
Moderna, Inc.^(c)		936	140,709
Regeneron Pharmaceuticals, Inc.^(c)		1,394	1,043,757
Seagen, Inc.^(c)		666	84,689
United Therapeutics Corp.^(c)		3,101	714,873
Vertex Pharmaceuticals, Inc.^(b)(c)		2,989	932,568
			8,447,259

Broadcasting–0.14%
Fox Corp., Class A		2,958	85,397
Nexstar Media Group, Inc., Class A^(b)		2,682	459,427
			544,824

Building Products–0.34%
A.O. Smith Corp.		2,328	127,528
Builders FirstSource, Inc.^(b)(c)		4,640	286,102
Carrier Global Corp.		2,397	95,305
Lennox International, Inc.		585	136,639
Masco Corp.		3,042	140,753
Owens Corning		2,267	194,078
Trane Technologies PLC		1,282	204,646
UFP Industries, Inc.		1,841	131,134
			1,316,185

Cable & Satellite–0.39%
Charter Communications, Inc., Class A^(c)		1,067	392,251
Comcast Corp., Class A		23,031	731,004
Liberty Broadband Corp., Class C^(c)		1,022	86,287
Sirius XM Holdings, Inc.^(b)		49,181	297,053
			1,506,595

Casinos & Gaming–0.02%
Boyd Gaming Corp.		1,411	81,499

Commodity Chemicals–0.18%
Dow, Inc.		7,519	351,438
LyondellBasell Industries N.V., Class A		2,547	194,718
Olin Corp.		2,997	158,691
			704,847

Communications Equipment–0.47%
Cisco Systems, Inc.		25,403	1,154,058
Juniper Networks, Inc.		4,521	138,343
Motorola Solutions, Inc.		842	210,256

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


8		Invesco Fundamental Alternatives Fund


	Shares		Value
Communications Equipment–(continued)
Ubiquiti, Inc.		865	$ 299,939
			1,802,596

Construction & Engineering–0.20%
AECOM		2,748	206,869
EMCOR Group, Inc.		2,939	414,693
Quanta Services, Inc.		970	137,779
			759,341

Construction Machinery & Heavy Trucks–0.20%
Allison Transmission Holdings, Inc.		3,525	148,931
Caterpillar, Inc.		1,117	241,786
Terex Corp.		5,461	221,389
Wabtec Corp.		1,747	162,960
			775,066

Consumer Finance–0.39%
Ally Financial, Inc.		11,974	330,003
American Express Co.		1,173	174,132
Capital One Financial Corp.		2,956	313,395
Discover Financial Services		3,123	326,229
SLM Corp.		8,068	133,848
Synchrony Financial		6,025	214,249
			1,491,856

Copper–0.03%
Freeport-McMoRan, Inc.		3,460	109,647

Data Processing & Outsourced Services–1.77%
Automatic Data Processing, Inc.		5,154	1,245,722
Broadridge Financial Solutions, Inc.		2,023	303,571
Fidelity National Information Services, Inc.		1,451	120,418
Fiserv, Inc.^(b)(c)		3,465	355,994
Jack Henry & Associates, Inc.		3,378	672,425
Mastercard, Inc., Class A		2,320	761,378
Maximus, Inc.		2,864	176,623
Paychex, Inc.		9,576	1,132,936
PayPal Holdings, Inc.^(c)		2,051	171,423
SS&C Technologies Holdings, Inc.		3,882	199,612
Visa, Inc., Class A^(b)		6,635	1,374,507
Western Union Co. (The)^(b)		24,325	328,631
			6,843,240

Distillers & Vintners–0.06%
Constellation Brands, Inc., Class A		935	231,020

Distributors–0.15%
Genuine Parts Co.		1,671	297,204
LKQ Corp.		4,797	266,905
			564,109

Diversified Banks–0.47%
Bank of America Corp.		9,758	351,678
Citigroup, Inc.		6,606	302,951
JPMorgan Chase & Co.		3,039	382,549
U.S. Bancorp		5,906	250,710
Wells Fargo & Co.		11,345	521,757
			1,809,645

Diversified Support Services–0.06%
Cintas Corp.		566	241,993


	Shares		Value
Drug Retail–0.03%
Walgreens Boots Alliance, Inc.		3,433	$ 125,305

Electric Utilities–1.25%
American Electric Power Co., Inc.		8,411	739,495
Constellation Energy Corp.		2,466	233,136
Duke Energy Corp.		9,187	856,045
Edison International		2,804	168,352
Eversource Energy		1,963	149,738
Exelon Corp.		8,800	339,592
NextEra Energy, Inc.		6,979	540,872
NRG Energy, Inc.		3,496	155,222
Pinnacle West Capital Corp.		3,981	267,563
PPL Corp.		11,693	309,748
Southern Co. (The)		10,857	710,916
Xcel Energy, Inc.		5,505	358,431
			4,829,110

Electrical Components & Equipment–0.03%
Eaton Corp. PLC		739	110,902

Electronic Equipment & Instruments–0.07%
Keysight Technologies, Inc.^(c)		1,488	259,135

Environmental & Facilities Services–0.34%
Republic Services, Inc.		7,084	939,480
Waste Connections, Inc.		1,582	208,682
Waste Management, Inc.		1,073	169,931
			1,318,093

Fertilizers & Agricultural Chemicals–0.15%
CF Industries Holdings, Inc.		2,180	231,647
Corteva, Inc.		3,154	206,082
Mosaic Co. (The)		2,336	125,560
			563,289

Financial Exchanges & Data–0.29%
CME Group, Inc., Class A		1,890	327,537
FactSet Research Systems, Inc.		562	239,125
Intercontinental Exchange, Inc.		1,422	135,901
S&P Global, Inc.		1,339	430,154
			1,132,717

Food Retail–0.32%
Casey’s General Stores, Inc.		1,476	343,480
Kroger Co. (The)		18,698	884,228
			1,227,708

Forest Products–0.06%
Louisiana-Pacific Corp.^(b)		4,288	242,915

Gas Utilities–0.17%
Atmos Energy Corp.		4,892	521,242
ONE Gas, Inc.		1,970	152,636
			673,878

General Merchandise Stores–0.20%
Dollar General Corp.		2,060	525,403
Target Corp.		1,517	249,167
			774,570

Gold–0.12%
Newmont Corp.		10,769	455,744

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


9		Invesco Fundamental Alternatives Fund


	Shares		Value
Health Care Distributors–0.29%
AmerisourceBergen Corp.		1,729	$ 271,834
Cardinal Health, Inc.		1,661	126,070
McKesson Corp.^(b)		1,871	728,511
			1,126,415

Health Care Equipment–0.52%
Abbott Laboratories		8,689	859,690
Becton, Dickinson and Co.		2,685	633,579
Hologic, Inc.^(c)		3,549	240,622
Medtronic PLC		3,061	267,348
			2,001,239

Health Care Facilities–0.13%
Acadia Healthcare Co., Inc.^(c)		1,697	137,966
HCA Healthcare, Inc.		1,612	350,562
			488,528

Health Care Services–0.45%
Cigna Corp.		2,125	686,502
CVS Health Corp.		5,815	550,681
DaVita, Inc.^(c)		878	64,103
Laboratory Corp. of America Holdings		1,163	258,023
Quest Diagnostics, Inc.		1,312	188,469
			1,747,778

Home Improvement Retail–0.16%
Home Depot, Inc. (The)		1,439	426,131
Lowe’s Cos., Inc.		921	179,549
			605,680

Homebuilding–0.06%
Lennar Corp., Class A		1,134	91,514
Taylor Morrison Home Corp., Class A^(c)		5,860	154,352
			245,866

Homefurnishing Retail–0.02%
Williams-Sonoma, Inc.		596	73,803

Hotel & Resort REITs–0.06%
Host Hotels & Resorts, Inc.		11,438	215,949

Hotels, Resorts & Cruise Lines–0.11%
Booking Holdings, Inc.^(c)		103	192,557
Marriott International, Inc., Class A		583	93,344
Wyndham Hotels & Resorts, Inc.		1,897	144,039
			429,940

Household Products–0.91%
Church & Dwight Co., Inc.		6,332	469,391
Clorox Co. (The)		582	84,995
Colgate-Palmolive Co.		8,828	651,860
Kimberly-Clark Corp.		3,640	453,035
Procter & Gamble Co. (The)		13,930	1,875,953
			3,535,234

Human Resource & Employment Services–0.14%
ManpowerGroup, Inc.		2,386	186,919
Robert Half International, Inc.		3,238	247,577
TriNet Group, Inc.^(c)		1,770	115,015
			549,511


	Shares		Value
Hypermarkets & Super Centers–0.42%
Costco Wholesale Corp.		1,893	$ 949,339
Walmart, Inc.		4,850	690,301
			1,639,640

Independent Power Producers & Energy Traders–0.05%
AES Corp. (The)		7,278	190,393

Industrial Conglomerates–0.06%
3M Co.		1,016	127,803
General Electric Co.		1,282	99,752
			227,555

Industrial REITs–0.15%
EastGroup Properties, Inc.		1,192	186,774
Prologis, Inc.		3,458	382,974
			569,748

Insurance Brokers–0.13%
Aon PLC, Class A		813	228,851
Marsh & McLennan Cos., Inc.		1,683	271,788
			500,639

Integrated Oil & Gas–0.64%
Chevron Corp.		7,284	1,317,676
Exxon Mobil Corp.		8,926	989,090
Occidental Petroleum Corp.		2,059	149,483
			2,456,249

Integrated Telecommunication Services–0.34%
AT&T, Inc.		38,117	694,873
Verizon Communications, Inc.		16,338	610,551
			1,305,424

Interactive Home Entertainment–0.30%
Activision Blizzard, Inc.		3,304	240,531
Electronic Arts, Inc.		6,284	791,533
Take-Two Interactive Software, Inc.^(c)		1,185	140,399
			1,172,463

Interactive Media & Services–1.02%
Alphabet, Inc., Class A^(c)		25,274	2,388,646
Alphabet, Inc., Class C^(c)		9,839	931,360
Meta Platforms, Inc., Class A^(c)		6,621	616,812
			3,936,818

Internet & Direct Marketing Retail–0.79%
Amazon.com, Inc.^(c)		22,860	2,341,778
eBay, Inc.		10,297	410,233
Etsy, Inc.^(c)		1,556	146,124
MercadoLibre, Inc. (Brazil)^(c)		156	140,653
			3,038,788

Internet Services & Infrastructure–0.23%
Akamai Technologies, Inc.^(c)		3,314	292,725
VeriSign, Inc.^(c)		3,058	613,007
			905,732

Investment Banking & Brokerage–0.16%
Charles Schwab Corp. (The)		4,116	327,922
Goldman Sachs Group, Inc. (The)		370	127,469

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


10		Invesco Fundamental Alternatives Fund


	Shares		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley		1,986	$ 163,189
			618,580

IT Consulting & Other Services–1.01%
Accenture PLC, Class A		4,661	1,323,258
Amdocs Ltd.		7,397	638,435
Cognizant Technology Solutions Corp., Class A		9,434	587,266
Gartner, Inc.^(c)		1,992	601,425
International Business Machines Corp.		5,518	763,084
			3,913,468

Life & Health Insurance–0.34%
Aflac, Inc.		3,519	229,122
Brighthouse Financial, Inc.^(c)		3,302	188,445
MetLife, Inc.		1,756	128,557
Principal Financial Group, Inc.		2,688	236,893
Unum Group		11,294	514,894
			1,297,911

Life Sciences Tools & Services–0.71%
Agilent Technologies, Inc.		2,075	287,076
Danaher Corp.		3,666	922,622
IQVIA Holdings, Inc.^(c)		744	155,995
Mettler-Toledo International, Inc.^(c)		161	203,654
PerkinElmer, Inc.		711	94,975
Thermo Fisher Scientific, Inc.^(b)		1,196	614,708
Waters Corp.^(c)		1,278	382,339
West Pharmaceutical Services, Inc.		317	72,942
			2,734,311

Managed Health Care–0.64%
Centene Corp.^(c)		2,934	249,771
Elevance Health, Inc.		966	528,180
Humana, Inc.		275	153,472
Molina Healthcare, Inc.^(c)		805	288,882
UnitedHealth Group, Inc.		2,265	1,257,415
			2,477,720

Marine–0.00%
Harvey Gulf International Marine LLC^(d)		731	16,448

Movies & Entertainment–0.31%
Liberty Media Corp.-Liberty Formula One, Class C^(b)(c)		5,217	301,177
Netflix, Inc.^(c)		787	229,710
Walt Disney Co. (The)^(c)		1,574	167,694
Warner Bros Discovery, Inc.^(c)		9,221	119,873
World Wrestling Entertainment, Inc., Class A^(b)		4,950	390,505
			1,208,959

Multi-Sector Holdings–0.59%
Berkshire Hathaway, Inc., Class B^(c)		7,738	2,283,406

Multi-Utilities–0.75%
Ameren Corp.		3,281	267,467
CMS Energy Corp.		3,699	211,028
Consolidated Edison, Inc.		9,187	808,089
Dominion Energy, Inc.		9,783	684,517
DTE Energy Co.		2,702	302,921


	Shares		Value
Multi-Utilities–(continued)
Public Service Enterprise Group, Inc.		2,804	$ 157,220
Sempra Energy		1,312	198,033
WEC Energy Group, Inc.		2,923	266,958
			2,896,233

Oil & Gas Equipment & Services–0.06%
Halliburton Co.		6,597	240,263

Oil & Gas Exploration & Production–0.27%
ConocoPhillips		4,339	547,105
Devon Energy Corp.		3,088	238,857
EOG Resources, Inc.		637	86,963
Marathon Oil Corp.		5,842	177,889
Sabine Oil & Gas Holdings, Inc.^(c)(d)		115	78
			1,050,892

Oil & Gas Refining & Marketing–0.26%
Marathon Petroleum Corp.		5,105	580,030
Valero Energy Corp.		3,422	429,632
			1,009,662

Oil & Gas Storage & Transportation–0.29%
Kinder Morgan, Inc.		31,455	569,965
Southcross Energy Partners L.P.^(d)		17,192	129
Targa Resources Corp.		4,538	310,263
Williams Cos., Inc. (The)		7,696	251,890
			1,132,247

Packaged Foods & Meats–1.30%
Campbell Soup Co.		12,245	647,883
Flowers Foods, Inc.		7,278	208,951
General Mills, Inc.		9,350	762,773
Hershey Co. (The)^(b)		4,986	1,190,507
Hormel Foods Corp.		2,977	138,282
JM Smucker Co. (The)		900	135,594
Kellogg Co.		6,526	501,327
Kraft Heinz Co. (The)		9,150	352,001
Mondelez International, Inc., Class A		11,036	678,493
Tyson Foods, Inc., Class A		6,202	423,907
			5,039,718

Personal Products–0.03%
Coty, Inc., Class A^(c)		19,907	133,576

Pharmaceuticals–1.91%
Bristol-Myers Squibb Co.		15,099	1,169,720
Eli Lilly and Co.^(b)		3,166	1,146,377
Johnson & Johnson		9,273	1,613,224
Merck & Co., Inc.		14,777	1,495,432
Pfizer, Inc.		31,828	1,481,593
Royalty Pharma PLC, Class A		3,422	144,819
Viatris, Inc.		17,522	177,498
Zoetis, Inc.		909	137,059
			7,365,722

Property & Casualty Insurance–0.49%
American Financial Group, Inc.		2,930	425,172
Chubb Ltd.		1,697	364,668
Fidelity National Financial, Inc.		4,967	195,601
Old Republic International Corp.^(b)		16,790	389,696
Progressive Corp. (The)		2,759	354,256

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


11		Invesco Fundamental Alternatives Fund


	Shares		Value
Property & Casualty Insurance–(continued)
W.R. Berkley Corp.		2,376	$ 176,727
			1,906,120

Publishing–0.13%
John Wiley & Sons, Inc., Class A		3,042	128,342
New York Times Co. (The), Class A		12,288	355,860
			484,202

Railroads–0.23%
CSX Corp.		6,264	182,032
Union Pacific Corp.		3,519	693,736
			875,768

Real Estate Services–0.04%
CBRE Group, Inc., Class A^(c)		1,910	135,495

Regional Banks–0.25%
Fifth Third Bancorp		6,979	249,080
Regions Financial Corp.		10,439	229,136
Synovus Financial Corp.		4,236	168,805
Wintrust Financial Corp.		3,331	311,848
			958,869

Research & Consulting Services–0.17%
Booz Allen Hamilton Holding Corp.		4,735	515,405
Verisk Analytics, Inc.		826	151,017
			666,422

Residential REITs–0.11%
Essex Property Trust, Inc.		986	219,129
Mid-America Apartment Communities, Inc.		1,431	225,311
			444,440

Restaurants–0.59%
Chipotle Mexican Grill, Inc.^(c)		76	113,873
Domino’s Pizza, Inc.		963	319,947
McDonald’s Corp.		5,011	1,366,300
Starbucks Corp.		1,846	159,845
Yum! Brands, Inc.		2,864	338,668
			2,298,633

Retail REITs–0.04%
Regency Centers Corp.		2,533	153,272

Semiconductor Equipment–0.26%
Amkor Technology, Inc.		7,641	158,856
Applied Materials, Inc.		5,263	464,670
KLA Corp.		811	256,641
Lam Research Corp.		298	120,625
			1,000,792

Semiconductors–0.98%
Advanced Micro Devices, Inc.^(c)		2,947	176,997
Broadcom, Inc.		1,564	735,268
Intel Corp.		8,798	250,127
Microchip Technology, Inc.^(b)		4,536	280,053
Micron Technology, Inc.		1,790	96,839
NVIDIA Corp.		4,272	576,592
NXP Semiconductors N.V. (China)		924	134,978
ON Semiconductor Corp.^(b)(c)		4,978	305,798
QUALCOMM, Inc.		3,460	407,103


	Shares		Value
Semiconductors–(continued)
Texas Instruments, Inc.		5,101	$ 819,374
			3,783,129

Soft Drinks–0.70%
Coca-Cola Co. (The)		18,908	1,131,644
Keurig Dr Pepper, Inc.		8,233	319,770
PepsiCo, Inc.		6,907	1,254,173
			2,705,587

Specialized Consumer Services–0.05%
Service Corp. International		3,423	207,468

Specialized REITs–0.49%
EPR Properties		4,246	163,896
Extra Space Storage, Inc.		3,328	590,520
Life Storage, Inc.		1,330	147,111
Public Storage^(b)		1,604	496,839
SBA Communications Corp., Class A		476	128,473
Weyerhaeuser Co.		11,600	358,788
			1,885,627

Specialty Chemicals–0.20%
Celanese Corp.		895	86,027
DuPont de Nemours, Inc.		4,187	239,497
Eastman Chemical Co.		2,148	164,988
Sherwin-Williams Co. (The)		1,262	283,988
			774,500

Specialty Stores–0.04%
Ulta Beauty, Inc.^(c)		360	150,973

Systems Software–1.82%
CommVault Systems, Inc.^(c)		2,068	125,920
Dolby Laboratories, Inc., Class A		6,294	420,691
Fortinet, Inc.^(c)		4,023	229,955
Microsoft Corp.		21,314	4,947,619
Oracle Corp.		10,829	845,420
Palo Alto Networks, Inc.^(c)		537	92,144
Qualys, Inc.^(c)		1,177	167,793
Teradata Corp.^(c)		6,175	195,068
			7,024,610

Technology Distributors–0.04%
Arrow Electronics, Inc.^(c)		1,544	156,345

Technology Hardware, Storage & Peripherals–1.77%
Apple, Inc.		40,427	6,199,076
Hewlett Packard Enterprise Co.		10,707	152,789
HP, Inc.		12,345	340,969
Pure Storage, Inc., Class A^(b)(c)		5,147	158,836
			6,851,670

Textiles–0.00%
Sungard Availability Services Capital, Inc.^(d)		225	29

Thrifts & Mortgage Finance–0.08%
Essent Group Ltd.		7,649	302,747

Tobacco–0.38%
Altria Group, Inc.		12,982	600,677
Philip Morris International, Inc.		9,287	853,011
			1,453,688

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


12		Invesco Fundamental Alternatives Fund


	Shares		Value
Trading Companies & Distributors–0.13%
United Rentals, Inc.^(c)		680	$ 214,683
Univar Solutions, Inc.^(c)		6,777	172,678
Watsco, Inc.		376	101,881
			489,242

Trucking–0.43%
Knight-Swift Transportation Holdings, Inc.^(b)		12,822	615,841
Landstar System, Inc.		2,804	438,041
Old Dominion Freight Line, Inc.		457	125,492
Ryder System, Inc.		2,804	225,750
Werner Enterprises, Inc.		6,898	270,401
			1,675,525

Water Utilities–0.04%
American Water Works Co., Inc.		1,195	173,681
Total Common Stocks & Other Equity Interests (Cost $118,981,497)			144,674,005

	Principal Amount
U.S. Treasury Securities–13.80%
U.S. Treasury Bills–0.13%
1.45% - 2.67%, 11/17/2022^(e)	$	494,000	493,671
U.S. Treasury Notes–13.67%
0.13%, 12/15/2023		25,200,000	23,978,390
1.13%, 01/15/2025		10,000,000	9,298,047
0.38%, 12/31/2025		8,500,000	7,499,258
2.63%, 05/31/2027		12,950,000	12,072,840
			52,848,535
Total U.S. Treasury Securities (Cost $56,535,791)			53,342,206

U.S. Dollar Denominated Bonds & Notes–7.48%
Aerospace & Defense–0.14%
Boeing Co. (The),
2.75%, 02/01/2026		177,000	159,758
2.25%, 06/15/2026		200,000	175,205
General Dynamics Corp., 3.25%, 04/01/2025		200,000	192,261
			527,224

Agricultural & Farm Machinery–0.08%
Deere & Co., 2.75%, 04/15/2025		310,000	295,138

Airlines–0.14%
Delta Air Lines Pass-Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/2024		400,000	383,799
Southwest Airlines Co., 3.45%, 11/16/2027		165,000	148,229
			532,028

Apparel Retail–0.02%
Ross Stores, Inc., 0.88%, 04/15/2026		100,000	86,079

Apparel, Accessories & Luxury Goods–0.02%
Tapestry, Inc., 4.13%, 07/15/2027		65,000	58,854

Application Software–0.08%
Adobe, Inc., 3.25%, 02/01/2025		300,000	290,258


	Principal Amount		Value
Asset Management & Custody Banks–0.24%
FS KKR Capital Corp., 4.63%, 07/15/2024	$	242,000	$ 232,460
Golub Capital BDC, Inc., 3.38%, 04/15/2024		200,000	190,427
Legg Mason, Inc., 4.75%, 03/15/2026		90,000	88,512
Main Street Capital Corp., 5.20%, 05/01/2024		200,000	195,148
Owl Rock Capital Corp., 5.25%, 04/15/2024		223,000	218,814
			925,361

Auto Parts & Equipment–0.05%
American Honda Finance Corp., 2.35%, 01/08/2027		225,000	200,188

Automobile Manufacturers–0.20%
General Motors Co.,
6.13%, 10/01/2025		75,000	74,736
4.20%, 10/01/2027		80,000	73,083
General Motors Financial Co., Inc.,
2.75%, 06/20/2025		300,000	276,211
5.25%, 03/01/2026		50,000	48,489
Toyota Motor Credit Corp.,
3.20%, 01/11/2027		130,000	120,335
1.15%, 08/13/2027		200,000	166,258
			759,112

Broadcasting–0.04%
Discovery Communications LLC, 3.80%, 03/13/2024		150,000	145,759

Cable & Satellite–0.04%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		150,000	145,717

Computer & Electronics Retail–0.04%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		170,000	169,825

Construction Machinery & Heavy Trucks–0.08%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		175,000	146,015
Wabtec Corp., 3.45%, 11/15/2026		200,000	180,085
			326,100

Consumer Finance–0.06%
American Express Co., 3.30%, 05/03/2027		170,000	154,106
Synchrony Financial, 3.95%, 12/01/2027		100,000	86,076
			240,182

Copper–0.02%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		100,000	95,403

Data Processing & Outsourced Services–0.13%
Automatic Data Processing, Inc., 3.38%, 09/15/2025^(b)		305,000	293,814
Global Payments, Inc., 2.15%, 01/15/2027		145,000	123,875

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


13		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Data Processing & Outsourced Services–(continued)
Western Union Co. (The), 1.35%, 03/15/2026	$	100,000	$ 85,679
			503,368

Distillers & Vintners–0.04%
Constellation Brands, Inc., 3.70%, 12/06/2026		175,000	163,385

Diversified Banks–2.19%
Banco Santander S.A. (Spain),
2.75%, 05/28/2025		400,000	363,058
4.25%, 04/11/2027		200,000	180,708
Bank of America Corp.,
4.45%, 03/03/2026		269,000	258,237
3.50%, 04/19/2026		185,000	172,871
1.32%, 06/19/2026^(f)		195,000	172,283
1.20%, 10/24/2026^(f)		205,000	178,040
1.73%, 07/22/2027^(f)		180,000	154,039
Series L, 4.18%, 11/25/2027		210,000	192,533
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		494,000	469,620
Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025^(b)		402,000	374,627
Citigroup, Inc.,
3.11%, 04/08/2026^(f)		297,000	277,390
1.12%, 01/28/2027^(f)		185,000	157,415
1.46%, 06/09/2027^(f)		210,000	178,020
4.45%, 09/29/2027		100,000	92,904
HSBC Holdings PLC (United Kingdom),
1.59%, 05/24/2027^(f)		200,000	164,471
2.25%, 11/22/2027^(f)		375,000	308,563
JPMorgan Chase & Co.,
2.30%, 10/15/2025^(f)		425,000	396,588
2.01%, 03/13/2026^(f)		200,000	182,466
2.08%, 04/22/2026^(f)		200,000	182,171
4.25%, 10/01/2027		100,000	94,005
3.63%, 12/01/2027		165,000	149,205
Lloyds Banking Group PLC (United Kingdom),
3.90%, 03/12/2024		278,000	270,826
4.45%, 05/08/2025		305,000	292,507
Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025^(f)		311,000	282,858
3.68%, 02/22/2027		165,000	151,544
3.29%, 07/25/2027		75,000	67,234
NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024		554,000	540,251
PNC Bank N.A., 4.20%, 11/01/2025		380,000	366,672
Royal Bank of Canada (Canada), 4.65%, 01/27/2026		180,000	173,850
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025^(b)		397,000	369,752
2.63%, 07/14/2026		100,000	89,661
3.45%, 01/11/2027		60,000	54,757
U.S. Bancorp, 1.45%, 05/12/2025		148,000	135,323
Wells Fargo & Co.,
2.19%, 04/30/2026^(f)		190,000	173,002
4.30%, 07/22/2027		175,000	163,812


	Principal Amount		Value
Diversified Banks–(continued)
Westpac Banking Corp. (Australia),
3.30%, 02/26/2024^(b)	$	502,000	$ 492,655
3.35%, 03/08/2027		165,000	152,827
			8,476,745

Diversified Capital Markets–0.15%
Deutsche Bank AG (Germany),
3.70%, 05/30/2024		298,000	285,280
3.70%, 05/30/2024		303,000	292,777
			578,057

Diversified REITs–0.08%
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		327,000	306,722

Drug Retail–0.02%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		100,000	93,698

Electric Utilities–0.12%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		190,000	184,134
Edison International, 5.75%, 06/15/2027		125,000	122,004
Pacific Gas and Electric Co.,
2.10%, 08/01/2027		75,000	61,725
3.30%, 12/01/2027		125,000	106,110
			473,973

Electrical Components & Equipment–0.02%
Emerson Electric Co., 1.80%, 10/15/2027		100,000	85,723

Electronic Equipment & Instruments–0.02%
Vontier Corp., 1.80%, 04/01/2026		100,000	83,000

Electronic Manufacturing Services–0.02%
Tyco Electronics Group S.A. (Switzerland), 3.13%, 08/15/2027		100,000	91,064

Financial Exchanges & Data–0.06%
Cboe Global Markets, Inc., 3.65%, 01/12/2027		80,000	74,957
Intercontinental Exchange, Inc., 3.10%, 09/15/2027		100,000	90,750
S&P Global, Inc., 2.45%, 03/01/2027^(g)		85,000	76,223
			241,930

Health Care Facilities–0.21%
CommonSpirit Health, 1.55%, 10/01/2025		96,000	85,393
HCA, Inc., 5.00%, 03/15/2024		555,000	550,375
Universal Health Services, Inc., 1.65%, 09/01/2026^(g)		200,000	167,766
			803,534

Health Care REITs–0.04%
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		179,000	171,655

Health Care Services–0.07%
Sutter Health, Series 20A, 1.32%, 08/15/2025		299,000	268,091

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


14		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Home Improvement Retail–0.04%
Home Depot, Inc. (The), 2.50%, 04/15/2027	$	160,000	$ 144,683

Homebuilding–0.02%
Lennar Corp., 4.75%, 11/29/2027		80,000	74,052

Hotel & Resort REITs–0.04%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		150,000	140,135

Hotels, Resorts & Cruise Lines–0.03%
Hyatt Hotels Corp., 4.85%, 03/15/2026		133,000	127,515

Independent Power Producers & Energy Traders–0.15%
Enel Generacion Chile S.A. (Chile), 4.25%, 04/15/2024		600,000	588,654

Industrial Machinery–0.03%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		125,000	117,594

Insurance Brokers–0.04%
Willis North America, Inc., 4.65%, 06/15/2027		165,000	155,377

Integrated Oil & Gas–0.12%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		165,000	153,628
Chevron USA, Inc., 1.02%, 08/12/2027		185,000	155,600
Exxon Mobil Corp., 3.29%, 03/19/2027		150,000	140,993
			450,221

Interactive Media & Services–0.14%
Weibo Corp. (China), 3.50%, 07/05/2024		585,000	552,195

Internet & Direct Marketing Retail–0.09%
Amazon.com, Inc., 3.30%, 04/13/2027^(b)		350,000	328,765

Internet Services & Infrastructure–0.05%
VeriSign, Inc., 5.25%, 04/01/2025		200,000	198,201

Investment Banking & Brokerage–0.31%
Goldman Sachs Group, Inc. (The),
3.85%, 01/26/2027		165,000	153,067
1.54%, 09/10/2027^(f)		150,000	125,977
1.95%, 10/21/2027^(f)		100,000	85,029
Morgan Stanley,
2.72%, 07/22/2025^(f)		150,000	141,639
3.63%, 01/20/2027		175,000	161,376
1.59%, 05/04/2027^(f)		200,000	171,271
1.51%, 07/20/2027^(f)		200,000	169,707
Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000	170,069
			1,178,135

IT Consulting & Other Services–0.14%
International Business Machines Corp.,
3.45%, 02/19/2026		200,000	189,812
3.30%, 05/15/2026		100,000	93,660
1.70%, 05/15/2027		100,000	85,955


	Principal Amount		Value
IT Consulting & Other Services–(continued)
Kyndryl Holdings, Inc., 2.05%, 10/15/2026	$	225,000	$ 176,121
			545,548

Life & Health Insurance–0.06%
Principal Financial Group, Inc., 3.40%, 05/15/2025		239,000	228,572

Multi-line Insurance–0.04%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		140,000	140,324

Multi-Utilities–0.04%
Public Service Enterprise Group, Inc., 2.88%, 06/15/2024		150,000	144,240

Office REITs–0.04%
Office Properties Income Trust, 2.65%, 06/15/2026		199,000	145,228

Oil & Gas Equipment & Services–0.02%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		100,000	89,681

Oil & Gas Refining & Marketing–0.04%
HF Sinclair Corp., 5.88%, 04/01/2026		140,000	136,275

Oil & Gas Storage & Transportation–0.15%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		160,000	156,227
Energy Transfer L.P.,
3.90%, 05/15/2024		381,000	370,304
4.40%, 03/15/2027		65,000	60,362
			586,893

Other Diversified Financial Services–0.04%
Corebridge Financial, Inc., 3.65%, 04/05/2027^(g)		170,000	154,082

Packaged Foods & Meats–0.07%
Conagra Brands, Inc., 1.38%, 11/01/2027		130,000	105,102
Tyson Foods, Inc., 4.00%, 03/01/2026		190,000	181,873
			286,975

Paper Packaging–0.02%
Berry Global, Inc., 1.57%, 01/15/2026		100,000	86,744

Pharmaceuticals–0.37%
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		400,000	353,576
Merck & Co., Inc., 2.75%, 02/10/2025		184,000	175,883
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		435,000	415,353
Royalty Pharma PLC, 1.20%, 09/02/2025		275,000	242,725
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		200,000	182,314
Viatris, Inc., 2.30%, 06/22/2027		75,000	61,395
			1,431,246

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


15		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Railroads–0.04%
Union Pacific Corp., 3.15%, 03/01/2024	$	150,000	$ 146,579

Regional Banks–0.11%
Santander Holdings USA, Inc., 4.40%, 07/13/2027		100,000	90,450
Truist Financial Corp., 4.00%, 05/01/2025		350,000	339,290
			429,740

Residential REITs–0.02%
Spirit Realty L.P., 4.45%, 09/15/2026		90,000	83,999

Retail REITs–0.07%
Realty Income Corp., 4.88%, 06/01/2026		185,000	180,027
Simon Property Group L.P., 3.30%, 01/15/2026		95,000	88,652
			268,679

Semiconductor Equipment–0.10%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		415,000	384,277

Semiconductors–0.05%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		100,000	91,985
Micron Technology, Inc., 4.19%, 02/15/2027		100,000	92,866
			184,851

Specialized REITs–0.13%
American Tower Corp.,
1.30%, 09/15/2025		200,000	176,307
3.65%, 03/15/2027		135,000	122,206
3.55%, 07/15/2027		135,000	120,747
EPR Properties, 4.75%, 12/15/2026		100,000	86,200
			505,460

Specialty Chemicals–0.02%
PPG Industries, Inc., 1.20%, 03/15/2026		100,000	86,690

Steel–0.05%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		200,000	190,758

Technology Distributors–0.02%
Avnet, Inc., 4.63%, 04/15/2026		90,000	85,422

Technology Hardware, Storage & Peripherals–0.13%
Apple, Inc.,
3.25%, 02/23/2026		185,000	176,546
3.20%, 05/11/2027		175,000	164,017
HP, Inc., 1.45%, 06/17/2026		206,000	176,123
			516,686

Tobacco–0.10%
Altria Group, Inc., 4.40%, 02/14/2026		200,000	192,057


	Principal Amount			Value
Tobacco–(continued)
B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		$	200,000	$ 177,912
				369,969

Trucking–0.04%
Ryder System, Inc., 3.65%, 03/18/2024			150,000	146,510

Water Utilities–0.09%
American Water Capital Corp., 3.85%, 03/01/2024			340,000	334,024
Total U.S. Dollar Denominated Bonds & Notes (Cost $31,743,948)				28,903,152

Non-U.S. Dollar Denominated Bonds & Notes–3.36%^(h)
Aerospace & Defense–0.10%
Thales S.A. (France), 0.75%, 01/23/2025^(g)		EUR	400,000	371,822

Agricultural Products–0.02%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR	100,000	93,121

Apparel, Accessories & Luxury Goods–0.02%
PVH Corp., 3.13%, 12/15/2027^(g)		EUR	100,000	84,655

Auto Parts & Equipment–0.02%
Magna International, Inc. (Canada), 1.50%, 09/25/2027		EUR	100,000	87,985

Automobile Manufacturers–0.16%
BMW Finance N.V. (Germany), 1.00%, 01/21/2025^(g)		EUR	100,000	95,292
Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026^(g)		EUR	70,000	66,680
Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026^(g)		EUR	100,000	90,058
RCI Banque S.A. (France), 1.75%, 04/10/2026^(g)		EUR	50,000	45,243
Volkswagen Financial Services AG (Germany),
0.13%, 02/12/2027^(g)		EUR	150,000	125,658
2.25%, 10/01/2027^(g)		EUR	100,000	91,022
Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026^(g)		EUR	35,000	31,959
0.38%, 07/20/2026^(g)		EUR	75,000	65,159
				611,071

Brewers–0.06%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024^(g)		EUR	242,000	238,967

Broadcasting–0.09%
ITV PLC (United Kingdom), 1.38%, 09/26/2026^(g)		EUR	200,000	171,542
TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026^(g)		EUR	200,000	176,700
				348,242

Cable & Satellite–0.05%
SES S.A. (Luxembourg), 1.63%, 03/22/2026^(g)		EUR	200,000	178,364

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


16		Invesco Fundamental Alternatives Fund


	Principal Amount			Value
Construction & Engineering–0.07%
Autoroutes du Sud de la France S.A. (France), 2.95%, 01/17/2024^(g)		EUR	100,000	$ 98,853
ISS Global A/S (Denmark), 0.88%, 06/18/2026^(g)		EUR	100,000	87,281
Worley US Finance Sub Ltd. (Australia), 0.88%, 06/09/2026^(g)		EUR	100,000	86,502
				272,636

Construction Machinery & Heavy Trucks–0.03%
Metso Outotec OYJ (Finland), 1.13%, 06/13/2024^(g)		EUR	100,000	94,354

Construction Materials–0.02%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026^(g)		EUR	70,000	64,433

Consumer Finance–0.08%
Santander Consumer Finance S.A. (Spain), 1.00%, 02/27/2024^(g)		EUR	300,000	287,348

Data Processing & Outsourced Services–0.03%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR	110,000	94,024

Diversified Banks–1.07%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024^(g)		EUR	500,000	466,910
Banco Santander S.A. (Spain),
3.13%, 01/19/2027^(g)		EUR	100,000	93,032
0.50%, 02/04/2027^(g)		EUR	100,000	84,196
Bankinter S.A. (Spain), 0.88%, 07/08/2026^(g)		EUR	100,000	86,579
Banque Federative du Credit Mutuel S.A. (France),
1.25%, 01/14/2025^(g)		EUR	100,000	93,951
2.13%, 09/12/2026^(g)		EUR	100,000	91,440
0.63%, 11/19/2027^(g)		EUR	100,000	82,487
Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025^(g)		EUR	300,000	268,657
BNP Paribas S.A. (France),
1.50%, 11/17/2025^(g)		EUR	100,000	92,178
2.88%, 10/01/2026^(g)		EUR	200,000	187,387
0.25%, 04/13/2027^(f)(g)		EUR	100,000	85,571
BPCE S.A. (France),
0.88%, 01/31/2024^(g)		EUR	100,000	95,703
0.63%, 09/26/2024^(g)		EUR	500,000	465,693
Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024^(g)		EUR	100,000	95,607
Credit Agricole S.A. (France),
1.00%, 09/16/2024^(g)		EUR	100,000	95,290
1.38%, 03/13/2025^(g)		EUR	300,000	281,997
0.38%, 10/21/2025^(g)		EUR	100,000	90,453
de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024^(g)		EUR	200,000	185,957
ING Groep N.V. (Netherlands), 1.13%, 02/14/2025^(g)		EUR	100,000	93,940
KBC Group N.V. (Belgium), 1.13%, 01/25/2024^(g)		EUR	100,000	95,922
Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026^(g)		EUR	100,000	88,865


	Principal Amount			Value
Diversified Banks–(continued)
National Australia Bank Ltd. (Australia), 1.25%, 05/18/2026^(g)		EUR	100,000	$ 92,481
Nordea Bank Abp (Finland), 1.13%, 02/12/2025^(g)		EUR	100,000	94,790
OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024^(g)		EUR	121,000	115,167
Skandinaviska Enskilda Banken AB (Sweden), 0.75%, 08/09/2027^(g)		EUR	300,000	255,171
Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027^(f)(g)		EUR	100,000	86,327
Swedbank AB (Sweden), 0.30%, 05/20/2027^(f)(g)		EUR	200,000	172,135
Volkswagen Bank GmbH (Germany), 2.50%, 07/31/2026^(g)		EUR	100,000	93,246
				4,131,132

Diversified Capital Markets–0.07%
Deutsche Bank AG (Germany),
2.63%, 02/12/2026^(g)		EUR	100,000	91,192
0.75%, 02/17/2027^(f)(g)		EUR	100,000	84,144
Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027^(g)		EUR	100,000	84,190
				259,526

Diversified Chemicals–0.07%
BASF SE (Germany),
2.50%, 01/22/2024^(g)		EUR	80,000	78,832
0.25%, 06/05/2027^(g)		EUR	200,000	172,156
				250,988

Diversified Support Services–0.05%
APRR S.A. (France), 1.50%, 01/15/2024^(g)		EUR	200,000	193,831

Electric Utilities–0.11%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027^(g)		EUR	200,000	178,340
EDP Finance B.V. (Portugal), 1.50%, 11/22/2027^(g)		EUR	100,000	89,067
Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027^(g)		EUR	200,000	167,835
				435,242

Food Retail–0.02%
ELO SACA (France), 2.88%, 01/29/2026^(g)		EUR	100,000	92,187

Gas Utilities–0.05%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026^(g)		EUR	115,000	102,552
APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027^(g)		EUR	100,000	88,905
				191,457

Health Care Equipment–0.05%
Becton, Dickinson and Co., 1.90%, 12/15/2026		EUR	100,000	92,405
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000	92,450
				184,855

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


17		Invesco Fundamental Alternatives Fund


	Principal Amount			Value
Health Care Services–0.01%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026^(g)		EUR	50,000	$ 43,139

Health Care Supplies–0.03%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024^(g)		EUR	100,000	98,382

Hotels, Resorts & Cruise Lines–0.02%
InterContinental Hotels Group PLC (United Kingdom), 2.13%, 05/15/2027^(g)		EUR	100,000	88,229

Household Appliances–0.02%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027		EUR	100,000	84,924

Household Products–0.01%
Procter & Gamble Co. (The), 4.88%, 05/11/2027		EUR	50,000	53,327

Integrated Oil & Gas–0.10%
Eni S.p.A. (Italy), 1.00%, 03/14/2025^(g)		EUR	179,000	168,116
Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025^(g)		EUR	222,000	206,737
				374,853

Integrated Telecommunication Services–0.02%
Vantage Towers AG (Germany), 0.38%, 03/31/2027^(g)		EUR	100,000	83,250

IT Consulting & Other Services–0.09%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000	91,622
International Business Machines Corp., 1.25%, 01/29/2027		EUR	300,000	272,032
				363,654

Life & Health Insurance–0.07%
Ethias S.A. (Belgium), 5.00%, 01/14/2026^(g)		EUR	100,000	95,028
New York Life Global Funding, 0.25%, 01/23/2027^(g)		EUR	200,000	171,614
				266,642

Multi-line Insurance–0.04%
Cloverie PLC for Zurich Insurance Co. Ltd. (Switzerland), 1.75%, 09/16/2024^(g)		EUR	150,000	143,432

Multi-Sector Holdings–0.07%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	200,000	177,392
Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025^(g)		EUR	100,000	94,787
				272,179

Office REITs–0.11%
Globalworth Real Estate Investments Ltd. (Poland), 2.95%, 07/29/2026^(g)		EUR	100,000	76,694
Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025^(g)		EUR	400,000	363,619
				440,313


	Principal Amount			Value
Other Diversified Financial Services–0.14%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025^(g)		EUR	200,000	$ 180,279
JAB Holdings B.V. (Austria), 1.75%, 06/25/2026^(g)		EUR	100,000	90,263
LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025^(g)		EUR	294,000	282,320
				552,862

Packaged Foods & Meats–0.02%
JDE Peet’s N.V. (Netherlands), 0.01%, 01/16/2026^(g)		EUR	100,000	86,496

Paper Products–0.03%
Smurfit Kappa Acquisitions ULC (Ireland), 2.88%, 01/15/2026^(g)		EUR	100,000	95,084

Pharmaceuticals–0.12%
Bayer AG (Germany), 0.38%, 07/06/2024^(g)		EUR	400,000	377,632
Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026^(g)		EUR	100,000	93,690
				471,322

Precious Metals & Minerals–0.02%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026^(g)		EUR	100,000	91,173

Real Estate Operating Companies–0.04%
CPI Property Group S.A. (Czech Republic), 2.75%, 05/12/2026^(g)		EUR	100,000	76,094
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026^(g)		EUR	100,000	72,382
				148,476

Renewable Electricity–0.02%
Southern Power Co., 1.85%, 06/20/2026		EUR	100,000	92,512

Restaurants–0.04%
Sodexo S.A. (France), 0.75%, 04/27/2025^(g)		EUR	170,000	157,283

Specialized REITs–0.02%
American Tower Corp., 1.95%, 05/22/2026		EUR	100,000	91,667

Thrifts & Mortgage Finance–0.06%
Aareal Bank AG (Germany), 0.50%, 04/07/2027^(g)		EUR	300,000	234,429

Tobacco–0.02%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026^(g)		EUR	100,000	92,670
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $16,712,434)				12,992,538

Variable Rate Senior Loan Interests–0.01%^(i)(j)
Advertising–0.01%
Checkout Holding Corp., Term Loan, 10.62%, 02/15/2023		$	72,995	60,525
PIK Term Loan, 9.50% PIK Rate, 3.37% Cash Rate, 08/15/2023^(k)			6,658	1,999
				62,524

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


18		Invesco Fundamental Alternatives Fund


	Principal Amount		Value
Integrated Oil & Gas–0.00%
Lealand Finance Co. B.V., PIK Term Loan, 2.67% PIK Rate, 3.37% Cash Rate, 06/30/2025^(k)	$	782	$ 418
Total Variable Rate Senior Loan Interests (Cost $78,580)			62,942

		Shares

Preferred Stocks–0.00%
Oil & Gas Storage & Transportation–0.00%
Southcross Energy Partners L.P., Series A, Pfd. (Cost $68,449)^(d)		68,466	3,766

Money Market Funds–24.95%
Invesco Treasury Portfolio, Institutional Class, 3.08%^(l)(m) (Cost $96,450,226)		96,450,226	96,450,226
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-87.03% (Cost $320,570,925)			336,428,835


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.47%
Invesco Private Government Fund, 3.18%^(l)(m)(n)		3,757,237	$ 3,757,237
Invesco Private Prime Fund, 3.28%^(l)(m)(n)		9,659,107	9,659,107
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,415,871)			13,416,344
TOTAL INVESTMENTS IN SECURITIES–90.50% (Cost $333,986,796)			349,845,179
OTHER ASSETS LESS LIABILITIES–9.50%			36,707,517
NET ASSETS–100.00%			$386,552,696

Investment Abbreviations:

EUR

Pfd.

PIK

REIT

Wts.

- Euro

- Preferred

- Pay-in-Kind

- Real Estate Investment Trust

- Warrants

Notes to Consolidated Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at October 31, 2022.

^(c)	Non-income producing security.

^(d)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(f)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(g)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $12,067,148, which represented 3.12% of the Fund’s Net Assets.

^(h)	Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽ⁱ⁾

Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(j)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(k)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(l)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Treasury Portfolio, Institutional Class		$	31,020,428		$	251,297,988		$	(185,868,190	)		$ -		$ -		$	96,450,226		$	836,765

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


19		Invesco Fundamental Alternatives Fund


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	756,501		$	76,893,733		$	(73,892,997	)		$ -		$ -		$	3,757,237		$	31,108	*
Invesco Private Prime Fund			1,765,170			134,702,787			(126,806,188	)		473		(3,135)			9,659,107			83,298	*
Total		$	33,542,099		$	462,894,508		$	(386,567,375	)		$473		$(3,135)		$	109,866,570		$	951,171

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(m)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

⁽ⁿ⁾	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.


Open Futures Contracts^(a)

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)

Commodity Risk

Gasoline Reformulated Blendstock Oxygenate Blending		13		November-2022	$	1,379,032		$	27,437		$	27,437

Low Sulphur Gas Oil		23		December-2022		2,345,425			161,342			161,342

Natural Gas		15		November-2022		953,250			(209,899	)		(209,899	)

Subtotal									(21,120	)		(21,120	)

Interest Rate Risk

Australia 10 Year Bonds		218		December-2022		16,521,516			(213,376	)		(213,376	)

Canada 10 Year Bonds		165		December-2022		14,900,686			(227,565	)		(227,565	)

Euro-Bund		58		December-2022		7,935,171			(395,850	)		(395,850	)

Japan 10 Year Bonds		5		December-2022		5,002,522			5,845			5,845

Long Gilt		89		December-2022		10,423,914			(554,271	)		(554,271	)

U.S. Treasury 2 Year Notes		36		December-2022		7,357,781			(102,790	)		(102,790	)

U.S. Treasury 5 Year Notes		92		December-2022		9,806,625			(375,667	)		(375,667	)

U.S. Treasury Long Bonds		29		December-2022		3,494,500			(360,809	)		(360,809	)

Subtotal									(2,224,483	)		(2,224,483	)

Subtotal–Long Futures Contracts									(2,245,603	)		(2,245,603	)


Short Futures Contracts

Commodity Risk

Coffee ’C’		2		March-2023		(130,538	)		24,585			24,585

Corn		5		December-2022		(172,875	)		(3,189	)		(3,189	)

Cotton No. 2		9		December-2022		(324,000	)		48,862			48,862

Gold 100 oz.		41		December-2022		(6,726,870	)		550,478			550,478

LME Aluminum		68		December-2022		(3,784,200	)		392,345			392,345

Silver		33		December-2022		(3,154,635	)		146,677			146,677

Soybean		6		July-2023		(431,475	)		(11,045	)		(11,045	)

Soybean Oil		8		December-2022		(351,408	)		(46,931	)		(46,931	)

Sugar No. 11		7		February-2023		(140,885	)		(4,339	)		(4,339	)

Wheat		3		December-2022		(132,337	)		5,567			5,567

Subtotal									1,103,010			1,103,010

Equity Risk

E-Mini Russell 2000 Index		41		December-2022		(3,798,650	)		(294,818	)		(294,818	)

E-Mini S&P 500 Index		362		December-2022		(70,282,300	)		1,889,850			1,889,850

EURO STOXX 50 Index		85		December-2022		(3,039,164	)		(172,057	)		(172,057	)

MSCI Emerging Markets Index		24		December-2022		(1,024,320	)		37,495			37,495

Tokyo Stock Price Index		14		December-2022		(1,813,376	)		(34,426	)		(34,426	)

Subtotal									1,426,044			1,426,044

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


20		Invesco Fundamental Alternatives Fund


Open Futures Contracts^(a)–(continued)

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation (Depreciation)

Interest Rate Risk

Euro-Bobl		55		December-2022	$	(6,504,511	)	$	176,000	$	176,000

Euro-Schatz		38		December-2022		(4,015,782	)		32,733		32,733

Subtotal									208,733		208,733

Subtotal–Short Futures Contracts									2,737,787		2,737,787

Total Futures Contracts								$	492,184	$	492,184

^(a)	Futures contracts collateralized by $7,692,808 cash held with Merrill Lynch International, the futures commission merchant.


Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
Currency Risk
11/17/2022	Bank of America, N.A.		EUR	192,000		USD	191,255	$	1,312
11/17/2022	Bank of America, N.A.		USD	175,851		EUR	181,000		3,209
11/17/2022	J.P. Morgan Chase Bank, N.A.		USD	93,349		EUR	96,000		1,624
11/17/2022	Morgan Stanley and Co. International PLC		EUR	13,060,000		USD	13,548,871		628,760
Subtotal–Appreciation									634,905

Currency Risk
11/17/2022	Bank of America, N.A.		EUR	141,500		USD	138,291		(1,694	)
11/17/2022	Bank of America, N.A.		USD	208,900		EUR	209,000		(2,138	)
11/17/2022	BNP Paribas S.A.		USD	15,060		EUR	15,000		(221	)
11/17/2022	Deutsche Bank AG		USD	129,903		EUR	130,000		(1,295	)
11/17/2022	Goldman Sachs International		USD	167,747		EUR	166,000		(3,525	)
11/17/2022	Morgan Stanley and Co. International PLC		EUR	698,493		USD	682,000		(9,011	)
Subtotal–Depreciation									(17,884	)
Total Forward Foreign Currency Contracts								$	617,021

Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity

Buy/Sell
Protection

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity Date

Implied
Credit
Spread^(b)

Notional Value

Upfront
Payments Paid
(Received)

Value

Unrealized
Appreciation

Credit Risk

Markit CDX North America High Yield Index, Series 38, Version 1

Sell

5.00%

Quarterly

06/20/2027

4.793%

USD 5,064,840

$(53,070)

$43,954

$97,024

^(a)	Centrally cleared swap agreements collateralized by $488,381 cash held with Citigroup Global Markets, Inc.

^(b)

Implied credit spreads represent the current level, as of October 31, 2022, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


21		Invesco Fundamental Alternatives Fund


Open Over-The-Counter Total Return Swap Agreements^(a)
Counterparty	Pay/ Receive	Reference Entity^(b)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Canadian Imperial Bank of Commerce	Pay	CIBC LME Copper Standard Roll Excess Return Index		0.06	%		Monthly		5,490		March–2023		USD	2,390,734		$–		$36,831			$36,831
Merrill Lynch International	Pay	Merrill Lynch Soybean Meal Index		0.05			Monthly		560		October–2023		USD	464,639		–		0			0
Royal Bank of Canada	Receive	RBC Enhanced Crude Oil 01 Excess Return Index		0.30			Monthly		3,430		August–2023		USD	1,172,658		–		0			0
Subtotal – Appreciation																–		36,831			36,831
Commodity Risk
BNP Paribas S.A.	Receive	BNP Paribas Commodity Daily Dynamic Curve CO Index		0.25			Monthly		1,870		August–2023		USD	1,121,214		–		(19,434	)		(19,434	)
UBS AG	Receive	UBS Modified Roll Select Heating Oil Strategy		0.30			Monthly		15,900		December–2022		USD	2,116,616		–		(17,420	)		(17,420	)
Subtotal – Depreciation																–		(36,854	)		(36,854	)
Total – Total Return Swap Agreements																$–		$ (23	)		$ (23	)

^(a)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(b)	The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.


Reference Entity Components
Reference Entity	Underlying Components	Percentage
Canadian Imperial Bank of Commerce LME Copper Standard Roll Excess Return Index

	Long Futures Contracts

	Copper	100.00%


Merrill Lynch Soybean Meal Index

	Long Futures Contracts

	Soybean Meal	100.00%


RBC Enhanced Crude Oil 01 Excess Return Index

	Long Futures Contracts

	Crude Oil	100.00%


BNP Paribas Commodity Daily Dynamic Curve CO Index

	Long Futures Contracts

	Brent Crude	100.00%


UBS Modified Roll Select Heating Oil Strategy

	Long Futures Contracts

	Heating Oil	100.00%

Abbreviations:

EUR –Euro

USD –U.S. Dollar

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


22		Invesco Fundamental Alternatives Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $224,120,699)*		$239,978,609
Investments in affiliated money market funds, at value (Cost $109,866,097)		109,866,570
Other investments:
Variation margin receivable – non-LME futures contracts		1,996,696
Unrealized appreciation on LME futures contracts		392,345
Swaps receivable – OTC		103,428
Unrealized appreciation on swap agreements – OTC		36,831
Unrealized appreciation on forward foreign currency contracts outstanding		634,905
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		7,692,808
Cash collateral – centrally cleared swap agreements		488,381
Cash		38,383,087
Foreign currencies, at value (Cost $74,625)		75,994
Receivable for:
Investments sold		294,262
Fund shares sold		61,979
Dividends		656,923
Interest		615,304
Investment for trustee deferred compensation and retirement plans		98,457
Other assets		43,875
Total assets		401,420,454

Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		366,644
Unrealized depreciation on forward foreign currency contracts outstanding		17,884
Swaps payable – OTC		22,056
Unrealized depreciation on swap agreements–OTC		36,854
Payable for:
Investments purchased		101,148
Fund shares reacquired		394,976
Collateral upon return of securities loaned		13,415,871
Accrued fees to affiliates		229,390
Accrued trustees’ and officers’ fees and benefits		988
Accrued other operating expenses		135,774
Trustee deferred compensation and retirement plans		146,173
Total liabilities		14,867,758
Net assets applicable to shares outstanding		$386,552,696


Net assets consist of:
Shares of beneficial interest	$	362,129,534

Distributable earnings		24,423,162

	$	386,552,696


Net Assets:
Class A	$	304,850,273

Class C	$	13,915,773

Class R	$	10,727,874

Class Y	$	53,389,269

Class R5	$	9,410

Class R6	$	3,660,097


Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,318,504

Class C		639,946

Class R		455,070

Class Y		2,104,204

Class R5		380

Class R6		143,487

Class A:
Net asset value per share	$	24.75

Maximum offering price per share (Net asset value of $24.75 ÷ 94.50%)	$	26.19

Class C:
Net asset value and offering price per share	$	21.75

Class R:
Net asset value and offering price per share	$	23.57

Class Y:
Net asset value and offering price per share	$	25.37

Class R5:
Net asset value and offering price per share	$	24.76

Class R6:
Net asset value and offering price per share	$	25.51

*	At October 31, 2022, securities with an aggregate value of $13,016,184 were on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


23		Invesco Fundamental Alternatives Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest (net of foreign withholding taxes of $643)	$	1,143,337

Dividends (net of foreign withholding taxes of $70,058)		3,021,983

Dividends from affiliated money market funds (includes net securities lending income of $13,366)		850,131

Other income		12,381

Total investment income		5,027,832


Expenses:
Advisory fees		3,705,291

Administrative services fees		63,366

Custodian fees		56,446

Distribution fees:
Class A		830,571

Class C		166,778

Class R		58,134

Interest, facilities and maintenance fees		1

Transfer agent fees – A, C, R and Y		813,815

Transfer agent fees – R5		4

Transfer agent fees – R6		2,067

Trustees’ and officers’ fees and benefits		29,560

Registration and filing fees		80,987

Reports to shareholders		(70,211	)

Professional services fees		82,552

Other		41,640

Total expenses		5,861,001

Less: Fees waived and/or expense offset arrangement(s)		(69,042	)

Net expenses		5,791,959

Net investment income (loss)		(764,127	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		31,981,993

Affiliated investment securities		(3,135	)

Foreign currencies		(52,428	)

Forward foreign currency contracts		2,301,705

Futures contracts		(14,261,124	)

Swap agreements		(887,694	)

		19,079,317

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(56,061,193	)

Affiliated investment securities		473

Foreign currencies		(29,015	)

Forward foreign currency contracts		347,663

Futures contracts		7,193,219

Swap agreements		21,648

		(48,527,205	)

Net realized and unrealized gain (loss)		(29,447,888	)

Net increase (decrease) in net assets resulting from operations	$	(30,212,015	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


24		Invesco Fundamental Alternatives Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021

Operations:
Net investment income (loss)	$	(764,127	)	$	(1,306,329	)

Net realized gain		19,079,317			18,893,465

Change in net unrealized appreciation (depreciation)		(48,527,205	)		19,228,818

Net increase (decrease) in net assets resulting from operations		(30,212,015	)		36,815,954


Distributions to shareholders from distributable earnings:
Class A		(10,053,694	)		(7,340,076	)

Class C		(437,899	)		(334,195	)

Class R		(337,935	)		(235,934	)

Class Y		(3,063,993	)		(3,334,842	)

Class R5		(334	)		(239	)

Class R6		(200,601	)		(4,349,596	)

Total distributions from distributable earnings		(14,094,456	)		(15,594,882	)


Share transactions–net:
Class A		(25,043,386	)		(35,215,742	)

Class C		(3,772,748	)		(8,816,984	)

Class R		(864,204	)		(1,493,496	)

Class Y		(42,113,326	)		(65,671,575	)

Class R5		100			–

Class R6		(2,569,837	)		(213,443,598	)

Net increase (decrease) in net assets resulting from share transactions		(74,363,401	)		(324,641,395	)

Net increase (decrease) in net assets		(118,669,872	)		(303,420,323	)


Net assets:
Beginning of year		505,222,568			808,642,891

End of year	$	386,552,696		$	505,222,568

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


25		Invesco Fundamental Alternatives Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/22		$27.26		$(0.05	)		$(1.69	)		$(1.74	)		$(0.77	)		$24.75		(6.60	)%		$304,850		1.33	%		1.34	%		1.33	%		(0.20	)%		29	%
Year ended 10/31/21		26.50		(0.08	)		1.35			1.27			(0.51	)		27.26		4.84			362,634		1.32			1.38			1.32			(0.27	)		74
Year ended 10/31/20		26.83		0.28			(0.07	)		0.21			(0.54	)		26.50		0.77			386,680		1.56			1.61			1.52			1.07			223
Year ended 10/31/19		27.42		0.69			(0.82	)		(0.13	)		(0.46	)		26.83		(0.45	)		441,060		1.64			1.71			1.38			2.59			289
Year ended 10/31/18		27.21		0.45			0.19			0.64			(0.43	)		27.42		2.34			477,683		1.96			1.99			1.35			1.67			155
Class C
Year ended 10/31/22		24.02		(0.21	)		(1.50	)		(1.71	)		(0.56	)		21.75		(7.32	)		13,916		2.08			2.09			2.08			(0.95	)		29
Year ended 10/31/21		23.36		(0.25	)		1.21			0.96			(0.30	)		24.02		4.11			19,401		2.08			2.13			2.08			(1.03	)		74
Year ended 10/31/20		23.60		0.07			(0.07	)		0.00			(0.24	)		23.36		0.00			27,495		2.33			2.35			2.28			0.30			223
Year ended 10/31/19		24.17		0.43			(0.74	)		(0.31	)		(0.26	)		23.60		(1.25	)		38,860		2.42			2.47			2.14			1.81			289
Year ended 10/31/18		24.03		0.22			0.16			0.38			(0.24	)		24.17		1.59			89,319		2.72			2.75			2.11			0.90			155
Class R
Year ended 10/31/22		26.00		(0.11	)		(1.62	)		(1.73	)		(0.70	)		23.57		(6.87	)		10,728		1.58			1.59			1.58			(0.45	)		29
Year ended 10/31/21		25.29		(0.14	)		1.29			1.15			(0.44	)		26.00		4.58			12,755		1.58			1.63			1.58			(0.53	)		74
Year ended 10/31/20		25.60		0.21			(0.07	)		0.14			(0.45	)		25.29		0.51			13,867		1.82			1.86			1.78			0.81			223
Year ended 10/31/19		26.18		0.59			(0.78	)		(0.19	)		(0.39	)		25.60		(0.70	)		16,296		1.91			1.97			1.64			2.33			289
Year ended 10/31/18		26.02		0.36			0.17			0.53			(0.37	)		26.18		2.07			19,426		2.23			2.26			1.62			1.40			155
Class Y
Year ended 10/31/22		27.94		0.02			(1.75	)		(1.73	)		(0.84	)		25.37		(6.41	)		53,389		1.08			1.09			1.08			0.05			29
Year ended 10/31/21		27.14		(0.01	)		1.39			1.38			(0.58	)		27.94		5.14			103,680		1.07			1.13			1.07			(0.02	)		74
Year ended 10/31/20		27.47		0.36			(0.08	)		0.28			(0.61	)		27.14		1.00			165,217		1.31			1.35			1.27			1.32			223
Year ended 10/31/19		28.07		0.77			(0.84	)		(0.07	)		(0.53	)		27.47		(0.22	)		266,741		1.41			1.47			1.14			2.82			289
Year ended 10/31/18		27.86		0.52			0.19			0.71			(0.50	)		28.07		2.59			352,559		1.73			1.76			1.12			1.90			155
Class R5
Year ended 10/31/22		27.29		0.05			(1.69	)		(1.64	)		(0.89	)		24.76		(6.25	)		9		0.93			0.94			0.93			0.20			29
Year ended 10/31/21		26.55		0.03			1.35			1.38			(0.64	)		27.29		5.24			10		0.91			0.92			0.91			0.14			74
Year ended 10/31/20		26.87		0.39			(0.05	)		0.34			(0.66	)		26.55		1.23			10		1.14			1.15			1.10			1.49			223
Period ended 10/31/19^(e)		26.56		0.35			(0.04	)		0.31			–			26.87		1.17			10		1.25	^(f)		1.35	^(f)		1.02	^(f)		2.97	^(f)		289
Class R6
Year ended 10/31/22		28.09		0.06			(1.75	)		(1.69	)		(0.89	)		25.51		(6.25	)		3,660		0.93			0.94			0.93			0.20			29
Year ended 10/31/21		27.27		0.04			1.42			1.46			(0.64	)		28.09		5.40			6,743		0.90			0.92			0.90			0.15			74
Year ended 10/31/20		27.60		0.41			(0.08	)		0.33			(0.66	)		27.27		1.19			215,374		1.12			1.14			1.08			1.51			223
Year ended 10/31/19		28.21		0.82			(0.86	)		(0.04	)		(0.57	)		27.60		(0.08	)		175,917		1.23			1.29			0.96			3.00			289
Year ended 10/31/18		28.00		0.57			0.19			0.76			(0.55	)		28.21		2.77			211,904		1.58			1.61			0.97			2.05			155

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.02%, 0.01% and 0.00% for the years ended October 31, 2020, 2019 and 2018, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Commencement date after the close of business on May 24, 2019.

^(f)	Annualized.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


26		Invesco Fundamental Alternatives Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Fundamental Alternatives Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Fundamental Alternatives Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to commodity-linked derivatives primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek total return.

The 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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


27		Invesco Fundamental Alternatives Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund 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.


28		Invesco Fundamental Alternatives Fund

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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $1,078 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

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.

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.


29		Invesco Fundamental Alternatives Fund

currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, index and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund will initially enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated, at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund’s or the Counterparty’s payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party’s payment obligation will be based on a specified rate representing expected volatility for the reference asset at the time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset’s volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.


30		Invesco Fundamental Alternatives Fund

(loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Bank Loan Risk – Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

R.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

S.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Other Risks – During the period, the Fund experienced a low interest rate environment created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate*
First $1.0 billion		0.850	%
Next $500 million		0.800	%
Next $500 million		0.750	%
Next $500 million		0.700	%
Next $500 million		0.650	%
Next $500 million		0.600	%
Next $500 million		0.550	%
Over $4 billion		0.500	%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.84%.


31		Invesco Fundamental Alternatives Fund

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $63,620.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $24,776 in front-end sales commissions from the sale of Class A shares and $90 and $149 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	144,656,800	$	460	$	16,745	$	144,674,005

U.S. Treasury Securities		–		53,342,206		–		53,342,206

U.S. Dollar Denominated Bonds & Notes		–		28,903,152		–		28,903,152

Non-U.S. Dollar Denominated Bonds & Notes		–		12,992,538		–		12,992,538

Variable Rate Senior Loan Interests		–		62,942		–		62,942

Preferred Stocks		–		–		3,766		3,766

Money Market Funds		96,450,226		13,416,344		–		109,866,570

Total Investments in Securities		241,107,026		108,717,642		20,511		349,845,179


32		Invesco Fundamental Alternatives Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Assets*

Futures Contracts	$	3,499,216		$	–		$	–	$	3,499,216

Forward Foreign Currency Contracts		–			634,905			–		634,905

Swap Agreements		–			133,855			–		133,855

		3,499,216			768,760			–		4,267,976


Other Investments - Liabilities*

Futures Contracts		(3,007,032	)		–			–		(3,007,032	)

Forward Foreign Currency Contracts		–			(17,884	)		–		(17,884	)

Swap Agreements		–			(36,854	)		–		(36,854	)

		(3,007,032	)		(54,738	)		–		(3,061,770	)

Total Other Investments		492,184			714,022			–		1,206,206

Total Investments	$	241,599,210		$	109,431,664		$	20,511	$	351,051,385

*	Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value

Derivative Assets	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	1,357,293		$	–		$	–		$	1,927,345		$	214,578		$	3,499,216

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		–			97,024			–			–			–			97,024

Unrealized appreciation on forward foreign currency contracts outstanding		–			–			634,905			–			–			634,905

Unrealized appreciation on swap agreements – OTC		36,831			–			–			–			–			36,831

Total Derivative Assets		1,394,124			97,024			634,905			1,927,345			214,578			4,267,976

Derivatives not subject to master netting agreements		(1,357,293	)		(97,024	)		–			(1,927,345	)		(214,578	)		(3,596,240	)

Total Derivative Assets subject to master netting agreements	$	36,831		$	–		$	634,905		$	–		$	–		$	671,736


				Value

Derivative Liabilities				Commodity Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)				$	(275,403	)	$	–		$	(501,301	)	$	(2,230,328	)	$	(3,007,032	)

Unrealized depreciation on forward foreign currency contracts outstanding					–			(17,884	)		–			–			(17,884	)

Unrealized depreciation on swap agreements – OTC					(36,854	)		–			–			–			(36,854	)

Total Derivative Liabilities					(312,257	)		(17,884	)		(501,301	)		(2,230,328	)		(3,061,770	)

Derivatives not subject to master netting agreements					275,403			–			501,301			2,230,328			3,007,032

Total Derivative Liabilities subject to master netting agreements				$	(36,854	)	$	(17,884	)	$	–		$	–		$	(54,738	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.


33		Invesco Fundamental Alternatives Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.


Financial Derivative Assets							Financial Derivative Liabilities												Collateral (Received)/Pledged


Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash		Net Amount^(a)

Fund
Bank of America, N.A.		$ 4,521		$ -		$ 4,521		$ (3,832	)		$ -			$(3,832	)		$ 689			$-		$-		$ 689

BNP Paribas S.A.		-		-		-		(221	)		-			(221	)		(221	)		-		-		(221	)

Deutsche Bank AG		-		-		-		(1,295	)		-			(1,295	)		(1,295	)		-		-		(1,295	)

Goldman Sachs International		-		-		-		(3,525	)		-			(3,525	)		(3,525	)		-		-		(3,525	)

J.P. Morgan Chase Bank, N.A.		1,624		-		1,624		-			-			-			1,624			-		-		1,624

Morgan Stanley and Co. International PLC		628,760		-		628,760		(9,011	)		-			(9,011	)		619,749			-		-		619,749

Subtotal - Fund		634,905		-		634,905		(17,884	)		-			(17,884	)		617,021			-		-		617,021

Subsidiary
BNP Paribas S.A.		-		-		-		-			(19,599	)		(19,599	)		(19,599	)		-		-		(19,599	)

Canadian Imperial Bank of Commerce		-		36,831		36,831		-			(81	)		(81	)		36,750			-		-		36,750

Merrill Lynch International		-		-		-		-			(21,186	)		(21,186	)		(21,186	)		-		-		(21,186	)

Royal Bank of Canada		-		103,428		103,428		-			(281	)		(281	)		103,147			-		-		103,147

UBS AG		-		-		-		-			(17,763	)		(17,763	)		(17,763	)		-		-		(17,763	)

Subtotal - Subsidiary		-		140,259		140,259		-			(58,910	)		(58,910	)		81,349			-		-		81,349

Total		$634,905		$140,259		$775,164		$(17,884	)		$(58,910	)		$(76,794	)		$698,370			$-		$-		$698,370

^(a)	The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty.

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations

	Commodity Risk			Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	-		$	2,301,705	$	-		$	-		$	2,301,705

Futures contracts		(1,974,547	)		-			-		(570,680	)		(11,715,897	)		(14,261,124	)

Swap agreements		(609,216	)		(278,478	)		-		-			-			(887,694	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			-			347,663		-			-			347,663

Futures contracts		1,269,712			-			-		4,758,923			1,164,584			7,193,219

Swap agreements		(8,650	)		30,298			-		-			-			21,648

Total	$	(1,322,701	)	$	(248,180	)	$	2,649,368	$	4,188,243		$	(10,551,313	)	$	(5,284,583	)

The table below summarizes the average notional value of derivatives held during the period.

NOTE 5–Expense Offset Arrangement(s)


34		Invesco Fundamental Alternatives Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021

Ordinary income*	$	14,046,440	$	15,594,882

Long-term capital gain		48,016		–

Total distributions	$	14,094,456	$	15,594,882

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022

Undistributed long-term capital gain	$	9,315,006

Net unrealized appreciation – investments		15,238,737

Net unrealized appreciation – foreign currencies		13,529

Temporary book/tax differences		(144,110	)

Shares of beneficial interest		362,129,534

Total net assets	$	386,552,696

The Fund does not have a capital loss carryforward as of October 31, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $79,732,032 and $207,061,973, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	36,640,557

Aggregate unrealized (depreciation) of investments		(21,401,820	)

Net unrealized appreciation of investments	$	15,238,737

Cost of investments for tax purposes is $335,812,648.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and income from the Subsidiary, on October 31, 2022, undistributed net investment income (loss) was increased by $874,443, undistributed net realized gain was increased by $7,843,489 and shares of beneficial interest was decreased by $8,717,932. This reclassification had no effect on the net assets of the Fund.


35		Invesco Fundamental Alternatives Fund

NOTE 11–Share Information


	Summary of Share Activity

	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		395,352		$	10,205,406			492,343		$	13,353,888

Class C		60,433			1,373,972			89,686			2,150,042

Class R		61,564			1,522,679			54,892			1,423,375

Class Y		295,017			7,871,209			885,300			24,573,086

Class R5		3			100			-			-

Class R6		34,256			914,617			436,879			12,158,047


Issued as reinvestment of dividends:
Class A		354,615			9,471,770			259,426			6,918,884

Class C		17,796			420,343			13,520			319,754

Class R		13,155			335,466			9,161			233,503

Class Y		92,274			2,520,915			107,546			2,932,788

Class R6		5,510			151,127			158,454			4,333,714


Automatic conversion of Class C shares to Class A shares:
Class A		91,844			2,343,122			210,260			5,670,904

Class C		(104,243	)		(2,343,122	)		(237,496	)		(5,670,904	)


Reacquired:
Class A		(1,823,686	)		(47,063,684	)		(2,254,468	)		(61,159,418	)

Class C		(141,872	)		(3,223,941	)		(234,670	)		(5,615,876	)

Class R		(110,177	)		(2,722,349	)		(121,876	)		(3,150,374	)

Class Y		(1,994,015	)		(52,505,450	)		(3,368,547	)		(93,177,449	)

Class R6		(136,328	)		(3,635,581	)		(8,252,546	)		(229,935,359	)

Net increase (decrease) in share activity		(2,888,502	)	$	(74,363,401	)		(11,752,136	)	$	(324,641,395	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


36		Invesco Fundamental Alternatives Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Fundamental Alternatives Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Fundamental Alternatives Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Fundamental Alternatives Fund (subsequently renamed Invesco Fundamental Alternatives Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


37		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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio

Class A	$1,000.00	$974.40	$6.72	$1,018.40	$6.87	1.35%
Class C	1,000.00	971.00	10.43	1,014.62	10.66	2.10
Class R	1,000.00	973.20	7.96	1,017.14	8.13	1.60
Class Y	1,000.00	975.40	5.48	1,019.66	5.60	1.10
Class R5	1,000.00	976.30	4.63	1,020.52	4.74	0.93
Class R6	1,000.00	976.70	4.68	1,020.47	4.79	0.94

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


38		Invesco Fundamental Alternatives Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Fundamental Alternatives Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the HFRX Global Hedge Fund Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and noted specifically the varying characteristics of the Fund’s peer group constituents. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition


39		Invesco Fundamental Alternatives Fund

of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that certain factor exposures and emerging market equity exposure detracted from Fund performance. The Board also considered that the Fund underwent portfolio management and corresponding investment strategy changes in 2020. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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.


40		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	48,016
Qualified Dividend Income*		36.48	%
Corporate Dividends Received Deduction*		35.50	%
U.S. Treasury Obligations*		0.80	%
Qualified Business Income*		0.00	%
Business Interest Income*		3.65	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


41		Invesco Fundamental Alternatives Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Fundamental Alternatives Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801


T-6		Invesco Fundamental Alternatives Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		O-FALT-AR-1

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Annual Report to Shareholders		October 31, 2022

Invesco Global Allocation Fund

Nasdaq:

A: QVGIX ∎ C: QGRCX ∎ R: QGRNX ∎ Y: QGRYX ∎ R5: GLALX ∎ R6: QGRIX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Consolidated Schedule of Investments

17		Consolidated Financial Statements

20		Consolidated Financial Highlights

21		Notes to Consolidated Financial Statements

31		Report of Independent Registered Public Accounting Firm

32		Fund Expenses

33		Approval of Investment Advisory and Sub-Advisory Contracts

35		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Allocation Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Global Allocation Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares			-19.30%
Class C Shares			-19.89
Class R Shares			-19.47
Class Y Shares			-19.08
Class R5 Shares			-18.98
Class R6 Shares			-19.01
Custom Invesco Global Allocation Index^q			-16.57
MSCI All Country World Index^∎			-19.96
Bloomberg Global Aggregate USD Hedged Index^∎			-12.12
Source(s): ^qInvesco, RIMES Technologies Corp.; ^∎RIMES Technologies Corp.

Market conditions and your Fund

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

During the fiscal year, the Fund underperformed the Custom Invesco Global Allocation Index. Relative to the index, the Fund received positive contributions from top-down factor rotation and detractions from top-down asset allocation and bottom-up managers’ security selection.

From a top-down asset allocation perspective, the Fund was largely positioned in a ‘neutral’ or ‘risk-off’ stance compared to the Custom Invesco Global Allocation Index for most of the fiscal year. This tactical positioning allowed for positive relative contributions from equities, commodities, foreign exchange and cash. Within equities, top-down factor rotation into defensive factors helped the portfolio during periods of heightened market volatility. The Fund’s relative detractors were experienced in the fixed-income space and particularly within US treasuries. The diversification benefits of fixed-income as a ballast to riskier equities were not achieved for much of the past fiscal year due to monetary tightening and other economic conditions.

From a bottom-up managers’ security selection perspective, after controlling for style bias, all underlying Fund strategies detracted from performance relative to the Custom Invesco Global Allocation Index during the fiscal year. In particular, emerging market equity exposures suffered the largest losses after writing-off sanctioned Russian equities. Global and international equity strategies were also the primary detractors from relative Fund performance. No bottom-up manager strategies contributed positively to relative Fund performance.

Thank you for your investment in Invesco Global Allocation Fund as we continue to

2 Invesco Global Allocation Fund

dynamically navigate changing macroeconomic and market conditions.

Portfolio manager(s):

Alessio de Longis

Duy Nguyen

See important Fund and, if applicable, index disclosures later in this report.

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (11/1/91)	6.78	%
10 Years	3.99
5 Years	0.43
1 Year	-23.72

Class C Shares
Inception (9/1/93)	6.54	%
10 Years	3.95
5 Years	0.80
1 Year	-20.59

Class R Shares
Inception (3/1/01)	2.95	%
10 Years	4.32
5 Years	1.31
1 Year	-19.47

Class Y Shares
Inception (5/1/00)	3.99	%
10 Years	4.86
5 Years	1.82
1 Year	-19.08

Class R5 Shares
10 Years	4.73	%
5 Years	1.86
1 Year	-18.98

Class R6 Shares
Inception (2/28/12)	4.60	%
10 Years	5.03
5 Years	1.97
1 Year	-19.01

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Allocation Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Allocation Fund. Note: The Fund was subsequently renamed the Invesco Global Allocation Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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.

4 Invesco Global Allocation Fund

Supplemental Information

Invesco Global Allocation Fund’s investment objective is to seek total return.

∎ Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎	The Custom Invesco Global Allocation Index is composed of 60% MSCI All Country World Index/40% Bloomberg Global Aggregate USD Hedged Index.

∎	The Bloomberg Global Aggregate USD Hedged Index tracks fixed-income performance of regions around the world while hedging the currency back to the US dollar.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

5 Invesco Global Allocation Fund

Fund Information


Portfolio Composition

By security type		% of total net assets

Exchange-Traded Funds		50.00%


Common Stocks & Other Equity Interests		25.97


U.S. Treasury Securities		20.51


Security Types Each Less Than 1% of Portfolio		0.27

Money Market Funds Plus Other Assets Less Liabilities		3.25

Top 10 Equity Holdings*

		% of total net assets
1.	Invesco Russell 1000 Dynamic Multifactor ETF	20.13%

2.	Invesco BulletShares 2023 Corporate Bond ETF	13.27

3.	Invesco International Developed Dynamic Multifactor ETF	8.88

4.	Invesco Russell 2000 Dynamic Multifactor ETF	5.53

5.	Invesco High Yield Bond Factor ETF	2.20

6.	Alphabet, Inc., Class A	0.60

7.	LVMH Moet Hennessy Louis Vuitton SE	0.55

8.	Novo Nordisk A/S, Class B	0.55

9.	Housing Development Finance Corp. Ltd.	0.51

10.	Airbus SE	0.45
The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security. * Excluding money market fund holdings, if any. Datapresented here are as of October 31, 2022.

6 Invesco Global Allocation Fund

Consolidated Schedule of Investments^(a)

October 31, 2022


	Shares		Value

Exchange-Traded Funds–50.00%
Invesco BulletShares 2023 Corporate Bond ETF^(b)(c)		6,549,500	$	136,622,570

Invesco High Yield Bond Factor ETF^(b)		1,076,000		22,644,420

Invesco International Developed Dynamic Multifactor ETF^(b)		4,910,000		91,450,714

Invesco Russell 1000 Dynamic Multifactor ETF^(b)		4,826,160		207,235,310

Invesco Russell 2000 Dynamic Multifactor ETF^(b)(c)		1,607,300		56,866,274

Total Exchange-Traded Funds (Cost $476,039,949)				514,819,288


Common Stocks & Other Equity Interests–25.97%
Advertising–0.02%
Trade Desk, Inc. (The), Class A^(d)		4,643		247,193


Aerospace & Defense–0.61%
Airbus SE (France)		42,892		4,644,878

BAE Systems PLC (United Kingdom)		59,717		557,729

CAE, Inc. (Canada)^(d)		14,689		280,335

Northrop Grumman Corp.		1,436		788,378

				6,271,320


Air Freight & Logistics–0.35%
DSV A/S (Denmark)		1,026		138,684

United Parcel Service, Inc., Class B		9,402		1,577,374

ZTO Express (Cayman), Inc. (China)		5,979		101,354

ZTO Express (Cayman), Inc., ADR (China)^(c)		103,814		1,753,418

				3,570,830


Apparel Retail–0.06%
Lojas Renner S.A. (Brazil)		99,495		595,179


Apparel, Accessories & Luxury Goods–1.30%
Brunello Cucinelli S.p.A. (Italy)		5,334		309,339

Cie Financiere Richemont S.A. (Switzerland)		14,835		1,450,981

Cie Financiere Richemont S.A., Wts., expiring 11/22/2023 (Switzerland)^(d)		50,652		24,786

Hermes International (France)		1,616		2,092,884

Kering S.A. (France)		4,983		2,280,898

lululemon athletica, inc.^(d)		2,069		680,784

LVMH Moet Hennessy Louis Vuitton SE (France)		9,033		5,698,702

PRADA S.p.A. (Italy)		185,000		840,808

				13,379,182


Application Software–1.27%
Adobe, Inc.^(d)		5,286		1,683,591

Bill.com Holdings, Inc.^(d)		2,886		384,877

Cadence Design Systems, Inc.^(d)		4,225		639,623

Dassault Systemes SE (France)		23,239		778,050

Datadog, Inc., Class A^(d)		1,518		122,214

HubSpot, Inc.^(d)		734		217,675

Intuit, Inc.		7,315		3,127,163

Manhattan Associates, Inc.^(d)		4,829		587,544


	Shares		Value

Application Software–(continued)
Paycom Software, Inc.^(d)		1,195	$ 413,470

Paylocity Holding Corp.^(d)		4,420	1,024,512

Qualtrics International, Inc., Class A^(d)		13,759	164,695

Roper Technologies, Inc.		1,828	757,779

SAP SE (Germany)		11,764	1,135,808

Splunk, Inc.^(d)		3,067	254,898

Synopsys, Inc.^(d)		3,211	939,378

Tyler Technologies, Inc.^(d)		1,928	623,380

Xero Ltd. (New Zealand)^(d)		4,218	209,402

			13,064,059


Asset Management & Custody Banks–0.03%
Ameriprise Financial, Inc.		1,104	341,268


Automobile Manufacturers–0.09%
Dr. Ing. h.c. F. Porsche AG, Preference Shares (Germany)^(d)		6,096	623,522

Suzuki Motor Corp. (Japan)		8,600	290,167

			913,689


Automotive Retail–0.08%
O’Reilly Automotive, Inc.^(d)		944	790,288


Biotechnology–0.34%
Alnylam Pharmaceuticals, Inc.^(d)		2,309	478,563

Ascendis Pharma A/S, ADR (Denmark)^(d)		2,779	319,585

BeiGene Ltd., ADR (China)^(c)(d)		5,400	912,006

Brii Biosciences Ltd. (China)^(d)		55,000	39,186

CSL Ltd. (Australia)		4,902	878,491

Natera, Inc.^(d)		3,839	180,280

Neurocrine Biosciences, Inc.^(d)		2,573	296,204

Zai Lab Ltd., ADR (China)^(d)		17,501	389,922

			3,494,237


Brewers–0.37%
Ambev S.A. (Brazil)		345,002	1,068,635

Anheuser-Busch InBev S.A./N.V. (Belgium)		5,273	264,116

Asahi Group Holdings Ltd. (Japan)		37,800	1,058,080

Carlsberg A/S, Class B (Denmark)		12,293	1,447,457

			3,838,288


Broadcasting–0.04%
Zee Entertainment Enterprises Ltd. (India)		132,763	420,457


Building Products–0.25%
Advanced Drainage Systems, Inc.^(c)		2,996	347,177

Assa Abloy AB, Class B (Sweden)		44,147	890,767

Carlisle Cos., Inc.		2,040	487,152

Daikin Industries Ltd. (Japan)		5,900	887,375

			2,612,471


Cable & Satellite–0.02%
Charter Communications, Inc., Class A^(d)		434	159,547

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7 Invesco Global Allocation Fund


	Shares		Value
Casinos & Gaming–0.38%
Entain PLC (United Kingdom)		90,129	$ 1,304,471

Flutter Entertainment PLC (Ireland)^(d)		15,342	2,035,124

Las Vegas Sands Corp.^(c)(d)		15,545	590,865

			3,930,460


Commodity Chemicals–0.20%
LG Chem Ltd. (South Korea)		4,709	2,063,440


Communications Equipment–0.10%
Motorola Solutions, Inc.		4,163	1,039,543


Construction & Engineering–0.28%
Quanta Services, Inc.		4,901	696,138

Vinci S.A. (France)		17,198	1,580,457

WillScot Mobile Mini Holdings Corp.^(d)		13,050	555,016

			2,831,611


Construction Machinery & Heavy Trucks–0.11%
Epiroc AB, Class A (Sweden)		77,167	1,179,899


Construction Materials–0.13%
James Hardie Industries PLC, CDI (Australia)		45,970	1,009,912

Vulcan Materials Co.		1,739	284,674

			1,294,586


Consumer Electronics–0.01%
Sony Group Corp. (Japan)		1,700	115,112


Copper–0.02%
Antofagasta PLC (Chile)		16,700	224,766


Data Processing & Outsourced Services–0.66%
Adyen N.V. (Netherlands)^(d)(e)		671	961,219

Amadeus IT Group S.A. (Spain)^(d)		28,794	1,498,898

Edenred (France)		29,486	1,513,017

ExlService Holdings, Inc.^(d)		3,239	589,012

Fidelity National Information Services, Inc.		3,436	285,154

StoneCo Ltd., Class A (Brazil)^(d)		13,153	138,107

Visa, Inc., Class A^(c)		5,778	1,196,970

Worldline S.A. (France)^(d)(e)		15,043	657,912

			6,840,289


Department Stores–0.07%
Next PLC (United Kingdom)		12,659	715,018


Distillers & Vintners–0.43%
Davide Campari-Milano N.V. (Italy)		104,774	942,296

Diageo PLC (United Kingdom)		7,313	301,486

Pernod Ricard S.A. (France)		18,386	3,225,777

			4,469,559


Distributors–0.06%
Genuine Parts Co.		3,289	584,982


Diversified Banks–1.23%
Banco Bradesco S.A., Preference Shares (Brazil)		271,832	1,045,123

Banco Santander Chile (Chile)		1,576,486	56,776

CaixaBank S.A. (Spain)		158,227	524,301

Credicorp Ltd. (Peru)		4,268	624,665

ICICI Bank Ltd., ADR (India)		59,203	1,304,834


	Shares		Value
Diversified Banks–(continued)
ING Groep N.V. (Netherlands)		115,161	$ 1,131,144

Kotak Mahindra Bank Ltd. (India)		168,458	3,874,646

Lloyds Banking Group PLC (United Kingdom)		2,027,602	975,879

NU Holdings Ltd., Class A (Brazil)^(d)		107,536	537,680

PT Bank Central Asia Tbk (Indonesia)		980,700	552,612

Sberbank of Russia PJSC (Russia)^(d)(f)		11,951	0

Societe Generale S.A. (France)		88,246	2,022,761

TCS Group Holding PLC, GDR (Russia)^(d)(e)(f)		6,603	0

			12,650,421


Diversified Metals & Mining–0.45%
Anglo American PLC (South Africa)		14,824	443,449

Eramet S.A. (France)		3,508	229,699

Grupo Mexico S.A.B. de C.V., Class B (Mexico)		690,507	2,503,363

Korea Zinc Co. Ltd. (South Korea)		1,879	842,453

Teck Resources Ltd., Class B (Canada)		18,564	565,088

			4,584,052


Diversified Real Estate Activities–0.24%
DLF Ltd. (India)		467,649	2,175,819

Mitsui Fudosan Co. Ltd. (Japan)		14,000	268,165

			2,443,984


Electrical Components & Equipment–0.20%
AMETEK, Inc.		4,767	618,089

Hubbell, Inc.		2,191	520,319

Nidec Corp. (Japan)		13,400	738,906

WEG S.A. (Brazil)		26,136	203,805

			2,081,119


Electronic Components–0.24%
Murata Manufacturing Co. Ltd. (Japan)		29,800	1,461,882

Omron Corp. (Japan)		3,800	176,623

Sunny Optical Technology Group Co. Ltd. (China)		14,800	128,389

TDK Corp. (Japan)		24,100	750,320

			2,517,214


Electronic Equipment & Instruments–0.28%
Keyence Corp. (Japan)		6,900	2,600,452

Yokogawa Electric Corp. (Japan)		16,200	271,194

			2,871,646


Environmental & Facilities Services–0.37%
Rentokil Initial PLC (United Kingdom)		360,814	2,250,814

Republic Services, Inc.		4,158	551,434

Waste Connections, Inc.		7,706	1,016,499

			3,818,747


Fertilizers & Agricultural Chemicals–0.12%
FMC Corp.		2,563	304,741

Nutrien Ltd. (Canada)		11,197	946,146

			1,250,887


Financial Exchanges & Data–0.60%
FactSet Research Systems, Inc.		1,078	458,678

London Stock Exchange Group PLC (United Kingdom)		21,073	1,827,198

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8 Invesco Global Allocation Fund


	Shares		Value

Financial Exchanges & Data–(continued)
MSCI, Inc.		994	$	466,047

Nasdaq, Inc.		7,636		475,265

S&P Global, Inc.		9,067		2,912,774

				6,139,962

Food Distributors–0.03%
Sysco Corp.		3,531		305,643


Food Retail–0.29%
Alimentation Couche-Tard, Inc. (Canada)		34,755		1,556,175

Kobe Bussan Co. Ltd. (Japan)		21,700		470,853

Ocado Group PLC (United Kingdom)^(d)		24,498		132,548

Seven & i Holdings Co. Ltd. (Japan)		21,000		783,939

				2,943,515


Footwear–0.04%
Puma SE (Germany)		10,012		443,366


General Merchandise Stores–0.30%
Dollar General Corp.		2,529		645,021

Dollarama, Inc. (Canada)		40,831		2,426,153

				3,071,174


Gold–0.15%
Agnico Eagle Mines Ltd. (Canada)		4,386		192,808

Franco-Nevada Corp. (Canada)		3,672		453,786

Northern Star Resources Ltd. (Australia)		50,386		279,872

Polyus PJSC, GDR (Russia)^(d)(e)(f)		3,188		0

Wheaton Precious Metals Corp. (Brazil)		20,078		656,350

				1,582,816


Health Care Distributors–0.12%
AmerisourceBergen Corp.		5,886		925,397

McKesson Corp.		678		263,993

				1,189,390


Health Care Equipment–0.54%
Boston Scientific Corp.^(d)		3,943		169,983

DexCom, Inc.^(d)		1,552		187,450

IDEXX Laboratories, Inc.^(d)		1,158		416,509

Insulet Corp.^(c)(d)		1,997		516,844

Intuitive Surgical, Inc.^(d)		1,872		461,392

Medtronic PLC		14,347		1,253,067

MicroTech Medical Hangzhou Co. Ltd., H Shares (China)^(d)(e)		14,600		11,329

Omnicell, Inc.^(d)		2,163		167,243

ResMed, Inc.^(c)		6,802		1,521,539

Shockwave Medical, Inc.^(d)		806		236,279

Siemens Healthineers AG (Germany)^(e)		12,694		584,385

				5,526,020


Health Care Services–0.06%
Dr Lal PathLabs Ltd. (India)^(e)		16,789		519,452

New Horizon Health Ltd. (China)^(d)(e)		31,000		68,972

				588,424


Health Care Supplies–0.28%
Alcon, Inc. (Switzerland)		10,434		633,135

ConvaTec Group PLC (United Kingdom)^(e)		148,524		371,186


	Shares		Value

Health Care Supplies–(continued)
EssilorLuxottica S.A. (France)		4,310	$	682,707

Hoya Corp. (Japan)		13,000		1,212,082

				2,899,110


Health Care Technology–0.01%
Doximity, Inc., Class A^(d)		3,509		92,883


Homebuilding–0.16%
Sekisui House Ltd. (Japan)		97,900		1,626,898


Hotels, Resorts & Cruise Lines–0.35%
H World Group Ltd. (China)		4,900		13,396

H World Group Ltd., ADR (China)		65,130		1,763,720

Hilton Worldwide Holdings, Inc.		4,743		641,538

Marriott International, Inc., Class A		2,272		363,770

Trainline PLC (United Kingdom)^(d)(e)		206,946		789,582

				3,572,006


Human Resource & Employment Services–0.11%
Benefit One, Inc. (Japan)		15,000		208,024

Recruit Holdings Co. Ltd. (Japan)		28,900		887,007

				1,095,031


Hypermarkets & Super Centers–0.21%
BJ’s Wholesale Club Holdings, Inc.^(d)		7,046		545,361

Wal-Mart de Mexico S.A.B. de C.V., Series V (Mexico)		426,168		1,646,123

				2,191,484


Industrial Conglomerates–0.18%
Hitachi Ltd. (Japan)		17,300		783,645

Siemens AG (Germany)		1,836		200,709

SM Investments Corp. (Philippines)		63,594		904,750

				1,889,104


Industrial Gases–0.14%
Air Liquide S.A. (France)		11,137		1,454,701


Industrial Machinery–0.42%
Aalberts N.V. (Netherlands)		10,004		347,243

Atlas Copco AB, Class A (Sweden)		184,116		1,965,689

Chart Industries, Inc.^(d)		1,769		394,275

MISUMI Group, Inc. (Japan)		28,500		606,108

Sandvik AB (Sweden)		25,755		402,611

SMC Corp. (Japan)		700		281,777

VAT Group AG (Switzerland)^(e)		1,348		307,379

				4,305,082


Insurance Brokers–0.09%
Arthur J. Gallagher & Co.		5,163		965,894


Integrated Oil & Gas–0.40%
BP PLC (United Kingdom)		234,609		1,301,551

Novatek PJSC, GDR (Russia)^(d)(e)(f)		19,962		0

Repsol S.A. (Spain)		88,057		1,198,060

Shell PLC, ADR (Netherlands)^(c)		22,526		1,253,121

TotalEnergies SE (France)		7,192		393,045

				4,145,777


Integrated Telecommunication Services–0.11%
Spark New Zealand Ltd. (New Zealand)		392,039		1,165,945

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9 Invesco Global Allocation Fund


	Shares		Value

Interactive Home Entertainment–0.16%
Konami Group Corp. (Japan)		3,500	$	153,755

NetEase, Inc., ADR (China)		26,181		1,456,187

				1,609,942


Interactive Media & Services–0.86%
Alphabet, Inc., Class A^(d)		65,273		6,168,951

Meta Platforms, Inc., Class A^(d)		14,147		1,317,935

NAVER Corp. (South Korea)		2,326		275,740

Pinterest, Inc., Class A^(d)		5,630		138,498

Rightmove PLC (United Kingdom)		99,911		562,848

Tencent Holdings Ltd. (China)		16,417		430,778

Yandex N.V., Class A (Russia)^(d)(f)		54,808		0

				8,894,750


Internet & Direct Marketing Retail–0.39%
Alibaba Group Holding Ltd. (China)^(d)		14,700		117,034

Amazon.com, Inc.^(d)		5,040		516,298

Coupang, Inc. (South Korea)^(d)		3,578		61,792

Farfetch Ltd., Class A (United Kingdom)^(d)		25,200		213,696

JD.com, Inc., ADR (China)^(c)		47,153		1,758,335

Meituan, B Shares (China)^(d)(e)		81,600		1,298,033

				3,965,188


Investment Banking & Brokerage–0.12%
LPL Financial Holdings, Inc.^(c)		4,649		1,188,517


IT Consulting & Other Services–0.82%
Amdocs Ltd.		7,917		683,316

Capgemini SE (France)		4,381		718,800

EPAM Systems, Inc.^(d)		3,500		1,225,000

Gartner, Inc.^(d)		3,099		935,650

Globant S.A.^(d)		2,215		417,926

Infosys Ltd. (India)		83,314		1,545,551

Tata Consultancy Services Ltd. (India)		75,066		2,893,281

				8,419,524


Leisure Products–0.14%
Bandai Namco Holdings, Inc. (Japan)		10,700		707,798

Shimano, Inc. (Japan)		4,800		744,309

				1,452,107


Life & Health Insurance–0.14%
AIA Group Ltd. (Hong Kong)		138,200		1,043,645

Legal & General Group PLC (United Kingdom)		162,173		432,593

				1,476,238


Life Sciences Tools & Services–0.87%
Agilent Technologies, Inc.		7,816		1,081,344

Avantor, Inc.^(d)		24,833		500,882

Charles River Laboratories International, Inc.^(d)		1,103		234,112

Danaher Corp.		1,258		316,601

Illumina, Inc.^(c)(d)		2,122		485,556

IQVIA Holdings, Inc.^(d)		2,899		607,833

Lonza Group AG (Switzerland)		1,703		875,493

Mettler-Toledo International, Inc.^(d)		435		550,244

Repligen Corp.^(d)		4,304		785,437

Samsung Biologics Co. Ltd. (South Korea)^(d)(e)		1,970		1,210,598


	Shares		Value

Life Sciences Tools & Services–(continued)
Sartorius Stedim Biotech (France)		2,469	$	783,375

Tecan Group AG, Class R (Switzerland)		2,080		764,889

West Pharmaceutical Services, Inc.		833		191,673

Wuxi Biologics Cayman, Inc. (China)^(d)(e)		128,300		580,430

				8,968,467


Managed Health Care–0.17%
Humana, Inc.		1,529		853,304

Molina Healthcare, Inc.^(d)		2,625		942,008

				1,795,312


Movies & Entertainment–0.24%
CTS Eventim AG & Co. KGaA (Germany)^(d)		16,198		773,825

Liberty Media Corp.-Liberty Formula One, Class C^(d)		6,303		363,872

Live Nation Entertainment, Inc.^(d)		3,924		312,390

Universal Music Group N.V. (Netherlands)		45,498		891,566

Walt Disney Co. (The)^(d)		1,175		125,185

				2,466,838


Multi-line Insurance–0.01%
Allianz SE (Germany)		683		122,980


Multi-Utilities–0.06%
Veolia Environnement S.A. (France)		26,872		599,150


Office REITs–0.02%
Alexandria Real Estate Equities, Inc.		1,500		217,950


Oil & Gas Exploration & Production–0.34%
Antero Resources Corp.^(d)		6,455		236,640

Inpex Corp. (Japan)		167,700		1,713,130

Pioneer Natural Resources Co.		1,565		401,282

Santos Ltd. (Australia)		133,809		661,150

Var Energi ASA (Norway)		140,317		475,709

				3,487,911


Oil & Gas Refining & Marketing–0.24%
Reliance Industries Ltd. (India)		59,236		1,822,921

S-Oil Corp. (South Korea)		10,159		616,328

				2,439,249


Oil & Gas Storage & Transportation–0.27%
Cheniere Energy, Inc.		6,157		1,086,156

Enbridge, Inc. (Canada)		35,941		1,399,902

Targa Resources Corp.		3,864		264,182

				2,750,240


Other Diversified Financial Services–0.57%
FirstRand Ltd. (South Africa)		170,855		599,020

Housing Development Finance Corp. Ltd. (India)		176,365		5,257,966

Jackson Financial, Inc., Class A		1		38

				5,857,024


Packaged Foods & Meats–0.09%
Barry Callebaut AG (Switzerland)		124		234,409

Hershey Co. (The)^(c)		2,763		659,721

				894,130

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10 Invesco Global Allocation Fund


	Shares		Value

Paper Packaging–0.05%
Avery Dennison Corp.		3,016	$	511,363


Personal Products–0.22%
LG H&H Co. Ltd. (South Korea)		267		95,348

L’Oreal S.A. (France)		3,412		1,071,245

Unilever PLC (United Kingdom)		24,103		1,096,370

				2,262,963


Pharmaceuticals–0.69%
AstraZeneca PLC, ADR (United Kingdom)		1,125		66,161

Bayer AG (Germany)		5,079		267,191

Daiichi Sankyo Co. Ltd. (Japan)		2,200		70,544

Novo Nordisk A/S, Class B (Denmark)		51,697		5,618,185

Phathom Pharmaceuticals, Inc.^(d)		7,752		82,171

Roche Holding AG		1,252		416,104

Royalty Pharma PLC, Class A		14,090		596,289

				7,116,645


Property & Casualty Insurance–0.05%
W.R. Berkley Corp.		6,275		466,735


Real Estate Development–0.04%
Oberoi Realty Ltd. (India)		40,749		454,865


Regional Banks–0.03%
East West Bancorp, Inc.		4,757		340,458


Research & Consulting Services–0.28%
Booz Allen Hamilton Holding Corp.		4,727		514,534

CoStar Group, Inc.^(d)		9,550		789,976

Dun & Bradstreet Holdings, Inc.		6,840		87,894

Equifax, Inc.^(c)		6,263		1,061,829

Nihon M&A Center Holdings, Inc. (Japan)		40,000		452,292

				2,906,525


Restaurants–0.49%
Chipotle Mexican Grill, Inc.^(d)		508		761,152

Compass Group PLC (United Kingdom)		62,483		1,315,953

Yum China Holdings, Inc. (China)		72,916		3,015,076

				5,092,181


Semiconductor Equipment–0.30%
ASML Holding N.V. (Netherlands)		3,407		1,606,120

Disco Corp. (Japan)		2,200		526,458

Enphase Energy, Inc.^(d)		1,737		533,259

Lam Research Corp.		143		57,884

Tokyo Electron Ltd. (Japan)		1,500		396,695

				3,120,416


Semiconductors–1.21%
Analog Devices, Inc.		18,110		2,582,848

First Solar, Inc.^(d)		2,057		299,437

Infineon Technologies AG (Germany)		34,941		850,706

Lattice Semiconductor Corp.^(d)		6,911		335,253

Marvell Technology, Inc.		16,792		666,307

MediaTek, Inc. (Taiwan)		74,000		1,348,229

Monolithic Power Systems, Inc.		1,683		571,294

NVIDIA Corp.		1,781		240,382

QUALCOMM, Inc.		1,835		215,906


	Shares		Value

Semiconductors–(continued)
Renesas Electronics Corp. (Japan)^(d)		51,400	$	430,445

Silergy Corp. (China)		24,000		276,029

STMicroelectronics N.V., New York Shares (Singapore)		16,160		502,899

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		342,000		4,115,662

				12,435,397


Soft Drinks–0.13%
Britvic PLC (United Kingdom)		64,601		538,766

Coca-Cola Europacific Partners PLC (United Kingdom)		6,746		317,399

Fomento Economico Mexicano S.A.B. de C.V., Series CPO (Mexico)		5,416		38,879

Monster Beverage Corp.^(d)		4,223		395,780

				1,290,824


Specialized REITs–0.08%
Extra Space Storage, Inc.		1,395		247,529

SBA Communications Corp., Class A		2,228		601,337

				848,866


Specialty Chemicals–0.23%
Akzo Nobel N.V. (Netherlands)		9,012		555,529

Albemarle Corp.		985		275,672

Croda International PLC (United Kingdom)		3,725		288,523

Ecolab, Inc.		1,231		193,353

Sika AG (Switzerland)		4,636		1,043,686

				2,356,763


Specialty Stores–0.13%
Tractor Supply Co.		2,647		581,731

Ulta Beauty, Inc.^(d)		1,769		741,866

				1,323,597


Steel–0.13%
Vale S.A., ADR (Brazil)		101,459		1,312,879


Systems Software–0.24%
Crowdstrike Holdings, Inc., Class A^(d)		3,378		544,534

Microsoft Corp.		3,393		787,617

Oracle Corp.		4,900		261,368

Palo Alto Networks, Inc.^(c)(d)		5,205		893,126

				2,486,645


Technology Hardware, Storage & Peripherals–0.26%
FUJIFILM Holdings Corp. (Japan)		13,900		635,496
Samsung Electronics Co. Ltd. (South Korea)		50,160		2,085,829

				2,721,325


Tobacco–0.42%
Philip Morris International, Inc.		13,510		1,240,894

Swedish Match AB (Sweden)		304,635		3,134,309

				4,375,203


Trading Companies & Distributors–0.32%
Ashtead Group PLC (United Kingdom)		14,874		774,055

Ferguson PLC		7,569		824,726

Marubeni Corp. (Japan)		135,000		1,182,175

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11 Invesco Global Allocation Fund


	Shares		Value

Trading Companies & Distributors–(continued)
RS GROUP PLC (United Kingdom)		45,896	$	504,039

				3,284,995


Trucking–0.05%
Old Dominion Freight Line, Inc.		1,976		542,610


Wireless Telecommunication Services–0.11%
America Movil S.A.B. de C.V., Class L, ADR (Mexico)		45,476		855,404

Vodafone Group PLC (United Kingdom)		201,036		234,278

				1,089,682

Total Common Stocks & Other Equity Interests (Cost $289,250,137)				267,346,022


	Principal
	Amount
U.S. Treasury Securities–20.51%
U.S. Treasury Bonds–8.94%
5.00%, 05/15/2037	$	25,200,000		27,402,539

3.25%, 05/15/2042		24,520,000		20,738,556

2.00%, 08/15/2051		69,595,000		43,869,317

				92,010,412


U.S. Treasury Notes–11.57%
1.88%, 02/15/2032^(g)		143,200,000		119,102,125

Total U.S. Treasury Securities (Cost $260,666,489)				211,112,537


	Shares
Preferred Stocks–0.14%
Diversified Banks–0.04%
Socium Re Ltd., Series 2019-1, Pfd.^(f)		264,345		458,404

Diversified Support Services–0.10%
Harambee Re Ltd., Pfd.^(f)		223		20,955

Kinesis Re I Ltd., Series 2019-1, Pfd.^(f)		116,394		133,199

Lion Rock Re Ltd., Series S, Pfd.^(b)(f)		375		23,596

Mt. Logan Re Ltd., Pfd.^(f)		1,737		728,668

Thopas Re Ltd., Pfd.^(f)		73		20,374

Turing Re Ltd., Series 2019-1, Pfd.^(e)(f)		13,286		35,789

Viribus Re Ltd., Pfd.^(f)		399,749		25,248

				987,829

Total Preferred Stocks (Cost $4,971,286)				1,446,233


	Principal
	Amount
Event-Linked Bonds–0.13%
Diversified Support Services–0.00%
Alturas RE Segregated Account (Multinational), Catastrophe Linked Notes, 0.00%, 12/31/2022^(e)(f)(h)	$	15,000		0

Investment Abbreviations:


ADR		- American Depositary Receipt
CDI		- CREST Depository Interest
CPO		- Certificates of Ordinary Participation
ETF		- Exchange-Traded Fund
GDR		- Global Depositary Receipt
Pfd.		- Preferred
REIT		- Real Estate Investment Trust
Wts.		- Warrants


	Principal Amount		Value

Other Diversified Financial Services–0.13%
Eden RE II Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 03/22/2023^(e)(f)(h)	$	10,800	$	119,681

Limestone Re Ltd. (Multinational), Class A, Catastrophe Linked Notes, 0.00%, 12/31/2023^(e)(f)(h)		15,621		18,838

Sector Re V Ltd. (Multinational), Series 2019-1, Class A, Catastrophe Linked Notes, 0.00%, 03/01/2024^(e)(f)(h)		1,800,000		1,219,543

				1,358,062

Total Event-Linked Bonds (Cost $1,859,240)				1,358,062


	Shares
Money Market Funds–1.46%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(b)(i)		5,265,568		5,265,568

Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(b)(i)		3,770,870		3,771,624

Invesco Treasury Portfolio, Institutional Class, 3.08%^(b)(i)		6,017,793		6,017,793

Total Money Market Funds (Cost $15,054,889)				15,054,985

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.21% (Cost $1,047,841,990)				1,011,137,127


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.40%
Invesco Private Government Fund, 3.18%^(b)(i)(j)		4,044,769		4,044,769

Invesco Private Prime Fund, 3.28%^(b)(i)(j)		10,398,787		10,398,787

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,442,984)				14,443,556

TOTAL INVESTMENTS IN SECURITIES–99.61% (Cost $1,062,284,974)				1,025,580,683

OTHER ASSETS LESS LIABILITIES–0.39%				4,055,463

NET ASSETS–100.00%			$	1,029,636,146

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12 Invesco Global Allocation Fund

Notes to Consolidated Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income

Invesco BulletShares 2023 Corporate Bond ETF	$	-	$	155,287,000	$	(18,358,004)	$	(261,980)	$	(44,446)		$136,622,570	$ 215,396

Invesco Emerging Markets Sovereign Debt ETF		52,397,015		23,859,764		(70,685,259)		83,845		(5,655,365)		-	621,032

Invesco Fundamental High Yield^®Corporate Bond ETF		39,260,258		-		(39,320,675)		(1,394,214)		1,454,631		-	-

Invesco High Yield Bond Factor ETF		27,448,760		-		-		(4,804,340)		-		22,644,420	1,432,005

Invesco International Developed Dynamic Multifactor ETF		130,625,149		-		-		(39,174,435)		-		91,450,714	5,345,026

Invesco Russell 1000 Dynamic Multifactor ETF		236,240,532		-		-		(29,005,222)		-		207,235,310	2,699,030

Invesco Russell 2000 Dynamic Multifactor ETF		44,940,397		18,790,278		-		(6,864,401)		-		56,866,274	600,583

Invesco Senior Loan ETF		68,560,608		-		(65,424,511)		42,708		(3,178,805)		-	1,261,819

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		6,228,330		235,516,829		(236,479,591)		-		-		5,265,568	336,875

Invesco Liquid Assets Portfolio, Institutional Class		4,146,169		168,226,307		(168,610,649)		117		9,680		3,771,624	242,884

Invesco Treasury Portfolio, Institutional Class		7,118,091		269,162,090		(270,262,388)		-		-		6,017,793	375,115

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		-		84,215,771		(80,171,002)		-		-		4,044,769	24,583*

Invesco Private Prime Fund		-		156,923,659		(146,524,325)		572		(1,119)		10,398,787	62,865*

Investments in Other Affiliates:

Lion Rock Re Ltd., Series S, Pfd.		53,327		-		-		(29,731)		-		23,596	-

Total	$	617,018,636	$	1,111,981,698	$	(1,095,836,404)	$	(81,407,081)	$	(7,415,424)	$	544,341,425	$13,217,213

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)	Non-income producing security.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $8,754,328, which represented less than 1% of the Fund’s Net Assets.

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(g)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N.

^(h)	Zero coupon bond issued at a discount.

⁽ⁱ⁾	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(j)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

13 Invesco Global Allocation Fund


Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value			Value			Unrealized Appreciation (Depreciation)

Equity Risk

E-Mini S&P 500 Index		817	December-2022	$	158,620,550		$	(7,853,838	)	$	(7,853,838	)

S&P/TSX 60 Index		14	December-2022		2,420,288			122,260			122,260

SPI 200 Index		21	December-2022		2,302,356			124,890			124,890

Subtotal–Long Futures Contracts								(7,606,688	)		(7,606,688	)


Short Futures Contracts

Equity Risk

E-Mini Russell 2000 Index		613	December-2022		(56,794,450	)		666,896			666,896

MSCI Emerging Markets Index		1,240	December-2022		(52,923,200	)		6,307,504			6,307,504

Nikkei 225 Index		50	December-2022		(9,263,929	)		(20,329	)		(20,329	)

EURO STOXX 600 Index		2,859	December-2022		(58,203,362	)		2,066,500			2,066,500

Subtotal–Short Futures Contracts								9,020,571			9,020,571

Total Futures Contracts							$	1,413,883		$	1,413,883


Open Forward Foreign Currency Contracts

Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)

Currency Risk

12/21/2022	Bank of America, N.A.	AUD	25,735,000	USD	17,395,851	$	908,271

12/21/2022	Bank of America, N.A.	INR	180,000,000	USD	2,250,385		88,681

12/21/2022	Bank of America, N.A.	JPY	763,710,000	USD	5,347,117		178,961

12/21/2022	Bank of America, N.A.	NZD	28,765,000	USD	17,429,464		692,951

12/21/2022	Citibank, N.A.	CAD	12,275,000	USD	9,339,523		324,188

12/21/2022	Citibank, N.A.	CNY	43,600,000	USD	6,265,358		264,601

12/21/2022	Citibank, N.A.	HKD	9,495,000	USD	1,211,727		1,342

12/21/2022	Citibank, N.A.	TWD	269,865,000	USD	8,798,846		427,329

12/21/2022	Deutsche Bank AG	CAD	3,500,000	USD	2,697,075		126,511

12/21/2022	Deutsche Bank AG	EUR	13,825,000	USD	14,103,343		384,946

12/21/2022	Deutsche Bank AG	SGD	1,960,000	USD	1,405,951		20,972

12/21/2022	Deutsche Bank AG	USD	1,926,421	GBP	1,700,000		26,470

12/02/2022	Goldman Sachs International	USD	17,004,717	BRL	88,683,000		57,496

12/21/2022	Goldman Sachs International	TWD	370,100,000	USD	11,758,310		277,390

12/21/2022	J.P. Morgan Chase Bank, N.A.	AUD	2,660,000	USD	1,835,824		131,648

12/21/2022	J.P. Morgan Chase Bank, N.A.	CLP	513,000,000	USD	569,052		29,773

12/21/2022	J.P. Morgan Chase Bank, N.A.	CZK	380,000,000	USD	15,591,208		297,193

12/21/2022	J.P. Morgan Chase Bank, N.A.	INR	503,690,000	USD	6,264,957		215,907

12/21/2022	J.P. Morgan Chase Bank, N.A.	JPY	3,127,920,000	USD	21,990,924		823,756

12/21/2022	J.P. Morgan Chase Bank, N.A.	KRW	23,568,700,000	USD	17,114,858		587,177

12/21/2022	J.P. Morgan Chase Bank, N.A.	SEK	21,460,000	USD	2,058,466		106,765

12/21/2022	J.P. Morgan Chase Bank, N.A.	ZAR	258,110,000	USD	15,021,238		1,022,722

12/21/2022	Morgan Stanley and Co. International PLC	CHF	22,730,000	USD	23,563,510		727,841

12/21/2022	Morgan Stanley and Co. International PLC	CNY	23,850,000	USD	3,456,552		174,028

12/21/2022	Morgan Stanley and Co. International PLC	DKK	77,295,000	USD	10,478,031		174,501

12/21/2022	Morgan Stanley and Co. International PLC	EUR	14,635,000	USD	14,740,079		217,928

12/21/2022	Morgan Stanley and Co. International PLC	GBP	3,040,000	USD	3,563,350		71,121

12/21/2022	Morgan Stanley and Co. International PLC	JPY	1,350,000,000	USD	9,573,158		437,477

12/21/2022	Morgan Stanley and Co. International PLC	PHP	919,790,000	USD	15,968,022		196,588

12/21/2022	Morgan Stanley and Co. International PLC	THB	524,440,000	USD	14,471,303		631,396

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

14 Invesco Global Allocation Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)

12/21/2022	UBS AG		USD	1,107,674		MXN	22,490,000	$	17,748

Subtotal–Appreciation									9,643,678


Currency Risk

12/21/2022	Bank of America, N.A.		USD	15,214,286		COP	67,947,000,000		(1,573,270	)

12/21/2022	Bank of America, N.A.		USD	16,783,110		SGD	23,575,000		(124,493	)

12/21/2022	Barclays Bank PLC		USD	2,622,628		JPY	381,855,000		(38,550	)

12/02/2022	Citibank, N.A.		BRL	4,410,000		USD	848,204		(260	)

12/21/2022	Citibank, N.A.		USD	4,260,943		INR	350,270,000		(54,386	)

12/21/2022	Citibank, N.A.		USD	2,579,068		KRW	3,650,000,000		(19,485	)

12/21/2022	Citibank, N.A.		USD	1,085,324		THB	39,090,000		(53,744	)

12/21/2022	Deutsche Bank AG		USD	219,569		GBP	190,000		(1,305	)

12/21/2022	Deutsche Bank AG		USD	1,322,768		IDR	19,782,000,000		(58,811	)

12/21/2022	Deutsche Bank AG		USD	15,932,373		PLN	76,520,000		(38,505	)

12/21/2022	Deutsche Bank AG		USD	1,824,373		ZAR	32,040,000		(86,693	)

12/21/2022	Goldman Sachs International		USD	14,849,474		IDR	220,820,000,000		(740,331	)

12/21/2022	Goldman Sachs International		USD	13,887,776		TWD	426,170,000		(667,501	)

12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	15,751,382		HUF	6,411,600,000		(488,212	)

12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	11,312,089		JPY	1,622,000,000		(335,739	)

12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	14,242,753		NOK	142,430,000		(519,059	)

12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	15,021,790		ZAR	268,800,000		(443,505	)

12/21/2022	Morgan Stanley and Co. International PLC		MXN	81,295,000		USD	3,977,932		(90,152	)

12/21/2022	Morgan Stanley and Co. International PLC		USD	9,089,081		CNY	64,080,000		(269,620	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	15,699,328		CZK	389,830,000		(9,680	)

12/21/2022	Morgan Stanley and Co. International PLC		USD	525,437		MYR	2,360,000		(26,131	)

12/21/2022	Morgan Stanley and Co. International PLC		USD	413,371		PEN	1,620,000		(8,996	)

12/21/2022	Morgan Stanley and Co. International PLC		USD	9,538,042		SEK	101,425,000		(313,841	)

Subtotal–Depreciation									(5,962,269	)

Total Forward Foreign Currency Contracts								$	3,681,409


Open Over-The-Counter Total Return Swap Agreements^(a)(b)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index		Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Equity Risk

Goldman Sachs International		Pay	MSCI ACWI ex USA Growth Net Total Return Index		SOFR + 0.27%		Quarterly		743,000		May–2023		USD 174,396,960		$-	$	11,345,610		$	11,345,610

Equity Risk

Goldman Sachs International		Receive	MSCI ACWI Daily Total Return Net ex USA		SOFR + 0.01%		Quarterly		718,000		May–2023		USD 171,245,154		-		(8,819,913	)		(8,819,913	)

J.P. Morgan Chase Bank, N.A.		Pay	Russell Midcap Growth Total Return Index		SOFR + 0.22%		Monthly		11,200		September–2023		USD 43,673,090		-		(2,597,843	)		(2,597,843	)

Subtotal – Depreciation															-		(11,417,756	)		(11,417,756	)

Total – Total Return Swap Agreements															$-	$	(72,146	)	$	(72,146	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $2,923,000.

^(b)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

15 Invesco Global Allocation Fund

Abbreviations:

AUD	–Australian Dollar

BRL	–Brazilian Real

CAD	–Canadian Dollar

CHF	–Swiss Franc

CLP	–Chile Peso

CNY	–Chinese Yuan Renminbi

COP	–Colombia Peso

CZK	–Czech Koruna

DKK	–Danish Krone

EUR

–Euro

GBP	–British Pound Sterling

HKD	–Hong Kong Dollar

HUF	–Hungarian Forint

IDR	–Indonesian Rupiah

INR	–Indian Rupee

JPY	–Japanese Yen

KRW	–South Korean Won

MXN	–Mexican Peso

MYR	–Malaysian Ringgit

NOK	–Norwegian Krone

NZD	–New Zealand Dollar

PEN	–Peruvian Sol

PHP	–Philippines Peso

PLN	–Polish Zloty

SEK	–Swedish Krona

SGD	–Singapore Dollar

SOFR	–Secured Overnight Financing Rate

THB	–Thai Baht

TWD	–New Taiwan Dollar

USD	–U.S. Dollar

ZAR	–South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

16 Invesco Global Allocation Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $556,709,652)*	$	481,239,258

Investments in affiliates, at value (Cost $505,575,322)		544,341,425

Other investments:
Variation margin receivable – futures contracts		3,680,705

Swaps receivable – OTC		673,608

Unrealized appreciation on swap agreements – OTC		11,345,610

Unrealized appreciation on forward foreign currency contracts outstanding		9,643,678

Deposits with brokers:
Cash collateral – OTC Derivatives		2,923,000

Cash		7,128,081

Foreign currencies, at value (Cost $801,353)		800,153

Receivable for:
Investments sold		20,551,735

Fund shares sold		204,914

Dividends		668,424

Interest		1,817,275

Investment for trustee deferred compensation and retirement plans		213,035

Other assets		57,872

Total assets		1,085,288,773


Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		5,962,269

Swaps payable – OTC		736,021

Unrealized depreciation on swap agreements–OTC		11,417,756

Payable for:
Investments purchased		20,690,578

Fund shares reacquired		831,813

Accrued foreign taxes		432,542

Collateral upon return of securities loaned		14,442,984

Accrued fees to affiliates		556,994

Accrued trustees’ and officers’ fees and benefits		1,373

Accrued other operating expenses		215,329

Trustee deferred compensation and retirement plans		364,968

Total liabilities		55,652,627

Net assets applicable to shares outstanding	$	1,029,636,146


Net assets consist of:
Shares of beneficial interest	$	1,056,153,239

Distributable earnings (loss)		(26,517,093	)

	$	1,029,636,146


Net Assets:
Class A	$	862,662,744

Class C	$	49,614,873

Class R	$	31,033,663

Class Y	$	49,840,985

Class R5	$	11,243

Class R6	$	36,472,638


Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		51,378,424

Class C		3,189,370

Class R		1,907,772

Class Y		2,954,973

Class R5		663

Class R6		2,153,884

Class A:
Net asset value per share	$	16.79

Maximum offering price per share (Net asset value of $16.79 ÷ 94.50%)	$	17.77

Class C:
Net asset value and offering price per share	$	15.56

Class R:
Net asset value and offering price per share	$	16.27

Class Y:
Net asset value and offering price per share	$	16.87

Class R5:
Net asset value and offering price per share	$	16.96

Class R6:
Net asset value and offering price per share	$	16.93

*	At October 31, 2022, securities with an aggregate value of $14,079,551 were on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

17 Invesco Global Allocation Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest (net of foreign withholding taxes of $1,884)	$	8,835,843

Dividends (net of foreign withholding taxes of $507,664)		7,787,962

Dividends from affiliates (includes net securities lending income of $557,270)		13,687,035

Total investment income		30,310,840


Expenses:
Advisory fees		9,397,590

Administrative services fees		172,222

Custodian fees		217,300

Distribution fees:
Class A		2,523,213

Class C		607,677

Class R		177,091

Transfer agent fees – A, C, R and Y		1,700,726

Transfer agent fees – R5		4

Transfer agent fees – R6		12,238

Trustees’ and officers’ fees and benefits		51,389

Registration and filing fees		105,178

Professional services fees		190,320

Other		1,106

Total expenses		15,156,054

Less: Fees waived and/or expense offset arrangement(s)		(932,090	)

Net expenses		14,223,964

Net investment income		16,086,876


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $42,390)		(51,855,858	)

Affiliated investment securities		(7,415,424	)

Foreign currencies		(153,651	)

Forward foreign currency contracts		16,955,160

Futures contracts		366,745

Swap agreements		41,637,849

		(465,179	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $383,682)		(191,702,629	)

Affiliated investment securities		(81,407,081	)

Foreign currencies		4,374,585

Forward foreign currency contracts		1,324,932

Futures contracts		(3,572,551	)

Swap agreements		(294,995	)

		(271,277,739	)

Net realized and unrealized gain (loss)		(271,742,918	)

Net increase (decrease) in net assets resulting from operations	$	(255,656,042	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

18 Invesco Global Allocation Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021

Operations:
Net investment income	$	16,086,876		$ 13,422,337

Net realized gain (loss)		(465,179	)	152,067,058

Change in net unrealized appreciation (depreciation)		(271,277,739	)	152,171,952

Net increase (decrease) in net assets resulting from operations		(255,656,042	)	317,661,347


Distributions to shareholders from distributable earnings:
Class A		(146,614,587	)	–

Class C		(9,123,275	)	–

Class R		(5,093,988	)	–

Class Y		(9,300,035	)	–

Class R5		(2,002	)	–

Class R6		(5,849,031	)	–

Total distributions from distributable earnings		(175,982,918	)	–


Share transactions–net:
Class A		49,715,808		(89,744,878)

Class C		(471,104	)	(23,564,887)

Class R		3,926,613		(3,015,738)

Class Y		(719,309	)	(9,811,398)

Class R5		484		1,492

Class R6		5,423,105		(853,213)

Net increase (decrease) in net assets resulting from share transactions		57,875,597		(126,988,622)

Net increase (decrease) in net assets		(373,763,363	)	190,672,725


Net assets:
Beginning of year		1,403,399,509		1,212,726,784

End of year	$	1,029,636,146		$1,403,399,509

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

19 Invesco Global Allocation Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Class A
Year ended 10/31/22		$23.79		$0.26		$(4.25	)		$(3.99	)		$(0.47	)		$(2.54	)		$(3.01	)		$16.79		(19.06	)%		$ 862,663		1.15	%		1.23	%		1.36	%		151	%
Year ended 10/31/21		18.75		0.22		4.82			5.04			-			-			-			23.79		26.88			1,173,186		1.15			1.25			1.01			51
Year ended 10/31/20		18.21		0.15		0.39			0.54			-			-			-			18.75		2.97			999,336		1.20			1.32			0.85			82
Year ended 10/31/19		18.48		0.13		1.16			1.29			(0.39	)		(1.17	)		(1.56	)		18.21		8.05			1,093,027		1.21			1.31			0.75			52
Year ended 10/31/18		19.48		0.21		(1.21	)		(1.00	)		(0.00	)		-			(0.00	)		18.48		(5.12	)		1,050,082		1.25			1.32			1.06			151
Class C
Year ended 10/31/22		22.23		0.11		(3.95	)		(3.84	)		(0.29	)		(2.54	)		(2.83	)		15.56		(19.63	)		49,615		1.90			1.98			0.61			151
Year ended 10/31/21		17.66		0.05		4.52			4.57			-			-			-			22.23		25.88			72,605		1.90			2.00			0.26			51
Year ended 10/31/20		17.28		0.02		0.36			0.38			-			-			-			17.66		2.20			77,710		1.95			2.07			0.10			82
Year ended 10/31/19		17.59		0.00		1.10			1.10			(0.24	)		(1.17	)		(1.41	)		17.28		7.22			92,142		1.96			2.06			0.00			52
Year ended 10/31/18		18.67		0.06		(1.14	)		(1.08	)		-			-			-			17.59		(5.84	)		209,903		2.01			2.08			0.31			151
Class R
Year ended 10/31/22		23.13		0.20		(4.11	)		(3.91	)		(0.41	)		(2.54	)		(2.95	)		16.27		(19.22	)		31,034		1.40			1.48			1.11			151
Year ended 10/31/21		18.28		0.16		4.69			4.85			-			-			-			23.13		26.53			39,793		1.40			1.50			0.76			51
Year ended 10/31/20		17.79		0.11		0.38			0.49			-			-			-			18.28		2.75			34,012		1.45			1.57			0.60			82
Year ended 10/31/19		18.10		0.09		1.11			1.20			(0.34	)		(1.17	)		(1.51	)		17.79		7.68			38,552		1.46			1.56			0.50			52
Year ended 10/31/18		19.12		0.16		(1.18	)		(1.02	)		-			-			-			18.10		5.34			39,909		1.50			1.57			0.82			151
Class Y
Year ended 10/31/22		23.89		0.31		(4.26	)		(3.95	)		(0.53	)		(2.54	)		(3.07	)		16.87		(18.84	)		49,841		0.90			0.98			1.61			151
Year ended 10/31/21		18.78		0.28		4.83			5.11			-			-			-			23.89		27.21			72,519		0.90			1.00			1.26			51
Year ended 10/31/20		18.21		0.20		0.38			0.58			(0.01	)		-			(0.01	)		18.78		3.27			65,397		0.95			1.07			1.10			82
Year ended 10/31/19		18.49		0.18		1.14			1.32			(0.43	)		(1.17	)		(1.60	)		18.21		8.27			74,260		0.96			1.06			0.99			52
Year ended 10/31/18		19.47		0.26		(1.21	)		(0.95	)		(0.03	)		-			(0.03	)		18.49		(4.88	)		114,493		1.01			1.08			1.31			151
Class R5
Year ended 10/31/22		24.02		0.33		(4.29	)		(3.96	)		(0.56	)		(2.54	)		(3.10	)		16.96		(18.77	)		11		0.78			0.86			1.73			151
Year ended 10/31/21		18.85		0.32		4.85			5.17			-			-			-			24.02		27.43			15		0.76			0.86			1.40			51
Year ended 10/31/20		18.24		0.24		0.39			0.63			(0.02	)		-			(0.02	)		18.85		3.45			11		0.76			0.87			1.29			82
Period ended 10/31/19^(e)		17.36		0.09		0.79			0.88			-			-			-			18.24		5.07			11		0.85	^(f)		0.93	^(f)		1.11	^(f)		52
Class R6
Year ended 10/31/22		23.98		0.33		(4.28	)		(3.95	)		(0.56	)		(2.54	)		(3.10	)		16.93		(18.77	)		36,473		0.78			0.86			1.73			151
Year ended 10/31/21		18.83		0.31		4.84			5.15			-			-			-			23.98		27.35			45,281		0.76			0.86			1.40			51
Year ended 10/31/20		18.22		0.24		0.39			0.63			(0.02	)		-			(0.02	)		18.83		3.46			36,260		0.76			0.87			1.29			82
Year ended 10/31/19		18.51		0.21		1.14			1.35			(0.47	)		(1.17	)		(1.64	)		18.22		8.48			37,741		0.79			0.88			1.17			52
Year ended 10/31/18		19.48		0.29		(1.21	)		(0.92	)		(0.05	)		-			(0.05	)		18.51		(4.75	)		33,300		0.84			0.91			1.48			151

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.15%,0.17%, 0.14%, 0.08% and 0.02% for the years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Commencement date after the close of business on May 24, 2019.

^(f)	Annualized.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

20 Invesco Global Allocation Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Global Allocation Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Global Allocation Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’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.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

21 Invesco Global Allocation Fund

inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The 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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider,as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Consolidated Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Consolidated Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the year ended October 31, 2022, the Fund did not enter into any closing agreements.

22 Invesco Global Allocation Fund

duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $61,741 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the Consolidated Statement of Operations.

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.

23 Invesco Global Allocation Fund

Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

24 Invesco Global Allocation Fund

P.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Q.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate*

Up to $1.0 billion		0.800%

Next $2 billion		0.760%

Next $1 billion		0.710%

Next $1 billion		0.660%

Next $1 billion		0.600%

Next $1 billion		0.550%

Next $2 billion		0.500%

Over $9 billion		0.480%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.78%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00%, and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the year ended October 31, 2022, the Adviser waived advisory fees of $920,724.

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, 2022, IDI advised the Fund that IDI retained $75,148 in front-end sales commissions from the sale of Class A shares and $1,012 and $2,194 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Exchange-Traded Funds	$	514,819,288	$	–	$	–	$	514,819,288

Common Stocks & Other Equity Interests		131,877,663		135,468,359		0		267,346,022

U.S. Treasury Securities		–		211,112,537		–		211,112,537

Preferred Stocks		–		–		1,446,233		1,446,233

Event-Linked Bonds		–		–		1,358,062		1,358,062

Money Market Funds		15,054,985		14,443,556		–		29,498,541

Total Investments in Securities		661,751,936		361,024,452		2,804,295		1,025,580,683


Other Investments - Assets*


Futures Contracts		9,288,050		–		–		9,288,050

Forward Foreign Currency Contracts		–		9,643,678		–		9,643,678

Swap Agreements		–		11,345,610		–		11,345,610

		9,288,050		20,989,288		–		30,277,338

26 Invesco Global Allocation Fund


	Level 1			Level 2			Level 3		Total

Other Investments - Liabilities*

Futures Contracts	$	(7,874,167	)	$	–		$	–	$	(7,874,167	)

Forward Foreign Currency Contracts		–			(5,962,269	)		–		(5,962,269	)

Swap Agreements		–			(11,417,756	)		–		(11,417,756	)

		(7,874,167	)		(17,380,025	)		–		(25,254,192	)

Total Other Investments		1,413,883			3,609,263			–		5,023,146

Total Investments	$	663,165,819		$	364,633,715		$	2,804,295	$	1,030,603,829

*	Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value

Derivative Assets	Currency Risk			Equity Risk	Total

Unrealized appreciation on futures contracts–Exchange-Traded^(a)	$	–		$ 9,288,050	$	9,288,050

Unrealized appreciation on forward foreign currency contracts outstanding		9,643,678		–		9,643,678

Unrealized appreciation on swap agreements – OTC		–		11,345,610		11,345,610

Total Derivative Assets		9,643,678		20,633,660		30,277,338

Derivatives not subject to master netting agreements		–		(9,288,050)		(9,288,050	)

Total Derivative Assets subject to master netting agreements	$	9,643,678		$ 11,345,610	$	20,989,288


	Value

Derivative Liabilities	Currency Risk			Equity Risk	Total

Unrealized depreciation on futures contracts –Exchange-Traded^(a)	$	–		$ (7,874,167)	$	(7,874,167	)

Unrealized depreciation on forward foreign currency contracts outstanding		(5,962,269	)	–		(5,962,269	)

Unrealized depreciation on swap agreements – OTC		–		(11,417,756)		(11,417,756	)

Total Derivative Liabilities		(5,962,269	)	(19,291,923)		(25,254,192	)

Derivatives not subject to master netting agreements		–		7,874,167		7,874,167

Total Derivative Liabilities subject to master netting agreements	$	(5,962,269	)	$(11,417,756)	$	(17,380,025	)

(a)	The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

27 Invesco Global Allocation Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.


	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash			Cash			Net Amount

Bank of America, N.A.	$	1,868,864	$	–	$	1,868,864	$	(1,697,763	)	$	–		$	(1,697,763	)	$	171,101		$	–		$	(171,101	)	$	–

Barclays Bank PLC		–		–		–		(38,550	)		–			(38,550	)		(38,550	)		–			–			(38,550	)

Citibank, N.A.		1,017,460		–		1,017,460		(127,875	)		–			(127,875	)		889,585			–			(820,000	)		69,585

Deutsche Bank AG		558,899		–		558,899		(185,314	)		–			(185,314	)		373,585			(259,820	)		–			113,765

Goldman Sachs International		334,886		12,019,218		12,354,104		(1,407,832	)		(9,555,934	)		(10,963,766	)		1,390,338			–			(1,390,338	)		–

J.P. Morgan Chase Bank, N.A.		3,214,941		–		3,214,941		(1,786,515	)		(2,597,843	)		(4,384,358	)		(1,169,417	)		–			1,169,417			–

Morgan Stanley and Co. International PLC		2,630,880		–		2,630,880		(718,420	)		–			(718,420	)		1,912,460			–			–			1,912,460

UBS AG		17,748		–		17,748		–			–			–			17,748			–			–			17,748

Total	$	9,643,678	$	12,019,218	$	21,662,896	$	(5,962,269	)	$	(12,153,777	)	$	(18,116,046	)	$	3,546,850		$	(259,820	)	$	(1,212,022	)	$	2,075,008

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk		Currency Risk		Equity Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	–	$	16,955,160	$	–		$	–		$	16,955,160

Futures contracts		7,963,192		–		(3,069,825	)		(4,526,622	)		366,745

Swap agreements		–		–		41,637,849			–			41,637,849

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		–		1,324,932		–			–			1,324,932

Futures contracts		–		–		(3,572,551	)		–			(3,572,551	)

Swap agreements		–		–		(294,995	)		–			(294,995	)

Total	$	7,963,192	$	18,280,092	$	34,700,478		$	(4,526,622	)	$	56,417,140

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts		Futures Contracts		Swap Agreements

Average notional value		$686,391,357	$	448,442,561	$	474,189,081

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

28 Invesco Global Allocation Fund

may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021

Ordinary income*	$	42,824,477	$	–

Long-term capital gain		133,158,441		–

Total distributions	$	175,982,918	$	–

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022

Undistributed ordinary income	$	57,048,508

Net unrealized appreciation (depreciation) – investments		(39,793,875	)

Net unrealized appreciation – foreign currencies		4,682,907

Temporary book/tax differences		(362,472	)

Capital loss carryforward		(48,092,161	)

Shares of beneficial interest		1,056,153,239

Total net assets	$	1,029,636,146

The Fund has a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*

Expiration	Short-Term	Long-Term	Total

Not subject to expiration	$48,092,160	$1	$48,092,161

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $699,094,172 and $789,579,183, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	136,761,624

Aggregate unrealized (depreciation) of investments		(176,555,499	)

Net unrealized appreciation (depreciation) of investments	$	(39,793,875	)

Cost of investments for tax purposes is $1,070,397,704.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships, income from the Subsidiary and derivative instruments , on October 31, 2022, undistributed net investment income was increased by $43,946,223, undistributed net realized gain (loss) was decreased by $46,626,227 and shares of beneficial interest was increased by $2,680,004. This reclassification had no effect on the net assets of the Fund.

29 Invesco Global Allocation Fund

NOTE 11–Share Information


				Summary of Share Activity

	Year ended October 31, 2022^(a)						Year ended October 31, 2021
	Shares			Amount			Shares			Amount

Sold:
Class A		1,861,609		$	35,693,983			2,179,768		$	49,521,742

Class C		361,281			6,556,324			459,086			9,717,253

Class R		245,339			4,601,243			239,230			5,261,967

Class Y		445,783			8,682,723			819,850			18,382,390

Class R5		69			1,288			65			1,512

Class R6		299,431			5,529,328			310,992			7,083,716


Issued as reinvestment of dividends:
Class A		6,786,388			139,326,608			-			-

Class C		466,344			8,926,958			-			-

Class R		253,570			5,052,342			-			-

Class Y		361,963			7,459,544			-			-

Class R5		10			217			-			-

Class R6		277,815			5,733,961			-			-


Automatic conversion of Class C shares to Class A shares:
Class A		268,532			5,035,795			723,752			15,875,139

Class C		(288,672	)		(5,035,795	)		(770,334	)		(15,875,139	)


Reacquired:
Class A		(6,855,559	)		(130,340,578	)		(6,883,565	)		(155,141,759	)

Class C		(615,204	)		(10,918,591	)		(824,490	)		(17,407,001	)

Class R		(311,209	)		(5,726,972	)		(379,687	)		(8,277,705	)

Class Y		(888,313	)		(16,861,576	)		(1,266,104	)		(28,193,788	)

Class R5		(56	)		(1,021	)		(1	)		(20	)

Class R6		(311,642	)		(5,840,184	)		(348,675	)		(7,936,929	)

Net increase (decrease) in share activity		2,357,479		$	57,875,597			(5,740,113	)	$	(126,988,622	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

30 Invesco Global Allocation Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Allocation Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Allocation Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the four years in the period ended October 31, 2022 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022 and the period May 24, 2019 (commencement of operations) through October 31, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Global Allocation Fund (subsequently renamed Invesco Global Allocation Fund) as of and for the year ended October 31, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated December 21, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, brokers and insurance companies; when replies were not received from brokers or insurance companies, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022

31 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 (05/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$914.40	$5.65	$1,019.31	$5.96	1.17%
Class C	1,000.00	910.90	9.25	1,015.53	9.75	1.92
Class R	1,000.00	912.90	6.85	1,018.05	7.22	1.42
Class Y	1,000.00	915.30	4.44	1,020.57	4.69	0.92
Class R5	1,000.00	916.20	3.77	1,021.27	3.97	0.78
Class R6	1,000.00	916.10	3.77	1,021.27	3.97	0.78

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

32 Invesco Global Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could

33 Invesco Global Allocation Fund

produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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. 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.

34 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, 2022:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$133,158,441
Qualified Dividend Income*	16.11	%
Corporate Dividends Received Deduction*	5.40	%
U.S. Treasury Obligations*	0.05	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$15,874,846

35 Invesco Global Allocation Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee

Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee		Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees

Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds		189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)

Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP		189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)

Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank		189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)

Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management -Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds		189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee

Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP		189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute		189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)

T-2 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)

Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None

Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None

Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers

Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A

Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Global Allocation Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)

Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A

James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309	Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018	Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001	Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173	State Street Bank and Trust Company 225 Franklin Street Boston, MA 02110-2801

T-6 Invesco Global Allocation Fund

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		O-GLAL-AR-1

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Annual Report to Shareholders		October 31, 2022

Invesco Global Infrastructure Fund

Nasdaq:

A: GIZAX ∎ C: GIZCX ∎ R: GIZRX ∎ Y: GIZYX ∎ R5: GIZFX ∎ R6: GIZSX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

19		Report of Independent Registered Public Accounting Firm

20		Fund Expenses

21		Approval of Investment Advisory and Sub-Advisory Contracts

23		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Infrastructure Fund (the Fund), at net asset value (NAV), underperformed the Dow Jones Brookfield Global Infrastructure Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-10.74	%
Class C Shares	-11.38
Class R Shares	-10.99
Class Y Shares	-10.44
Class R5 Shares	-10.50
Class R6 Shares	-10.43
MSCI World Index^▼(Broad Market Index)	-18.48
Dow Jones Brookfield Global Infrastructure Index^▼(Style-Specific Index)	-8.10
Lipper Global Infrastructure Funds Classification Average^∎(Peer Group)	-10.90

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

At the beginning of the fiscal year, which ended October 31, 2022, developed global equity markets were mostly positive despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

In the second quarter of 2022, global equity markets continued declining as record inflation, rising interest rates and recession fears led to generally weaker consumer sentiment around the globe. In Europe, the reduction of gas supplies from Russia due to the war in Ukraine drove prices higher, with mounting fear of gas shortages and rationing. On the other hand, China was an outlier and posted a positive return for the quarter due to the easing of COVID-19 lockdowns. After a rebound in July 2022, global equity markets declined again at the end of the fiscal year, as global economic uncertainty continued with central banks trying to bring inflation under control.

Global infrastructure stocks posted a negative absolute performance over the fiscal year but outperformed broad global market equities over the fiscal year. The Fund, however, underperformed the Dow Jones Brookfield Global Infrastructure Index, its style-specific benchmark, on a gross performance basis. Security selection in the towers and gas

distribution sectors were the main detractors to relative performance while the major positive drivers of relative performance came from security selection within the midstream services and electric utilities sectors.

Cellnex, a tower company with sites throughout Europe was a top individual detractor from the Fund’s relative performance. The company enjoys a very defensive cash flow stream with excellent growth prospects, but rising interest rates eroded the spread between its returns on acquisitions versus its cost of capital which adversely affected the valuation. In gas distribution, the primary detractor from the Fund’s relative performance was Towngas Smart Energy. The position was driven by its relative valuation to other utilities in the region, with accelerating growth prospects from its foray into commercial-scale solar energy in China. Unfortunately, management could not hit its guidance due to operating margins deteriorating in its core gas utility business due to lower gas volume demand and natural gas prices spiking.

Top individual relative contributors to Fund performance for the fiscal year included several midstream services and gas distribution companies, such as Targa Resources, Cheniere Energy and CenterPoint Energy. These companies benefited from a positive shift in the supply and demand dynamics for natural gas. Elsewhere, PG&E an electric utility company, which had recently emerged from bankruptcy and traded at a deep discount to other electric utilities proved to be a top performer. In addition, the company successfully sold some non-core assets, which helped boost the earnings growth profile.

At the close of the fiscal year, relative to the style-specific benchmark, the Fund held overweight positions in sectors such as midstream services, gas distributions and towers in an effort to balance attractive relative valuations in cyclicals with a moderating economic

outlook. The Fund held underweight positions in the water, airports and electric utilities sectors, where valuations we believe may be relatively unattractive and regulatory structures could impact the ability to participate in the market rebound.

We remain focused on investing in companies with sound balance sheets and strategic infrastructure assets that provide a relatively more stable underlying earnings stream, offering above-average earnings growth characteristics.

We thank you for your investment in Invesco Global Infrastructure Fund.

Portfolio manager(s):

Mark Blackburn

James Cowen

Grant Jackson

Darin Turner - Lead

Ping-Ying Wang

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

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1 Source: RIMES Technologies Corp.

2 Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Global Infrastructure Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (5/2/14)	2.97	%
5 Years	2.30
1 Year	-15.66

Class C Shares
Inception (5/2/14)	2.91	%
5 Years	2.69
1 Year	-12.26

Class R Shares
Inception (5/2/14)	3.39	%
5 Years	3.21
1 Year	-10.99

Class Y Shares
Inception (5/2/14)	3.92	%
5 Years	3.75
1 Year	-10.44

Class R5 Shares
Inception (5/2/14)	3.92	%
5 Years	3.75
1 Year	-10.50
Class R6 Shares
Inception (5/2/14)	3.93	%
5 Years	3.76
1 Year	-10.43

The performance 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, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Global Infrastructure Funds Classification Average represents an average of all the funds in the Lipper Global Infrastructure Funds classification.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Global Infrastructure Fund

Fund Information

Portfolio Composition


By infrastructure sector, based on Net Assets

Midstream	28.82	%

Gas Utilities	26.08

Towers	18.62

Electric Utilities	8.58

Diversified	6.58

Tolls	4.18

Airports	2.96

Water Utilities	2.48

Satellites	0.88

Money Market Funds Plus Other Assets Less Liabilities	0.82

Top 10 Equity Holdings*


		% of total net assets

1.	American Tower Corp.	9.03%

2.	Enbridge, Inc.	6.77

3.	Vinci S.A.	6.58

4.	TC Energy Corp.	6.23

5.	Williams Cos., Inc. (The)	4.73

6.	Cheniere Energy, Inc.	4.65

7.	SBA Communications Corp., Class A	4.59

8.	Transurban Group	4.18

9.	Kinder Morgan, Inc.	4.01

10.	Sempra Energy	3.87

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Global Infrastructure Fund

Schedule of Investments

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–99.18%
Australia–5.58%
APA Group		235,378	$	1,578,295


Transurban Group		556,249		4,707,382


				6,285,677



Canada–15.65%
Enbridge, Inc.		195,615		7,621,569


Hydro One Ltd.^(a)		119,362		2,992,921


TC Energy Corp.		159,717		7,015,426


				17,629,916



China–2.52%
China Gas Holdings Ltd.		337,800		299,612


China Resources Gas Group Ltd.		239,300		612,940


China Water Affairs Group Ltd.		184,000		130,351


ENN Energy Holdings Ltd.		85,500		848,118


Guangdong Investment Ltd.		1,498,000		945,684


				2,836,705



France–6.58%
Vinci S.A.		80,687		7,414,951



Hong Kong–0.30%
Hong Kong & China Gas Co. Ltd. (The)		440,000		339,291



Italy–1.98%
Infrastrutture Wireless Italiane S.p.A.^(a)		100,935		891,684


Italgas S.p.A.		259,819		1,340,362


				2,232,046



Japan–2.62%
Japan Airport Terminal Co. Ltd.^(b)		10,600		453,426


Toho Gas Co. Ltd.		72,200		1,343,442


Tokyo Gas Co. Ltd.		65,100		1,157,885


				2,954,753



Luxembourg–0.88%
SES S.A., FDR		140,250		993,993



Mexico–1.42%
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR^(c)		6,835		1,595,426



Nigeria–0.52%
IHS Holding Ltd.^(b)		98,387		587,370



Spain–3.68%
Cellnex Telecom S.A.^(a)		89,577		2,927,255


Iberdrola S.A.		120,291		1,221,942


				4,149,197



Switzerland–1.14%
Flughafen Zurich AG^(b)		8,285		1,286,626



United Kingdom–4.70%
National Grid PLC		241,160		2,623,980

Investment Abbreviations:

ADR - American Depositary Receipt

FDR - Fiduciary Depositary Receipt


	Shares		Value


United Kingdom–(continued)
Pennon Group PLC		29,855	$	286,834


SSE PLC		133,691		2,386,675


				5,297,489



United States–51.61%
American Tower Corp.		49,088		10,170,543


American Water Works Co., Inc.		9,875		1,435,233


Atmos Energy Corp.		7,841		835,459


CenterPoint Energy, Inc.		29,134		833,524


Cheniere Energy, Inc.		29,676		5,235,143


Crown Castle, Inc.		9,220		1,228,657


Edison International		26,150		1,570,046


Kinder Morgan, Inc.		249,444		4,519,925


NextEra Energy, Inc.		19,399		1,503,422


NiSource, Inc.		147,333		3,784,985


ONE Gas, Inc.		44,543		3,451,192


PG&E Corp.^(b)(c)		148,269		2,213,656


PPL Corp.		141,512		3,748,653


SBA Communications Corp., Class A		19,143		5,166,696


Sempra Energy		28,922		4,365,487


Targa Resources Corp.		40,204		2,748,747


Williams Cos., Inc. (The)		162,784		5,327,920


				58,139,288


Total Common Stocks & Other Equity Interests (Cost $110,714,117)				111,742,728



Money Market Funds–0.49%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		193,359		193,359


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		138,137		138,164


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		220,982		220,982


Total Money Market Funds (Cost $552,463)				552,505


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.67% (Cost $111,266,580)				112,295,233



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.44%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		770,155		770,155


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		1,980,320		1,980,320


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,750,474)				2,750,475


TOTAL INVESTMENTS IN SECURITIES–102.11% (Cost $114,017,054)				115,045,708


OTHER ASSETS LESS LIABILITIES–(2.11)%				(2,381,702	)


NET ASSETS–100.00%			$	112,664,006

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Global Infrastructure Fund

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $6,811,860, which represented 6.05% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 465,295		$14,043,741		$(14,315,677	)		$ -		$ -			$ 193,359		$ 5,035
Invesco Liquid Assets Portfolio, Institutional Class		315,112		10,031,243		(10,208,256	)		33		32			138,164		4,411
Invesco Treasury Portfolio, Institutional Class		531,766		16,049,990		(16,360,774	)		-		-			220,982		6,845
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		5,095,901		(4,325,746	)		-		-			770,155		8,056	*
Invesco Private Prime Fund		-		12,472,328		(10,491,593	)		1		(416	)		1,980,320		22,074	*
Total		$1,312,173		$57,693,203		$(55,702,046	)		$34		$(384	)		$3,302,980		$46,421

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $110,714,117)*	$111,742,728


Investments in affiliated money market funds, at value (Cost $3,302,937)	3,302,980


Foreign currencies, at value (Cost $913,261)	912,816


Receivable for:
Investments sold	3,258,110


Fund shares sold	41,988


Dividends	141,794


Investment for trustee deferred compensation and retirement plans	19,749


Other assets	40,870


Total assets	119,461,035



Liabilities:
Payable for:
Investments purchased	3,780,286


Fund shares reacquired	149,928


Collateral upon return of securities loaned	2,750,474


Accrued fees to affiliates	37,247


Accrued trustees’ and officers’ fees and benefits	795


Accrued other operating expenses	58,550


Trustee deferred compensation and retirement plans	19,749


Total liabilities	6,797,029


Net assets applicable to shares outstanding	$112,664,006



Net assets consist of:
Shares of beneficial interest	$115,184,692


Distributable earnings (loss)	(2,520,686	)


	$112,664,006


Net Assets:

Class A	$	22,736,559


Class C	$	3,186,808


Class R	$	5,267,143


Class Y	$	26,747,269


Class R5	$	124,783


Class R6	$	54,601,444



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		2,043,771


Class C		286,990


Class R		473,914


Class Y		2,403,840


Class R5		11,201


Class R6		4,903,514


Class A:
Net asset value per share	$	11.12


Maximum offering price per share (Net asset value of $11.12 ÷ 94.50%)	$	11.77


Class C:
Net asset value and offering price per share	$	11.10


Class R:
Net asset value and offering price per share	$	11.11


Class Y:
Net asset value and offering price per share	$	11.13


Class R5:
Net asset value and offering price per share	$	11.14


Class R6:
Net asset value and offering price per share	$	11.14

*	At October 31, 2022, securities with an aggregate value of $2,635,013 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Global Infrastructure Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $224,719)	$	3,732,129


Dividends from affiliated money market funds (includes net securities lending income of $4,982)		21,273


Total investment income		3,753,402



Expenses:

Advisory fees		1,029,256


Administrative services fees		17,818


Custodian fees		14,167


Distribution fees:
Class A		55,889


Class C		34,075


Class R		27,858


Transfer agent fees – A, C, R and Y		115,706


Transfer agent fees – R5		130


Transfer agent fees – R6		20,457


Trustees’ and officers’ fees and benefits		19,889


Registration and filing fees		79,253


Reports to shareholders		10,588


Professional services fees		69,458


Other		17,041


Total expenses		1,511,585


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(169,382	)


Net expenses		1,342,203


Net investment income		2,411,199



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		1,599,716


Affiliated investment securities		(384	)


Foreign currencies		(28,415	)


		1,570,917


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(17,456,123	)


Affiliated investment securities		34


Foreign currencies		(2,350	)


		(17,458,439	)


Net realized and unrealized gain (loss)		(15,887,522	)


Net increase (decrease) in net assets resulting from operations	$	(13,476,323	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	2,411,199		$	1,898,175


Net realized gain		1,570,917			6,242,767


Change in net unrealized appreciation (depreciation)		(17,458,439	)		14,706,466


Net increase (decrease) in net assets resulting from operations		(13,476,323	)		22,847,408



Distributions to shareholders from distributable earnings:

Class A		(425,602	)		(262,127	)


Class C		(38,107	)		(23,024	)


Class R		(90,182	)		(58,212	)


Class Y		(598,947	)		(292,833	)


Class R5		(2,384	)		(352	)


Class R6		(1,341,029	)		(1,216,300	)


Total distributions from distributable earnings		(2,496,251	)		(1,852,848	)



Share transactions–net:

Class A		5,208,346			5,390,841


Class C		486,101			517,509


Class R		757,000			1,077,445


Class Y		8,939,989			6,592,094


Class R5		107,632			24,765


Class R6		(5,267,234	)		6,199,734


Net increase in net assets resulting from share transactions		10,231,834			19,802,388


Net increase (decrease) in net assets		(5,740,740	)		40,796,948



Net assets:

Beginning of year		118,404,746			77,607,798


End of year	$	112,664,006		$	118,404,746

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Global Infrastructure Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains				Return of capital				Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/22		$12.70		$0.22			$(1.57	)		$(1.35	)		$(0.23	)		$	–			$	–			$(0.23	)		$11.12		(10.74	)%		$22,737		1.25	%		1.47	%		1.81	%		127	%
Year ended 10/31/21		10.23		0.20	^(d)		2.46			2.66			(0.19	)			–				–			(0.19	)		12.70		26.22			20,774		1.29			1.62			1.65	^(d)		103
Year ended 10/31/20		11.88		0.19			(1.38	)		(1.19	)		(0.20	)			(0.26	)			–			(0.46	)		10.23		(10.28	)		12,198		1.28			1.58			1.77			244
Year ended 10/31/19		10.01		0.19			1.85			2.04			(0.17	)			–				–			(0.17	)		11.88		20.55			8,918		1.28			2.35			1.77			106
Year ended 10/31/18		10.74		0.18			(0.45	)		(0.27	)		(0.19	)			(0.25	)			(0.02	)		(0.46	)		10.01		(2.65	)		8,098		1.28			2.56			1.76			114
Class C
Year ended 10/31/22		12.67		0.13			(1.56	)		(1.43	)		(0.14	)			–				–			(0.14	)		11.10		(11.38	)		3,187		2.00			2.22			1.06			127
Year ended 10/31/21		10.21		0.11	^(d)		2.46			2.57			(0.11	)			–				–			(0.11	)		12.67		25.23			3,178		2.04			2.37			0.90	^(d)		103
Year ended 10/31/20		11.85		0.11			(1.37	)		(1.26	)		(0.12	)			(0.26	)			–			(0.38	)		10.21		(10.94	)		2,130		2.03			2.33			1.02			244
Year ended 10/31/19		9.99		0.11			1.84			1.95			(0.09	)			–				–			(0.09	)		11.85		19.60			1,191		2.03			3.10			1.02			106
Year ended 10/31/18		10.72		0.10			(0.44	)		(0.34	)		(0.13	)			(0.25	)			(0.01	)		(0.39	)		9.99		(3.39	)		1,579		2.03			3.31			1.01			114
Class R
Year ended 10/31/22		12.69		0.19			(1.57	)		(1.38	)		(0.20	)			–				–			(0.20	)		11.11		(10.99	)		5,267		1.50			1.72			1.56			127
Year ended 10/31/21		10.22		0.17	^(d)		2.47			2.64			(0.17	)			–				–			(0.17	)		12.69		25.93			5,241		1.54			1.87			1.40	^(d)		103
Year ended 10/31/20		11.87		0.16			(1.37	)		(1.21	)		(0.18	)			(0.26	)			–			(0.44	)		10.22		(10.53	)		3,326		1.53			1.83			1.52			244
Year ended 10/31/19		10.01		0.17			1.84			2.01			(0.15	)			–				–			(0.15	)		11.87		20.15			495		1.53			2.60			1.52			106
Year ended 10/31/18		10.73		0.16			(0.44	)		(0.28	)		(0.18	)			(0.25	)			(0.01	)		(0.44	)		10.01		(2.80	)		351		1.53			2.81			1.51			114
Class Y
Year ended 10/31/22		12.70		0.26			(1.56	)		(1.30	)		(0.27	)			–				–			(0.27	)		11.13		(10.44	)		26,747		1.00			1.22			2.06			127
Year ended 10/31/21		10.23		0.23	^(d)		2.46			2.69			(0.22	)			–				–			(0.22	)		12.70		26.53			21,558		1.04			1.37			1.90	^(d)		103
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.23	)			(0.26	)			–			(0.49	)		10.23		(10.11	)		11,910		1.03			1.33			2.02			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)			–				–			(0.20	)		11.89		20.82			11,108		1.03			2.10			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)			(0.25	)			(0.02	)		(0.49	)		10.02		(2.31	)		9,775		1.03			2.31			2.01			114
Class R5
Year ended 10/31/22		12.72		0.26			(1.57	)		(1.31	)		(0.27	)			–				–			(0.27	)		11.14		(10.50	)		125		1.00			1.13			2.06			127
Year ended 10/31/21		10.24		0.23	^(d)		2.47			2.70			(0.22	)			–				–			(0.22	)		12.72		26.61			37		1.02			1.14			1.92	^(d)		103
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.22	)			(0.26	)			–			(0.48	)		10.24		(10.11	)		10		1.03			1.15			2.02			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)			–				–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)			(0.25	)			(0.02	)		(0.49	)		10.02		(2.31	)		10		1.03			2.19			2.01			114
Class R6
Year ended 10/31/22		12.71		0.26			(1.56	)		(1.30	)		(0.27	)			–				–			(0.27	)		11.14		(10.43	)		54,601		1.00			1.06			2.06			127
Year ended 10/31/21		10.24		0.23	^(d)		2.47			2.70			(0.23	)			–				–			(0.23	)		12.71		26.53			67,617		1.02			1.14			1.92	^(d)		103
Year ended 10/31/20		11.89		0.22			(1.39	)		(1.17	)		(0.22	)			(0.26	)			–			(0.48	)		10.24		(10.10	)		48,033		1.00			1.15			2.05			244
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)			–				–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)			(0.25	)			(0.02	)		(0.49	)		10.02		(2.31	)		229		1.03			2.19			2.01			114

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $109,495,771 and sold of $26,558,548 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Oppenheimer Global Infrastructure Fund into the Fund.

^(d)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends for the year ended October 31, 2021 are $0.16 and 1.31%, $0.07 and 0.56%, $0.13 and 1.06%, $0.19 and 1.56%, $0.19 and 1.58% and $0.19 and 1.58% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Global Infrastructure Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Global Infrastructure Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return through growth of capital and current income.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


13		Invesco Global Infrastructure Fund

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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 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.


14		Invesco Global Infrastructure Fund

borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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.

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 for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

N.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $1 billion		0.8400%


Next $ 1 billion		0.8000%


Next $ 3 billion		0.7800%


Over $5 billion		0.7325%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.84%.

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 1.25%, 2.00%, 1.50%, 1.00%, 1.00% and 1.00%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an


15		Invesco Global Infrastructure Fund

expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $32,423 and reimbursed class level expenses of $43,816, $6,620, $10,807, $54,463, $130 and $20,456 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $9,455 in front-end sales commissions from the sale of Class A shares and $629 and $575 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


		Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities
Australia	$	–	$	6,285,677		$–	$	6,285,677


Canada		17,629,916		–		–		17,629,916


China		–		2,836,705		–		2,836,705


France		–		7,414,951		–		7,414,951


Hong Kong		–		339,291		–		339,291


Italy		–		2,232,046		–		2,232,046


Japan		–		2,954,753		–		2,954,753


Luxembourg		–		993,993		–		993,993


Mexico		1,595,426		–		–		1,595,426


Nigeria		587,370		–		–		587,370


Spain		–		4,149,197		–		4,149,197


Switzerland		–		1,286,626		–		1,286,626


United Kingdom		–		5,297,489		–		5,297,489


United States		58,139,288		–		–		58,139,288


Money Market Funds		552,505		2,750,475		–		3,302,980


Total Investments	$	78,504,505	$	36,541,203		$–	$	115,045,708


16		Invesco Global Infrastructure Fund

NOTE 4–Expense Offset Arrangement(s)

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	2,496,251	$	1,852,848

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	64,213


Net unrealized appreciation (depreciation) – investments		(1,503,476	)


Net unrealized appreciation (depreciation) – foreign currencies		(1,039	)


Temporary book/tax differences		(17,008	)


Capital loss carryforward		(1,063,376	)


Shares of beneficial interest		115,184,692


Total net assets	$	112,664,006

The Fund has a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	1,063,376	$–	$	1,063,376

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $162,837,348 and $152,785,995, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$5,198,618


Aggregate unrealized (depreciation) of investments	(6,702,094	)


Net unrealized appreciation (depreciation) of investments	$(1,503,476	)

Cost of investments for tax purposes is $116,549,184.


17		Invesco Global Infrastructure Fund

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of passive foreign investment companies, foreign currency transactions and partnerships, on October 31, 2022, undistributed net investment income was decreased by $160,559, undistributed net realized gain (loss) was increased by $160,575 and shares of beneficial interest was decreased by $16. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		737,018		$	9,232,181			717,135		$	8,583,964


Class C		100,098			1,255,824			113,290			1,341,239


Class R		100,361			1,258,512			119,771			1,442,625


Class Y		1,771,710			22,226,181			775,642			9,448,596


Class R5		12,275			155,405			1,974			24,625


Class R6		383,428			5,055,554			1,263,213			13,944,288



Issued as reinvestment of dividends:
Class A		31,270			379,344			20,131			237,143


Class C		3,051			36,907			1,899			22,127


Class R		7,432			90,180			4,954			58,196


Class Y		33,431			407,847			17,963			210,507


Class R5		177			2,132			11			140


Class R6		110,033			1,340,763			103,510			1,216,073



Automatic conversion of Class C shares to Class A shares:
Class A		21,247			255,114			20,484			235,395


Class C		(21,288	)		(255,114	)		(20,522	)		(235,395	)



Reacquired:
Class A		(381,529	)		(4,658,293	)		(314,614	)		(3,665,661	)


Class C		(45,643	)		(551,516	)		(52,559	)		(610,462	)


Class R		(46,910	)		(591,692	)		(37,162	)		(423,376	)


Class Y		(1,098,491	)		(13,694,039	)		(260,580	)		(3,067,009	)


Class R5		(4,183	)		(49,905	)		-			-


Class R6		(908,854	)		(11,663,551	)		(738,625	)		(8,960,627	)


Net increase in share activity		804,633		$	10,231,834			1,735,915		$	19,802,388

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 15% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 46% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


18		Invesco Global Infrastructure Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Infrastructure Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Infrastructure Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


19		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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$882.80	$5.93	$1,018.90	$6.36	1.25%
Class C	1,000.00	879.70	9.48	1,015.12	10.16	2.00
Class R	1,000.00	881.50	7.11	1,017.64	7.63	1.50
Class Y	1,000.00	884.70	4.75	1,020.16	5.09	1.00
Class R5	1,000.00	884.10	4.75	1,020.16	5.09	1.00
Class R6	1,000.00	884.80	4.75	1,020.16	5.09	1.00

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


20		Invesco Global Infrastructure Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Infrastructure Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the Dow Jones Brookfield Global Infrastructure Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


21		Invesco Global Infrastructure Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered 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.

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.


22		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, 2022:


Federal and State Income Tax
Qualified Dividend Income*	100.00	%
Corporate Dividends Received Deduction*	48.91	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


23		Invesco Global Infrastructure Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Global Infrastructure Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

Officers–(continued)

Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A

James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Global Infrastructure Fund

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		GBLI-AR-1

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Annual Report to Shareholders		October 31, 2022

Invesco Global Strategic Income Fund

Nasdaq:

A: OPSIX ∎ C: OSICX ∎ R: OSINX ∎ Y: OSIYX ∎ R5: GLSSX ∎ R6: OSIIX


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

34		Consolidated Financial Statements

37		Consolidated Financial Highlights

38		Notes to Consolidated Financial Statements

49		Report of Independent Registered Public Accounting Firm

50		Fund Expenses

51		Approval of Investment Advisory and Sub-Advisory Contracts

54		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Global Strategic Income Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Global Aggregate Index.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-16.12	%
Class C Shares	-16.83
Class R Shares	-16.34
Class Y Shares	-15.97
Class R5 Shares	-15.81
Class R6 Shares	-15.93
Bloomberg Global Aggregate Index^▼*	-20.79
Bloomberg U.S. Aggregate Bond Index^▼*	-15.68

Source(s): ^▼RIMES Technologies Corp. * Effective February 28, 2022, the Fund changed its benchmark index from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg Global Aggregate Index. The Fund’s investment adviser believes the Bloomberg Global Aggregate Index provides a more appropriate comparison for evaluating the Fund’s performance.

Market conditions and your Fund

Towards the end of 2021, concerns about inflation were already heightened, although the Fed left policy rates unchanged in the fourth quarter. They indicated accommodative policies were coming to an end and announced the reduction of their monthly bond purchase program. In the first quarter of 2022, conflict and uncertainty drove sharp moves across risk assets following Russia’s invasion of Ukraine. As commodity prices spiked, this exacerbated existing inflationary pressures and forced several central banks to adopt a more hawkish stance. Global monetary policy divergence persisted, as most emerging markets (aside from China) seemed closer to the end of their interest rate hiking cycles, while various developed markets were in different stages. Elevated inflation and a

tight labor market led the Fed to officially commence its rate hiking cycle and the Bank of England raised rates twice after their initial increase in December, while China signaled a potential increase in its monetary policy accommodation. The US dollar ended the first quarter of 2022, 2.3% higher.¹

banks in Asia, Central and Eastern Europe and Latin America all raised their interest rates, though it seemed like central banks such as Brazil and Hungary might be reaching the end of their hiking cycles. While global growth indicators continued to slow, European concerns about an energy crisis heading into winter lingered and China’s lackluster re-opening dynamics remained intact, central banks continued to prioritize bringing down inflation over supporting growth. These conditions contributed to the US dollar’s rapid rise, increasing slightly in July and reaching 20-year highs in August and September, ending the third quarter of 2022 almost 7.1% higher.¹

To better reflect its global approach to sourcing income, the Fund’s benchmark changed to the Bloomberg Global Aggregate Index (previously the Bloomberg U.S. Aggregate Bond Index), effective February 28, 2022. The investment team, philosophy and process remain unchanged and the Fund continues to offer investors a one-stop income solution with global diversification – including meaningful allocations to non-US developed and emerging market bonds and currencies. The Bloomberg Global Aggregate Index is a multi-currency measure of global investment grade debt including treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers, so this change simply aligns investor expectations of the Fund with the most appropriate benchmark for performance comparison, given the team’s approach.

Compared to the Bloomberg Global Aggregate Bond Index, the Fund’s interest rate and foreign currency exposure contributed positively to relative Fund performance, while credit exposure detracted. The top contributors to relative Fund performance were positioning in the Euro, interest rate positioning in Germany and positioning in the Japanese Yen, while the top detractors were interest rate positioning in the European Union, positioning in the Argentinian Peso and interest rate positioning in Russia.

Entering 2022, portfolio positioning favored emerging market rates and foreign currency (FX) exposure given high emerging markets’ nominal interest rates, with an expectation of inflation being less persistent. As global inflation was exacerbated by the Russia-Ukraine conflict and a delayed reopening in China, developed market central banks were forced to raise rates aggressively, which in turn impacted central bank expectations in emerging markets. While we have seen considerable market volatility during the fiscal year from the rapid repricing of inflation expectations and the path of US interest rates, we anticipate the value created from an income and total return perspective is meaningful. A year ago, EM monetary policy rates averaged around 3.25%, while today the average policy rate is over 6.75%,¹ though


2		Invesco Global Strategic Income Fund

there is divergence across regions. While conditions in the US will continue to have an outsized effect on the rest of the world, we continue to find attractive yields abroad, particularly in EMs.

After hiking considerably in 2021, EM central banks may be approaching their interest rate peaks (having started their hiking cycles ahead of developed markets) and we expect the growth picture for emerging markets to remain stronger than that of the US and Europe, where a growth revival could take some time. While uncertainty on the path of US interest rates has prevented markets from unlocking the value we see in emerging markets so far, we believe the path of US interest rates should soon become clearer and inflation expectations in emerging markets should become more anchored. With average EM inflation already lower than US inflation, this makes the real-rate differential compelling. Additionally, with the US dollar recently reaching 40-year highs and the Fed getting closer to the end of its hiking cycle, we may be seeing signs of stability and reversal.

Overall, we believe individual country dynamics will drive performance going forward and we expect the dispersion in returns between countries will be larger than in the past, which argues for an actively managed approach such as ours. We believe the environment remains favorable for global assets, particularly as the Fed’s monetary policy trajectory becomes more visible and we remain focused on capitalizing on it.

rates and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

Thank you for investing in Invesco Global Strategic Income Fund.

1	Source: Bloomberg LP

Portfolio manager(s):

Hemant Baijal - Lead

Chris Kelly

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Global Strategic Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

LOGO

1 Source: RIMES Technologies Corp.

Effective February 28, 2022, the Fund changed its benchmark index from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg Global Aggregate Index. The Fund’s investment adviser believes the Bloomberg Global Aggregate Index provides a more appropriate comparison for evaluating the Fund’s performance.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco Global Strategic Income Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (10/16/89)	5.41	%
10 Years	-0.34
5 Years	-3.33
1 Year	-19.73

Class C Shares
Inception (5/26/95)	4.30	%
10 Years	-0.51
5 Years	-3.22
1 Year	-17.65

Class R Shares
Inception (3/1/01)	3.55	%
10 Years	-0.20
5 Years	-2.71
1 Year	-16.34

Class Y Shares
Inception (1/26/98)	4.08	%
10 Years	0.30
5 Years	-2.29
1 Year	-15.97

Class R5 Shares
10 Years	0.22	%
5 Years	-2.22
1 Year	-15.81

Class R6 Shares
Inception (1/27/12)	1.13	%
10 Years	0.44
5 Years	-2.13
1 Year	-15.93

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Global Strategic Income Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Global Strategic Income Fund. Note: The Fund was subsequently renamed the Invesco Global Strategic Income Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance 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, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales

charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Global Strategic Income Fund

Fund Information

Portfolio Composition


By security type				% of total net assets

U.S. Dollar Denominated Bonds & Notes				41.91%

Non-U.S. Dollar Denominated Bonds & Notes				28.72

Asset-Backed Securities				8.81

Options Purchased				3.60

Agency Credit Risk Transfer Notes				2.22

Common Stocks & Other Equity Interests				1.11

Security Types Each Less Than 1% of Portfolio				1.91

Money Market Funds Plus Other Assets Less Liabilities				11.72

Top Five Debt Issuers*


		% of total net assets

1.	Brazil Notas do Tesouro Nacional	9.83%

2.	Republic of South Africa Government Bond	3.36

3.	Colombian TES	2.17

4.	Mexican Bonos	1.30

5.	Argentina Treasury Bond BONCER	1.27

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Global Strategic Income Fund

Consolidated Schedule of Investments

October 31, 2022


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–41.91%
Bahamas–0.08%
Bahamas Government International Bond, 9.00%, 06/16/2029^(a)	$	1,750,000	$	1,269,264



Belgium–0.23%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028^(a)		4,325,000		3,799,945



Bermuda–0.04%
Bacardi Ltd., 2.75%, 07/15/2026^(a)		766,000		679,915



Brazil–0.31%
CSN Inova Ventures, 6.75%, 01/28/2028^(a)		1,775,000		1,524,395


Klabin Austria GmbH,
5.75%, 04/03/2029^(a)		710,000		666,044


7.00%, 04/03/2049^(a)(b)		1,775,000		1,580,096


Suzano Austria GmbH, 2.50%, 09/15/2028		1,716,000		1,368,681


				5,139,216



Canada–0.98%
1011778 BC ULC/New Red Finance, Inc.,
3.88%, 01/15/2028^(a)		300,000		264,246


4.00%, 10/15/2030^(a)		1,200,000		981,420


1375209 BC Ltd., 9.00%, 01/30/2028^(a)		1,008,000		980,280


Enbridge, Inc., 7.38%, 01/15/2083^(c)		6,974,000		6,596,489


Enerflex Ltd., 9.00%, 10/15/2027^(a)		1,266,000		1,233,540


Hudbay Minerals, Inc., 6.13%, 04/01/2029^(a)(b)		1,038,000		861,872


Precision Drilling Corp.,
7.13%, 01/15/2026^(a)		90,000		88,537


6.88%, 01/15/2029^(a)		1,009,000		929,355


Ritchie Bros. Auctioneers, Inc., 5.38%, 01/15/2025^(a)		887,000		874,954


Transcanada Trust, Series 16-A, 5.88%, 08/15/2076^(b)(c)		3,545,000		3,306,776


				16,117,469



Chile–0.53%
AES Andes S.A., 6.35%, 10/07/2079^(a)(c)		1,750,000		1,424,217


Kenbourne Invest S.A., 4.70%, 01/22/2028^(a)		2,084,000		1,528,188


Mercury Chile Holdco LLC, 6.50%, 01/24/2027^(a)		7,100,000		5,868,505


				8,820,910



Colombia–0.64%
Bancolombia S.A., 7.14%, 10/18/2027^(c)		7,200,000		6,250,536


	Principal Amount		Value


Colombia–(continued)
Colombia Government International Bond, 4.13%, 02/22/2042	$	3,725,000	$	2,102,937


Ecopetrol S.A., 4.63%, 11/02/2031		3,228,000		2,231,363


				10,584,836



Denmark–0.18%
Danske Bank A/S, 7.00%^(a)(c)(d)		3,200,000		2,964,368



Dominican Republic–0.16%
Dominican Republic International Bond,
4.50%, 01/30/2030^(a)		720,000		579,748


4.88%, 09/23/2032^(a)		1,200,000		929,107


5.30%, 01/21/2041^(a)		1,560,000		1,080,341


				2,589,196



Ecuador–0.06%
Ecuador Government International Bond, 5.50%, 07/31/2030^(a)(e)		1,800,000		964,723



Egypt–0.22%
Egypt Government International Bond,
7.63%, 05/29/2032^(a)		1,500,000		966,789


8.50%, 01/31/2047^(a)		2,600,000		1,542,070


8.88%, 05/29/2050^(a)		1,775,000		1,060,311


				3,569,170



Finland–0.22%
Nordea Bank Abp, 5.38%, 09/22/2027^(a)		3,857,000		3,719,643



France–1.60%
Altice France S.A.,
8.13%, 02/01/2027^(a)		1,226,000		1,124,242


5.13%, 07/15/2029^(a)		766,000		578,330


5.50%, 10/15/2029^(a)		730,000		558,030


BNP Paribas S.A., 7.75%^(a)(c)(d)		3,500,000		3,308,673


BPCE S.A., 5.15%, 07/21/2024^(a)		3,500,000		3,376,246


Credit Agricole S.A.,
8.13%^(a)(c)(d)		6,450,000		6,439,022


6.88%^(a)(c)(d)		1,750,000		1,637,090


Electricite de France S.A., 5.25%^(a)(c)(d)		1,800,000		1,694,744


Iliad Holding S.A.S.,
6.50%, 10/15/2026^(a)		275,000		255,115


7.00%, 10/15/2028^(a)		1,899,000		1,723,561


Societe Generale S.A.,
7.38%^(a)(b)(c)(d)		1,750,000		1,603,895


4.75%^(a)(c)(d)		5,250,000		4,054,313


				26,353,261

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


8		Invesco Global Strategic Income Fund


	Principal Amount		Value


Guatemala–0.15%
CT Trust, 5.13%, 02/03/2032^(a)	$	2,000,000	$	1,602,346


Guatemala Government Bond, 3.70%, 10/07/2033^(a)		1,200,000		913,452


				2,515,798



Hong Kong–0.64%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025^(a)(b)		9,250,000		6,608,860


5.75%, 07/21/2028^(a)		1,775,000		1,029,500


Prudential PLC, 4.88%^(a)(d)		3,550,000		2,893,250


				10,531,610



India–1.27%
Adani Electricity Mumbai Ltd.,
3.95%, 02/12/2030^(a)		3,500,000		2,345,242


3.87%, 07/22/2031^(a)		1,750,000		1,070,032


GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024^(a)		3,475,000		3,344,861


JSW Steel Ltd., 3.95%, 04/05/2027^(a)		4,260,000		3,101,393


Muthoot Finance Ltd., 4.40%, 09/02/2023^(a)		3,700,000		3,594,550


Network i2i Ltd.,
5.65%^(a)(c)(d)		1,050,000		926,468


3.98%^(a)(c)(d)		1,050,000		834,125


Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029^(a)		3,500,000		2,889,299


Reliance Industries Ltd., 4.88%, 02/10/2045^(a)		3,600,000		2,795,404


				20,901,374



Indonesia–1.88%
Indonesia Government International Bond,
4.65%, 09/20/2032		2,625,000		2,435,057


5.45%, 09/20/2052		1,100,000		995,115


PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025^(a)		6,390,000		5,495,400


PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026^(a)		4,475,000		3,877,730


PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051^(a)		7,100,000		4,381,697


PT Indonesia Asahan Aluminium (Persero), 4.75%, 05/15/2025^(a)(b)		7,400,000		7,064,685


PT Pertamina (Persero), 4.18%, 01/21/2050^(a)		1,775,000		1,189,248


PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara,
4.13%, 05/15/2027^(a)(b)		3,700,000		3,391,124


4.38%, 02/05/2050^(a)		3,600,000		2,228,091


				31,058,147



Iraq–0.06%
Iraq International Bond, 5.80%, 01/15/2028^(a)		1,237,500		1,056,257


	Principal Amount		Value


Ireland–0.59%
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037^(a)	$	1,750,000	$	1,673,934


Coriolanus DAC,
Series 116, 0.00%, 04/30/2025^(a)(f)		943,134		881,699


Series 119, 0.00%, 04/30/2025^(a)(f)		1,003,380		938,020


Series 120, 0.00%, 04/30/2025^(a)(f)		1,255,979		1,174,165


Series 122, 0.00%, 04/30/2025^(a)(f)		1,100,434		1,028,753


Series 124, 0.00%, 04/30/2025^(a)(f)		883,835		826,263


Series 126, 0.00%, 04/30/2025^(a)(f)		1,186,510		1,109,222


Series 127, 0.00%, 04/30/2025^(a)(f)		1,145,271		1,070,669


0.00%, 04/30/2025^(a)(f)		1,078,626		1,008,366


				9,711,091



Ivory Coast–0.12%
Ivory Coast Government International Bond, 5.38%, 07/23/2024^(a)		2,100,000		1,928,325



Japan–0.14%
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		3,700,000		2,390,375



Kazakhstan–0.12%
Development Bank of Kazakhstan JSC, 5.75%, 05/12/2025^(a)		2,081,000		2,066,350



Macau–0.47%
MGM China Holdings Ltd.,
5.38%, 05/15/2024^(a)(b)		3,495,000		3,015,137


5.88%, 05/15/2026^(a)(b)		3,200,000		2,462,352


Wynn Macau Ltd., 4.88%, 10/01/2024^(a)(b)		2,840,000		2,217,216


				7,694,705



Malaysia–0.21%
1MDB Global Investments Ltd., 4.40%, 03/09/2023^(a)		3,500,000		3,421,500



Mexico–2.75%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031^(a)		1,782,000		1,366,698


America Movil S.A.B. de C.V., 5.38%, 04/04/2032^(a)		4,745,000		4,027,105


Banco Mercantil del Norte S.A.,
8.38%^(a)(c)(d)		1,850,000		1,611,470


5.88%^(a)(c)(d)		1,764,000		1,349,133


Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029^(a)		3,550,000		2,724,536


6.99%, 02/20/2032^(a)		2,136,000		1,433,886


Cemex S.A.B. de C.V., 5.13%^(a)(b)(c)(d)		2,487,000		2,059,099


Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028^(a)		11,125,000		9,124,587

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


9		Invesco Global Strategic Income Fund


	Principal Amount		Value


Mexico–(continued)
Nemak S.A.B. de C.V., 3.63%, 06/28/2031^(a)	$	3,064,000	$	2,233,549


Petroleos Mexicanos,
6.50%, 03/13/2027^(b)		11,050,000		9,710,582


8.75%, 06/02/2029		7,000,000		6,246,234


7.69%, 01/23/2050		1,775,000		1,159,529


6.95%, 01/28/2060		3,675,000		2,211,625


				45,258,033



Morocco–0.08%
OCP S.A., 3.75%, 06/23/2031^(a)		1,750,000		1,313,489



Netherlands–0.82%
ING Groep N.V.,
6.50%^(b)(c)(d)		5,600,000		5,108,886


5.75%^(b)(c)(d)		7,100,000		6,071,238


6.75%^(a)(c)(d)		1,500,000		1,424,063


VZ Secured Financing B.V., 5.00%, 01/15/2032^(a)		1,213,000		968,817


				13,573,004



Nigeria–0.16%
Nigeria Government International Bond,
6.50%, 11/28/2027^(a)		1,750,000		1,246,875


8.38%, 03/24/2029^(a)		1,842,000		1,338,010


				2,584,885



Oman–0.58%
Oman Government International Bond,
4.75%, 06/15/2026^(a)		6,982,000		6,621,247


6.75%, 01/17/2048^(a)		3,500,000		2,950,679


				9,571,926



Panama–0.09%
Cable Onda S.A., 4.50%, 01/30/2030^(a)		1,750,000		1,435,543



Peru–0.22%
Fondo MIVIVIENDA S.A., 4.63%, 04/12/2027^(a)		3,995,000		3,712,285



South Africa–0.25%
Sasol Financing USA LLC, 4.38%, 09/18/2026		2,403,000		2,109,990


Stillwater Mining Co., 4.00%, 11/16/2026^(a)		2,500,000		2,063,800


				4,173,790



Sweden–0.58%
Skandinaviska Enskilda Banken AB,
5.13%^(a)(c)(d)		3,400,000		3,132,335


6.88%^(a)(c)(d)		3,400,000		3,192,518


Swedbank AB, Series NC5, 5.63%^(a)(c)(d)		3,400,000		3,207,050


				9,531,903



Switzerland–1.22%
Credit Suisse Group AG,
6.37%, 07/15/2026^(a)(c)		875,000		814,595


6.54%, 08/12/2033^(a)(c)		1,750,000		1,525,513


6.25%^(a)(b)(c)(d)		7,385,000		6,234,845


	Principal Amount		Value


Switzerland–(continued)
Swiss Re Finance (Luxembourg) S.A., 5.00%, 04/02/2049^(a)(c)	$	4,320,000	$	3,770,950


UBS Group AG,
7.00%^(a)(c)(d)		3,695,000		3,588,414


5.13%^(a)(c)(d)		4,770,000		4,149,900


				20,084,217



Thailand–0.17%
GC Treasury Center Co. Ltd., 4.40%, 03/30/2032^(a)		1,750,000		1,418,463


Muang Thai Life Assurance PCL, 3.55%, 01/27/2037^(a)(c)		1,800,000		1,465,936


				2,884,399



United Kingdom–2.48%
abrdn PLC, 4.25%, 06/30/2028^(a)		1,825,000		1,550,867


BP Capital Markets PLC, 4.88%^(c)(d)		2,590,000		2,194,054


British Telecommunications PLC, 4.25%, 11/23/2081^(a)(c)		10,650,000		8,921,068


HSBC Holdings PLC, 2.01%, 09/22/2028^(c)		3,500,000		2,753,178


Lloyds Banking Group PLC, 4.72%, 08/11/2026^(b)(c)		7,000,000		6,627,432


M&G PLC, 6.50%, 10/20/2048^(a)(c)		1,825,000		1,672,156


NatWest Group PLC, 6.00%^(c)(d)		3,500,000		3,123,400


Standard Chartered PLC, 5.20%, 01/26/2024^(a)		6,300,000		6,180,585


Virgin Media Finance PLC, 5.00%, 07/15/2030^(a)(b)		447,000		359,054


Virgin Media Secured Finance PLC, 5.50%, 05/15/2029^(a)(b)		767,000		698,438


Vodafone Group PLC,
3.25%, 06/04/2081^(c)		6,876,000		5,524,385


4.13%, 06/04/2081^(c)		1,698,000		1,208,551


				40,813,168



United Republic of Tanzania–0.18%
HTA Group Ltd., 7.00%, 12/18/2025^(a)		3,330,000		2,938,725



United States–21.23%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(a)		2,586,000		2,632,230


Alcoa Nederland Holding B.V., 6.13%, 05/15/2028^(a)		4,445,000		4,211,949


Allison Transmission, Inc.,
4.75%, 10/01/2027^(a)		295,000		272,081


3.75%, 01/30/2031^(a)		2,179,000		1,743,735


American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026^(a)		5,069,000		4,835,480

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


10		Invesco Global Strategic Income Fund


	Principal Amount		Value


United States–(continued)
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028^(a)	$	1,317,000	$	1,164,682


Apache Corp., 7.75%, 12/15/2029		1,139,000		1,166,291


Arconic Corp., 6.13%, 02/15/2028^(a)		9,500,000		8,923,160


Asbury Automotive Group, Inc.,
4.50%, 03/01/2028^(b)		299,000		259,661


4.63%, 11/15/2029^(a)		1,444,000		1,191,242


Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/2026^(a)		901,000		889,084


Bausch Health Cos., Inc.,
4.88%, 06/01/2028^(a)		584,000		358,941


11.00%, 09/30/2028^(a)		1,415,000		1,096,625


14.00%, 10/15/2030^(a)		352,000		203,280


Becton, Dickinson and Co., 3.79%, 05/20/2050		3,307,000		2,399,235


Boeing Co. (The), 4.51%, 05/01/2023^(b)		7,000,000		6,971,982


Callon Petroleum Co., 8.00%, 08/01/2028^(a)(b)		942,000		940,841


Calpine Corp., 3.75%, 03/01/2031^(a)(b)		1,236,000		1,015,126


Camelot Finance S.A., 4.50%, 11/01/2026^(a)		3,296,000		3,086,969


Carnival Corp., 10.50%, 02/01/2026^(a)(b)		4,517,000		4,433,435


Carriage Services, Inc., 4.25%, 05/15/2029^(a)		2,318,000		1,787,271


CCO Holdings LLC/CCO Holdings Capital Corp.,
5.13%, 05/01/2027^(a)		77,000		71,470


5.00%, 02/01/2028^(a)(b)		842,000		763,475


4.75%, 03/01/2030^(a)		4,258,000		3,585,939


4.50%, 08/15/2030^(a)		5,475,000		4,452,708


4.50%, 05/01/2032		2,345,000		1,856,560


4.25%, 01/15/2034^(a)		346,000		254,857


Celanese US Holdings LLC, 5.90%, 07/05/2024		4,395,000		4,319,783


Centene Corp.,
4.25%, 12/15/2027		1,619,000		1,495,988


4.63%, 12/15/2029		1,261,000		1,143,273


Charles Schwab Corp. (The), Series G, 5.38%^(c)(d)		7,500,000		7,359,375


Clarios Global L.P., 6.75%, 05/15/2025^(a)		285,000		285,604


Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(a)		259,000		254,259


Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(a)		1,345,000		1,124,057


Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027^(a)(b)		508,000		458,147


Clearway Energy Operating LLC, 4.75%, 03/15/2028^(a)(b)		1,393,000		1,290,645


CNX Resources Corp., 7.38%, 01/15/2031^(a)(b)		922,000		916,325


	Principal Amount		Value


United States–(continued)
Cogent Communications Group, Inc., 7.00%, 06/15/2027^(a)	$	953,000	$	905,991


Community Health Systems, Inc.,
8.00%, 03/15/2026^(a)		4,248,000		3,672,162


8.00%, 12/15/2027^(a)		1,440,000		1,169,374


5.25%, 05/15/2030^(a)		750,000		520,834


4.75%, 02/15/2031^(a)		499,000		335,011


Comstock Resources, Inc., 6.75%, 03/01/2029^(a)		961,000		922,209


Cox Communications, Inc., 2.95%, 10/01/2050^(a)		2,720,000		1,548,187


Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029^(a)		1,745,000		1,747,504


Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		3,020,000		2,552,996


Crown Castle, Inc., 3.25%, 01/15/2051		3,700,000		2,269,681


CSC Holdings LLC,
5.50%, 04/15/2027^(a)(b)		1,195,000		1,123,175


5.75%, 01/15/2030^(a)		1,814,000		1,391,220


4.63%, 12/01/2030^(a)		213,000		153,715


4.50%, 11/15/2031^(a)		649,000		506,330


5.00%, 11/15/2031^(a)		253,000		180,749


CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(a)		1,245,000		1,051,941


CVS Health Corp., 5.05%, 03/25/2048		3,500,000		2,979,532


DaVita, Inc., 3.75%, 02/15/2031^(a)		632,000		458,206


Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(a)		1,235,000		1,107,858


Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		3,500,000		3,496,406


6.20%, 07/15/2030		7,400,000		7,258,125


DISH DBS Corp., 5.13%, 06/01/2029		1,570,000		1,058,420


DISH Network Corp., Conv., 3.38%, 08/15/2026		275,000		190,850


Diversified Healthcare Trust,
4.75%, 05/01/2024		573,000		491,763


9.75%, 06/15/2025		672,000		634,674


4.38%, 03/01/2031		402,000		266,357


Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029^(a)		233,000		197,974


Encompass Health Corp., 4.50%, 02/01/2028^(b)		1,176,000		1,055,342


EnerSys,
5.00%, 04/30/2023^(a)		1,025,000		1,019,506


4.38%, 12/15/2027^(a)(b)		1,452,000		1,277,172


EnPro Industries, Inc., 5.75%, 10/15/2026		2,008,000		1,922,600


Entegris Escrow Corp., 4.75%, 04/15/2029^(a)		1,347,000		1,192,100


Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026^(a)		287,000		275,989

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


11		Invesco Global Strategic Income Fund


	Principal Amount		Value


United States–(continued)
EQM Midstream Partners L.P.,
7.50%, 06/01/2027^(a)	$	326,000	$	322,308


6.50%, 07/01/2027^(a)		853,000		833,756


4.75%, 01/15/2031^(a)(b)		523,000		438,324


EQT Corp., 5.68%, 10/01/2025		2,625,000		2,597,680


Everi Holdings, Inc., 5.00%, 07/15/2029^(a)		1,194,000		1,041,986


Expedia Group, Inc., 2.95%, 03/15/2031^(b)		840,000		638,431


FedEx Corp., 4.05%, 02/15/2048		3,500,000		2,473,960


FirstCash, Inc., 5.63%, 01/01/2030^(a)		1,012,000		893,534


FirstEnergy Corp., Series B, 4.40%, 07/15/2027		1,950,000		1,834,501


Ford Motor Co.,
3.25%, 02/12/2032		1,127,000		848,096


4.75%, 01/15/2043		642,000		448,228


Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		10,917,000		10,550,080


3.38%, 11/13/2025		501,000		455,422


4.39%, 01/08/2026		1,398,000		1,293,343


4.95%, 05/28/2027		400,000		366,808


5.11%, 05/03/2029^(b)		1,578,000		1,413,486


Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028^(a)(b)		1,903,000		1,596,151


Freeport-McMoRan, Inc., 4.63%, 08/01/2030^(b)		6,290,000		5,568,352


Gap, Inc. (The), 3.63%, 10/01/2029^(a)		1,821,000		1,281,237


Gartner, Inc.,
4.50%, 07/01/2028^(a)(b)		1,200,000		1,114,494


3.63%, 06/15/2029^(a)		837,000		713,224


General Motors Co., 6.80%, 10/01/2027		7,000,000		7,097,807


Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025		406,000		389,872


6.25%, 05/15/2026		791,000		741,286


8.00%, 01/15/2027		550,000		533,648


7.75%, 02/01/2028		283,000		270,603


Global Partners L.P./GLP Finance Corp., 7.00%, 08/01/2027		990,000		942,502


Gray Escrow II, Inc., 5.38%, 11/15/2031^(a)(b)		1,655,000		1,330,438


Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(a)		1,224,000		969,670


Group 1 Automotive, Inc., 4.00%, 08/15/2028^(a)		2,342,000		1,929,211


HCA, Inc.,
5.38%, 02/01/2025		529,000		522,600


5.63%, 09/01/2028		849,000		816,411


4.13%, 06/15/2029		1,458,000		1,288,123


Hess Midstream Operations L.P., 5.63%, 02/15/2026^(a)		1,316,000		1,292,628


	Principal Amount		Value


United States–(continued)
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(a)	$	384,000	$	362,045


6.00%, 04/15/2030^(a)		830,000		752,672


6.25%, 04/15/2032^(a)		233,000		214,010


Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027^(a)		1,015,000		981,658


Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027^(a)		1,144,000		1,039,618


HP, Inc., 4.75%, 01/15/2028^(b)		7,000,000		6,546,175


iStar, Inc.,
4.75%, 10/01/2024		1,637,000		1,620,360


5.50%, 02/15/2026^(b)		574,000		573,133


J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(a)		1,898,000		1,811,945


Jabil, Inc., 3.00%, 01/15/2031		3,700,000		2,880,843


Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029^(a)		1,097,000		972,101


JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
5.13%, 02/01/2028^(a)		2,579,000		2,402,475


5.75%, 04/01/2033^(a)(b)		4,700,000		4,247,108


Kontoor Brands, Inc., 4.13%, 11/15/2029^(a)		1,152,000		925,265


Kraft Heinz Foods Co. (The), 5.20%, 07/15/2045		9,490,000		8,312,289


Lamar Media Corp.,
4.88%, 01/15/2029^(b)		1,861,000		1,686,354


4.00%, 02/15/2030^(b)		2,325,000		1,977,540


3.63%, 01/15/2031^(b)		1,046,000		854,273


LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(a)		1,118,000		945,979


Level 3 Financing, Inc., 3.75%, 07/15/2029^(a)		1,977,000		1,507,304


Lithia Motors, Inc., 3.88%, 06/01/2029^(a)(b)		1,206,000		975,021


Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		1,041,000		699,015


Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(a)		1,112,000		962,252


4.50%, 12/15/2034		703,000		482,211


Marriott International, Inc.,
5.00%, 10/15/2027		2,617,000		2,520,912


Series FF, 4.63%, 06/15/2030		745,000		669,204


Series GG, 3.50%, 10/15/2032		8,360,000		6,688,324


Match Group Holdings II LLC, 4.63%, 06/01/2028^(a)		1,652,000		1,471,156


Mativ Holdings, Inc., 6.88%, 10/01/2026^(a)		5,212,000		4,783,429


Mattel, Inc.,
6.20%, 10/01/2040		1,775,000		1,514,856


5.45%, 11/01/2041		1,775,000		1,382,960

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


12		Invesco Global Strategic Income Fund


	Principal Amount		Value


United States–(continued)
Medline Borrower L.P., 3.88%, 04/01/2029^(a)	$	1,075,000	$	880,049


Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(a)		1,219,000		1,033,551


Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(a)		1,081,000		913,894


Mueller Water Products, Inc., 4.00%, 06/15/2029^(a)		1,126,000		977,999


Murray Energy Corp., 3.00% PIK Rate, 9.00% Cash Rate, 04/15/2024^(a)(g)(h)		5,744,632		29,298


Nabors Industries, Inc., 7.38%, 05/15/2027^(a)		1,045,000		1,029,309


NESCO Holdings II, Inc., 5.50%, 04/15/2029^(a)		1,566,000		1,376,412


Netflix, Inc.,
5.88%, 11/15/2028		704,000		700,480


5.38%, 11/15/2029^(a)		1,101,000		1,048,471


New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028^(a)		184,000		160,492


NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(a)		1,006,000		911,772


NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(a)		592,000		563,809


Novelis Corp., 4.75%, 01/30/2030^(a)		1,036,000		882,113


NRG Energy, Inc., 4.45%, 06/15/2029^(a)		1,083,000		958,015


Occidental Petroleum Corp.,
6.95%, 07/01/2024		428,000		439,130


8.50%, 07/15/2027		219,000		238,441


6.13%, 01/01/2031^(b)		439,000		440,699


6.20%, 03/15/2040		661,000		637,389


OneMain Finance Corp.,
6.88%, 03/15/2025		1,227,000		1,191,693


7.13%, 03/15/2026		1,037,000		1,000,565


3.88%, 09/15/2028		643,000		502,530


Papa John’s International, Inc., 3.88%, 09/15/2029^(a)		1,215,000		988,679


PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(a)		534,000		488,615


Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/2026		7,200,000		6,765,306


3.80%, 09/15/2030		2,220,000		1,853,387


Prestige Brands, Inc., 3.75%, 04/01/2031^(a)		1,815,000		1,459,578


Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(a)		1,072,000		933,305


Rockies Express Pipeline LLC,
4.95%, 07/15/2029^(a)		462,000		405,953


4.80%, 05/15/2030^(a)		1,112,000		941,191


6.88%, 04/15/2040^(a)		875,000		715,667


Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(a)		995,000		874,336


	Principal Amount		Value


United States–(continued)
RR Donnelley & Sons Co., 8.25%, 07/01/2027	$	447,000	$	418,504


SBA Communications Corp., 3.88%, 02/15/2027		1,483,000		1,337,399


Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030^(a)		1,324,000		1,141,321


Seagate HDD Cayman, 4.13%, 01/15/2031		2,960,000		2,230,182


Select Medical Corp., 6.25%, 08/15/2026^(a)(b)		1,049,000		1,001,585


Sempra Energy, 4.13%, 04/01/2052^(c)		10,650,000		8,033,973


Sensata Technologies B.V.,
5.63%, 11/01/2024^(a)		137,000		136,108


4.00%, 04/15/2029^(a)		633,000		534,129


5.88%, 09/01/2030^(a)		1,117,000		1,062,809


Service Properties Trust, 4.38%, 02/15/2030		1,307,000		933,080


Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(a)		1,887,000		1,690,271


4.00%, 07/15/2028^(a)		81,000		69,764


Sonic Automotive, Inc., 4.63%, 11/15/2029^(a)		2,171,000		1,706,048


Southern Co. (The),
Series B, 4.00%, 01/15/2051^(c)		8,100,000		7,063,119


Series 21-A, 3.75%, 09/15/2051^(c)		5,624,000		4,471,616


Sprint Capital Corp., 8.75%, 03/15/2032		879,000		1,032,865


Sprint Corp., 7.63%, 03/01/2026		168,000		175,625


SS&C Technologies, Inc., 5.50%, 09/30/2027^(a)		1,728,000		1,609,686


SunCoke Energy, Inc., 4.88%, 06/30/2029^(a)		1,233,000		1,012,922


Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		212,000		208,187


5.88%, 03/15/2028		1,378,000		1,314,110


Tenet Healthcare Corp., 4.88%, 01/01/2026^(a)		1,571,000		1,487,596


Terminix Co. LLC (The), 7.45%, 08/15/2027		1,103,000		1,231,257


TransDigm, Inc., 6.25%, 03/15/2026^(a)		1,746,000		1,725,284


Twilio, Inc., 3.63%, 03/15/2029		1,118,000		924,899


Uber Technologies, Inc., Conv., 0.00%, 12/15/2025^(f)		7,200,000		5,982,563


United Airlines, Inc., 4.38%, 04/15/2026^(a)		3,600,000		3,292,264


United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028		1,120,000		1,036,101


Universal Health Services, Inc., 2.65%, 10/15/2030^(a)		4,156,000		3,113,521

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


13		Invesco Global Strategic Income Fund


	Principal Amount		Value


United States–(continued)
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027	$	1,286,000	$	1,231,223


Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(a)(g)		424,000		417,752


Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(b)(g)		472,000		465,045


Valvoline, Inc., 3.63%, 06/15/2031^(a)		1,233,000		974,569


Viatris, Inc., 3.85%, 06/22/2040		2,220,000		1,386,589


Vistra Corp., 7.00%^(a)(c)(d)		189,000		167,617


Vistra Operations Co. LLC,
5.50%, 09/01/2026^(a)		237,000		228,095


5.63%, 02/15/2027^(a)(b)		423,000		403,885


5.00%, 07/31/2027^(a)		890,000		822,578


4.38%, 05/01/2029^(a)		999,000		856,852


Warnermedia Holdings, Inc., 3.43%, 03/15/2024^(a)		7,000,000		6,754,108


WMG Acquisition Corp., 3.75%, 12/01/2029^(a)		1,687,000		1,406,891


WRKCo, Inc., 3.00%, 06/15/2033^(b)		5,180,000		3,939,537


Wynn Resorts Finance LLC/ Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(a)(b)		1,040,000		829,712


Yum! Brands, Inc., 5.38%, 04/01/2032^(b)		1,014,000		908,529


				349,872,303



Zambia–0.20%
First Quantum Minerals Ltd., 6.88%, 10/15/2027^(a)		3,500,000		3,260,906


Total U.S. Dollar Denominated Bonds & Notes (Cost $817,483,746)				690,856,024



Non-U.S. Dollar Denominated Bonds & Notes–28.72%⁽ⁱ⁾
Argentina–1.27%
Argentina Treasury Bond BONCER,
1.40%, 03/25/2023	ARS	240,000,000		4,854,231


1.50%, 03/25/2024	ARS	250,000,000		4,426,975


2.00%, 11/09/2026	ARS	880,000,000		11,586,273


				20,867,479



Austria–0.08%
Erste Group Bank AG, 4.25%^(a)(c)(d)	EUR	1,800,000		1,329,516



Belgium–0.49%
KBC Group N.V.,
4.25%^(a)(c)(d)	EUR	5,000,000		4,135,346


4.75%^(a)(c)(d)	EUR	2,200,000		2,072,945


Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050^(a)	EUR	2,599,000		1,889,509


				8,097,800


	Principal Amount		Value


Brazil–9.93%
Brazil Notas do Tesouro Nacional,
10.00%, 01/01/2027	BRL	495,000,000	$	90,997,131


Series B, 6.00%, 05/15/2055	BRL	5,700,000		4,496,760


Series F, 10.00%, 01/01/2025	BRL	355,000,000		66,538,292


Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(a)	BRL	9,233,963		1,586,515


				163,618,698



Chile–0.56%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033^(a)	CLP	12,000,000,000		9,177,782



China–0.63%
China Government Bond, 3.53%, 10/18/2051	CNY	70,000,000		10,331,728



Colombia–2.17%
Colombian TES,
Series B, 7.75%, 09/18/2030	COP	79,000,000,000		11,479,860


Series B, 7.00%, 06/30/2032	COP	70,000,000,000		9,158,995


Series B, 7.25%, 10/18/2034	COP	33,425,000,000		4,238,619


Series B, 9.25%, 05/28/2042	COP	11,375,000,000		1,595,846


Series B, 7.25%, 10/26/2050	COP	85,050,000,000		9,241,397


				35,714,717



Czech Republic–0.13%
CPI Property Group S.A., 4.88%^(a)(c)(d)	EUR	4,100,000		2,147,467



Egypt–0.09%
Egypt Government International Bond, 4.75%, 04/16/2026^(a)	EUR	2,000,000		1,502,881



France–0.73%
Accor S.A., 4.38%^(a)(c)(d)	EUR	1,700,000		1,469,812


BPCE S.A., Series NC5, 1.50%, 01/13/2042^(a)(c)	EUR	5,000,000		4,143,277


Credit Agricole S.A., 7.50%^(a)(c)(d)	GBP	1,377,000		1,485,381


Electricite de France S.A., 5.38%^(a)(c)(d)	EUR	5,400,000		4,925,447


				12,023,917



Germany–0.52%
Bayer AG, 2.38%, 11/12/2079^(a)(c)	EUR	3,700,000		3,301,454


Deutsche Lufthansa AG, 4.38%, 08/12/2075^(a)(c)	EUR	3,600,000		2,899,525


Nidda Healthcare Holding GmbH, 3.50%, 09/30/2024^(a)	EUR	990,000		918,385


Volkswagen International Finance N.V., 4.63%^(a)(c)(d)	EUR	1,480,000		1,392,301


				8,511,665

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


14		Invesco Global Strategic Income Fund


	Principal Amount		Value


Greece–0.27%
Hellenic Republic Government Bond,
1.88%, 01/24/2052^(a)	EUR	7,727,000	$	4,321,558


Series GDP, 0.00%, 10/15/2042^(f)	EUR	76,770,000		178,289


				4,499,847



India–1.10%
India Government Bond,
6.54%, 01/17/2032	INR	700,000,000		7,949,020


7.26%, 08/22/2032	INR	850,000,000		10,142,188


				18,091,208



Italy–0.10%
Intesa Sanpaolo S.p.A., 7.75%^(a)(c)(d)	EUR	1,750,000		1,641,618



Ivory Coast–0.12%
Ivory Coast Government International Bond, 4.88%, 01/30/2032^(a)	EUR	2,900,000		2,021,078



Malaysia–0.15%
Malaysia Government Bond, Series 317, 4.76%, 04/07/2037	MYR	11,900,000		2,546,241



Mexico–1.30%
Mexican Bonos, Series M, 7.75%, 05/29/2031	MXN	481,850,000		21,431,379



Netherlands–0.45%
ABN AMRO Bank N.V., 4.38%^(a)(c)(d)	EUR	1,700,000		1,500,001


Cooperatieve Rabobank U.A., 4.38%^(a)(c)(d)	EUR	6,800,000		5,871,585


				7,371,586



New Zealand–0.49%
New Zealand Government Bond, Series 551, 2.75%, 05/15/2051	NZD	19,000,000		8,066,490



Poland–1.03%
Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032	PLN	140,000,000		16,989,380



Romania–0.11%
Romanian Government International Bond, 2.00%, 04/14/2033^(a)	EUR	2,997,000		1,817,558



Russia–0.00%
Mos.ru, 5.00%, 08/22/2034	RUB	72,806,608		0


	Principal Amount		Value


South Africa–3.36%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR	661,350,000	$	30,918,506


Series 2032, 8.25%, 03/31/2032	ZAR	165,300,000		7,416,509


Series 2035, 8.88%, 02/28/2035	ZAR	200,000,000		8,884,110


Series 2037, 8.50%, 01/31/2037	ZAR	195,500,000		8,195,701


				55,414,826



Spain–1.08%
Banco Bilbao Vizcaya Argentaria S.A.,
6.00%^(a)(c)(d)	EUR	1,400,000		1,334,565


6.00%^(a)(c)(d)	EUR	400,000		362,945


Banco Santander S.A.,
4.38%^(a)(c)(d)	EUR	3,800,000		3,043,654


4.13%^(c)(d)	EUR	2,000,000		1,447,161


CaixaBank S.A.,
5.25%^(a)(c)(d)	EUR	2,000,000		1,663,936


5.88%^(a)(c)(d)	EUR	1,800,000		1,587,925


Repsol International Finance B.V., 3.75%^(a)(c)(d)	EUR	1,950,000		1,778,686


Telefonica Europe B.V.,
2.88%^(a)(c)(d)	EUR	3,700,000		3,029,028


4.38%^(a)(c)(d)	EUR	3,700,000		3,507,520


				17,755,420



Supranational–0.79%
African Development Bank, 0.00%, 01/17/2050^(f)	ZAR	222,000,000		1,105,479


Corp. Andina de Fomento, 6.82%, 02/22/2031^(a)	MXN	221,200,000		9,010,498


International Finance Corp.,
0.00%, 02/15/2029^(a)(f)	TRY	10,300,000		66,605


0.00%, 03/23/2038^(f)	MXN	260,000,000		2,799,071


				12,981,653



Sweden–0.06%
Heimstaden Bostad AB, 3.38%^(a)(c)(d)	EUR	1,850,000		1,042,841



Switzerland–0.08%
Dufry One B.V., 2.00%, 02/15/2027^(a)	EUR	1,750,000		1,413,836



United Kingdom–1.63%
Barclays PLC,
7.25%^(a)(c)(d)	GBP	4,200,000		4,790,751


6.38%^(a)(c)(d)	GBP	1,425,000		1,450,343


7.13%^(c)(d)	GBP	5,375,000		5,676,163


Bellis Acquisition Co. PLC, 3.25%, 02/16/2026^(a)	GBP	953,000		893,400


Gatwick Airport Finance PLC, 4.38%, 04/07/2026^(a)	GBP	5,925,000		5,671,269


HSBC Holdings PLC, 5.88%^(c)(d)	GBP	1,750,000		1,647,736


International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025^(a)	EUR	1,700,000		1,495,211


1.50%, 07/04/2027^(a)	EUR	1,900,000		1,382,438

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


15		Invesco Global Strategic Income Fund


	Principal Amount		Value


United Kingdom–(continued)
Nationwide Building Society, 5.75%^(a)(c)(d)	GBP	1,775,000	$	1,707,334


NatWest Group PLC, 5.13%^(c)(d)	GBP	2,415,000		2,180,651


				26,895,296


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $568,084,026)				473,303,907



Asset-Backed Securities–8.81%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025^(a)	$	1,929,450		1,922,599


Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(j)		11,702		11,170


Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.56%, 01/15/2051^(k)		10,478,506		202,757


CarMax Auto Owner Trust, Series 2019-3, Class D, 2.85%, 01/15/2026		2,285,000		2,206,254


CCG Receivables Trust,
Series 2019-1, Class B, 3.22%, 09/14/2026^(a)		181,333		181,223


Series 2019-1, Class C, 3.57%, 09/14/2026^(a)		80,000		79,958


CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.88%, 11/13/2050^(k)		4,764,956		136,582


Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.06%, 10/12/2050^(k)		13,329,096		476,291


Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.82%, 05/25/2035^(l)		502,307		477,807


Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(j)		103,983		100,208


COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.37%, 12/10/2045^(k)		1,633,164		16


Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		4,690,000		4,458,951


Series 2014-CR21, Class AM, 3.99%, 12/10/2047		70,000		66,452


Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		329,762		301,444


Series 2005-J4, Class A7, 5.50%, 11/25/2035		553,145		442,328


	Principal Amount		Value


CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 3.64% (1 mo. USD LIBOR + 0.23%), 12/15/2035^(j)	$	5,964	$	5,907


Series 2006-H, Class 2A1A, 3.56% (1 mo. USD LIBOR + 0.15%), 11/15/2036^(j)		22,610		18,555


DT Auto Owner Trust,
Series 2019-2A, Class D, 3.48%, 02/18/2025^(a)		452,811		449,927


Series 2019-4A, Class D, 2.85%, 07/15/2025^(a)		6,025,000		5,932,293


Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024^(a)		1,930,685		1,926,818


Series 2019-4A, Class D, 2.58%, 09/15/2025^(a)		5,810,843		5,696,872


FREMF Mortgage Trust,
Series 2017-K62, Class B, 3.88%, 01/25/2050^(a)(l)		840,000		781,932


Series 2016-K54, Class C, 4.05%, 04/25/2048^(a)(l)		4,190,000		3,897,704


GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 3.65%, 07/25/2035^(l)		53,137		49,087


ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, 6.12% (1 mo. Term SOFR + 2.74%), 10/15/2039^(a)(j)		2,100,000		2,094,828


JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		425,000		415,096


JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.84%, 07/25/2035^(l)		45,790		44,272


JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047^(l)		1,655,000		1,517,965


Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(a)(f)(l)		16,233		2,913


MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 3.69% (1 mo. USD LIBOR + 0.10%), 08/25/2036^(j)		2,988,442		1,116,517


Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		1,565,000		1,538,217


Series 2014-C14, Class B, 4.87%, 02/15/2047^(l)		680,000		661,704


Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.87%, 12/15/2050^(k)		4,090,952		141,464

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


16		Invesco Global Strategic Income Fund


	Principal Amount		Value


Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036^(a)(l)	$	6,325,247	$	5,640,190


OBX Trust,
Series 2022-NQM7, Class A3, 5.70%, 08/25/2062^(a)(e)		889,760		834,625


Series 2022-NQM7, Class A2, 5.70%, 08/25/2062^(a)(e)		1,711,077		1,615,352


Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(a)		1,608,460		1,602,892


Residential Accredit Loans, Inc. Trust, Series 2006- QS13, Class 1A8, 6.00%, 09/25/2036		24,306		18,572


UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050^(k)		7,657,371		258,524


Vendee Mortgage Trust,
Series 1995-2B, Class 2, IO, 0.79%, 06/15/2025^(m)		64,056		460


Series 1995-3, Class 1, IO, 0.00%, 09/15/2025^(f)(k)		1,489,909		2


Verus Securitization Trust, Series 2022-7, Class A3, 5.35%, 07/25/2067^(a)(l)		1,183,530		1,104,929


WaMu Mortgage Pass-Through Ctfs. Trust, Series 2003- AR10, Class A7, 4.24%, 10/25/2033^(l)		32,836		30,621


Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050^(k)		6,355,334		222,004


WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		1,800,000		1,763,466


Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(l)		1,135,000		1,101,230


Series 2014-C20, Class AS, 4.18%, 05/15/2047		1,455,000		1,398,172


Alba PLC,
Series 2007-1, Class F, 5.47% (SONIA + 3.37%), 03/17/2039^(a)(i)(j)	GBP	2,178,795		2,249,616


Series 2007-1, Class E, 3.42% (SONIA + 1.32%), 03/17/2039^(a)(i)(j)	GBP	5,683,812		5,578,719


Series 2006-2, Class F, 5.43% (SONIA + 3.37%), 12/15/2038^(a)(i)(j)	GBP	1,357,344		1,438,454


	Principal Amount		Value


Eurohome UK Mortgages PLC,
Series 2007-1, Class B1, 3.64% (3 mo. GBP LIBOR + 0.90%), 06/15/2044^(a)(i)(j)	GBP	2,006,000	$	1,773,095


Series 2007-2, Class B1, 4.14% (SONIA + 1.52%), 09/15/2044^(a)(i)(j)	GBP	2,243,000		1,879,672


Eurosail PLC,
Series 2006-2X, Class E1C, 5.43% (SONIA + 3.37%), 12/15/2044^(a)(i)(j)	GBP	5,550,000		5,084,960


Series 2006-4X, Class E1C, 5.16% (SONIA + 3.12%), 12/10/2044^(a)(i)(j)	GBP	4,135,722		4,240,070


Series 2007-2X, Class D1A, 1.73% (3 mo. EURIBOR + 0.80%), 03/13/2045^(a)(i)(j)	EUR	3,500,000		2,607,493


Series 2006-2X, Class D1A, 1.80% (3 mo. EURIBOR + 0.80%), 12/15/2044^(a)(i)(j)	EUR	6,300,000		4,514,565


Series 2007-2X, Class D1C, 2.96% (SONIA + 0.92%), 03/13/2045^(a)(i)(j)	GBP	4,900,000		4,321,705


Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 4.81% (3 mo. EURIBOR + 3.75%), 06/18/2039^(a)(i)(j)	EUR	4,570,000		4,056,497


Ludgate Funding PLC, Series 2007-1, Class MA, 3.57% (3 mo. GBP LIBOR + 0.24%), 01/01/2061^(a)(i)(j)	GBP	3,059,340		3,077,300


Newday Funding Master Issuer PLC,
Series 2021-1X, Class E, 6.24% (SONIA + 4.05%), 03/15/2029^(a)(i)(j)	GBP	4,252,000		4,753,438


Series 2021-3X, Class E, 6.54% (SONIA + 4.35%), 11/15/2029^(a)(i)(j)	GBP	3,700,000		4,174,864


Stratton Mortgage Funding PLC,
Series 2021-1, Class D, 4.25% (SONIA + 2.10%), 09/25/2051^(a)(i)(j)	GBP	3,700,000		3,988,535


Series 2021-1, Class E, 4.90% (SONIA + 2.75%), 09/25/2051^(a)(i)(j)	GBP	2,220,000		2,384,768


Towd Point Mortgage Funding 2019 - Granite4 PLC,
Series 2019-GR4X, Class FR, 4.24% (SONIA + 2.05%), 10/20/2051^(a)(i)(j)	GBP	2,130,000		2,339,035


Series 2019-GR4X, Class GR, 4.69% (SONIA + 2.50%), 10/20/2051^(a)(i)(j)	GBP	1,775,000		1,942,767


Prosil Acquisition S.A., Series 2019-1, Class A, 3.58% (3 mo. EURIBOR + 2.00%), 10/31/2039^(a)(i)(j)	EUR	4,887,066		4,287,824

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


17		Invesco Global Strategic Income Fund


	Principal Amount		Value


Alhambra SME Funding DAC,
Series 2019-1, Class A, 2.69% (1 mo. EURIBOR + 2.00%), 11/30/2028^(a)(i)(j)	EUR	4,103,902	$	4,021,486


Series 2019-1, Class B, 3.19% (1 mo. EURIBOR + 2.50%), 11/30/2028^(a)(i)(j)	EUR	1,875,000		1,801,222


Series 2019-1, Class D, 9.94% (1 mo. EURIBOR + 9.25%), 11/30/2028^(a)(i)(j)	EUR	424,276		308,400


Lusitano Mortgages No. 5 PLC, Class D, 2.34% (3 mo. EURIBOR + 0.96%), 07/15/2059^(a)(i)(j)	EUR	2,096,738		1,730,416


Futura S.r.l., Series 2019-1, Class A, 3.63% (6 mo. EURIBOR + 3.00%), 07/31/2044^(a)(i)(j)	EUR	4,119,544		4,075,299


Taurus, Series 2018-IT1, Class A, 1.33% (3 mo. EURIBOR + 1.00%), 05/18/2030^(i)(j)	EUR	5,150,965		4,926,848


IM Pastor 4, FTA, Series A, 1.24% (3 mo. EURIBOR + 0.14%), 03/22/2044^(a)(i)(j)	EUR	2,142,510		1,789,097


Invernea Proteina PYME, Serie II, 0.00%, 08/25/2032⁽ⁱ⁾⁽ⁿ⁾	ARS	311,500,000		1,985,430


SC Germany Consumer 2018-1 UG (haftungsbeschraenkt), Series 2018-1, Class D, 3.25%, 12/13/2031^(a)(i)	EUR	7,200,000		6,974,292


Total Asset-Backed Securities (Cost $170,395,451)				145,253,017


	Principal Amount		Value


Agency Credit Risk Transfer Notes–2.22%
United States–2.22%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 6.44% (1 mo. USD LIBOR + 2.85%), 11/25/2029^(j)	$	2,001,281	$	2,023,756


Series 2018-C06, Class 2M2, 5.69% (1 mo. USD LIBOR + 2.10%), 03/25/2031^(j)		3,924,178		3,854,536


Series 2018-R07, Class 1M2, 5.99% (1 mo. USD LIBOR + 2.40%), 04/25/2031^(a)(j)		441,157		438,957


Series 2019-R02, Class 1M2, 5.89% (1 mo. USD LIBOR + 2.30%), 08/25/2031^(a)(j)		78,072		77,983


Series 2019-R03, Class 1M2, 5.74% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(a)(j)		187,224		186,772


Series 2022-R04, Class 1M2, 6.10% (30 Day Average SOFR + 3.10%), 03/25/2042^(a)(j)		1,795,000		1,685,999


Series 2022-R08, Class 1M2, 6.60% (30 Day Average SOFR + 3.60%), 07/25/2042^(a)(j)		3,150,000		2,986,596


Freddie Mac,
Series 2022-DNA2, Class M1B, STACR^® , 5.40% (30 Day Average SOFR + 2.40%), 02/25/2042^(a)(j)		3,500,000		3,229,223


Series 2022-DNA3, Class M1B, STACR^® , 5.90% (30 Day Average SOFR + 2.90%), 04/25/2042^(a)(j)		7,000,000		6,512,762


Series 2022-DNA3, Class M1A, STACR^® , 5.00% (30 Day Average SOFR + 2.00%), 04/25/2042^(a)(j)		5,447,785		5,342,501


Series 2022-HQA2, Class M1, STACR^® , 7.00% (30 Day Average SOFR + 4.00%), 07/25/2042^(a)(j)		3,500,000		3,422,281


Series 2022-HQA3, Class M1, STACR^® , 6.55% (30 Day Average SOFR + 3.55%), 08/25/2042^(a)(j)		3,500,000		3,286,559


Series 2022-HQA3, Class M2, STACR^® , 8.35% (30 Day Average SOFR + 5.35%), 08/25/2042^(a)(j)		3,745,000		3,517,283


Total Agency Credit Risk Transfer Notes (Cost $38,154,444)				36,565,208



	Shares
Common Stocks & Other Equity Interests–1.11%
Argentina–1.08%
TMF Trust Co. S.A.⁽ⁿ⁾		478,972,801		3,052,863


YPF S.A., Class D^(o)		980,000		14,741,257


				17,794,120

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


18		Invesco Global Strategic Income Fund


	Shares		Value


United States–0.03%
ACNR Holdings, Inc.		2,129	$	220,352


Claire’s Holdings LLC		614		235,366


McDermott International Ltd.^(o)		38,319		22,853


McDermott International Ltd., Series A, Wts., expiring 06/30/2027^(n)(o)		76,715		9,973


McDermott International Ltd., Series B, Wts., expiring 06/30/2027^(n)(o)		85,239		11,081


McDermott International Ltd., Wts., expiring 12/31/2049^(n)(o)		55,393		31,311


Party City Holdco, Inc.^(o)		10,188		17,218


Sabine Oil & Gas Holdings, Inc.^(n)(o)		2,510		1,707


Tenerity LLC, Wts., expiring 04/10/2024^(n)(o)		2,297		0


Windstream Services LLC, Wts.^(n)(o)		399		6,384


				556,245


Total Common Stocks & Other Equity Interests (Cost $21,331,624)				18,350,365



	Principal Amount
U.S. Treasury Securities–0.88%
U.S. Treasury Inflation – Indexed Bonds–0.88%
0.13%, 02/15/2052 (Cost $18,359,720)^(p)	$	18,359,720		14,449,266



Variable Rate Senior Loan Interests–0.50%^(q)(r)
Brazil–0.03%
Patagonia Holdco LLC, First Lien Term Loan B, 8.39% (1 mo. Term SOFR + 5.75%), 08/01/2029		714,000		580,125



United States–0.47%
Claire’s Stores, Inc., Term Loan, 10.25% (1 mo. USD LIBOR + 6.50%), 12/18/2026		185,745		176,768


Dun & Bradstreet Corp. (The), Term Loan, 6.85% (1 mo. USD LIBOR + 3.25%), 02/06/2026		989,443		975,838


Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 12.25% (1 mo. USD LIBOR + 4.00%), 03/27/2028		1,352,875		1,118,449


IRB Holding Corp., Term Loan, 6.21% (1 mo. Term SOFR + 3.00%), 12/15/2027		938,539		915,779


Mativ Holdings, Inc., Term Loan B, 7.56% (1 mo. USD LIBOR + 3.75%), 04/20/2028		2,394,208		2,247,563


PetSmart LLC, Term Loan, 7.50% (1 mo. USD LIBOR + 3.75%), 02/11/2028		1,016,882		981,082


United Natural Foods, Inc., Term Loan, 7.09% (3 mo. USD LIBOR + 3.25%), 10/22/2025		1,268,583		1,260,167


				7,675,646


Total Variable Rate Senior Loan Interests (Cost $8,640,466)				8,255,771


	Principal Amount		Value


U.S. Government Sponsored Agency Mortgage-Backed Securities–0.34%
Fannie Mae Grantor Trust, IO,
0.63%, 11/25/2040^(k)	$	2,154,212	$	11,446


0.38%, 12/25/2041^(k)		13,354,362		134,167


Fannie Mae Interest STRIPS, IO,
7.50%, 05/25/2023 - 11/25/2029^(m)		55,287		8,446


6.50%, 04/25/2029 - 07/25/2032^(m)		916,670		150,626


6.00%, 12/25/2032 - 08/25/2035^(m)		1,151,000		190,903


5.50%, 11/25/2033 - 06/25/2035^(m)		964,686		166,036


Fannie Mae REMICs, IO,
5.50%, 06/25/2023^(m)		1,419		12


3.11%, 02/25/2024 - 05/25/2035^(j)(m)		572,950		39,928


4.01% (7.60% - (1.00 x 1 mo. USD LIBOR)), 06/25/2026^(j)(m)		62,912		2,328


4.46%, 11/18/2031 - 12/18/2031^(j)(m)		126,100		12,187


4.31% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(j)(m)		2,484		252


4.36% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(j)(m)		29,548		2,793


4.56% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032^(j)(m)		57,996		5,896


4.51%, 03/25/2032 - 04/25/2032^(j)(m)		82,840		8,763


3.41% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(j)(m)		37,276		2,656


4.21% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(j)(m)		27,630		2,902


4.41%, 07/25/2032 - 09/25/2032^(j)(m)		121,695		14,308


4.66%, 12/18/2032^(j)(m)		99,735		8,526


4.61% (8.20% - (1.00 x 1 mo. USD LIBOR)), 01/25/2033^(j)(m)		333,110		36,640


4.66%, 02/25/2033 - 05/25/2033^(j)(m)		199,567		26,557


7.00%, 03/25/2033 - 04/25/2033^(m)		476,439		74,227


3.96% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033^(j)(m)		154,575		16,507


2.46%, 03/25/2035 - 07/25/2038^(j)(m)		134,517		6,251


3.16%, 03/25/2035 - 05/25/2035^(j)(m)		235,683		8,113


3.01% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(j)(m)		302,348		17,435


3.64% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036^(j)(m)		608,261		27,788

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


19		Invesco Global Strategic Income Fund


	Principal Amount		Value


2.95% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037^(j)(m)	$	852,795	$	59,837


4.00%, 04/25/2041^(m)		900,401		106,469


2.96% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(j)(m)		149,548		9,564


2.56% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(j)(m)		382,015		34,935


7.00%, 07/25/2026		7,786		7,853


4.00%, 08/25/2026 - 03/25/2041		74,327		69,660


6.50%, 10/25/2028 - 04/25/2029		72,261		73,674


6.00%, 05/25/2031 - 01/25/2032		135,650		137,382


4.59%, 04/25/2032 - 12/25/2032^(j)		103,105		103,599


3.94% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(j)		38,302		37,981


4.09% (1 mo. USD LIBOR + 0.50%), 12/25/2032^(j)		65,783		65,239


3.99% (1 mo. USD LIBOR + 0.40%), 11/25/2033^(j)		36,823		36,414


11.42% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(j)		140,859		160,483


11.05% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(j)		149,151		161,194


4.53% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(j)		71,393		71,031


Federal Home Loan Mortgage Corp., 8.50%, 08/01/2031		20,679		21,651


Federal National Mortgage Association,
7.50%, 03/01/2033		16,211		16,894


7.00%, 12/01/2033		11,321		11,616


5.50%, 02/01/2035		23,570		24,118


Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.65%, 02/25/2026^(k)		4,002,710		66,871


Series K735, Class X1, IO, 1.10%, 05/25/2026^(k)		6,718,500		182,203


Series K093, Class X1, IO, 0.95%, 05/25/2029^(k)		45,551,279		2,211,291


	Principal Amount		Value


Freddie Mac REMICs,
5.00%, 09/15/2023	$	13,215	$	13,170


6.75%, 02/15/2024		2,060		2,065


6.50%, 02/15/2028 - 06/15/2032		67,054		68,800


3.86% (1 mo. USD LIBOR + 0.45%), 02/15/2029^(j)		6,395		6,348


4.06% (1 mo. USD LIBOR + 0.65%), 07/15/2029^(j)		9,584		9,561


4.41%, 02/15/2032 - 03/15/2032^(j)		205,077		205,673


3.50%, 05/15/2032		66,825		63,513


3.91% (1 mo. USD LIBOR + 0.50%), 01/15/2033^(j)		5,971		5,919


12.24% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(j)		106,618		122,934


4.00%, 06/15/2038		56,532		53,267


3.00%, 05/15/2040		1,269		1,237


IO,
2.59%, 03/15/2024 - 04/15/2038^(j)(m)		144,269		4,760


7.00%, 03/15/2028 - 04/15/2028^(m)		33,690		3,926


5.29%, 07/17/2028^(j)(m)		14,778		276


4.69% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029^(j)(m)		47,773		3,046


5.54% (8.95% - (1.00 x 1 mo. USD LIBOR)), 08/15/2029^(j)(m)		22,449		1,227


3.64% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033^(j)(m)		224,204		13,697


3.29% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(j)(m)		420,348		20,266


3.34% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(j)(m)		24,933		1,277


3.31%, 05/15/2035^(j)(m)		667,674		41,170


2.74% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035^(j)(m)		450,942		16,865


3.59% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(j)(m)		127,743		11,991


2.66% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(j)(m)		233,192		16,078


2.84% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(j)(m)		115,606		6,982


Freddie Mac STRIPS, IO,
7.00%, 04/01/2027 - 04/01/2030^(m)		173,368		23,244


6.50%, 02/01/2028 - 06/01/2031^(m)		42,718		6,209


7.50%, 12/15/2029^(m)		49,276		7,590


6.00%, 12/15/2032^(m)		90,798		11,944

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


20		Invesco Global Strategic Income Fund


	Principal Amount		Value


Government National Mortgage Association,
ARM, 2.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 07/20/2027^(j)	$	749	$	727


7.00%, 01/15/2028 - 01/20/2030		100,316		101,603


8.00%, 01/15/2028 - 09/15/2028		64,299		65,671


IO,
3.14% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(j)(m)		440,006		30,025


3.24% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(j)(m)		758,084		42,650


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $8,835,802)				5,629,363



	Shares
Preferred Stocks–0.19%
United States–0.19%
AT&T, Inc., 2.88%, Series B, Pfd.^(c)		3,500,000		3,098,912


Claire’s Holdings LLC, Series A, Pfd.⁽ⁿ⁾		195		49,725


Total Preferred Stocks (Cost $4,308,927)				3,148,637



Money Market Funds–5.43%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(s)(t)		31,287,616		31,287,616


	Shares		Value


Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(s)(t)		22,434,080	$	22,438,567


Invesco Treasury Portfolio, Institutional Class, 3.08%^(s)(t)		35,757,276		35,757,276


Total Money Market Funds (Cost $89,482,685)				89,483,459



Options Purchased–3.60%
(Cost $35,075,494)^(u)				59,267,377


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-93.71% (Cost $1,780,152,385)				1,544,562,394



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.95%
Invesco Private Government Fund, 3.18%^(s)(t)(v)		17,970,670		17,970,670


Invesco Private Prime Fund, 3.28%^(s)(t)(v)		47,071,670		47,071,670


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $65,043,941)				65,042,340


TOTAL INVESTMENTS IN SECURITIES–97.66% (Cost $1,845,196,326)				1,609,604,734


OTHER ASSETS LESS LIABILITIES–2.34%				38,628,376


NET ASSETS–100.00%			$	1,648,233,110


Investment Abbreviations:

ARM		- Adjustable Rate Mortgage
ARS		- Argentina Peso
BRL		- Brazilian Real
CLP		- Chile Peso
CNY		- Chinese Yuan Renminbi
Conv.		- Convertible
COP		- Colombia Peso
Ctfs.		- Certificates
EUR		- Euro
EURIBOR		- Euro Interbank Offered Rate
GBP		- British Pound Sterling
INR		- Indian Rupee
IO		- Interest Only
LIBOR		- London Interbank Offered Rate
MXN		- Mexican Peso
MYR		- Malaysian Ringgit
NZD		- New Zealand Dollar
Pfd.		- Preferred
PIK		- Pay-in-Kind
PLN		- Polish Zloty
REMICs		- Real Estate Mortgage Investment Conduits
RUB		- Russian Ruble
SOFR		- Secured Overnight Financing Rate
SONIA		- Sterling Overnight Index Average
STACR^®		- Structured Agency Credit Risk
STRIPS		- Separately Traded Registered Interest and Principal Security
TRY		- Turkish Lira
USD		- U.S. Dollar
Wts.		- Warrants
ZAR		- South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


21		Invesco Global Strategic Income Fund

Notes to Consolidated Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $677,016,292, which represented 41.08% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at October 31, 2022.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Perpetual bond with no specified maturity date.

^(e)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)	Zero coupon bond issued at a discount.

^(g)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(h)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(j)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

^(k)

^(l)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2022.

^(m)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

⁽ⁿ⁾	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(o)	Non-income producing security.

^(p)	Principal amount of security and interest payments are adjusted for inflation. See Note 1K.

^(q)

^(r)

^(s)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Invesco Senior Loan ETF		$ 72,429,002		$ -		$ (69,103,784)			$687,187			$(4,012,405)			$ -	$1,460,638
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		52,627,305		360,230,202		(381,569,891	)		-			-			31,287,616	341,570
Invesco Liquid Assets Portfolio, Institutional Class		38,016,641		257,307,287		(272,895,264	)		3,510			6,393			22,438,567	246,463
Invesco Treasury Portfolio, Institutional Class		60,145,492		411,691,659		(436,079,875	)		-			-			35,757,276	369,237
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		17,905,063		198,655,734		(198,590,127	)		-			-			17,970,670	201,891*
Invesco Private Prime Fund		41,778,482		375,120,396		(369,791,108	)		(1,601	)		(34,499	)		47,071,670	563,712*
Total		$282,901,985		$1,603,005,278		$(1,728,030,049	)		$689,096			$(4,040,511	)		$154,525,799	$3,183,511

^(t)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(u)	The table below details options purchased.

^(v)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1M.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


22		Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of

Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

AUD versus USD

Call

Bank of America, N.A.

12/05/2022

USD

0.80

AUD

5,325,000

$ 266

AUD versus USD

Call

Bank of America, N.A.

09/27/2023

USD

0.68

AUD

51,470,588

605,687

AUD versus USD

Call

Goldman Sachs International

10/12/2023

USD

0.80

AUD

2,625,000

57,586

EUR versus HUF

Call

Bank of America, N.A.

01/31/2023

HUF

480.00

EUR

28,000,000

176,790

EUR versus USD

Call

Goldman Sachs International

11/28/2022

USD

1.03

EUR

84,000,000

126,346

NZD versus USD

Call

Goldman Sachs International

10/12/2023

USD

0.70

NZD

5,000,000

173,670

Subtotal – Foreign Currency Call Options Purchased

1,140,345

Currency Risk

EUR versus CHF

Put

Goldman Sachs International

12/16/2022

CHF

0.93

EUR

26,250,000

18,211

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

07/17/2023

CZK

24.00

EUR

1,400,000

141,893

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

02/05/2024

CZK

24.30

EUR

2,500,000

404,098

EUR versus CZK

Put

Morgan Stanley and Co. International PLC

12/07/2022

CZK

24.60

EUR

2,250,000

1,331,918

EUR versus HUF

Put

Bank of America, N.A.

01/31/2023

HUF

400.00

EUR

28,000,000

241,761

EUR versus NOK

Put

J.P. Morgan Chase Bank, N.A.

02/17/2023

NOK

9.70

EUR

2,800,000

11,102

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

3,500,000

215,363

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

1,400,000

86,145

EUR versus SEK

Put

Morgan Stanley and Co. International PLC

02/17/2023

SEK

10.80

EUR

17,500,000

214,761

GBP versus USD

Put

Goldman Sachs International

01/09/2023

USD

1.09

GBP

3,500,000

663,200

USD versus BRL

Put

Goldman Sachs International

02/01/2023

BRL

5.00

USD

3,500,000

1,128,666

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

12/16/2022

BRL

5.05

USD

35,000,000

566,195

USD versus CAD

Put

Goldman Sachs International

03/10/2023

CAD

1.26

USD

70,000,000

78,330

USD versus CLP

Put

Bank of America, N.A.

12/20/2022

CLP

850.00

USD

42,000,000

42,714

USD versus JPY

Put

Goldman Sachs International

11/04/2022

JPY

128.00

USD

2,800,000

USD versus JPY

Put

J.P. Morgan Chase Bank, N.A.

03/14/2023

JPY

120.00

USD

2,100,000

45,186

USD versus MXN

Put

Bank of America, N.A.

04/26/2023

MXN

19.00

USD

1,750,000

280,616

USD versus MXN

Put

J.P. Morgan Chase Bank, N.A.

01/24/2023

MXN

20.00

USD

3,500,000

746,172

USD versus PLN

Put

Goldman Sachs International

06/27/2023

PLN

4.40

USD

3,500,000

610,424

USD versus SEK

Put

Goldman Sachs International

09/27/2023

SEK

10.25

USD

42,000,000

1,264,662

USD versus SGD

Put

Goldman Sachs International

12/16/2022

SGD

1.38

USD

70,000,000

119,630

USD versus THB

Put

J.P. Morgan Chase Bank, N.A.

12/13/2022

THB

35.85

USD

35,000,000

35,070

USD versus THB

Put

Standard Chartered Bank PLC

04/26/2023

THB

33.75

USD

3,500,000

214,816

USD versus ZAR

Put

Bank of America, N.A.

01/25/2023

ZAR

17.90

USD

35,000,000

572,460

USD versus ZAR

Put

Goldman Sachs International

12/13/2022

ZAR

16.00

USD

3,500,000

25,490

USD versus ZAR

Put

Goldman Sachs International

04/04/2023

ZAR

15.70

USD

4,550,000

216,025

USD versus ZAR

Put

Goldman Sachs International

07/24/2023

ZAR

15.75

USD

2,100,000

202,356

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

11/14/2022

ZAR

17.00

USD

35,000,000

1,890

Subtotal – Foreign Currency Put Options Purchased

9,479,157

Total Foreign Currency Options Purchased

$10,619,502

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


23		Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Pay/

Receive

Type of

Exercise

Floating Rate

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Index

Frequency

Date

Value

Interest Rate Risk

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

0.55%

Pay

TONAR

Annually

05/26/2025

JPY

15,000,000,000

4,058,422

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

12/07/2022

USD

203,000,000

16,500,593

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

06/07/2023

USD

247,800,000

20,616,311

2 Year Interest Rate Swap

Put

Goldman Sachs International

7.75

Pay

6 Month WIBOR

Semi-Annually

12/12/2022

PLN

175,000,000

375,778

30 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.93

Pay

6 Month EURIBOR

Semi-Annually

06/12/2023

EUR

21,000,000

3,168,879

50 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.37

Pay

6 Month EURIBOR

Semi-Annually

04/21/2023

EUR

10,500,000

2,325,055

Total Interest Rate Swaptions Purchased

47,045,038

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

Open Over-The-Counter Credit Default Swaptions Purchased^(a)

Counterparty

Type of

Contract

Exercise
Rate

Reference

Entity

(Pay)/
Receive
Fixed
Rate

Payment

Frequency

Expiration
Date

Implied
Credit
Spread^(b)

Notional
Value

Value

Credit Risk

J.P. Morgan Chase Bank, N.A.

Call

600.00%

Markit iTraxx Europe Crossover Index, Series 38, Version 1

5.00%

Quarterly

11/16/2022

5.558%

EUR

84,000,000

1,602,837

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

^(b)

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

J.P. Morgan Chase Bank, N.A.

Call

550.00%

Markit iTraxx Europe Crossover Index, Series 38, Version 1

5.00%

Quarterly

11/16/2022

5.558%

EUR

126,000,000

(1,021,775

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

^(b)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


24		Invesco Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Written^(a)




Description	Type of Contract	Counterparty	Expiration Date		Exercise Price		Notional Value		Value


Currency Risk


AUD versus USD	Call	Bank of America, N.A.		09/27/2023	USD	0.75	AUD	46,666,667	$	(135,461	)


EUR versus CHF	Call	Goldman Sachs International		12/16/2022	CHF	0.99	EUR	26,250,000		(204,497	)


EUR versus HUF	Call	Bank of America, N.A.		01/31/2023	HUF	460.00	EUR	28,000,000		(298,293	)


EUR versus SEK	Call	Morgan Stanley and Co. International PLC		02/17/2023	SEK	11.35	EUR	17,500,000		(116,028	)


GBP versus USD	Call	Goldman Sachs International		01/09/2023	USD	1.18	GBP	3,500,000		(1,517,886	)


USD versus BRL	Call	Goldman Sachs International		02/01/2023	BRL	5.85	USD	3,500,000		(457,195	)


USD versus BRL	Call	J.P. Morgan Chase Bank, N.A.		03/16/2023	BRL	6.05	USD	17,500,000		(224,123	)


USD versus HUF	Call	Goldman Sachs International		12/02/2022	HUF	431.00	USD	52,500,000		(794,955	)


USD versus HUF	Call	J.P. Morgan Chase Bank, N.A.		12/13/2022	HUF	433.60	USD	35,000,000		(630,140	)


USD versus MXN	Call	Goldman Sachs International		09/01/2023	MXN	24.14	USD	77,000,000		(1,040,347	)


USD versus MXN	Call	Goldman Sachs International		09/11/2023	MXN	23.54	USD	42,000,000		(724,374	)


USD versus SEK	Call	Goldman Sachs International		09/27/2023	SEK	12.35	USD	42,000,000		(871,374	)


USD versus THB	Call	J.P. Morgan Chase Bank, N.A.		12/13/2022	THB	37.60	USD	35,000,000		(654,570	)


Subtotal – Foreign Currency Call Options Written										(7,669,243	)


Currency Risk


AUD versus USD	Put	Bank of America, N.A.		09/27/2023	USD	0.60	AUD	58,577,406		(622,623	)


EUR versus SEK	Put	Morgan Stanley and Co. International PLC		02/17/2023	SEK	10.45	EUR	17,500,000		(54,840	)


USD versus THB	Put	J.P. Morgan Chase Bank, N.A.		12/13/2022	THB	34.75	USD	35,000,000		(6,615	)


USD versus ZAR	Put	Bank of America, N.A.		01/25/2023	ZAR	17.15	USD	35,000,000		(204,400	)


Subtotal – Foreign Currency Put Options Written										(888,478	)


Total – Foreign Currency Options Written									$	(8,557,721	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

Open Over-The-Counter Interest Rate Swaptions Written^(a)

Pay/

Receive

Type of

Exercise

Floating

Exercise

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate Index

Rate

Frequency

Date

Value

Interest Rate Risk

30 Year Interest Rate Swap

Call

Bank of America, N.A.

3.15%

SOFR

Receive

Annually

12/21/2022

USD

70,000,000

(813,458

)

10 Year Interest Rate Swap

Call

Bank of America, N.A.

3.50

SOFR

Receive

Annually

01/26/2023

USD

105,000,000

(1,203,029

)

30 Year Interest Rate Swap

Call

Barclays Bank PLC

2.50

SONIA

Receive

Annually

11/07/2022

GBP

17,500,000

(2,480

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

3.13

SOFR

Receive

Annually

03/27/2023

USD

210,000,000

(1,947,427

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

1.90

6 Month

EURIBOR

Receive

Semi-Annually

11/07/2022

EUR

35,000,000

(931

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

3.25

SOFR

Receive

Annually

12/06/2022

USD

70,000,000

(156,790

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

2.75

SOFR

Receive

Annually

03/27/2024

USD

78,750,000

(1,429,837

)

5 Year Interest Rate Swap

Call

Goldman Sachs International

3.72

SOFR

Receive

Annually

12/28/2022

USD

105,000,000

(601,631

)

2 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

2.75

SOFR

Receive

Annually

09/16/2024

USD

262,500,000

(1,850,352

)

30 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

1.95

6 Month

EURIBOR

Receive

Semi-Annually

09/28/2023

EUR

35,000,000

(2,063,380

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co.
International PLC

2.84

SOFR

Receive

Annually

06/07/2023

USD

247,800,000

(2,185,772

)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


25		Invesco Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Written^(a)–(continued)

Pay/

Receive

Type of

Exercise

Floating

Exercise

Payment

Expiration

Notional

Description

Contract

Counterparty

Rate

Rate Index

Rate

Frequency

Date

Value

10 Year Interest Rate Swap

Call

Morgan Stanley and Co.

International PLC

2.84%

SOFR

Receive

Annually

12/07/2022

USD

203,000,000

(86,657

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co.

International PLC

3.00

SOFR

Receive

Annually

12/19/2022

USD

105,000,000

(716,942

)

Subtotal–Interest Rate Call Swaptions Written

(13,058,686

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

Bank of America, N.A.

3.91

SOFR

Pay

Annually

12/05/2022

USD

122,500,000

(1,429,684

)

2 Year Interest Rate Swap

Put

Bank of America, N.A.

3.75

3 Month CDOR

Pay

Quarterly

12/07/2022

CAD

175,000,000

(1,562,282

)

30 Year Interest Rate Swap

Put

Bank of America, N.A.

3.20

SOFR

Pay

Annually

12/05/2022

USD

52,500,000

(2,929,922

)

30 Year Interest Rate Swap

Put

Barclays Bank PLC

4.00

SONIA

Pay

Annually

12/06/2022

GBP

17,500,000

(258,568

)

2 Year Interest Rate Swap

Put

Goldman Sachs

International

8.25

6 Month WIBOR

Pay

Semi-Annually

12/12/2022

PLN

175,000,000

(197,326

)

10 Year Interest Rate Swap

Put

Goldman Sachs

International

3.67

SOFR

Pay

Annually

12/13/2022

USD

210,000,000

(5,025,649

)

10 Year Interest Rate Swap

Put

Goldman Sachs

International

3.25

6 Month EURIBOR

Pay

Semi-Annually

06/16/2023

EUR

188,160,000

(6,410,010

)

30 Year Interest Rate Swap

Put

Goldman Sachs

International

3.01

SOFR

Pay

Annually

11/07/2022

USD

70,000,000

(5,657,151

)

10 Year Interest Rate Swap

Put

Goldman Sachs

International

2.75

6 Month EURIBOR

Pay

Semi-Annually

04/22/2024

EUR

105,000,000

(7,463,266

)

30 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

2.95

6 Month EURIBOR

Pay

Semi-Annually

09/28/2023

EUR

35,000,000

(2,103,407

)

2 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

3.88

SONIA

Pay

Annually

11/28/2022

GBP

87,500,000

(1,486,120

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

1.05

TONAR

Pay

Annually

05/26/2025

JPY

15,000,000,000

(2,536,814

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

2.39

6 Month EURIBOR

Pay

Semi-Annually

06/12/2023

EUR

56,700,000

(4,271,205

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

2.16

6 Month EURIBOR

Pay

Semi-Annually

04/21/2023

EUR

42,000,000

(3,684,238

)

1 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

2.82

SOFR

Pay

Annually

02/17/2023

USD

525,000,000

(10,384,972

)

2 Year Interest Rate Swap

Put

Morgan Stanley and Co.
International PLC

4.02

SONIA

Pay

Annually

11/30/2022

GBP

87,500,000

(1,269,055

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co.
International PLC

3.75

SOFR

Pay

Annually

04/22/2024

USD

525,000,000

(23,196,987

)

Subtotal–Interest Rate Put Swaptions Written

(79,866,656

)

Total Open Over-The-Counter Interest Rate Swaptions Written

(92,925,342

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.


Open Futures Contracts^(a)


										Unrealized
	Number of		Expiration		Notional					Appreciation
Long Futures Contracts	Contracts		Month		Value		Value			(Depreciation)


Interest Rate Risk


U.S. Treasury 2 Year Notes		267		December-2022	$	54,570,211	$	(1,144,936	)	$	(1,144,936	)


U.S. Treasury 10 Year Notes		821		December-2022		90,797,469		(5,708,516	)		(5,708,516	)


U.S. Treasury 10 Year Ultra Notes		337		December-2022		39,086,734		(3,181,218	)		(3,181,218	)


Subtotal–Long Futures Contracts								(10,034,670	)		(10,034,670	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


26		Invesco Global Strategic Income Fund


Open Futures Contracts^(a)–(continued)


											Unrealized
	Number of		Expiration		Notional						Appreciation
Short Futures Contracts	Contracts		Month		Value			Value			(Depreciation)


Interest Rate Risk


Euro-Bund		100		December-2022	$	(13,681,329	)	$	258,305		$	258,305


Euro-BTP		1,276		December-2022		(133,742,364	)		393,739			393,739


U.S. Treasury 5 Year Notes		251		December-2022		(26,755,031	)		944,906			944,906


U.S. Treasury Long Bonds		65		December-2022		(7,832,500	)		1,072,500			1,072,500


U.S. Treasury Ultra Bonds		229		December-2022		(29,233,281	)		4,252,421			4,252,421


Subtotal—Short Futures Contracts									6,921,871			6,921,871


Total Futures Contracts								$	(3,112,799	)	$	(3,112,799	)

^(a)	Futures contracts collateralized by $9,171,793 cash held with Merrill Lynch International, the futures commission merchant.


Open Forward Foreign Currency Contracts


Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)


Currency Risk


11/03/2022	Bank of America, N.A.	USD	220,704,431	BRL	1,171,165,824	$	6,024,022


12/21/2022	Bank of America, N.A.	COP	180,520,750,000	USD	40,421,126		4,179,844


12/21/2022	Bank of America, N.A.	EUR	1,685,000	USD	1,678,242		6,235


12/21/2022	Bank of America, N.A.	GBP	4,100,000	USD	4,751,344		41,429


12/21/2022	Bank of America, N.A.	NZD	18,781,000	USD	11,379,898		452,436


12/21/2022	Bank of America, N.A.	USD	8,405,600	AUD	13,300,000		115,279


09/29/2023	Bank of America, N.A.	AUD	26,723,677	USD	17,500,000		245,114


11/03/2022	Citibank, N.A.	USD	236,478,730	BRL	1,252,663,824		6,027,092


12/02/2022	Citibank, N.A.	USD	62,070,752	BRL	331,560,234		1,719,953


12/21/2022	Citibank, N.A.	CAD	994,509	USD	756,680		26,265


12/21/2022	Citibank, N.A.	CNY	235,881,772	USD	33,896,416		1,431,526


12/21/2022	Citibank, N.A.	INR	1,071,732,486	USD	13,023,374		152,435


12/21/2022	Citibank, N.A.	THB	130,000,000	USD	3,475,657		44,973


12/21/2022	Deutsche Bank AG	GBP	64,962,157	USD	75,072,094		446,195


12/21/2022	Deutsche Bank AG	INR	743,170,000	USD	9,278,027		352,950


12/21/2022	Deutsche Bank AG	PLN	103,155,000	USD	21,478,096		51,908


12/21/2022	Deutsche Bank AG	ZAR	1,180,396,575	USD	67,208,963		3,190,522


11/10/2022	Goldman Sachs International	USD	40,250,000	MXN	804,436,500		300,282


11/14/2022	Goldman Sachs International	ZAR	238,757,750	USD	13,905,518		919,559


11/21/2022	Goldman Sachs International	CNY	78,343,356	USD	10,920,000		109,028


12/06/2022	Goldman Sachs International	HUF	3,211,267,500	USD	7,875,000		198,906


12/15/2022	Goldman Sachs International	ZAR	148,514,275	USD	8,487,500		429,269


12/21/2022	Goldman Sachs International	INR	800,000,000	USD	9,952,106		344,530


12/21/2022	Goldman Sachs International	USD	3,124,319	CLP	3,127,600,000		163,490


12/21/2022	Goldman Sachs International	USD	14,240,407	COP	71,378,615,000		89,539


12/21/2022	Goldman Sachs International	USD	33,667,000	MXN	697,455,807		1,234,388


12/29/2022	Goldman Sachs International	CNY	58,369,290	USD	8,260,000		228,726


01/11/2023	Goldman Sachs International	USD	37,595,040	GBP	33,600,000		1,034,924


02/27/2023	Goldman Sachs International	USD	4,791,708	RUB	374,472,000		566,683


03/13/2023	Goldman Sachs International	CAD	23,387,438	USD	18,025,000		820,866


11/16/2022	J.P. Morgan Chase Bank, N.A.	ZAR	36,834,000	USD	2,100,000		96,930


12/15/2022	J.P. Morgan Chase Bank, N.A.	HUF	1,211,100,000	USD	3,000,000		112,170


12/15/2022	J.P. Morgan Chase Bank, N.A.	THB	585,637,500	USD	16,100,000		655,130


12/21/2022	J.P. Morgan Chase Bank, N.A.	CLP	12,995,000,000	USD	14,414,864		754,204


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	16,834,000	CAD	23,121,972		147,861


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	25,251,000	PLN	126,548,686		1,034,260

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


27		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)


Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive		Unrealized Appreciation (Depreciation)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	24,161,977	ZAR	446,580,000	$	58,150


02/17/2023	J.P. Morgan Chase Bank, N.A.	USD	2,854,536	RUB	217,087,500		279,552


02/22/2023	J.P. Morgan Chase Bank, N.A.	USD	3,046,501	RUB	232,295,700		292,239


12/21/2022	Morgan Stanley and Co. International PLC	COP	25,214,115,000	USD	5,571,564		509,588


12/21/2022	Morgan Stanley and Co. International PLC	EUR	142,930,783	USD	144,097,822		2,269,161


12/21/2022	Morgan Stanley and Co. International PLC	USD	13,215,986	EUR	13,450,659		130,957


12/21/2022	Morgan Stanley and Co. International PLC	USD	11,470,062	MXN	234,407,926		259,946


12/21/2022	Morgan Stanley and Co. International PLC	USD	15,551,680	NZD	27,310,000		338,262


12/21/2022	Royal Bank of Canada	GBP	3,980,000	USD	4,628,410		56,347


12/21/2022	Royal Bank of Canada	USD	4,359,747	GBP	3,965,000		195,084


Subtotal–Appreciation							38,138,209



Currency Risk


11/03/2022	Bank of America, N.A.	BRL	1,171,165,824	USD	217,266,674		(9,461,779	)


12/12/2022	Bank of America, N.A.	USD	22,600,000	CAD	29,481,926		(951,085	)


12/20/2022	Bank of America, N.A.	USD	12,279,400	EUR	12,250,000		(125,108	)


12/21/2022	Bank of America, N.A.	USD	36,697,375	AUD	54,289,206		(1,916,040	)


12/21/2022	Bank of America, N.A.	USD	1,129,982	COP	5,046,500,000		(116,849	)


12/21/2022	Bank of America, N.A.	USD	3,535,530	EUR	3,511,000		(51,603	)


12/21/2022	Bank of America, N.A.	USD	17,900,456	NZD	29,542,309		(711,677	)


01/27/2023	Bank of America, N.A.	ZAR	129,556,000	USD	7,000,000		(8,044	)


02/27/2023	Bank of America, N.A.	RUB	374,472,000	USD	4,200,000		(1,158,391	)


12/21/2022	BNP Paribas S.A.	GBP	7,895,682	USD	8,420,000		(650,240	)


11/03/2022	Citibank, N.A.	BRL	1,252,663,824	USD	237,709,681		(4,796,141	)


12/02/2022	Citibank, N.A.	BRL	850,700,000	USD	159,257,907		(4,412,969	)


12/21/2022	Citibank, N.A.	COP	70,438,530,000	USD	14,079,779		(61,436	)


12/21/2022	Citibank, N.A.	USD	25,251,000	CNY	178,963,937		(619,828	)


12/21/2022	Deutsche Bank AG	GBP	10,105,000	USD	11,244,251		(363,965	)


12/21/2022	Deutsche Bank AG	USD	4,264,042	EUR	4,250,000		(46,813	)


12/21/2022	Deutsche Bank AG	USD	9,020,833	GBP	7,806,000		(53,616	)


12/21/2022	Deutsche Bank AG	USD	16,285,798	PLN	78,217,430		(39,359	)


12/21/2022	Deutsche Bank AG	USD	24,894,443	ZAR	437,201,188		(1,182,972	)


11/14/2022	Goldman Sachs International	USD	27,730,518	ZAR	477,515,500		(1,758,599	)


12/21/2022	Goldman Sachs International	MXN	813,839,295	USD	40,400,000		(325,335	)


12/21/2022	Goldman Sachs International	USD	8,750,000	HUF	3,514,266,875		(384,093	)


06/29/2023	Goldman Sachs International	PLN	26,607,497	USD	5,165,000		(203,141	)


07/26/2023	Goldman Sachs International	ZAR	98,542,500	USD	5,250,000		(20,957	)


09/29/2023	Goldman Sachs International	SEK	115,583,565	USD	10,470,000		(209,082	)


10/16/2023	Goldman Sachs International	AUD	3,675,000	USD	2,326,275		(47,238	)


10/16/2023	Goldman Sachs International	NZD	8,166,667	USD	4,569,250		(190,891	)


11/28/2022	J.P. Morgan Chase Bank, N.A.	EUR	6,480,000	NOK	64,155,175		(239,505	)


12/20/2022	J.P. Morgan Chase Bank, N.A.	BRL	50,085,000	USD	9,275,000		(324,412	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	HUF	16,415,462,260	USD	37,459,500		(1,618,418	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	4,697,084	CLP	4,234,421,350		(245,757	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	8,622,485	HUF	3,509,782,500		(267,253	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	13,330,338	INR	1,071,732,486		(459,399	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	31,966,883	JPY	4,546,869,097		(1,197,444	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	4,585,921	KRW	6,315,226,500		(157,334	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	13,889,145	NOK	138,893,859		(506,172	)


12/21/2022	J.P. Morgan Chase Bank, N.A.	USD	8,417,000	ZAR	150,521,219		(253,528	)


02/17/2023	J.P. Morgan Chase Bank, N.A.	RUB	217,087,500	USD	2,625,000		(509,089	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


28		Invesco Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)


Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive		Unrealized Appreciation (Depreciation)


02/22/2023	J.P. Morgan Chase Bank, N.A.	RUB	232,295,700	USD	2,730,000	$	(608,740	)


03/20/2023	J.P. Morgan Chase Bank, N.A.	BRL	21,175,000	USD	3,850,000		(139,226	)


12/21/2022	Morgan Stanley and Co. International PLC	CLP	7,565,980,000	USD	7,656,325		(297,218	)


12/21/2022	Morgan Stanley and Co. International PLC	MXN	854,857,000	USD	41,829,912		(947,990	)


12/21/2022	Morgan Stanley and Co. International PLC	USD	13,191,889	CZK	327,567,800		(8,134	)


12/21/2022	Morgan Stanley and Co. International PLC	USD	93,024,929	EUR	92,269,179		(1,467,226	)


12/21/2022	Morgan Stanley and Co. International PLC	USD	16,317,000	JPY	2,376,924,313		(231,948	)


12/21/2022	Morgan Stanley and Co. International PLC	USD	10,938,875	SEK	116,321,083		(359,935	)


12/21/2022	Morgan Stanley and Co. International PLC	USD	45,060,865	THB	1,633,005,750		(1,966,047	)


12/21/2022	Royal Bank of Canada	CAD	30,320,000	USD	22,105,837		(162,593	)


12/21/2022	Royal Bank of Canada	GBP	883,000	USD	970,910		(43,445	)


12/21/2022	Standard Chartered Bank PLC	GBP	8,500,000	USD	9,073,082		(691,374	)


Subtotal–Depreciation							(42,569,438	)


Total Forward Foreign Currency Contracts						$	(4,431,229	)


Open Centrally Cleared Credit Default Swap Agreements^(a)


		(Pay)/
		Receive					Implied				Upfront						Unrealized
	Buy/Sell	Fixed		Payment			Credit				Payments Paid						Appreciation
Reference Entity	Protection	Rate		Frequency	Maturity Date		Spread^(b)		Notional Value		(Received)			Value			(Depreciation)


Credit Risk


Markit iTraxx Europe Index, Series 37, Version 1	Buy		(1.00)%	Quarterly		06/20/2027		1.081%	EUR	7,525,000		$ (77,432	)	$	25,404			$ 102,836


Markit iTraxx Europe Sub Financials, Series 37, Version 1	Buy		(1.00)	Quarterly		06/20/2027		2.065	EUR	7,437,500		236,016			325,842			89,826


Intercontinental Exchange, Inc.	Buy		(1.00)	Quarterly		12/20/2027		2.959	USD	12,250,000		998,589			1,014,727			16,138


Subtotal - Appreciation												1,157,173			1,365,973			208,800


Credit Risk


South Africa Republic International Bonds	Buy		(1.00)	Quarterly		06/20/2027		2.848	USD	3,500,000		259,896			255,456			(4,440)


Societe Generale	Sell		1.00	Quarterly		06/20/2027		1.300	EUR	10,500,000		10,451			(132,040	)		(142,491)


Subtotal - Depreciation												270,347			123,416			(146,931)


Total Centrally Cleared Credit Default Swap Agreements												$1,427,520		$	1,489,389			$ 61,869

^(a)	Centrally cleared swap agreements collateralized by $40,567,587 cash held with Counterparties.

^(b)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


29		Invesco Global Strategic Income Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)


Pay/			(Pay)/								Upfront
Receive			Receive								Payments						Unrealized
Floating	Floating Rate	Payment	Fixed			Payment	Maturity				Paid						Appreciation
Rate	Index	Frequency	Rate			Frequency	Date		Notional Value		(Received)			Value			(Depreciation)


Interest Rate Risk


Receive	28 Day MXN TIIE	28 Day		(10.04	)%	28 Day		12/18/2024	MXN	385,000,000	$	–		$	8,721		$	8,721


Receive	6 Month THBFIX	Semi-Annually		(1.97	)	Semi-Annually		05/13/2024	THB	612,500,000		–			26,163			26,163


Pay	TONAR	Annually		0.24		Annually		09/29/2027	JPY	4,077,500,000		(33,768	)		(5,079	)		28,689


Receive	TTHORON	Quarterly		(2.59	)	Quarterly		06/13/2027	THB	248,500,000		–			29,240			29,240


Receive	6 Month THBFIX	Semi-Annually		(1.95	)	Semi-Annually		05/13/2024	THB	595,000,000		–			30,118			30,118


Receive	COOVIBR	Quarterly		(11.50	)	Quarterly		11/02/2024	COP	96,250,000,000		–			41,798			41,798


Receive	COOVIBR	Quarterly		(11.46	)	Quarterly		11/01/2024	COP	96,250,000,000		–			57,044			57,044


Receive	6 Month THBFIX	Semi-Annually		(1.71	)	Semi-Annually		04/18/2025	THB	401,000,000		–			61,772			61,772


Pay	TONAR	Annually		0.30		Annually		09/29/2027	JPY	4,077,500,000		(9,690	)		75,363			85,053


Receive	6 Month THBFIX	Semi-Annually		(1.66	)	Semi-Annually		05/26/2024	THB	595,000,000		–			98,331			98,331


Receive	BZDIOVRA	At Maturity		(12.84	)	At Maturity		01/02/2024	BRL	487,066,027		–			116,770			116,770


Receive	COOVIBR	Quarterly		(9.85	)	Quarterly		07/21/2032	COP	12,010,000,000		–			151,284			151,284


Receive	6 Month WIBOR	Semi-Annually		(7.61	)	Annually		09/21/2024	PLN	88,200,000		–			167,198			167,198


Receive	SOFR	Annually		(3.39	)	Annually		11/09/2052	USD	14,280,000		–			173,970			173,970


Receive	COOVIBR	Quarterly		(9.71	)	Quarterly		07/21/2032	COP	12,332,000,000		–			176,335			176,335


Pay	BZDIOVRA	At Maturity		11.72		At Maturity		01/02/2026	BRL	174,013,173		–			211,605			211,605


Receive	COOVIBR	Quarterly		(8.54	)	Quarterly		05/27/2032	COP	9,450,000,000		–			268,710			268,710


Receive	COOVIBR	Quarterly		(9.86	)	Quarterly		09/09/2032	COP	25,200,000,000		–			312,392			312,392


Receive	28 Day MXN TIIE	28 Day		(9.43	)	28 Day		12/18/2024	MXN	595,000,000		–			336,975			336,975


Receive	SOFR	Annually		(3.36	)	Annually		11/09/2052	USD	19,040,000		–			346,004			346,004


Receive	3 Month ADBB	Quarterly		(3.70	)	Quarterly		09/07/2025	AUD	72,800,000		–			359,556			359,556


Receive	3 Month JIBAR	Quarterly		(6.61	)	Quarterly		10/19/2026	ZAR	119,500,000		535			363,197			362,662


Receive	28 Day MXN TIIE	28 Day		(9.36	)	28 Day		12/18/2024	MXN	595,000,000		–			377,078			377,078


Receive	3 Month JIBAR	Quarterly		(6.65	)	Quarterly		10/11/2026	ZAR	124,250,000		–			380,581			380,581


Pay	SONIA	Annually		3.99		Annually		10/24/2052	GBP	3,150,000		–			471,302			471,302


Pay	SOFR	Annually		3.89		Annually		10/27/2032	USD	110,250,000		(5,037	)		551,644			556,681


Receive	COOVIBR	Quarterly		(9.01	)	Quarterly		05/24/2032	COP	25,400,000,000		–			573,538			573,538


Receive	3 Month JIBAR	Quarterly		(6.63	)	Quarterly		02/11/2031	ZAR	68,250,000		–			591,926			591,926


Receive	COOVIBR	Quarterly		(8.88	)	Quarterly		05/09/2032	COP	27,000,000,000		–			651,086			651,086


Receive	COOVIBR	Quarterly		(9.06	)	Quarterly		05/16/2032	COP	25,900,000,000		–			728,086			728,086


Receive	3 Month JIBAR	Quarterly		(7.98	)	Quarterly		03/07/2032	ZAR	160,000,000		–			832,464			832,464


Pay	BZDIOVRA	At Maturity		12.88		At Maturity		01/04/2027	BRL	72,657,132		–			846,380			846,380


Receive	3 Month JIBAR	Quarterly		(7.95	)	Quarterly		03/07/2032	ZAR	165,000,000		–			875,732			875,732


Receive	28 Day MXN TIIE	28 Day		(8.35	)	28 Day		03/06/2025	MXN	551,250,000		–			897,551			897,551


Pay	BZDIOVRA	At Maturity		12.90		At Maturity		01/04/2027	BRL	85,909,982		–			1,011,892			1,011,892


Receive	FBIL Overnight MIBOR	Semi-Annually		(5.65	)	Semi-Annually		02/17/2027	INR	1,837,500,000		–			1,063,346			1,063,346


Receive	3 Month JIBAR	Quarterly		(6.70	)	Quarterly		01/29/2031	ZAR	145,000,000		–			1,218,873			1,218,873


Receive	3 Month JIBAR	Quarterly		(6.70	)	Quarterly		01/27/2031	ZAR	148,000,000		–			1,242,638			1,242,638


Receive	3 Month JIBAR	Quarterly		(7.32	)	Quarterly		07/15/2031	ZAR	206,100,000		–			1,420,236			1,420,236


Receive	SOFR	Annually		(3.05	)	Annually		09/27/2052	USD	25,293,625		–			1,888,916			1,888,916


Receive	SOFR	Annually		(2.66	)	Annually		11/09/2052	USD	14,175,000		–			2,045,720			2,045,720


Receive	CLICP	Semi-Annually		(2.35	)	Semi-Annually		03/11/2026	CLP	22,500,000,000		–			3,579,514			3,579,514


Subtotal – Appreciation												(47,960	)		24,655,970			24,703,930

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


30		Invesco Global Strategic Income Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)


Pay/			(Pay)/								Upfront
Receive			Receive								Payments						Unrealized
Floating	Floating Rate	Payment	Fixed			Payment	Maturity				Paid						Appreciation
Rate	Index	Frequency	Rate			Frequency	Date		Notional Value		(Received)			Value			(Depreciation)


Interest Rate Risk


Pay	SOFR	Annually		2.84	%	Annually		06/09/2033	USD	189,000,000	$	–		$	(14,056,731	)	$	(14,056,731	)


Pay	SOFR	Annually		2.41		Annually		06/02/2052	USD	47,810,000		–			(9,068,711	)		(9,068,711	)


Pay	6 Month EURIBOR	Semi-Annually		2.43		Annually		09/05/2032	EUR	88,200,000		(19,518	)		(4,227,435	)		(4,207,917	)


Pay	SONIA	Annually		2.24		Annually		10/11/2032	GBP	17,500,000		–			(2,543,887	)		(2,543,887	)


Pay	SOFR	Annually		3.38		Annually		09/08/2025	USD	49,350,000		–			(1,265,326	)		(1,265,326	)


Receive	SONIA	Annually		(5.73	)	Annually		09/28/2024	GBP	35,000,000		3,522			(829,632	)		(833,154	)


Receive	SONIA	Annually		(5.41	)	Annually		09/27/2024	GBP	35,000,000		3,153			(600,100	)		(603,253	)


Receive	SONIA	Annually		(4.96	)	Annually		10/04/2024	GBP	70,000,000		–			(552,357	)		(552,357	)


Receive	SONIA	Annually		(5.51	)	Annually		09/28/2024	GBP	18,900,000		1,786			(364,238	)		(366,024	)


Pay	SOFR	Annually		3.94		Annually		11/09/2027	USD	77,945,000		–			(322,063	)		(322,063	)


Pay	28 Day MXN TIIE	28 Day		8.68		28 Day		12/08/2032	MXN	161,875,000		–			(310,278	)		(310,278	)


Pay	28 Day MXN TIIE	28 Day		8.79		28 Day		12/08/2032	MXN	162,750,000		–			(255,648	)		(255,648	)


Pay	BZDIOVRA	At Maturity		8.68		At Maturity		01/04/2027	BRL	56,292,938		–			(207,994	)		(207,994	)


Receive	CLICP	Semi-Annually		(7.41	)	Semi-Annually		07/22/2027	CLP	7,700,000,000		–			(188,756	)		(188,756	)


Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026	BRL	181,797,497		–			(188,076	)		(188,076	)


Receive	FBIL Overnight MIBOR	Semi-Annually		(7.02	)	Semi-Annually		05/25/2027	INR	1,312,500,000		–			(180,669	)		(180,669	)


Pay	BZDIOVRA	At Maturity		11.27		At Maturity		01/02/2029	BRL	60,141,391		–			(114,914	)		(114,914	)


Receive	BZDIOVRA	At Maturity		(13.08	)	At Maturity		01/02/2024	BRL	447,125,210		–			(98,877	)		(98,877	)


Pay	CLICP	Annually		10.90		Annually		07/22/2023	CLP	34,895,000,000		–			(84,939	)		(84,939	)


Pay	SOFR	Annually		4.00		Annually		11/09/2027	USD	58,458,750		–			(75,418	)		(75,418	)


Pay	BZDIOVRA	At Maturity		11.44		At Maturity		01/02/2026	BRL	180,224,550		–			(74,349	)		(74,349	)


Receive	BZDIOVRA	At Maturity		(13.00	)	At Maturity		01/02/2024	BRL	469,538,378		–			(30,222	)		(30,222	)


Pay	28 Day MXN TIIE	28 Day		9.24		28 Day		12/08/2032	MXN	106,750,000		–			(9,771	)		(9,771	)


Receive	6 Month THBFIX	Semi-Annually		(2.11	)	Semi-Annually		05/11/2024	THB	595,000,000		–			(6,122	)		(6,122	)


Subtotal – Depreciation												(11,057	)		(35,656,513	)		(35,645,456	)


Total Centrally Cleared Interest Rate Swap Agreements											$	(59,017	)	$	(11,000,543	)	$	(10,941,526	)

^(a)	Centrally cleared swap agreements collateralized by $40,567,587 cash held with Counterparties.


Open Over-The-Counter Credit Default Swap Agreements^(a)


			(Pay)/					Implied				Upfront						Unrealized
		Buy/Sell	Receive		Payment	Maturity		Credit		Notional		Payments Paid						Appreciation
Counterparty	Reference Entity	Protection	Fixed Rate		Frequency	Date		Spread^(b)		Value		(Received)			Value			(Depreciation)


Credit Risk


Goldman Sachs International	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)%	Quarterly		12/20/2027		2.153%	EUR	3,500,000	$	135,541		$	183,519		$	47,978


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00	Quarterly		12/20/2022		0.100	EUR	10,000,000		48,738			66,892			18,154


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00	Quarterly		12/20/2022		0.100	EUR	35,000,000		121,152			234,121			112,969


J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)	Quarterly		06/20/2027		2.047	EUR	5,250,000		169,550			229,142			59,592


J.P. Morgan Chase Bank, N.A.	Markit CDX Investment Grade Index, Series 37, Version 1	Sell		1.00	Quarterly		12/20/2026		3.605	USD	17,500,000		(1,967,611	)		(1,661,967	)		305,644


Subtotal–Appreciation													(1,492,630	)		(948,293	)		544,337

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


31		Invesco Global Strategic Income Fund


Open Over-The-Counter Credit Default Swap Agreements^(a)–(continued)


			(Pay)/					Implied				Upfront					Unrealized
		Buy/Sell	Receive		Payment	Maturity		Credit		Notional		Payments Paid					Appreciation
Counterparty	Reference Entity	Protection	Fixed Rate		Frequency	Date		Spread^(b)		Value		(Received)		Value			(Depreciation)


Credit Risk


Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy		(1.00)%	Quarterly		12/20/2024		1.105%	EUR	3,750,000	$	20,426	$	8,071		$	(12,355	)


Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell		1.00	Quarterly		12/20/2024		0.742	EUR	3,750,000		31,444		19,913			(11,531	)


Goldman Sachs International	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00	Quarterly		12/20/2025		2.019	USD	46,800,000		5,342,411		4,046,561			(1,295,850	)


Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5	Sell		5.00	Quarterly		12/20/2024		8.244	EUR	7,100,000		390,267		(450,116	)		(840,383	)


J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 35, Version 1	Sell		5.00	Quarterly		12/20/2025		2.019	USD	14,600,000		1,568,751		1,262,389			(306,362	)


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell		5.00	Quarterly		12/20/2023		13.894	EUR	7,500,000		32,798		(707,519	)		(740,317	)


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell		5.00	Quarterly		12/20/2023		13.894	EUR	7,100,000		97,437		(669,785	)		(767,222	)


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell		5.00	Quarterly		12/20/2023		13.894	EUR	3,550,000		36,613		(334,892	)		(371,505	)


Subtotal–Depreciation													7,520,147		3,174,622			(4,345,525	)


Total Open Over-The-Counter Credit Default Swap Agreements												$	6,027,517	$	2,226,329		$	(3,801,188	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

^(b)

Open Over-The-Counter Interest Rate Swap Agreements^(a)

Pay/

(Pay)/

Upfront

Receive

Received

Payments

Floating

Floating Rate

Payment

Fixed

Payment

Maturity

Notional

Paid

Unrealized

Counterparty

Rate

Index

Frequency

Rate

Frequency

Date

Value

(Received)

Value

Appreciation

Interest Rate Risk

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(2.70)%

Quarterly

03/16/2024

MYR 71,400,000

$542

212,202

211,660

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $73,299,000.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


32		Invesco Global Strategic Income Fund


Abbreviations:

ADBB		–Australian Dollar Bank Bill
AUD		–Australian Dollar
BRL		–Brazilian Real
BZDIOVRA		–Brazil Ceptip DI Interbank Deposit Rate
CAD		–Canadian Dollar
CDOR		–Canadian Dealer Offered Rate
CHF		–Swiss Franc
CLICP		–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP		–Chile Peso
CNY		–Chinese Yuan Renminbi
COOVIBR		–Colombia IBR Overnight Nominal Interbank Reference Rate
COP		–Colombia Peso
CZK		–Czech Koruna
EUR		–Euro
EURIBOR		–Euro Interbank Offered Rate
FBIL		–Financial Benchmarks India Private Ltd.
GBP		–British Pound Sterling
HUF		–Hungarian Forint
INR		–Indian Rupee
JIBAR		–Johannesburg Interbank Average Rate
JPY		–Japanese Yen
KLIBOR		–Kuala Lumpur Interbank Offered Rate
KRW		–South Korean Won
MIBOR		–Mumbai Interbank Offered Rate
MXN		–Mexican Peso
MYR		–Malaysian Ringgit
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PLN		–Polish Zloty
RUB		–Russian Ruble
SEK		–Swedish Krona
SGD		–Singapore Dollar
SOFR		–Secured Overnight Financing Rate
SONIA		–Sterling Overnight Index Average
THB		–Thai Baht
THBFIX		–Thai Baht Interest Rate Fixing
TIIE		–Interbank Equilibrium Interest Rate
TONAR		–Tokyo Overnight Average Rate
TTHORON		–Thai Overnight Repurchase Rate
USD		–U.S. Dollar
WIBOR		–Warsaw Interbank Offered Rate
ZAR		–South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


33		Invesco Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,690,669,700)*	$	1,455,078,935


Investments in affiliated money market funds, at value (Cost $154,526,626)		154,525,799


Other investments:
Variation margin receivable – futures contracts		3,958,352


Variation margin receivable–centrally cleared swap agreements		234,020


Swaps receivable – OTC		817,064


Unrealized appreciation on swap agreements – OTC		755,997


Premiums paid on swap agreements – OTC		6,028,059


Unrealized appreciation on forward foreign currency contracts outstanding		38,138,209


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		9,171,793


Cash collateral – centrally cleared swap agreements		40,567,587


Cash collateral – OTC Derivatives		73,299,000


Cash collateral – TBA commitments		669,000


Cash		35,308,809


Foreign currencies, at value (Cost $10,011,467)		9,949,716


Receivable for:
Investments sold		16,547,074


Fund shares sold		410,618


Dividends		278,208


Interest		22,877,447


Investment for trustee deferred compensation and retirement plans		363,419


Other assets		92,270


Total assets		1,869,071,376



Liabilities:
Other investments:
Options written, at value (premiums received $77,551,361)		102,504,838


Unrealized depreciation on forward foreign currency contracts outstanding		42,569,438


Swaps payable – OTC		14,330


Unrealized depreciation on swap agreements–OTC		4,345,525


Payable for:
Investments purchased		2,519,633


Dividends		966,609


Fund shares reacquired		1,200,854


Collateral upon return of securities loaned		65,043,941


Accrued fees to affiliates		891,802


Accrued trustees’ and officers’ fees and benefits		2,036


Accrued other operating expenses		415,841


Trustee deferred compensation and retirement plans		363,419


Total liabilities		220,838,266


Net assets applicable to shares outstanding	$	1,648,233,110


Net assets consist of:
Shares of beneficial interest	$	2,835,150,382


Distributable earnings (loss)		(1,186,917,272	)


	$	1,648,233,110



Net Assets:
Class A	$	1,433,891,922


Class C	$	48,257,045


Class R	$	51,835,827


Class Y	$	103,793,711


Class R5	$	7,828


Class R6	$	10,446,777



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		496,801,461


Class C		16,767,501


Class R		17,947,059


Class Y		36,026,951


Class R5		2,710


Class R6		3,636,515


Class A:
Net asset value per share	$	2.89


Maximum offering price per share
(Net asset value of $2.89 ÷ 95.75%)	$	3.02


Class C:
Net asset value and offering price per share	$	2.88


Class R:
Net asset value and offering price per share	$	2.89


Class Y:
Net asset value and offering price per share	$	2.88


Class R5:
Net asset value and offering price per share	$	2.89


Class R6:
Net asset value and offering price per share	$	2.87

*	At October 31, 2022, securities with an aggregate value of $63,241,820 were on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


34		Invesco Global Strategic Income Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest (net of foreign withholding taxes of $253,834)	$	75,684,454


Dividends from affiliates (includes net securities lending income of $834,144)		3,252,052


Total investment income		78,936,506



Expenses:
Advisory fees		11,492,687


Administrative services fees		284,445


Custodian fees		684,188


Distribution fees:
Class A		4,068,715


Class C		629,915


Class R		305,920


Interest, facilities and maintenance fees		1,619,247


Transfer agent fees – A, C, R and Y		2,743,338


Transfer agent fees – R5		3


Transfer agent fees – R6		4,300


Trustees’ and officers’ fees and benefits		35,757


Registration and filing fees		107,164


Professional services fees		137,052


Other		(113,022	)


Total expenses		21,999,709


Less: Fees waived and/or expense offset arrangement(s)		(368,654	)


Net expenses		21,631,055


Net investment income		57,305,451



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $867)		(126,114,717	)


Affiliated investment securities		(4,040,511	)


Foreign currencies		(7,047,624	)


Forward foreign currency contracts		38,541,637


Futures contracts		36,133,710


Option contracts written		(1,407,448	)


Swap agreements		(107,056,637	)


		(170,991,590	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(190,655,740	)


Affiliated investment securities		689,096


Foreign currencies		508,922


Forward foreign currency contracts		(21,029,010	)


Futures contracts		(2,634,316	)


Option contracts written		(18,927,550	)


Swap agreements		2,396,505


		(229,652,093	)


Net realized and unrealized gain (loss)		(400,643,683	)


Net increase (decrease) in net assets resulting from operations	$	(343,338,232	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


35		Invesco Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	57,305,451		$	71,841,540


Net realized gain (loss)		(170,991,590	)		(25,589,444	)


Change in net unrealized appreciation (depreciation)		(229,652,093	)		12,600,729


Net increase (decrease) in net assets resulting from operations		(343,338,232	)		58,852,825



Distributions to shareholders from distributable earnings:
Class A		–			(25,957,364	)


Class C		–			(1,216,045	)


Class R		–			(905,564	)


Class Y		–			(2,208,688	)


Class R5		–			(118	)


Class R6		–			(271,613	)


Total distributions from distributable earnings		–			(30,559,392	)



Return of capital:
Class A		(54,922,897	)		(30,499,206	)


Class C		(1,516,768	)		(619,123	)


Class R		(1,802,840	)		(867,377	)


Class Y		(4,613,921	)		(3,021,211	)


Class R5		(316	)		(178	)


Class R6		(534,000	)		(401,918	)


Total return of capital		(63,390,742	)		(35,409,013	)


Total distributions		(63,390,742	)		(65,968,405	)



Share transactions–net:
Class A		(219,253,212	)		(222,799,297	)


Class C		(17,438,498	)		(78,911,388	)


Class R		(6,115,570	)		(8,352,959	)


Class Y		(26,212,159	)		(44,748,462	)


Class R6		(5,302,195	)		(1,719,097	)


Net increase (decrease) in net assets resulting from share transactions		(274,321,634	)		(356,531,203	)


Net increase (decrease) in net assets		(681,050,608	)		(363,646,783	)



Net assets:
Beginning of year		2,329,283,718			2,692,930,501


End of year	$	1,648,233,110		$	2,329,283,718

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


36		Invesco Global Strategic Income Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed^(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(d)(e)
Class A
Year ended 10/31/22		$	3.56		$	0.09		$	(0.66	)		$	(0.57	)		$	-			$	(0.10	)		$	(0.10	)		$	2.89		(16.12	)%^(f)		$	1,433,892		1.08	%^(f)(g)		1.10	%^(f)(g)		2.89	%^(f)(g)		88	%
Year ended 10/31/21			3.58			0.10			(0.03	)			0.07				(0.04	)			(0.05	)			(0.09	)			3.56		2.04	^(f)			2,004,153		0.99	^(f)		1.01	^(f)		2.79	^(f)		241
Year ended 10/31/20			3.75			0.10			(0.16	)			(0.06	)			(0.05	)			(0.06	)			(0.11	)			3.58		(1.47	)^(f)			2,236,548		0.98	^(f)		0.99	^(f)		2.70	^(f)		273
One month ended 10/31/19			3.72			0.01			0.03				0.04				(0.00	)			(0.01	)			(0.01	)			3.75		(1.11	)			2,669,175		0.96	^(h)		1.00	^(h)		3.80	^(h)		25
Year ended 09/30/19			3.73			0.19			(0.01	)			0.18				(0.13	)			(0.06	)			(0.19	)			3.72		5.08				2,671,046		0.95			1.00			5.25			114
Year ended 09/30/18			3.96			0.18			(0.23	)			(0.05	)			(0.18	)			-				(0.18	)			3.73		(1.49	)			2,699,688		1.00			1.07			4.79			67
Class C
Year ended 10/31/22			3.55			0.07			(0.66	)			(0.59	)			-				(0.08	)			(0.08	)			2.88		(16.83	)			48,257		1.84	^(g)		1.86	^(g)		2.13	^(g)		88
Year ended 10/31/21			3.57			0.07			(0.02	)			0.05				(0.05	)			(0.02	)			(0.07	)			3.55		1.27				78,455		1.75			1.77			2.03			241
Year ended 10/31/20			3.74			0.07			(0.16	)			(0.09	)			(0.03	)			(0.05	)			(0.08	)			3.57		(2.23	)			154,642		1.74			1.75			1.94			273
One month ended 10/31/19			3.71			0.01			0.03				0.04				(0.00	)			(0.01	)			(0.01	)			3.74		1.04				220,077		1.72	^(h)		1.76	^(h)		3.03	^(h)		25
Year ended 09/30/19			3.72			0.17			(0.02	)			0.15				(0.11	)			(0.05	)			(0.16	)			3.71		4.28				224,035		1.71			1.76			4.49			114
Year ended 09/30/18			3.95			0.16			(0.24	)			(0.08	)			(0.15	)			-				(0.15	)			3.72		(2.26	)			540,465		1.76			1.83			4.03			67
Class R
Year ended 10/31/22			3.56			0.09			(0.66	)			(0.57	)			-				(0.10	)			(0.10	)			2.89		(16.34	)			51,836		1.34	^(g)		1.36	^(g)		2.63	^(g)		88
Year ended 10/31/21			3.59			0.09			(0.03	)			0.06				(0.05	)			(0.04	)			(0.09	)			3.56		1.49				70,527		1.25			1.27			2.53			241
Year ended 10/31/20			3.75			0.09			(0.15	)			(0.06	)			(0.04	)			(0.06	)			(0.10	)			3.59		(1.45	)			79,116		1.24			1.25			2.44			273
One month ended 10/31/19			3.72			0.01			0.03				0.04				(0.00	)			(0.01	)			(0.01	)			3.75		1.09				99,920		1.22	^(h)		1.26	^(h)		3.53	^(h)		25
Year ended 09/30/19			3.73			0.18			(0.01	)			0.17				(0.12	)			(0.06	)			(0.18	)			3.72		4.81				100,112		1.21			1.26			4.99			114
Year ended 09/30/18			3.96			0.17			(0.23	)			(0.06	)			(0.17	)			-				(0.17	)			3.73		(1.75	)			111,816		1.26			1.33			4.53			67
Class Y
Year ended 10/31/22			3.55			0.10			(0.66	)			(0.56	)			-				(0.11	)			(0.11	)			2.88		(15.97	)			103,794		0.84	^(g)		0.86	^(g)		3.13	^(g)		88
Year ended 10/31/21			3.58			0.11			(0.04	)			0.07				(0.04	)			(0.06	)			(0.10	)			3.55		2.00				157,186		0.75			0.77			3.03			241
Year ended 10/31/20			3.75			0.11			(0.16	)			(0.05	)			(0.05	)			(0.07	)			(0.12	)			3.58		(1.24	)			201,675		0.74			0.75			2.94			273
One month ended 10/31/19			3.71			0.01			0.04				0.05				(0.00	)			(0.01	)			(0.01	)			3.75		1.40				335,775		0.72	^(h)		0.77	^(h)		4.03	^(h)		25
Year ended 09/30/19			3.73			0.20			(0.02	)			0.18				(0.13	)			(0.07	)			(0.20	)			3.71		5.05				329,963		0.72			0.77			5.49			114
Year ended 09/30/18			3.96			0.19			(0.23	)			(0.04	)			(0.19	)			-				(0.19	)			3.73		(1.26	)			371,434		0.76			0.83			5.03			67
Class R5
Year ended 10/31/22			3.56			0.11			(0.66	)			(0.55	)			-				(0.12	)			(0.12	)			2.89		(15.81	)			8		0.73	^(g)		0.75	^(g)		3.24	^(g)		88
Year ended 10/31/21			3.59			0.12			(0.04	)			0.08				(0.04	)			(0.07	)			(0.11	)			3.56		2.14				10		0.61			0.62			3.17			241
Year ended 10/31/20			3.75			0.11			(0.14	)			(0.03	)			(0.06	)			(0.07	)			(0.13	)			3.59		(0.81	)			10		0.64			0.64			3.04			273
One month ended 10/31/19			3.72			0.01			0.03				0.04				(0.00	)			(0.01	)			(0.01	)			3.75		1.14				10		0.70	^(h)		0.72	^(h)		4.05	^(h)		25
Period ended 09/30/19⁽ⁱ⁾			3.69			0.07			0.02				0.09				(0.04	)			(0.02	)			(0.06	)			3.72		2.40				10		0.63	^(h)		0.68	^(h)		5.58	^(h)		114
Class R6
Year ended 10/31/22			3.54			0.11			(0.66	)			(0.55	)			-				(0.12	)			(0.12	)			2.87		(15.93	)			10,447		0.73	^(g)		0.75	^(g)		3.24	^(g)		88
Year ended 10/31/21			3.57			0.12			(0.04	)			0.08				(0.05	)			(0.06	)			(0.11	)			3.54		2.13				18,954		0.61			0.63			3.17			241
Year ended 10/31/20			3.73			0.11			(0.15	)			(0.04	)			(0.05	)			(0.07	)			(0.12	)			3.57		(0.86	)			20,939		0.63			0.63			3.05			273
One month ended 10/31/19			3.70			0.01			0.03				0.04				(0.00	)			(0.01	)			(0.01	)			3.73		1.14				36,634		0.57	^(h)		0.62	^(h)		4.18	^(h)		25
Year ended 09/30/19			3.71			0.21			(0.01	)			0.20				(0.14	)			(0.07	)			(0.21	)			3.70		5.49				36,479		0.57			0.62			5.63			114
Year ended 09/30/18			3.94			0.20			(0.23	)			(0.03	)			(0.20	)			-				(0.20	)			3.71		(1.15	)			41,461		0.61			0.68			5.18			67

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.04%, 0.04% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018, respectively.

^(d)

The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $364,949,527 and $405,130,315, $5,760,311,794 and $5,754,174,138 and $6,366,360,171 and $6,415,700,475 for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018, respectively.

^(e)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(f)	The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended October 31, 2022, 2021 and 2020.

^(g)	Includes Interest, facilities and maintenance fees of 0.08% for the year ended October 31, 2022.

^(h)	Annualized.

⁽ⁱ⁾	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


37		Invesco Global Strategic Income Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Global Strategic Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Global Strategic Income Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek total return.

The 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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


38		Invesco Global Strategic Income Fund

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date 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.

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.

Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses negative or overdrawn balances on margin accounts, and other expenses associated with establishing and maintaining a line of credit.


39		Invesco Global Strategic Income Fund

purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

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.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $48,136 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

O.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.


40		Invesco Global Strategic Income Fund

recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the 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 net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.


41		Invesco Global Strategic Income Fund

thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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.

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.

V.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

W.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.


42		Invesco Global Strategic Income Fund

X.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate*


First $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $200 million		0.600%


Next $4 billion		0.500%


Next $5 billion		0.480%


Over $10 billion		0.460%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.58%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.


43		Invesco Global Strategic Income Fund

For the year ended October 31, 2022, the Adviser waived advisory fees of $351,758.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $55,938 in front-end sales commissions from the sale of Class A shares and $97 and $2,883 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–	$	690,856,024		$ –	$	690,856,024


Non–U.S. Dollar Denominated Bonds & Notes		–		473,303,907		–		473,303,907


Asset–Backed Securities		–		143,267,587		1,985,430		145,253,017


Agency Credit Risk Transfer Notes		–		36,565,208		–		36,565,208


Common Stocks & Other Equity Interests		14,781,328		455,718		3,113,319		18,350,365


U.S. Treasury Securities		–		14,449,266		–		14,449,266


Variable Rate Senior Loan Interests		–		8,255,771		–		8,255,771


U.S. Government Sponsored Agency Mortgage–Backed Securities		–		5,629,363		–		5,629,363


Preferred Stocks		–		3,098,912		49,725		3,148,637


Money Market Funds		89,483,459		65,042,340		–		154,525,799


Options Purchased		–		59,267,377		–		59,267,377


Total Investments in Securities		104,264,787		1,500,191,473		5,148,474		1,609,604,734



Other Investments – Assets*


Futures Contracts		6,921,871		–		–		6,921,871


Forward Foreign Currency Contracts		–		38,138,209		–		38,138,209


Swap Agreements		–		25,668,727		–		25,668,727


		6,921,871		63,806,936		–		70,728,807


44		Invesco Global Strategic Income Fund


	Level 1			Level 2			Level 3		Total


Other Investments - Liabilities*


Futures Contracts	$	(10,034,670	)	$	–			$ –	$	(10,034,670	)


Forward Foreign Currency Contracts		–			(42,569,438	)		–		(42,569,438	)


Options Written		–			(102,504,838	)		–		(102,504,838	)


Swap Agreements		–			(40,137,912	)		–		(40,137,912	)


		(10,034,670	)		(185,212,188	)		–		(195,246,858	)


Total Other Investments		(3,112,799	)		(121,405,252	)		–		(124,518,051	)


Total Investments	$	101,151,988		$	1,378,786,221			$5,148,474	$	1,485,086,683

*	Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
	Credit			Currency		Interest
Derivative Assets	Risk			Risk		Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–	$	6,921,871		$	6,921,871


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		208,800			–		24,703,930			24,912,730


Unrealized appreciation on forward foreign currency contracts outstanding		–			38,138,209		–			38,138,209


Unrealized appreciation on swap agreements – OTC		544,337			–		211,660			755,997


Options purchased, at value – OTC^(b)		1,602,837			10,619,502		47,045,038			59,267,377


Total Derivative Assets		2,355,974			48,757,711		78,882,499			129,996,184


Derivatives not subject to master netting agreements		(208,800	)		–		(31,625,801	)		(31,834,601	)


Total Derivative Assets subject to master netting agreements	$	2,147,174		$	48,757,711	$	47,256,698		$	98,161,583


	Value
	Credit			Currency			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	(10,034,670	)	$	(10,034,670	)


Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(146,931	)		–			(35,645,456	)		(35,792,387	)


Unrealized depreciation on forward foreign currency contracts outstanding		–			(42,569,438	)		–			(42,569,438	)


Unrealized depreciation on swap agreements – OTC		(4,345,525	)		–			–			(4,345,525	)


Options written, at value – OTC		(1,021,775	)		(8,557,721	)		(92,925,342	)		(102,504,838	)


Total Derivative Liabilities		(5,514,231	)		(51,127,159	)		(138,605,468	)		(195,246,858	)


Derivatives not subject to master netting agreements		146,931			–			45,680,126			45,827,057


Total Derivative Liabilities subject to master netting agreements	$	(5,367,300	)	$	(51,127,159	)	$	(92,925,342	)	$	(149,419,801	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)	Options purchased, at value as reported in the Consolidated Schedule of Investments.


45		Invesco Global Strategic Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.


	Financial Derivative Assets								Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash		Net Amount


Bank of America, N.A.	$	11,064,359	$	2,221,802	$	218,272	$	13,504,433	$	(14,500,576	)	$	(9,199,152	)	$	–		$	(23,699,728	)	$	(10,195,295	)	$–	$	9,330,000	$	(865,295	)


Barclays Bank PLC		–		–		–		–		–			(261,048	)		–			(261,048	)		(261,048	)	–		261,048		–


BNP Paribas S.A.		–		–		–		–		(650,240	)		–			–			(650,240	)		(650,240	)	–		–		(650,240	)


Citibank, N.A.		9,402,244		–		4,299		9,406,543		(9,890,374	)		–			(28,185	)		(9,918,559	)		(512,016	)	–		–		(512,016	)


Deutsche Bank AG		4,041,575		–		–		4,041,575		(1,686,725	)		–			–			(1,686,725	)		2,354,850		–		–		2,354,850


Goldman Sachs International		6,440,190		5,060,377		361,675		11,862,242		(3,139,336	)		(34,500,646	)		(2,140,245	)		(39,780,227	)		(27,917,985	)	–		26,040,000		(1,877,985	)


J.P. Morgan Chase Bank, N.A.		3,430,496		13,106,799		988,815		17,526,110		(6,526,277	)		(30,917,711	)		(2,191,425	)		(39,635,413	)		(22,109,303	)	–		21,069,000		(1,040,303	)


Morgan Stanley and Co. International PLC		3,507,914		38,663,583		–		42,171,497		(5,278,498	)		(27,626,281	)		–			(32,904,779	)		9,266,718		–		–		9,266,718


Royal Bank of Canada		251,431		–		–		251,431		(206,038	)		–			–			(206,038	)		45,393		–		–		45,393


Standard Chartered Bank PLC		–		214,816		–		214,816		(691,374	)		–			–			(691,374	)		(476,558	)	–		476,558		–


Total	$	38,138,209	$	59,267,377	$	1,573,061	$	98,978,647	$	(42,569,438	)	$	(102,504,838	)	$	(4,359,855	)	$	(149,434,131	)	$	(50,455,484	)	$–	$	57,176,606	$	6,721,122

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations
	Credit Risk			Currency Risk			Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	38,541,637		$	-		$	38,541,637


Futures contracts		-			-			36,133,710			36,133,710


Options purchased^(a)		-			(8,877,059	)		732,046			(8,145,013	)


Options written		-			(13,790,609	)		12,383,161			(1,407,448	)


Swap agreements		7,501,870			-			(114,558,507	)		(107,056,637	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(21,029,010	)		-			(21,029,010	)


Futures contracts		-			-			(2,634,316	)		(2,634,316	)


Options purchased^(a)		991,611			2,869,654			26,708,542			30,569,807


Options written		(779,196	)		1,688,762			(19,837,116	)		(18,927,550	)


Swap agreements		(4,705,492	)		-			7,101,997			2,396,505


Total	$	3,008,793		$	(596,625	)	$	(53,970,483	)	$	(51,558,315	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts		Futures Contracts		Swaptions Purchased		Foreign Currency Options Purchased		Swaptions Written		Foreign Currency Options Written		Swap Agreements


Average notional value	$	3,054,583,670	$	497,559,898	$	426,658,287	$	775,621,446	$	3,338,589,492	$	491,735,640	$	2,103,439,566

NOTE 5—Expense Offset Arrangement(s)


46		Invesco Global Strategic Income Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	–	$	30,559,392


Return of capital		63,390,742		35,409,013


Total distributions	$	63,390,742	$	65,968,405

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(298,098,625	)


Net unrealized appreciation (depreciation) – foreign currencies		(912,727	)


Temporary book/tax differences		(359,953	)


Capital loss carryforward		(887,545,967	)


Shares of beneficial interest		2,835,150,382


Total net assets	$	1,648,233,110

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$518,098,653

$369,447,314

$887,545,967

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,262,095,393 and $1,590,847,745, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	145,371,840


Aggregate unrealized (depreciation) of investments		(443,470,465	)


Net unrealized appreciation (depreciation) of investments	$	(298,098,625	)

Cost of investments for tax purposes is $1,789,467,171.


47		Invesco Global Strategic Income Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and return of capital distributions, on October 31, 2022, undistributed net investment income was increased by $30,583,564, undistributed net realized gain (loss) was increased by $93,871,486 and shares of beneficial interest was decreased by $124,455,050. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		13,995,663		$	46,075,249			20,863,492		$	77,179,461


Class C		1,981,985			6,501,825			2,783,504			10,254,185


Class R		2,169,448			7,151,175			2,586,094			9,566,017


Class Y		18,495,604			63,481,249			9,009,632			33,154,213


Class R6		1,035,855			3,362,129			2,402,163			8,955,150



Issued as reinvestment of dividends:
Class A		14,040,687			44,995,175			12,530,450			46,049,135


Class C		431,954			1,381,234			435,507			1,597,225


Class R		551,262			1,767,204			473,313			1,740,994


Class Y		1,018,630			3,265,663			1,030,851			3,786,930


Class R6		134,665			433,369			160,580			587,476



Automatic conversion of Class C shares to Class A shares:
Class A		3,023,398			9,784,129			16,627,596			62,391,544


Class C		(3,032,222	)		(9,784,129	)		(16,673,698	)		(62,391,544	)



Reacquired:
Class A		(97,664,404	)		(320,107,765	)		(110,699,267	)		(408,419,437	)


Class C		(4,736,373	)		(15,537,428	)		(7,693,690	)		(28,371,254	)


Class R		(4,586,861	)		(15,033,949	)		(5,305,908	)		(19,659,970	)


Class Y		(27,744,639	)		(92,959,071	)		(22,140,461	)		(81,689,605	)


Class R6		(2,888,897	)		(9,097,693	)		(3,079,741	)		(11,261,723	)


Net increase (decrease) in share activity		(83,774,245	)	$	(274,321,634	)		(96,689,583	)	$	(356,531,203	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 13% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


48		Invesco Global Strategic Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Global Strategic Income Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Global Strategic Income Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019, and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019, and the period May 24, 2019 (commencement of operations) through September 30, 2019 for Class R5.

The consolidated financial statements of Oppenheimer Global Strategic Income Fund (subsequently renamed Invesco Global Strategic Income Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated November 28, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, portfolio company investees, transfer agent, brokers and agent banks; when replies were not received from brokers, portfolio company investees or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


49		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)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$919.60	$5.76	$1,019.21	$6.06	1.19%
Class C	1,000.00	915.60	9.42	1,015.38	9.91	1.95
Class R	1,000.00	918.30	7.01	1,017.90	7.38	1.45
Class Y	1,000.00	917.50	4.59	1,020.42	4.84	0.95
Class R5	1,000.00	921.30	4.07	1,020.97	4.28	0.84
Class R6	1,000.00	917.80	4.06	1,020.97	4.28	0.84

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


50		Invesco Global Strategic Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Strategic Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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


51		Invesco Global Strategic Income Fund

the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s negative duration exposure to the U.S. detracted from short-term performance and that the Fund’s duration, credit, and exposure to emerging market currencies and the energy sector detracted from longer-term performance. The Board also consided that, effective February 28, 2022, the Fund changed its primary benchmark to the Bloomberg Global Aggregate Bond Index. The Board considered that the Fund’s performance universe was expected to change in connection with the primary benchmark change, and requested and considered comparative data showing the Fund’s performance compared to the anticipated new performance universe. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding the Fund’s actual and contractual management fees in light of current asset levels, as well as the Fund’s total expenses relative to peers. The Board considered that the Fund’s expense group was expected to change in connection with the change in the Fund’s benchmark described above under “Fund Investment Performance,” and requested and considered comparative data showing how the Fund’s actual management fees, contractual management fees and total expense ratio compared against the anticipated new expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the

Senior Officer, and subsequently with representatives of management.

The Board noted that Invesco Advisers 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

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.


52		Invesco Global Strategic Income Fund

activity and the allocation of such revenue between the Fund and Invesco Advisers.


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, 2022:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


54		Invesco Global Strategic Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Global Strategic Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Global Strategic Income Fund

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		O-GLSI-AR-1

LOGO


Annual Report to Shareholders		October 31, 2022


Invesco Greater China Fund

Nasdaq:
A: AACFX ∎ C: CACFX ∎ R: IGCRX ∎ Y: AMCYX ∎ R5: IACFX ∎ R6: CACSX


2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

9		Financial Statements

12		Financial Highlights

13		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary For the fiscal year ended October 31, 2022, Class A shares of Invesco Greater China Fund (the Fund), at net asset value (NAV), outperformed the MSCI China All Shares Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-41.77	%
Class C Shares	-42.23
Class R Shares	-41.89
Class Y Shares	-41.64
Class R5 Shares	-41.61
Class R6 Shares	-41.55
MSCI China Index^▼(Broad Market Index)	-47.90
MSCI China All Shares Index^∎(Style-Specific Index)	-42.58
Lipper China Region Funds Index^◆ (Peer Group Index)	-46.77
Source(s): ^▼RIMES Technologies Corp.; ^∎Bloomberg LP; ^◆Lipper Inc.

Market conditions and your Fund

end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

For the fiscal year, stock selection in the information technology sector contributed to the Fund’s performance relative to the style-specific benchmark. LARGAN Precision, a global leader in plastic aspherical lens design and production based in Taiwan was a top contributor to performance in this sector. We exited this position during the fiscal year. Also, stock selection in the health care sector helped the Fund’s relative performance.

Stock selection in the consumer discretionary sector also contributed to the Fund’s performance relative to the style-specific index during the fiscal year.

In contrast, the Fund’s underweight to the financials sector had a negative impact on the Fund’s performance relative to the style-specific index. One of the top detractors of the Fund’s relative performance was China Merchants Bank, a retail focused commercial bank headquartered in China. An underweight in the industrials sectors was also a detractor from Fund performance relative to the style-specific benchmark.

Additionally stock selection and an underweight in the energy sector detracted from Fund performance relative to the style-specific benchmark.

Our investment strategy remains purely focused on bottom-up stock opportunities that we believe add the most value to the Fund. We adopt a selective approach, favoring companies with sustainable leadership and competitive advantages. This has led to the Fund having meaningful exposure in consumer-related sectors. We believe the Fund’s holdings are well-positioned to gain from structural opportunities in China’s consumer sector.

Thank you for your continued investment in Invesco Greater China Fund.

Portfolio manager(s):

Mike Shiao

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Greater China Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	3.88	%
10 Years	-0.09
5 Years	-10.32
1 Year	-44.97

Class C Shares
Inception (3/31/06)	3.86	%
10 Years	-0.13
5 Years	-9.98
1 Year	-42.80

Class R Shares
10 Years	0.22	%
5 Years	-9.53
1 Year	-41.89
Class Y Shares
Inception (10/3/08)	3.61	%
10 Years	0.71
5 Years	-9.09
1 Year	-41.64

Class R5 Shares
Inception (3/31/06)	4.69	%
10 Years	0.88
5 Years	-8.97
1 Year	-41.61

Class R6 Shares
10 Years	0.69	%
5 Years	-8.94
1 Year	-41.55

Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

Class R shares incepted on April 23, 2021. Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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, 2022, and is based on total net assets.

∎

Unless otherwise noted, all data is provided by Invesco.

∎

To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎

The MSCI China Index is an unmanaged index considered representative of Chinese stocks. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎

The MSCI China All Shares Index is composed of large-and mid-cap stocks issued as China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings.

∎

The Lipper China Region Funds Index is an unmanaged index considered representative of China region funds tracked by Lipper.

∎

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Greater China Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Consumer Discretionary		28.84	%
Financials		16.11
Communication Services		12.93
Consumer Staples		12.27
Health Care		10.72
Materials		8.66
Information Technology		6.84
Energy		2.21
Utilities		2.07
Money Market Funds Plus Other Assets Less Liabilities		(0.65	)

Top 10 Equity Holdings*


		% of total net assets

1.	Tencent Holdings Ltd.		9.21	%
2.	Alibaba Group Holding Ltd.		7.46
3.	China Merchants Bank Co. Ltd., A Shares		4.41
4.	Zijin Mining Group Co. Ltd., H Shares		4.20
5.	China Construction Bank Corp., H Shares		4.14
6.	Tingyi Cayman Islands Holding Corp.		4.04
7.	Uni-President China Holdings Ltd.		3.73
8.	Shenzhou International Group Holdings Ltd.		3.70
9.	Great Wall Motor Co. Ltd., H Shares		3.46
10.	Baoshan Iron & Steel Co. Ltd., A Shares		3.30

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Greater China Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–100.65%^(b)
Apparel Retail–0.95%
Pou Sheng International (Holdings) Ltd. (Hong Kong)		11,922,000	$	599,913



Apparel, Accessories & Luxury Goods–3.69%
Shenzhou International Group Holdings Ltd.		336,700		2,323,893



Application Software–1.14%
Beijing Shiji Information Technology Co. Ltd., A Shares		412,909		714,337



Automobile Manufacturers–3.87%
Great Wall Motor Co. Ltd., H Shares		1,998,500		2,173,161


Jiangling Motors Corp. Ltd., B Shares		311,100		257,960


				2,431,121



Biotechnology–2.52%
Innovent Biologics, Inc.^(c)(d)		447,500		1,588,062



Construction Materials–1.16%
Asia Cement China Holdings Corp.		2,090,500		731,000



Diversified Banks–14.31%
Bank of China Ltd., H Shares		5,529,000		1,782,314


China Construction Bank Corp., H Shares		4,896,000		2,601,607


China Merchants Bank Co. Ltd., A Shares		756,232		2,774,838


China Merchants Bank Co. Ltd., H Shares		175,000		575,424


Industrial & Commercial Bank of China Ltd., H Shares		2,925,000		1,268,097


				9,002,280



Electronic Components–1.91%
Simplo Technology Co. Ltd. (Taiwan)		151,000		1,198,242



Electronic Manufacturing Services–0.55%
FIH Mobile Ltd.^(d)		4,268,000		347,467



Financial Exchanges & Data–1.80%
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		42,600		1,131,012



Footwear–2.27%
Stella International Holdings Ltd.		1,472,000		1,425,233



Gas Utilities–2.07%
Towngas Smart Energy Co. Ltd.^(d)		3,715,564		1,302,070



Gold–4.20%
Zijin Mining Group Co. Ltd., H Shares		2,776,000		2,642,717



Health Care Equipment–2.60%
MicroPort CardioFlow Medtech Corp.^(c)(d)		4,645		1,411


MicroPort NeuroTech Ltd.^(d)		286		911


MicroPort Scientific Corp.^(d)		772,400		1,632,485


Shanghai MicroPort MedBot Group Co. Ltd.^(d)		352		1,166


				1,635,973


	Shares		Value


Health Care Supplies–2.54%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		1,157,200	$	1,595,761



Hotels, Resorts & Cruise Lines–1.11%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		381,578		696,874



Household Appliances–3.15%
Beijing Roborock Technology Co. Ltd., A Shares		61,694		1,984,210



Household Products–3.20%
Vinda International Holdings Ltd. (Hong Kong)		1,074,000		2,014,311



Hypermarkets & Super Centers–1.30%
Sun Art Retail Group Ltd.		5,139,500		818,674



Interactive Home Entertainment–2.58%
NetEase, Inc., ADR^(e)		29,145		1,621,045



Interactive Media & Services–10.35%
Tencent Holdings Ltd.		220,800		5,793,740


Weibo Corp., ADR^(d)(e)		63,358		717,212


				6,510,952



Internet & Direct Marketing Retail–10.71%
Alibaba Group Holding Ltd.^(d)		589,400		4,692,492


Alibaba Group Holding Ltd., ADR^(d)(e)		8,977		570,758


JD.com, Inc., A Shares		78,850		1,472,357


				6,735,607



Oil & Gas Refining & Marketing–2.21%
Formosa Petrochemical Corp. (Taiwan)		540,000		1,388,298



Packaged Foods & Meats–7.77%
Tingyi Cayman Islands Holding Corp.		1,622,000		2,538,577


Uni-President China Holdings Ltd.		3,176,000		2,347,290


				4,885,867



Pharmaceuticals–3.06%
China Animal Healthcare Ltd.^(f)		349,000		0


Jiangsu Hengrui Medicine Co. Ltd., A Shares		312,360		1,721,094


Shanghai Fudan-Zhangjiang Bio- Pharmaceutical Co. Ltd., H Shares		615,000		202,285


				1,923,379



Restaurants–3.09%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,929,000		310,599


Gourmet Master Co. Ltd. (Taiwan)		537,000		1,630,387


				1,940,986



Semiconductors–1.71%
MediaTek, Inc. (Taiwan)		59,000		1,074,939



Steel–3.30%
Baoshan Iron & Steel Co. Ltd., A Shares		3,152,500		2,077,932



Technology Hardware, Storage & Peripherals–1.53%
Asustek Computer, Inc. (Taiwan)		132,000		963,736


Total Common Stocks & Other Equity Interests (Cost $93,630,045)				63,305,891

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Greater China Fund


	Shares		Value


Money Market Funds–0.05%
Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(g)(h)(Cost $31,644)		31,657	$	31,663


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.70% (Cost $93,661,689)				63,337,554


Investments Purchased with Cash Collateral from Securities on Loan–4.32%
Money Market Funds–4.32%
Invesco Private Government Fund, 3.18%^(g)(h)(i)		760,848		760,848


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%^(g)(h)(i)		1,956,079	$	1,956,079


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,716,915)				2,716,927


TOTAL INVESTMENTS IN SECURITIES–105.02% (Cost $96,378,604)				66,054,481


OTHER ASSETS LESS LIABILITIES–(5.02)%				(3,158,948	)


NET ASSETS–100.00%			$	62,895,533

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $1,589,473, which represented 2.53% of the Fund’s Net Assets.

^(d)	Non-income producing security.

^(e)	All or a portion of this security was out on loan at October 31, 2022.

^(f)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(g)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,397,896		$	26,628,949		$	(30,026,845	)		$	–		$	–			$	–		$	16,850
Invesco Liquid Assets Portfolio, Institutional Class			2,519,751			19,020,679			(21,508,042	)			67			(792	)			31,663			12,664
Invesco Treasury Portfolio, Institutional Class			3,883,309			30,433,086			(34,316,395	)			–			–				–			18,486

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			28,962			20,031,587			(19,299,701	)			–			–				760,848			11,775*
Invesco Private Prime Fund			67,579			48,386,749			(46,498,499	)			12			238				1,956,079			27,502*
Total		$	9,897,497		$	144,501,050		$	(151,649,482	)		$	79		$	(554	)		$	2,748,590		$	87,277

^(h)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

⁽ⁱ⁾	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Greater China Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $93,630,045)*	$	63,305,891


Investments in affiliated money market funds, at value (Cost $2,748,559)		2,748,590


Foreign currencies, at value (Cost $38,519)		38,518


Receivable for:
Fund shares sold		8,102


Dividends		6,035


Investment for trustee deferred compensation and retirement plans		48,984


Other assets		150,126


Total assets		66,306,246



Liabilities:
Payable for:
Fund shares reacquired		318,953


Amount due custodian		139,773


Collateral upon return of securities loaned		2,716,915


Accrued fees to affiliates		57,241


Accrued trustees’ and officers’ fees and benefits		874


Accrued other operating expenses		81,155


Trustee deferred compensation and retirement plans		95,802


Total liabilities		3,410,713


Net assets applicable to shares outstanding	$	62,895,533



Net assets consist of:
Shares of beneficial interest	$	102,625,698


Distributable earnings (loss)		(39,730,165	)


	$	62,895,533


Net Assets:
Class A	$	55,282,347


Class C	$	2,109,792


Class R	$	366,427


Class Y	$	4,804,682


Class R5	$	5,795


Class R6	$	326,490



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,761,329


Class C		150,995


Class R		25,019


Class Y		325,866


Class R5		393


Class R6		22,121


Class A:
Net asset value per share	$	14.70

Maximum offering price per share
(Net asset value of $14.70 ÷ 94.50%)	$	15.56


Class C:
Net asset value and offering price per share	$	13.97


Class R:
Net asset value and offering price per share	$	14.65


Class Y:
Net asset value and offering price per share	$	14.74


Class R5:
Net asset value and offering price per share	$	14.75


Class R6:
Net asset value and offering price per share	$	14.76

*	At October 31, 2022, securities with an aggregate value of $2,680,088 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Greater China Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Dividends (net of foreign withholding taxes of $192,979)	$	2,514,139


Dividends from affiliated money market funds (includes net securities lending income of $5,809)		53,809


Total investment income		2,567,948



Expenses:
Advisory fees		844,203


Administrative services fees		12,849


Custodian fees		54,287


Distribution fees:
Class A		210,019


Class C		31,756


Class R		2,693


Transfer agent fees – A, C, R and Y		189,857


Transfer agent fees – R5		10


Transfer agent fees – R6		160


Trustees’ and officers’ fees and benefits		21,749


Registration and filing fees		83,155


Reports to shareholders		18,665


Professional services fees		70,040


Other		13,297


Total expenses		1,552,740


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(50,066	)


Net expenses		1,502,674


Net investment income		1,065,274



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(9,869,514	)


Affiliated investment securities		(554	)


Foreign currencies		(82,686	)


Forward foreign currency contracts		(280	)


		(9,953,034	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(39,877,468	)


Affiliated investment securities		79


Foreign currencies		(9,996	)


		(39,887,385	)


Net realized and unrealized gain (loss)		(49,840,419	)


Net increase (decrease) in net assets resulting from operations	$	(48,775,145	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Greater China Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	1,065,274			$ 285,485


Net realized gain (loss)		(9,953,034	)		773,471


Change in net unrealized appreciation (depreciation)		(39,887,385	)		(31,937,409	)


Net increase (decrease) in net assets resulting from operations		(48,775,145	)		(30,878,453	)



Distributions to shareholders from distributable earnings:
Class A		(65,397	)		(368,979	)


Class C		–			(19,714	)


Class Y		(30,560	)		(40,345	)


Class R5		(71	)		(427	)


Class R6		(4,044	)		(4,688	)


Total distributions from distributable earnings		(100,072	)		(434,153	)



Share transactions–net:
Class A		(12,713,278	)		68,016,911


Class C		(552,038	)		1,787,175


Class R		(52,658	)		911,501


Class Y		(1,661,147	)		6,185,251


Class R5		(5,106	)		4,762


Class R6		(365,504	)		352,739


Net increase (decrease) in net assets resulting from share transactions		(15,349,731	)		77,258,339


Net increase (decrease) in net assets		(64,224,948	)		45,945,733



Net assets:
Beginning of year		127,120,481			81,174,748


End of year	$	62,895,533		$	127,120,481

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Greater China Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Class A
Year ended 10/31/22		$	25.26		$	0.23	^(d)		$	(10.77	)		$	(10.54	)		$	(0.02	)		$	–			$	(0.02	)		$	14.70		(41.77	)%		$	55,282		1.55	%		1.60	%		1.10	%^(d)		114	%
Year ended 10/31/21			29.41			0.07				(4.06	)			(3.99	)			–				(0.16	)			(0.16	)			25.26		(13.66	)			110,423		1.52			1.52			0.23			101
Year ended 10/31/20			23.24			0.00	^(d)			6.42				6.42				(0.25	)			–				(0.25	)			29.41		27.92				68,875		1.66			1.67			0.02	^(d)		59
Year ended 10/31/19			25.52			0.20	^(d)			1.77				1.97				(0.21	)			(4.04	)			(4.25	)			23.24		9.33				62,869		1.76			1.76			0.86	^(d)		59
Year ended 10/31/18			29.40			0.34	^(d)			(4.06	)^(e)			(3.72	)			(0.16	)			–				(0.16	)			25.52		(12.71	)^(e)			59,615		1.79			1.80			1.15	^(d)		45
Class C
Year ended 10/31/22			24.17			0.07	^(d)			(10.27	)			(10.20	)			–				–				–				13.97		(42.20	)			2,110		2.30			2.35			0.35	^(d)		114
Year ended 10/31/21			28.37			(0.15	)			(3.89	)			(4.04	)			–				(0.16	)			(0.16	)			24.17		(14.33	)			4,296		2.27			2.27			(0.52	)		101
Year ended 10/31/20			22.35			(0.18	)^(d)			6.21				6.03				(0.01	)			–				(0.01	)			28.37		26.98				3,647		2.41			2.42			(0.73	)^(d)		59
Year ended 10/31/19			24.65			0.02	^(d)			1.72				1.74				–				(4.04	)			(4.04	)			22.35		8.51				5,198		2.51			2.51			0.11	^(d)		59
Year ended 10/31/18			28.45			0.11	^(d)			(3.91	)^(e)			(3.80	)			–				–				–				24.65		(13.36	)^(e)			10,155		2.54			2.55			0.40	^(d)		45
Class R
Year ended 10/31/22			25.21			0.18	^(d)			(10.74	)			(10.56	)			–				–				–				14.65		(41.89	)			366		1.80			1.85			0.85	^(d)		114
Period ended 10/31/21^(f)			32.59			0.01				(7.39	)			(7.38	)			–				–				–				25.21		(22.65	)			701		1.71	^(g)		1.71	^(g)		0.04	^(g)		101
Class Y
Year ended 10/31/22			25.34			0.28	^(d)			(10.80	)			(10.52	)			(0.08	)			–				(0.08	)			14.74		(41.64	)			4,805		1.30			1.35			1.35	^(d)		114
Year ended 10/31/21			29.44			0.14				(4.08	)			(3.94	)			–				(0.16	)			(0.16	)			25.34		(13.47	)			10,703		1.27			1.27			0.48			101
Year ended 10/31/20			23.26			0.06	^(d)			6.43				6.49				(0.31	)			–				(0.31	)			29.44		28.26				7,754		1.41			1.42			0.27	^(d)		59
Year ended 10/31/19			25.57			0.26	^(d)			1.76				2.02				(0.29	)			(4.04	)			(4.33	)			23.26		9.56				9,339		1.51			1.51			1.11	^(d)		59
Year ended 10/31/18			29.44			0.42	^(d)			(4.07	)^(e)			(3.65	)			(0.22	)			–				(0.22	)			25.57		(12.48	)^(e)			7,801		1.54			1.55			1.40	^(d)		45
Class R5
Year ended 10/31/22			25.37			0.30	^(d)			(10.82	)			(10.52	)			(0.10	)			–				(0.10	)			14.75		(41.61	)			6		1.24			1.24			1.41	^(d)		114
Year ended 10/31/21			29.45			0.18				(4.10	)			(3.92	)			–				(0.16	)			(0.16	)			25.37		(13.40	)			17		1.17			1.17			0.58			101
Year ended 10/31/20			23.27			0.11	^(d)			6.43				6.54				(0.36	)			–				(0.36	)			29.45		28.49				32		1.26			1.27			0.42	^(d)		59
Year ended 10/31/19			25.58			0.30	^(d)			1.77				2.07				(0.34	)			(4.04	)			(4.38	)			23.27		9.79				23		1.33			1.33			1.29	^(d)		59
Year ended 10/31/18			29.46			0.46	^(d)			(4.08	)^(e)			(3.62	)			(0.26	)			–				(0.26	)			25.58		(12.38	)^(e)			25		1.40			1.40			1.54	^(d)		45
Class R6
Year ended 10/31/22			25.37			0.31	^(d)			(10.81	)			(10.50	)			(0.11	)			–				(0.11	)			14.76		(41.55	)			326		1.18			1.18			1.47	^(d)		114
Year ended 10/31/21			29.43			0.18				(4.08	)			(3.90	)			–				(0.16	)			(0.16	)			25.37		(13.34	)			981		1.13			1.13			0.62			101
Year ended 10/31/20			23.26			0.11	^(d)			6.42				6.53				(0.36	)			–				(0.36	)			29.43		28.46				867		1.25			1.26			0.43	^(d)		59
Year ended 10/31/19			25.57			0.30	^(d)			1.77				2.07				(0.34	)			(4.04	)			(4.38	)			23.26		9.79				642		1.33			1.33			1.29	^(d)		59
Year ended 10/31/18			29.45			0.46	^(d)			(4.07	)^(e)			(3.61	)			(0.27	)			–				(0.27	)			25.57		(12.36	)^(e)			629		1.40			1.40			1.54	^(d)		45

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $64,937,627 in connection with the acquisition of Invesco Pacific Growth Fund into the Fund.

^(d)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2022. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $ 0.23 and 1.09%, $0.06 and 0.34%, $0.17 and 0.84%, $0.28 and 1.34% , $0.30 and 1.40% and $0.31 and 1.46% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the Year ended October 31, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.05) and (0.17)%, $(0.23) and (0.92)%, $0.01 and 0.08%, $0.06 and 0.23% and $0.06 and 0.24% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the Year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.05 and 0.20%, $(0.13) and (0.55)%, $0.11 and 0.45%, $0.15 and 0.63% and $0.15 and 0.63% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the Year ended October 31, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.18 and 0.60%, $(0.05) and (0.15)%, $0.26 and 0.85%, $0.30 and 0.99% and $0.30 and 0.99% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)

Includes litigation proceeds received during the year. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(4.16), $(4.01), $(4.17), $(4.18) and $(4.17) for Class A, Class C, Class Y, Class R5, and Class R6 shares, respectively. Total returns would have been lower.

^(f)	Commencement date of April 23, 2021.

^(g)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Greater China Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Greater China Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


13		Invesco Greater China Fund

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.


14		Invesco Greater China Fund

K.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L.	Other Risks – Investing in a single-country mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. In addition, the risks of expropriation and/or nationalization of assets, confiscatory taxation, and armed conflict as a result of religious, ethnic, socio-economic and/or political unrest may adversely affect the value of the Fund’s Asia Pacific investments.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $1 billion		0.870%


Next $ 1 billion		0.820%


Next $ 49 billion		0.770%


Over $51 billion		0.760%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.87%.


15		Invesco Greater China Fund

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, a could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, the Adviser will retain its ability to be reimbursed for such fee wavers or reimbursements prior to the end of each fiscal year end.

For the year ended October 31, 2022, the Adviser waived advisory fees of $3,790 and reimbursed class level expenses of $39,980, $1,448, $259, $3,806, $0, $0 and $0 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $9,528 in front-end sales commissions from the sale of Class A shares and $21 and $99 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	2,909,015	$	60,396,876		$0	$	63,305,891


Money Market Funds		31,663		2,716,927		–		2,748,590


Total Investments	$	2,940,678	$	63,113,803		$0	$	66,054,481

NOTE 4–Derivative Investments


16		Invesco Greater China Fund

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Currency Risk


Realized Gain (Loss):
Forward foreign currency contracts		$(280)

The table below summarizes the average notional value of derivatives held during the period.


		Forward
		Foreign Currency
		Contracts


Average notional value		$1,038,761

NOTE 5–Expense Offset Arrangement(s)

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	100,072	$	145,108


Long-term capital gain		–		289,045


Total distributions	$	100,072	$	434,153

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	1,274,620


Net unrealized appreciation (depreciation) – investments		(30,419,262	)


Net unrealized appreciation (depreciation) – foreign currencies		(23,978	)


Temporary book/tax differences		(85,047	)


Capital loss carryforward		(10,476,498	)


Shares of beneficial interest		102,625,698


Total net assets	$	62,895,533


17		Invesco Greater China Fund

The Fund has a capital loss carryforward as of October 31, 2022, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$10,476,498

$–

10,476,498

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $99,542,236 and $103,433,622, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,682,036


Aggregate unrealized (depreciation) of investments		(32,101,298	)


Net unrealized appreciation (depreciation) of investments	$	(30,419,262	)

Cost of investments for tax purposes is $96,473,743.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions and foreign currency transactions, on October 31, 2022, undistributed net investment income was increased by $234,817 and undistributed net realized gain (loss) was decreased by $234,817. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		551,375		$	11,191,105			486,983		$	14,703,904


Class C		56,736			1,128,081			31,778			952,536


Class R		9,502			198,380			5,448			148,412


Class Y		355,448			7,310,714			102,517			3,096,780


Class R5		1,070			22,421			2,735			83,928


Class R6		8,289			172,430			15,152			427,144



Issued as reinvestment of dividends:
Class A		2,464			57,624			11,997			350,678


Class C		-			-			654			18,429


Class Y		1,118			26,181			1,258			36,821


Class R5		1			31			11			313


Class R6		144			3,377			157			4,589



Automatic conversion of Class C shares to Class A shares:
Class A		11,489			230,452			36,493			1,081,327


Class C		(12,039	)		(230,452	)		(37,913	)		(1,081,327	)



Issued in connection with acquisitions:^(b)
Class A		-			-			2,392,360			77,968,123


Class C		-			-			118,746			3,718,418


Class R		-			-			31,836			1,037,560


Class Y		-			-			516,671			16,873,017


Class R5		-			-			553			18,086


Class R6		-			-			19,702			643,779


18		Invesco Greater China Fund


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,176,210	)	$	(24,192,459	)		(897,378	)	$	(26,087,121	)


Class C		(71,412	)		(1,449,667	)		(64,105	)		(1,820,881	)


Class R		(12,296	)		(251,038	)		(9,471	)		(274,471	)


Class Y		(453,053	)		(8,998,042	)		(461,461	)		(13,821,367	)


Class R5		(1,366	)		(27,558	)		(3,701	)		(97,565	)


Class R6		(24,964	)		(541,311	)		(25,816	)		(722,773	)


Net increase (decrease) in share activity		(753,704	)	$	(15,349,731	)		2,275,206		$	77,258,339

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 23, 2021, the Fund acquired all the net assets of Invesco Pacific Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on January 22, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 3,079,868 shares of the Fund for 2,996,030 shares outstanding of the Target Fund as of the close of business on April 23, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 23, 2021. The Target Fund’s net assets as of the close of business on April 23, 2021 of $100,258,983, including $21,757,300 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $92,373,846 and $192,632,829 immediately after the acquisition.

The pro forma results of operations for the October 31, 2021 assuming the reorganization had been completed on November 1, 2020, the beginning of the annual reporting period are as follows:


Net investment income	$	(440,870	)


Net realized/unrealized gains		(18,268,537	)


Change in net assets resulting from operations	$	(18,709,407	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 24, 2021.


19		Invesco Greater China Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Greater China Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Greater China Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 27, 2022


20		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$754.60	$7.12	$1,017.09	$8.19	1.61%
Class C	1,000.00	751.10	10.86	1,012.80	12.48	2.46
Class R	1,000.00	753.60	8.22	1,015.83	9.45	1.86
Class Y	1,000.00	755.10	6.02	1,018.35	6.92	1.36
Class R5	1,000.00	756.00	5.58	1,018.85	6.41	1.26
Class R6	1,000.00	756.20	5.27	1,019.21	6.06	1.19

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco Greater China Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Greater China Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI China All Shares Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that stock selection in and overweight allocation to certain Chinese companies and sectors were the primary detractors from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense


22		Invesco Greater China Fund

group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective 2021. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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. 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 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, 2022:


Federal and State Income Tax
Qualified Dividend Income*		91.02	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.06	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0450		per share
Foreign Source Income	$	0.7057		per share

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco Greater China Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Greater China Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801


T-6		Invesco Greater China Fund

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SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc. CHI-AR-1

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Annual Report to Shareholders		October 31, 2022

Invesco Health Care Fund

Nasdaq:

A: GGHCX ∎ C: GTHCX ∎ Y: GGHYX ∎ Investor: GTHIX ∎ R6: GGHSX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

10		Financial Statements

13		Financial Highlights

14		Notes to Financial Statements

20		Report of Independent Registered Public Accounting Firm

21		Fund Expenses

22		Approval of Investment Advisory and Sub-Advisory Contracts

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Health Care Fund (the Fund), at net asset value (NAV), underperformed the S&P Composite 1500 Health Care Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-14.72	%
Class C Shares	-15.35
Class Y Shares	-14.51
Investor Class Shares	-14.71
Class R6 Shares	-14.40
MSCI World Index^▼(Broad Market Index)	-18.48
S&P Composite 1500 Health Care Index^▼(Style-Specific Index)	-0.76

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

The fiscal year began with continued volatility in equity markets in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemicrelated supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

In this environment, US stocks had negative double-digit returns for the fiscal year of -14.61%, as measured by the S&P 500 Index.⁴

During the fiscal year, the Fund’s Class A shares at NAV underperformed the S&P Composite 1500 Health Care Index. Underperformance was mainly attributed to weaker stock selection in biotechnology and health care equipment. This was partially offset by our overweight allocation and stock selection within managed care.

At the stock level, the top three individual contributors to absolute Fund performance during the fiscal year were Eli Lilly, United-Health and Elevance Health. All three companies benefited from the general outperformance of the pharmaceutical and managed care industries as they are typically viewed as defensive industries in down markets. Eli Lilly, a large cap pharmaceuticals company, also reported positive data for its drug Tirzepatide and received the U.S. Food and Drug Administration’s approval to use the drug for adults with type 2 diabetes. UnitedHealth and Elevance Health, both managed care companies, reported strong earnings reports that exceeded expectations during the fiscal year.

At the stock level, the top three individual detractors from absolute Fund performance during the fiscal year were Intuitive Surgical, IDEXX Laboratories and Thermo Fisher Scientific. Intuitive Surgical, maker of health care robotic products used in surgeries, fell in sympathy with the market sell-off during the COVID-19 winter surge of 2021 with the Omicron variant. IDEXX Laboratories makes products and services to test and diagnose companion animals, livestock and poultry and to test water and dairy. The stock declined because clinical veterinary visits have decreased due to capacity constraints. However, demand for veterinary care remains strong. Thermo Fisher Scientific, a provider of life science instruments and consumables, was affected from the general underperformance of the life science tools and services industry experienced during the fiscal year.

We invest in premier health care companies that we believe are positioned to compound multi-year growth. We combine in-depth health care experience with bottom-up fundamental analysis to evaluate company management, identify growth prospects and manage risk.

We thank you for your investment in the Invesco Health Care Fund.

1 Source: Bloomberg LP

2 Source: US Bureau of Labor Statistics

3 Source: US Federal Reserve

4 Source: Lipper Inc.

Portfolio manager(s):

Justin Livengood


2		Invesco Health Care Fund

relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco Health Care Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (8/7/89)	10.06	%
10 Years	9.67
5 Years	6.53
1 Year	-19.41

Class C Shares
Inception (3/1/99)	8.25	%
10 Years	9.63
5 Years	6.94
1 Year	-15.91

Class Y Shares
Inception (10/3/08)	10.00	%
10 Years	10.56
5 Years	8.01
1 Year	-14.51

Investor Class Shares
Inception (7/15/05)	8.17	%
10 Years	10.29
5 Years	7.74
1 Year	-14.71

Class R6 Shares
10 Years	10.49	%
5 Years	8.09
1 Year	-14.40

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares, Investor Class shares and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.


5		Invesco Health Care Fund

Supplemental Information

Invesco Health Care Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The S&P Composite 1500^® Health Care Index comprises those companies included in the S&P Composite 1500 that are classified as members of the GICS^® Health Care sector.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco Health Care Fund

Fund Information

Portfolio Composition

By industry, based on Net Assets



Pharmaceuticals	21.80	%

Managed Health Care	20.87

Biotechnology	19.47

Health Care Equipment	12.82

Life Sciences Tools & Services	11.38

Health Care Distributors	4.20

Health Care Services	2.33

Other Sectors, Each Less than 2% of Net Assets	3.06

Money Market Funds Plus Other Assets Less Liabilities	4.07

Top 10 Equity Holdings*


		% of total net assets

1.	UnitedHealth Group, Inc.	9.79%

2.	Eli Lilly and Co.	6.84

3.	Elevance Health, Inc.	5.59

4.	Merck & Co., Inc.	4.53

5.	AbbVie, Inc.	3.94

6.	Danaher Corp.	3.79

7.	Humana, Inc.	3.46

8.	Thermo Fisher Scientific, Inc.	3.40

9.	Vertex Pharmaceuticals, Inc.	2.97

10.	Novo Nordisk A/S, Class B	2.89

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco Health Care Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–95.93%
Biotechnology–19.47%
AbbVie, Inc.		363,972	$	53,285,501


Alnylam Pharmaceuticals, Inc.^(b)		58,114		12,044,708


Amgen, Inc.		87,006		23,522,072


Argenx SE, ADR (Netherlands)^(b)		36,795		14,273,884


BioCryst Pharmaceuticals, Inc.^(b)(c)		204,428		2,729,114


Biogen, Inc.^(b)		16,331		4,628,859


Cytokinetics, Inc.^(b)(c)		36,250		1,582,675


Genmab A/S, ADR (Denmark)^(b)(c)		190,320		7,329,223


Gilead Sciences, Inc.		111,044		8,712,512


Halozyme Therapeutics, Inc.^(b)(c)		183,104		8,754,202


Horizon Therapeutics PLC^(b)		89,636		5,586,115


Incyte Corp.^(b)		165,438		12,298,661


Karuna Therapeutics, Inc.^(b)		13,882		3,044,878


Legend Biotech Corp., ADR^(b)(c)		74,591		3,716,124


Myovant Sciences Ltd.^(b)		145,262		3,884,306


Natera, Inc.^(b)(c)		46,434		2,180,541


Neurocrine Biosciences, Inc.^(b)		98,041		11,286,480


Regeneron Pharmaceuticals, Inc.^(b)		40,773		30,528,784


Seagen, Inc.^(b)		46,409		5,901,368


United Therapeutics Corp.^(b)		33,404		7,700,624


Vertex Pharmaceuticals, Inc.^(b)		128,669		40,144,728


				263,135,359



Health Care Distributors–4.20%
AmerisourceBergen Corp.		172,439		27,110,859


McKesson Corp.		76,200		29,669,994


				56,780,853



Health Care Equipment–12.82%
AtriCure, Inc.^(b)		74,734		3,147,796


Axonics, Inc.^(b)		95,297		6,970,023


Becton, Dickinson and Co.		51,515		12,155,995


Boston Scientific Corp.^(b)		580,640		25,031,390


DexCom, Inc.^(b)		149,524		18,059,509


Edwards Lifesciences Corp.^(b)		103,727		7,512,947


Globus Medical, Inc., Class A^(b)(c)		111,124		7,445,308


IDEXX Laboratories, Inc.^(b)		8,682		3,122,742


Inari Medical, Inc.^(b)(c)		74,514		5,732,362


Inspire Medical Systems, Inc.^(b)		38,074		7,422,526


Insulet Corp.^(b)		42,958		11,117,960


Intuitive Surgical, Inc.^(b)		85,686		21,119,028


iRhythm Technologies, Inc.^(b)		39,941		5,092,078


ResMed, Inc.		27,166		6,076,762


Shockwave Medical, Inc.^(b)		52,680		15,443,142


Stryker Corp.		77,801		17,835,101


				173,284,669



Health Care Facilities–1.84%
Acadia Healthcare Co., Inc.^(b)		107,696		8,755,685


HCA Healthcare, Inc.		31,985		6,955,778


Surgery Partners, Inc.^(b)(c)		230,242		6,260,280


Tenet Healthcare Corp.^(b)		65,620		2,910,903


				24,882,646


	Shares		Value


Health Care Services–2.33%
AMN Healthcare Services, Inc.^(b)		57,090	$	7,164,795


CVS Health Corp.		149,503		14,157,934


Option Care Health, Inc.^(b)		213,466		6,459,481


Privia Health Group, Inc.^(b)(c)		110,010		3,683,135


				31,465,345



Health Care Supplies–0.79%
Alcon, Inc. (Switzerland)		86,008		5,218,966


Lantheus Holdings, Inc.^(b)		29,063		2,150,371


Silk Road Medical, Inc.^(b)		75,913		3,346,245


				10,715,582



Health Care Technology–0.43%
Doximity, Inc., Class A^(b)(c)		42,092		1,114,175


Evolent Health, Inc., Class A^(b)		147,949		4,706,258


				5,820,433



Life Sciences Tools & Services–11.38%
Agilent Technologies, Inc.		43,527		6,021,961


Bio-Techne Corp.		13,709		4,061,428


Danaher Corp.		203,569		51,232,210


IQVIA Holdings, Inc.^(b)		37,393		7,840,190


Lonza Group AG (Switzerland)		4,584		2,356,582


Maravai LifeSciences Holdings, Inc., Class A^(b)		147,526		2,448,932


Medpace Holdings, Inc.^(b)(c)		24,222		5,376,800


Mettler-Toledo International, Inc.^(b)		6,911		8,741,931


Repligen Corp.^(b)(c)		87,611		15,988,131


Thermo Fisher Scientific, Inc.		89,236		45,864,627


West Pharmaceutical Services, Inc.		16,870		3,881,787


				153,814,579



Managed Health Care–20.87%
Elevance Health, Inc.		138,152		75,537,369


HealthEquity, Inc.^(b)(c)		102,823		8,010,940


Humana, Inc.		83,775		46,753,152


Molina Healthcare, Inc.^(b)		54,445		19,538,133


UnitedHealth Group, Inc.		238,401		132,348,315


				282,187,909



Pharmaceuticals–21.80%
AstraZeneca PLC (United Kingdom)		39,053		4,581,717


AstraZeneca PLC, ADR (United Kingdom)		541,560		31,849,144


Eli Lilly and Co.		255,385		92,472,355


Harmony Biosciences Holdings, Inc.^(b)(c)		36,308		1,888,016


Intra-Cellular Therapies, Inc.^(b)		81,057		3,701,873


Merck & Co., Inc.		604,862		61,212,034


Novo Nordisk A/S, Class B (Denmark)		359,549		39,074,081


Pacira BioSciences, Inc.^(b)(c)		40,130		2,077,129


Pfizer, Inc.		644,881		30,019,210


Roche Holding AG		23,046		7,659,363


Royalty Pharma PLC, Class A		311,378		13,177,517


Zoetis, Inc.		46,551		7,018,960


				294,731,399


Total Common Stocks & Other Equity Interests (Cost $937,083,207)				1,296,818,774

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Health Care Fund


	Shares		Value


Money Market Funds–3.59%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		16,763,030	$	16,763,030


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(d)(e)		12,621,828		12,624,352


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		19,157,749		19,157,749


Total Money Market Funds (Cost $48,539,966)				48,545,131


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.52% (Cost $985,623,173)				1,345,363,905


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.80%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		10,015,507	$	10,015,507


Invesco Private Prime Fund, 3.28%^(d)(e)(f)		27,798,816		27,798,816


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,814,313)				37,814,323


TOTAL INVESTMENTS IN SECURITIES–102.32% (Cost $1,023,437,486)				1,383,178,228


OTHER ASSETS LESS LIABILITIES–(2.32)%				(31,338,709	)


NET ASSETS–100.00%			$	1,351,839,519

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ 9,024,801		$112,819,754	$	(105,081,525	)		$ -		$ -			$16,763,030		$ 161,443

Invesco Liquid Assets Portfolio, Institutional Class		7,098,845		80,585,538		(75,058,232	)		3,345		(5,144	)		12,624,352		122,465

Invesco Treasury Portfolio, Institutional Class		10,314,059		128,936,862		(120,093,172	)		-		-			19,157,749		176,475

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		20,776,049		185,877,046		(196,637,588	)		-		-			10,015,507		171,513*

Invesco Private Prime Fund		48,477,448		381,298,818		(401,963,004	)		10		(14,456	)		27,798,816		481,026*

Total		$95,691,202		$889,518,018	$	(898,833,521	)		$3,355		$(19,600	)		$86,359,454		$1,112,922

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Health Care Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $937,083,207)*	$	1,296,818,774


Investments in affiliated money market funds, at value (Cost $86,354,279)		86,359,454


Foreign currencies, at value (Cost $1,028)		930


Receivable for:
Investments sold		9,618,219


Fund shares sold		165,676


Dividends		2,088,514


Investment for trustee deferred compensation and retirement plans		177,574


Other assets		53,094


Total assets		1,395,282,235



Liabilities:

Payable for:
Investments purchased		3,816,999


Fund shares reacquired		770,885


Amount due custodian		3,540


Collateral upon return of securities loaned		37,814,313


Accrued fees to affiliates		646,070


Accrued trustees’ and officers’ fees and benefits		1,152


Accrued other operating expenses		153,183


Trustee deferred compensation and retirement plans		236,574


Total liabilities		43,442,716


Net assets applicable to shares outstanding	$	1,351,839,519



Net assets consist of:

Shares of beneficial interest	$	1,020,812,291


Distributable earnings		331,027,228


	$	1,351,839,519


Net Assets:

Class A	$	696,307,857


Class C	$	20,023,114


Class Y	$	46,087,474


Investor Class	$	588,159,404


Class R6	$	1,261,670



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		20,398,929


Class C		1,138,296


Class Y		1,301,394


Investor Class		17,226,330


Class R6		35,483


Class A:
Net asset value per share	$	34.13


Maximum offering price per share (Net asset value of $34.13 ÷ 94.50%)	$	36.12


Class C:
Net asset value and offering price per share	$	17.59


Class Y:
Net asset value and offering price per share	$	35.41


Investor Class:
Net asset value and offering price per share	$	34.14


Class R6:
Net asset value and offering price per share	$	35.56

* At October 31, 2022, securities with an aggregate value of $36,979,548 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Health Care Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Dividends (net of foreign withholding taxes of $169,789)	$	12,245,272


Dividends from affiliated money market funds (includes net securities lending income of $72,886)		533,269


Total investment income		12,778,541



Expenses:

Advisory fees		8,993,881


Administrative services fees		204,725


Custodian fees		76,554


Distribution fees:
Class A		1,863,318


Class C		228,914


Investor Class		1,563,095


Transfer agent fees - A, C, Y and Investor		1,805,680


Transfer agent fees - R6		444


Trustees’ and officers’ fees and benefits		32,865


Registration and filing fees		105,864


Reports to shareholders		73,738


Professional services fees		59,167


Other		19,515


Total expenses		15,027,760


Less: Fees waived and/or expense offset arrangement(s)		(42,715	)


Net expenses		14,985,045


Net investment income (loss)		(2,206,504	)



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(27,620,525	)


Affiliated investment securities		(19,600	)


Foreign currencies		27,395


		(27,612,730	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(219,539,556	)


Affiliated investment securities		3,355


Foreign currencies		(80,489	)


		(219,616,690	)


Net realized and unrealized gain (loss)		(247,229,420	)


Net increase (decrease) in net assets resulting from operations	$	(249,435,924	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Health Care Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income (loss)	$	(2,206,504	)	$	(4,051,113	)


Net realized gain (loss)		(27,612,730	)		353,783,297


Change in net unrealized appreciation (depreciation)		(219,616,690	)		45,114,847


Net increase (decrease) in net assets resulting from operations		(249,435,924	)		394,847,031



Distributions to shareholders from distributable earnings:
Class A		(175,765,430	)		(51,038,869	)


Class C		(9,290,808	)		(3,032,486	)


Class Y		(11,596,963	)		(3,235,578	)


Investor Class		(146,619,587	)		(42,472,982	)


Class R6		(399,985	)		(48,621	)


Total distributions from distributable earnings		(343,672,773	)		(99,828,536	)



Share transactions–net:
Class A		104,833,962			1,975,758


Class C		4,224,192			(2,348,157	)


Class Y		5,704,868			6,894,946


Investor Class		96,663,657			(1,056,978	)


Class R6		(232,412	)		1,657,633


Net increase in net assets resulting from share transactions		211,194,267			7,123,202


Net increase (decrease) in net assets		(381,914,430	)		302,141,697



Net assets:
Beginning of year		1,733,753,949			1,431,612,252


End of year	$	1,351,839,519		$	1,733,753,949

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Health Care Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/22		$50.30		$(0.05	)		$(6.19	)		$(6.24	)		$ -			$(9.93	)		$(9.93	)		$34.13		(14.73	)%		$696,308		1.04	%		1.04	%		(0.16	)%		44	%
Year ended 10/31/21		41.82		(0.11	)		11.49			11.38			(0.01	)		(2.89	)		(2.90	)		50.30		28.20			896,054		1.02			1.02			(0.24	)		78
Year ended 10/31/20		38.59		0.03			4.67			4.70			(0.10	)		(1.37	)		(1.47	)		41.82		12.32			740,884		1.06			1.06			0.08			17
Year ended 10/31/19		37.89		0.08			3.52			3.60			-			(2.90	)		(2.90	)		38.59		10.46			700,483		1.08			1.08			0.22			11
Year ended 10/31/18		37.84		(0.02	)		2.52			2.50			-			(2.45	)		(2.45	)		37.89		7.03			687,513		1.09			1.09			(0.06	)		36
Class C
Year ended 10/31/22		31.06		(0.17	)		(3.37	)		(3.54	)		-			(9.93	)		(9.93	)		17.59		(15.35	)		20,023		1.79			1.79			(0.91	)		44
Year ended 10/31/21		26.99		(0.29	)		7.25			6.96			-			(2.89	)		(2.89	)		31.06		27.26			29,391		1.77			1.77			(0.99	)		78
Year ended 10/31/20		25.48		(0.18	)		3.06			2.88			-			(1.37	)		(1.37	)		26.99		11.46			27,720		1.81			1.81			(0.67	)		17
Year ended 10/31/19		26.20		(0.13	)		2.31			2.18			-			(2.90	)		(2.90	)		25.48		9.62			24,570		1.83			1.83			(0.53	)		11
Year ended 10/31/18		27.10		(0.21	)		1.76			1.55			-			(2.45	)		(2.45	)		26.20		6.24			45,895		1.84			1.84			(0.81	)		36
Class Y
Year ended 10/31/22		51.69		0.04			(6.39	)		(6.35	)		-			(9.93	)		(9.93	)		35.41		(14.51	)		46,087		0.79			0.79			0.09			44
Year ended 10/31/21		42.90		0.00			11.79			11.79			(0.11	)		(2.89	)		(3.00	)		51.69		28.52			60,527		0.77			0.77			0.01			78
Year ended 10/31/20		39.54		0.14			4.79			4.93			(0.20	)		(1.37	)		(1.57	)		42.90		12.62			43,816		0.81			0.81			0.33			17
Year ended 10/31/19		38.67		0.18			3.59			3.77			-			(2.90	)		(2.90	)		39.54		10.70			38,519		0.83			0.83			0.47			11
Year ended 10/31/18		38.47		0.07			2.58			2.65			-			(2.45	)		(2.45	)		38.67		7.32			36,930		0.84			0.84			0.19			36
Investor Class
Year ended 10/31/22		50.31		(0.05	)		(6.19	)		(6.24	)		-			(9.93	)		(9.93	)		34.14		(14.73	)		588,159		1.04			1.04			(0.16	)		44
Year ended 10/31/21		41.83		(0.11	)		11.49			11.38			(0.01	)		(2.89	)		(2.90	)		50.31		28.20			745,607		1.02			1.02			(0.24	)		78
Year ended 10/31/20		38.60		0.03			4.67			4.70			(0.10	)		(1.37	)		(1.47	)		41.83		12.33			618,818		1.06			1.06			0.08			17
Year ended 10/31/19		37.90		0.08			3.52			3.60			-			(2.90	)		(2.90	)		38.60		10.45			597,301		1.08			1.08			0.22			11
Year ended 10/31/18		37.85		(0.02	)		2.52			2.50			-			(2.45	)		(2.45	)		37.90		7.03			583,069		1.09			1.09			(0.06	)		36
Class R6
Year ended 10/31/22		51.82		0.07			(6.40	)		(6.33	)		-			(9.93	)		(9.93	)		35.56		(14.42	)		1,262		0.69			0.69			0.19			44
Year ended 10/31/21		42.97		0.04			11.83			11.87			(0.13	)		(2.89	)		(3.02	)		51.82		28.66			2,174		0.69			0.69			0.09			78
Year ended 10/31/20		39.61		0.16			4.79			4.95			(0.22	)		(1.37	)		(1.59	)		42.97		12.65			374		0.77			0.77			0.37			17
Year ended 10/31/19		38.71		0.20			3.60			3.80			-			(2.90	)		(2.90	)		39.61		10.77			52		0.77			0.77			0.53			11
Year ended 10/31/18		38.49		0.09			2.58			2.67			-			(2.45	)		(2.45	)		38.71		7.37			41		0.79			0.79			0.24			36

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Health Care Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Health Care Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


14		Invesco Health Care Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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.

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $3,098 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.


15		Invesco Health Care Fund

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.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L.	Other Risks – The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

The Fund has invested in non-publicly traded companies, some of which are in the startup or development stages. These investments are inherently risky, as the market for the technologies or products these companies are developing are typically in the early stages and may never materialize. The Fund could lose its entire investment in these companies. These investments are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Trustees. Investments in privately held venture capital securities are illiquid.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $ 350 million		0.750%


Next $350 million		0.650%


Next $1.3 billion		0.550%


Next $2 billion		0.450%


Next $2 billion		0.400%


Next $2 billion		0.375%


Over $8 billion		0.350%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00% and 1.75% of the Fund’s average daily net assets (the “expense limits”), respectively.In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.


16		Invesco Health Care Fund

For the year ended October 31, 2022, the Adviser waived advisory fees of $35,692.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plan are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $86,632 in front-end sales commissions from the sale of Class A shares and $584 and $1,513 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended October 31, 2022, the Fund incurred $31,776 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,243,147,031	$	53,671,743		$-	$	1,296,818,774


Money Market Funds		48,545,131		37,814,323		-		86,359,454


Total Investments	$	1,291,692,162	$	91,486,066		$-	$	1,383,178,228

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits


17		Invesco Health Care Fund

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	-	$	16,339,203


Long-term capital gain		343,672,773		83,489,333


Total distributions	$	343,672,773	$	99,828,536

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation — investments	$	356,317,662


Net unrealized appreciation (depreciation) — foreign currencies		(65,322	)


Temporary book/tax differences		(186,286	)


Capital loss carryforward		(25,038,826	)


Shares of beneficial interest		1,020,812,291


Total net assets	$	1,351,839,519

The Fund has a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term	Total


Not subject to expiration	$	25,038,826	$-	$	25,038,826

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $620,128,346 and $779,504,061, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis




Aggregate unrealized appreciation of investments	$	387,047,501


Aggregate unrealized (depreciation) of investments		(30,729,839	)


Net unrealized appreciation of investments	$	356,317,662

Cost of investments for tax purposes is $1,026,860,566.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses, on October 31, 2022, undistributed net investment income (loss) was increased by $5,044,221, undistributed net realized gain (loss) was increased by $67,759 and shares of beneficial interest was decreased by $5,111,980. This reclassification had no effect on the net assets of the Fund.


18		Invesco Health Care Fund

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		1,020,924		$	37,178,045			1,021,136		$	47,149,711


Class C		241,467			4,562,878			253,829			7,316,274


Class Y		292,440			10,821,049			355,766			16,886,586


Investor Class		141,992			5,399,582			137,542			6,363,951


Class R6		9,899			373,272			34,237			1,708,753



Issued as reinvestment of dividends:
Class A		4,091,961			158,317,977			1,048,926			46,121,227


Class C		440,490			8,840,630			103,744			2,835,324


Class Y		233,867			9,366,384			62,753			2,829,545


Investor Class		3,463,003			134,018,202			899,683			39,568,061


Class R6		7,307			293,596			980			44,284



Automatic conversion of Class C shares to Class A shares:
Class A		73,766			2,605,013			138,688			6,338,338


Class C		(141,001	)		(2,605,013	)		(223,346	)		(6,338,338	)



Reacquired:
Class A		(2,601,958	)		(93,267,073	)		(2,111,190	)		(97,633,518	)


Class C		(348,834	)		(6,574,303	)		(215,019	)		(6,161,417	)


Class Y		(395,818	)		(14,482,565	)		(269,011	)		(12,821,185	)


Investor Class		(1,199,075	)		(42,754,127	)		(1,012,104	)		(46,988,990	)


Class R6		(23,683	)		(899,280	)		(1,953	)		(95,404	)


Net increase in share activity		5,306,747		$	211,194,267			224,661		$	7,123,202

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 7% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco Health Care Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Health Care Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Health Care Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,008.60	$5.37	$1,019.86	$5.40	1.06%
Class C	1,000.00	1,005.10	9.15	1,016.08	9.20	1.81
Class Y	1,000.00	1,010.00	4.10	1,021.12	4.13	0.81
Investor Class	1,000.00	1,008.90	5.37	1,019.86	5.40	1.06
Class R6	1,000.00	1,010.80	3.60	1,021.63	3.62	0.71

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Health Care Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the S&P Composite 1500 Health Care Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board noted that the Fund underwent a portfolio management change in November 2021. The Board noted that stock selection in certain health care sub-sectors detracted from longer-term Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.


22		Invesco Health Care Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

D.	Economies of Scale and Breakpoints

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.

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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	343,672,773
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


24		Invesco Health Care Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

Interested Trustee
Martin L. Flanagan¹– 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg –1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey – 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Health Care Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers – (continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

Office of the Fund

11 Greenway Plaza, Suite 1000
Houston, TX 77046-1173

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000
Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000
Houston, TX 77046-1173

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801


T-6		Invesco Health Care Fund

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		GHC-AR-1

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco International Bond Fund

Nasdaq:

A: OIBAX ∎ C: OIBCX ∎ R: OIBNX ∎ Y: OIBYX ∎ R5: INBQX ∎ R6: OIBIX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Consolidated Schedule of Investments

25		Consolidated Financial Statements

28		Consolidated Financial Highlights

29		Notes to Consolidated Financial Statements

40		Report of Independent Registered Public Accounting Firm

41		Fund Expenses

42		Approval of Investment Advisory and Sub-Advisory Contracts

44		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco International Bond Fund (the Fund), at net asset value (NAV), outperformed the FTSE Non-U.S. Dollar World Government Bond Index. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-19.50	%
Class C Shares	-20.21
Class R Shares	-19.59
Class Y Shares	-19.49
Class R5 Shares	-19.23
Class R6 Shares	-19.25
FTSE Non-U.S. Dollar World Government Bond Index^▼	-27.64
JP Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified Index^▼	-20.27
JP Morgan EMBI Global Diversified Index^▼	-24.19
Custom Invesco International Bond Index^∎	-24.71

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.

Market conditions and your Fund

commence its rate hiking cycle and the Bank of England raised rates twice after their initial increase in December, while China signaled a potential increase in its monetary policy accommodation. The US dollar ended the first quarter of 2022, 2.3% higher.¹

The third quarter of 2022 began with a relief rally in July as markets anticipated slowing inflation and possible rate cuts by the Fed in 2023. This narrative quickly reversed course in August and September of 2022 on the back of continued geopolitical uncertainty, rising concerns of a global economic slowdown and persistent elevated inflation. As a result, central banks continued their aggressive rate hiking cycles, with the Fed hiking 1.5%, the European Central Bank hiking 1.25% and the Bank of England hiking 1%. In emerging markets, central banks in Asia, Central and Eastern Europe and Latin America all raised their interest rates, though it seemed

like central banks such as Brazil and Hungary might be reaching the end of their hiking cycles. While global growth indicators continued to slow, European concerns about an energy crisis heading into winter lingered and China’s lackluster re-opening dynamics remained intact, central banks continued to prioritize bringing down inflation over supporting growth. These conditions contributed to the US dollar’s rapid rise, increasing slightly in July and reaching 20-year highs in August and September, ending the third quarter of 2022 almost 7.1% higher.¹

Compared to the Custom Invesco International Bond Index, the Fund’s interest rate and foreign currency exposure contributed positively to relative Fund performance, while credit exposure detracted. The top contributors to relative Fund performance were interest rate positioning in Germany, positioning in the Japanese Yen and interest rate positioning in Brazil, while the top detractors were interest rate positioning in the European Union, positioning in the Argentinian Peso and the overall yield curve positioning.

Entering 2022, portfolio positioning favored emerging market rates and foreign currency (FX) exposure given high emerging markets nominal interest rates, with an expectation of inflation being less persistent. As global inflation was exacerbated by the Russia-Ukraine conflict and a delayed reopening in China, developed market central banks were forced to raise rates aggressively, which in turn impacted central bank expectations in emerging markets. While we have seen considerable market volatility this year from the rapid repricing of inflation expectations and the path of US interest rates, we anticipate the value created from an income and total return perspective is meaningful. A year ago, EM monetary policy rates averaged around 3.25%, while today the average policy rate is over 6.75%,¹ though there is divergence across regions. We believe the conditions are aligning for international fixed-income to potentially outperform over the next two to three years, led by EMs.


2		Invesco International Bond Fund

decline in the US dollar could serve as a tailwind for international markets.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tend to fall. The risk may be greater in the current market environment. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon, and market forces such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

Thank you for investing in Invesco International Bond Fund.

1 Source: Bloomberg LP

Portfolio manager(s):

Hemant Baijal

Chris Kelly

Wim Vandenhoeck

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco International Bond Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges
Class A Shares
Inception (6/15/95)	5.08	%
10 Years	-1.67
5 Years	-4.93
1 Year	-22.99

Class C Shares
Inception (6/15/95)	5.00	%
10 Years	-1.83
5 Years	-4.86
1 Year	-20.99

Class R Shares
Inception (3/1/01)	4.25	%
10 Years	-1.50
5 Years	-4.36
1 Year	-19.59

Class Y Shares
Inception (9/27/04)	3.15	%
10 Years	-1.01
5 Years	-3.91
1 Year	-19.49

Class R5 Shares
10 Years	-1.13	%
5 Years	-3.89
1 Year	-19.23

Class R6 Shares
Inception (1/27/12)	-0.22	%
10 Years	-0.85
5 Years	-3.78
1 Year	-19.25

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer International Bond Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer International Bond Fund. Note: The Fund was subsequently renamed the Invesco International Bond Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

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 International Bond Fund

Supplemental Information

Invesco International Bond Fund’s investment objective is to seek total return.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Custom Invesco International Bond Index is an index composed of 50% FTSE Non-U.S. Dollar World Government Bond Index, 30% JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index and 20% JP Morgan EMBI Global Diversified Index.

∎	The FTSE Non-U.S. Dollar World Government Bond Index is a broad benchmark providing exposure to the global sovereign fixed income market, excluding the US.

∎	The JP Morgan Government Bond Index–Emerging Markets (GBI-EM) Global Diversified Index is a comprehensive global local emerging markets index comprising liquid, fixed-rate, domestic currency government bonds.

∎	The JP Morgan EMBI Global Diversified Index is an unmanaged index that tracks the traded market for US-dollar-denominated Brady bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund

prospectus, which contains more complete information, including sales

charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco International Bond Fund

Fund Information

Portfolio Composition


By security type			% of total net assets

Non-U.S. Dollar Denominated Bonds & Notes				50.44	%

U.S. Dollar Denominated Bonds & Notes				18.53

Asset-Backed Securities				8.63

Options Purchased				5.63

U.S. Treasury Securities				2.01

Common Stocks & Other Equity Interests				1.97

Security Types Each Less Than 1% of Portfolio				0.53

Money Market Funds Plus Other Assets Less Liabilities				12.26

Top Five Debt Issuers*
		% of total net assets

1.	Brazil Notas do Tesouro Nacional			11.68	%

2.	Republic of South Africa Government Bond			7.00

3.	India Government Bond			4.47

4.	Colombian TES			3.89

5.	Mexican Bonos			3.83

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco International Bond Fund

Consolidated Schedule of Investments

October 31, 2022


		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–50.44%^(a)
Argentina–2.77%
Argentina Treasury Bond BONCER,

1.40%, 03/25/2023	ARS		500,000,000	$ 10,112,982

1.50%, 03/25/2024	ARS		600,000,000	10,624,739

2.00%, 11/09/2026	ARS		1,075,000,000	14,153,695

Argentine Bonos del Tesoro, 15.50%, 10/17/2026	ARS		135,000,000	195,850

Provincia de Buenos Aires Government Bonds, 72.74% (BADLAR + 3.75%), 04/12/2025^(b)(c)	ARS		120,000,000	675,489

				35,762,755

Austria–0.15%

Erste Group Bank AG, 4.25%^(b)(d)(e)	EUR		2,600,000	1,920,412

Belgium–1.28%
KBC Group N.V.,

4.25%^(b)(d)(e)	EUR		7,000,000	5,789,484

4.75%^(b)(d)(e)	EUR		2,800,000	2,638,293

Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050^(b)	EUR		11,137,000	8,096,753

				16,524,530

Brazil–11.86%
Brazil Notas do Tesouro Nacional,

10.00%, 01/01/2027	BRL		700,000,000	128,683,886

Series B, 6.00%, 05/15/2055	BRL		28,000,000	22,089,347

Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(b)	BRL		13,191,375	2,266,449

				153,039,682

Chile–0.95%

Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033^(b)	CLP		16,000,000,000	12,237,042

China–1.53%

China Government Bond, 3.72%, 04/12/2051	CNY		130,000,000	19,727,432

Colombia–4.32%
Colombian TES,

Series B, 7.75%, 09/18/2030	COP		175,000,000,000	25,430,071

Series B, 7.25%, 10/18/2034	COP		47,750,000,000	6,055,170

Series B, 9.25%, 05/28/2042	COP		16,250,000,000	2,279,780

Series B, 7.25%, 10/26/2050	COP		151,500,000,000	16,461,748


		Principal Amount		Value
Colombia–(continued)

Fideicomiso PA Concesion Ruta al Mar, 6.75%, 02/15/2044^(b)	COP		8,000,000,000	$ 894,963

Fideicomiso PA Costera, Series B, 6.25%, 01/15/2034^(b)	COP		6,107,644,400	1,041,901

PA Autopista Rio Magdalena, 6.05%, 06/15/2036^(b)	COP		23,500,000,000	3,653,795

				55,817,428

Egypt–0.40%

Egypt Government International Bond, 4.75%, 04/16/2026^(b)	EUR		6,800,000	5,109,795

France–0.33%

Accor S.A., 4.38%^(b)(d)(e)	EUR		2,500,000	2,161,487

Credit Agricole S.A., 7.50%^(b)(d)(e)	GBP		1,968,000	2,122,898

				4,284,385

Germany–0.66%

Bayer AG, 2.38%, 11/12/2079^(b)(d)	EUR		5,000,000	4,461,424

Deutsche Lufthansa AG, 4.38%, 08/12/2075^(b)(d)	EUR		5,000,000	4,027,117

				8,488,541

Greece–0.95%

Hellenic Republic Government Bond,

1.88%, 01/24/2052^(b)	EUR		21,400,000	11,968,596

Series GDP, 0.00%, 10/15/2042	EUR		107,000,000	248,495

				12,217,091

India–5.89%
India Government Bond,

8.40%, 07/28/2024	INR		1,997,000,000	24,673,992

8.15%, 11/24/2026	INR		500,000,000	6,201,564

6.54%, 01/17/2032	INR		1,000,000,000	11,355,743

7.26%, 08/22/2032	INR		1,300,000,000	15,511,582

State of Gujarat India, 7.52%, 05/24/2027	INR		500,000,000	6,051,241

State of Maharashtra India, 7.99%, 10/28/2025	INR		500,000,000	6,092,052

State of Tamil Nadu India, 8.53%, 03/09/2026	INR		500,000,000	6,203,024

				76,089,198

Italy–0.18%

Intesa Sanpaolo S.p.A., 7.75%^(b)(d)(e)	EUR		2,500,000	2,345,168

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


8		Invesco International Bond Fund


		Principal Amount		Value
Ivory Coast–0.21%

Ivory Coast Government International Bond, 4.88%, 01/30/2032^(b)	EUR		3,950,000	$ 2,752,848

Malaysia–0.55%

Malaysia Government Bond, Series 317, 4.76%, 04/07/2037	MYR		33,000,000	7,061,005

Mexico–3.83%
Mexican Bonos,

Series M, 7.75%, 05/29/2031	MXN		951,000,000	42,297,896

Series M 30, 8.50%, 11/18/2038	MXN		160,000,000	7,122,141

				49,420,037

Netherlands–0.81%

ABN AMRO Bank N.V., 4.38%^(b)(d)(e)	EUR		2,500,000	2,205,885

Cooperatieve Rabobank U.A., 4.38%^(b)(d)(e)	EUR		9,600,000	8,289,296

				10,495,181

New Zealand–0.85%

New Zealand Government Bond, Series 551, 2.75%, 05/15/2051	NZD		26,000,000	11,038,354

Poland–1.88%

Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032	PLN		200,000,000	24,270,543

Romania–0.19%

Romanian Government International Bond, 2.00%, 04/14/2033^(b)	EUR		4,106,000	2,490,122

Russia–0.00%

Mos.ru, 5.00%, 08/22/2034	RUB		103,214,252	0

South Africa–7.00%
Republic of South Africa Government Bond,

Series 2030, 8.00%, 01/31/2030	ZAR		792,700,000	37,059,197

Series 2032, 8.25%, 03/31/2032	ZAR		533,300,000	23,927,551

Series 2037, 8.50%, 01/31/2037	ZAR		700,000,000	29,345,219

				90,331,967

Spain–1.35%

Banco Bilbao Vizcaya Argentaria S.A., 6.00%^(b)(d)(e)	EUR		2,400,000	2,260,286
Banco Santander S.A.,

4.38%^(b)(d)(e)	EUR		4,400,000	3,524,231

4.13%^(d)(e)	EUR		2,000,000	1,447,161


		Principal Amount		Value
Spain–(continued)
CaixaBank S.A.,

5.25%^(b)(d)(e)	EUR		2,000,000	$ 1,663,936

5.88%^(b)(d)(e)	EUR		2,400,000	2,117,234

Repsol International Finance B.V., 3.75%^(b)(d)(e)	EUR		2,500,000	2,280,367

Telefonica Europe B.V., 2.88%^(b)(d)(e)	EUR		5,000,000	4,093,281

				17,386,496

Supranational–0.71%
African Development Bank,

0.00%, 04/05/2046^(f)	ZAR		600,000,000	3,900,161

0.00%, 01/17/2050^(f)	ZAR		310,000,000	1,543,687

International Finance Corp., 0.00%, 03/23/2038^(f)	MXN		350,000,000	3,767,981

				9,211,829

Sweden–0.11%

Heimstaden Bostad AB, 3.38%^(b)(d)(e)	EUR		2,500,000	1,409,244

Switzerland–0.16%

Dufry One B.V., 2.00%, 02/15/2027^(b)	EUR		2,500,000	2,019,765

United Kingdom–1.52%
Barclays PLC,

6.38%^(b)(d)(e)	GBP		2,025,000	2,061,014

7.13%^(d)(e)	GBP		2,150,000	2,270,465

Gatwick Airport Finance PLC, 4.38%, 04/07/2026^(b)	GBP		5,400,000	5,168,752

HSBC Holdings PLC, 5.88%^(d)(e)	GBP		2,500,000	2,353,909
International Consolidated Airlines Group S.A.,

2.75%, 03/25/2025^(b)	EUR		2,400,000	2,110,886

1.50%, 07/04/2027^(b)	EUR		2,600,000	1,891,757

Nationwide Building Society, 5.75%^(b)(d)(e)	GBP		2,500,000	2,404,695

NatWest Group PLC, 5.13%^(d)(e)	GBP		1,550,000	1,399,590

				19,661,068

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $824,322,405)				651,111,918

U.S. Dollar Denominated Bonds & Notes–18.53%
Bahamas–0.14%

Bahamas Government International Bond, 9.00%, 06/16/2029^(b)	$		2,500,000	1,813,242

Brazil–0.41%

CSN Inova Ventures, 6.75%, 01/28/2028^(b)			2,500,000	2,147,035

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


9		Invesco International Bond Fund


	Principal Amount		Value
Brazil–(continued)
Klabin Austria GmbH,

5.75%, 04/03/2029^(b)	$	1,000,000	$ 938,090

7.00%, 04/03/2049^(b)(g)		2,500,000	2,225,487

			5,310,612

Chile–0.80%

AES Andes S.A., 6.35%, 10/07/2079^(b)(d)		2,500,000	2,034,595

Mercury Chile Holdco LLC, 6.50%, 01/24/2027^(b)		10,000,000	8,265,500

			10,300,095

Colombia–1.13%

Bancolombia S.A., 7.14%, 10/18/2027^(d)		10,000,000	8,681,300

Colombia Government International Bond, 4.13%, 02/22/2042		5,000,000	2,822,734

Ecopetrol S.A., 4.63%, 11/02/2031		4,546,000	3,142,434

			14,646,468

Denmark–0.18%

Danske Bank A/S, 7.00%^(b)(d)(e)		2,500,000	2,315,913

Dominican Republic–0.28%

Dominican Republic International Bond,

4.50%, 01/30/2030^(b)		975,000	785,076

4.88%, 09/23/2032^(b)		1,800,000	1,393,660

5.30%, 01/21/2041^(b)		2,110,000	1,461,230

			3,639,966

Ecuador–0.10%

Ecuador Government International Bond, 5.50%, 07/31/2030^(b)(h)		2,500,000	1,339,893

Egypt–0.38%
Egypt Government International Bond,

7.63%, 05/29/2032^(b)		2,000,000	1,289,052

8.50%, 01/31/2047^(b)		3,550,000	2,105,519

8.88%, 05/29/2050^(b)		2,500,000	1,493,395

			4,887,966

France–1.56%

BNP Paribas S.A., 7.75%^(b)(d)(e)		5,000,000	4,726,676
Credit Agricole S.A.,

8.13%^(b)(d)(e)		2,500,000	2,495,745

6.88%^(b)(d)(e)		2,500,000	2,338,700

Electricite de France S.A., 5.25%^(b)(d)(e)		2,600,000	2,447,964


	Principal Amount		Value
France–(continued)
Societe Generale S.A.,

7.38%^(b)(d)(e)	$	2,500,000	$ 2,291,278

4.75%^(b)(d)(e)		7,500,000	5,791,875

			20,092,238

Guatemala–0.27%

CT Trust, 5.13%, 02/03/2032^(b)		2,817,000	2,256,905

Guatemala Government Bond, 3.70%, 10/07/2033^(b)(g)		1,600,000	1,217,935

			3,474,840

Hong Kong–0.25%

Melco Resorts Finance Ltd.,

4.88%, 06/06/2025^(b)		2,500,000	1,786,179

5.75%, 07/21/2028^(b)		2,500,000	1,450,000

			3,236,179

India–1.27%

Adani Electricity Mumbai Ltd., 3.87%, 07/22/2031^(b)		2,500,000	1,528,617

JSW Steel Ltd., 3.95%, 04/05/2027^(b)		6,000,000	4,368,159
Network i2i Ltd.,

5.65%^(b)(d)(e)		1,500,000	1,323,525

3.98%^(b)(d)(e)		1,500,000	1,191,608

Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029^(b)		5,000,000	4,127,570

Reliance Industries Ltd., 4.88%, 02/10/2045^(b)		5,000,000	3,882,505

			16,421,984

Indonesia–1.09%
Indonesia Government International Bond,

4.65%, 09/20/2032		3,750,000	3,478,653

5.45%, 09/20/2052		1,600,000	1,447,440

PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051^(b)		7,000,000	4,319,983

PT Pertamina (Persero), 4.18%, 01/21/2050^(b)		2,500,000	1,674,997

PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.38%, 02/05/2050^(b)		5,000,000	3,094,570

			14,015,643

Iraq–0.11%

Iraq International Bond, 5.80%, 01/15/2028^(b)		1,718,750	1,467,024

Ireland–0.76%

BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037^(b)		2,500,000	2,391,335

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


10		Invesco International Bond Fund


	Principal Amount		Value
Ireland–(continued)
Coriolanus DAC,

Series 116, 0.00%, 04/30/2025^(b)(f)	$	866,628	$ 810,176

Series 119, 0.00%, 04/30/2025^(b)(f)		921,986	861,929

Series 120, 0.00%, 04/30/2025^(b)(f)		1,154,095	1,078,918

Series 122, 0.00%, 04/30/2025^(b)(f)		1,011,168	945,301

Series 124, 0.00%, 04/30/2025^(b)(f)		812,139	759,237

Series 126, 0.00%, 04/30/2025^(b)(f)		1,090,261	1,019,242

Series 127, 0.00%, 04/30/2025^(b)(f)		1,052,367	983,817

0.00%, 04/30/2025^(b)(f)		991,129	926,568

			9,776,523

Ivory Coast–0.21%

Ivory Coast Government International Bond, 5.38%, 07/23/2024^(b)		3,009,000	2,763,014

Kazakhstan–0.23%

Development Bank of Kazakhstan JSC, 5.75%, 05/12/2025^(b)		2,975,000	2,954,056

Macau–0.15%

MGM China Holdings Ltd., 5.88%, 05/15/2026^(b)(g)		2,500,000	1,923,713

Mexico–2.49%

Alpek S.A.B. de C.V., 3.25%, 02/25/2031^(b)		2,443,000	1,873,649

America Movil S.A.B. de C.V., 5.38%, 04/04/2032^(b)		6,786,000	5,759,312
Banco Mercantil del Norte S.A.,

8.38%^(b)(d)(e)		2,500,000	2,177,663

5.88%^(b)(d)(e)		2,490,000	1,904,389
Braskem Idesa S.A.P.I.,

7.45%, 11/15/2029^(b)		5,000,000	3,837,375

6.99%, 02/20/2032^(b)		2,076,000	1,393,608

Cemex S.A.B. de C.V., 5.13%^(b)(d)(e)		3,457,000	2,862,206

Nemak S.A.B. de C.V., 3.63%, 06/28/2031^(b)		4,254,000	3,101,017
Petroleos Mexicanos,

8.75%, 06/02/2029		5,000,000	4,461,596

7.69%, 01/23/2050		2,500,000	1,633,139

6.95%, 01/28/2060		5,250,000	3,159,464

			32,163,418

Morocco–0.14%

OCP S.A., 3.75%, 06/23/2031^(b)		2,500,000	1,876,413


	Principal Amount		Value
Netherlands–0.15%

ING Groep N.V., 6.75%^(b)(d)(e)	$	2,000,000	$ 1,898,750

Nigeria–0.29%
Nigeria Government International Bond,

6.50%, 11/28/2027^(b)		2,500,000	1,781,250

8.38%, 03/24/2029^(b)		2,632,000	1,911,858

			3,693,108

Oman–0.33%

Oman Government International Bond, 6.75%, 01/17/2048^(b)		5,000,000	4,215,255

Panama–0.16%

Cable Onda S.A., 4.50%, 01/30/2030^(b)		2,500,000	2,050,775

South Africa–0.44%

Sasol Financing USA LLC, 4.38%, 09/18/2026		3,249,000	2,852,833

Stillwater Mining Co., 4.00%, 11/16/2026^(b)		3,500,000	2,889,320

			5,742,153

Sweden–0.36%

Swedbank AB, Series NC5, 5.63%^(b)(d)(e)		5,000,000	4,716,250

Switzerland–1.78%
Credit Suisse Group AG,

6.37%, 07/15/2026^(b)(d)		1,250,000	1,163,708

6.54%, 08/12/2033^(b)(d)		2,500,000	2,179,304

6.25%^(b)(d)(e)		9,800,000	8,273,728
UBS Group AG,

7.00%^(b)(d)(e)		3,900,000	3,787,500

5.13%^(b)(d)(e)		8,639,000	7,515,930

			22,920,170

Thailand–0.31%

GC Treasury Center Co. Ltd., 4.40%, 03/30/2032^(b)		2,500,000	2,026,375

Muang Thai Life Assurance PCL, 3.55%, 01/27/2037^(b)(d)		2,450,000	1,995,302

			4,021,677

United Kingdom–1.86%

abrdn PLC, 4.25%, 06/30/2028^(b)		2,500,000	2,124,475

BP Capital Markets PLC, 4.88%^(d)(e)		3,500,000	2,964,937

British Telecommunications PLC, 4.25%, 11/23/2081^(b)(d)		5,000,000	4,188,295

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


11		Invesco International Bond Fund


		Principal Amount		Value
United Kingdom–(continued)

HSBC Holdings PLC, 2.01%, 09/22/2028^(d)	$		5,000,000	$ 3,933,112

M&G PLC, 6.50%, 10/20/2048^(b)(d)			2,500,000	2,290,625

NatWest Group PLC, 6.00%^(d)(e)			5,000,000	4,462,000

Vodafone Group PLC, 3.25%, 06/04/2081^(d)(g)			5,000,000	4,017,150

				23,980,594

United Republic of Tanzania–0.31%

HTA Group Ltd., 7.00%, 12/18/2025^(b)			4,500,000	3,971,250

United States–0.59%

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/2033^(b)(g)			6,750,000	6,099,570

United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028			1,600,000	1,480,145

				7,579,715

Total U.S. Dollar Denominated Bonds & Notes (Cost $294,550,758)				239,208,897

Asset-Backed Securities–8.63%^(a)
Alba PLC,

Series 2007-1, Class F, 5.47% (SONIA + 3.37%), 03/17/2039^(b)(c)	GBP		2,443,042	2,522,453

Series 2006-2, Class F, 5.43% (SONIA + 3.37%), 12/15/2038^(b)(c)	GBP		1,281,936	1,358,540
Eurohome UK Mortgages PLC,

Series 2007-1, Class M2, 3.24% (3 mo. GBP LIBOR + 0.50%), 06/15/2044^(b)(c)	GBP		4,000,000	3,793,925

Series 2007-1, Class B1, 3.64% (3 mo. GBP LIBOR + 0.90%), 06/15/2044^(b)(c)	GBP		5,275,000	4,662,550

Series 2007-2, Class B1, 4.14% (SONIA + 1.52%), 09/15/2044^(b)(c)	GBP		4,000,000	3,352,067

Series 2007-1, Class M1, 3.04% (3 mo. GBP LIBOR + 0.30%), 06/15/2044^(b)(c)	GBP		5,200,000	5,188,145

Series 2007-2, Class B2, 6.74% (SONIA + 4.12%), 09/15/2044^(b)(c)	GBP		3,750,000	3,733,606


		Principal Amount		Value

Eurosail PLC, Series 2007-4X, Class D1A, 3.91% (SONIA + 1.87%), 06/13/2045^(b)(c)	GBP		4,573,569	$ 4,540,048

Grifonas Finance No. 1 PLC, Class B, 1.50% (6 mo. EURIBOR + 0.52%), 08/28/2039^(b)(c)	EUR		5,000,000	4,178,804

Ludgate Funding PLC, Series 2007-1, Class RES, 1.00%, 01/01/2061^(b)(i)	GBP		207,500,000	4,857,258
Mansard Mortgages PLC,

Series 2006-1X, Class B2, 5.81% (SONIA + 3.62%), 10/15/2048^(b)(c)	GBP		4,054,981	4,363,070

Series 2007-1X, Class B2, 5.31% (SONIA + 3.12%), 04/15/2049^(b)(c)	GBP		2,591,536	2,576,186
Newgate Funding PLC,

Series 2006-2, Class CB, 1.59% (3 mo. EURIBOR + 0.43%), 12/01/2050^(b)(c)	EUR		1,630,877	1,455,066

Series 2007-2X, Class CB, 1.44% (3 mo. EURIBOR + 0.44%), 12/15/2050^(b)(c)	EUR		2,249,497	1,926,684

Series 2007-1X, Class CB, 1.00% (3 mo. EURIBOR + 0.38%), 12/01/2050^(b)(c)	EUR		1,249,420	987,250

ResLoC UK PLC, Series 2007-1X, Class D1A, 0.92% (3 mo. EURIBOR + 1.20%), 12/15/2043^(b)(c)	EUR		4,487,096	3,834,928

RMAC Securities No. 1 PLC, Series 2006-NS4X, Class B1C, 1.69% (3 mo. EURIBOR + 0.85%), 06/12/2044^(b)(c)	EUR		8,515,735	7,338,139
Towd Point Mortgage Funding 2019 - Granite4 PLC,

Series 2019-GR4X, Class FR, 4.24% (SONIA +2.05%), 10/20/2051^(b)(c)	GBP		3,000,000	3,294,416

Series 2019-GR4X, Class GR, 4.69% (SONIA +2.50%), 10/20/2051^(b)(c)	GBP		2,500,000	2,736,292

Sestante Finance S.r.l., Series 2005, Class C1, 2.18% (3 mo. EURIBOR +0.80%), 07/15/2045^(b)(c)	EUR		9,700,000	5,250,897

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


12		Invesco International Bond Fund


		Principal Amount		Value
IM Pastor 4, FTA,

Series A, 1.24% (3 mo. EURIBOR + 0.14%), 03/22/2044^(b)(c)	EUR		7,977,431	$ 6,661,532

Series B, 1.29% (3 mo. EURIBOR + 0.19%), 03/22/2044^(b)(c)	EUR		3,800,000	2,126,324

Titulizacion de Activos Sociedad Gestora de Fondos de Titulizacion S.A., Series 27, Class A3, 1.36% (3 mo. EURIBOR + 0.19%), 12/28/2050^(b)(c)	EUR		28,935,526	22,651,544

Lusitano Mortgages No. 5 PLC, Class D, 2.34% (3 mo. EURIBOR + 0.96%), 07/15/2059^(b)(c)	EUR		6,334,827	5,228,065

Invernea Proteina PYME, Serie II, 0.00%, 08/25/2032^(j)	ARS		445,000,000	2,836,328

Total Asset-Backed Securities (Cost $139,965,932)				111,454,117

U.S. Treasury Securities–2.01%
U.S. Treasury Bills–1.52%

4.40%, 04/27/2023^(k)	$		19,576,724	19,568,317

U.S. Treasury Inflation – Indexed Bonds–0.49%

0.13%, 02/15/2052^(l)			8,059,471	6,356,583

Total U.S. Treasury Securities (Cost $27,636,195)				25,924,900

		Shares

Common Stocks & Other Equity Interests–1.97%
Argentina–1.97%

TMF Trust Co. S.A.^(j)			674,609,578	4,299,807

YPF S.A., Class D^(m)			1,400,000	21,058,938

Total Common Stocks & Other Equity Interests (Cost $18,770,854)				25,358,745


	Shares		Value
Preferred Stocks–0.53%
United States–0.53%

AT&T, Inc., 2.88%, Series B, Pfd.^(d)(Cost $8,958,627)		7,700,000	$ 6,817,607

Money Market Funds–5.16%

Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(n)(o)		23,284,920	23,284,920

Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(n)(o)		16,739,032	16,742,380

Invesco Treasury Portfolio, Institutional Class, 3.08%^(n)(o)		26,611,337	26,611,337

Total Money Market Funds (Cost $66,638,291)			66,638,637

Options Purchased–5.63%

(Cost $45,481,036)^(p)			72,720,922

TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–92.90% (Cost $1,426,324,098)			1,199,235,743

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.35%

Invesco Private Government Fund, 3.18%^(n)(o)(q)		1,248,525	1,248,525

Invesco Private Prime Fund, 3.28%^(n)(o)(q)		3,209,614	3,209,614

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,458,070)			4,458,139

TOTAL INVESTMENTS IN SECURITIES–93.25% (Cost $1,430,782,168)			1,203,693,882

OTHER ASSETS LESS LIABILITIES–6.75%			87,135,665

NET ASSETS–100.00%			$1,290,829,547


Investment Abbreviations:

ARS		– Argentina Peso
BADLAR		– Buenos Aires Deposits of Large Amounts Rate
BRL		– Brazilian Real
CLP		– Chile Peso
CNY		– Chinese Yuan Renminbi
COP		– Colombia Peso
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
INR		– Indian Rupee
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
MYR		– Malaysian Ringgit
NZD		– New Zealand Dollar
Pfd.		– Preferred
PLN		– Polish Zloty
RUB		– Russian Ruble
SONIA		– Sterling Overnight Index Average
ZAR		– South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


13		Invesco International Bond Fund

Notes to Consolidated Schedule of Investments:

^(a)	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $419,444,414, which represented 32.49% of the Fund’s Net Assets.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

^(d)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)	Perpetual bond with no specified maturity date.

^(f)	Zero coupon bond issued at a discount.

^(g)	All or a portion of this security was out on loan at October 31, 2022.

^(h)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

⁽ⁱ⁾	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2022.

^(j)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(k)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(l)	Principal amount of security and interest payments are adjusted for inflation. See Note 1J.

^(m)	Non-income producing security.

⁽ⁿ⁾


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	525,559,806	$	(502,274,886	)		$ -	$	-	$	23,284,920	$	298,194
Invesco Liquid Assets Portfolio, Institutional Class		937,266		375,399,862		(359,606,005	)		627		10,630		16,742,380		215,912
Invesco Treasury Portfolio, Institutional Class		-		600,639,778		(574,028,441	)		-		-		26,611,337		318,439
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		3,260,112		48,651,530		(50,663,117	)		-		-		1,248,525		18,309*
Invesco Private Prime Fund		7,606,928		83,289,550		(87,682,840	)		69		(4,093)		3,209,614		50,590*
Total	$	11,804,306	$	1,633,540,526	$	(1,574,255,289	)		$696	$	6,537	$	71,096,776	$	901,444

^(o)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(p)	The table below details options purchased.

^(q)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1L.

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of
Contract

Counterparty

Expiration
Date

Exercise

Price

Notional

Value

Currency Risk

AUD versus USD

Call

Bank of America, N.A.

12/05/2022

USD

0.80

AUD

7,500,000

374

AUD versus USD

Call

Bank of America, N.A.

09/27/2023

USD

0.68

AUD

73,529,412

865,268

AUD versus USD

Call

Goldman Sachs International

10/12/2023

USD

0.80

AUD

8,750,000

191,953

EUR versus HUF

Call

Bank of America, N.A.

01/31/2023

HUF

480.00

EUR

40,000,000

252,557

EUR versus USD

Call

Goldman Sachs International

11/28/2022

USD

1.03

EUR

80,000,000

120,329

NZD versus USD

Call

Goldman Sachs International

10/12/2023

USD

0.70

NZD

14,285,714

496,200

Subtotal – Foreign Currency Call Options Purchased

1,926,681

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


14		Invesco International Bond Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a)–(continued)

Description

Type of

Contract

Counterparty

Expiration
Date

Exercise
Price

Notional

Value

Currency Risk

EUR versus CHF

Put

Goldman Sachs International

12/16/2022

CHF

0.93

EUR

37,500,000

26,016

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

07/17/2023

CZK

24.00

EUR

2,000,000

202,704

EUR versus CZK

Put

J.P. Morgan Chase Bank, N.A.

02/05/2024

CZK

24.30

EUR

2,500,000

404,098

EUR versus CZK

Put

Morgan Stanley and Co.
International PLC

12/07/2022

CZK

24.60

EUR

3,000,000

1,775,891

EUR versus HUF

Put

Bank of America, N.A.

01/31/2023

HUF

400.00

EUR

40,000,000

345,373

EUR versus NOK

Put

J.P. Morgan Chase Bank, N.A.

02/17/2023

NOK

9.70

EUR

4,000,000

15,859

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

5,000,000

307,662

EUR versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

2,000,000

123,065

EUR versus SEK

Put

Morgan Stanley and Co.
International PLC

02/17/2023

SEK

10.80

EUR

25,000,000

306,802

GBP versus USD

Put

Goldman Sachs International

01/09/2023

USD

1.09

GBP

5,000,000

947,428

USD versus BRL

Put

Goldman Sachs International

02/01/2023

BRL

5.00

USD

5,000,000

1,612,380

USD versus BRL

Put

J.P. Morgan Chase Bank, N.A.

12/16/2022

BRL

5.05

USD

50,000,000

808,850

USD versus CAD

Put

Goldman Sachs International

03/10/2023

CAD

1.26

USD

100,000,000

111,900

USD versus CLP

Put

Bank of America, N.A.

12/20/2022

CLP

850.00

USD

60,000,000

61,020

USD versus JPY

Put

Goldman Sachs International

11/04/2022

JPY

128.00

USD

4,000,000

USD versus JPY

Put

J.P. Morgan Chase Bank, N.A.

03/14/2023

JPY

120.00

USD

6,000,000

129,102

USD versus MXN

Put

Bank of America, N.A.

04/26/2023

MXN

19.00

USD

2,500,000

400,880

USD versus MXN

Put

J.P. Morgan Chase Bank, N.A.

01/24/2023

MXN

20.00

USD

5,000,000

1,065,960

USD versus PLN

Put

Goldman Sachs International

06/27/2023

PLN

4.40

USD

5,000,000

872,035

USD versus SEK

Put

Goldman Sachs International

09/27/2023

SEK

10.25

USD

40,000,000

1,204,440

USD versus SGD

Put

Goldman Sachs International

12/16/2022

SGD

1.38

USD

100,000,000

170,900

USD versus THB

Put

J.P. Morgan Chase Bank, N.A.

12/13/2022

THB

35.85

USD

50,000,000

50,100

USD versus THB

Put

Standard Chartered Bank PLC

04/26/2023

THB

33.75

USD

5,000,000

306,880

USD versus ZAR

Put

Bank of America, N.A.

01/25/2023

ZAR

17.90

USD

50,000,000

817,800

USD versus ZAR

Put

Goldman Sachs International

12/13/2022

ZAR

16.00

USD

5,000,000

36,415

USD versus ZAR

Put

Goldman Sachs International

04/04/2023

ZAR

15.70

USD

3,500,000

166,173

USD versus ZAR

Put

Goldman Sachs International

07/24/2023

ZAR

15.75

USD

3,000,000

289,080

USD versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

11/14/2022

ZAR

17.00

USD

50,000,000

2,700

Subtotal – Foreign Currency Put Options Purchased

12,561,517

Total Foreign Currency Options Purchased

14,488,198

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Description

Type of
Contract

Counterparty

Exercise
Rate

Pay/
Receive

Exercise
Rate

Floating Rate

Index

Payment
Frequency

Expiration
Date

Notional

Value

Interest Rate Risk

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

0.55%

Pay

TONAR

Annually

05/26/2025

JPY

28,571,000,000

7,730,212

10 Year Interest Rate Swap

Put

Morgan Stanley and Co.
International PLC

2.84

Pay

SOFR

Annually

12/07/2022

USD

290,000,000

23,572,276

10 Year Interest Rate Swap

Put

Morgan Stanley and Co.
International PLC

2.84

Pay

SOFR

Annually

06/07/2023

USD

236,000,000

19,634,582

2 Year Interest Rate Swap

Put

Goldman Sachs
International

7.75

Pay

6 Month WIBOR

Semi-Annually

12/12/2022

PLN

250,000,000

536,825

30 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

1.93

Pay

6 Month EURIBOR

Semi-Annually

06/12/2023

EUR

20,000,000

3,017,980

50 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank,
N.A.

1.37

Pay

6 Month EURIBOR

Semi-Annually

04/21/2023

EUR

10,000,000

2,214,338

Total Interest Rate Swaptions Purchased

56,706,213

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


15		Invesco International Bond Fund

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

Open Over-The-Counter Credit Default Swaptions Purchased^(a)

Counterparty

Type of
Contract

Exercise
Rate

Reference

Entity

(Pay)/
Receive
Fixed

Rate

Payment
Frequency

Expiration
Date

Implied
Credit
Spread^(b)

Notional

Value

Credit Risk

J.P. Morgan Chase Bank, N.A.

Call

600.00%

Markit iTraxx Europe
Crossover Index,
Series 38, Version 1

5.00%

Quarterly

11/16/2022

5.558%

EUR 80,000,000

1,526,511

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

^(b)

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

Credit Risk

J.P. Morgan Chase Bank, N.A.

Call

550.00

Markit iTraxx Europe Crossover
Index, Series 38, Version 1

5.00

Quarterly

11/16/2022

5.558

EUR

120,000,000

(973,120

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

^(b)

Open Over-The-Counter Foreign Currency Options Written^(a)

Description

Type of

Contract

Counterparty

Expiration
Date

Exercise

Price

Notional

Value

Currency Risk

AUD versus USD

Call

Bank of America, N.A.

09/27/2023

USD

0.75

AUD

66,666,667

(193,515

)

EUR versus CHF

Call

Goldman Sachs International

12/16/2022

CHF

0.99

EUR

37,500,000

(292,139

)

EUR versus HUF

Call

Bank of America, N.A.

01/31/2023

HUF

460.00

EUR

40,000,000

(426,133

)

EUR versus SEK

Call

Morgan Stanley and Co. International PLC

02/17/2023

SEK

11.35

EUR

25,000,000

(165,754

)

GBP versus USD

Call

Goldman Sachs International

01/09/2023

USD

1.18

GBP

5,000,000

(2,168,409

)

USD versus BRL

Call

Goldman Sachs International

02/01/2023

BRL

5.85

USD

5,000,000

(653,135

)

USD versus BRL

Call

J.P. Morgan Chase Bank, N.A.

03/16/2023

BRL

6.05

USD

25,000,000

(320,175

)

USD versus HUF

Call

Goldman Sachs International

12/02/2022

HUF

431.00

USD

45,000,000

(681,390

)

USD versus HUF

Call

J.P. Morgan Chase Bank, N.A.

12/13/2022

HUF

433.60

USD

50,000,000

(900,200

)

USD versus MXN

Call

Goldman Sachs International

09/01/2023

MXN

24.14

USD

90,000,000

(1,215,990

)

USD versus MXN

Call

Goldman Sachs International

09/11/2023

MXN

23.54

USD

30,000,000

(517,410

)

USD versus SEK

Call

Goldman Sachs International

09/27/2023

SEK

12.35

USD

40,000,000

(829,880

)

USD versus THB

Call

J.P. Morgan Chase Bank, N.A.

12/13/2022

THB

37.60

USD

50,000,000

(935,100

)

Subtotal – Foreign Currency Call Options Written

(9,299,230

)

Currency Risk

AUD versus USD

Put

Bank of America, N.A.

09/27/2023

USD

0.60

AUD

83,682,008

(889,461

)

EUR versus SEK

Put

Morgan Stanley and Co. International PLC

02/17/2023

SEK

10.45

EUR

25,000,000

(78,344

)

USD versus THB

Put

J.P. Morgan Chase Bank, N.A.

12/13/2022

THB

34.75

USD

50,000,000

(9,450

)

USD versus ZAR

Put

Bank of America, N.A.

01/25/2023

ZAR

17.15

USD

50,000,000

(292,000

)

Subtotal – Foreign Currency Put Options Written

(1,269,255

)

Total – Foreign Currency Options Written

(10,568,485

)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


16		Invesco International Bond Fund

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

Open Over-The-Counter Interest Rate Swaptions Written^(a)

Description

Type of
Contract

Counterparty

Exercise

Rate

Floating

Rate Index

Pay/
Receive
Exercise
Rate

Payment
Frequency

Expiration
Date

Notional

Value

Interest Rate Risk

30 Year Interest Rate Swap

Call

Bank of America, N.A.

3.15%

SOFR

Receive

Annually

12/21/2022

USD

100,000,000

(1,162,083

)

10 Year Interest Rate Swap

Call

Bank of America, N.A.

3.50

SOFR

Receive

Annually

01/26/2023

USD

150,000,000

(1,718,613

)

30 Year Interest Rate Swap

Call

Barclays Bank PLC

2.50

SONIA

Receive

Annually

11/07/2022

GBP

25,000,000

(3,543

)

30 Year Interest Rate Swap

Call

Goldman Sachs
International

1.90

6 Month
EURIBOR

Receive

Semi-Annually

11/07/2022

EUR

50,000,000

(1,330

)

10 Year Interest Rate Swap

Call

Goldman Sachs
International

2.75

SOFR

Receive

Annually

03/27/2024

USD

37,500,000

(680,875

)

5 Year Interest Rate Swap

Call

Goldman Sachs

International

3.72

SOFR

Receive

Annually

12/28/2022

USD

150,000,000

(859,473

)

30 Year Interest Rate Swap

Call

J.P. Morgan Chase
Bank, N.A.

1.95

6 Month
EURIBOR

Receive

Semi-Annually

09/28/2023

EUR

50,000,000

(2,947,686

)

2 Year Interest Rate Swap

Call

J.P. Morgan Chase
Bank, N.A.

2.75

SOFR

Receive

Annually

09/16/2024

USD

125,000,000

(881,120

)

10 Year Interest Rate Swap

Call

Morgan Stanley and
Co. International PLC

2.84

SOFR

Receive

Annually

12/07/2022

USD

290,000,000

(123,795

)

10 Year Interest Rate Swap

Call

Morgan Stanley and
Co. International PLC

2.84

SOFR

Receive

Annually

06/07/2023

USD

236,000,000

(2,081,688

)

30 Year Interest Rate Swap

Call

Morgan Stanley and
Co. International PLC

3.00

SOFR

Receive

Annually

12/19/2022

USD

150,000,000

(1,024,203

)

Subtotal–Interest Rate Call Swaptions Written

(11,484,409

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

Bank of America, N.A.

3.91

SOFR

Pay

Annually

12/05/2022

USD

175,000,000

(2,042,406

)

2 Year Interest Rate Swap

Put

Bank of America, N.A.

3.75

3 Month
CDOR

Pay

Quarterly

12/07/2022

CAD

250,000,000

(2,231,831

)

30 Year Interest Rate Swap

Put

Bank of America, N.A.

3.20

SOFR

Pay

Annually

12/05/2022

USD

75,000,000

(4,185,602

)

30 Year Interest Rate Swap

Put

Barclays Bank PLC

4.00

SONIA

Pay

Annually

12/06/2022

GBP

25,000,000

(369,383

)

2 Year Interest Rate Swap

Put

Goldman Sachs

International

8.25

6 Month

WIBOR

Pay

Semi-Annually

12/12/2022

PLN

250,000,000

(281,894

)

10 Year Interest Rate Swap

Put

Goldman Sachs
International

3.25

6 Month
EURIBOR

Pay

Semi-Annually

06/16/2023

EUR

151,200,000

(5,150,901

)

10 Year Interest Rate Swap

Put

Goldman Sachs
International

3.67

SOFR

Pay

Annually

12/13/2022

USD

200,000,000

(4,786,332

)

30 Year Interest Rate Swap

Put

Goldman Sachs
International

3.01

SOFR

Pay

Annually

11/07/2022

USD

100,000,000

(8,081,645

)

10 Year Interest Rate Swap

Put

Goldman Sachs
International

2.75

6 Month
EURIBOR

Pay

Semi-Annually

04/22/2024

EUR

150,000,000

(10,661,809

)

30 Year Interest Rate Swap

Put

J.P. Morgan Chase
Bank, N.A.

2.95

6 Month
EURIBOR

Pay

Semi-Annually

09/28/2023

EUR

50,000,000

(3,004,867

)

2 Year Interest Rate Swap

Put

J.P. Morgan Chase
Bank, N.A.

3.88

SONIA

Pay

Annually

11/28/2022

GBP

125,000,000

(2,123,028

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase
Bank, N.A.

2.39

6 Month
EURIBOR

Pay

Semi-Annually

06/12/2023

EUR

54,000,000

(4,067,814

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase
Bank, N.A.

1.05

TONAR

Pay

Annually

05/26/2025

JPY

28,571,000,000

(4,831,955

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase
Bank, N.A.

2.16

6 Month
EURIBOR

Pay

Semi-Annually

04/21/2023

EUR

40,000,000

(3,508,798

)

1 Year Interest Rate Swap

Put

J.P. Morgan Chase
Bank, N.A.

2.82

SOFR

Pay

Annually

02/17/2023

USD

250,000,000

(4,945,225

)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


17		Invesco International Bond Fund

Open Over-The-Counter Interest Rate Swaptions Written^(a)–(continued)

Description

Type of

Contract

Counterparty

Exercise
Rate

Floating
Rate Index

Pay/
Receive
Exercise
Rate

Payment
Frequency

Expiration
Date

Notional

Value

2 Year Interest Rate Swap

Put

Morgan Stanley and Co.
International PLC

4.02%

SONIA

Pay

Annually

11/30/2022

GBP

125,000,000

(1,812,935

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co.
International PLC

3.75

SOFR

Pay

Annually

04/22/2024

USD

250,000,000

(11,046,185

)

Subtotal–Interest Rate Put Swaptions Written

(73,132,610

)

Total Open Over-The-Counter Interest Rate Swaptions Written

(84,617,019

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.


Open Futures Contracts^(a)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
Interest Rate Risk
Euro-Bund		100		December-2022	$	(13,681,329	)	$	192,447	$	192,447
Euro-BTP		1,366		December-2022		(143,175,602	)		458,548		458,548
U.S. Treasury 2 Year Notes		8		December-2022		(1,635,063	)		21,375		21,375
U.S. Treasury 5 Year Notes		42		December-2022		(4,476,938	)		200,156		200,156
U.S. Treasury 10 Year Notes		40		December-2022		(4,423,750	)		275,328		275,328
U.S. Treasury 10 Year Ultra Notes		152		December-2022		(17,629,625	)		1,291,003		1,291,003
U.S. Treasury Ultra Bonds		102		December-2022		(13,020,937	)		2,229,688		2,229,688
Total Futures Contracts								$	4,668,545	$	4,668,545

^(a)	Futures contracts collateralized by $3,898,686 cash held with Merrill Lynch International, the futures commission merchant.


Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive		Unrealized Appreciation (Depreciation)
Currency Risk
11/03/2022	Bank of America, N.A.	USD	202,768,296	BRL	1,075,504,985	$	5,440,975
12/21/2022	Bank of America, N.A.	COP	311,000,000,000	USD	69,637,259		7,201,008
12/21/2022	Bank of America, N.A.	EUR	2,405,000	USD	2,395,354		8,899
12/21/2022	Bank of America, N.A.	NZD	21,700,000	USD	13,148,596		522,755
12/21/2022	Bank of America, N.A.	USD	13,067,449	GBP	11,500,000		143,286
02/27/2023	Bank of America, N.A.	USD	4,794,480	RUB	384,028,743		700,660
09/29/2023	Bank of America, N.A.	AUD	38,176,682	USD	25,000,000		350,163
11/03/2022	Citibank, N.A.	USD	231,601,085	BRL	1,227,634,585		6,059,275
12/02/2022	Citibank, N.A.	USD	58,774,881	BRL	313,954,841		1,628,627
12/21/2022	Citibank, N.A.	CAD	781,430	USD	594,557		20,638
12/21/2022	Citibank, N.A.	CNY	383,562,229	USD	55,118,227		2,327,774
12/21/2022	Citibank, N.A.	COP	20,100,000,000	USD	4,198,942		163,673
12/21/2022	Citibank, N.A.	INR	3,152,008,261	USD	38,290,699		436,750
12/21/2022	Citibank, N.A.	THB	185,000,000	USD	4,946,127		64,000
12/21/2022	Citibank, N.A.	USD	26,294,806	SEK	292,740,000		328,734
12/21/2022	Deutsche Bank AG	GBP	71,974,000	USD	83,175,177		494,358
12/21/2022	Deutsche Bank AG	INR	1,091,670,000	USD	13,628,839		518,461
12/21/2022	Deutsche Bank AG	PLN	131,710,000	USD	27,423,586		66,276
12/21/2022	Deutsche Bank AG	ZAR	2,019,931,780	USD	115,011,048		5,460,675
11/10/2022	Goldman Sachs International	USD	57,500,000	MXN	1,149,195,000		428,975
11/14/2022	Goldman Sachs International	ZAR	341,082,500	USD	19,865,026		1,313,655
11/21/2022	Goldman Sachs International	CNY	167,878,620	USD	23,400,000		233,631
12/06/2022	Goldman Sachs International	HUF	2,752,515,000	USD	6,750,000		170,491
12/15/2022	Goldman Sachs International	ZAR	212,163,250	USD	12,125,000		613,242

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


18		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)


								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)


12/21/2022	Goldman Sachs International		INR	1,200,000,000		USD	14,928,158	$	516,794


12/21/2022	Goldman Sachs International		USD	4,463,314		CLP	4,468,000,000		233,557


12/21/2022	Goldman Sachs International		USD	20,343,438		COP	101,969,450,000		127,913


12/21/2022	Goldman Sachs International		USD	36,850,000		MXN	763,395,803		1,351,092


12/29/2022	Goldman Sachs International		CNY	125,077,050		USD	17,700,000		490,128


01/11/2023	Goldman Sachs International		USD	53,707,200		GBP	48,000,000		1,478,463


02/27/2023	Goldman Sachs International		USD	1,931,302		RUB	150,931,257		228,402


03/13/2023	Goldman Sachs International		CAD	36,330,000		USD	28,000,000		1,275,131


11/16/2022	J.P. Morgan Chase Bank, N.A.		ZAR	52,620,000		USD	3,000,000		138,472


12/15/2022	J.P. Morgan Chase Bank, N.A.		HUF	4,037,000,000		USD	10,000,000		373,900


12/15/2022	J.P. Morgan Chase Bank, N.A.		THB	836,625,000		USD	23,000,000		935,900


12/21/2022	J.P. Morgan Chase Bank, N.A.		CLP	17,978,073,650		USD	19,942,400		1,043,412


12/21/2022	J.P. Morgan Chase Bank, N.A.		INR	4,224,235,000		USD	52,541,543		1,810,720


12/21/2022	J.P. Morgan Chase Bank, N.A.		JPY	21,539,346		USD	151,433		5,672


12/21/2022	J.P. Morgan Chase Bank, N.A.		NOK	11,047		USD	1,105		40


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	5,407,656		EUR	5,500,000		49,934


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	20,100,000		PLN	100,733,776		823,279


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	18,920,335		ZAR	349,700,000		45,535


02/17/2023	J.P. Morgan Chase Bank, N.A.		USD	4,034,896		RUB	310,125,000		442,373


02/22/2023	J.P. Morgan Chase Bank, N.A.		USD	4,232,793		RUB	331,851,000		536,836


12/21/2022	Morgan Stanley and Co. International PLC		COP	36,020,165,000		USD	7,959,378		727,982


12/21/2022	Morgan Stanley and Co. International PLC		EUR	260,030,671		USD	262,160,505		4,134,898


12/21/2022	Morgan Stanley and Co. International PLC		USD	22,589,650		EUR	22,996,195		229,224


12/21/2022	Morgan Stanley and Co. International PLC		USD	10,264,926		MXN	209,779,168		232,634


12/21/2022	Royal Bank of Canada		GBP	1,585,000		USD	1,843,224		22,440


12/21/2022	Royal Bank of Canada		USD	6,228,996		GBP	5,665,000		278,727


Subtotal–Appreciation									52,230,439



Currency Risk


11/03/2022	Bank of America, N.A.		BRL	1,075,504,985		USD	199,429,324		(8,779,946	)


12/12/2022	Bank of America, N.A.		USD	64,700,000		CAD	84,401,797		(2,722,795	)


12/20/2022	Bank of America, N.A.		USD	17,542,000		EUR	17,500,000		(178,726	)


12/21/2022	Bank of America, N.A.		GBP	11,520,000		USD	13,090,175		(143,535	)


12/21/2022	Bank of America, N.A.		USD	56,968,566		AUD	84,277,914		(2,974,438	)


12/21/2022	Bank of America, N.A.		USD	4,884,460		COP	21,814,000,000		(505,089	)


12/21/2022	Bank of America, N.A.		USD	5,034,933		EUR	5,000,000		(73,488	)


12/21/2022	Bank of America, N.A.		USD	15,662,899		NZD	25,849,521		(622,717	)


12/21/2022	Bank of America, N.A.		USD	13,840,741		SGD	19,441,895		(102,667	)


01/27/2023	Bank of America, N.A.		ZAR	185,080,000		USD	10,000,000		(11,492	)


02/27/2023	Bank of America, N.A.		RUB	534,960,000		USD	6,000,000		(1,654,845	)


12/21/2022	BNP Paribas S.A.		GBP	6,282,787		USD	6,700,000		(517,412	)


11/03/2022	Citibank, N.A.		BRL	1,227,634,585		USD	232,993,909		(4,666,449	)


12/02/2022	Citibank, N.A.		BRL	795,251,244		USD	148,877,452		(4,125,331	)


12/21/2022	Citibank, N.A.		COP	99,848,910,000		USD	19,958,545		(87,087	)


12/21/2022	Citibank, N.A.		USD	5,636,906		CAD	7,408,624		(195,665	)


12/21/2022	Citibank, N.A.		USD	53,685,743		CNY	377,898,464		(1,674,806	)


12/21/2022	Citibank, N.A.		USD	4,178,052		COP	20,000,000,000		(162,859	)


12/21/2022	Deutsche Bank AG		GBP	3,425,000		USD	3,642,894		(291,607	)


12/21/2022	Deutsche Bank AG		USD	13,041,163		GBP	11,284,913		(77,511	)


12/21/2022	Deutsche Bank AG		USD	7,966,332		IDR	119,136,500,000		(354,187	)


12/21/2022	Deutsche Bank AG		USD	24,073,645		PLN	115,620,900		(58,180	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


19		Invesco International Bond Fund


Open Forward Foreign Currency Contracts–(continued)


								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)


12/21/2022	Deutsche Bank AG		USD	44,292,546		ZAR	777,874,550	$	(2,104,761	)


11/14/2022	Goldman Sachs International		USD	39,615,026		ZAR	682,165,000		(2,512,284	)


12/21/2022	Goldman Sachs International		MXN	888,374,082		USD	44,100,000		(355,131	)


12/21/2022	Goldman Sachs International		PLN	105,870,000		USD	21,673,740		(316,377	)


12/21/2022	Goldman Sachs International		USD	14,000,000		HUF	5,622,827,000		(614,548	)


06/29/2023	Goldman Sachs International		PLN	37,966,555		USD	7,370,000		(289,864	)


07/26/2023	Goldman Sachs International		ZAR	140,775,000		USD	7,500,000		(29,939	)


09/29/2023	Goldman Sachs International		SEK	55,197,500		USD	5,000,000		(99,848	)


10/16/2023	Goldman Sachs International		AUD	12,250,000		USD	7,754,250		(157,460	)


10/16/2023	Goldman Sachs International		NZD	23,333,333		USD	13,055,000		(545,402	)


11/28/2022	J.P. Morgan Chase Bank, N.A.		EUR	9,000,000		NOK	89,104,410		(332,646	)


12/20/2022	J.P. Morgan Chase Bank, N.A.		BRL	71,550,000		USD	13,250,000		(463,446	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR	5,520,000		USD	5,427,320		(50,116	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		HUF	14,817,056,473		USD	33,800,000		(1,472,825	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		MXN	341,880,000		USD	16,637,428		(470,591	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	106,126		CLP	95,672,818		(5,553	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	13,795,976		HUF	5,615,652,000		(427,605	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	37,396,942		INR	3,006,639,386		(1,288,797	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	57,781,468		JPY	8,218,654,529		(2,164,430	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	25,554,165		KRW	35,190,384,742		(876,714	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	28,532,645		NOK	285,331,389		(1,039,835	)


12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	6,700,000		ZAR	119,816,107		(201,811	)


02/17/2023	J.P. Morgan Chase Bank, N.A.		RUB	310,125,000		USD	3,750,000		(727,269	)


02/22/2023	J.P. Morgan Chase Bank, N.A.		RUB	331,851,000		USD	3,900,000		(869,629	)


03/20/2023	J.P. Morgan Chase Bank, N.A.		BRL	30,250,000		USD	5,500,000		(198,894	)


12/21/2022	Morgan Stanley and Co. International PLC		MXN	351,207,000		USD	17,185,281		(389,469	)


12/21/2022	Morgan Stanley and Co. International PLC		USD	20,089,372		CZK	498,839,200		(12,387	)


12/21/2022	Morgan Stanley and Co. International PLC		USD	322,999,308		EUR	320,375,211		(5,094,473	)


12/21/2022	Morgan Stanley and Co. International PLC		USD	25,642,000		JPY	3,735,312,449		(364,503	)


12/21/2022	Morgan Stanley and Co. International PLC		USD	5,669,611		SEK	60,289,130		(186,553	)


12/21/2022	Morgan Stanley and Co. International PLC		USD	58,149,476		THB	2,107,337,000		(2,537,115	)


12/21/2022	Standard Chartered Bank PLC		GBP	7,000,000		USD	7,471,950		(569,367	)


Subtotal–Depreciation									(56,750,474	)


Total Forward Foreign Currency Contracts								$	(4,520,035	)


Open Centrally Cleared Credit Default Swap Agreements^(a)
Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(b)		Notional Value			Upfront Payments Paid (Received)			Value		Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Index, Series 37, Version 1		Buy		(1.00)%		Quarterly		06/20/2027		1.081%		EUR	10,750,000		$(110,617	)		$ 36,292		$146,909
Markit iTraxx Europe Sub Financials, Series 37, Version 1		Buy		(1.00)		Quarterly		06/20/2027		2.065		EUR	10,625,000		337,165			465,488		128,323
Intercontinental Exchange, Inc.		Buy		(1.00)		Quarterly		12/20/2027		2.959		USD	17,500,000		1,426,556			1,449,610		23,054
Subtotal - Appreciation															1,653,104			1,951,390		298,286

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


20		Invesco International Bond Fund


	Open Centrally Cleared Credit Default Swap Agreements^(a)–(continued)


Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(b)		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)


Credit Risk


South Africa Republic International Bonds		Buy		(1.00)%		Quarterly		06/20/2027		2.848%		USD	5,000,000		$ 371,280	$	364,938		$ (6,342)


Societe Generale		Sell		1.00		Quarterly		06/20/2027		1.300		EUR	15,000,000		14,931		(188,629	)	(203,560)


Subtotal - Depreciation															386,211		176,309		(209,902)


Total Centrally Cleared Credit Default Swap Agreements															$2,039,315	$	2,127,699		$ 88,384

^(a)	Centrally cleared swap agreements collateralized by $46,682,751 cash held with Counterparties.

^(b)


Open Centrally Cleared Interest Rate Swap Agreements^(a)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive	28 Day MXN TIIE	28 Day		(10.04	)%	28 Day		12/18/2024		MXN	550,000,000	$	–		$	12,458			$ 12,458
Receive	6 Month THBFIX	Semi-Annually		(1.97	)	Semi-Annually		05/13/2024		THB	875,000,000		–			37,376			37,376
Receive	TTHORON	Quarterly		(2.59	)	Quarterly		06/13/2027		THB	355,000,000		–			41,772			41,772
Receive	6 Month THBFIX	Semi-Annually		(1.95	)	Semi-Annually		05/13/2024		THB	850,000,000		–			43,026			43,026
Receive	COOVIBR	Quarterly		(11.50	)	Quarterly		11/02/2024		COP	137,500,000,000		–			59,711			59,711
Pay	TONAR	Annually		0.24		Annually		09/29/2027		JPY	8,825,000,000		(73,086	)		(10,993	)		62,093
Receive	FBIL Overnight MIBOR	Semi-Annually		(6.62	)	Semi-Annually		05/02/2027		INR	1,800,000,000		–			71,611			71,611
Receive	COOVIBR	Quarterly		(11.46	)	Quarterly		11/01/2024		COP	137,500,000,000		–			81,491			81,491
Receive	3 Month JIBAR	Quarterly		(7.98	)	Quarterly		03/07/2032		ZAR	16,000,000		–			83,246			83,246
Receive	3 Month JIBAR	Quarterly		(7.95	)	Quarterly		03/07/2032		ZAR	16,500,000		–			87,573			87,573
Receive	6 Month THBFIX	Semi-Annually		(1.71	)	Semi-Annually		04/18/2025		THB	573,000,000		–			88,267			88,267
Receive	6 Month THBFIX	Semi-Annually		(1.66	)	Semi-Annually		05/26/2024		THB	850,000,000		–			140,473			140,473
Receive	BZDIOVRA	At Maturity		(12.84	)	At Maturity		01/02/2024		BRL	695,808,610		–			166,814			166,814
Pay	TONAR	Annually		0.30		Annually		09/29/2027		JPY	8,825,000,000		(39,985	)		163,110			203,095
Receive	COOVIBR	Quarterly		(9.85	)	Quarterly		07/21/2032		COP	17,843,000,000		–			224,759			224,759
Receive	6 Month WIBOR	Semi-Annually		(7.61	)	Annually		09/21/2024		PLN	127,000,000		–			240,749			240,749
Receive	COOVIBR	Quarterly		(9.71	)	Quarterly		07/21/2032		COP	16,883,000,000		–			241,409			241,409
Receive	SOFR	Annually		(3.39	)	Annually		11/09/2052		USD	20,400,000		–			248,529			248,529
Pay	BZDIOVRA	At Maturity		11.72		At Maturity		01/02/2026		BRL	248,590,247		–			302,293			302,293
Receive	COOVIBR	Quarterly		(8.54	)	Quarterly		05/27/2032		COP	13,500,000,000		–			383,872			383,872
Receive	COOVIBR	Quarterly		(9.86	)	Quarterly		09/09/2032		COP	36,000,000,000		–			446,274			446,274
Receive	28 Day MXN TIIE	28 Day		(9.43	)	28 Day		12/18/2024		MXN	850,000,000		–			481,393			481,393
Receive	SOFR	Annually		(3.36	)	Annually		11/09/2052		USD	27,200,000		–			494,291			494,291
Receive	3 Month ADBB	Quarterly		(3.70	)	Quarterly		09/07/2025		AUD	104,000,000		–			513,652			513,652

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


21		Invesco International Bond Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)


Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)


Receive	28 Day MXN TIIE	28 Day		(9.36	)%	28 Day		12/18/2024		MXN	850,000,000	$	–		$	538,683		$	538,683


Pay	SONIA	Annually		3.99		Annually		10/24/2052		GBP	4,500,000		–			673,288			673,288


Receive	3 Month JIBAR	Quarterly		(7.42	)	Quarterly		05/05/2027		ZAR	370,000,000		–			740,980			740,980


Receive	3 Month JIBAR	Quarterly		(7.45	)	Quarterly		04/29/2027		ZAR	385,000,000		–			741,819			741,819


Pay	SOFR	Annually		3.89		Annually		10/27/2032		USD	157,500,000		(7,196	)		788,062			795,258


Receive	COOVIBR	Quarterly		(9.01	)	Quarterly		05/24/2032		COP	36,300,000,000		–			819,663			819,663


Receive	3 Month JIBAR	Quarterly		(6.61	)	Quarterly		10/19/2026		ZAR	336,700,000		1,507			1,023,335			1,021,828


Receive	3 Month JIBAR	Quarterly		(6.65	)	Quarterly		10/11/2026		ZAR	350,000,000		–			1,072,059			1,072,059


Pay	BZDIOVRA	At Maturity		12.88		At Maturity		01/04/2027		BRL	103,795,903		–			1,209,114			1,209,114


Pay	BZDIOVRA	At Maturity		12.90		At Maturity		01/04/2027		BRL	122,728,546		–			1,445,560			1,445,560


Receive	SOFR	Annually		(3.53	)	Annually		09/27/2032		USD	62,000,000		–			1,511,660			1,511,660


Receive	FBIL Overnight MIBOR	Semi-Annually		(5.65	)	Semi-Annually		02/17/2027		INR	2,625,000,000		–			1,519,066			1,519,066


Receive	3 Month JIBAR	Quarterly		(7.50	)	Quarterly		03/01/2031		ZAR	310,000,000		1,830			1,826,405			1,824,575


Receive	COOVIBR	Quarterly		(4.20	)	Quarterly		02/08/2031		COP	43,000,000,000		–			4,145,809			4,145,809


Receive	CLICP	Semi-Annually		(2.34	)	Semi-Annually		03/10/2026		CLP	30,000,000,000		–			4,780,130			4,780,130


Subtotal – Appreciation													(116,930	)		27,478,789			27,595,719


Interest Rate Risk


Pay	SOFR	Annually		2.84		Annually		06/09/2033		USD	132,500,000		–			(9,854,587	)		(9,854,587	)


Pay	6 Month EURIBOR	Semi-Annually		0.64		Annually		03/03/2032		EUR	45,000,000		–			(8,490,415	)		(8,490,415	)


Pay	6 Month EURIBOR	Semi-Annually		2.43		Annually		09/05/2032		EUR	91,400,000		(20,227	)		(4,380,812	)		(4,360,585	)


Pay	SONIA	Annually		2.24		Annually		10/11/2032		GBP	25,000,000		–			(3,634,124	)		(3,634,124	)


Pay	SOFR	Annually		3.38		Annually		09/08/2025		USD	70,500,000		–			(1,807,609	)		(1,807,609	)


Receive	SONIA	Annually		(5.73	)	Annually		09/28/2024		GBP	50,000,000		5,032			(1,185,188	)		(1,190,220	)


Receive	SONIA	Annually		(5.41	)	Annually		09/27/2024		GBP	50,000,000		4,504			(857,285	)		(861,789	)


Receive	SONIA	Annually		(4.96	)	Annually		10/04/2024		GBP	100,000,000		–			(789,082	)		(789,082	)


Receive	SONIA	Annually		(5.51	)	Annually		09/28/2024		GBP	27,000,000		2,552			(520,339	)		(522,891	)


Pay	SOFR	Annually		3.94		Annually		11/09/2027		USD	111,350,000		–			(460,090	)		(460,090	)


Pay	28 Day MXN TIIE	28 Day		8.68		28 Day		12/08/2032		MXN	231,250,000		–			(443,254	)		(443,254	)


Pay	28 Day MXN TIIE	28 Day		8.79		28 Day		12/08/2032		MXN	232,500,000		–			(365,211	)		(365,211	)


Receive	CLICP	Semi-Annually		(7.41	)	Semi-Annually		07/22/2027		CLP	11,000,000,000		–			(269,652	)		(269,652	)


Pay	BZDIOVRA	At Maturity		11.30		At Maturity		01/02/2026		BRL	259,730,842		–			(268,701	)		(268,701	)


Receive	FBIL Overnight MIBOR	Semi-Annually		(7.02	)	Semi-Annually		05/25/2027		INR	1,875,000,000		–			(258,099	)		(258,099	)


Pay	BZDIOVRA	At Maturity		11.27		At Maturity		01/02/2029		BRL	85,886,849		–			(164,106	)		(164,106	)


Receive	BZDIOVRA	At Maturity		(13.08	)	At Maturity		01/02/2024		BRL	638,756,367		–			(141,253	)		(141,253	)


Pay	CLICP	Annually		10.90		Annually		07/22/2023		CLP	49,850,000,000		–			(121,341	)		(121,341	)


Pay	SOFR	Annually		4.00		Annually		11/09/2027		USD	83,512,500		–			(107,740	)		(107,740	)


Pay	BZDIOVRA	At Maturity		11.44		At Maturity		01/02/2026		BRL	257,483,601		–			(106,221	)		(106,221	)


Receive	BZDIOVRA	At Maturity		(13.00	)	At Maturity		01/02/2024		BRL	670,830,035		–			(43,178	)		(43,178	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


22		Invesco International Bond Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)


Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate	Payment Frequency	Maturity Date	Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)


Pay	28 Day MXN TIIE	28 Day	9.24%	28 Day	12/08/2032		MXN 152,500,000		$ –			$ (13,958	)		$ (13,958	)


Receive	6 Month THBFIX	Semi-Annually	(2.11)	Semi-Annually	05/11/2024		THB 850,000,000		–			(8,746	)		(8,746	)


Subtotal – Depreciation									(8,139	)		(34,290,991	)		(34,282,852	)


Total Centrally Cleared Interest Rate Swap Agreements									$(125,069	)		$(6,812,202	)		$(6,687,133	)

^(a)	Centrally cleared swap agreements collateralized by $46,682,751 cash held with Counterparties.


Open Over-The-Counter Credit Default Swap Agreements^(a)


Counterparty	Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate	Payment Frequency		Maturity Date		Implied Credit Spread^(b)		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)


Credit Risk


Goldman Sachs International	Royal Bank of Scotland Group PLC (The)	Buy	(1.00)%		Quarterly		12/20/2027		2.153%		EUR	5,000,000		$ 193,630	$	262,170			$ 68,540


J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy	(1.00)		Quarterly		06/20/2027		2.047		EUR	7,500,000		241,772		327,346			85,574


Subtotal–Appreciation														435,402		589,516			154,114


Credit Risk


Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy	(1.00)		Quarterly		12/20/2024		1.105		EUR	5,000,000		27,225		10,761			(16,464	)


Citibank, N.A.	Assicurazioni Generali S.p.A.	Sell	1.00		Quarterly		12/20/2024		0.742		EUR	10,000,000		41,911		26,551			(15,360	)


Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5	Sell	5.00		Quarterly		12/20/2024		8.244		EUR	10,000,000		549,672		(633,966	)		(1,183,638	)


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell	5.00		Quarterly		12/20/2023		13.894		EUR	5,000,000		23,081		(471,679	)		(494,760	)


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell	5.00		Quarterly		12/20/2023		13.894		EUR	10,000,000		137,236		(943,359	)		(1,080,595	)


J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8	Sell	5.00		Quarterly		12/20/2023		13.894		EUR	5,000,000		51,568		(471,679	)		(523,247	)


Subtotal–Depreciation														830,693		(2,483,371	)		(3,314,064	)


Total Open Over-The-Counter Credit Default Swap Agreements														$ 1,266,095	$	(1,893,855	)		$(3,159,950	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

^(b)

Open Over-The-Counter Interest Rate Swap Agreements^(a)

Counterparty

Pay/
Receive
Floating
Rate

Floating Rate

Index

Payment

Frequency

(Pay)/

Received
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional

Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Interest Rate Risk

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(2.70)%

Quarterly

03/16/2024

MYR 198,000,000

$–

$588,460

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $68,869,000.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


23		Invesco International Bond Fund


Abbreviations:

ADBB		–Australian Dollar Bank Bill
AUD		–Australian Dollar
BRL		–Brazilian Real
BZDIOVRA		–Brazil Ceptip DI Interbank Deposit Rate
CAD		–Canadian Dollar
CDOR		–Canadian Dealer Offered Rate
CHF		–Swiss Franc
CLICP		–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP		–Chile Peso
CNY		–Chinese Yuan Renminbi
COOVIBR		–Colombia IBR Overnight Nominal Interbank Reference Rate
COP		–Colombia Peso
CZK		–Czech Koruna
EUR		–Euro
EURIBOR		–Euro Interbank Offered Rate
FBIL		–Financial Benchmarks India Private Ltd.
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JIBAR		–Johannesburg Interbank Average Rate
JPY		–Japanese Yen
KLIBOR		–Kuala Lumpur Interbank Offered Rate
KRW		–South Korean Won
MIBOR		–Mumbai Interbank Offered Rate
MXN		–Mexican Peso
MYR		–Malaysian Ringgit
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PLN		–Polish Zloty
RUB		–Russian Ruble
SEK		–Swedish Krona
SGD		–Singapore Dollar
SOFR		–Secured Overnight Financing Rate
SONIA		–Sterling Overnight Index Average
THB		–Thai Baht
THBFIX		–Thai Baht Interest Rate Fixing
TIIE		–Interbank Equilibrium Interest Rate
TONAR		–Tokyo Overnight Average Rate
TTHORON		–Thai Overnight Repurchase Rate
USD		–U.S. Dollar
WIBOR		–Warsaw Interbank Offered Rate
ZAR		–South African Rand

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


24		Invesco International Bond Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,359,685,807)*	$	1,132,597,106


Investments in affiliated money market funds, at value (Cost $71,096,361)		71,096,776


Other investments:
Variation margin receivable – futures contracts		1,768,476


Swaps receivable – OTC		230,871


Unrealized appreciation on swap agreements – OTC		742,574


Premiums paid on swap agreements – OTC		1,266,095


Unrealized appreciation on forward foreign currency contracts outstanding		52,230,439


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,898,686


Cash collateral – centrally cleared swap agreements		46,682,751


Cash collateral – OTC Derivatives		68,869,000


Cash		42,158,928


Foreign currencies, at value (Cost $4,633,269)		4,552,334


Receivable for:
Investments sold		11,474,175


Fund shares sold		491,164


Dividends		179,801


Interest		18,257,452


Investment for trustee deferred compensation and retirement plans		305,552


Other assets		80,500


Total assets		1,456,882,680



Liabilities:
Other investments:
Options written, at value (premiums received $77,289,829)		96,158,624


Variation margin payable – centrally cleared swap agreements		474,887


Unrealized depreciation on forward foreign currency contracts outstanding		56,750,474


Swaps payable – OTC		20,061


Unrealized depreciation on swap agreements–OTC		3,314,064


Payable for:
Investments purchased		562,500


Dividends		793,071


Fund shares reacquired		1,978,614


Collateral upon return of securities loaned		4,458,070


Accrued fees to affiliates		745,594


Accrued trustees’ and officers’ fees and benefits		2,557


Accrued other operating expenses		489,065


Trustee deferred compensation and retirement plans		305,552


Total liabilities		166,053,133


Net assets applicable to shares outstanding	$	1,290,829,547


Net assets consist of:
Shares of beneficial interest	$	1,784,450,508


Distributable earnings (loss)		(493,620,961	)


	$	1,290,829,547



Net Assets:
Class A	$	449,632,034


Class C	$	17,453,871


Class R	$	40,961,932


Class Y	$	497,024,787


Class R5	$	964,460


Class R6	$	284,792,463



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		113,585,050


Class C		4,426,215


Class R		10,378,270


Class Y		125,643,837


Class R5		243,253


Class R6		72,041,044


Class A:
Net asset value per share	$	3.96


Maximum offering price per share (Net asset value of $3.96 ÷ 95.75%)	$	4.14


Class C:
Net asset value and offering price per share	$	3.94


Class R:
Net asset value and offering price per share	$	3.95


Class Y:
Net asset value and offering price per share	$	3.96


Class R5:
Net asset value and offering price per share	$	3.96


Class R6:
Net asset value and offering price per share	$	3.95

*	At October 31, 2022, securities with an aggregate value of $4,378,635 were on loan to brokers.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


25		Invesco International Bond Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest (net of foreign withholding taxes of $885,055)	$	74,849,595


Dividends from affiliated money market funds (includes net securities lending income of $16,581)		849,126


Total investment income		75,698,721



Expenses:

Advisory fees		10,246,466


Administrative services fees		247,363


Custodian fees		384,380


Distribution fees:
Class A		1,393,647


Class C		231,354


Class R		252,328


Interest, facilities and maintenance fees		2,543,181


Transfer agent fees – A, C, R and Y		2,488,787


Transfer agent fees – R5		574


Transfer agent fees – R6		120,348


Trustees’ and officers’ fees and benefits		34,663


Registration and filing fees		99,601


Professional services fees		135,227


Other		(755,898	)


Total expenses		17,422,021


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(366,861	)


Net expenses		17,055,160


Net investment income		58,643,561



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $ 19,900)		(211,296,134	)


Affiliated investment securities		6,537


Foreign currencies		(8,159,641	)


Forward foreign currency contracts		10,925,978


Futures contracts		59,070,747


Option contracts written		10,577,835


Swap agreements		(164,269,292	)


		(303,143,970	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $ 341,826)		(134,898,751	)


Affiliated investment securities		696


Foreign currencies		(568,132	)


Forward foreign currency contracts		(15,480,119	)


Futures contracts		4,824,930


Option contracts written		(8,908,052	)


Swap agreements		37,685,704


		(117,343,724	)


Net realized and unrealized gain (loss)		(420,487,694	)


Net increase (decrease) in net assets resulting from operations	$	(361,844,133	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


26		Invesco International Bond Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	58,643,561		$	74,439,003


Net realized gain (loss)		(303,143,970	)		(79,750,107	)


Change in net unrealized appreciation (depreciation)		(117,343,724	)		(56,669,898	)


Net increase (decrease) in net assets resulting from operations		(361,844,133	)		(61,981,002	)



Return of capital:
Class A		(17,732,927	)		(21,704,815	)


Class C		(542,467	)		(810,790	)


Class R		(1,451,576	)		(1,769,009	)


Class Y		(24,106,074	)		(31,503,592	)


Class R5		(22,987	)		(907	)


Class R6		(12,876,954	)		(17,034,255	)


Total return of capital		(56,732,985	)		(72,823,368	)



Share transactions–net:
Class A		(102,712,578	)		(163,005,229	)


Class C		(7,390,569	)		(33,693,204	)


Class R		(7,684,378	)		(15,250,325	)


Class Y		(266,241,633	)		(109,968,834	)


Class R5		1,078,038			62,702


Class R6		(96,211,294	)		(73,986,017	)


Net increase (decrease) in net assets resulting from share transactions		(479,162,414	)		(395,840,907	)


Net increase (decrease) in net assets		(897,739,532	)		(530,645,277	)



Net assets:
Beginning of year		2,188,569,079			2,719,214,356


End of year	$	1,290,829,547		$	2,188,569,079

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


27		Invesco International Bond Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Return of capital				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover^(d)
Class A
Year ended 10/31/22		$	5.08		$	0.15		$	(1.13	)		$	(0.98	)		$	–			$	(0.14	)		$	(0.14	)		$	3.96		(19.50	)%		$	449,632		1.16	%^(e)		1.18	%^(e)		3.21	%^(e)		90	%
Year ended 10/31/21			5.41			0.15			(0.33	)			(0.18	)			–				(0.15	)			(0.15	)			5.08		(3.54	)			690,866		1.01			1.07			2.73			197
Year ended 10/31/20			5.53			0.17			(0.10	)			0.07				(0.12	)			(0.07	)			(0.19	)			5.41		1.35				894,798		1.00			1.04			3.17			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.60				1,043,265		1.01	^(f)		1.03	^(f)		4.60	^(f)		7
Year ended 09/30/19			5.47			0.28			(0.06	)			0.22				–				(0.28	)			(0.28	)			5.41		4.15				1,039,683		0.99			1.02			5.15			105
Year ended 09/30/18			5.95			0.25			(0.48	)			(0.23	)			(0.13	)			(0.12	)			(0.25	)			5.47		(4.20	)			1,082,539		0.99			1.01			4.31			115
Class C
Year ended 10/31/22			5.06			0.11			(1.12	)			(1.01	)			–				(0.11	)			(0.11	)			3.94		(20.21	)			17,454		1.91	^(e)		1.93	^(e)		2.46	^(e)		90
Year ended 10/31/21			5.39			0.11			(0.33	)			(0.22	)			–				(0.11	)			(0.11	)			5.06		(4.29	)			30,414		1.76			1.82			1.98			197
Year ended 10/31/20			5.51			0.13			(0.10	)			0.03				(0.09	)			(0.06	)			(0.15	)			5.39		0.58				64,440		1.75			1.79			2.42			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.55				113,329		1.77	^(f)		1.79	^(f)		3.84	^(f)		7
Year ended 09/30/19			5.45			0.24			(0.06	)			0.18				–				(0.24	)			(0.24	)			5.39		3.36				116,134		1.74			1.77			4.39			105
Year ended 09/30/18			5.93			0.21			(0.48	)			(0.27	)			(0.11	)			(0.10	)			(0.21	)			5.45		(4.79	)			291,793		1.74			1.76			3.56			115
Class R
Year ended 10/31/22			5.06			0.14			(1.12	)			(0.98	)			–				(0.13	)			(0.13	)			3.95		(19.59	)			40,962		1.41	^(e)		1.43	^(e)		2.96	^(e)		90
Year ended 10/31/21			5.39			0.14			(0.34	)			(0.20	)			–				(0.13	)			(0.13	)			5.06		(3.80	)			60,913		1.26			1.32			2.48			197
Year ended 10/31/20			5.51			0.15			(0.10	)			0.05				(0.10	)			(0.07	)			(0.17	)			5.39		1.09				79,763		1.25			1.29			2.92			162
One month ended 10/31/19			5.39			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.51		2.59				99,080		1.27	^(f)		1.29	^(f)		4.34	^(f)		7
Year ended 09/30/19			5.45			0.27			(0.06	)			0.21				–				(0.27	)			(0.27	)			5.39		3.88				98,380		1.24			1.27			4.90			105
Year ended 09/30/18			5.93			0.24			(0.49	)			(0.25	)			(0.12	)			(0.11	)			(0.23	)			5.45		(4.47	)			117,668		1.23			1.25			4.06			115
Class Y
Year ended 10/31/22			5.08			0.16			(1.12	)			(0.96	)			–				(0.16	)			(0.16	)			3.96		(19.28	)			497,025		0.91	^(e)		0.93	^(e)		3.46	^(e)		90
Year ended 10/31/21			5.40			0.16			(0.32	)			(0.16	)			–				(0.16	)			(0.16	)			5.08		(3.11	)			936,624		0.76			0.82			2.98			197
Year ended 10/31/20			5.53			0.18			(0.11	)			0.07				(0.12	)			(0.08	)			(0.20	)			5.40		1.41				1,105,508		0.75			0.79			3.42			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				1,623,640		0.77	^(f)		0.79	^(f)		4.84	^(f)		7
Year ended 09/30/19			5.47			0.29			(0.05	)			0.24				–				(0.30	)			(0.30	)			5.41		4.40				1,611,797		0.74			0.77			5.39			105
Year ended 09/30/18			5.95			0.26			(0.48	)			(0.22	)			(0.14	)			(0.12	)			(0.26	)			5.47		(3.80	)			2,597,821		0.74			0.76			4.56			115
Class R5
Year ended 10/31/22			5.08			0.15			(1.11	)			(0.96	)			–				(0.16	)			(0.16	)			3.96		(19.23	)			964		0.84	^(e)		0.84	^(e)		3.53	^(e)		90
Year ended 10/31/21			5.41			0.16			(0.32	)			(0.16	)			–				(0.17	)			(0.17	)			5.08		(3.16	)			70		0.64			0.64			3.10			197
Year ended 10/31/20			5.53			0.19			(0.11	)			0.08				(0.12	)			(0.08	)			(0.20	)			5.41		1.71				10		0.61			0.62			3.56			162
One month ended 10/31/19			5.41			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.53		2.62				10		0.68	^(f)		0.68	^(f)		4.93	^(f)		7
Period ended 09/30/19^(g)			5.41			0.11			(0.01	)			0.10				–				(0.10	)			(0.10	)			5.41		1.74				10		0.65	^(f)		0.67	^(f)		5.48	^(f)		105
Class R6
Year ended 10/31/22			5.07			0.17			(1.13	)			(0.96	)			–				(0.16	)			(0.16	)			3.95		(19.25	)			284,792		0.78	^(e)		0.78	^(e)		3.59	^(e)		90
Year ended 10/31/21			5.40			0.17			(0.33	)			(0.16	)			–				(0.17	)			(0.17	)			5.07		(3.17	)			469,683		0.64			0.65			3.10			197
Year ended 10/31/20			5.52			0.19			(0.10	)			0.09				(0.13	)			(0.08	)			(0.21	)			5.40		1.75				574,695		0.61			0.62			3.56			162
One month ended 10/31/19			5.40			0.02			0.12				0.14				–				(0.02	)			(0.02	)			5.52		2.64				878,616		0.60	^(f)		0.62	^(f)		5.01	^(f)		7
Year ended 09/30/19			5.46			0.30			(0.06	)			0.24				–				(0.30	)			(0.30	)			5.40		4.55				857,498		0.60			0.62			5.53			105
Year ended 09/30/18			5.94			0.27			(0.48	)			(0.21	)			(0.14	)			(0.13	)			(0.27	)			5.46		(3.83	)			1,404,290		0.58			0.60			4.71			115

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include estimated acquired fund fees from underlying funds of 0.01%, 0.01% and 0.01% for the one month ended October 31, 2019 and the years ended September 30, 2019 and 2018 respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Ratios include interest, facilities and maintenance fees of 0.15% for the year ended October 31, 2022.

^(f)	Annualized.

^(g)	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


28		Invesco International Bond Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco International Bond Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco International Bond Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Susbsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is total return.

The 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 of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


29		Invesco International Bond Fund

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date 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 Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 consolidated financial statements.

Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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.

Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts, and other expenses associated with establishing and maintaining a line of credit.

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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.

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.

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.


30		Invesco International Bond Fund

amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

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 or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

Call Options Purchased and Written - The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period.


31		Invesco International Bond Fund

Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.


32		Invesco International Bond Fund

having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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.

LIBOR Risk - The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

T.	Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

U.	Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

V.	Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund 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.


33		Invesco International Bond Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets		Rate*
First $ 200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $200 million		0.600%
Next $4 billion		0.500%
Next $10 billion		0.480%
Over $15 billion		0.450%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.59%.

The Adviser has contractually agreed, through February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.01%, 1.76%, 1.26%, 0.76%, 0.76%, and 0.76%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective March 1, 2023, through at least February 29, 2024, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.04%, 1.79%, 1.29%, 0.79%, 0.79%, and 0.79%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $70,091 and reimbursed class level expenses of $112,011, $5,389, $12,296, $161,412, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $17,330 in front-end sales commissions from the sale of Class A shares and $591 and $962 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.


34		Invesco International Bond Fund

NOTE 3–Additional Valuation Information

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Non-U.S. Dollar Denominated Bonds & Notes	$	–	$	651,111,918		$	–	$	651,111,918


U.S. Dollar Denominated Bonds & Notes		–		239,208,897			–		239,208,897


Asset-Backed Securities		–		108,617,789			2,836,328		111,454,117


U.S. Treasury Securities		–		25,924,900			–		25,924,900


Common Stocks & Other Equity Interests		21,058,938		–			4,299,807		25,358,745


Preferred Stocks		–		6,817,607			–		6,817,607


Money Market Funds		66,638,637		4,458,139			–		71,096,776


Options Purchased		–		72,720,922			–		72,720,922


Total Investments in Securities		87,697,575		1,108,860,172			7,136,135		1,203,693,882



Other Investments - Assets*


Futures Contracts		4,668,545		–			–		4,668,545


Forward Foreign Currency Contracts		–		52,230,439			–		52,230,439


Swap Agreements		–		28,636,579			–		28,636,579


		4,668,545		80,867,018			–		85,535,563



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(56,750,474	)		–		(56,750,474	)


Options Written		–		(96,158,624	)		–		(96,158,624	)


Swap Agreements		–		(37,806,818	)		–		(37,806,818	)


		–		(190,715,916	)		–		(190,715,916	)


Total Other Investments		4,668,545		(109,848,898	)		–		(105,180,353	)


Total Investments	$	92,366,120	$	999,011,274		$	7,136,135	$	1,098,513,529

*	Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.


35		Invesco International Bond Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
Derivative Assets	Credit Risk			Currency Risk			Interest Rate Risk			Total


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	–		$	–		$	4,668,545		$	4,668,545


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		298,286			–			27,595,719			27,894,005


Unrealized appreciation on forward foreign currency contracts outstanding		–			52,230,439			–			52,230,439


Unrealized appreciation on swap agreements – OTC		154,114			–			588,460			742,574


Options purchased, at value – OTC^(b)		1,526,511			14,488,198			56,706,213			72,720,922


Total Derivative Assets		1,978,911			66,718,637			89,558,937			158,256,485


Derivatives not subject to master netting agreements		(298,286	)		–			(32,264,264	)		(32,562,550	)


Total Derivative Assets subject to master netting agreements	$	1,680,625		$	66,718,637		$	57,294,673		$	125,693,935



	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on swap agreements – Centrally Cleared^(a)	$	(209,902	)	$	–		$	(34,282,852	)	$	(34,492,754	)


Unrealized depreciation on forward foreign currency contracts outstanding		–			(56,750,474	)		–			(56,750,474	)


Unrealized depreciation on swap agreements – OTC		(3,314,064	)		–			–			(3,314,064	)


Options written, at value – OTC		(973,120	)		(10,568,485	)		(84,617,019	)		(96,158,624	)


Total Derivative Liabilities		(4,497,086	)		(67,318,959	)		(118,899,871	)		(190,715,916	)


Derivatives not subject to master netting agreements		209,902			–			34,282,852			34,492,754


Total Derivative Liabilities subject to master netting agreements	$	(4,287,184	)	$	(67,318,959	)	$	(84,617,019	)	$	(156,223,162	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)	Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.


																								Collateral
	Financial Derivative Assets								Financial Derivative Liabilities															(Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash	Cash			Net Amount


Bank of America, N.A.	$	14,367,746	$	3,173,999		$ 605,293	$	18,147,038	$	(17,769,738	)	$	(13,141,644	)	$	–		$	(30,911,382	)	$	(12,764,344	)	$–	$	12,270,000		$	(494,344	)


Barclays Bank PLC		–		–		–		–		–			(372,926	)		–			(372,926	)		(372,926	)	–		372,926			–


BNP Paribas S.A.		–		–		–		–		(517,412	)		–			–			(517,412	)		(517,412	)	–		–			(517,412	)


Citibank, N.A.		11,029,471		–		5,732		11,035,203		(10,912,197	)		–			(37,555	)		(10,949,752	)		85,451		–		(85,451	)		–


Deutsche Bank AG		6,539,770		–		–		6,539,770		(2,886,246	)		–			–			(2,886,246	)		3,653,524		–		–			3,653,524


Goldman Sachs International		8,461,474		6,782,078		125,859		15,369,411		(4,920,853	)		(36,862,612	)		(1,189,370	)		(42,972,835	)		(27,603,424	)	–		27,603,424			–


J.P. Morgan Chase Bank, N.A.		6,206,073		17,168,414		236,561		23,611,048		(10,590,161	)		(29,448,538	)		(2,107,200	)		(42,145,899	)		(18,534,851	)	–		18,534,851			–


Morgan Stanley and Co. International PLC		5,324,738		45,289,551		–		50,614,289		(8,584,500	)		(16,332,904	)		–			(24,917,404	)		25,696,885		–		–			25,696,885


Royal Bank of Canada		301,167		–		–		301,167		–			–			–			–			301,167		–		(280,000	)		21,167


Standard Chartered Bank PLC		–		306,880		–		306,880		(569,367	)		–			–			(569,367	)		(262,487	)	–		262,487			–


Total	$	52,230,439	$	72,720,922		$973,445	$	125,924,806	$	(56,750,474	)	$	(96,158,624	)	$	(3,334,125	)	$	(156,243,223	)	$	(30,318,417	)	$–	$	58,678,237		$	28,359,820


36		Invesco International Bond Fund

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Credit Risk			Currency Risk			Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	10,925,978		$	-		$	10,925,978


Futures contracts		-			-			59,070,747			59,070,747


Options purchased^(a)		-			(22,100,576	)		208,191			(21,892,385	)


Options written		(1,532,883	)		(16,581,884	)		28,692,602			10,577,835


Swap agreements		4,903,027			-			(169,172,319	)		(164,269,292	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(15,480,119	)		-			(15,480,119	)


Futures contracts		-			-			4,824,930			4,824,930


Options purchased^(a)		944,391			5,614,999			31,807,913			38,367,303


Options written		(783,861	)		3,320,653			(11,444,844	)		(8,908,052	)


Swap agreements		(3,344,181	)		-			41,029,885			37,685,704


Total	$	186,493		$	(34,300,949	)	$	(14,982,895	)	$	(49,097,351	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

Foreign

Forward

Currency

Foreign Currency

Futures

Swaptions

Options

Swaptions

Options

Swap

Contracts

Purchased

Written

Agreements

Average notional value

$5,397,178,779

360,220,408

490,429,147

1,279,873,493

3,311,255,064

636,311,690

19,759,422,857

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Return of capital		56,732,985		72,823,368


37		Invesco International Bond Fund

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(255,739,005	)


Net unrealized appreciation (depreciation) – foreign currencies		(1,535,814	)


Temporary book/tax differences		(302,025	)


Capital loss carryforward		(236,044,117	)


Shares of beneficial interest		1,784,450,508


Total net assets	$	1,290,829,547

The Fund has a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	198,541,915	$	37,502,202	$	236,044,117

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $1,223,529,939 and $1,662,611,453, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	167,894,585


Aggregate unrealized (depreciation) of investments		(423,633,590	)


Net unrealized appreciation (depreciation) of investments	$	(255,739,005	)

Cost of investments for tax purposes is $1,356,206,808.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and return of capital distributions, on October 31, 2022, undistributed net investment income was increased by $16,084,588, undistributed net realized gain (loss) was increased by $223,148,368 and shares of beneficial interest was decreased by $239,232,955. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity



	Year ended				Year ended
	October 31, 2022^(a)				October 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Class A		6,791,760	$	31,312,761		10,679,165	$	59,163,264


Class C		482,560		2,196,516		749,964		4,152,544


Class R		1,266,442		5,839,373		1,933,033		10,661,305


Class Y		39,767,405		189,983,572		52,906,667		292,887,665


Class R5		248,165		1,156,653		11,857		62,852


Class R6		11,857,360		54,706,960		25,033,048		138,232,595



Issued as reinvestment of dividends:
Class A		3,281,576		14,668,894		3,272,113		17,895,284


Class C		103,470		459,930		120,518		658,289


Class R		323,717		1,439,296		321,804		1,754,902


Class Y		3,842,890		17,291,282		4,262,472		23,303,587


Class R5		5,409		22,693		114		596


Class R6		2,593,720		11,614,884		2,726,524		14,911,604


38		Invesco International Bond Fund


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount



Automatic conversion of Class C shares to Class A shares:
Class A		656,099		$	3,019,260			4,513,898		$	25,808,212


Class C		(658,721	)		(3,019,260	)		(4,530,213	)		(25,808,212	)



Reacquired:
Class A		(33,153,319	)		(151,713,493	)		(47,989,282	)		(265,871,989	)


Class C		(1,512,565	)		(7,027,755	)		(2,295,274	)		(12,695,825	)


Class R		(3,239,823	)		(14,963,047	)		(5,025,642	)		(27,666,532	)


Class Y		(102,430,021	)		(473,516,487	)		(77,271,663	)		(426,160,086	)


Class R5		(23,998	)		(101,308	)		(142	)		(746	)


Class R6		(35,016,427	)		(162,533,138	)		(41,611,072	)		(227,130,216	)


Net increase (decrease) in share activity		(104,814,301	)	$	(479,162,414	)		(72,192,111	)	$	(395,840,907	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


39		Invesco International Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco International Bond Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco International Bond Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated in the table below (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Financial Highlights

For each of the three years in the period ended October 31, 2022, the one month ended October 31, 2019, and the year ended September 30, 2019 for Class A, Class C, Class R, Class Y and Class R6.

The consolidated financial statements of Oppenheimer International Bond Fund (subsequently renamed Invesco International Bond Fund) as of and for the year ended September 30, 2018 and the consolidated financial highlights for the year then ended (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated November 28, 2018 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, portfolio company investees, and brokers; when replies were not received from brokers or portfolio company investees, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


40		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.


	Beginning Account Value (05/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$902.20	$6.42	$1,018.45	$6.82	1.34%
Class C	1,000.00	898.20	10.00	1,014.67	10.61	2.09
Class R	1,000.00	902.80	7.63	1,017.19	8.08	1.59
Class Y	1,000.00	903.20	5.23	1,019.71	5.55	1.09
Class R5	1,000.00	903.60	4.17	1,020.82	4.43	0.87
Class R6	1,000.00	903.50	4.70	1,020.27	4.99	0.98

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


41		Invesco International Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Bond Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco International Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s exposure to emerging market interest rates and currencies detracted from performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different


42		Invesco International Bond Fund

performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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.


43		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, 2022:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


44		Invesco International Bond Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers– (continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco International Bond Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


T-6		Invesco International Bond Fund

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		O-IBD-AR-1

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco Macro Allocation Strategy Fund

Nasdaq:

A: GMSDX ∎ C: GMSEX ∎ R: GMSJX ∎ Y: GMSHX ∎ R5: GMSKX ∎ R6: GMSLX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Consolidated Schedule of Investments

13		Consolidated Financial Statements

16		Consolidated Financial Highlights

17		Notes to Consolidated Financial Statements

26		Report of Independent Registered Public Accounting Firm

27		Fund Expenses

28		Approval of Investment Advisory and Sub-Advisory Contracts

31		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Macro Allocation Strategy Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg 3-Month Treasury Bellwether Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-9.88	%
Class C Shares	-10.66
Class R Shares	-10.11
Class Y Shares	-9.70
Class R5 Shares	-9.69
Class R6 Shares	-9.72
Bloomberg 3-Month Treasury Bellwether Index^▼ (Broad Market/Style-Specific Index)	0.80
Lipper Absolute Return Funds Index^∎(Peer Group Index)	-6.39

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2022, the Fund at NAV reported negative absolute performance as two of the major asset classes in which the Fund invests (stocks and sovereign debt) detracted from results, while the commodities exposure contributed. The Fund operates on a fully systematic platform and invests in derivatives, such as swaps, options and futures, which are expected to correspond to the performance of US and international fixed-income, equity and commodity markets. The portfolio operates on two components that fulfill specific roles for the aggregate portfolio: adaptive positioning that seeks to capitalize on the long-term characteristics of asset classes within a macro factor framework, and a diversified defense component that is designed to exhibit low correlation to broad capital markets and with that provide a level of defense to the strategy.

The adaptive positioning’s investment process involves first selecting representative assets for each asset class from a universe of more than 50 assets. Next, we seek to construct the portfolio so that an approximately equal amount of risk comes from our equity, fixed-income and commodity allocations. Tactical adjustments to the Fund’s portfolio are then made on a monthly basis to try to take advantage of shorter-term market dynamics. Here, the team introduces a module to the aggregate portfolio that is anchored on the premise that, over the long-term, asset classes typically generate an excess return over cash. This concept has a long-term orientation and therefore needs to be complemented with an overlay that takes into account the differentiated behavior of assets over the short term.

The adaptive positioning generated a negative result for the Fund for the fiscal year.

The exposures to equities, commodities and sovereign debt detracted from results. This result is consistent with the current inflationary environment that has forced global central banks to embark on highly restrictive monetary policies, a diametrically opposite stance from where we were a year ago and the emergence toward the end of the fiscal year of fears of a global recession.

The diversified defense module introduces dedicated defensive assets and strategies to the aggregate portfolio. This module is designed in a manner that we believe improves the reactivity during market turbulence.

The final portfolio is then put together seeking to achieve a long-term correlation to equities of zero. From a risk-contribution perspective, the adaptive position contributes 80% while the diversified defense contributes 20% of the portfolio’s aggregate risk.

In equities, all markets detracted from Fund results with North America performing the worst, followed by Japanese and European markets, with UK stocks performing the best. Commodities were a relative bright spot, broadly rising in response to supply chain bottlenecks, adverse weather conditions that impede transportation and also affect key agriculture asset growing regions, and a general sense of underinvestment in an asset class that never recovered from the all-time height in June of 2008. Nonetheless, the volatile nature of the market environment allowed only for a limited contribution to the Fund’s overall results during the fiscal year.

The Fund’s exposure to global government bonds detracted from Fund results as a combination of strong tightening moves across most major central banks and persistently high inflation readings reduced the attractiveness of bonds. The yield of the US 10-year Treasury reached levels not seen since the latter part of 2018. Japan was an outlier as

the Bank of Japan continued to hold rates steady at its September 2022 meeting. At the other end of the spectrum, UK gilts were hammered in September as details of the mini budget emerged. Gilts regained some ground at the end of September when the Bank of England stepped in to make temporary purchases of long-dated gilts in an effort to stabilize bond yields and prevent pensions from failing. Rate hikes in the US and Canada, along with a hotter-than-expected consumer price index print in the US, served to push yields higher in North America. The Federal Reserve also doubled the pace of its quantitative tightening efforts during the fiscal year. German bund yields also rose on comments from President Lagarde that indicated rates were far from where they need to be to counter inflation.

Within the diversified defense module, only the dedicated sovereign debt exposure detracted from Fund results. The other defensive assets and strategies, including long put options, defensive equity factor exposure and optimal roll within commodities, delivered positive results.

Please note that our strategy is principally implemented with derivative instruments that include futures, options and total return swaps. Therefore, all or most of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

We thank you for your investment in Invesco Macro Allocation Strategy Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Christian Ulrich

Scott Wolle - Lead

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Macro Allocation Strategy Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 Macro Allocation Strategy Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
10 Years	1.33	%
5 Years	-1.74
1 Year	-14.81

Class C Shares
10 Years	1.25	%
5 Years	-1.38
1 Year	-11.49

Class R Shares
10 Years	1.68	%
5 Years	-0.86
1 Year	-10.11

Class Y Shares
Inception (9/26/12)	2.05	%
10 Years	2.17
5 Years	-0.39
1 Year	-9.70

Class R5 Shares
10 Years	2.18	%
5 Years	-0.38
1 Year	-9.69

Class R6 Shares
10 Years	2.16	%
5 Years	-0.39
1 Year	-9.72

On August 28, 2013, Class H1 shares converted to Class Y shares.

Class A, Class C and Class R shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class A, Class C and Class R shares.

Class R5 shares and Class R6 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class Y shares at net asset value.

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 Macro Allocation Strategy Fund

Supplemental Information

Invesco Macro Allocation Strategy Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg 3-Month Treasury Bellwether Index measures the performance of treasury bills with maturities of less than three months.

∎	The Lipper Absolute Return Funds Index is an unmanaged index considered representative of absolute return funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Macro Allocation Strategy Fund

Fund Information

Notional Asset Weights as of October 31, 2022


Asset Class	Notional Asset Weights*

Equities		-5.09	%

Fixed Income		44.27

Commodities		27.35

Options		60.64

Total		127.17	%

*	Total Notional Asset Weights greater than 100% is achieved through derivatives and other instruments that create leverage.


6		Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

October 31, 2022


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–42.59%^(a)
U.S. Treasury Bills–13.02%

U.S. Treasury Bills		1.48%		11/25/2022	$	10,630	$ 10,619,583

U.S. Treasury Bills		1.71%		12/08/2022		1,540	1,537,278

U.S. Treasury Bills		3.39%		03/09/2023		8,300	8,176,643

							20,333,504

U.S. Treasury Floating Rate Notes–29.57%

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		4.09%		01/31/2024		23,500	23,497,334

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		4.04%		04/30/2024		22,700	22,667,036

							46,164,370

Total U.S. Treasury Securities (Cost $66,558,586)							66,497,874

					Shares
Money Market Funds–39.58%

Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(c)(d)						28,357,639	28,357,639

Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(c)(d)						9,054,524	9,056,334

Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Institutional Class, 3.16%^(c)(d)						10,138,306	10,138,306

Invesco Treasury Portfolio, Institutional Class, 3.08%^(c)(d)						14,239,588	14,239,588

Total Money Market Funds (Cost $61,788,615)							61,791,867

Options Purchased–5.28%

(Cost $7,904,738)^(e)							8,235,440

TOTAL INVESTMENTS IN SECURITIES–87.45% (Cost $136,251,939)							136,525,181

OTHER ASSETS LESS LIABILITIES–12.55%							19,590,973

NET ASSETS–100.00%							$156,116,154

Notes to Consolidated Schedule of Investments:

^(a)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

^(c)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2022		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class	$	53,989,266	$	112,863,541	$	(138,495,168)	$	-	$	-	$	28,357,639	$	264,751

Invesco Liquid Assets Portfolio, Institutional Class		18,897,176		79,059,672		(88,896,548)		3,946		(7,912)		9,056,334		99,894

Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Institutional Class		20,435,916		91,994,080		(102,291,690)		-		-		10,138,306		104,957

Invesco Treasury Portfolio, Institutional Class		29,978,590		126,495,475		(142,234,477)		-		-		14,239,588		147,615

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		-		729		(729)		-		-		-		1*

Invesco Private Prime Fund		-		4,406,400		(4,406,841)		-		441		-		288*

Total	$	123,300,948	$	414,819,897	$	(476,325,453)	$	3,946	$	(7,471)	$	61,791,867	$	617,506

^(d)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(e)	The table below details options purchased.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


7		Invesco Macro Allocation Strategy Fund


Open Exchange-Traded Index Options Purchased^(a)
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*			Value

Equity Risk

S&P 500 Index		Put		09/15/2023		16		USD	3,900.00		USD	6,240,000	$ 494,560

S&P 500 Index		Put		10/20/2023		16		USD	3,625.00		USD	5,800,000	364,880

S&P 500 Index		Put		08/18/2023		16		USD	4,075.00		USD	6,520,000	598,400

S&P 500 Index		Put		11/18/2022		16		USD	4,450.00		USD	7,120,000	918,640

S&P 500 Index		Put		12/16/2022		16		USD	4,475.00		USD	7,160,000	948,800

S&P 500 Index		Put		01/20/2023		16		USD	4,650.00		USD	7,440,000	1,199,280

S&P 500 Index		Put		02/17/2023		16		USD	4,375.00		USD	7,000,000	800,880

S&P 500 Index		Put		03/17/2023		16		USD	4,175.00		USD	6,680,000	586,000

S&P 500 Index		Put		04/21/2023		16		USD	4,450.00		USD	7,120,000	910,240

S&P 500 Index		Put		06/16/2023		16		USD	4,025.00		USD	6,440,000	522,560

S&P 500 Index		Put		07/21/2023		16		USD	3,750.00		USD	6,000,000	369,680

S&P 500 Index		Put		05/19/2023		16		USD	4,050.00		USD	6,480,000	521,520

Total Index Options Purchased													$8,235,440

^(a)	Open Exchange-Traded Index Options Purchased collateralized by $4,095,000 cash held with Morgan Stanley & Co.

*	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)


Commodity Risk


Brent Crude		30		December-2022	$	2,730,600	$	181,360		$	181,360


Coffee ’C’		7		March-2023		456,881		(84,203	)		(84,203	)


Corn		46		December-2022		1,590,450		81,031			81,031


Cotton No. 2		2		December-2022		72,000		(20,924	)		(20,924	)


Gasoline Reformulated Blendstock Oxygenate Blending		29		November-2022		3,076,303		55,354			55,354


Low Sulphur Gas Oil		40		December-2022		4,079,000		259,056			259,056


Natural Gas		43		November-2022		2,732,650		(599,941	)		(599,941	)


New York Harbor Ultra-Low Sulfur Diesel		26		November-2022		4,012,117		120,908			120,908


Soybeans		23		July-2023		1,653,988		26,219			26,219


Soybean Meal		45		December-2022		1,926,450		122,289			122,289


Soybean Oil		7		December-2022		307,482		36,863			36,863


WTI Crude		33		January-2023		2,775,300		53,679			53,679


Subtotal								231,691			231,691


Equity Risk


E-Mini S&P 500 Index		47		December-2022		9,125,050		385,892			385,892


FTSE 100 Index		29		December-2022		2,363,754		(123,175	)		(123,175	)


Tokyo Stock Price Index		4		December-2022		518,108		4,483			4,483


Subtotal								267,200			267,200


Interest Rate Risk


Australia 10 Year Bonds		296		December-2022		22,432,885		(281,569	)		(281,569	)


Canada 10 Year Bonds		217		December-2022		19,596,660		(294,569	)		(294,569	)


Euro-Bund		65		December-2022		8,892,864		(439,813	)		(439,813	)


Japan 10 Year Bonds		6		December-2022		6,003,026		6,891			6,891


Long Gilt		96		December-2022		11,243,773		(305,572	)		(305,572	)


U.S. Treasury Long Bonds		22		December-2022		2,651,000		(179,260	)		(179,260	)


Subtotal								(1,493,892	)		(1,493,892	)


Subtotal-Long Futures Contracts								(995,001	)		(995,001	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


8		Invesco Macro Allocation Strategy Fund


Open Futures Contracts^(a)–(continued)


Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)


Commodity Risk


Cocoa		61		March-2023	$	(1,429,230	)	$	21,994			$ 21,994


Gold 100 oz.		58		December-2022		(9,516,060	)		736,388			736,388


Kansas City Wheat		18		December-2022		(880,875	)		(90,925	)		(90,925	)


Lean Hogs		15		December-2022		(509,550	)		(5,080	)		(5,080	)


Live Cattle		38		December-2022		(2,317,620	)		(59,170	)		(59,170	)


LME Nickel		29		December-2022		(3,784,848	)		(67,320	)		(67,320	)


Silver		67		December-2022		(6,404,865	)		842			842


Sugar No. 11		44		February-2023		(885,562	)		(15,699	)		(15,699	)


Wheat		25		December-2022		(1,102,812	)		117,396			117,396


Subtotal									638,426			638,426


Equity Risk


E-Mini Russell 2000 Index		12		December-2022		(1,111,800	)		(81,029	)		(81,029	)


EURO STOXX 50 Index		43		December-2022		(1,537,460	)		(99,094	)		(99,094	)


MSCI EAFE Index		130		December-2022		(11,413,350	)		625,332			625,332


MSCI Emerging Markets Index		212		December-2022		(9,048,160	)		1,276,012			1,276,012


S&P/TSX 60 Index		43		December-2022		(7,433,743	)		(189,149	)		(189,149	)


Subtotal									1,532,072			1,532,072


Subtotal–Short Futures Contracts									2,170,498			2,170,498


Total Futures Contracts								$	1,175,497			$1,175,497

^(a)	Futures contracts collateralized by $14,695,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.


Open Over-The-Counter Total Return Swap Agreements^(a)(b)


Counterparty	Pay/ Receive	Reference Entity^(c)	Fixed Rate		Payment Frequency	Number of Contracts		Maturity Date	Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)


Commodity Risk


Canadian Imperial Bank of Commerce	Pay	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.27%	Monthly		7,000	August–2023	USD	646,546		$–	$	10,419			$ 10,419


Commodity Risk


Macquarie Bank Ltd.	Receive	Macquarie F6 Carry Alpha Index		0.32	Monthly		171,050	April–2023	USD	46,781,320		–		(243,182	)		(243,182	)


Morgan Stanley Capital Services LLC	Pay	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.03	Monthly		22,550	June–2023	USD	2,345,229		–		(2,363	)		(2,363	)


Subtotal – Depreciation												–		(245,545	)		(245,545	)


Total – Total Return Swap Agreements												$–	$	(235,126	)		$(235,126	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $520,000.

^(b)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(c)	The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


9		Invesco Macro Allocation Strategy Fund

Open Over-The-Counter Total Return Swap Agreements^(a)(b)

Counterparty

Pay/
Receive

Reference Entity

Floating
Rate
Index

Payment
Frequency

Number of
Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR +
0.050%

Monthly

531

November–2022

USD

2,970,653

$–

188,016

BNP Paribas S.A.

Receive

Invesco US Large Cap Broad Quality Total Return Index

SOFR +
0.280%

Monthly

400

November–2022

USD

3,259,932

–

138,536

BNP Paribas S.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR +
0.340%

Monthly

1,987

February–2023

USD

3,345,432

–

83,414

Citibank, N.A.

Receive

MSCI EAFE Minimum Volatility Daily Net Total Return Index

SOFR +
0.410%

Monthly

243

February–2023

USD

409,273

–

10,058

Citibank, N.A.

Receive

MSCI EAFE Momentum Index

SOFR +
0.300%

Monthly

710

February–2023

USD

3,696,090

–

169,512

Citibank, N.A.

Receive

MSCI EAFE Quality Index

SOFR +
0.350%

Monthly

1,010

February–2023

USD

3,697,842

–

154,453

Goldman Sachs International

Receive

Invesco U.S. Low Volatility Total Return Index

SOFR +
0.200%

Monthly

124

November–2022

USD

693,712

–

43,906

Goldman Sachs International

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.800%

Monthly

December–2022

USD

100,024

–

422

J.P. Morgan Chase Bank, N.A.

Receive

Invesco US Large Cap Broad Price Momentum Index

SOFR +
0.230%

Monthly

November–2022

USD

306,111

–

23,635

J.P. Morgan Chase Bank, N.A.

Receive

Invesco US Large Cap Broad Price Momentum Total Return Index

SOFR +
0.280%

Monthly

485

November–2022

USD

3,299,198

–

254,728

J.P. Morgan Chase Bank, N.A.

Receive

Invesco US Large Cap Broad Quality Total Return Index

SOFR +
0.240%

Monthly

November–2022

USD

366,742

–

15,585

J.P. Morgan Chase Bank, N.A.

Receive

MSCI Emerging Markets Minimum Volatility Index

SOFR +
0.680%

Monthly

3,220

December–2022

USD

5,367,933

–

22,637

Subtotal – Appreciation

–

1,104,902

Equity Risk

J.P. Morgan Chase Bank, N.A.

Receive

Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Net Total Return Index

SOFR +
0.550%

Monthly

920

November–2022

USD

5,498,987

–

(71,454

)

(71,454

)

Total – Total Return Swap Agreements

$–

1,033,448

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $520,000.

^(b)	The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.


Long Futures Contracts


Copper			100%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


10		Invesco Macro Allocation Strategy Fund

Reference Entity Components–(continued)


Reference Entity		Underlying Components		Percentage

Macquarie F6 Carry Alpha Index


Long Futures Contracts

Aluminum		4.26%

Coffee ‘C’		2.55%

Copper		5.48%

Corn		8.19%

Cotton No. 2		1.23%

Heating Oil		3.29%

KC HRW Wheat		2.59%

Lean Hogs		2.86%

Live Cattle		5.23%

Low Sulphur Gasoil		4.26%

Natural Gas		15.16%

Nickel		3.88%

RBOB Gasoline		3.21%

Soybean Meal		4.46%

Soybean Oil		4.45%

Soybeans		7.70%

Sugar No. 11		3.23%

Wheat		4.27%

WTI Crude		10.58%

Zinc		3.12%

Total		100%

Macquarie F6 Carry Alpha Index


Short Futures Contracts

Aluminum		(3.85)%

Coffee ‘C’		(2.40)%

Copper		(5.10)%

Corn		(7.56)%

Cotton No. 2		(1.13)%

Heating Oil		(3.61)%

KC HRW Wheat		(2.40)%

Lean Hogs		(2.18)%

Live Cattle		(4.78)%

Low Sulphur Gasoil		(4.54)%

Natural Gas		(19.80)%

Nickel		(3.52)%

RBOB Gasoline		(2.81)%

Soybean Meal		(4.27)%

Soybean Oil		(4.47)%

Soybeans		(7.00)%

Sugar No. 11		(3.24)%

Wheat		(3.79)%

WTI Crude		(10.58)%

Zinc		(2.97)%

Total		100%

S&P GSCI Aluminum Dynamic Roll Index Excess Return


Long Futures Contracts

Aluminum		100%

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


11		Invesco Macro Allocation Strategy Fund

Abbreviations:

SOFR –Secured Overnight Financing Rate

USD –U.S. Dollar

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


12		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $74,463,324)	$	74,733,314


Investments in affiliated money market funds, at value (Cost $61,788,615)		61,791,867


Other investments:
LME futures contracts receivable		204,873


Unrealized appreciation on swap agreements – OTC		1,115,321


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		14,695,000


Cash collateral – exchange-traded options contracts		4,095,000


Cash collateral – OTC Derivatives		520,000


Foreign currencies, at value (Cost $31)		25


Receivable for:
Fund shares sold		5,439


Dividends		161,294


Interest		5,129


Investment for trustee deferred compensation and retirement plans		20,258


Other assets		53,727


Total assets		157,401,247



Liabilities:
Other investments:
Variation margin payable – non-LME futures contracts		191,182


Swaps payable – OTC		250,881


Unrealized depreciation on LME futures contracts		67,320


Unrealized depreciation on swap agreements–OTC		316,999


Payable for:
Fund shares reacquired		211


Amount due custodian		310,683


Accrued fees to affiliates		42,859


Accrued trustees’ and officers’ fees and benefits		1,016


Accrued other operating expenses		81,547


Trustee deferred compensation and retirement plans		22,395


Total liabilities		1,285,093


Net assets applicable to shares outstanding	$	156,116,154


Net assets consist of:

Shares of beneficial interest	$	163,385,059


Distributable earnings (loss)		(7,268,905	)


	$	156,116,154



Net Assets:
Class A	$	1,410,862


Class C	$	196,674


Class R	$	126,760


Class Y	$	4,275,184


Class R5	$	7,250


Class R6	$	150,099,424



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		187,176


Class C		26,460


Class R		16,850


Class Y		561,462


Class R5		952


Class R6		19,742,148


Class A:
Net asset value per share	$	7.54


Maximum offering price per share (Net asset value of $7.54 ÷ 94.50%)	$	7.98


Class C:
Net asset value and offering price per share	$	7.43


Class R:
Net asset value and offering price per share	$	7.52


Class Y:
Net asset value and offering price per share	$	7.61


Class R5:
Net asset value and offering price per share	$	7.62


Class R6:
Net asset value and offering price per share	$	7.60

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


13		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	897,004


Dividends from affiliated money market funds		617,217


Total investment income		1,514,221



Expenses:
Advisory fees		2,236,860


Administrative services fees		28,646


Custodian fees		86,394


Distribution fees:
Class A		4,271


Class C		2,347


Class R		607


Transfer agent fees – A, C, R and Y		10,890


Transfer agent fees – R5		3


Transfer agent fees – R6		64,523


Trustees’ and officers’ fees and benefits		20,810


Registration and filing fees		76,212


Professional services fees		82,229


Other		(12,074	)


Total expenses		2,601,718


Less: Fees waived and/or expenses reimbursed		(235,638	)


Net expenses		2,366,080


Net investment income (loss)		(851,859	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,544,398	)


Affiliated investment securities		(7,471	)


Foreign currencies		246,897


Futures contracts		(6,028,584	)


Swap agreements		(11,986,594	)


		(21,320,150	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,828,497


Affiliated investment securities		3,946


Foreign currencies		(36	)


Futures contracts		728,614


Swap agreements		(1,293,581	)


		1,267,440


Net realized and unrealized gain (loss)		(20,052,710	)


Net increase (decrease) in net assets resulting from operations	$	(20,904,569	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


14		Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income (loss)	$	(851,859	)	$	(2,587,535	)


Net realized gain (loss)		(21,320,150	)		21,118,307


Change in net unrealized appreciation		1,267,440			4,259,818


Net increase (decrease) in net assets resulting from operations		(20,904,569	)		22,790,590



Distributions to shareholders from distributable earnings:

Class A		(169,053	)		–


Class C		(19,921	)		–


Class R		(10,162	)		–


Class Y		(529,967	)		–


Class R5		(796	)		–


Class R6		(22,091,201	)		–


Total distributions from distributable earnings		(22,821,100	)		–



Share transactions–net:

Class A		(225,349	)		(372,312	)


Class C		(122,716	)		(554,593	)


Class R		(1,478	)		40,352


Class Y		(619,490	)		(5,461,382	)


Class R6		(51,010,922	)		52,072,741


Net increase (decrease) in net assets resulting from share transactions		(51,979,955	)		45,724,806


Net increase (decrease) in net assets		(95,705,624	)		68,515,396



Net assets:
Beginning of year		251,821,778			183,306,382


End of year	$	156,116,154		$	251,821,778

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


15		Invesco Macro Allocation Strategy Fund

Consolidated Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/22		$9.16		$(0.05	)		$(0.76	)		$(0.81	)		$(0.49	)		$(0.32	)		$(0.81	)		$7.54		(9.88	)%		$1,411		1.41	%		1.58	%		(0.67	)%		104	%
Year ended 10/31/21		8.18		(0.12	)		1.10			0.98			–			–			–			9.16		11.98			1,982		1.42			1.62			(1.36	)		86
Year ended 10/31/20		9.47		(0.06	)		(0.56	)		(0.62	)		(0.67	)		–			(0.67	)		8.18		(7.02	)		2,111		1.38			1.85			(0.75	)		120
Year ended 10/31/19		8.81		0.08			0.60			0.68			(0.02	)		–			(0.02	)		9.47		7.67			4,982		1.37	^(d)		2.12	^(d)		0.87	^(d)		0
Year ended 10/31/18		9.60		0.03			(0.40	)		(0.37	)		–			(0.42	)		(0.42	)		8.81		(4.03	)		4,491		1.36			2.12			0.29			94
Class C
Year ended 10/31/22		8.98		(0.11	)		(0.77	)		(0.88	)		(0.35	)		(0.32	)		(0.67	)		7.43		(10.66	)		197		2.16			2.33			(1.42	)		104
Year ended 10/31/21		8.08		(0.19	)		1.09			0.90			–			–			–			8.98		11.14			364		2.17			2.37			(2.11	)		86
Year ended 10/31/20		9.30		(0.13	)		(0.54	)		(0.67	)		(0.55	)		–			(0.55	)		8.08		(7.61	)		828		2.13			2.60			(1.50	)		120
Year ended 10/31/19		8.71		0.01			0.58			0.59			(0.00	)		–			(0.00	)		9.30		6.82			3,329		2.12	^(d)		2.87	^(d)		0.12	^(d)		0
Year ended 10/31/18		9.57		(0.04	)		(0.40	)		(0.44	)		–			(0.42	)		(0.42	)		8.71		(4.80	)		6,167		2.11			2.87			(0.46	)		94
Class R
Year ended 10/31/22		9.12		(0.07	)		(0.76	)		(0.83	)		(0.45	)		(0.32	)		(0.77	)		7.52		(10.11	)		127		1.66			1.83			(0.92	)		104
Year ended 10/31/21		8.17		(0.15	)		1.10			0.95			–			–			–			9.12		11.63			151		1.67			1.87			(1.61	)		86
Year ended 10/31/20		9.44		(0.08	)		(0.56	)		(0.64	)		(0.63	)		–			(0.63	)		8.17		(7.22	)		98		1.63			2.10			(1.00	)		120
Year ended 10/31/19		8.80		0.06			0.59			0.65			(0.01	)		–			(0.01	)		9.44		7.41			128		1.62	^(d)		2.37	^(d)		0.62	^(d)		0
Year ended 10/31/18		9.61		0.00			(0.39	)		(0.39	)		–			(0.42	)		(0.42	)		8.80		(4.24	)		100		1.61			2.37			0.04			94
Class Y
Year ended 10/31/22		9.25		(0.03	)		(0.77	)		(0.80	)		(0.52	)		(0.32	)		(0.84	)		7.61		(9.70	)		4,275		1.16			1.33			(0.42	)		104
Year ended 10/31/21		8.25		(0.10	)		1.10			1.00			–			–			–			9.25		12.12			5,934		1.17			1.37			(1.11	)		86
Year ended 10/31/20		9.54		(0.04	)		(0.55	)		(0.59	)		(0.70	)		–			(0.70	)		8.25		(6.66	)		10,377		1.13			1.60			(0.50	)		120
Year ended 10/31/19		8.87		0.10			0.60			0.70			(0.03	)		–			(0.03	)		9.54		7.88			17,768		1.12	^(d)		1.87	^(d)		1.12	^(d)		0
Year ended 10/31/18		9.64		0.05			(0.40	)		(0.35	)		–			(0.42	)		(0.42	)		8.87		(3.80	)		30,581		1.11			1.87			0.54			94
Class R5
Year ended 10/31/22		9.26		(0.03	)		(0.77	)		(0.80	)		(0.52	)		(0.32	)		(0.84	)		7.62		(9.69	)		7		1.16			1.27			(0.42	)		104
Year ended 10/31/21		8.26		(0.10	)		1.10			1.00			–			–			–			9.26		12.11			9		1.17			1.22			(1.11	)		86
Year ended 10/31/20		9.54		(0.04	)		(0.54	)		(0.58	)		(0.70	)		–			(0.70	)		8.26		(6.55	)		8		1.13			1.58			(0.50	)		120
Year ended 10/31/19		8.88		0.11			0.58			0.69			(0.03	)		–			(0.03	)		9.54		7.76			9		1.12	^(d)		1.83	^(d)		1.12	^(d)		0
Year ended 10/31/18		9.65		0.05			(0.40	)		(0.35	)		–			(0.42	)		(0.42	)		8.88		(3.79	)		8		1.11			1.82			0.54			94
Class R6
Year ended 10/31/22		9.24		(0.03	)		(0.77	)		(0.80	)		(0.52	)		(0.32	)		(0.84	)		7.60		(9.72	)		150,099		1.16			1.27			(0.42	)		104
Year ended 10/31/21		8.23		(0.10	)		1.11			1.01			–			–			–			9.24		12.27			243,382		1.17			1.22			(1.11	)		86
Year ended 10/31/20		9.53		(0.04	)		(0.56	)		(0.60	)		(0.70	)		–			(0.70	)		8.23		(6.77	)		169,884		1.13			1.58			(0.50	)		120
Year ended 10/31/19		8.86		0.10			0.60			0.70			(0.03	)		–			(0.03	)		9.53		7.89			244		1.12	^(d)		1.83	^(d)		1.12	^(d)		0
Year ended 10/31/18		9.63		0.05			(0.40	)		(0.35	)		–			(0.42	)		(0.42	)		8.86		(3.80	)		440		1.11			1.82			0.54			94

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.11% for the year ended October 31, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.


16		Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Macro Allocation Strategy Fund (the “Fund”), is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A.	Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


17		Invesco Macro Allocation Strategy Fund

inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The 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.


18		Invesco Macro Allocation Strategy Fund

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations.

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.

Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Consolidated Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. For settlement of LME commodity futures contracts, cash is not transferred until the settled futures contracts expire. Net realized gains or losses on LME contracts which have been closed out but for which the contract has not yet expired are reflected as a receivable or payable on the Consolidated Statements of Assets and Liabilities. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.


19		Invesco Macro Allocation Strategy Fund

Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

R.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

S.	Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange-traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

T.	COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and


20		Invesco Macro Allocation Strategy Fund

increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate
First $ 250 million		1.100%
Next $250 million		1.080%
Next $500 million		1.050%
Next $1.5 billion		1.030%
Next $2.5 billion		1.000%
Next $2.5 billion		0.980%
Next $2.5 billion		0.950%
Over $10 billion		0.930%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 1.10%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $164,776 and reimbursed class level expenses of $1,553, $212, $112, $4,459, $3 and $64,523 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $246 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.


21		Invesco Macro Allocation Strategy Fund

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3		Total


Investments in Securities


U.S. Treasury Securities	$	–		$	66,497,874			$–	$	66,497,874


Money Market Funds		61,791,867			–			–		61,791,867


Options Purchased		8,235,440			–			–		8,235,440


Total Investments in Securities		70,027,307			66,497,874			–		136,525,181



Other Investments - Assets*


Futures Contracts		4,111,989			–			–		4,111,989


Swap Agreements		–			1,115,321			–		1,115,321


		4,111,989			1,115,321			–		5,227,310



Other Investments - Liabilities*


Futures Contracts		(2,936,492	)		–			–		(2,936,492	)


Swap Agreements		–			(316,999	)		–		(316,999	)


		(2,936,492	)		(316,999	)		–		(3,253,491	)


Total Other Investments		1,175,497			798,322			–		1,973,819


Total Investments	$	71,202,804		$	67,296,196			$–	$	138,499,000

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
	Commodity			Equity			Interest
Derivative Assets	Risk			Risk			Rate Risk			Total


Unrealized appreciation on futures contracts –Exchange-Traded^(a)	$	1,813,379		$	2,291,719		$	6,891		$	4,111,989


Unrealized appreciation on swap agreements – OTC		10,419			1,104,902			–			1,115,321


Options purchased, at value – Exchange-Traded^(b)		–			8,235,440			–			8,235,440


Total Derivative Assets		1,823,798			11,632,061			6,891			13,462,750


Derivatives not subject to master netting agreements		(1,813,379	)		(10,527,159	)		(6,891	)		(12,347,429	)


Total Derivative Assets subject to master netting agreements	$	10,419		$	1,104,902		$	–		$	1,115,321


22		Invesco Macro Allocation Strategy Fund


	Value
	Commodity			Equity			Interest
Derivative Liabilities	Risk			Risk			Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(943,262	)	$	(492,447	)	$	(1,500,783	)	$	(2,936,492	)


Unrealized depreciation on swap agreements – OTC		(245,545	)		(71,454	)		–			(316,999	)


Total Derivative Liabilities		(1,188,807	)		(563,901	)		(1,500,783	)		(3,253,491	)


Derivatives not subject to master netting agreements		943,262			492,447			1,500,783			2,936,492


Total Derivative Liabilities subject to master netting agreements	$	(245,545	)	$	(71,454	)	$	–		$	(316,999)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

^(b)	Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.


	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Swap		Swap			Net Value of								Net
Counterparty	Agreements		Agreements			Derivatives			Non-Cash		Cash			Amount^(a)


Fund
BNP Paribas S.A.	$	409,966	$	(11,274	)	$	398,692			$–	$	(360,000	)	$	38,692


Citibank, N.A.		334,023		(214,445	)		119,578			–		(119,578	)		–


Goldman Sachs International		44,328		(969	)		43,359			–		–			43,359


J.P. Morgan Chase Bank, N.A.		316,584		(92,702	)		223,882			–		(223,882	)		–


Subtotal - Fund		1,104,901		(319,390	)		785,511			–		(703,460	)		82,051


Subsidiary

Canadian Imperial Bank of Commerce		10,420		(99	)		10,321			–		–			10,321


Macquarie Bank Ltd.		–		(246,000	)		(246,000	)		–		220,000			(26,000	)


Morgan Stanley Capital Services LLC		–		(2,391	)		(2,391	)		–		–			(2,391	)


Subtotal - Subsidiary		10,420		(248,490	)		(238,070	)		–		220,000			(18,070	)


Total	$	1,115,321	$	(567,880	)	$	547,441			$–	$	(483,460	)	$	63,981

^(a)	The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty.

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Commodity			Equity			Interest
	Risk			Risk			Rate Risk			Total


Realized Gain (Loss):
Futures contracts	$	(2,288,991	)	$	2,890,320		$	(6,629,913	)	$	(6,028,584	)


Options purchased^(a)		-			(3,565,785	)		-			(3,565,785	)


Swap agreements		3,248,322			(15,234,916	)		-			(11,986,594	)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		196,977			(105,231	)		636,868			728,614


Options purchased^(a)		-			1,895,392			-			1,895,392


Swap agreements		(1,309,835	)		16,254			-			(1,293,581	)


Total	$	(153,527	)	$	(14,103,966	)	$	(5,993,045	)	$	(20,250,538	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Futures		Options		Swap
	Contracts		Purchased		Agreements


Average notional value	$	281,304,331	$	55,851,042	$	150,040,509


Average contracts		–		132		–


23		Invesco Macro Allocation Strategy Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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, 2022 and 2021:


	2022		2021


Ordinary income*	$	22,821,100	$–

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(885,886	)


Net unrealized appreciation (depreciation) – foreign currencies		(1,033	)


Temporary book/tax differences		(19,228	)


Capital loss carryforward		(6,362,758	)


Shares of beneficial interest		163,385,059


Total net assets	$	156,116,154

The Fund has a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,930,273	$	1,432,485	$	6,362,758

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $4,531,260 and $1,670,268, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,925,928


Aggregate unrealized (depreciation) of investments	(3,811,814	)


Net unrealized appreciation (depreciation) of investments	$ (885,886	)

Cost of investments for tax purposes is $139,384,886.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses,foreign currency transactions and derivative instruments, on October 31, 2022, undistributed net investment income (loss) was increased by $2,192,569, undistributed net realized gain (loss) was increased by $16,035,665 and shares of beneficial interest was decreased by $18,228,234. This reclassification had no effect on the net assets of the Fund.


24		Invesco Macro Allocation Strategy Fund

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		37,914		$	298,375			79,759		$	733,387


Class C		4,285			33,815			2,580			23,183


Class R		4,722			37,670			5,178			46,899


Class Y		20,824			167,103			137,105			1,261,958


Class R6		297,557			2,446,746			7,293,808			66,867,282



Issued as reinvestment of dividends:
Class A		16,258			138,513			-			-


Class C		2,045			17,284			-			-


Class R		1,107			9,432			-			-


Class Y		56,522			484,963			-			-


Class R6		2,577,644			22,090,405			-			-



Automatic conversion of Class C shares to Class A shares:
Class A		7,936			65,455			28,670			258,713


Class C		(8,047	)		(65,455	)		(29,083	)		(258,713	)



Reacquired:
Class A		(91,257	)		(727,692	)		(150,015	)		(1,364,412	)


Class C		(12,373	)		(108,360	)		(35,389	)		(319,063	)


Class R		(5,484	)		(48,580	)		(706	)		(6,547	)


Class Y		(157,159	)		(1,271,556	)		(754,036	)		(6,723,340	)


Class R6		(9,470,381	)		(75,548,073	)		(1,588,368	)		(14,794,541	)


Net increase (decrease) in share activity		(6,717,887	)	$	(51,979,955	)		4,989,503		$	45,724,806

^(a)	95% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


25		Invesco Macro Allocation Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Macro Allocation Strategy Fund

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Macro Allocation Strategy Fund and its subsidiary (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”)as of October 31, 2022, the related consolidated statement of operations for the year ended October 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


26		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.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$960.50	$6.92	$1,018.15	$7.12	1.40%
Class C	1,000.00	956.20	10.60	1,014.37	10.92	2.15
Class R	1,000.00	959.20	8.15	1,016.89	8.39	1.65
Class Y	1,000.00	960.90	5.68	1,019.41	5.85	1.15
Class R5	1,000.00	960.90	5.54	1,019.56	5.70	1.12
Class R6	1,000.00	960.80	5.63	1,019.46	5.80	1.14

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


27		Invesco Macro Allocation Strategy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Macro Allocation Strategy Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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


28		Invesco Macro Allocation Strategy Fund

regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class Y shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only three funds (including the Fund) in the expense group and requested and considered additional information from management regarding the appropriateness of the actual and contractual management fees in light of the Fund’s relative ranking in its expense group.

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.


29		Invesco Macro Allocation Strategy Fund

were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.


30		Invesco Macro Allocation Strategy Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2022:


Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.49	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$8,710,305


31		Invesco Macro Allocation Strategy Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Macro Allocation Strategy Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


T-6		Invesco Macro Allocation Strategy Fund

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SEC file number(s): 811-05426 and 033-19338 Invesco Distributors, Inc.		MAS-AR-1

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Annual Report to Shareholders		October 31, 2022

Invesco Multi-Asset Income Fund

Nasdaq:

A: PIAFX ∎ C: PICFX ∎ R: PIRFX ∎ Y: PIYFX ∎ R5: IPNFX ∎ R6: PIFFX



2		Management’s Discussion

2		Performance Summary

3		Long-Term Fund Performance

5		Supplemental Information

7		Schedule of Investments

32		Financial Statements

35		Financial Highlights

36		Notes to Financial Statements

45		Report of Independent Registered Public Accounting Firm

46		Fund Expenses

47		Approval of Investment Advisory and Sub-Advisory Contracts

49		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco Multi-Asset Income Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Multi-Asset Income Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-18.16	%
Class C Shares	-18.80
Class R Shares	-18.47
Class Y Shares	-18.05
Class R5 Shares	-17.97
Class R6 Shares	-18.01
Bloomberg U.S. Aggregate Bond Index^▼(Broad Market Index)	-15.68
Custom Invesco Multi-Asset Income Index^∎(Style-Specific Index)	-16.54
Lipper Mixed-Asset Target Allocation Conservative Funds Index^¨(Peer Group Index)	-14.56

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.; ^¨Lipper Inc.

Market conditions and your Fund

For the fiscal year ended October 31, 2022, the Fund at NAV reported negative absolute performance. Early in the fiscal year risky assets continued to rally but the mood for financial assets shifted dramatically at the beginning of 2022 as central banks took steps to curb inflation. The fiscal year began with global equities and commodities benefiting from the reflationary trade after the implementation of massive monetary policies around the globe and improving economic data. Ultimately, the massive intervention and money injections led to levels of inflation not seen for several decades. Eventually this forced central banks to start increasing interest rates aggressively, which led to violent volatility in equity markets only to be exasperated by the invasion of Russia into Ukraine. Moreover, following central banks’ steps to curb inflation, interest rate sensitive fixed-income securities came under significant pressure. Occasionally, macroeconomic data suggesting an improvement of the environment led to short spurs in risky assets that proved to be only short lived.

The strategic allocation experienced a difficult period with both equity and fixed-income assets broadly producing detractions. The bonds generated the largest detraction, in line with the prevailing market environment of aggressive interest rate hikes, which in turn puts downward pressure on prices for fixed-income securities. Generally, the higher the duration the higher the sensitivity of the security to rate increases.

The equity allocations, invested through the equity-linked note (ELN) structure, performed well in some of the markets. Energy and the energy aligned master limited partnerships, performed positively due to surging energy prices as a result of the aforementioned

Eastern European conflict and supply concern. Also performing well were the more defensive industrial sectors such as utilities, healthcare and consumer staples. On the flipside, technology, telecommunications, consumer discretionary and financials saw prices retreat in line with the direction of broad equity markets. Nonetheless, the ELNs managed to buffer some of the market swings and helped performance relative to the underlying industry exposure. Real estate investment trusts also detracted but did so in a muted fashion. Finally, US preferred shares were the worst performing asset in the bunch due to their sensitivity to interest rate movements.

On the fixed-income side of things, the emerging market bonds struggled on the back of continued strict lockdown policies in China, softening manufacturing data and fears that a strong US dollar might import inflation to some of the region’s countries. Moreover, US high yield bonds could not escape the effects of higher interest rates, as most of the issuers in that space tend to be particularly susceptible to higher financing costs. The highly interest sensitive long duration treasuries struggled to a larger degree than the shorter duration bonds and were a top detractor over the fiscal year.

The Fund’s tactical positioning, expressed through the use of exchange-traded futures, was negative for the fiscal year. In general, the portfolio’s short bond positions produced a contribution, but this performance was not enough to offset the detraction from equities, which struggled with frequent and continuous change in tactical signals.

Please note that our tactical strategy utilizes derivative instruments, primarily futures, but also foreign currency contracts and swaps where needed. The use of liquid derivative instruments within the tactical allocation allows us to better manage portfolio risk

without disrupting the underlying strategic allocation that provides the Fund’s income. Therefore, some of the performance of the Fund’s strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Thank you for your continued investment in Invesco Multi-Asset Income Fund.

Portfolio manager(s):

Mark Ahnrud

John Burrello

Chris Devine

Scott Hixon

Peter Hubbard

Christian Ulrich

Scott Wolle - Lead

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Multi-Asset Income Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (12/14/11)	2.31	%
10 Years	1.30
5 Years	-2.92
1 Year	-22.69

Class C Shares
Inception (12/14/11)	2.27	%
10 Years	1.26
5 Years	-2.54
1 Year	-19.57

Class R Shares
Inception (12/14/11)	2.58	%
10 Years	1.61
5 Years	-2.07
1 Year	-18.47

Class Y Shares
Inception (12/14/11)	3.09	%
10 Years	2.11
5 Years	-1.57
1 Year	-18.05

Class R5 Shares
Inception (12/14/11)	3.09	%
10 Years	2.12
5 Years	-1.57

1 Year	-17.97

Class R6 Shares
Inception (9/24/12)	2.24	%
10 Years	2.13
5 Years	-1.54
1 Year	-18.01

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees

and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


4		Invesco Multi-Asset Income Fund

Supplemental Information

Invesco Multi-Asset Income Fund’s investment objective is to provide current income.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

∎

The Custom Invesco Multi-Asset Income Index comprises the following indexes: 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI World Index. The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an unmanaged index considered representative of mixed-asset target allocation conservative funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Multi-Asset Income Fund

Fund Information

Portfolio Composition


By security type	% of total net assets

U.S. Dollar Denominated Bonds & Notes		32.00	%

Equity Linked Notes		27.68

U.S. Treasury Securities		20.84

Preferred Stocks		4.73

Security Types Each Less Than 1% of Portfolio		0.75

Money Market Funds Plus Other Assets Less Liabilities		14.00

Top Five Debt Issuers*


		% of total net assets

1.	U.S. Treasury		20.84	%

2.	Turkey Government International Bond		0.72

3.	Indonesia Government International Bond		0.70

4.	Oman Government International Bond		0.63

5.	Philippine Government International Bond		0.62

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


6		Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

October 31, 2022


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–32.00%
Aerospace & Defense–0.52%
Boeing Co. (The),
2.75%, 02/01/2026	$	119,000	$	107,408


2.25%, 06/15/2026		134,000		117,388


Bombardier, Inc. (Canada), 7.50%, 03/15/2025^(b)		548,000		539,654


General Dynamics Corp., 3.25%, 04/01/2025		201,000		193,222


Rolls-Royce PLC (United Kingdom),
3.63%, 10/14/2025^(b)		870,000		769,689


5.75%, 10/15/2027^(b)		984,000		891,838


Spirit AeroSystems, Inc.,
5.50%, 01/15/2025^(b)		503,000		486,087


7.50%, 04/15/2025^(b)		585,000		569,729


TransDigm, Inc.,
8.00%, 12/15/2025^(b)		698,000		711,073


6.25%, 03/15/2026^(b)		1,746,000		1,725,284


				6,111,372



Agricultural & Farm Machinery–0.02%
Deere & Co., 2.75%, 04/15/2025		225,000		214,213



Airlines–0.41%
American Airlines Pass-Through Trust, Series 16-1, Class A, 4.10%, 01/15/2028		242,883		191,012


American Airlines, Inc., 11.75%, 07/15/2025^(b)		1,415,000		1,549,435


American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026^(b)(c)		939,000		895,742


Delta Air Lines, Inc., 7.38%, 01/15/2026^(c)		591,000		604,294


Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026^(b)		838,000		773,620


Southwest Airlines Co., 3.45%, 11/16/2027		125,000		112,295


United Airlines, Inc., 4.38%, 04/15/2026^(b)		799,000		730,700


				4,857,098



Airport Services–0.02%
Promontoria Holding 264 B.V. (Netherlands), 7.88%, 03/01/2027^(b)		263,000		239,715



Alternative Carriers–0.14%
Lumen Technologies, Inc.,
5.13%, 12/15/2026^(b)		471,000		404,299


4.50%, 01/15/2029^(b)		305,000		215,872


Series P, 7.60%, 09/15/2039		1,045,000		701,701


Series U, 7.65%, 03/15/2042		590,000		391,760


				1,713,632


	Principal Amount		Value


Aluminum–0.18%
Arconic Corp., 6.00%, 05/15/2025^(b)	$	744,000	$	738,562


Kaiser Aluminum Corp., 4.50%, 06/01/2031^(b)(c)		1,721,000		1,352,680


				2,091,242



Apparel Retail–0.08%
Gap, Inc. (The), 3.63%, 10/01/2029^(b)(c)		975,000		686,000


Ross Stores, Inc., 0.88%, 04/15/2026		264,000		227,249


				913,249



Apparel, Accessories & Luxury Goods–0.25%
G-III Apparel Group Ltd., 7.88%, 08/15/2025^(b)		635,000		602,339


Hanesbrands, Inc., 4.88%, 05/15/2026^(b)(c)		495,000		455,145


Macy’s Retail Holdings LLC, 6.13%, 03/15/2032^(b)(c)		1,569,000		1,306,095


Under Armour, Inc., 3.25%, 06/15/2026^(c)		752,000		650,709


				3,014,288



Application Software–0.08%
Adobe, Inc., 3.25%, 02/01/2025		225,000		217,694


GoTo Group, Inc., 5.50%, 09/01/2027^(b)		739,000		430,482


PTC, Inc., 3.63%, 02/15/2025^(b)		263,000		251,016


				899,192



Asset Management & Custody Banks–0.10%
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		528,000		474,244


FS KKR Capital Corp., 4.63%, 07/15/2024		150,000		144,087


Golub Capital BDC, Inc., 3.38%, 04/15/2024		193,000		183,762


Legg Mason, Inc., 4.75%, 03/15/2026		59,000		58,025


Main Street Capital Corp., 5.20%, 05/01/2024		174,000		169,778


Owl Rock Capital Corp., 5.25%, 04/15/2024		138,000		135,410


				1,165,306



Auto Parts & Equipment–0.38%
American Honda Finance Corp., 2.35%, 01/08/2027		170,000		151,253


Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		719,000		705,839


Dana, Inc., 4.50%, 02/15/2032		283,000		216,775


IHO Verwaltungs GmbH (Germany), 0.00%7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029^(b)(d)		1,757,000		1,507,629

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Auto Parts & Equipment–(continued)
Patrick Industries, Inc., 4.75%, 05/01/2029^(b)	$	1,095,000	$	828,460


ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025^(b)		1,182,000		1,107,632


				4,517,588



Automobile Manufacturers–0.40%
Ford Motor Credit Co. LLC,
2.30%, 02/10/2025^(c)		607,000		550,185


4.69%, 06/09/2025		291,000		276,364


5.13%, 06/16/2025^(c)		682,000		659,078


4.13%, 08/04/2025		306,000		285,217


3.38%, 11/13/2025		811,000		737,219


4.39%, 01/08/2026		582,000		538,428


General Motors Co., 6.13%, 10/01/2025		135,000		134,524


General Motors Financial Co., Inc., 2.75%, 06/20/2025		200,000		184,141


J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		167,000		159,428


Jaguar Land Rover Automotive PLC (United Kingdom),
7.75%, 10/15/2025^(b)		434,000		401,363


5.88%, 01/15/2028^(b)		585,000		434,129


PM General Purchaser LLC, 9.50%, 10/01/2028^(b)		239,000		206,063


Toyota Motor Credit Corp.,
3.20%, 01/11/2027		100,000		92,565


1.15%, 08/13/2027		100,000		83,129


				4,741,833



Automotive Retail–0.15%
Penske Automotive Group, Inc., 3.50%, 09/01/2025^(c)		342,000		318,386


Sonic Automotive, Inc., 4.63%, 11/15/2029^(b)(c)		1,801,000		1,415,289


				1,733,675



Biotechnology–0.03%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028^(b)		570,000		342,561



Broadcasting–0.30%
AMC Networks, Inc., 4.75%, 08/01/2025^(c)		494,000		452,667


Discovery Communications LLC, 3.80%, 03/13/2024		225,000		218,639


Fox Corp., 4.03%, 01/25/2024		250,000		245,819


iHeartCommunications, Inc.,
6.38%, 05/01/2026		490,000		468,066


8.38%, 05/01/2027^(c)		532,000		478,809


Liberty Interactive LLC,
8.50%, 07/15/2029		284,000		180,777


8.25%, 02/01/2030^(c)		710,000		444,343


Paramount Global, 6.38%, 03/30/2062^(e)		745,000		631,528


Univision Communications, Inc., 5.13%, 02/15/2025^(b)		444,000		429,752


				3,550,400


	Principal Amount		Value


Building Products–0.21%
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029^(b)	$	269,000	$	168,516


Masonite International Corp., 3.50%, 02/15/2030^(b)		546,000		434,698


Standard Industries, Inc.,
5.00%, 02/15/2027^(b)(c)		630,000		571,035


4.75%, 01/15/2028^(b)		967,000		849,722


4.38%, 07/15/2030^(b)		509,000		412,499


				2,436,470



Cable & Satellite–0.93%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029^(b)		802,000		631,479


CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026^(b)(c)		1,583,000		1,525,798


Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		100,000		97,144


CSC Holdings LLC,
5.25%, 06/01/2024^(c)		440,000		427,264


7.50%, 04/01/2028^(b)		411,000		356,845


6.50%, 02/01/2029^(b)		1,286,000		1,214,132


5.75%, 01/15/2030^(b)		877,000		672,602


4.50%, 11/15/2031^(b)		371,000		289,443


5.00%, 11/15/2031^(b)		320,000		228,615


DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027^(b)		1,863,000		1,681,274


DISH DBS Corp.,
7.75%, 07/01/2026		915,000		773,765


5.25%, 12/01/2026^(b)		532,000		463,173


7.38%, 07/01/2028		814,000		618,485


5.13%, 06/01/2029		751,000		506,289


LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027^(b)		982,000		916,913


Telesat Canada/Telesat LLC (Canada), 5.63%, 12/06/2026^(b)		352,000		166,684


UPC Broadband Finco B.V. (Netherlands), 4.88%, 07/15/2031^(b)		558,000		469,953


				11,039,858



Casinos & Gaming–0.78%
Caesars Entertainment, Inc.,
8.13%, 07/01/2027^(b)		662,000		644,957


4.63%, 10/15/2029^(b)		283,000		226,960


Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025^(b)		532,000		520,363


Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027 (Acquired 11/30/2021; Cost $100,894)^(b)(d)(f)		100,894		84,449


Genting New York LLC/GENNY Capital, Inc., 3.30%, 02/15/2026^(b)		325,000		285,153

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Casinos & Gaming–(continued)
International Game Technology PLC,
6.50%, 02/15/2025^(b)	$	222,000	$	222,426


4.13%, 04/15/2026^(b)		227,000		211,056


Las Vegas Sands Corp., 2.90%, 06/25/2025		233,000		211,158


Melco Resorts Finance Ltd. (Hong Kong),
4.88%, 06/06/2025^(b)		616,000		440,114


5.25%, 04/26/2026^(b)		310,000		197,382


5.75%, 07/21/2028^(b)		819,000		475,020


MGM China Holdings Ltd. (Macau),
5.25%, 06/18/2025^(b)		683,000		544,235


4.75%, 02/01/2027^(b)		646,000		486,167


MGM Resorts International,
6.75%, 05/01/2025^(c)		613,000		605,990


5.75%, 06/15/2025^(c)		415,000		403,432


Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029^(b)		447,000		332,025


Sabre GLBL, Inc.,
9.25%, 04/15/2025^(b)		1,014,000		984,325


7.38%, 09/01/2025^(b)		1,180,000		1,110,404


Studio City Finance Ltd. (Macau), 6.00%, 07/15/2025^(b)		530,000		254,883


Wynn Macau Ltd. (Macau),
5.50%, 01/15/2026^(b)		385,000		267,575


5.63%, 08/26/2028^(b)		740,000		453,435


5.13%, 12/15/2029^(b)		397,000		241,134


				9,202,643



Coal & Consumable Fuels–0.10%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025^(b)		745,000		731,892


Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026^(b)		463,000		445,237


				1,177,129



Commodity Chemicals–0.07%
Methanex Corp. (Canada),
5.25%, 12/15/2029^(c)		508,000		435,710


5.65%, 12/01/2044		597,000		413,422


				849,132



Communications Equipment–0.24%
CommScope Technologies LLC, 6.00%, 06/15/2025^(b)		477,000		445,928


Hughes Satellite Systems Corp.,
5.25%, 08/01/2026		944,000		903,290


6.63%, 08/01/2026^(c)		513,000		484,606


Viasat, Inc.,
5.63%, 09/15/2025^(b)		786,000		726,688


6.50%, 07/15/2028^(b)		277,000		231,911


				2,792,423



Computer & Electronics Retail–0.01%
Dell International LLC/EMC Corp., 6.02%, 06/15/2026		125,000		124,872


	Principal Amount		Value


Construction & Engineering–0.04%
Artera Services LLC, 9.03%, 12/04/2025^(b)	$	279,000	$	233,790


Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027^(b)		36,000		32,715


Tutor Perini Corp., 6.88%, 05/01/2025^(b)		264,000		210,415


				476,920



Construction Machinery & Heavy Trucks–0.03%
Caterpillar Financial Services Corp., 1.10%, 09/14/2027		130,000		108,468


Wabtec Corp., 3.45%, 11/15/2026		235,000		211,600


				320,068



Construction Materials–0.07%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028^(b)		427,000		356,545


Eco Material Technologies, Inc., 7.88%, 01/31/2027^(b)		492,000		460,527


				817,072



Consumer Finance–0.46%
Ally Financial, Inc., 5.75%, 11/20/2025^(c)		558,000		537,212


American Express Co., 3.30%, 05/03/2027		130,000		117,846


ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024^(b)		712,000		672,484


Credit Acceptance Corp., 5.13%, 12/31/2024^(b)		495,000		460,979


goeasy Ltd. (Canada), 5.38%, 12/01/2024^(b)		335,000		313,103


Navient Corp.,
5.88%, 10/25/2024		272,000		263,405


6.75%, 06/25/2025		271,000		259,766


5.00%, 03/15/2027		300,000		253,485


4.88%, 03/15/2028		279,000		222,385


5.50%, 03/15/2029		416,000		331,054


5.63%, 08/01/2033		302,000		213,514


OneMain Finance Corp.,
6.88%, 03/15/2025^(c)		686,000		666,260


7.13%, 03/15/2026^(c)		952,000		918,551


Synchrony Financial, 3.95%, 12/01/2027		75,000		64,557


World Acceptance Corp., 7.00%, 11/01/2026^(b)		279,000		175,073


				5,469,674



Copper–0.01%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		75,000		71,553



Data Processing & Outsourced Services–0.02%
Automatic Data Processing, Inc., 3.38%, 09/15/2025		100,000		96,333


Global Payments, Inc., 2.15%, 01/15/2027		110,000		93,974


Western Union Co. (The), 1.35%, 03/15/2026		75,000		64,259


				254,566

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Department Stores–0.12%
Nordstrom, Inc.,
6.95%, 03/15/2028	$	462,000	$	429,685


4.38%, 04/01/2030^(c)		692,000		532,207


4.25%, 08/01/2031		578,000		420,481


				1,382,373



Distillers & Vintners–0.01%
Constellation Brands, Inc., 3.70%, 12/06/2026		117,000		109,235



Diversified Banks–0.65%
Banco Santander S.A. (Spain),
2.75%, 05/28/2025		200,000		181,529


4.25%, 04/11/2027		200,000		180,708


Bank of America Corp.,
4.45%, 03/03/2026		200,000		191,998


1.32%, 06/19/2026^(e)		160,000		141,360


1.20%, 10/24/2026^(e)		160,000		138,958


1.73%, 07/22/2027^(e)		70,000		59,904


Series L, 4.18%, 11/25/2027		100,000		91,682


Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025^(b)		600,000		380,627


Barclays PLC (United Kingdom), 4.38%, 09/11/2024		306,000		290,898


Canadian Imperial Bank of Commerce (Canada), 2.25%, 01/28/2025^(c)		350,000		326,168


Citigroup, Inc.,
3.11%, 04/08/2026^(e)		225,000		210,144


1.12%, 01/28/2027^(e)		110,000		93,598


1.46%, 06/09/2027^(e)		140,000		118,680


4.45%, 09/29/2027		75,000		69,678


HSBC Holdings PLC (United Kingdom),
1.59%, 05/24/2027^(e)		200,000		164,471


2.25%, 11/22/2027^(e)		200,000		164,567


Intesa Sanpaolo S.p.A. (Italy),
5.71%, 01/15/2026^(b)(c)		956,000		891,218


4.20%, 06/01/2032^(b)(e)		940,000		637,226


JPMorgan Chase & Co.,
2.30%, 10/15/2025^(e)		200,000		186,630


2.01%, 03/13/2026^(e)		134,000		122,252


2.08%, 04/22/2026^(e)		134,000		122,054


1.05%, 11/19/2026^(e)		60,000		51,725


4.25%, 10/01/2027		75,000		70,504


Lloyds Banking Group PLC (United Kingdom),
3.90%, 03/12/2024		200,000		194,839


4.45%, 05/08/2025		275,000		263,736


Mitsubishi UFJ Financial Group, Inc. (Japan),
0.96%, 10/11/2025^(e)		200,000		181,902


3.68%, 02/22/2027		125,000		114,806


3.29%, 07/25/2027		60,000		53,787


NatWest Group PLC (United Kingdom), 5.13%, 05/28/2024		400,000		390,073


PNC Bank N.A., 4.20%, 11/01/2025		275,000		265,355


Royal Bank of Canada (Canada), 4.65%, 01/27/2026		125,000		120,729


	Principal Amount		Value


Diversified Banks–(continued)
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.35%, 01/15/2025	$	275,000	$	256,125


2.63%, 07/14/2026		150,000		134,492


U.S. Bancorp, 1.45%, 05/12/2025		125,000		114,293


Vnesheconombank Via VEB Finance PLC (Russia), 5.94%, 11/21/2023^(b)(g)		1,450,000		0


Wells Fargo & Co.,
2.19%, 04/30/2026^(e)		150,000		136,581


4.30%, 07/22/2027		130,000		121,689


Westpac Banking Corp. (Australia), 3.30%, 02/26/2024^(c)		470,000		461,251


				7,696,237



Diversified Capital Markets–0.15%
Deutsche Bank AG (Germany),
3.70%, 05/30/2024		185,000		177,104


3.70%, 05/30/2024		188,000		181,657


4.50%, 04/01/2025		353,000		328,657


5.88%, 07/08/2031^(e)		747,000		614,731


3.74%, 01/07/2033^(e)		763,000		520,193


				1,822,342



Diversified Chemicals–0.04%
Chemours Co. (The), 4.63%, 11/15/2029^(b)		290,000		226,935


Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029^(b)		476,000		270,820


				497,755



Diversified Metals & Mining–0.15%
Corp. Nacional del Cobre de Chile (Chile),
5.63%, 10/18/2043^(b)		95,000		84,519


4.88%, 11/04/2044^(b)		105,000		86,262


Mineral Resources Ltd. (Australia), 8.13%, 05/01/2027^(b)		928,000		925,369


Perenti Finance Pty. Ltd. (Australia), 6.50%, 10/07/2025^(b)(c)		740,000		675,428


				1,771,578



Diversified Real Estate Activities–0.05%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025^(b)		321,000		266,286


Greystar Real Estate Partners LLC, 5.75%, 12/01/2025^(b)		376,000		364,278


				630,564



Diversified REITs–0.18%
GLP Capital L.P./GLP Financing II, Inc., 3.35%, 09/01/2024		100,000		93,799


HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026^(b)		253,000		206,261


iStar, Inc., 4.25%, 08/01/2025^(c)		519,000		502,794

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Diversified REITs–(continued)
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, 06/15/2025^(b)	$	630,000	$	617,047


Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025^(b)		691,000		685,120


				2,105,021



Diversified Support Services–0.03%
MPH Acquisition Holdings LLC, 5.75%, 11/01/2028^(b)(c)		528,000		409,044



Drug Retail–0.02%
Rite Aid Corp., 8.00%, 11/15/2026^(b)		225,000		146,351


Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026		75,000		70,273


				216,624



Electric Utilities–0.22%
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		127,000		123,079


Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025^(b)		706,000		657,544


Duke Energy Corp., 3.75%, 04/15/2024		200,000		196,296


Edison International, 5.75%, 06/15/2027		75,000		73,202


NRG Energy, Inc., 3.88%, 02/15/2032^(b)		547,000		432,431


Pacific Gas and Electric Co.,
3.75%, 02/15/2024		230,000		223,093


3.30%, 12/01/2027		100,000		84,888


PG&E Corp., 5.25%, 07/01/2030		523,000		463,948


Terraform Global Operating L.P., 6.13%, 03/01/2026^(b)		351,000		324,096


				2,578,577



Electrical Components & Equipment–0.12%
Emerson Electric Co., 1.80%, 10/15/2027		80,000		68,578


Sensata Technologies B.V., 5.00%, 10/01/2025^(b)		445,000		432,165


WESCO Distribution, Inc., 7.13%, 06/15/2025^(b)(c)		863,000		872,700


				1,373,443



Electronic Components–0.02%
Likewize Corp., 9.75%, 10/15/2025^(b)		239,000		216,584



Electronic Manufacturing Services–0.01%
Tyco Electronics Group S.A. (Switzerland), 3.13%, 08/15/2027		75,000		68,298



Environmental & Facilities Services–0.17%
GFL Environmental, Inc. (Canada),
4.25%, 06/01/2025^(b)		493,000		471,372


3.75%, 08/01/2025^(b)		1,040,000		985,337


	Principal Amount		Value


Environmental & Facilities Services–(continued)
Harsco Corp., 5.75%, 07/31/2027^(b)	$	763,000	$	542,543


				1,999,252



Financial Exchanges & Data–0.14%
Cboe Global Markets, Inc., 3.65%, 01/12/2027		60,000		56,218


Coinbase Global, Inc.,
3.38%, 10/01/2028^(b)		1,215,000		796,904


3.63%, 10/01/2031^(b)		1,146,000		681,456


Intercontinental Exchange, Inc., 3.10%, 09/15/2027		75,000		68,062


S&P Global, Inc., 2.45%, 03/01/2027^(b)		65,000		58,288


				1,660,928



Food Distributors–0.09%
C&S Group Enterprises LLC, 5.00%, 12/15/2028^(b)		1,087,000		805,125


US Foods, Inc., 6.25%, 04/15/2025^(b)		307,000		305,970


				1,111,095



Food Retail–0.13%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC,
7.50%, 03/15/2026^(b)		538,000		552,604


4.63%, 01/15/2027^(b)		1,128,000		1,047,184


				1,599,788



Footwear–0.03%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025^(b)(c)		401,000		379,456



Gas Utilities–0.13%
AmeriGas Partners L.P./AmeriGas Finance Corp.,
5.50%, 05/20/2025		399,000		383,054


5.75%, 05/20/2027		694,000		640,971


Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029^(b)		458,000		384,922


ONE Gas, Inc., 1.10%, 03/11/2024		118,000		111,667


				1,520,614



Health Care Facilities–0.21%
CommonSpirit Health, 1.55%, 10/01/2025		64,000		56,929


Encompass Health Corp., 5.75%, 09/15/2025		250,000		248,028


HCA, Inc., 5.00%, 03/15/2024		468,000		464,100


RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026^(b)		522,000		417,271


Tenet Healthcare Corp., 4.88%, 01/01/2026^(b)		1,293,000		1,224,355


Universal Health Services, Inc., 1.65%, 09/01/2026^(b)		134,000		112,403


				2,523,086

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Health Care REITs–0.07%
Diversified Healthcare Trust,
9.75%, 06/15/2025	$	355,000	$	335,282


4.75%, 02/15/2028		588,000		403,294


Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		120,000		115,076


				853,652



Health Care Services–0.43%
Akumin Escrow, Inc., 7.50%, 08/01/2028^(b)		639,000		460,082


Akumin, Inc., 7.00%, 11/01/2025^(b)		444,000		359,780


Community Health Systems, Inc.,
8.00%, 03/15/2026^(b)(c)		1,436,000		1,241,343


5.63%, 03/15/2027^(b)		507,000		405,042


6.88%, 04/15/2029^(b)		650,000		263,142


6.13%, 04/01/2030^(b)		530,000		218,609


5.25%, 05/15/2030^(b)		1,122,000		779,167


LifePoint Health, Inc., 5.38%, 01/15/2029^(b)		318,000		203,616


Prime Healthcare Services, Inc., 7.25%, 11/01/2025^(b)		453,000		395,856


RP Escrow Issuer LLC, 5.25%, 12/15/2025^(b)		397,000		297,837


Sutter Health, Series 20A, 1.32%, 08/15/2025		167,000		149,736


US Acute Care Solutions LLC, 6.38%, 03/01/2026^(b)		361,000		328,187


				5,102,397



Health Care Technology–0.06%
AthenaHealth Group, Inc., 6.50%, 02/15/2030^(b)		858,000		670,759



Home Furnishings–0.13%
Tempur Sealy International, Inc.,
4.00%, 04/15/2029^(b)(c)		1,064,000		858,191


3.88%, 10/15/2031^(b)		937,000		705,495


				1,563,686



Home Improvement Retail–0.15%
Home Depot, Inc. (The), 2.50%, 04/15/2027		80,000		72,342


JELD-WEN, Inc.,
6.25%, 05/15/2025^(b)		887,000		830,622


4.63%, 12/15/2025^(b)		521,000		430,773


Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026^(b)		485,000		390,778


				1,724,515



Homebuilding–0.40%
Beazer Homes USA, Inc., 5.88%, 10/15/2027^(c)		750,000		631,061


Century Communities, Inc., 6.75%, 06/01/2027		674,000		644,445


Empire Communities Corp. (Canada), 7.00%, 12/15/2025^(b)		477,000		411,833


Lennar Corp., 4.75%, 11/29/2027		60,000		55,539


Mattamy Group Corp. (Canada), 4.63%, 03/01/2030^(b)		276,000		215,869


	Principal Amount		Value


Homebuilding–(continued)
Meritage Homes Corp., 6.00%, 06/01/2025	$	246,000	$	239,114


Taylor Morrison Communities, Inc., 5.75%, 01/15/2028^(b)		975,000		894,943


TopBuild Corp., 4.13%, 02/15/2032^(b)		1,060,000		831,473


Tri Pointe Homes, Inc., 5.25%, 06/01/2027		977,000		841,733


				4,766,010



Hotel & Resort REITs–0.22%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		50,000		46,712


Service Properties Trust,
4.35%, 10/01/2024		805,000		740,278


4.50%, 03/15/2025		422,000		374,016


7.50%, 09/15/2025		552,000		538,890


5.25%, 02/15/2026		323,000		279,868


4.95%, 02/15/2027		277,000		224,655


4.95%, 10/01/2029		595,000		432,451


				2,636,870



Hotels, Resorts & Cruise Lines–0.59%
Carnival Corp.,
10.50%, 02/01/2026^(b)(c)		777,000		762,625


7.63%, 03/01/2026^(b)(c)		587,000		442,378


5.75%, 03/01/2027^(b)		1,706,000		1,185,329


6.00%, 05/01/2029^(b)		745,000		495,375


Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028^(b)		450,000		456,469


Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025^(b)		490,000		483,875


Royal Caribbean Cruises Ltd.,
11.50%, 06/01/2025^(b)(c)		1,241,000		1,338,071


11.63%, 08/15/2027^(b)		629,000		604,293


5.50%, 04/01/2028^(b)(c)		631,000		487,700


Six Flags Theme Parks, Inc., 7.00%, 07/01/2025^(b)(c)		248,000		250,777


Travel + Leisure Co., 6.60%, 10/01/2025		444,000		434,576


				6,941,468



Household Products–0.12%
Energizer Holdings, Inc., 4.38%, 03/31/2029^(b)		564,000		452,909


Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada), 5.00%, 12/31/2026^(b)		576,000		522,919


Spectrum Brands, Inc., 5.75%, 07/15/2025		501,000		495,088


				1,470,916



Housewares & Specialties–0.13%
Newell Brands, Inc.,
4.88%, 06/01/2025^(c)		490,000		473,614


4.45%, 04/01/2026		1,099,000		1,024,373


				1,497,987

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Independent Power Producers & Energy Traders–0.13%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030^(b)	$	1,044,000	$	534,992


TransAlta Corp. (Canada), 6.50%, 03/15/2040		413,000		355,943


Vistra Operations Co. LLC, 5.63%, 02/15/2027^(b)(c)		689,000		657,864


				1,548,799



Industrial Conglomerates–0.11%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
6.38%, 12/15/2025		667,000		649,031


6.25%, 05/15/2026		719,000		691,563


				1,340,594



Industrial Machinery–0.01%
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		80,000		75,260



Insurance Brokers–0.08%
Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer, 6.75%, 10/15/2027^(b)		257,000		234,871


HUB International Ltd., 7.00%, 05/01/2026^(b)		616,000		609,436


Willis North America, Inc., 4.65%, 06/15/2027		75,000		70,626


				914,933



Integrated Oil & Gas–1.32%
BP Capital Markets America, Inc., 3.54%, 04/06/2027		75,000		69,831


Chevron USA, Inc., 1.02%, 08/12/2027		100,000		84,108


Exxon Mobil Corp., 3.29%, 03/19/2027		110,000		103,395


KazMunayGas National Co. JSC (Kazakhstan),
5.38%, 04/24/2030^(b)		1,400,000		1,153,215


6.38%, 10/24/2048^(b)		1,500,000		1,085,070


Occidental Petroleum Corp.,
8.00%, 07/15/2025		310,000		327,636


5.88%, 09/01/2025^(c)		556,000		560,848


5.50%, 12/01/2025		464,000		465,944


5.55%, 03/15/2026		1,031,000		1,047,924


Petroleos Mexicanos (Mexico),
6.63%, 06/15/2035		2,455,000		1,708,999


7.69%, 01/23/2050		4,600,000		3,004,976


Petronas Capital Ltd. (Malaysia),
3.50%, 03/18/2025^(b)		1,000,000		966,810


4.55%, 04/21/2050^(b)		1,220,000		1,006,443


4.80%, 04/21/2060^(b)		1,200,000		1,000,776


Qatar Energy (Qatar), 1.38%, 09/12/2026^(b)		800,000		704,450


Saudi Arabian Oil Co. (Saudi Arabia), 4.25%, 04/16/2039^(b)		2,812,000		2,316,498


				15,606,923


	Principal Amount		Value


Integrated Telecommunication Services–0.67%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027^(b)	$	574,000	$	448,541


Altice France S.A. (France),
5.13%, 07/15/2029^(b)		200,000		151,000


5.50%, 10/15/2029^(b)		200,000		152,885


Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026^(b)		1,682,000		1,583,855


Consolidated Communications, Inc., 6.50%, 10/01/2028^(b)		292,000		239,528


Embarq Corp., 8.00%, 06/01/2036		1,176,000		476,057


Frontier Communications Holdings LLC,
5.88%, 11/01/2029		600,000		469,125


6.00%, 01/15/2030^(b)		266,000		208,627


Iliad Holding S.A.S. (France), 6.50%, 10/15/2026^(b)		889,000		824,716


Level 3 Financing, Inc., 3.75%, 07/15/2029^(b)(c)		1,127,000		859,247


Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		548,000		421,864


7.72%, 06/04/2038		414,000		330,138


Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024^(b)		696,000		655,980


Windstream Escrow LLC/ Windstream Escrow Finance Corp., 7.75%, 08/15/2028^(b)		1,228,000		1,065,996


				7,887,559



Interactive Media & Services–0.03%
TripAdvisor, Inc., 7.00%, 07/15/2025^(b)		309,000		305,812



Internet & Direct Marketing Retail–0.20%
Amazon.com, Inc., 3.30%, 04/13/2027		250,000		234,832


GrubHub Holdings, Inc., 5.50%, 07/01/2027^(b)		289,000		194,216


Macy’s Retail Holdings LLC, 5.88%, 04/01/2029^(b)		740,000		640,348


Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026^(b)		311,000		205,395


QVC, Inc.,
4.75%, 02/15/2027^(c)		605,000		480,797


4.38%, 09/01/2028		506,000		367,806


5.45%, 08/15/2034		436,000		275,336


				2,398,730



Internet Services & Infrastructure–0.10%
Cablevision Lightpath LLC, 5.63%, 09/15/2028^(b)		278,000		221,431


Cogent Communications Group, Inc., 3.50%, 05/01/2026^(b)		261,000		235,953


Condor Merger Sub, Inc., 7.38%, 02/15/2030^(b)		740,000		613,259


VeriSign, Inc., 5.25%, 04/01/2025		150,000		148,651


				1,219,294

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Investment Banking & Brokerage–0.13%
Goldman Sachs Group, Inc. (The),
3.85%, 01/26/2027	$	125,000	$	115,960


1.54%, 09/10/2027^(e)		140,000		117,578


1.95%, 10/21/2027^(e)		75,000		63,772


Morgan Stanley,
2.72%, 07/22/2025^(e)		100,000		94,426


3.63%, 01/20/2027		130,000		119,879


1.59%, 05/04/2027^(e)		110,000		94,199


1.51%, 07/20/2027^(e)		110,000		93,339


NFP Corp., 6.88%, 08/15/2028^(b)		763,000		650,164


Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026		200,000		170,069


				1,519,386



IT Consulting & Other Services–0.05%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029^(b)		273,000		224,383


International Business Machines Corp.,
3.45%, 02/19/2026		150,000		142,359


3.30%, 05/15/2026		100,000		93,660


Kyndryl Holdings, Inc., 2.05%, 10/15/2026		100,000		78,276


				538,678



Leisure Facilities–0.12%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025^(b)		635,000		631,028


SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/2025^(b)		235,000		241,024


Vail Resorts, Inc., 6.25%, 05/15/2025^(b)		370,000		368,968


Viking Cruises Ltd., 13.00%, 05/15/2025^(b)		222,000		239,233


				1,480,253



Leisure Products–0.05%
Mattel, Inc., 3.38%, 04/01/2026^(b)		513,000		469,170


Party City Holdings, Inc., 8.75%, 02/15/2026^(b)		198,000		125,683


				594,853



Life & Health Insurance–0.03%
Genworth Holdings, Inc., 6.50%, 06/15/2034		268,000		222,833


Principal Financial Group, Inc., 3.40%, 05/15/2025		160,000		153,019


				375,852



Marine–0.05%
NCL Corp. Ltd., 5.88%, 03/15/2026^(b)(c)		524,000		430,117


Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029^(b)		276,000		213,276


				643,393


	Principal Amount		Value


Marine Ports & Services–0.07%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037^(b)	$	810,000	$	780,960



Metal & Glass Containers–0.20%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
5.25%, 04/30/2025^(b)		819,000		774,139


4.13%, 08/15/2026^(b)		307,000		264,651


Ball Corp., 4.88%, 03/15/2026^(c)		741,000		712,972


Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028^(b)		350,000		261,253


Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024^(b)		394,000		386,847


				2,399,862



Mortgage REITs–0.07%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029^(b)		420,000		335,296


Rithm Capital Corp., 6.25%, 10/15/2025^(b)		522,000		458,804


				794,100



Movies & Entertainment–0.23%
Cinemark USA, Inc., 8.75%, 05/01/2025^(b)		646,000		648,709


Netflix, Inc.,
5.88%, 02/15/2025		496,000		499,576


5.88%, 11/15/2028		901,000		896,495


6.38%, 05/15/2029		347,000		354,336


5.38%, 11/15/2029^(b)		393,000		374,250


				2,773,366



Multi-line Insurance–0.01%
Boardwalk Pipelines L.P., 5.95%, 06/01/2026		94,000		94,217



Multi-Utilities–0.10%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082^(c)(e)		1,037,000		837,377


DTE Energy Co., Series E, Investment Units, 5.25%, 12/01/2077		8,506		182,709


Public Service Enterprise Group, Inc., 2.88%, 06/15/2024		230,000		221,168


				1,241,254



Office REITs–0.01%
Office Properties Income Trust, 2.65%, 06/15/2026		133,000		97,062



Office Services & Supplies–0.10%
ACCO Brands Corp., 4.25%, 03/15/2029^(b)		545,000		434,365


Pitney Bowes, Inc.,
6.88%, 03/15/2027^(b)		578,000		371,599


7.25%, 03/15/2029^(b)(c)		540,000		346,764


				1,152,728

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Oil & Gas Drilling–0.31%
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)	$	1,565,000	$	1,418,412


Patterson-UTI Energy, Inc., 5.15%, 11/15/2029		531,000		469,367


Rockies Express Pipeline LLC,
4.80%, 05/15/2030^(b)		142,000		120,188


7.50%, 07/15/2038^(b)		366,000		319,965


6.88%, 04/15/2040^(b)		1,577,000		1,289,837


				3,617,769



Oil & Gas Equipment & Services–0.16%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027		75,000		67,260


Oceaneering International, Inc., 6.00%, 02/01/2028		259,000		231,480


USA Compression Partners L.P./USA Compression Finance Corp.,
6.88%, 04/01/2026		622,000		597,907


6.88%, 09/01/2027		257,000		246,053


Weatherford International Ltd., 8.63%, 04/30/2030^(b)(c)		818,000		772,650


				1,915,350



Oil & Gas Exploration & Production–0.66%
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025^(b)		738,000		714,668


Devon Energy Corp., 5.25%, 10/15/2027		75,000		74,431


Hilcorp Energy I L.P./Hilcorp Finance Co.,
5.75%, 02/01/2029^(b)		553,000		507,253


6.00%, 02/01/2031^(b)		788,000		718,010


Ithaca Energy North Sea PLC (United Kingdom), 9.00%, 07/15/2026^(b)		249,000		246,448


Moss Creek Resources Holdings, Inc.,
7.50%, 01/15/2026^(b)(c)		344,000		317,233


10.50%, 05/15/2027^(b)		284,000		273,104


Murphy Oil Corp.,
5.75%, 08/15/2025		338,000		333,645


7.05%, 05/01/2029		473,000		468,200


Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025^(b)		531,000		509,813


PDC Energy, Inc., 5.75%, 05/15/2026		496,000		476,116


Range Resources Corp., 4.88%, 05/15/2025^(c)		467,000		451,505


Sinopec Group Overseas Development 2018 Ltd. (China), 2.95%, 11/12/2029^(b)		2,760,000		2,397,540


Talos Production, Inc., 12.00%, 01/15/2026		288,000		305,843


				7,793,809



Oil & Gas Refining & Marketing–0.20%
CVR Energy, Inc., 5.25%, 02/15/2025^(b)		445,000		429,559


EnLink Midstream Partners L.P., 5.60%, 04/01/2044		454,000		354,541


	Principal Amount		Value


Oil & Gas Refining & Marketing–(continued)
HF Sinclair Corp., 5.88%, 04/01/2026	$	94,000	$	91,499


NuStar Logistics L.P.,
5.75%, 10/01/2025^(c)		358,000		345,973


6.00%, 06/01/2026^(c)		422,000		409,878


Parkland Corp. (Canada), 4.50%, 10/01/2029^(b)		229,000		193,290


Puma International Financing S.A. (Singapore), 5.13%, 10/06/2024^(b)		600,000		563,664


				2,388,404



Oil & Gas Storage & Transportation–1.31%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047^(b)		3,587,000		3,086,076


Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025^(b)		373,000		369,207


Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		125,000		122,053


Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,
5.75%, 04/01/2025		151,000		147,436


8.00%, 04/01/2029^(b)		1,178,000		1,179,690


Energy Transfer L.P.,
3.90%, 05/15/2024		236,000		229,375


4.40%, 03/15/2027		60,000		55,718


5.50%, 06/01/2027		50,000		48,698


EQM Midstream Partners L.P.,
6.00%, 07/01/2025^(b)		589,000		571,212


5.50%, 07/15/2028^(c)		381,000		341,178


7.50%, 06/01/2030^(b)		224,000		218,142


6.50%, 07/15/2048		1,568,000		1,209,665


Genesis Energy L.P./Genesis Energy Finance Corp.,
8.00%, 01/15/2027		1,257,000		1,219,629


7.75%, 02/01/2028		350,000		334,668


Hess Midstream Operations L.P., 5.63%, 02/15/2026^(b)		243,000		238,684


Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028^(b)		313,000		283,339


ITT Holdings LLC, 6.50%, 08/01/2029^(b)		497,000		400,582


New Fortress Energy, Inc.,
6.75%, 09/15/2025^(b)		1,188,000		1,167,983


6.50%, 09/30/2026^(b)		490,000		476,283


Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026^(b)		443,000		420,033


Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/2026^(b)		1,741,000		1,673,484


Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
7.50%, 10/01/2025^(b)		358,000		362,378


5.50%, 01/15/2028^(b)		758,000		681,419


6.00%, 12/31/2030^(b)		495,000		449,341

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Oil & Gas Storage & Transportation–(continued)
Western Midstream Operating L.P., 3.35%, 02/01/2025	$	243,000	$	231,498


				15,517,771



Other Diversified Financial Services–0.45%
Albion Financing 1 S.a.r.l/Aggreko Holdings, Inc. (Luxembourg), 6.13%, 10/15/2026^(b)		200,000		171,268


Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027^(b)		635,000		536,575


Corebridge Financial, Inc., 3.65%, 04/05/2027^(b)		130,000		117,827


Jefferson Capital Holdings LLC, 6.00%, 08/15/2026^(b)		251,000		209,334


Midcap Financial Issuer Trust,
6.50%, 05/01/2028^(b)		306,000		260,831


5.63%, 01/15/2030^(b)		285,000		219,914


PHH Mortgage Corp., 7.88%, 03/15/2026^(b)		1,299,000		1,080,157


Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 04/16/2029^(b)		1,200,000		860,217


4.63%, 04/06/2031^(b)		500,000		339,528


United Wholesale Mortgage LLC,
5.50%, 11/15/2025^(b)		677,000		612,888


5.75%, 06/15/2027^(b)		350,000		287,345


5.50%, 04/15/2029^(b)(c)		410,000		310,438


VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland), 6.38%, 02/01/2030^(b)		407,000		338,874


				5,345,196



Packaged Foods & Meats–0.12%
Conagra Brands, Inc., 1.38%, 11/01/2027		100,000		80,848


FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026^(b)		1,265,000		1,111,357


TreeHouse Foods, Inc., 4.00%, 09/01/2028		177,000		149,572


Tyson Foods, Inc., 4.00%, 03/01/2026		127,000		121,568


				1,463,345



Paper Packaging–0.09%
Berry Global, Inc., 1.57%, 01/15/2026		80,000		69,395


Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026^(c)		544,000		521,536


LABL, Inc.,
6.75%, 07/15/2026^(b)		276,000		262,844


5.88%, 11/01/2028^(b)		266,000		231,562


				1,085,337



Paper Products–0.08%
Domtar Corp., 6.75%, 10/01/2028^(b)		499,000		425,372


Glatfelter Corp., 4.75%, 11/15/2029^(b)		885,000		571,254


				996,626


	Principal Amount		Value


Personal Products–0.03%
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025^(b)	$	381,000	$	356,561



Pharmaceuticals–0.38%
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028^(b)		668,996		650,598


Bausch Health Cos., Inc.,
5.50%, 11/01/2025^(b)		1,514,000		1,212,623


4.88%, 06/01/2028^(b)		805,000		494,773


Bristol-Myers Squibb Co., 0.75%, 11/13/2025		275,000		243,083


Merck & Co., Inc., 2.75%, 02/10/2025		183,000		174,927


Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)(h)		814,000		624,177


Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		705,000		673,159


Royalty Pharma PLC, 1.20%, 09/02/2025		200,000		176,527


Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		134,000		122,150


Viatris, Inc., 2.30%, 06/22/2027		85,000		69,582


				4,441,599



Publishing–0.11%
Gannett Holdings LLC, 6.00%, 11/01/2026^(b)(c)		1,806,000		1,353,936



Railroads–0.11%
Empresa de Transporte de Pasajeros Metro S.A. (Chile), 4.70%, 05/07/2050^(b)		1,550,000		1,156,280


Union Pacific Corp., 3.15%, 03/01/2024		200,000		195,439


				1,351,719



Real Estate Development–0.07%
Forestar Group, Inc., 3.85%, 05/15/2026^(b)		558,000		475,899


Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030^(b)		571,000		397,016


				872,915



Regional Banks–0.07%
Santander Holdings USA, Inc., 4.40%, 07/13/2027		75,000		67,838


Synovus Financial Corp., 5.90%, 02/07/2029^(c)(e)		456,000		446,479


Truist Financial Corp., 4.00%, 05/01/2025		275,000		266,585


				780,902



Reinsurance–0.14%
Enstar Finance LLC,
5.75%, 09/01/2040^(e)		410,000		365,210


5.50%, 01/15/2042^(e)		638,000		502,298


Global Atlantic Fin Co., 4.70%, 10/15/2051^(b)(e)		992,000		733,500


				1,601,008

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Renewable Electricity–0.05%
Sunnova Energy Corp., 5.88%, 09/01/2026^(b)(c)	$	700,000	$	617,088



Residential REITs–0.01%
Spirit Realty L.P., 4.45%, 09/15/2026		75,000		70,000



Restaurants–0.11%
Aramark Services, Inc.,
5.00%, 04/01/2025^(b)		382,000		370,094


6.38%, 05/01/2025^(b)		953,000		944,364


				1,314,458



Retail REITs–0.19%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC,
5.75%, 05/15/2026^(b)(c)		1,290,000		1,200,358


4.50%, 04/01/2027^(b)(c)		517,000		440,960


Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028^(b)		594,000		434,576


Realty Income Corp., 4.88%, 06/01/2026		80,000		77,849


Simon Property Group L.P., 3.30%, 01/15/2026		64,000		59,724


				2,213,467



Security & Alarm Services–0.13%
CoreCivic, Inc., 8.25%, 04/15/2026		651,000		661,319


Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026^(b)(c)		858,000		836,695


				1,498,014



Semiconductor Equipment–0.02%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		200,000		185,194



Semiconductors–0.04%
ams-OSRAM AG (Austria), 7.00%, 07/31/2025^(b)(c)		394,000		352,559


Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		77,000		70,828


Micron Technology, Inc., 4.19%, 02/15/2027		75,000		69,650


				493,037



Soft Drinks–0.01%
Triton Water Holdings, Inc., 6.25%, 04/01/2029^(b)		226,000		171,707



Sovereign Debt–10.85%
Abu Dhabi Government International Bond (United Arab Emirates), 2.70%, 09/02/2070^(b)		3,400,000		1,925,250


Angolan Government International Bond (Angola), 9.13%, 11/26/2049^(b)		1,140,000		864,006


	Principal Amount		Value


Sovereign Debt–(continued)
Argentine Republic Government International Bond (Argentina), 0.75%, 07/09/2030⁽ⁱ⁾	$	3,000,000	$	639,829


Bahrain Government International Bond (Bahrain), 7.00%, 01/26/2026^(b)		2,000,000		2,002,700


Bolivian Government International Bond (Bolivia), 4.50%, 03/20/2028^(b)		699,000		555,705


Brazilian Government International Bond (Brazil),
4.25%, 01/07/2025		1,600,000		1,559,725


4.63%, 01/13/2028		2,400,000		2,257,312


7.13%, 01/20/2037		2,000,000		2,002,588


CBB International Sukuk Programme Co. WLL (Bahrain), 4.50%, 03/30/2027^(b)		2,000,000		1,894,652


Chile Government International Bond (Chile),
3.24%, 02/06/2028		1,641,000		1,476,358


2.45%, 01/31/2031		707,000		566,751


3.10%, 01/22/2061		1,800,000		1,010,836


Colombia Government International Bond (Colombia),
3.88%, 04/25/2027		2,250,000		1,879,980


7.38%, 09/18/2037		3,800,000		3,206,856


6.13%, 01/18/2041		1,950,000		1,393,253


Costa Rica Government International Bond (Costa Rica),
5.63%, 04/30/2043^(b)		1,300,000		949,152


7.16%, 03/12/2045^(b)		800,000		693,610


Dominican Republic International Bond (Dominican Republic),
5.95%, 01/25/2027^(b)		2,228,000		2,089,298


6.85%, 01/27/2045^(b)		2,902,000		2,251,850


6.40%, 06/05/2049^(b)		935,000		675,822


Ecuador Government International Bond (Ecuador), 6.00%, 07/31/2030^(b)(i)		3,135,000		1,680,226


Egypt Government International Bond (Egypt),
7.60%, 03/01/2029^(b)		200,000		144,168


8.50%, 01/31/2047^(b)		2,896,000		1,717,629


7.90%, 02/21/2048^(b)		1,200,000		680,352


8.70%, 03/01/2049^(b)		2,110,000		1,262,291


Ghana Government International Bond (Ghana),
7.63%, 05/16/2029^(b)		818,000		234,152


8.95%, 03/26/2051^(b)		738,000		215,050


Hazine Mustesarligi Varlik Kiralama A.S. (Turkey), 5.00%, 04/06/2023^(b)		320,000		318,736


Hungary Government International Bond (Hungary),
2.13%, 09/22/2031^(b)		600,000		431,095


7.63%, 03/29/2041^(c)		700,000		703,242


Indonesia Government International Bond (Indonesia),
8.50%, 10/12/2035^(b)		3,830,000		4,496,168


6.63%, 02/17/2037^(b)		1,100,000		1,142,350


6.75%, 01/15/2044^(b)		2,530,000		2,617,661

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Sovereign Debt–(continued)
Ivory Coast Government International Bond (Ivory Coast), 6.38%, 03/03/2028^(b)	$	650,000	$	593,125


Jamaica Government International Bond (Jamaica), 6.75%, 04/28/2028		1,600,000		1,680,328


Jordan Government International Bond (Jordan), 6.13%, 01/29/2026^(b)		1,000,000		959,825


Kazakhstan Government International Bond (Kazakhstan),
3.88%, 10/14/2024^(b)		1,650,000		1,642,954


5.13%, 07/21/2025^(b)		2,000,000		2,049,834


4.88%, 10/14/2044^(b)		1,000,000		768,741


6.50%, 07/21/2045^(b)		1,700,000		1,512,674


KSA Sukuk Ltd. (Saudi Arabia), 4.30%, 01/19/2029^(b)		2,000,000		1,917,832


Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027^(b)		800,000		764,462


Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026^(b)		250,000		239,364


Mexico Government International Bond (Mexico),
4.13%, 01/21/2026		2,310,000		2,229,944


4.28%, 08/14/2041		1,400,000		1,016,525


Nigeria Government International Bond (Nigeria), 8.75%, 01/21/2031^(b)		2,550,000		1,807,172


Oman Government International Bond (Oman),
4.75%, 06/15/2026^(b)		3,310,000		3,138,976


5.63%, 01/17/2028^(b)		1,000,000		956,521


6.25%, 01/25/2031^(b)		1,000,000		955,750


6.75%, 01/17/2048^(b)		2,854,000		2,406,068


Pakistan Government International Bond (Pakistan), 8.25%, 04/15/2024^(b)		1,640,000		702,576


Panama Government International Bond (Panama),
7.13%, 01/29/2026		1,110,000		1,164,607


3.88%, 03/17/2028^(c)		1,000,000		908,638


6.70%, 01/26/2036^(c)		1,350,000		1,317,415


4.50%, 04/01/2056		2,320,000		1,529,584


Paraguay Government International Bond (Paraguay), 5.00%, 04/15/2026^(b)		1,000,000		981,079


Perusahaan Penerbit SBSN Indonesia III (Indonesia),
4.33%, 05/28/2025^(b)		300,000		295,356


4.15%, 03/29/2027^(b)		294,000		280,003


Peruvian Government International Bond (Peru),
2.39%, 01/23/2026		770,000		695,799


4.13%, 08/25/2027		1,226,000		1,156,870


2.84%, 06/20/2030		500,000		406,880


3.60%, 01/15/2072		650,000		385,863


	Principal Amount		Value


Sovereign Debt–(continued)
Philippine Government International Bond (Philippines),
4.20%, 01/21/2024	$	100,000	$	98,499


10.63%, 03/16/2025		2,144,000		2,397,997


3.00%, 02/01/2028		1,000,000		907,415


6.38%, 01/15/2032		2,000,000		2,076,906


5.00%, 01/13/2037		2,000,000		1,830,000


Qatar Government International Bond (Qatar), 5.10%, 04/23/2048^(b)		3,660,000		3,415,786


RAK Capital (United Arab Emirates), 3.09%, 03/31/2025^(b)		743,000		709,373


Republic of Poland Government International Bond (Poland),
3.00%, 03/17/2023		599,000		595,556


4.00%, 01/22/2024		3,595,000		3,547,959


Republic of South Africa Government International Bond (South Africa),
5.88%, 09/16/2025		200,000		198,401


4.88%, 04/14/2026		1,540,000		1,449,531


5.75%, 09/30/2049		5,853,000		3,909,383


7.30%, 04/20/2052		400,000		314,800


Romanian Government International Bond (Romania),
4.38%, 08/22/2023^(b)		33,000		32,785


3.00%, 02/27/2027^(b)		1,250,000		1,077,402


3.00%, 02/14/2031^(b)		750,000		557,693


5.13%, 06/15/2048^(b)		2,344,000		1,644,021


4.00%, 02/14/2051^(b)		1,750,000		1,031,579


Saudi Government International Bond (Saudi Arabia),
4.00%, 04/17/2025^(b)		770,000		751,974


3.25%, 10/26/2026^(b)		500,000		470,250


4.38%, 04/16/2029^(b)		538,000		514,635


4.50%, 10/26/2046^(b)		1,000,000		798,764


5.00%, 04/17/2049^(b)		1,548,000		1,320,953


5.25%, 01/16/2050^(b)		2,680,000		2,379,194


3.45%, 02/02/2061^(b)		1,400,000		901,320


Sharjah Sukuk Program Ltd. (United Arab Emirates),
3.85%, 04/03/2026^(b)		600,000		546,330


4.23%, 03/14/2028^(b)		1,019,000		902,121


Sri Lanka Government International Bond (Sri Lanka), 6.83%, 07/18/2026^(b)(h)		903,000		214,516


Turkey Government International Bond (Turkey),
7.38%, 02/05/2025		527,000		519,472


4.88%, 10/09/2026		326,000		278,416


6.00%, 03/25/2027		1,890,000		1,654,780


7.63%, 04/26/2029		2,430,000		2,155,301


11.88%, 01/15/2030		1,920,000		2,126,097


6.88%, 03/17/2036		1,218,000		920,141


7.25%, 03/05/2038		1,170,000		927,377


UAE International Government Bond (United Arab Emirates), 3.25%, 10/19/2061^(b)		3,600,000		2,378,160

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Sovereign Debt–(continued)
Ukraine Government International Bond (Ukraine),
7.75%, 09/01/2025^(b)(h)	$	650,000	$	138,593


7.75%, 09/01/2026^(b)(h)		650,000		111,800


7.75%, 09/01/2028^(b)(h)		4,450,000		756,500


7.75%, 09/01/2029^(b)(h)		1,090,000		196,153


9.75%, 11/01/2030^(b)(h)		900,000		169,524


Uruguay Government International Bond (Uruguay), 4.50%, 08/14/2024		1,477,281		1,476,730


				128,407,605



Specialized Consumer Services–0.01%
WW International, Inc., 4.50%, 04/15/2029^(b)		308,000		169,773



Specialized Finance–0.01%
Blackstone Private Credit Fund, 3.25%, 03/15/2027		75,000		62,289



Specialized REITs–0.13%
American Tower Corp.,
1.30%, 09/15/2025		134,000		118,126


3.65%, 03/15/2027		105,000		95,049


3.55%, 07/15/2027		105,000		93,914


EPR Properties, 4.75%, 12/15/2026		75,000		64,650


Iron Mountain, Inc.,
4.88%, 09/15/2029^(b)		313,000		269,923


5.25%, 07/15/2030^(b)		519,000		448,578


4.50%, 02/15/2031^(b)		562,000		456,277


				1,546,517



Specialty Chemicals–0.16%
Avient Corp., 5.75%, 05/15/2025^(b)		377,000		369,501


PPG Industries, Inc., 1.20%, 03/15/2026		67,000		58,083


Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		871,000		758,310


SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/2026^(b)(c)		832,000		663,437


				1,849,331



Specialty Stores–0.15%
Bath & Body Works, Inc., 6.75%, 07/01/2036		175,000		145,022


LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026^(b)		377,000		341,132


Michaels Cos., Inc. (The), 5.25%, 05/01/2028^(b)		427,000		304,267


Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025^(c)		363,000		343,017


Staples, Inc., 7.50%, 04/15/2026^(b)		786,000		684,244


				1,817,682



Steel–0.01%
ArcelorMittal S.A. (Luxembourg), 4.55%, 03/11/2026		134,000		127,808


	Principal Amount		Value


Systems Software–0.11%
NortonLifeLock, Inc., 5.00%, 04/15/2025^(b)	$	678,000	$	659,477


Rackspace Technology Global, Inc., 3.50%, 02/15/2028^(b)		300,000		198,657


Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025^(b)(c)		502,000		423,550


				1,281,684



Technology Distributors–0.03%
Avnet, Inc., 4.63%, 04/15/2026		75,000		71,185


Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/2025^(b)		260,000		255,938


				327,123



Technology Hardware, Storage & Peripherals–0.27%
Apple, Inc.,
3.25%, 02/23/2026		150,000		143,145


3.20%, 05/11/2027		135,000		126,528


HP, Inc., 1.45%, 06/17/2026		150,000		128,245


Seagate HDD Cayman,
4.75%, 01/01/2025		249,000		240,671


3.13%, 07/15/2029		622,000		460,818


4.13%, 01/15/2031		685,000		516,106


Xerox Corp., 6.75%, 12/15/2039		513,000		378,836


Xerox Holdings Corp.,
5.00%, 08/15/2025^(b)		476,000		430,859


5.50%, 08/15/2028^(b)(c)		930,000		737,434


				3,162,642



Thrifts & Mortgage Finance–0.22%
Enact Holdings, Inc., 6.50%, 08/15/2025^(b)		1,356,000		1,338,928


Home Point Capital, Inc., 5.00%, 02/01/2026^(b)		466,000		276,068


NMI Holdings, Inc., 7.38%, 06/01/2025^(b)		431,000		431,170


PennyMac Financial Services, Inc.,
5.38%, 10/15/2025^(b)		362,000		328,450


5.75%, 09/15/2031^(b)		280,000		211,353


				2,585,969



Tires & Rubber–0.09%
FXI Holdings, Inc., 12.25%, 11/15/2026^(b)		512,000		445,286


Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025^(c)		567,000		589,946


				1,035,232



Tobacco–0.04%
Altria Group, Inc., 4.40%, 02/14/2026		134,000		128,678


B.A.T Capital Corp. (United Kingdom), 3.22%, 09/06/2026		134,000		119,201


Vector Group Ltd., 5.75%, 02/01/2029^(b)		317,000		278,148


				526,027

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Invesco Multi-Asset Income Fund


	Principal Amount		Value


Trading Companies & Distributors–0.04%
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025^(b)	$	540,000	$	519,413



Trucking–0.04%
Hertz Corp. (The), 5.00%, 12/01/2029^(b)		253,000		201,103


Ryder System, Inc., 3.65%, 03/18/2024		150,000		146,510


XPO Logistics, Inc., 6.25%, 05/01/2025^(b)		154,000		155,772


				503,385



Wireless Telecommunication Services–0.12%
Sprint Corp.,
7.63%, 02/15/2025		453,000		466,069


7.63%, 03/01/2026^(c)		940,000		982,662


				1,448,731


Total U.S. Dollar Denominated Bonds & Notes (Cost $452,656,108)				378,638,189



Equity Linked Notes–27.68%
Diversified Banks–23.75%
Bank of Montreal (Consumer Discretionary Select Sector SPDR Fund) (Canada),
11.42%, 11/02/2022		9,824,000		10,247,855


18.26%, 11/15/2022^(b)		11,370,000		11,585,163


Bank of Montreal (Materials Select Sector SPDR Fund) (Canada), 16.41%, 12/09/2022^(b)		6,933,000		6,761,128


Bank of Montreal (Utilities Select Sector SPDR Fund) (Canada), 15.03%, 12/09/2022^(b)		8,338,000		8,365,588


BNP Paribas Issuance B.V. (Financial Select Sector SPDR Fund) (France), 21.92%, 11/16/2022^(b)		10,323,000		10,909,537


BNP Paribas Issuance B.V. (Technology Select Sector SPDR Fund) (France), 16.56%, 12/12/2022^(b)		14,659,000		14,790,572


BNP Paribas S.A. (Technology Select Sector SPDR Fund) (France), 19.31%, 11/17/2022^(b)		15,090,000		16,088,509


Canadian Imperial Bank of Commerce (Consumer Discretionary Select Sector SPDR Fund) (Canada), 15.25%, 12/02/2022^(b)		11,160,000		11,475,766


Canadian Imperial Bank of Commerce (Consumer Staples Select Sector SPDR Fund) (Canada),
15.15%, 11/18/2022^(b)		9,745,000		10,094,724


14.45%, 12/13/2022^(b)		10,098,000		9,970,245


Canadian Imperial Bank of Commerce (Technology Select Sector SPDR Fund) (Canada), 21.52%, 11/14/2022^(b)		15,031,000		15,200,985


Citigroup Global Markets Holdings, Inc. (Health Care Select Sector SPDR Fund), 17.13%, 11/10/2022^(b)		13,867,000		14,348,092


	Principal Amount		Value


Diversified Banks–(continued)
Citigroup Global Markets Holdings, Inc. (Technology Select Sector SPDR Fund), 20.29%, 12/01/2022^(b)	$	15,211,000	$	15,698,919


Citigroup, Inc. (Technology Select Sector SPDR Fund), 21.48%, 11/01/2022		16,050,000		16,189,256


J.P. Morgan Structured Products B.V. (Consumer Discretionary Select Sector SPDR Fund), 17.20%, 12/14/2022		11,114,000		11,114,000


J.P. Morgan Structured Products B.V. (Energy Select Sector SPDR Fund), 20.62%, 11/08/2022^(b)		13,500,000		15,058,368


JPMorgan Chase & Co. (Consumer Discretionary Select Sector SPDR Fund), 18.03%, 11/03/2022^(b)		10,980,000		10,581,712


JPMorgan Chase & Co. (Technology Select Sector SPDR Fund), 18.35%, 11/21/2022^(b)		14,809,000		15,789,167


Royal Bank of Canada (Communication Services Select Sector SPDR Fund) (Canada), Conv., 23.23%, 11/22/2022^(b)		11,460,000		11,226,732


Royal Bank of Canada (iShares Dow Jones US Real Estate) (Canada), 19.06%, 11/08/2022^(b)		7,967,000		8,172,819


Societe Generale S.A. (Communication Services Select Sector SPDR Fund) (France), 23.67%, 11/07/2022^(b)		11,892,000		11,826,482


Societe Generale S.A. (Health Care Select Sector SPDR Fund) (France), 12.70%, 12/07/2022^(b)		14,184,000		14,363,779


Societe Generale S.A. (Industrial Select Sector SPDR Fund) (France), 18.54%, 11/23/2022^(b)		10,753,000		11,222,203


				281,081,601



Investment Banking & Brokerage–3.93%
Goldman Sachs Group, Inc. (The) (Financial Select Sector SPDR Fund), 20.37%, 11/09/2022^(b)		10,355,000		10,752,652


Goldman Sachs International (Financial Select Sector SPDR Fund), 16.95%, 12/05/2022^(b)		10,080,000		10,355,507


Goldman Sachs International (Health Care Select Sector SPDR Fund), 17.83%, 11/16/2022^(b)		13,709,000		14,354,468


Goldman Sachs International (Industrial Select Sector SPDR Fund), 14.58%, 12/08/2022^(b)		10,801,000		10,982,216


				46,444,843


Total Equity Linked Notes (Cost $315,677,849)				327,526,444

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Invesco Multi-Asset Income Fund


	Principal Amount		Value


U.S. Treasury Securities–20.84%
U.S. Treasury Bills–0.09%
1.45% - 2.69%, 11/17/2022^(j)(k)	$	739,000	$	738,374


3.71% - 4.17%, 03/09/2023^(j)(k)		347,000		341,843


				1,080,217



U.S. Treasury Bonds–17.88%
1.88%, 11/15/2051		347,200,000		211,636,031


U.S. Treasury Notes–2.87%
0.13%, 01/31/2023		6,950,000		6,882,079


0.75%, 12/31/2023		6,000,000		5,736,797


1.13%, 01/15/2025		15,250,000		14,179,521


1.25%, 12/31/2026		8,100,000		7,157,742


				33,956,139


Total U.S. Treasury Securities (Cost $347,732,325)				246,672,387



	Shares
Preferred Stocks–4.73%
Alternative Carriers–0.05%
Qwest Corp., 6.50%, Pfd.		20,526		352,021


Qwest Corp., 6.75%, Pfd.		13,859		249,462


				601,483



Apparel, Accessories & Luxury Goods–0.00%
Fossil Group, Inc., 7.00%, Pfd.		3,150		39,784



Asset Management & Custody Banks–0.14%
Affiliated Managers Group, Inc., 5.88%, Pfd.		6,316		130,552


Affiliated Managers Group, Inc., 4.75%, Pfd.		5,772		98,643


Affiliated Managers Group, Inc., 4.20%, Pfd.		4,181		62,046


Apollo Asset Management, Inc., 6.38%, Series A, Pfd.		5,775		125,144


Apollo Asset Management, Inc., 6.38%, Series B, Pfd.		6,299		137,318


Northern Trust Corp., 4.70%, Series E, Pfd.		8,400		168,168


Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		3,960		93,852


Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		5,511		127,635


Prospect Capital Corp., 5.35%, Series A, Pfd.		3,150		51,503


State Street Corp., 5.35%, Series G, Pfd.^(e)		10,499		252,501


State Street Corp., 5.90%, Series D, Pfd.^(e)		15,749		383,803


				1,631,165



Automobile Manufacturers–0.09%
Ford Motor Co., 6.20%, Pfd.		16,239		370,899


Ford Motor Co., 6.00%, Pfd.		17,322		382,816


Ford Motor Co., 6.50%, Pfd.		11,592		264,298


				1,018,013



Consumer Finance–0.15%
Capital One Financial Corp., 5.00%, Series I, Pfd.		31,330		580,545


	Shares		Value


Consumer Finance–(continued)
Capital One Financial Corp., 4.80%, Series J, Pfd.		26,109	$	454,297


Capital One Financial Corp., 4.63%, Series K, Pfd.		3,063		51,121


Capital One Financial Corp., 4.38%, Series L, Pfd.		14,099		224,174


Capital One Financial Corp., 4.25%, Series N, Pfd.		8,877		140,257


Navient Corp., 6.00%, Pfd.		6,300		116,172


Synchrony Financial, 5.63%, Series A, Pfd.		15,749		267,260


				1,833,826



Department Stores–0.01%
Dillard’s Capital Trust I, 7.50%, Pfd.		4,200		108,444



Diversified Banks–1.12%
Bank of America Corp., 6.00%, Series GG, Pfd.^(c)		32,465		772,667


Bank of America Corp., 5.88%, Series HH, Pfd.		21,937		508,719


Bank of America Corp., 5.38%, Series KK, Pfd.		34,938		747,673


Bank of America Corp., 5.00%, Series LL, Pfd.		33,706		672,098


Bank of America Corp., 4.38%, Series NN, Pfd.^(c)		29,546		514,396


Bank of America Corp., 4.13%, Series PP, Pfd.^(c)		27,876		454,100


Bank of America Corp., 4.25%, Series QQ, Pfd.		34,552		576,327


Citigroup, Inc., 7.13%, Series J, Pfd.^(e)		19,845		495,331


Citigroup, Inc., 6.88%, Series K, Pfd.^(e)		31,498		795,010


JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		35,671		826,497


JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		38,950		950,380


JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		18,846		372,397


JPMorgan Chase & Co., 4.55%, Series JJ, Pfd.		31,723		577,676


JPMorgan Chase & Co., 4.63%, Series LL, Pfd.		38,319		710,434


JPMorgan Chase & Co., 4.20%, Series MM, Pfd.		42,177		725,866


U.S. Bancorp, 5.50%, Series K, Pfd.		12,074		272,993


U.S. Bancorp, 3.75%, Series L, Pfd.		10,499		158,850


U.S. Bancorp, 4.00%, Series M, Pfd.^(c)		15,749		254,819


U.S. Bancorp, 4.50%, Series O, Pfd.		9,450		174,825


Wells Fargo & Co., 5.63%, Series Y, Pfd.^(c)		14,489		309,050


Wells Fargo & Co., 6.63%, Series R, Pfd.^(e)		17,639		441,151


Wells Fargo & Co., 4.75%, Series Z, Pfd.		42,260		760,680


Wells Fargo & Co., 4.70%, Series AA, Pfd.		24,569		441,014


Wells Fargo & Co., 4.38%, Series CC, Pfd.		22,049		365,572


Wells Fargo & Co., 4.25%, Series DD, Pfd.		26,249		421,297


				13,299,822

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Invesco Multi-Asset Income Fund


	Shares		Value


Diversified Chemicals–0.01%
EI du Pont de Nemours and Co., 4.50%, Series B, Pfd.		878	$	82,348



Diversified REITs–0.02%
Global Net Lease, Inc., 7.25%, Series A, Pfd.		3,618		77,208


Global Net Lease, Inc., 6.88%, Series B, Pfd.		2,409		48,493


iStar, Inc., 8.00%, Series D, Pfd.		2,100		51,219


iStar, Inc., 7.50%, Series I, Pfd.		2,625		58,511


				235,431



Electric Utilities–0.30%
BIP Bermuda Holdings I Ltd., 5.13%, Pfd.		5,970		104,177


Brookfield Infrastructure Finance ULC, 5.00%, Pfd.		5,131		81,686


Duke Energy Corp., 5.63%, Pfd.		10,499		248,721


Duke Energy Corp., 5.75%, Series A, Pfd.		20,999		496,206


Entergy Arkansas LLC, 4.88%, Pfd.		8,488		177,229


Entergy Louisiana LLC, 4.88%, Pfd.		5,590		120,744


Entergy Mississippi LLC, 4.90%, Pfd.		5,382		112,968


Entergy New Orleans LLC, 5.50%, Pfd.		2,590		56,980


Georgia Power Co., 5.00%, Series 2017-A, Pfd.		5,456		119,650


National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		5,250		119,963


NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.^(c)		14,437		347,787


Pacific Gas and Electric Co., 6.00%, Series A, Pfd.		2,211		43,999


SCE Trust II, 5.10%, Pfd.		4,115		77,156


SCE Trust III, 5.75%, Series H, Pfd.^(e)		5,827		112,694


SCE Trust IV, 5.38%, Series J, Pfd.^(e)		6,825		122,441


SCE Trust V, 5.45%, Series K, Pfd.^(e)		6,356		121,908


SCE Trust VI, 5.00%, Pfd.		10,422		178,737


Southern Co. (The), 5.25%, Pfd.		9,430		201,519


Southern Co. (The), 4.95%, Series 2020, Pfd.		21,238		406,071


Southern Co. (The), 4.20%, Series C, Pfd.		16,078		286,992


				3,537,628



Gas Utilities–0.02%
South Jersey Industries, Inc., 5.63%, Pfd.		4,200		73,542


Spire, Inc., 5.90%, Series A, Pfd.		5,250		120,225


				193,767



Health Care REITs–0.01%
Diversified Healthcare Trust, 5.63%, Pfd.		12,719		155,235



Integrated Telecommunication Services–0.18%
AT&T, Inc., 5.35%, Pfd.		27,771		596,521


AT&T, Inc., 5.63%, Pfd.		17,324		387,538


AT&T, Inc., 5.00%, Series A, Pfd.		25,199		473,489


AT&T, Inc., 4.75%, Series C, Pfd.		36,747		636,458


				2,094,006


	Shares		Value


Internet & Direct Marketing Retail–0.05%
Qurate Retail, Inc., 8.00%, Pfd.		6,486	$	312,755


QVC, Inc., 6.38%, Pfd.		5,364		84,751


QVC, Inc., 6.25%, Pfd.		10,245		159,925


				557,431



Investment Banking & Brokerage–0.39%
Brookfield Finance I (UK) PLC, 4.50%, Pfd.		4,637		71,503


Brookfield Finance, Inc., 4.63%, Series 50, Pfd.		8,354		140,180


Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		15,749		362,699


Charles Schwab Corp. (The), 4.45%, Series J, Pfd.		12,600		231,462


Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.^(e)		14,699		363,800


Morgan Stanley, 5.85%, Series K, Pfd.^(e)		21,300		487,983


Morgan Stanley, 7.13%, Series E, Pfd.^(e)		18,371		460,194


Morgan Stanley, 6.88%, Series F, Pfd.^(e)		18,105		452,987


Morgan Stanley, 6.38%, Series I, Pfd.^(e)		21,300		517,377


Morgan Stanley, 4.88%, Series L, Pfd.		10,650		206,823


Morgan Stanley, 4.25%, Series O, Pfd.		27,690		450,793


Morgan Stanley, 6.50%, Series P, Pfd.		19,497		483,526


Stifel Financial Corp., 5.20%, Pfd.		4,736		96,993


Stifel Financial Corp., 6.25%, Series B, Pfd.		3,314		75,162


Stifel Financial Corp., 6.13%, Series C, Pfd.		4,749		106,235


Stifel Financial Corp., 4.50%, Series D, Pfd.		6,315		102,240


				4,609,957



Leisure Products–0.02%
Brunswick Corp., 6.50%, Pfd.		3,264		79,576


Brunswick Corp., 6.63%, Pfd.		3,092		79,464


Brunswick Corp., 6.38%, Pfd.		4,961		113,260


				272,300



Life & Health Insurance–0.38%
AEGON Funding Co. LLC, 5.10%, Pfd.		19,424		378,768


American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.^(e)		8,400		189,252


American Equity Investment Life Holding Co., 6.63%, Series B, Pfd.^(e)		6,300		145,908


Athene Holding Ltd., 6.35%, Series A, Pfd.^(e)		18,111		431,223


Athene Holding Ltd., 5.63%, Series B, Pfd.		7,244		148,864


Athene Holding Ltd., 6.38%, Series C, Pfd.^(e)		12,600		314,118


Athene Holding Ltd., 4.88%, Series D, Pfd.		12,074		207,794


Brighthouse Financial, Inc., 6.25%, Pfd.		7,875		169,312


Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		8,924		200,701


Brighthouse Financial, Inc., 6.75%, Series B, Pfd.		8,452		191,776

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Invesco Multi-Asset Income Fund


	Shares		Value


Life & Health Insurance–(continued)
Brighthouse Financial, Inc., 5.38%, Series C, Pfd.		12,074	$	216,849


Brighthouse Financial, Inc., 4.63%, Series D, Pfd.		7,349		112,293


CNO Financial Group, Inc., 5.13%, Pfd.		3,150		57,330


Globe Life, Inc., 4.25%, Pfd.		6,825		118,619


MetLife, Inc., 5.63%, Series E, Pfd.		16,904		393,018


MetLife, Inc., 4.75%, Series F, Pfd.		20,999		412,840


Prudential Financial, Inc., 5.63%, Pfd.		12,430		285,393


Prudential Financial, Inc., 4.13%, Pfd.^(c)		11,000		203,775


Prudential Financial, Inc., 5.95%, Pfd.		5,319		127,496


Unum Group, 6.25%, Pfd.		6,300		141,687


				4,447,016



Multi-line Insurance–0.04%
American International Group, Inc., 5.85%, Series A, Pfd.		10,499		230,978


Assurant, Inc., 5.25%, Pfd.		5,250		98,858


Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		7,245		177,792


				507,628



Multi-Utilities–0.15%
Algonquin Power & Utilities Corp., 6.88%, Pfd.^(e)		6,037		135,531


Algonquin Power & Utilities Corp., 6.20%, Series 19-A, Pfd.^(e)		7,350		166,625


Brookfield Infrastructure Partners L.P., 5.13%, Series 13, Pfd.		4,584		73,252


Brookfield Infrastructure Partners L.P., 5.00%, Series 14, Pfd.		4,177		64,535


CMS Energy Corp., 5.63%, Pfd.		4,298		92,966


CMS Energy Corp., 5.88%, Pfd.^(l)		4,516		98,313


CMS Energy Corp., 5.88%, Pfd.^(l)		13,945		303,862


CMS Energy Corp., 4.20%, Series C, Pfd.		5,556		91,396


DTE Energy Co., 4.38%, Series G, Pfd.		4,301		74,321


DTE Energy Co., 4.38%, Pfd.		6,269		107,701


NiSource, Inc., 6.50%, Series B, Pfd.^(e)		10,499		259,430


Sempra Energy, 5.75%, Pfd.		15,907		345,500


				1,813,432



Office REITs–0.06%
Hudson Pacific Properties, Inc., 4.75%, Series C, Pfd.		8,925		113,437


Office Properties Income Trust, 6.38%, Pfd.		3,402		59,161


SL Green Realty Corp., 6.50%, Series I, Pfd.		4,830		94,185


Vornado Realty Trust, 5.40%, Series L, Pfd.		5,630		92,782


Vornado Realty Trust, 5.25%, Series M, Pfd.		7,441		119,205


Vornado Realty Trust, 5.25%, Series N, Pfd.		6,287		97,511


Vornado Realty Trust, 4.45%, Series O, Pfd.		6,287		86,258


				662,539



Office Services & Supplies–0.01%
Pitney Bowes, Inc., 6.70%, Pfd.		8,925		145,120


	Shares		Value


Oil & Gas Storage & Transportation–0.04%
DCP Midstream L.P., 7.95%, Series C, Pfd.^(e)		2,310	$	54,724


Energy Transfer L.P., 7.60%, Series E, Pfd.^(e)		16,799		386,881


				441,605



Other Diversified Financial Services–0.09%
Brookfield BRP Holdings Canada, Inc., 4.63%, Pfd.		7,262		105,807


Brookfield BRP Holdings Canada, Inc., 4.88%, Pfd.		5,384		80,114


Carlyle Finance LLC, 4.63%, Pfd.		10,499		166,829


Equitable Holdings, Inc., 5.25%, Series A, Pfd.		16,799		312,797


Equitable Holdings, Inc., 4.30%, Series C, Pfd.		6,299		102,863


KKR Group Finance Co. IX LLC, 4.63%, Pfd.		10,499		182,998


Voya Financial, Inc., 5.35%, Series B, Pfd.^(e)		6,300		133,497


				1,084,905



Property & Casualty Insurance–0.22%
Allstate Corp. (The), 5.63%, Series G, Pfd.		12,074		262,247


Allstate Corp. (The), 5.10%, Series H, Pfd.		24,149		474,528


Allstate Corp. (The), 4.75%, Series I, Pfd.		6,299		117,539


American Financial Group, Inc., 5.88%, Pfd.		2,893		63,038


American Financial Group, Inc., 5.13%, Pfd.		4,051		80,453


American Financial Group, Inc., 5.63%, Pfd.		3,079		63,366


American Financial Group, Inc., 4.50%, Pfd.		4,119		74,595


Arch Capital Group Ltd., 5.45%, Series F, Pfd.		6,930		140,402


Arch Capital Group Ltd., 4.55%, Series G, Pfd.		10,499		184,362


Argo Group International Holdings Ltd., 7.00%, Pfd.^(e)		3,154		63,080


Argo Group U.S., Inc., 6.50%, Pfd.		3,015		62,501


Aspen Insurance Holdings Ltd., 5.63%, Pfd.		5,250		101,325


Aspen Insurance Holdings Ltd., 5.63%, Pfd.		5,250		99,698


AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		11,549		228,208


Kemper Corp., 5.88%, Pfd.^(e)		3,150		65,804


PartnerRe Ltd., 4.88%, Series J, Pfd.		4,200		79,086


Selective Insurance Group, Inc., 4.60%, Series B, Pfd.		4,200		70,287


W.R. Berkley Corp., 5.70%, Pfd.		3,639		78,602


W.R. Berkley Corp., 5.10%, Pfd.		6,378		127,624


W.R. Berkley Corp., 4.25%, Pfd.		5,532		91,887


W.R. Berkley Corp., 4.13%, Pfd.		6,258		100,128


				2,628,760



Real Estate Operating Companies–0.04%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		4,073		67,815

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Invesco Multi-Asset Income Fund


	Shares		Value


Real Estate Operating Companies–(continued)
Brookfield Property Partners L.P., 6.38%, Series A-2, Pfd.		5,069	$	82,625


Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		6,023		91,128


Brookfield Property Preferred L.P., 6.25%, Pfd.		13,976		218,305


				459,873



Regional Banks–0.63%
Associated Banc-Corp, 5.88%, Series E, Pfd.		2,100		49,938


Associated Banc-Corp, 5.63%, Series F, Pfd.		2,100		48,447


Bank of Hawaii Corp., 4.38%, Series A, Pfd.		3,780		64,260


Bank OZK, 4.63%, Series A, Pfd.		7,350		122,010


Cadence Bank, 5.50%, Series A, Pfd.		3,622		73,128


Citizens Financial Group, Inc., 6.35%, Series D, Pfd.^(e)		5,326		124,895


Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		10,712		206,527


Cullen/Frost Bankers, Inc., 4.45%, Series B, Pfd.		3,229		62,481


F.N.B. Corp., 7.25%, Pfd.^(e)		2,328		57,758


Fifth Third Bancorp, 6.63%, Series I, Pfd.^(e)		9,988		251,897


Fifth Third Bancorp, 6.00%, Series A, Pfd.		3,165		69,124


Fifth Third Bancorp, 4.95%, Series K, Pfd.		5,762		110,573


First Citizens BancShares, Inc., 5.38%, Series A, Pfd.		7,245		147,798


First Citizens BancShares, Inc., 5.63%, Series C, Pfd.		4,200		84,252


First Horizon Corp., 6.50%, Pfd.		3,112		74,532


First Horizon Corp., 6.10%, Series D, Pfd.^(e)		2,138		48,191


First Horizon Corp., 4.70%, Series F, Pfd.		3,150		58,181


First Republic Bank, 5.13%, Series H, Pfd.		4,430		86,651


First Republic Bank, 5.50%, Series I, Pfd.		6,276		134,620


First Republic Bank, 4.70%, Series J, Pfd.		8,265		145,216


First Republic Bank, 4.13%, Series K, Pfd.		10,461		161,413


First Republic Bank, 4.25%, Series L, Pfd.		15,639		248,347


First Republic Bank, 4.00%, Series M, Pfd.		15,691		235,522


First Republic Bank, 4.50%, Series N, Pfd.		15,482		260,717


Fulton Financial Corp., 5.13%, Series A, Pfd.		4,200		84,336


Hancock Whitney Corp., 6.25%, Pfd.		3,622		86,558


Huntington Bancshares, Inc., 4.50%, Series H, Pfd.		10,727		186,864


Huntington Bancshares, Inc., 5.70%, Series C, Pfd.		3,495		78,183


KeyCorp, 6.13%, Series E, Pfd.^(e)		10,860		253,472


KeyCorp, 5.65%, Series F, Pfd.		9,231		195,143


KeyCorp, 5.63%, Series G, Pfd.		9,774		206,720


	Shares		Value


Regional Banks–(continued)
KeyCorp, 6.20%, Pfd.^(e)		11,628	$	283,491


M&T Bank Corp., 5.63%, Series H, Pfd.^(e)		5,250		119,385


Old National Bancorp, 7.00%, Series C, Pfd.		2,566		66,690


Old National Bancorp, 7.00%, Series A, Pfd.		2,274		58,556


PacWest Bancorp, 7.75%, Series A, Pfd.^(e)		10,778		267,510


Popular Capital Trust II, 6.13%, Pfd.		2,717		69,528


Regions Financial Corp., 6.38%, Series B, Pfd.^(e)		10,499		259,325


Regions Financial Corp., 5.70%, Series C, Pfd.^(e)		10,499		218,589


Regions Financial Corp., 4.45%, Series E, Pfd.		8,400		146,832


Signature Bank, 5.00%, Series A, Pfd.		15,329		270,097


Silvergate Capital Corp., 5.38%, Series A, Pfd.		4,200		59,892


SVB Financial Group, 5.25%, Series A, Pfd.		8,053		145,598


Synovus Financial Corp., 5.88%, Series E, Pfd.^(e)		7,350		162,435


Texas Capital Bancshares, Inc., 5.75%, Series B, Pfd.		6,300		124,929


Truist Financial Corp., 5.25%, Series O, Pfd.		12,074		254,399


Truist Financial Corp., 4.75%, Series R, Pfd.		19,424		368,085


Valley National Bancorp, 6.25%, Series A, Pfd.^(e)		2,415		53,637


Washington Federal, Inc., 4.88%, Series A, Pfd.		6,300		109,809


Webster Financial Corp., 5.25%, Series F, Pfd.		3,150		61,583


Western Alliance Bancorporation, 4.25%, Series A, Pfd.^(e)		6,300		126,000


Wintrust Financial Corp., 6.50%, Series D, Pfd.^(e)		2,921		71,740


Wintrust Financial Corp., 6.88%, Series E, Pfd.^(e)		5,744		145,496


				7,461,360



Reinsurance–0.10%
Enstar Group Ltd., 7.00%, Series D, Pfd.^(e)		8,320		182,874


Enstar Group Ltd., 7.00%, Series E, Pfd.		2,386		53,780


Reinsurance Group of America, Inc., 5.75%, Pfd.^(e)		8,400		197,316


Reinsurance Group of America, Inc., 7.13%, Pfd.^(e)		14,750		373,617


RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		5,250		114,188


RenaissanceRe Holdings Ltd., 4.20%, Series G, Pfd.		10,499		175,018


SiriusPoint Ltd., 8.00%, Series B, Pfd.^(e)		4,200		99,120


				1,195,913



Renewable Electricity–0.01%
Brookfield Renewable Partners L.P., 5.25%, Series 17, Pfd.		3,859		63,249

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		Invesco Multi-Asset Income Fund


	Shares		Value


Residential REITs–0.01%
American Homes 4 Rent, 5.88%, Series G, Pfd.		2,563	$	56,335


American Homes 4 Rent, 6.25%, Series H, Pfd.		2,278		51,164


				107,499



Retail REITs–0.04%
Agree Realty Corp., 4.25%, Series A, Pfd.		3,675		58,433


Federal Realty Investment Trust, 5.00%, Series C, Pfd.		3,150		62,590


Kimco Realty Corp., 5.13%, Series L, Pfd.		4,725		90,673


Kimco Realty Corp., 5.25%, Series M, Pfd.		5,554		109,081


SITE Centers Corp., 6.38%, Series A, Pfd.		3,675		73,720


Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		3,622		77,692


				472,189



Specialized REITs–0.17%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		4,281		85,149


Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		4,354		95,353


Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		7,221		139,510


EPR Properties, 5.75%, Series G, Pfd.		3,150		53,078


Public Storage, 5.15%, Series F, Pfd.		2,378		50,009


Public Storage, 5.05%, Series G, Pfd.		5,244		108,446


Public Storage, 5.60%, Series H, Pfd.		7,041		160,746


Public Storage, 4.88%, Series I, Pfd.		7,814		153,701


Public Storage, 4.75%, Series K, Pfd.		1,940		38,140


Public Storage, 4.63%, Series L, Pfd.		11,742		218,401


Public Storage, 4.13%, Series M, Pfd.		5,922		99,075


Public Storage, 3.88%, Series N, Pfd.		7,352		114,471


Public Storage, 3.90%, Series O, Pfd.		4,533		71,576


Public Storage, 4.00%, Series P, Pfd.		12,547		204,265


Public Storage, 3.95%, Series Q, Pfd.		2,988		47,718


Public Storage, 4.00%, Series R, Pfd.		8,578		138,020


Public Storage, 4.10%, Series S, Pfd.		14,564		239,578


				2,017,236



Thrifts & Mortgage Finance–0.03%
Merchants Bancorp, 6.00%, Series B, Pfd.^(e)		2,625		57,724


Merchants Bancorp, 6.00%, Series C, Pfd.		4,120		90,599


New York Community Bancorp, Inc., 6.38%, Series A, Pfd.^(e)		10,814		231,311


				379,634



Trading Companies & Distributors–0.07%
Air Lease Corp., 6.15%, Series A, Pfd.^(e)		5,250		112,875


Fortress Transportation and Infrastructure Investors LLC, 8.00%, Series B, Pfd.^(e)		2,601		51,812


Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series A, Pfd.^(e)		2,190		44,457


			Shares		Value


Trading Companies & Distributors–(continued)
Fortress Transportation and Infrastructure Investors LLC, 8.25%, Series C, Pfd.^(e)				2,202	$	41,287


Triton International Ltd., 8.00%, Pfd.				3,445		84,127


Triton International Ltd., 7.38%, Pfd.				4,221		96,788


Triton International Ltd., 6.88%, Pfd.				2,531		55,758


Triton International Ltd., 5.75%, Series E, Pfd.				3,241		62,843


WESCO International, Inc., 10.63%, Series A, Pfd.^(e)				11,345		306,315


						856,262



Wireless Telecommunication Services–0.08%
Telephone and Data Systems, Inc., 6.63%, Series UU, Pfd.				8,819		177,174


Telephone and Data Systems, Inc., 6.00%, Series VV, Pfd.				14,490		256,473


United States Cellular Corp., 6.25%, Pfd.				10,499		204,310


United States Cellular Corp., 5.50%, Pfd.				10,499		179,218


United States Cellular Corp., 5.50%, Pfd.				10,499		179,533


						996,708


Total Preferred Stocks (Cost $70,052,927)						56,011,568



	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–0.75%^(m)
Aerospace & Defense–0.02%
Thales S.A. (France), 0.75%, 01/23/2025^(b)		EUR		200,000		185,911



Agricultural Products–0.01%
Archer-Daniels-Midland Co., 1.00%, 09/12/2025		EUR		125,000		116,401



Apparel, Accessories & Luxury Goods–0.01%
PVH Corp., 3.13%, 12/15/2027^(b)		EUR		100,000		84,655



Auto Parts & Equipment–0.01%
Magna International, Inc. (Canada), 1.50%, 09/25/2027		EUR		100,000		87,985



Automobile Manufacturers–0.05%
BMW Finance N.V. (Germany), 1.00%, 01/21/2025^(b)		EUR		150,000		142,939


Mercedes-Benz International Finance B.V. (Germany), 2.00%, 08/22/2026^(b)		EUR		45,000		42,866


Nissan Motor Co. Ltd. (Japan), 2.65%, 03/17/2026^(b)		EUR		100,000		90,058


Volkswagen Financial Services AG (Germany),
0.13%, 02/12/2027^(b)		EUR		90,000		75,395


2.25%, 10/01/2027^(b)		EUR		49,000		44,601


Volkswagen Leasing GmbH (Germany),
1.50%, 06/19/2026^(b)		EUR		100,000		91,312


0.38%, 07/20/2026^(b)		EUR		85,000		73,846


						561,017

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


25		Invesco Multi-Asset Income Fund



	Principal Amount			Value


Brewers–0.01%
Anheuser-Busch InBev S.A./N.V. (Belgium), 2.88%, 09/25/2024^(b)		EUR	175,000	$	172,807



Broadcasting–0.02%
ITV PLC (United Kingdom), 1.38%, 09/26/2026^(b)		EUR	125,000		107,214


TDF Infrastructure S.A.S.U. (France), 2.50%, 04/07/2026^(b)		EUR	100,000		88,350


					195,564



Cable & Satellite–0.01%
SES S.A. (Luxembourg), 1.63%, 03/22/2026^(b)		EUR	120,000		107,019



Casinos & Gaming–0.02%
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026 (Acquired 07/24/2020-09/30/2022; Cost $247,901)^(b)(d)(f)		EUR	216,503		200,052



Construction & Engineering–0.01%
Autoroutes du Sud de la France S.A. (France), 2.95%, 01/17/2024^(b)		EUR	100,000		98,853



Construction Machinery & Heavy Trucks–0.01%
Metso Outotec OYJ (Finland), 1.13%, 06/13/2024^(b)		EUR	100,000		94,354



Construction Materials–0.00%
HeidelbergCement Finance (Luxembourg) S.A. (Germany), 1.63%, 04/07/2026^(b)		EUR	60,000		55,228



Consumer Finance–0.02%
Santander Consumer Finance S.A. (Spain), 1.00%, 02/27/2024^(b)		EUR	200,000		191,565



Data Processing & Outsourced Services–0.01%
Euronet Worldwide, Inc., 1.38%, 05/22/2026		EUR	100,000		85,476



Diversified Banks–0.22%
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 0.38%, 10/02/2024^(b)		EUR	200,000		186,764


Banco Santander S.A. (Spain),
3.13%, 01/19/2027^(b)		EUR	100,000		93,032


0.50%, 02/04/2027^(b)		EUR	100,000		84,196


Bankinter S.A. (Spain), 0.88%, 07/08/2026^(b)		EUR	100,000		86,579


Banque Federative du Credit Mutuel S.A. (France),
1.25%, 01/14/2025^(b)		EUR	100,000		93,951


2.13%, 09/12/2026^(b)		EUR	100,000		91,440


0.63%, 11/19/2027^(b)		EUR	100,000		82,487


Belfius Bank S.A. (Belgium), 0.01%, 10/15/2025^(b)		EUR	200,000		179,105


BNP Paribas S.A. (France),
2.88%, 10/01/2026^(b)		EUR	100,000		93,693


0.25%, 04/13/2027^(b)(e)		EUR	100,000		85,571



	Principal Amount			Value


Diversified Banks–(continued)
BPCE S.A. (France),
0.88%, 01/31/2024^(b)		EUR	100,000	$	95,703


0.63%, 09/26/2024^(b)		EUR	200,000		186,277


Cooperatieve Rabobank U.A. (Netherlands), 0.63%, 02/27/2024^(b)		EUR	100,000		95,607


Credit Agricole S.A. (France),
1.00%, 09/16/2024^(b)		EUR	100,000		95,290


1.38%, 03/13/2025^(b)		EUR	200,000		187,998


de Volksbank N.V. (Netherlands), 0.01%, 09/16/2024^(b)		EUR	100,000		92,979


ING Groep N.V. (Netherlands), 1.13%, 02/14/2025^(b)		EUR	100,000		93,940


KBC Group N.V. (Belgium), 1.13%, 01/25/2024^(b)		EUR	100,000		95,922


Mediobanca Banca di Credito Finanziario S.p.A. (Italy), 0.88%, 01/15/2026^(b)		EUR	100,000		88,865


Nordea Bank Abp (Finland), 1.13%, 02/12/2025^(b)		EUR	100,000		94,790


OP Corporate Bank PLC (Finland), 0.38%, 02/26/2024^(b)		EUR	100,000		95,179


Skandinaviska Enskilda Banken AB (Sweden), 0.75%, 08/09/2027^(b)		EUR	200,000		170,114


Standard Chartered PLC (United Kingdom), 0.90%, 07/02/2027^(b)(e)		EUR	100,000		86,327


Swedbank AB (Sweden), 0.30%, 05/20/2027^(b)(e)		EUR	100,000		86,068


					2,641,877



Diversified Capital Markets–0.02%
Deutsche Bank AG (Germany),
2.63%, 02/12/2026^(b)		EUR	100,000		91,192


0.75%, 02/17/2027^(b)(e)		EUR	100,000		84,144


Macquarie Group Ltd. (Australia), 0.63%, 02/03/2027^(b)		EUR	100,000		84,190


					259,526



Diversified Chemicals–0.01%
BASF SE (Germany),
2.50%, 01/22/2024^(b)		EUR	74,000		72,920


0.25%, 06/05/2027^(b)		EUR	100,000		86,078


					158,998



Diversified Support Services–0.01%
APRR S.A. (France), 1.50%, 01/15/2024^(b)		EUR	100,000		96,916



Electric Utilities–0.02%
AusNet Services Holdings Pty. Ltd. (Australia), 1.50%, 02/26/2027^(b)		EUR	100,000		89,170


EDP Finance B.V. (Portugal), 1.50%, 11/22/2027^(b)		EUR	100,000		89,067


Elenia Verkko OYJ (Finland), 0.38%, 02/06/2027^(b)		EUR	140,000		117,484


					295,721



Food Retail–0.01%
ELO SACA (France), 2.88%, 01/29/2026^(b)		EUR	100,000		92,187

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


26		Invesco Multi-Asset Income Fund



	Principal Amount			Value


Gas Utilities–0.01%
2i Rete Gas S.p.A. (Italy), 1.75%, 08/28/2026^(b)		EUR	100,000	$	89,175


APA Infrastructure Ltd. (Australia), 2.00%, 03/22/2027^(b)		EUR	100,000		88,905


					178,080



Health Care Equipment–0.01%
Zimmer Biomet Holdings, Inc., 2.43%, 12/13/2026		EUR	100,000		92,450



Health Care Services–0.00%
Fresenius Medical Care AG & Co. KGaA (Germany), 0.63%, 11/30/2026^(b)		EUR	30,000		25,883



Health Care Supplies–0.01%
EssilorLuxottica S.A. (France), 2.38%, 04/09/2024^(b)		EUR	100,000		98,382



Household Appliances–0.01%
Whirlpool Finance Luxembourg S.a.r.l., 1.10%, 11/09/2027		EUR	100,000		84,924



Household Products–0.01%
Procter & Gamble Co. (The), 4.88%, 05/11/2027		EUR	75,000		79,990



Integrated Oil & Gas–0.02%
Eni S.p.A. (Italy), 1.00%, 03/14/2025^(b)		EUR	130,000		122,096


Shell International Finance B.V. (Netherlands), 0.38%, 02/15/2025^(b)		EUR	160,000		148,999


					271,095



Integrated Telecommunication Services–0.01%
Vantage Towers AG (Germany), 0.38%, 03/31/2027^(b)		EUR	100,000		83,250



IT Consulting & Other Services–0.01%
DXC Technology Co., 1.75%, 01/15/2026		EUR	100,000		91,622


International Business Machines Corp., 1.25%, 01/29/2027		EUR	100,000		90,677


					182,299



Life & Health Insurance–0.01%
Ethias S.A. (Belgium), 5.00%, 01/14/2026^(b)		EUR	100,000		95,028


New York Life Global Funding, 0.25%, 01/23/2027^(b)		EUR	100,000		85,807


					180,835



Multi-line Insurance–0.01%
Cloverie PLC for Zurich Insurance Co. Ltd. (Switzerland), 1.75%, 09/16/2024^(b)		EUR	100,000		95,621



Multi-Sector Holdings–0.01%
Berkshire Hathaway, Inc., 1.13%, 03/16/2027		EUR	100,000		88,696


Groupe Bruxelles Lambert N.V. (Belgium), 1.88%, 06/19/2025^(b)		EUR	100,000		94,787


					183,483



	Principal Amount			Value


Office REITs–0.02%
Globalworth Real Estate Investments Ltd. (Poland), 2.95%, 07/29/2026^(b)		EUR	100,000	$	76,693


Inmobiliaria Colonial SOCIMI S.A. (Spain), 1.63%, 11/28/2025^(b)		EUR	200,000		181,810


					258,503



Other Diversified Financial Services–0.02%
Clearstream Banking AG (Germany), 0.01%, 12/01/2025^(b)		EUR	100,000		90,140


LeasePlan Corp. N.V. (Netherlands), 3.50%, 04/09/2025^(b)		EUR	200,000		192,054


					282,194



Pharmaceuticals–0.02%
Bayer AG (Germany), 0.38%, 07/06/2024^(b)		EUR	200,000		188,816


Novartis Finance S.A. (Switzerland), 1.63%, 11/09/2026^(b)		EUR	100,000		93,691


					282,507



Precious Metals & Minerals–0.01%
Anglo American Capital PLC (South Africa), 1.63%, 03/11/2026^(b)		EUR	100,000		91,173



Real Estate Operating Companies–0.01%
Samhallsbyggnadsbolaget i Norden AB (Sweden), 1.13%, 09/04/2026^(b)		EUR	100,000		72,382



Renewable Electricity–0.01%
Southern Power Co., 1.85%, 06/20/2026		EUR	100,000		92,512



Restaurants–0.01%
Sodexo S.A. (France), 0.75%, 04/27/2025^(b)		EUR	150,000		138,779



Specialized REITs–0.01%
American Tower Corp., 1.95%, 05/22/2026		EUR	100,000		91,667



Thrifts & Mortgage Finance–0.01%
Aareal Bank AG (Germany), 0.50%, 04/07/2027^(b)		EUR	200,000		156,286



Tobacco–0.01%
Imperial Brands Finance PLC (United Kingdom), 3.38%, 02/26/2026^(b)		EUR	100,000		92,670


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $10,838,615)					8,897,077



Asset-Backed Securities–0.00%
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037		$	51,786		41,142


GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037⁽ⁿ⁾			1,594		1,590


Total Asset-Backed Securities (Cost $48,604)					42,732

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


27		Invesco Multi-Asset Income Fund



	Principal Amount		Value


U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Collateralized Mortgage Obligations–0.00%
Fannie Mae REMICs, IO, 3.11% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024^(o)(p)	$	60	$	0


6.39% (9.80% - (1.00 x 1 mo. USD LIBOR)), 03/17/2031^(o)(p)		16		1


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,197)				1



	Shares
Money Market Funds–17.36%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(q)(r)		71,909,306		71,909,306


Invesco Liquid Assets Portfolio, Institutional Class, 3.03%^(q)(r)		51,358,692		51,368,964


Invesco Treasury Portfolio, Institutional Class, 3.08%^(q)(r)		82,182,063		82,182,063


Total Money Market Funds (Cost $205,455,260)				205,460,333


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-103.36% (Cost $1,402,462,885)				1,223,248,731


Investment Abbreviations:

Conv.		– Convertible
EUR		– Euro
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
REMICs		– Real Estate Mortgage Investment Conduits
SPDR		– Standard & Poor’s Depositary Receipt
USD		– U.S. Dollar


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.57%
Invesco Private Government Fund, 3.18%^(q)(r)(s)		11,815,323	$	11,815,323


Invesco Private Prime Fund, 3.28%^(q)(r)(s)		30,374,276		30,374,276


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $42,189,702)				42,189,599


TOTAL INVESTMENTS IN SECURITIES–106.93% (Cost $1,444,652,587)				1,265,438,330


OTHER ASSETS LESS LIABILITIES–(6.93)%				(82,044,356	)


NET ASSETS–100.00%			$	1,183,393,974

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


28		Invesco Multi-Asset Income Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $537,755,002, which represented 45.44% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)	All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)	Restricted security. The aggregate value of these securities at October 31, 2022 was $284,501, which represented less than 1% of the Fund’s Net Assets.

^(g)	Security valued using significant unobservable inputs (Level 3). See Note 3.

^(h)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2022 was $2,211,263, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(j)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N.

^(k)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(l)	The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(m)	Foreign denominated security. Principal amount is denominated in the currency indicated.

⁽ⁿ⁾	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on October 31, 2022.

^(o)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(p)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on October 31, 2022.

^(q)


	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	92,515,254	$	380,575,422	$	(401,181,370	)	$	-	$	-	$	71,909,306	$	711,194
Invesco Liquid Assets Portfolio, Institutional Class		74,264,221		271,839,588		(294,721,858	)		(7,766)		(5,221)		51,368,964		584,429
Invesco Treasury Portfolio, Institutional Class		105,731,720		434,943,340		(458,492,997	)		-		-		82,182,063		772,583
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		16,713,748		78,867,975		(83,766,400	)		-		-		11,815,323		93,948*
Invesco Private Prime Fund		38,998,746		152,156,930		(160,769,149	)		(103)		(12,148)		30,374,276		264,523*
Total	$	328,223,689	$	1,318,383,255	$	(1,398,931,774	)	$	(7,869)	$	(17,369)	$	247,649,932	$	2,426,677

^(r)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(s)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.


Open Futures Contracts^(a)


Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)


Interest Rate Risk


U.S. Treasury 5 Year Notes		29		December-2022	$	3,091,219	$	(2,266	)	$	(2,266	)


U.S. Treasury 10 Year Notes		262		December-2022		28,975,562		(1,728,234	)		(1,728,234	)


U.S. Treasury 10 Year Ultra Notes		114		December-2022		13,222,219		(1,108,063	)		(1,108,063	)


Subtotal–Long Futures Contracts								(2,838,563	)		(2,838,563	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


29		Invesco Multi-Asset Income Fund


Open Futures Contracts^(a)–(continued)


Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)


Equity Risk


E-Mini Russell 2000 Index		357		December-2022		$(33,076,050	)		$(2,567,111	)		$(2,567,111	)


E-Mini S&P 500 Index		179		December-2022		(34,752,850	)		(1,885,644	)		(1,885,644	)


EURO STOXX 50 Index		705		December-2022		(25,207,187	)		(1,472,057	)		(1,472,057	)


MSCI Emerging Markets Index		245		December-2022		(10,456,600	)		383,153			383,153


Tokyo Stock Price Index		110		December-2022		(14,247,957	)		(237,264	)		(237,264	)


Subtotal									(5,778,923	)		(5,778,923	)


Interest Rate Risk


Euro-Bobl		36		December-2022		(4,257,498	)		105,703			105,703


Euro-Bund		173		December-2022		(23,668,699	)		410,460			410,460


Euro-Schatz		23		December-2022		(2,430,605	)		20,891			20,891


Long Gilt		227		December-2022		(26,586,838	)		661,050			661,050


U.S. Treasury 2 Year Notes		33		December-2022		(6,744,633	)		101,695			101,695


U.S. Treasury Long Bonds		339		December-2022		(40,849,500	)		4,424,209			4,424,209


U.S. Treasury Ultra Bonds		26		December-2022		(3,319,063	)		423,375			423,375


Subtotal									6,147,383			6,147,383


Subtotal–Short Futures Contracts									368,460			368,460


Total Futures Contracts									$(2,470,103	)		$(2,470,103	)

^(a)	Futures contracts collateralized by $11,805,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.

Open Forward Foreign Currency Contracts

Contract to

Unrealized

Appreciation

(Depreciation)

Settlement

Date

Counterparty

Deliver

Receive

Currency Risk

12/21/2022

Bank of America, N.A.

EUR

126,000

USD

125,823

$ 795

12/21/2022

Bank of America, N.A.

USD

109,128

EUR

112,000

2,008

12/21/2022

J.P. Morgan Chase Bank, N.A.

USD

55,569

EUR

57,000

992

12/21/2022

UBS AG

EUR

8,077,000

USD

8,129,969

115,250

Subtotal–Appreciation

119,045

Currency Risk

12/21/2022

Bank of America, N.A.

USD

72,194

EUR

72,000

(749)

12/21/2022

Canadian Imperial Bank of Commerce

USD

22,835

EUR

23,000

(13)

12/21/2022

Royal Bank of Canada

EUR

919,482

USD

900,000

(12,392)

12/21/2022

UBS AG

EUR

69,500

USD

68,149

(815)

Subtotal–Depreciation

(13,969)

Total Forward Foreign Currency Contracts

$105,076

Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity

Buy/Sell

Protection

(Pay)/
Receive

Fixed

Rate

Payment
Frequency

Maturity
Date

Implied
Credit
Spread^(b)

Notional Value

Upfront
Payments Paid
(Received)

Value

Unrealized
Appreciation

Credit Risk

Markit CDX North America High Yield Index, Series 38, Version 1

Sell

5.00%

Quarterly

06/20/2027

4.793%

USD 3,199,680

$(30,641)

$27,767

$58,408

^(a)	Swaps are collateralized by $282,782 cash held with Merrill Lynch International, the Counterparty.

^(b)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


30		Invesco Multi-Asset Income Fund

Abbreviations:

EUR –Euro

USD –U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


31		Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $1,197,007,625)*			$1,017,788,398


Investments in affiliated money market funds, at value (Cost $247,644,962)			247,649,932


Other investments:
Variation margin receivable – futures contracts			539,606


Variation margin receivable–centrally cleared swap agreements			149,342


Unrealized appreciation on forward foreign currency contracts outstanding			119,045


Deposits with brokers:
Cash collateral – exchange-traded futures contracts			11,805,000


Cash collateral – centrally cleared swap agreements			282,782


Cash			74,539,089


Foreign currencies, at value (Cost $103,414)			104,641


Receivable for:
Investments sold			13,849,810


Fund shares sold			108,777


Dividends			1,096,102


Interest			11,193,306


Principal paydowns			19


Investment for trustee deferred compensation and retirement plans			169,454


Other assets			33,550


Total assets			1,379,428,853



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding			13,969


Payable for:
Investments purchased			65,567,799


Due to broker			85,142,452


Fund shares reacquired			1,461,127


Collateral upon return of securities loaned			42,189,702


Accrued fees to affiliates			605,246


Accrued trustees’ and officers’ fees and benefits			1,539


Accrued other operating expenses			840,636


Trustee deferred compensation and retirement plans			212,409


Total liabilities			196,034,879


Net assets applicable to shares outstanding			$1,183,393,974


Net assets consist of:
Shares of beneficial interest	$	1,964,231,185


Distributable earnings (loss)		(780,837,211	)


	$	1,183,393,974



Net Assets:
Class A	$	852,898,543


Class C	$	84,143,299


Class R	$	23,451,569


Class Y	$	172,527,527


Class R5	$	63,225


Class R6	$	50,309,811



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		113,882,439


Class C		11,238,704


Class R		3,129,053


Class Y		23,019,540


Class R5		8,442


Class R6		6,713,357


Class A:
Net asset value per share	$	7.49


Maximum offering price per share (Net asset value of $7.49 ÷ 94.50%)	$	7.93


Class C:
Net asset value and offering price per share	$	7.49


Class R:
Net asset value and offering price per share	$	7.49


Class Y:
Net asset value and offering price per share	$	7.49


Class R5:
Net asset value and offering price per share	$	7.49


Class R6:
Net asset value and offering price per share	$	7.49

*	At October 31, 2022, securities with an aggregate value of $40,829,092 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


32		Invesco Multi-Asset Income Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	82,835,483


Dividends (net of foreign withholding taxes of $228,111)		9,033,322


Dividends from affiliated money market funds (includes net securities lending income of $216,540)		2,284,746


Total investment income		94,153,551



Expenses:
Advisory fees		6,539,622


Administrative services fees		207,282


Custodian fees		79,453


Distribution fees:
Class A		2,372,486


Class C		1,154,134


Class R		141,581


Transfer agent fees – A, C, R and Y		1,707,433


Transfer agent fees – R5		71


Transfer agent fees – R6		18,461


Trustees’ and officers’ fees and benefits		35,062


Registration and filing fees		109,512


Licensing fees		395,379


Reports to shareholders		50,456


Professional services fees		87,769


Other		24,701


Total expenses		12,923,402


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(780,377	)


Net expenses		12,143,025


Net investment income		82,010,526



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(127,415,854	)


Affiliated investment securities		(17,369	)


Foreign currencies		329,382


Forward foreign currency contracts		1,498,084


Futures contracts		(20,731,187	)


Swap agreements		124,095


		(146,212,849	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(213,852,247	)


Affiliated investment securities		(7,869	)


Foreign currencies		(35,357	)


Forward foreign currency contracts		44,155


Futures contracts		(4,311,387	)


Swap agreements		58,408


		(218,104,297	)


Net realized and unrealized gain (loss)		(364,317,146	)


Net increase (decrease) in net assets resulting from operations	$	(282,306,620	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


33		Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	82,010,526		$	88,982,572


Net realized gain (loss)		(146,212,849	)		82,998,501


Change in net unrealized appreciation (depreciation)		(218,104,297	)		34,412,725


Net increase (decrease) in net assets resulting from operations		(282,306,620	)		206,393,798



Distributions to shareholders from distributable earnings:
Class A		(63,724,100	)		(71,763,758	)


Class C		(6,302,892	)		(8,990,275	)


Class R		(1,654,502	)		(2,967,083	)


Class Y		(14,535,382	)		(19,341,966	)


Class R5		(4,645	)		(5,253	)


Class R6		(3,841,106	)		(4,148,032	)


Total distributions from distributable earnings		(90,062,627	)		(107,216,367	)



Share transactions–net:
Class A		(62,425,231	)		(94,140,757	)


Class C		(33,565,852	)		(74,779,394	)


Class R		(16,663,281	)		(11,542,014	)


Class Y		(43,908,235	)		(105,129,569	)


Class R5		3,957			(12,046	)


Class R6		665,585			(4,237,143	)


Net increase (decrease) in net assets resulting from share transactions		(155,893,057	)		(289,840,923	)


Net increase (decrease) in net assets		(528,262,304	)		(190,663,492	)



Net assets:
Beginning of year		1,711,656,278			1,902,319,770


End of year	$	1,183,393,974		$	1,711,656,278

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


34		Invesco Multi-Asset Income Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/22		$ 9.75		$0.50		$(2.21	)		$(1.71	)		$(0.55	)		$ -			$(0.55	)		$ 7.49		(18.16	)%^(d)		$ 852,899		0.82	%^(d)		0.87	%^(d)		5.68	%^(d)		94	%
Year ended 10/31/21		9.26		0.48		0.59			1.07			(0.58	)		-			(0.58	)		9.75		11.73	^(d)		1,178,389		0.82	^(d)		0.91	^(d)		4.93	^(d)		53
Year ended 10/31/20		10.79		0.58		(1.55	)		(0.97	)		(0.56	)		-			(0.56	)		9.26		(8.97	)^(d)		1,209,154		0.82	^(d)		0.92	^(d)		6.13	^(d)		117
Year ended 10/31/19		10.07		0.55		0.74			1.29			(0.57	)		-			(0.57	)		10.79		13.18			188,655		0.84			0.97			5.21			76
Year ended 10/31/18		11.01		0.51		(0.84	)		(0.33	)		(0.52	)		(0.09	)		(0.61	)		10.07		(3.13	)		131,971		0.85			1.00			4.76			59
Class C
Year ended 10/31/22		9.75		0.43		(2.21	)		(1.78	)		(0.48	)		-			(0.48	)		7.49		(18.80	)		84,143		1.59			1.64			4.91			94
Year ended 10/31/21		9.26		0.40		0.60			1.00			(0.51	)		-			(0.51	)		9.75		10.89			147,030		1.59			1.68			4.16			53
Year ended 10/31/20		10.78		0.51		(1.54	)		(1.03	)		(0.49	)		-			(0.49	)		9.26		(9.58	)		210,967		1.59			1.69			5.36			117
Year ended 10/31/19		10.06		0.47		0.74			1.21			(0.49	)		-			(0.49	)		10.78		12.35			118,619		1.59			1.72			4.46			76
Year ended 10/31/18		11.00		0.43		(0.84	)		(0.41	)		(0.44	)		(0.09	)		(0.53	)		10.06		(3.87	)		85,370		1.60			1.75			4.01			59
Class R
Year ended 10/31/22		9.76		0.47		(2.22	)		(1.75	)		(0.52	)		-			(0.52	)		7.49		(18.47	)		23,452		1.09			1.14			5.41			94
Year ended 10/31/21		9.27		0.45		0.59			1.04			(0.55	)		-			(0.55	)		9.76		11.43			47,214		1.09			1.18			4.66			53
Year ended 10/31/20		10.78		0.55		(1.52	)		(0.97	)		(0.54	)		-			(0.54	)		9.27		(9.02	)		55,930		1.09			1.19			5.86			117
Year ended 10/31/19		10.07		0.52		0.74			1.26			(0.55	)		-			(0.55	)		10.78		12.80			5,202		1.09			1.22			4.96			76
Year ended 10/31/18		11.01		0.48		(0.84	)		(0.36	)		(0.49	)		(0.09	)		(0.58	)		10.07		(3.38	)		2,220		1.10			1.25			4.51			59
Class Y
Year ended 10/31/22		9.76		0.52		(2.22	)		(1.70	)		(0.57	)		-			(0.57	)		7.49		(18.05	)		172,528		0.59			0.64			5.91			94
Year ended 10/31/21		9.27		0.50		0.59			1.09			(0.60	)		-			(0.60	)		9.76		11.99			274,095		0.59			0.68			5.16			53
Year ended 10/31/20		10.79		0.62		(1.55	)		(0.93	)		(0.59	)		-			(0.59	)		9.27		(8.65	)		360,565		0.59			0.69			6.36			117
Year ended 10/31/19		10.07		0.57		0.75			1.32			(0.60	)		-			(0.60	)		10.79		13.47			397,303		0.59			0.72			5.46			76
Year ended 10/31/18		11.01		0.53		(0.83	)		(0.30	)		(0.55	)		(0.09	)		(0.64	)		10.07		(2.89	)		288,116		0.60			0.75			5.01			59
Class R5
Year ended 10/31/22		9.75		0.52		(2.21	)		(1.69	)		(0.57	)		-			(0.57	)		7.49		(17.97	)		63		0.59			0.62			5.91			94
Year ended 10/31/21		9.27		0.50		0.58			1.08			(0.60	)		-			(0.60	)		9.75		11.89			78		0.59			0.60			5.16			53
Year ended 10/31/20		10.79		0.62		(1.55	)		(0.93	)		(0.59	)		-			(0.59	)		9.27		(8.63	)		85		0.59			0.63			6.36			117
Year ended 10/31/19		10.08		0.57		0.74			1.31			(0.60	)		-			(0.60	)		10.79		13.35			104		0.59			0.68			5.46			76
Year ended 10/31/18		11.01		0.53		(0.82	)		(0.29	)		(0.55	)		(0.09	)		(0.64	)		10.08		(2.79	)		150		0.60			0.69			5.01			59
Class R6
Year ended 10/31/22		9.76		0.52		(2.22	)		(1.70	)		(0.57	)		-			(0.57	)		7.49		(18.01	)		50,310		0.54			0.55			5.96			94
Year ended 10/31/21		9.27		0.51		0.59			1.10			(0.61	)		-			(0.61	)		9.76		12.05			64,850		0.54			0.55			5.21			53
Year ended 10/31/20		10.79		0.62		(1.55	)		(0.93	)		(0.59	)		-			(0.59	)		9.27		(8.59	)		65,618		0.53			0.54			6.42			117
Year ended 10/31/19		10.07		0.57		0.75			1.32			(0.60	)		-			(0.60	)		10.79		13.47			59,569		0.59			0.60			5.46			76
Year ended 10/31/18		11.01		0.53		(0.83	)		(0.30	)		(0.55	)		(0.09	)		(0.64	)		10.07		(2.89	)		53,904		0.60			0.63			5.01			59

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,279,950,104 in connection with the acquisition of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund into the Fund.

^(d)	The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.23% for Class A for the years ended October 31, 2022, 2021 and 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


35		Invesco Multi-Asset Income Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco Multi-Asset Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to provide current income.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


36		Invesco Multi-Asset Income Fund

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

Equity-Linked Notes – The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, exchange-traded note, or an index or basket of securities (underlying securities)) and a related equity derivative, such as a put or call option. Generally, when purchasing an ELN, a Fund pays the counterparty the current value of the underlying securities plus a commission. Upon the maturity of the note, the Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities


37		Invesco Multi-Asset Income Fund

risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund’s entire principal investment.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, the Fund paid the Adviser $9,744 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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.

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 for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.


38		Invesco Multi-Asset Income Fund

through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

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 Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.


39		Invesco Multi-Asset Income Fund

value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $ 500 million		0.500%


Next $500 million		0.450%


Next $500 million		0.400%


Over $1.5 billion		0.390%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.45%.

The Adviser has contractually agreed, through February 28, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective March 1, 2023, through at least February 29, 2024, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.90%, 1.65%, 1.15%, 0.65%, 0.65% and 0.65%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $186,464 and reimbursed class level expenses of $428,952, $48,773, $11,875, $94,726, $14 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $96,952 in front-end sales commissions from the sale of Class A shares and $1,869 and $6,567 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of Invesco.


40		Invesco Multi-Asset Income Fund

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	182,709		$	378,455,480			$0	$	378,638,189


Equity Linked Notes		–			327,526,444			–		327,526,444


U.S. Treasury Securities		–			246,672,387			–		246,672,387


Preferred Stocks		56,011,568			–			–		56,011,568


Non-U.S. Dollar Denominated Bonds & Notes		–			8,897,077			–		8,897,077


Asset-Backed Securities		–			42,732			–		42,732


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			1			–		1


Money Market Funds		205,460,333			42,189,599			–		247,649,932


Total Investments in Securities		261,654,610			1,003,783,720			0		1,265,438,330



Other Investments - Assets*


Futures Contracts		6,530,536			–			–		6,530,536


Forward Foreign Currency Contracts		–			119,045			–		119,045


Swap Agreements		–			58,408			–		58,408


		6,530,536			177,453			–		6,707,989



Other Investments - Liabilities*


Futures Contracts		(9,000,639	)		–			–		(9,000,639	)


Forward Foreign Currency Contracts		–			(13,969	)		–		(13,969	)


		(9,000,639	)		(13,969	)		–		(9,014,608	)


Total Other Investments		(2,470,103	)		163,484			–		(2,306,619	)


Total Investments	$	259,184,507		$	1,003,947,204			$0	$	1,263,131,711

*	Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
Derivative Assets	Credit Risk			Currency Risk		Equity Risk			Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded	$	–		$	–	$	383,153		$	6,147,383			$ 6,530,536


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		58,408			–		–			–			58,408


Unrealized appreciation on forward foreign currency contracts outstanding		–			119,045		–			–			119,045


Total Derivative Assets		58,408			119,045		383,153			6,147,383			6,707,989


Derivatives not subject to master netting agreements		(58,408	)		–		(383,153	)		(6,147,383	)		(6,588,944	)


Total Derivative Assets subject to master netting agreements	$	–		$	119,045	$	–		$	–			$ 119,045


41		Invesco Multi-Asset Income Fund


	Value
Derivative Liabilities	Currency Risk			Equity Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded	$	–		$	(6,162,076	)	$	(2,838,563	)		$(9,000,639	)


Unrealized depreciation on forward foreign currency contracts outstanding		(13,969	)		–			–			(13,969	)


Total Derivative Liabilities		(13,969	)		(6,162,076	)		(2,838,563	)		(9,014,608	)


Derivatives not subject to master netting agreements		–			6,162,076			2,838,563			9,000,639


Total Derivative Liabilities subject to master netting agreements	$	(13,969	)	$	–		$	–			$ (13,969	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts		Net Value of Derivatives			Non-Cash	Cash	Net Amount


Bank of America, N.A.		$ 2,803		$ (749)		$ 2,054		$–	$–		$ 2,054


Canadian Imperial Bank of Commerce		–		(13)		(13	)	–	–		(13	)


J.P. Morgan Chase Bank, N.A.		992		–		992		–	–		992


Royal Bank of Canada		–		(12,392)		(12,392	)	–	–		(12,392	)


UBS AG		115,250		(815)		114,435		–	–		114,435


Total		$119,045		$(13,969)		$105,076		$–	$–		$105,076

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Credit Risk		Currency Risk		Equity Risk			Interest Rate Risk		Total


Realized Gain (Loss):
Forward foreign currency contracts	$	-	$	1,498,084	$	-		$	-		$1,498,084


Futures contracts		-		-		(27,131,355	)		6,400,168		(20,731,187	)


Swap agreements		124,095		-		-			-		124,095


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-		44,155		-			-		44,155


Futures contracts		-		-		(7,338,851	)		3,027,464		(4,311,387	)


Swap agreements		58,408		-		-			-		58,408


Total	$	182,503	$	1,542,239	$	(34,470,206	)	$	9,427,632		$(23,317,832	)

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts		Futures Contracts		Swap Agreements


Average notional value		$10,105,733		$342,046,935		$4,388,260

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.


42		Invesco Multi-Asset Income Fund

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	90,062,627	$	107,216,367

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	1,494,209


Net unrealized appreciation (depreciation) – investments		(188,125,466	)


Net unrealized appreciation (depreciation) – foreign currencies		(6,595	)


Temporary book/tax differences		(632,917	)


Capital loss carryforward		(593,566,442	)


Shares of beneficial interest		1,964,231,185


Total net assets	$	1,183,393,974

The Fund has a capital loss carryforward as of October 31, 2022, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	432,117,662	$	161,448,780	$	593,566,442

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $471,827,506 and $867,807,233, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 20,124,207


Aggregate unrealized (depreciation) of investments	(208,249,673	)


Net unrealized appreciation (depreciation) of investments	$(188,125,466	)

Cost of investments for tax purposes is $1,451,257,177.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and amortization and accretion on debt securities, on October 31, 2022, undistributed net investment income was increased by $9,998,412 and undistributed net realized gain (loss) was decreased by $9,998,412. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.


43		Invesco Multi-Asset Income Fund

NOTE 11–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		5,403,012		$	48,658,733			7,128,123		$	69,477,960


Class C		767,584			6,837,877			1,252,443			12,208,067


Class R		557,747			4,911,397			1,078,403			10,463,046


Class Y		4,587,419			40,884,204			5,484,763			53,435,990


Class R6		462,081			3,952,822			516,714			5,035,545



Issued as reinvestment of dividends:
Class A		6,454,141			55,750,272			6,476,987			63,061,818


Class C		547,183			4,751,803			695,997			6,772,970


Class R		188,054			1,623,583			301,005			2,933,273


Class Y		1,161,909			10,077,631			1,361,455			13,260,495


Class R5		459			3,957			406			3,954


Class R6		434,745			3,752,196			417,894			4,070,849



Automatic conversion of Class C shares to Class A shares:
Class A		1,720,539			14,795,155			3,713,985			36,122,567


Class C		(1,720,805	)		(14,795,155	)		(3,714,866	)		(36,122,567	)



Reacquired:
Class A		(20,542,216	)		(181,629,391	)		(26,983,354	)		(262,803,102	)


Class C		(3,440,536	)		(30,360,377	)		(5,926,072	)		(57,637,864	)


Class R		(2,454,515	)		(23,198,261	)		(2,572,091	)		(24,938,333	)


Class Y		(10,817,953	)		(94,870,070	)		(17,640,042	)		(171,826,054	)


Class R5		-			-			(1,616	)		(16,000	)


Class R6		(829,639	)		(7,039,433	)		(1,364,800	)		(13,343,537	)


Net increase (decrease) in share activity		(17,520,791	)	$	(155,893,057	)		(29,774,666	)	$	(289,840,923	)

^(a)

In addition, 4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


44		Invesco Multi-Asset Income Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco Multi-Asset Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Multi-Asset Income Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


45		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$906.00	$3.94	$1,021.07	$4.18	0.82%
Class C	1,000.00	903.50	7.63	1,017.19	8.08	1.59
Class R	1,000.00	904.70	5.23	1,019.71	5.55	1.09
Class Y	1,000.00	907.00	2.84	1,022.23	3.01	0.59
Class R5	1,000.00	907.10	2.84	1,022.23	3.01	0.59
Class R6	1,000.00	907.40	2.45	1,022.63	2.60	0.51

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


46		Invesco Multi-Asset Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Multi-Asset Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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.


47		Invesco Multi-Asset Income Fund

master limited partnerships and equity real estate investment trusts detracted from performance. The Board further noted that the Fund’s reduced equity exposure in a period of rising equity markets also led to short-term underperformance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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

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.

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.


48		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, 2022:


Federal and State Income Tax
Qualified Dividend Income*	6.98	%
Corporate Dividends Received Deduction*	6.82	%
U.S. Treasury Obligations*	6.44	%
Qualified Business Income*	0.00	%
Business Interest Income*	56.86	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


49		Invesco Multi-Asset Income Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Multi-Asset Income Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801


T-6		Invesco Multi-Asset Income Fund

LOGO

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

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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

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		MAIN-AR-1

LOGO



Annual Report to Shareholders		October 31, 2022

Invesco U.S. Managed Volatility Fund

Nasdaq:

R6: USMVX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

15		Financial Statements

18		Financial Highlights

19		Notes to Financial Statements

25		Report of Independent Registered Public Accounting Firm

26		Fund Expenses

27		Approval of Investment Advisory and Sub-Advisory Contracts

29		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class R6 shares of Invesco U.S. Managed Volatility Fund (the Fund), at net asset value (NAV), outperformed the Invesco US Large Cap Index, the Fund’s style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class R6 Shares	-13.25	%
S&P 500 Index^▼(Broad Market Index)	-14.61
Invesco US Large Cap Index^▼(Style-Specific Index)	-15.99

Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the twelve months ended May 2022.² Oil prices peaked near $122 per barrel in early

June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, which sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

In this environment, US stocks had negative double-digit returns for the fiscal year of -14.61%, as measured by the S&P 500 Index.⁴

Invesco U.S. Managed Volatility Fund is a domestic large cap core equity strategy focused on providing capital appreciation while managing portfolio volatility. The strategy seeks equity-like exposure during periods of economic strength and downside protection during economic stress. The Fund seeks to accomplish this by investing in the Invesco US Large Cap Index with futures overlay component designed to manage volatility. The futures overlay component is designed to

manage the Fund’s overall risk by selling short exchange-traded equity index futures in periods of high market volatility. This risk management overlay is implemented when the forecasted annualized volatility level of the Fund’s returns exceeds 16%.

The Fund posted negative double-digit returns during the fiscal year but outperformed the Fund’s style-specific benchmark, the Invesco US Large Cap Index. The Fund’s relative outperformance can primarily be attributed to the Fund’s volatility overlay. Due to increased market volatility experienced during most of 2022, the overlay was enacted throughout much of the fiscal year and helped to keep the Fund’s overall volatility significantly lower than the Invesco US Large Cap Index. The lower level of volatility, protected to the downside and came with a performance boost as the large cap equity markets saw negative performance.

Outside of the volatility overlay, from an individual holdings perspective, holdings in the energy sector were the leading contributors to absolute Fund performance. Oil firms Exxon Mobil and Chevron were the leading contributors to absolute Fund performance in the sector, benefiting from a rise in the price of oil throughout the fiscal year. In contrast, Fund holdings in the information technology and communication services sectors were the leading detractors from absolute Fund performance. Microsoft and Alphabet were the largest individual detractors as each company released weaker than expected quarterly guidance in the most recent earnings calls as investors assess the continued recession concerns in the broader economy.

Looking ahead, our base case continues to anticipate that economies will accelerate as they reopen, but that any accompanying rise in inflation will be largely temporary. We continue to believe that in the short run, emerging-market countries will generally lag behind because of the obstacles they face vaccinating their respective populations. As economies reopen and spending increases, we believe inflation should remain elevated, especially in the US. However, we anticipate it will then moderate to a rate faster than precrisis trends but not sufficient to induce aggressive action from central banks. Over the longer term, we expect demographics and innovation to place downward pressure on inflation.

The Fund’s strategy is principally implemented through equity investments, but we may also use futures contracts, a derivative instrument, to manage volatility. Derivatives can be a cost-effective way to gain exposure to asset classes. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Please note, after careful consideration, the Board of Trustees approved the liquidation and termination of Invesco U.S. Managed


2		Invesco U.S. Managed Volatility Fund

Volatility Fund to occur on or about January 23, 2023.

Thank you for your investment in Invesco U.S. Managed Volatility Fund.

1	Source: Bloomberg LP

2	Source: US Bureau of Labor Statistics

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Portfolio manager(s):

Jacob Borbidge

David Hemming

Alessio de Longis

Duy Nguyen

Theodore Samulowitz

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.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco U.S. Managed Volatility Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class R6 Shares
Inception (12/18/17)	8.84	%
1 Year	-13.25

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Shares of the Fund are sold at net asset value without a sales charge. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco U.S. Managed Volatility Fund

Supplemental Information

Invesco U.S. Managed Volatility Fund’s investment objective is to seek to provide capital appreciation while managing portfolio volatility.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

∎	The Invesco US Large Cap Index is a broad-based benchmark measuring the aggregate performance of US large-cap equities.

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco U.S. Managed Volatility Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		26.61	%

Health Care		15.31

Financials		11.19

Consumer Discretionary		10.49

Industrials		7.51

Communication Services		7.38

Consumer Staples		7.07

Energy		5.38

Utilities		2.59

Real Estate		2.27

Materials		2.19

Money Market Funds Plus Other Assets Less Liabilities		2.01

Top 10 Equity Holdings*


		% of total net assets

1.	Apple, Inc.		7.45	%

2.	Microsoft Corp.		5.18

3.	Alphabet, Inc., Class A		3.25

4.	Amazon.com, Inc.		2.74

5.	Tesla, Inc.		1.80

6.	Berkshire Hathaway, Inc., Class B		1.62

7.	UnitedHealth Group, Inc.		1.60

8.	Johnson & Johnson		1.43

9.	Exxon Mobil Corp.		1.41

10.	JPMorgan Chase & Co.		1.10

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco U.S. Managed Volatility Fund

Schedule of Investments^(a)

October 31, 2022


	Shares		Value


Common Stocks & Other Equity Interests–97.99%
Advertising–0.11%
Omnicom Group, Inc.		164	$	11,931


Trade Desk, Inc. (The), Class A^(b)		343		18,261


				30,192



Aerospace & Defense–1.78%
Boeing Co. (The)^(b)		471		67,122


General Dynamics Corp.		219		54,706


L3Harris Technologies, Inc.		155		38,203


Lockheed Martin Corp.		216		105,123


Northrop Grumman Corp.		125		68,626


Raytheon Technologies Corp.		1,178		111,698


TransDigm Group, Inc.		42		24,182


				469,660



Agricultural & Farm Machinery–0.35%
Deere & Co.		232		91,830



Agricultural Products–0.17%
Archer-Daniels-Midland Co.		452		43,835



Air Freight & Logistics–0.58%
C.H. Robinson Worldwide, Inc.		97		9,479


Expeditors International of Washington, Inc.		130		12,720


FedEx Corp.		193		30,934


United Parcel Service, Inc., Class B		596		99,991


				153,124



Airlines–0.03%
Delta Air Lines, Inc.^(b)		126		4,275


Southwest Airlines Co.^(b)		116		4,217


				8,492



Alternative Carriers–0.02%
Liberty Global PLC, Class C (United Kingdom)^(b)		319		5,634



Apparel Retail–0.35%
Ross Stores, Inc.		276		26,410


TJX Cos., Inc. (The)		926		66,765


				93,175



Apparel, Accessories & Luxury Goods–0.14%
lululemon athletica, inc.^(b)		88		28,955


VF Corp.^(c)		295		8,334


				37,289



Application Software–2.23%
Adobe, Inc.^(b)		363		115,615


ANSYS, Inc.^(b)		69		15,260


Autodesk, Inc.^(b)		172		36,860


Cadence Design Systems, Inc.^(b)		217		32,852


Datadog, Inc., Class A^(b)		208		16,746


DocuSign, Inc.^(b)		154		7,438


HubSpot, Inc.^(b)		36		10,676


Intuit, Inc.		218		93,195


Palantir Technologies, Inc., Class A^(b)		1,330		11,691


Roper Technologies, Inc.		86		35,650


	Shares		Value


Application Software–(continued)
salesforce.com, inc.^(b)		768	$	124,869


Splunk, Inc.^(b)		119		9,890


Synopsys, Inc.^(b)		121		35,399


Unity Software, Inc.^(b)(c)		146		4,307


Workday, Inc., Class A^(b)		158		24,620


Zoom Video Communications, Inc., Class A^(b)		166		13,851


				588,919



Asset Management & Custody Banks–1.04%
Ameriprise Financial, Inc.		85		26,275


Bank of New York Mellon Corp. (The)		650		27,372


BlackRock, Inc.		116		74,926


Blackstone, Inc., Class A		550		50,127


Franklin Resources, Inc.		221		5,182


KKR & Co., Inc., Class A		790		38,418


Northern Trust Corp.		164		13,833


State Street Corp.		293		21,682


T. Rowe Price Group, Inc.^(c)		174		18,472


				276,287



Auto Parts & Equipment–0.07%
Aptiv PLC^(b)		216		19,671



Automobile Manufacturers–2.22%
Ford Motor Co.		3,176		42,463


General Motors Co.		1,223		48,003


Lucid Group, Inc.^(b)		402		5,744


Rivian Automotive, Inc., Class A^(b)		404		14,128


Tesla, Inc.^(b)		2,090		475,559


				585,897



Automotive Retail–0.34%
AutoZone, Inc.^(b)		16		40,526


CarMax, Inc.^(b)		120		7,561


O’Reilly Automotive, Inc.^(b)		49		41,022


				89,109



Biotechnology–2.59%
AbbVie, Inc.		1,450		212,280


Amgen, Inc.		438		118,413


Biogen, Inc.^(b)		116		32,879


BioMarin Pharmaceutical, Inc.^(b)		151		13,081


BioNTech SE, ADR (Germany)		196		26,977


Gilead Sciences, Inc.		1,028		80,657


Incyte Corp.^(b)		184		13,679


Moderna, Inc.^(b)		265		39,837


Regeneron Pharmaceuticals, Inc.^(b)		82		61,398


Seagen, Inc.^(b)		149		18,947


Vertex Pharmaceuticals, Inc.^(b)		213		66,456


				684,604



Broadcasting–0.08%
Fox Corp., Class A		420		12,126


Paramount Global, Class B		532		9,746


				21,872



Building Products–0.32%
Carrier Global Corp.		644		25,605

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco U.S. Managed Volatility Fund


	Shares		Value


Building Products–(continued)
Johnson Controls International PLC		540	$	31,234


Trane Technologies PLC		181		28,893


				85,732



Cable & Satellite–0.59%
Charter Communications, Inc., Class A^(b)		86		31,615


Comcast Corp., Class A		3,518		111,661


Liberty Broadband Corp., Class C^(b)		111		9,372


Sirius XM Holdings, Inc.		569		3,437


				156,085



Casinos & Gaming–0.09%
Las Vegas Sands Corp.^(b)		621		23,604



Commodity Chemicals–0.16%
Dow, Inc.		566		26,455


LyondellBasell Industries N.V., Class A		204		15,596


				42,051



Communications Equipment–0.79%
Arista Networks, Inc.^(b)		195		23,568


Cisco Systems, Inc.		3,318		150,737


Motorola Solutions, Inc.		134		33,461


				207,766



Computer & Electronics Retail–0.04%
Best Buy Co., Inc.		159		10,877



Construction Machinery & Heavy Trucks–0.55%
Caterpillar, Inc.		422		91,346


Cummins, Inc.		113		27,629


PACCAR, Inc.		272		26,338


				145,313



Construction Materials–0.13%
Martin Marietta Materials, Inc.		50		16,799


Vulcan Materials Co.		108		17,680


				34,479



Consumer Electronics–0.04%
Garmin Ltd.		125		11,005



Consumer Finance–0.59%
American Express Co.		602		89,367


Capital One Financial Corp.		299		31,700


Discover Financial Services		214		22,354


Synchrony Financial		366		13,015


				156,436



Copper–0.14%
Freeport-McMoRan, Inc.		1,110		35,176


Southern Copper Corp. (Peru)		67		3,147


				38,323



Data Processing & Outsourced Services–3.26%
Automatic Data Processing, Inc.		334		80,728


Block, Inc., Class A^(b)		409		24,568


Fidelity National Information Services, Inc.		490		40,665


Fiserv, Inc.^(b)		486		49,932


FleetCor Technologies, Inc.^(b)		56		10,423


Global Payments, Inc.		222		25,366


Mastercard, Inc., Class A		771		253,027


	Shares		Value


Data Processing & Outsourced Services–(continued)
Paychex, Inc.		261	$	30,879


PayPal Holdings, Inc.^(b)		902		75,389


Visa, Inc., Class A		1,308		270,965


				861,942



Distillers & Vintners–0.20%
Brown-Forman Corp., Class B		323		21,964


Constellation Brands, Inc., Class A		123		30,391


				52,355



Distributors–0.08%
Genuine Parts Co.		116		20,632



Diversified Banks–2.99%
Bank of America Corp.		6,388		230,223


Citigroup, Inc.		1,556		71,358


JPMorgan Chase & Co.		2,310		290,783


NU Holdings Ltd., Class A (Brazil)^(b)		1,377		6,885


U.S. Bancorp		1,195		50,728


Wells Fargo & Co.		3,043		139,948


				789,925



Diversified Support Services–0.19%
Cintas Corp.		69		29,501


Copart, Inc.^(b)		173		19,898


				49,399



Drug Retail–0.08%
Walgreens Boots Alliance, Inc.		574		20,951



Electric Utilities–1.72%
American Electric Power Co., Inc.		423		37,190


Avangrid, Inc.		55		2,237


Duke Energy Corp.		634		59,076


Edison International		311		18,672


Entergy Corp.		167		17,892


Eversource Energy		283		21,587


Exelon Corp.		806		31,104


FirstEnergy Corp.		469		17,686


NextEra Energy, Inc.		1,587		122,993


PG&E Corp.^(b)		1,573		23,485


PPL Corp.		607		16,079


Southern Co. (The)		895		58,605


Xcel Energy, Inc.		450		29,300


				455,906



Electrical Components & Equipment–0.52%
AMETEK, Inc.		185		23,987


Eaton Corp. PLC		319		47,872


Emerson Electric Co.		473		40,962


Rockwell Automation, Inc.		92		23,488


				136,309



Electronic Components–0.21%
Amphenol Corp., Class A		472		35,792


Corning, Inc.		615		19,784


				55,576



Electronic Equipment & Instruments–0.14%
Keysight Technologies, Inc.^(b)		140		24,381


Zebra Technologies Corp., Class A^(b)		40		11,329


				35,710

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco U.S. Managed Volatility Fund


	Shares		Value


Electronic Manufacturing Services–0.12%
TE Connectivity Ltd. (Switzerland)		256	$	31,291



Environmental & Facilities Services–0.38%
Republic Services, Inc.		165		21,883


Waste Connections, Inc.		209		27,569


Waste Management, Inc.		319		50,520


				99,972



Fertilizers & Agricultural Chemicals–0.14%
Corteva, Inc.		578		37,767



Financial Exchanges & Data–0.97%
CME Group, Inc., Class A		283		49,044


Intercontinental Exchange, Inc.		434		41,477


Moody’s Corp.		145		38,406


MSCI, Inc.		61		28,601


Nasdaq, Inc.		265		16,494


S&P Global, Inc.		261		83,846


				257,868



Food Distributors–0.14%
Sysco Corp.		413		35,749



Food Retail–0.10%
Kroger Co. (The)		576		27,239



Footwear–0.34%
NIKE, Inc., Class B		969		89,807



General Merchandise Stores–0.51%
Dollar General Corp.		181		46,164


Dollar Tree, Inc.^(b)		178		28,213


Target Corp.		367		60,280


				134,657



Gold–0.10%
Newmont Corp.		634		26,831



Health Care Distributors–0.31%
AmerisourceBergen Corp.		127		19,967


Cardinal Health, Inc.		219		16,622


McKesson Corp.		117		45,556


				82,145



Health Care Equipment–2.47%
Abbott Laboratories		1,419		140,396


Baxter International, Inc.		413		22,447


Becton, Dickinson and Co.		234		55,217


Boston Scientific Corp.^(b)		1,149		49,533


DexCom, Inc.^(b)		309		37,321


Edwards Lifesciences Corp.^(b)		495		35,853


IDEXX Laboratories, Inc.^(b)		67		24,099


Intuitive Surgical, Inc.^(b)		283		69,751


Medtronic PLC		1,067		93,192


ResMed, Inc.		118		26,395


STERIS PLC		80		13,806


Stryker Corp.		284		65,104


Zimmer Biomet Holdings, Inc.		171		19,383


				652,497



Health Care Facilities–0.14%
HCA Healthcare, Inc.		172		37,405


	Shares		Value


Health Care REITs–0.17%
Healthpeak Properties, Inc.		434	$	10,299


Ventas, Inc.		325		12,717


Welltower, Inc.		379		23,134


				46,150



Health Care Services–0.79%
Cigna Corp.		241		77,858


CVS Health Corp.		1,072		101,518


Laboratory Corp. of America Holdings		72		15,974


Quest Diagnostics, Inc.		95		13,647


				208,997



Health Care Supplies–0.04%
Align Technology, Inc.^(b)		57		11,075



Health Care Technology–0.07%
Veeva Systems, Inc., Class A^(b)		110		18,473



Home Improvement Retail–1.28%
Home Depot, Inc. (The)		823		243,715


Lowe’s Cos., Inc.		491		95,720


				339,435



Homebuilding–0.13%
D.R. Horton, Inc.		243		18,682


Lennar Corp., Class A		209		16,866


				35,548



Hotels, Resorts & Cruise Lines–0.65%
Airbnb, Inc., Class A^(b)		304		32,501


Booking Holdings, Inc.^(b)		31		57,954


Carnival Corp.^(b)		746		6,759


Expedia Group, Inc.^(b)		120		11,216


Hilton Worldwide Holdings, Inc.		213		28,810


Marriott International, Inc., Class A		221		35,384


				172,624



Household Products–1.42%
Church & Dwight Co., Inc.		193		14,307


Clorox Co. (The)		101		14,750


Colgate-Palmolive Co.		686		50,654


Kimberly-Clark Corp.		277		34,476


Procter & Gamble Co. (The)		1,943		261,664


				375,851



Hypermarkets & Super Centers–1.29%
Costco Wholesale Corp.		356		178,534


Walmart, Inc.		1,139		162,114


				340,648



Industrial Conglomerates–0.88%
3M Co.		449		56,480


General Electric Co.		873		67,928


Honeywell International, Inc.		537		109,559


				233,967



Industrial Gases–0.61%
Air Products and Chemicals, Inc.		176		44,070


Linde PLC (United Kingdom)		393		116,859


				160,929

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco U.S. Managed Volatility Fund


	Shares		Value


Industrial Machinery–0.56%
Dover Corp.		115	$	15,029


Fortive Corp.		276		17,636


Illinois Tool Works, Inc.		248		52,955


Otis Worldwide Corp.		340		24,018


Parker-Hannifin Corp.		103		29,934


Stanley Black & Decker, Inc.		114		8,948


				148,520



Industrial REITs–0.31%
Prologis, Inc.		734		81,290



Insurance Brokers–0.61%
Aon PLC, Class A		168		47,290


Arthur J. Gallagher & Co.		168		31,429


Marsh & McLennan Cos., Inc.		399		64,435


Willis Towers Watson PLC		85		18,548


				161,702



Integrated Oil & Gas–2.71%
Chevron Corp.		1,580		285,822


Exxon Mobil Corp.		3,356		371,879


Occidental Petroleum Corp.		832		60,403


				718,104



Integrated Telecommunication Services–0.89%
AT&T, Inc.		5,777		105,315


Verizon Communications, Inc.		3,446		128,777


				234,092



Interactive Home Entertainment–0.31%
Activision Blizzard, Inc.		594		43,243


Electronic Arts, Inc.		209		26,326


ROBLOX Corp., Class A^(b)(c)		287		12,840


				82,409



Interactive Media & Services–3.98%
Alphabet, Inc., Class A^(b)		9,098		859,852


Match Group, Inc.^(b)		218		9,418


Meta Platforms, Inc., Class A^(b)		1,771		164,986


Pinterest, Inc., Class A^(b)		461		11,341


Snap, Inc., Class A^(b)		751		7,442


				1,053,039



Internet & Direct Marketing Retail–3.02%
Amazon.com, Inc.^(b)		7,062		723,431


Coupang, Inc. (South Korea)^(b)		811		14,006


DoorDash, Inc., Class A^(b)		225		9,794


eBay, Inc.		429		17,092


MercadoLibre, Inc. (Brazil)^(b)		37		33,360


				797,683



Internet Services & Infrastructure–0.30%
Akamai Technologies, Inc.^(b)		128		11,307


Okta, Inc.^(b)		115		6,454


Snowflake, Inc., Class A^(b)		214		34,304


Twilio, Inc., Class A^(b)		133		9,891


VeriSign, Inc.^(b)		83		16,638


				78,594



Investment Banking & Brokerage–1.09%
Charles Schwab Corp. (The)		1,350		107,554


Goldman Sachs Group, Inc. (The)		274		94,396


	Shares		Value


Investment Banking & Brokerage–(continued)
Morgan Stanley		1,052	$	86,443


				288,393



IT Consulting & Other Services–1.08%
Accenture PLC, Class A		508		144,221


Cognizant Technology Solutions Corp., Class A		378		23,531


EPAM Systems, Inc.^(b)		45		15,750


International Business Machines Corp.		735		101,643


				285,145



Life & Health Insurance–0.47%
Aflac, Inc.		456		29,690


MetLife, Inc.		634		46,415


Principal Financial Group, Inc.		197		17,362


Prudential Financial, Inc.		296		31,136


				124,603



Life Sciences Tools & Services–1.66%
Agilent Technologies, Inc.		236		32,651


Danaher Corp.		533		134,140


Illumina, Inc.^(b)		124		28,374


IQVIA Holdings, Inc.^(b)		150		31,450


Mettler-Toledo International, Inc.^(b)		18		22,769


Thermo Fisher Scientific, Inc.		316		162,414


Waters Corp.^(b)		48		14,360


West Pharmaceutical Services, Inc.		60		13,806


				439,964



Managed Health Care–2.38%
Centene Corp.^(b)		462		39,330


Elevance Health, Inc.		199		108,807


Humana, Inc.		104		58,040


UnitedHealth Group, Inc.		763		423,580


				629,757



Metal & Glass Containers–0.05%
Ball Corp.		252		12,446



Movies & Entertainment–1.14%
Liberty Media Corp.-Liberty Formula One, Class C^(b)		351		20,263


Netflix, Inc.^(b)		351		102,450


Walt Disney Co. (The)^(b)		1,458		155,335


Warner Bros Discovery, Inc.^(b)		1,888		24,544


				302,592



Multi-line Insurance–0.20%
American International Group, Inc.		586		33,402


Hartford Financial Services Group, Inc. (The)		257		18,609


				52,011



Multi-Sector Holdings–1.62%
Berkshire Hathaway, Inc., Class B^(b)		1,452		428,471



Multi-Utilities–0.79%
Ameren Corp.		207		16,875


CMS Energy Corp.		238		13,578


Consolidated Edison, Inc.		289		25,420


Dominion Energy, Inc.		697		48,769


DTE Energy Co.		158		17,713


Public Service Enterprise Group, Inc.		408		22,876


Sempra Energy		257		38,792

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco U.S. Managed Volatility Fund


	Shares		Value


Multi-Utilities–(continued)
WEC Energy Group, Inc.		260	$	23,746


				207,769



Office REITs–0.11%
Alexandria Real Estate Equities, Inc.		130		18,889


Boston Properties, Inc.		127		9,233


				28,122



Oil & Gas Equipment & Services–0.42%
Baker Hughes Co., Class A		854		23,622


Halliburton Co.		734		26,732


Schlumberger Ltd.		1,158		60,251


				110,605



Oil & Gas Exploration & Production–1.35%
ConocoPhillips		1,023		128,990


Coterra Energy, Inc.		624		19,425


Devon Energy Corp.		530		40,995


Diamondback Energy, Inc.		136		21,367


EOG Resources, Inc.		477		65,120


Hess Corp.		227		32,025


Pioneer Natural Resources Co.		187		47,949


				355,871



Oil & Gas Refining & Marketing–0.46%
Marathon Petroleum Corp.		374		42,494


Phillips 66		391		40,777


Valero Energy Corp.		310		38,921


				122,192



Oil & Gas Storage & Transportation–0.44%
Cheniere Energy, Inc.		197		34,753


Kinder Morgan, Inc.		1,590		28,811


ONEOK, Inc.		362		21,474


Williams Cos., Inc. (The)		988		32,337


				117,375



Other Diversified Financial Services–0.07%
Apollo Global Management, Inc.		342		18,933



Packaged Foods & Meats–1.07%
Campbell Soup Co.		164		8,677


Conagra Brands, Inc.		397		14,570


General Mills, Inc.		481		39,240


Hershey Co. (The)		122		29,130


Hormel Foods Corp.		449		20,856


JM Smucker Co. (The)		84		12,655


Kellogg Co.		283		21,740


Kraft Heinz Co. (The)		913		35,123


McCormick & Co., Inc.		206		16,200


Mondelez International, Inc., Class A		1,108		68,120


Tyson Foods, Inc., Class A		234		15,994


				282,305



Paper Packaging–0.09%
Amcor PLC		1,206		13,966


International Paper Co.		284		9,545


				23,511



Personal Products–0.14%
Estee Lauder Cos., Inc. (The), Class A		184		36,890


	Shares		Value


Pharmaceuticals–4.86%
Bristol-Myers Squibb Co.		1,772	$	137,277


Eli Lilly and Co.		747		270,481


Johnson & Johnson		2,176		378,559


Merck & Co., Inc.		2,086		211,103


Pfizer, Inc.		4,638		215,899


Royalty Pharma PLC, Class A		338		14,304


Zoetis, Inc.		377		56,844


				1,284,467



Property & Casualty Insurance–0.78%
Allstate Corp. (The)		212		26,765


Chubb Ltd.		332		71,344


Markel Corp.^(b)		11		13,267


Progressive Corp. (The)		475		60,990


Travelers Cos., Inc. (The)		190		35,047


				207,413



Railroads–0.72%
CSX Corp.		1,700		49,402


Norfolk Southern Corp.		187		42,649


Union Pacific Corp.		500		98,570


				190,621



Real Estate Services–0.07%
CBRE Group, Inc., Class A^(b)		252		17,877



Regional Banks–0.76%
Fifth Third Bancorp		548		19,558


First Republic Bank		144		17,294


KeyCorp		748		13,367


M&T Bank Corp.		139		23,404


PNC Financial Services Group, Inc. (The)		327		52,918


Regions Financial Corp.		754		16,550


SVB Financial Group^(b)		46		10,624


Truist Financial Corp.		1,063		47,612


				201,327



Research & Consulting Services–0.25%
CoStar Group, Inc.^(b)		313		25,891


Equifax, Inc.		98		16,615


Verisk Analytics, Inc.		123		22,488


				64,994



Residential REITs–0.19%
AvalonBay Communities, Inc.		114		19,964


Equity Residential		300		18,906


Essex Property Trust, Inc.		52		11,556


				50,426



Restaurants–1.13%
Chipotle Mexican Grill, Inc.^(b)		22		32,963


McDonald’s Corp.		597		162,778


Starbucks Corp.		892		77,238


Yum! Brands, Inc.		230		27,198


				300,177



Retail REITs–0.23%
Realty Income Corp.		520		32,380


Simon Property Group, Inc.		262		28,553


				60,933

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco U.S. Managed Volatility Fund


	Shares		Value


Semiconductor Equipment–0.63%
Applied Materials, Inc.		669	$	59,066


Enphase Energy, Inc.^(b)		103		31,621


KLA Corp.		107		33,860


Lam Research Corp.		104		42,097


				166,644



Semiconductors–3.80%
Advanced Micro Devices, Inc.^(b)		1,254		75,315


Analog Devices, Inc.		412		58,759


Broadcom, Inc.		313		147,148


GLOBALFOUNDRIES, Inc.^(b)		420		23,814


Intel Corp.		3,282		93,307


Marvell Technology, Inc.		675		26,784


Microchip Technology, Inc.		430		26,548


Micron Technology, Inc.		856		46,310


NVIDIA Corp.		1,865		251,719


ON Semiconductor Corp.^(b)		348		21,378


QUALCOMM, Inc.		894		105,188


Skyworks Solutions, Inc.		128		11,009


Texas Instruments, Inc.		728		116,939


				1,004,218



Soft Drinks–1.77%
Coca-Cola Co. (The)		3,501		209,535


Keurig Dr Pepper, Inc.		693		26,916


Monster Beverage Corp.^(b)		296		27,741


PepsiCo, Inc.		1,121		203,551


				467,743



Specialized REITs–1.19%
American Tower Corp.		378		78,318


Crown Castle, Inc.		351		46,774


Digital Realty Trust, Inc.		235		23,559


Equinix, Inc.		66		37,385


Extra Space Storage, Inc.		105		18,631


Public Storage		143		44,294


SBA Communications Corp., Class A		87		23,481


VICI Properties, Inc.		778		24,912


Weyerhaeuser Co.		597		18,465


				315,819



Specialty Chemicals–0.67%
Albemarle Corp.		93		26,028


Celanese Corp.		88		8,459


DuPont de Nemours, Inc.		395		22,594


Ecolab, Inc.		196		30,786


International Flavors & Fragrances, Inc.		205		20,010


PPG Industries, Inc.		190		21,694


Sherwin-Williams Co. (The)		207		46,581


				176,152



Specialty Stores–0.06%
Ulta Beauty, Inc.^(b)		41		17,194



Steel–0.10%
Nucor Corp.		204		26,802



Systems Software–6.29%
Crowdstrike Holdings, Inc., Class A^(b)		164		26,437


Fortinet, Inc.^(b)		529		30,238


Microsoft Corp.		5,904		1,370,496


	Shares		Value


Systems Software–(continued)
NortonLifeLock, Inc.		516	$	11,625


Oracle Corp.		1,221		95,323


Palo Alto Networks, Inc.^(b)		240		41,182


ServiceNow, Inc.^(b)		161		67,739


VMware, Inc., Class A		181		20,368


				1,663,408



Technology Distributors–0.07%
CDW Corp.		112		19,355



Technology Hardware, Storage & Peripherals–7.69%
Apple, Inc.		12,838		1,968,580


Hewlett Packard Enterprise Co.		1,050		14,984


HP, Inc.		808		22,317


NetApp, Inc.		175		12,122


Seagate Technology Holdings PLC		165		8,194


Western Digital Corp.^(b)		247		8,489


				2,034,686



Tobacco–0.69%
Altria Group, Inc.		1,462		67,647


Philip Morris International, Inc.		1,258		115,547


				183,194



Trading Companies & Distributors–0.17%
Fastenal Co.		466		22,522


W.W. Grainger, Inc.		37		21,621


				44,143



Trucking–0.23%
Old Dominion Freight Line, Inc.		77		21,144


Uber Technologies, Inc.^(b)		1,483		39,403


				60,547



Water Utilities–0.08%
American Water Works Co., Inc.		148		21,510



Wireless Telecommunication Services–0.26%
T-Mobile US, Inc.^(b)		450		68,202


Total Common Stocks & Other Equity Interests (Cost $20,563,729)				25,917,131



Money Market Funds–0.00%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%^(d)(e)		2		2


Invesco Treasury Portfolio, Institutional Class, 3.08%^(d)(e)		2		2


Total Money Market Funds (Cost $4)				4


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.99% (Cost $20,563,733)				25,917,135



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.15%
Invesco Private Government Fund, 3.18%^(d)(e)(f)		11,397		11,397

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco U.S. Managed Volatility Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 3.28%^(d)(e)(f)		29,292	$	29,292


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,689)				40,689


TOTAL INVESTMENTS IN SECURITIES–98.14% (Cost $20,604,422)				25,957,824


OTHER ASSETS LESS LIABILITIES–1.86%				491,651


NET ASSETS–100.00%			$	26,449,475

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at October 31, 2022.

^(d)


	Value October 31, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	32,778	$	3,872,017	$	(3,904,793	)		$	-			$	-		$	2		$	348
Invesco Liquid Assets Portfolio, Institutional Class			33,013		2,765,727		(2,798,743	)			(2	)			5			-			316
Invesco Treasury Portfolio, Institutional Class			37,461		4,425,162		(4,462,621	)			-				-			2			472
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-		558,957		(547,560	)			-				-			11,397			467*
Invesco Private Prime Fund			-		1,187,287		(1,157,985	)			-				(10)			29,292			1,297*
Total		$	103,252	$	12,809,150	$	(12,871,702	)		$	(2	)		$	(5)		$	40,693		$	2,900

^(e)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1H.

Open Futures Contracts^(a)




Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)


Equity Risk


E-Mini S&P 500 Index		51		December-2022	$	(9,901,650	)	$	(373,254	)		$(373,254)

^(a)	Futures contracts collateralized by $638,000 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco U.S. Managed Volatility Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:

Investments in unaffiliated securities, at value (Cost $20,563,729)*	$	25,917,131


Investments in affiliated money market funds, at value (Cost $40,693)		40,693


Other investments:
Variation margin receivable – futures contracts		62,482


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		638,000


Receivable for:
Investments sold		81,309


Dividends		19,595


Investment for trustee deferred compensation and retirement plans		14,960


Other assets		6,265


Total assets		26,780,435



Liabilities:

Payable for:
Fund shares reacquired		162,848


Amount due custodian		62,606


Collateral upon return of securities loaned		40,689


Accrued fees to affiliates		1,401


Accrued trustees’ and officers’ fees and benefits		808


Accrued other operating expenses		47,648


Trustee deferred compensation and retirement plans		14,960


Total liabilities		330,960


Net assets applicable to shares outstanding	$	26,449,475


Net assets consist of:
Shares of beneficial interest	$	23,912,042


Distributable earnings		2,537,433


	$	26,449,475



Net Assets:
Class R6	$	26,449,475



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		2,112,828


Class R6:
Net asset value and offering price per share	$	12.52

*	At October 31, 2022, securities with an aggregate value of $39,196 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco U.S. Managed Volatility Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:

Interest	$	2,763


Dividends (net of foreign withholding taxes of $124)		385,767


Dividends from affiliated money market funds (includes net securities lending income of $474)		1,610


Total investment income		390,140



Expenses:

Advisory fees		26,031


Administrative services fees		3,677


Custodian fees		31,004


Transfer agent fees		8,435


Trustees’ and officers’ fees and benefits		19,184


Registration and filing fees		20,819


Professional services fees		44,923


Other		(2,437	)


Total expenses		151,636


Less: Fees waived and/or expenses reimbursed		(112,699	)


Net expenses		38,937


Net investment income		351,203



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		(563,005	)


Affiliated investment securities		(5	)


Futures contracts		1,155,983


Option contracts written		80,839


		673,812


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,281,767	)


Affiliated investment securities		(2	)


Futures contracts		(373,254	)


		(4,655,023	)


Net realized and unrealized gain (loss)		(3,981,211	)


Net increase (decrease) in net assets resulting from operations	$	(3,630,008	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Invesco U.S. Managed Volatility Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:

Net investment income	$	351,203		$	292,297



Net realized gain (loss)		673,812			(951,906	)



Change in net unrealized appreciation (depreciation)		(4,655,023	)		7,203,216


Net increase (decrease) in net assets resulting from operations		(3,630,008	)		6,543,607



Distributions to shareholders from distributable earnings:

Class R6		(350,184	)		(1,821,222	)


Share transactions–net:

Class R6		1,876,539			10,166,162


Net increase (decrease) in net assets		(2,103,653	)		14,888,547



Net assets:

Beginning of year		28,553,128			13,664,581



End of year	$	26,449,475		$	28,553,128

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Invesco U.S. Managed Volatility Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class R6
Year ended 10/31/22		$14.63		$0.18		$(2.09	)		$(1.91	)		$(0.18	)		$(0.02	)		$(0.20	)		$12.52		(13.25	)%		$26,449		0.15	%		0.58	%		1.35	%		35	%
Year ended 10/31/21		12.27		0.16		3.72			3.88			(0.16	)		(1.36	)		(1.52	)		14.63		34.64			28,553		0.15			0.59			1.22			33
Year ended 10/31/20		10.90		0.19		1.50			1.69			(0.17	)		(0.15	)		(0.32	)		12.27		15.78			13,665		0.15			1.12			1.63			23
Year ended 10/31/19		10.14		0.19		0.81			1.00			(0.19	)		(0.05	)		(0.24	)		10.90		10.13			8,203		0.15			2.10			1.89			7
Period ended 10/31/18^(d)		10.00		0.16		(0.02	)		0.14			–			–			–			10.14		1.40			5,910		0.15	^(e)		3.40	^(e)		1.74	^(e)		9

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c)	Portfolio turnover is not annualized for periods less than one year, if applicable.

^(d)	Commencement date of December 18, 2017.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Invesco U.S. Managed Volatility Fund

Notes to Financial Statements

October 31, 2022

NOTE 1–Significant Accounting Policies

Invesco U.S. Managed Volatility Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek to provide capital appreciation while managing portfolio volatility.

The Fund currently consists of one class of shares, Class R6. Class R6 shares are sold at net asset value.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


19		Invesco U.S. Managed Volatility Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.


20		Invesco U.S. Managed Volatility Fund

and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser at the annual rate of 0.10% of the Fund’s average daily net assets.

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, 2022, the Adviser waived advisory fees of $26,031 and reimbursed Fund expenses of $86,668.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund’s shares. The Fund does not pay a distribution fee to IDI under the agreement.

For the year ended October 31, 2022, the Fund incurred $112 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


21		Invesco U.S. Managed Volatility Fund

market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	25,917,131		$	–		$–	$	25,917,131


Money Market Funds		4			40,689		–		40,693


Total Investments in Securities		25,917,135			40,689		–		25,957,824



Other Investments – Liabilities*


Futures Contracts		(373,254	)		–		–		(373,254	)


Total Investments	$	25,543,881		$	40,689		$–	$	25,584,570

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.


	Value
	Equity
Derivative Liabilities	Risk


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(373,254	)


Derivatives not subject to master netting agreements		373,254


Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
		Equity
		Risk


Realized Gain (Loss):
Futures contracts			$	1,155,983


Options purchased^(a)				(270,955	)


Options written				80,839


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts				(373,254	)


Total			$	592,613

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Futures Contracts		Options Purchased		Options Written


Average notional value	$	8,007,915	$	5,000,000	$	5,559,000


Average contracts		–		12		12


22		Invesco U.S. Managed Volatility Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021


Ordinary income*	$	350,184	$	683,750


Long-term capital gain		–		1,137,472


Total distributions	$	350,184	$	1,821,222

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Undistributed ordinary income	$	715,254


Undistributed long-term capital gain		875,481


Net unrealized appreciation – investments		959,546


Temporary book/tax differences		(12,848	)


Shares of beneficial interest		23,912,042


Total net assets	$	26,449,475

The Fund does not have a capital loss carryforward as of October 31, 2022.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $10,889,147 and $8,882,799, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 2,230,994


Aggregate unrealized (depreciation) of investments	(1,271,448	)


Net unrealized appreciation of investments	$ 959,546

Cost of investments for tax purposes is $24,625,024.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on October 31, 2022, undistributed net investment income was decreased by $768 and undistributed net realized gain (loss) was increased by $768. This reclassification had no effect on the net assets or the distributable earnings of the Fund.


23		Invesco U.S. Managed Volatility Fund

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class R6		535,019		$	7,201,073			1,256,654		$	15,960,141



Issued as reinvestment of dividends:
Class R6		24,153			349,981			89,748			1,059,021



Reacquired:
Class R6		(397,633	)		(5,674,515	)		(509,006	)		(6,853,000	)


Net increase in share activity		161,539		$	1,876,539			837,396		$	10,166,162

^(a)	98% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Significant Event

The Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on October 24, 2022. The Fund will be liquidated on or about January 23, 2023.


24		Invesco U.S. Managed Volatility Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco U.S. Managed Volatility Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco U.S. Managed Volatility Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2022 and for the period December 18, 2017 (commencement of operations) through October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the four years in the period ended October 31, 2022 and for the period December 18, 2017 (commencement of operations) through October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


25		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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class R6	$1,000.00	$979.70	$0.75	$1,024.45	$0.77	0.15%

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


26		Invesco U.S. Managed Volatility Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco U.S. Managed Volatility Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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 four full years of performance history and compared the Fund’s investment performance during the past three years ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Invesco U.S. Large Cap Index (Index). The Board noted that performance of Class R6 shares of the Fund was in the fifth quintile of its performance universe for the one year period, the third quintile for the two year period and the fourth quintile for the three and four year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class R6 shares of the Fund was below the performance of the Index for the one, two, three and four year periods. The Board noted that, unlike certain of the peer funds and the Index, managing portfolio volatility is a component of the Fund’s investment objective. The Board also noted that the Fund’s volatility overlay impacted relative performance in a period of rising equity markets. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also


27		Invesco U.S. Managed Volatility Fund

reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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.


28		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, 2022:


Federal and State Income Tax
Qualified Dividend Income*			0.00%
Corporate Dividends Received Deduction*			0.00%
U.S. Treasury Obligations*			0.00%
Qualified Business Income*			0.00%
Business Interest Income*			0.00%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions			$34,105


29		Invesco U.S. Managed Volatility Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹- 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler - 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)
Elizabeth Krentzman - 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.;Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management) Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco U.S. Managed Volatility Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza, Suite 1000	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1555 Peachtree Street, N.E.	11 Greenway Plaza, Suite 1000	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Goodwin Procter LLP	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza, Suite 1000	225 Franklin Street
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco U.S. Managed Volatility Fund

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

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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

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SEC file number(s): 811-05426 and 033-19338		Invesco Distributors, Inc.		USMGV-AR-1

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Annual Report to Shareholders		October 31, 2022

Invesco World Bond Factor Fund

Nasdaq:

A: AUBAX ∎ C: AUBCX ∎ Y: AUBYX ∎ R5: AUBIX ∎ R6: AUBFX



2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

19		Financial Statements

22		Financial Highlights

23		Notes to Financial Statements

32		Report of Independent Registered Public Accounting Firm

33		Fund Expenses

34		Approval of Investment Advisory and Sub-Advisory Contracts

36		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended October 31, 2022, Class A shares of Invesco World Bond Factor Fund (the Fund), at net asset value (NAV), underperformed the Bloomberg Global Aggregate Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 10/31/21 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-21.52	%
Class C Shares	-22.09
Class Y Shares	-21.35
Class R5 Shares	-21.31
Class R6 Shares	-21.32
Bloomberg Global Aggregate Index^▼ (Broad Market/Style-Specific Index)	-20.79
Lipper Global Income Funds Index^∎ (Peer Group Index)	-15.29

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased slightly from 1.63% to 2.32%.²

interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

The Invesco World Bond Factor Fund changed strategies on February 28, 2020 to utilize a systematic, quantitative, factor-based approach to investing. The Fund generated positive returns since the strategy change and Class A shares at NAV outperformed the Bloomberg Global Aggregate Index (un-hedged).

The Fund attempts to meet its investment objective by overweighting the higher yielding component of the fixed-income market (corporate bonds). Within corporates, the investment team targets bonds from the Bloomberg Global Aggregate Corporate Bond Index

that it believes tend to have higher returns than other fixed-income securities with comparable characteristics over a market cycle. These bonds have the following positive factor characteristics:

∎ High carry bonds are the highest spread bonds in a universe.

∎ Value bonds are those with the highest spread relative to other securities with similar credit rating and sector.

∎ Low volatility bonds are those with lower duration and higher credit quality in a universe.

Since the strategy change, value and low volatility bonds outperformed the Bloomberg Global Aggregate Index. Overall, bonds with attractive factor characteristics positively impacted the Fund’s relative performance. During the year ended on October 2022, the Fund slightly underperformed the index, due to the overweight positions in high carry and to a lesser degree value bonds. The Fund’s overweight to low volatility bonds did help offset some of the losses, as these bonds tend to outperform in a risk off environment.

Please note that we implemented our strategy using derivative instruments, including futures, forwards and swaps. Therefore, a portion of the performance of the strategy, both positive and negative, can be attributed to these instruments. Derivatives can be a cost-effective way to gain or hedge exposure to certain risks. However, derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities.

Part of the Fund’s strategy to manage credit and currency risk in the portfolio during the fiscal year entailed purchasing and selling credit and currency derivatives. We sought to manage credit market risk by purchasing and selling protection through credit default swaps at various points throughout the fiscal year. The currency management was carried out via currency forwards and options on an as-needed basis and we believe this strategy was effective in managing the currency positioning within the Fund. The investment team does not attempt to time the credit market, interest rates, sectors or factors and therefore maintains its allocations. Over time, we believe this has the potential to deliver positive relative performance over a market cycle.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed-income securities tends to fall. The risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed-income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We monitor interest rates


2		Invesco World Bond Factor Fund

and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain investments held by the Fund.

Thank you for investing in Invesco World Bond Factor Fund and for sharing our long-term investment horizon.

1 Source: US Bureau of Labor Statistics

2 Source: US Dept of the Treasury

3 Source: Bloomberg

4 Source: Federal Reserve of Economic Data

Portfolio manager(s):

Noelle Corum

James Ong

Jay Raol

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco World Bond Factor Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 10/31/12

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 World Bond Factor Fund



Average Annual Total Returns
As of 10/31/22, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	1.45	%
10 Years	-1.43
5 Years	-3.26
1 Year	-24.89

Class C Shares
Inception (3/31/06)	1.33	%
10 Years	-1.61
5 Years	-3.15
1 Year	-22.86

Class Y Shares
Inception (10/3/08)	1.25	%
10 Years	-0.77
5 Years	-2.18
1 Year	-21.35
Class R5 Shares
Inception (3/31/06)	1.92	%
10 Years	-0.83
5 Years	-2.30
1 Year	-21.31

Class R6 Shares
Inception (9/24/12)	-0.78	%
10 Years	-0.76
5 Years	-2.18
1 Year	-21.32

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.


5		Invesco World Bond Factor Fund

Supplemental Information

Invesco World Bond Factor Fund’s investment objective is total return.

∎	Unless otherwise stated, information presented in this report is as of October 31, 2022, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.

∎	The Lipper Global Income Funds Index is an unmanaged index considered representative of global income funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco World Bond Factor Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Sovereign Debt		34.99	%

Financials		15.11

U.S. Treasury Securities		13.09

Collateralized Mortgage Obligations		11.33

Consumer Discretionary		3.81

Consumer Staples		3.17

Utilities		3.07

Communication Services		2.92

Industrials		2.87

Information Technology		2.46

Energy		2.46

Real Estate		2.43

Health Care		2.35

Other Sectors, Each Less than 2% of Net Assets		2.74

Money Market Funds Plus Other Assets Less Liabilities		(2.80	)

Top Five Debt Issuers*


		% of total net assets

1.	U.S. Treasury		13.09	%

2.	Japan Government Bond		8.29

3.	Federal National Mortgage Association		7.46

4.	Swiss Confederation Government Bond		6.10

5.	Norway Government Bond		4.17

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of October 31, 2022.


7		Invesco World Bond Factor Fund

Schedule of Investments

October 31, 2022


	Principal Amount			Value


Non-U.S. Dollar Denominated Bonds & Notes–51.35%^(a)
Australia–1.56%
Australia Government Bond,
Series 148, 2.75%, 11/21/2027^(b)		AUD	60,000	$	37,143


Series 157, 1.50%, 06/21/2031^(b)		AUD	181,000		96,985


Series 162, 1.75%, 06/21/2051^(b)		AUD	34,000		13,262


BHP Billiton Finance Ltd., Series 13, 3.13%, 04/29/2033^(b)		EUR	100,000		88,905


Glencore Capital Finance DAC, 0.75%, 03/01/2029^(b)		EUR	100,000		74,515


Macquarie Group Ltd., 0.95%, 05/21/2031^(b)		EUR	100,000		71,471


Scentre Group Trust 1/Scentre Group Trust 2, 1.75%, 04/11/2028^(b)		EUR	100,000		83,417


					465,698



Austria–0.12%
OMV AG, 1.00%, 07/03/2034^(b)		EUR	50,000		35,052



Belgium–0.22%
Anheuser-Busch InBev S.A./N.V., 2.88%, 09/25/2024^(b)		EUR	65,000		64,185



Canada–1.41%
Canadian Government Bond,
2.75%, 09/01/2027		CAD	283,000		201,494


2.00%, 12/01/2051		CAD	227,000		125,931


Canadian Imperial Bank of Commerce, 0.38%, 05/03/2024^(b)		EUR	100,000		94,268


					421,693



France–6.52%
Banque Federative du Credit Mutuel S.A., 3.00%, 05/21/2024^(b)		EUR	100,000		97,877


BNP Paribas S.A.,
2.75%, 07/25/2028^(b)(c)		EUR	100,000		90,786


1.13%, 01/15/2032^(b)(c)		EUR	100,000		82,004


BPCE S.A., 1.00%, 01/14/2032^(b)		EUR	100,000		72,557


Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.38%^(b)(c)(d)		EUR	100,000		100,269


Credit Agricole S.A., 1.00%, 07/03/2029^(b)		EUR	100,000		83,036


Danone S.A., 1.25%, 05/30/2024^(b)		EUR	100,000		96,311


Dassault Systemes SE, 0.13%, 09/16/2026^(b)		EUR	100,000		88,319


French Republic Government Bond OAT, 0.01%, 11/25/2030^(b)		EUR	1,000,000		811,991


Holding d’Infrastructures de Transport S.A.S.U., 1.63%, 09/18/2029^(b)		EUR	100,000		79,831


	Principal Amount			Value


France–(continued)
Imerys S.A., 1.00%, 07/15/2031^(b)		EUR	100,000	$	61,675


La Mondiale SAM, 5.05%^(b)(c)(d)		EUR	100,000		95,719


Mercialys S.A., 4.63%, 07/07/2027^(b)		EUR	100,000		87,991


Societe Generale S.A., 1.25%, 02/15/2024^(b)		EUR	100,000		95,775


					1,944,141



Germany–9.37%
Bayer AG, 3.13%, 11/12/2079^(b)(c)		EUR	100,000		82,829


BMW Finance N.V., 0.75%, 07/12/2024^(b)		EUR	50,000		47,772


Bundesobligation, Series 183, 0.01%, 04/10/2026^(b)		EUR	1,031,785		955,565


Bundesrepublik Deutschland Bundesanleihe,
0.01%, 08/15/2030^(b)		EUR	568,193		479,512


0.01%, 08/15/2050^(b)		EUR	249,697		136,339


Commerzbank AG, 0.63%, 08/28/2024^(b)		EUR	70,000		65,640


Deutsche Telekom International Finance B.V.,
2.75%, 10/24/2024^(b)		EUR	50,000		49,451


0.63%, 12/13/2024^(b)		EUR	80,000		75,689


E.ON SE, 0.88%, 05/22/2024^(b)		EUR	75,000		71,436


Fresenius SE & Co. KGaA, Series 10, 2.88%, 02/15/2029^(b)		EUR	35,000		31,263


Grenke Finance PLC, 1.50%, 10/05/2023^(b)		EUR	60,000		57,801


Hella GmbH & Co. KGaA, 1.00%, 05/17/2024		EUR	50,000		47,307


HOCHTIEF AG, 0.63%, 04/26/2029^(b)		EUR	50,000		34,746


LANXESS AG, 0.01%, 09/08/2027^(b)		EUR	37,000		29,716


Mercedes-Benz International Finance B.V.,
0.25%, 11/06/2023^(b)		EUR	101,000		97,387


0.01%, 02/08/2024^(b)		EUR	38,000		36,256


Merck Financial Services GmbH, 0.13%, 07/16/2025^(b)		EUR	100,000		91,922


Roadster Finance DAC, 2.38%, 12/08/2027^(b)		EUR	100,000		84,270


Volkswagen Bank GmbH, 1.25%, 06/10/2024^(b)		EUR	100,000		95,286


Volkswagen Financial Services AG, 1.50%, 10/01/2024^(b)		EUR	60,000		57,061


Vonovia Finance B.V., 1.25%, 12/06/2024^(b)		EUR	100,000		92,547


Wintershall Dea Finance B.V., 1.82%, 09/25/2031^(b)		EUR	100,000		73,854


					2,793,649



Indonesia–0.54%
Indonesia Treasury Bond, Series FR81, 6.50%, 06/15/2025		IDR	2,546,000,000		161,617

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco World Bond Factor Fund


	Principal Amount			Value


Italy–0.60%
2i Rete Gas S.p.A., 1.61%, 10/31/2027^(b)		EUR	100,000	$	85,153


Enel Finance International N.V., 1.00%, 09/16/2024^(b)		EUR	100,000		94,665


					179,818



Japan–8.59%
Japan Government Bond,
Series 146, 0.10%, 12/20/2025		JPY	177,550,000		1,199,425


Series 361, 0.10%, 12/20/2030		JPY	110,400,000		734,084


Series 69, 0.70%, 12/20/2050		JPY	94,500,000		536,972


Nissan Motor Co. Ltd., 2.65%, 03/17/2026^(b)		EUR	100,000		90,058


					2,560,539



Luxembourg–0.23%
AXA Logistics Europe Master S.C.A., 0.88%, 11/15/2029^(b)		EUR	100,000		68,190



Malaysia–0.14%
Malaysia Government Bond, Series 120, 4.07%, 06/15/2050		MYR	222,000		40,669



Mexico–1.24%
America Movil S.A.B. de C.V., 0.75%, 06/26/2027		EUR	100,000		86,939


Mexican Bonos, Series M 20, 10.00%, 12/05/2024		MXN	5,600,000		281,455


					368,394



Netherlands–0.15%
Heineken N.V., 3.50%, 03/19/2024^(b)		EUR	45,000		44,728



New Zealand–1.62%
New Zealand Government Bond,
Series 0526, 0.50%, 05/15/2026		NZD	736,000		375,239


Series 0532, 2.00%, 05/15/2032		NZD	224,000		108,244


					483,483



Norway–4.17%
Norway Government Bond,
Series 477, 1.75%, 03/13/2025^(b)		NOK	3,722,000		343,795


Series 479, 1.75%, 02/17/2027^(b)		NOK	6,574,000		588,321


Series 484, 2.13%, 05/18/2032^(b)		NOK	3,621,000		309,646


					1,241,762



Poland–0.48%
Republic of Poland Government Bond, Series 725, 3.25%, 07/25/2025		PLN	775,000		141,645


	Principal Amount			Value


South Korea–0.80%
Korea Treasury Bond,
Series 2512, 2.25%, 12/10/2025		KRW	176,130,000	$	116,710


Series 3012, 1.50%, 12/10/2030		KRW	112,340,000		64,457


Series 5003, 1.50%, 03/10/2050		KRW	140,830,000		57,010


					238,177



Spain–0.63%
Banco Bilbao Vizcaya Argentaria S.A., 0.38%, 10/02/2024^(b)		EUR	100,000		93,382


Banco Santander S.A., 3.25%, 04/04/2026^(b)		EUR	100,000		94,857


					188,239



Sweden–2.18%
Balder Finland OYJ, 1.00%, 01/20/2029^(b)		EUR	100,000		59,569


Swedbank AB, 0.75%, 05/05/2025^(b)		EUR	100,000		92,598


Sweden Government Bond,
Series 1056, 2.25%, 06/01/2032^(b)		SEK	3,300,000		300,808


Series 1057, 1.50%, 11/13/2023^(b)		SEK	1,645,000		147,830


Telia Co. AB, 3.88%, 10/01/2025^(b)		EUR	50,000		50,179


					650,984



Switzerland–6.68%
Cloverie PLC for Zurich Insurance Co. Ltd., 1.50%, 12/15/2028^(b)		EUR	100,000		86,752


Credit Suisse AG, 0.25%, 01/05/2026^(b)		EUR	100,000		86,133


Swiss Confederation Government Bond,
1.25%, 06/11/2024^(b)		CHF	152,000		153,706


3.25%, 06/27/2027^(b)		CHF	948,000		1,052,073


2.25%, 06/22/2031^(b)		CHF	369,000		402,963


0.50%, 06/27/2032^(b)		CHF	199,000		187,736


4.00%, 01/06/2049^(b)		CHF	14,000		23,223


					1,992,586



Thailand–0.11%
Thailand Government Bond, 1.88%, 06/17/2049		THB	1,949,000		32,234



United Kingdom–2.51%
B.A.T. International Finance PLC, 2.25%, 01/16/2030^(b)		EUR	100,000		76,778


BP Capital Markets PLC, 0.90%, 07/03/2024^(b)		EUR	100,000		95,093


CNH Industrial Finance Europe S.A., 1.63%, 07/03/2029^(b)		EUR	100,000		84,066


Global Switch Holdings Ltd., 2.25%, 05/31/2027^(b)		EUR	100,000		89,388


Lloyds Banking Group PLC, 0.50%, 11/12/2025^(b)(c)		EUR	100,000		91,581


NatWest Markets PLC, 1.00%, 05/28/2024^(b)		EUR	100,000		94,660


United Kingdom Gilt, 0.63%, 10/22/2050^(b)		GBP	392,442		215,796


					747,362

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco World Bond Factor Fund


	Principal Amount			Value


United States–1.48%
Abbott Ireland Financing DAC, 0.88%, 09/27/2023^(b)		EUR	100,000	$	97,322


AGCO International Holdings B.V., 0.80%, 10/06/2028^(b)		EUR	100,000		76,048


Altria Group, Inc., 3.13%, 06/15/2031		EUR	100,000		81,138


Goldman Sachs Group, Inc. (The),
0.13%, 08/19/2024^(b)		EUR	60,000		55,792


0.25%, 01/26/2028^(b)		EUR	47,000		37,721


Wells Fargo & Co., 0.50%, 04/26/2024^(b)		EUR	100,000		94,419


					442,440


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $19,794,806)					15,307,285



U.S. Dollar Denominated Bonds & Notes–25.80%
Australia–0.31%
Westpac Banking Corp.,
2.35%, 02/19/2025		$	65,000		61,156


3.35%, 03/08/2027			35,000		32,418


					93,574



Brazil–0.07%
Suzano Austria GmbH, 3.75%, 01/15/2031			25,000		20,062



Canada–0.65%
Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		83,205


Magna International, Inc., 3.63%, 06/15/2024			52,000		50,755


TransCanada PipeLines Ltd., 4.88%, 01/15/2026			60,000		58,645


					192,605



Chile–0.08%
Enel Generacion Chile S.A., 4.25%, 04/15/2024			25,000		24,527



China–0.48%
Alibaba Group Holding Ltd., 2.13%, 02/09/2031			200,000		144,022



France–0.08%
AXA S.A., 8.60%, 12/15/2030			20,000		23,144



Japan–0.14%
Mitsubishi UFJ Financial Group, Inc., 3.74%, 03/07/2029			25,000		21,987


Sumitomo Mitsui Financial Group, Inc., 2.14%, 09/23/2030			25,000		18,371


					40,358



Luxembourg–0.11%
ArcelorMittal S.A., 6.75%, 03/01/2041			35,000		31,706



Mexico–0.44%
America Movil S.A.B. de C.V.,
6.38%, 03/01/2035			35,000		35,159


6.13%, 03/30/2040			100,000		96,171


					131,330


	Principal Amount			Value


Netherlands–0.63%
Cooperatieve Rabobank U.A., 5.25%, 05/24/2041		$	85,000	$	78,834


Koninklijke KPN N.V., 8.38%, 10/01/2030			30,000		32,774


Shell International Finance B.V.,
2.38%, 11/07/2029			35,000		29,538


6.38%, 12/15/2038			45,000		47,545


					188,691



Switzerland–0.31%
Credit Suisse USA, Inc., 7.13%, 07/15/2032			35,000		34,394


Tyco Electronics Group S.A., 3.45%, 08/01/2024			60,000		58,244


					92,638



United Kingdom–2.59%
B.A.T Capital Corp.,
3.56%, 08/15/2027			35,000		30,498


2.26%, 03/25/2028			30,000		23,798


4.74%, 03/16/2032			25,000		20,995


4.54%, 08/15/2047			60,000		38,855


5.28%, 04/02/2050			75,000		53,691


Barclays PLC, 4.84%, 05/09/2028			200,000		169,675


BP Capital Markets PLC, 3.72%, 11/28/2028			35,000		31,948


British Airways Pass-Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029^(b)			45,342		38,615


British Telecommunications PLC, 9.63%, 12/15/2030			20,000		22,843


HSBC Holdings PLC,
4.58%, 06/19/2029^(c)			200,000		173,850


6.10%, 01/14/2042			40,000		37,198


Mead Johnson Nutrition Co., 4.13%, 11/15/2025			95,000		91,705


nVent Finance S.a.r.l., 4.55%, 04/15/2028			25,000		22,357


Reynolds American, Inc., 5.70%, 08/15/2035			18,000		15,232


					771,260



United States–19.91%
3M Co., 5.70%, 03/15/2037			65,000		63,137


Adventist Health System, 2.95%, 03/01/2029			40,000		34,060


Aflac, Inc., 1.13%, 03/15/2026			50,000		43,781


Allstate Corp. (The), 3.28%, 12/15/2026			20,000		18,647


Altria Group, Inc.,
4.40%, 02/14/2026			21,000		20,166


2.63%, 09/16/2026			25,000		22,312


4.80%, 02/14/2029			74,000		68,197


3.40%, 05/06/2030			40,000		32,453


2.45%, 02/04/2032			45,000		32,030


5.95%, 02/14/2049			10,000		8,187


Amazon.com, Inc.,
4.25%, 08/22/2057			40,000		32,282


3.25%, 05/12/2061			45,000		29,087


4.10%, 04/13/2062			40,000		30,792

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco World Bond Factor Fund


	Principal Amount			Value


United States–(continued)
American Express Co.,
2.50%, 07/30/2024		$	90,000	$	85,588


3.00%, 10/30/2024			50,000		47,774


American Honda Finance Corp., 2.15%, 09/10/2024			65,000		61,680


AmerisourceBergen Corp., 3.40%, 05/15/2024			50,000		48,660


Appalachian Power Co., 7.00%, 04/01/2038			25,000		26,442


Apple, Inc.,
3.25%, 02/23/2026			35,000		33,400


1.70%, 08/05/2031^(e)			40,000		31,059


4.45%, 05/06/2044			35,000		31,382


2.85%, 08/05/2061			45,000		27,037


Ares Capital Corp., 3.20%, 11/15/2031			35,000		24,540


Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031			30,000		23,880


Athene Holding Ltd., 4.13%, 01/12/2028			20,000		17,829


Bank of America Corp.,
4.20%, 08/26/2024			188,000		183,922


4.00%, 01/22/2025			30,000		28,928


4.45%, 03/03/2026			35,000		33,600


3.85%, 03/08/2037^(c)			40,000		32,096


BGC Partners, Inc., 3.75%, 10/01/2024			36,000		34,231


BlackRock, Inc., 2.10%, 02/25/2032			25,000		19,110


Boeing Co. (The),
2.70%, 02/01/2027			29,000		25,172


6.63%, 02/15/2038			92,000		87,412


Booking Holdings, Inc., 4.63%, 04/13/2030			65,000		61,222


Boston Properties L.P., 3.40%, 06/21/2029			35,000		28,972


Bristol-Myers Squibb Co., 3.40%, 07/26/2029			25,000		22,730


Broadcom, Inc., 4.93%, 05/15/2037^(b)			25,000		20,654


California Institute of Technology, 4.70%, 11/01/2111			22,000		17,058


Capital One Financial Corp., 3.20%, 02/05/2025			75,000		70,943


CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029			30,000		24,593


Celanese US Holdings LLC, 6.38%, 07/15/2032			25,000		22,780


Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029			59,000		54,289


Chevron USA, Inc., 3.85%, 01/15/2028			30,000		28,430


Cigna Corp., 4.50%, 02/25/2026			55,000		53,746


Cintas Corp. No. 2, 3.70%, 04/01/2027			25,000		23,587


Citigroup, Inc.,
3.75%, 06/16/2024			45,000		44,028


8.13%, 07/15/2039			20,000		23,114


	Principal Amount			Value


United States–(continued)
CNA Financial Corp., 3.45%, 08/15/2027		$	25,000	$	22,562


Collins Aerospace, 3.20%, 03/15/2024			51,000		49,663


Comcast Corp., 3.70%, 04/15/2024			87,000		85,417


CommonSpirit Health,
2.76%, 10/01/2024			65,000		61,765


1.55%, 10/01/2025			82,000		72,940


ConocoPhillips Co., 6.95%, 04/15/2029			20,000		21,732


Constellation Energy Generation LLC, 6.25%, 10/01/2039			60,000		57,735


Corning, Inc., 5.85%, 11/15/2068			13,000		11,090


Dell International LLC/EMC Corp.,
8.10%, 07/15/2036			20,000		21,221


8.35%, 07/15/2046			25,000		26,594


Dignity Health, 5.27%, 11/01/2064			25,000		20,085


Duke Energy Carolinas LLC, 6.10%, 06/01/2037			65,000		63,318


DuPont de Nemours, Inc., 4.49%, 11/15/2025			65,000		63,719


Eli Lilly and Co., 5.50%, 03/15/2027			75,000		77,145


Energy Transfer L.P., 4.95%, 05/15/2028			35,000		32,477


Enstar Group Ltd., 3.10%, 09/01/2031			25,000		17,346


Enterprise Products Operating LLC, 4.15%, 10/16/2028			25,000		23,037


ERP Operating L.P., 4.15%, 12/01/2028			40,000		36,440


Eversource Energy, Series M, 3.30%, 01/15/2028			50,000		44,871


Exxon Mobil Corp.,
2.44%, 08/16/2029			45,000		38,590


3.48%, 03/19/2030^(e)			45,000		40,822


Federal Realty Investment Trust, 3.95%, 01/15/2024			45,000		44,261


FedEx Corp., 5.25%, 05/15/2050^(e)			30,000		25,438


Fifth Third Bancorp, 2.38%, 01/28/2025			50,000		46,483


General Motors Co., 6.75%, 04/01/2046			93,000		86,128


Georgia-Pacific LLC, 8.88%, 05/15/2031			15,000		17,879


Gilead Sciences, Inc., 3.70%, 04/01/2024			84,000		82,478


GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029			20,000		18,057


Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024			186,000		182,651


Harley-Davidson, Inc., 4.63%, 07/28/2045			26,000		18,245


Hasbro, Inc., 6.35%, 03/15/2040			50,000		45,906


Hewlett Packard Enterprise Co., 6.35%, 10/15/2045			30,000		27,191

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco World Bond Factor Fund


	Principal Amount			Value


United States–(continued)
Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030		$	15,000	$	11,780


HP, Inc.,
5.50%, 01/15/2033			15,000		13,359


6.00%, 09/15/2041			31,000		27,526


Intel Corp.,
4.95%, 03/25/2060			41,000		33,300


5.05%, 08/05/2062			75,000		61,155


International Business Machines Corp., 7.13%, 12/01/2096			43,000		48,604


IPALCO Enterprises, Inc., 4.25%, 05/01/2030			68,000		58,530


JPMorgan Chase & Co.,
3.88%, 09/10/2024			115,000		112,069


4.13%, 12/15/2026			40,000		37,924


Kemper Corp., 3.80%, 02/23/2032			25,000		20,413


KLA Corp., 4.65%, 11/01/2024			14,000		13,939


Kohl’s Corp., 5.55%, 07/17/2045			68,000		40,521


Kyndryl Holdings, Inc., 4.10%, 10/15/2041			30,000		16,474


McKesson Corp., 1.30%, 08/15/2026^(e)			25,000		21,493


Microsoft Corp., 3.04%, 03/17/2062			50,000		32,676


Mid-America Apartments L.P., 1.10%, 09/15/2026			25,000		21,156


MidAmerican Energy Co.,
3.65%, 04/15/2029			20,000		18,267


6.75%, 12/30/2031			20,000		21,583


Morgan Stanley,
3.70%, 10/23/2024			85,000		82,451


4.35%, 09/08/2026			35,000		33,356


Nordstrom, Inc., 5.00%, 01/15/2044			88,000		55,881


Omega Healthcare Investors, Inc., 3.38%, 02/01/2031			110,000		82,664


Oracle Corp.,
3.85%, 04/01/2060			50,000		30,288


4.10%, 03/25/2061			45,000		28,035


Pacific Gas and Electric Co.,
4.20%, 03/01/2029			25,000		21,716


4.55%, 07/01/2030			25,000		21,926


4.40%, 03/01/2032			25,000		20,956


Paramount Global, 7.88%, 07/30/2030			35,000		36,420


Parker-Hannifin Corp., 3.30%, 11/21/2024			55,000		53,085


Patterson-UTI Energy, Inc., 5.15%, 11/15/2029			99,000		87,509


Philip Morris International, Inc.,
3.13%, 03/02/2028			20,000		17,483


2.10%, 05/01/2030			25,000		19,077


1.75%, 11/01/2030			20,000		14,686


6.38%, 05/16/2038			30,000		28,003


4.50%, 03/20/2042			35,000		25,636


PNC Financial Services Group, Inc. (The), 3.90%, 04/29/2024			50,000		48,943


	Principal Amount			Value


United States–(continued)
PPG Industries, Inc., 1.20%, 03/15/2026		$	40,000	$	34,676


Progress Energy, Inc., 7.75%, 03/01/2031			20,000		21,973


Prudential Financial, Inc., 3.70%, 10/01/2050^(c)			50,000		38,977


Ralph Lauren Corp., 2.95%, 06/15/2030			44,000		36,911


Realty Income Corp., 3.95%, 08/15/2027			25,000		23,217


Simon Property Group L.P., 6.75%, 02/01/2040			38,000		37,827


Southern California Edison Co.,
6.65%, 04/01/2029			75,000		75,265


6.00%, 01/15/2034			47,000		46,076


Series 2004-G, 5.75%, 04/01/2035			30,000		28,520


Southern California Gas Co., 3.20%, 06/15/2025			25,000		23,754


Southwest Airlines Co., 3.00%, 11/15/2026			100,000		90,020


Southwest Gas Corp., 4.05%, 03/15/2032			45,000		37,652


Spectra Energy Partners L.P., 4.75%, 03/15/2024			30,000		29,732


Spirit Realty L.P., 3.20%, 02/15/2031			30,000		22,941


Stewart Information Services Corp., 3.60%, 11/15/2031			25,000		18,822


Swiss Re America Holding Corp., 7.00%, 02/15/2026			47,000		49,307


Time Warner Cable LLC, 7.30%, 07/01/2038			30,000		28,059


Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026			50,000		52,720


Truist Financial Corp., 2.50%, 08/01/2024			60,000		57,197


Union Electric Co., 8.45%, 03/15/2039			48,000		57,157


United Parcel Service, Inc., 2.20%, 09/01/2024			25,000		23,887


US Airways Pass-Through Trust, Series 2013-1A, Class PTT, 3.95%, 11/15/2025			33,338		29,548


Verizon Communications, Inc.,
4.13%, 03/16/2027			45,000		42,830


4.33%, 09/21/2028			26,000		24,400


Wachovia Corp., 7.57%, 08/01/2016^(f)			82,000		86,944


Walmart, Inc., 3.95%, 06/28/2038			20,000		17,520


Walt Disney Co. (The), 3.70%, 03/23/2027			25,000		23,604


Warnermedia Holdings, Inc., 4.05%, 03/15/2029^(b)			46,000		39,129


Waste Management, Inc., 3.13%, 03/01/2025			50,000		48,263


Wells Fargo & Co., 4.10%, 06/03/2026			76,000		71,939


Western Digital Corp., 2.85%, 02/01/2029			30,000		23,234


Western Union Co. (The), 6.20%, 11/17/2036			20,000		18,801

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco World Bond Factor Fund


	Principal Amount			Value


United States–(continued)
Xilinx, Inc., 2.95%, 06/01/2024		$	40,000	$	38,750


					5,936,841


Total U.S. Dollar Denominated Bonds & Notes (Cost $9,036,282)					7,690,758



U.S. Treasury Securities–13.09%
U.S. Treasury Bills–0.36%
1.45 - 2.51%, 11/17/2022^(g)(h)			81,942		81,942


3.71 - 4.16%, 03/09/2023^(g)(h)			23,676		23,644


					105,586



U.S. Treasury Bonds–2.68%
7.50%, 11/15/2024			150,726		145,997


1.63%, 11/15/2050			1,000,730		653,356


					799,353



U.S. Treasury Notes–10.05%
3.25%, 08/31/2024			645,238		638,180


4.25%, 09/30/2024			747,468		746,250


0.38%, 12/31/2025			497,958		472,365


0.38%, 09/30/2027			899,352		873,084


2.75%, 08/15/2032			268,504		266,710


					2,996,589


Total U.S. Treasury Securities (Cost $4,315,594)					3,901,528



U.S. Government Sponsored Agency Mortgage-Backed Securities–11.33%
Federal Home Loan Mortgage Corp.,
2.50%, 07/01/2035 - 08/01/2050			592,773		500,192


4.50%, 09/01/2049 - 01/01/2050			33,454		31,735


3.00%, 01/01/2050 - 05/01/2050			210,222		183,518


2.00%, 01/01/2051 - 10/01/2051			531,064		420,564


Federal National Mortgage Association,
4.50%, 06/01/2049			14,742		14,138


3.00%, 10/01/2049 - 03/01/2050			166,635		143,005


2.50%, 01/01/2050 - 08/01/2050			436,524		363,958


2.00%, 03/01/2051 - 08/01/2051			475,345		376,726


	Principal Amount				Value


Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K038, Class X1, IO, 1.08%, 03/25/2024⁽ⁱ⁾		$		1,448,600	$	15,995


Uniform Mortgage-Backed Securities, TBA,
2.00%, 11/01/2037^(j)				420,000		367,897


2.50%, 11/01/2052^(j)				579,000		474,060


3.00%, 11/01/2052^(j)				278,000		236,365


3.50%, 11/01/2052^(j)				285,000		250,552


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $3,933,603)						3,378,705



			Shares
Exchange-Traded Funds–1.23%
United States–1.23%
Invesco High Yield Bond Factor ETF^(k)(Cost $446,307)				17,500		368,287


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–102.80% (Cost $37,526,592)						30,646,563



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.41%
Invesco Private Government Fund, 3.18%^(k)(l)(m)				33,265		33,265


Invesco Private Prime Fund, 3.28%^(k)(l)(m)				88,347		88,347


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $121,612)						121,612


TOTAL INVESTMENTS IN SECURITIES–103.21% (Cost $37,648,204)						30,768,175


OTHER ASSETS LESS LIABILITIES–(3.21)%						(957,408	)


NET ASSETS–100.00%					$	29,810,767

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco World Bond Factor Fund


Investment Abbreviations:

AUD		– Australian Dollar
CAD		– Canadian Dollar
CHF		– Swiss Franc
Ctfs.		– Certificates
ETF		– Exchange-Traded Fund
EUR		– Euro
GBP		– British Pound Sterling
IDR		– Indonesian Rupiah
IO		– Interest Only
JPY		– Japanese Yen
KRW		– South Korean Won
MXN		– Mexican Peso
MYR		– Malaysian Ringgit
NOK		– Norwegian Krone
NZD		– New Zealand Dollar
PLN		– Polish Zloty
SEK		– Swedish Krona
TBA		– To Be Announced
THB		– Thai Baht

Notes to Schedule of Investments:

^(a)	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $11,013,113, which represented 36.94% of the Fund’s Net Assets.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)	Perpetual bond with no specified maturity date.

^(e)	All or a portion of this security was out on loan at October 31, 2022.

^(f)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

^(h)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾

^(j)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1N.

^(k)


	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Invesco High Yield Bond Factor ETF		$	446,425		$	-		$	-			$	(78,138	)		$	-			$	368,287		$	23,290
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			349,902			5,029,633			(5,379,535	)			-				-				-			570
Invesco Liquid Assets Portfolio, Institutional Class			240,290			3,592,596			(3,832,771	)			-				(115	)			-			759
Invesco Treasury Portfolio, Institutional Class			399,888			5,748,152			(6,148,040	)			-				-				-			1,143
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			183,702			(150,437	)			-				-				33,265			113	*
Invesco Private Prime Fund			-			407,339			(318,982	)			-				(10	)			88,347			308	*
Total		$	1,436,505		$	14,961,422		$	(15,829,765	)		$	(78,138	)		$	(125	)		$	489,899		$	26,183

^(l)	The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

^(m)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco World Bond Factor Fund


Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		2		December-2022		$	180,614			$	(2,540	)		$	(2,540	)
Euro-Bund		2		December-2022			273,627				(3,745	)			(3,745	)
Euro-Buxl 30 Year Bonds		2		December-2022			285,051				(30,296	)			(30,296	)
Japan 10 Year Bonds		1		December-2022			1,000,504				2,488				2,488
Long Gilt		3		December-2022			351,368				(27,007	)			(27,007	)
Subtotal–Long Futures Contracts											(61,100	)			(61,100	)

Short Futures Contracts
Interest Rate Risk
U.S. Treasury 2 Year Notes		3		December-2022			(613,148	)			594				594
U.S. Treasury 5 Year Notes		8		December-2022			(852,750	)			6,000				6,000
U.S. Treasury 10 Year Ultra Notes		5		December-2022			(579,922	)			29,437				29,437
Subtotal–Short Futures Contracts											36,031				36,031
Total Futures Contracts										$	(25,069	)		$	(25,069	)


Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
Currency Risk
11/03/2022	Bank of America, N.A.		USD	26,855		BRL	145,947		$ 1,399
12/21/2022	Bank of America, N.A.		AUD	612,000		USD	396,862		4,774
12/21/2022	Bank of America, N.A.		JPY	11,416,000		USD	80,467		3,213
12/21/2022	Bank of America, N.A.		NZD	1,892,121		USD	1,135,075		34,170
12/21/2022	Bank of America, N.A.		USD	3,014		CHF	3,000		0
12/21/2022	Bank of America, N.A.		USD	163,159		EUR	166,000		1,561
12/21/2022	Bank of America, N.A.		USD	105,538		GBP	94,190		2,664
12/21/2022	Bank of America, N.A.		USD	2,839		IDR	44,510,000		5
12/21/2022	Bank of America, N.A.		USD	190,369		NOK	2,070,125		9,096
12/21/2022	Bank of America, N.A.		USD	318,579		SEK	3,522,351		1,765
12/02/2022	Barclays Bank PLC		USD	7,782		BRL	41,470		196
12/21/2022	Barclays Bank PLC		CZK	247,000		USD	9,955		14
12/21/2022	BNP Paribas S.A.		SEK	14,129,722		USD	1,329,052		44,011
11/03/2022	Citibank, N.A.		USD	27,752		BRL	145,947		503
12/02/2022	Citibank, N.A.		USD	26,200		BRL	139,950		726
12/21/2022	Citibank, N.A.		CAD	587,000		USD	446,614		15,494
12/21/2022	Citibank, N.A.		IDR	81,607,000		USD	5,331		116
12/21/2022	Citibank, N.A.		INR	1,808,450		USD	22,014		296
12/21/2022	Citibank, N.A.		KRW	52,370,300		USD	37,680		956
12/21/2022	Citibank, N.A.		USD	11,363		KRW	16,214,000		7
12/21/2022	Citibank, N.A.		ZAR	2,079,000		USD	118,220		5,466
12/21/2022	Deutsche Bank AG		USD	297,888		EUR	305,000		4,759
12/21/2022	Deutsche Bank AG		USD	125,166		GBP	112,186		3,708
12/21/2022	Deutsche Bank AG		USD	13,025		MXN	266,000		286
12/21/2022	Goldman Sachs International		CLP	4,808,000		USD	5,116		62
12/21/2022	Goldman Sachs International		HUF	4,025,714		USD	9,844		260
12/21/2022	Goldman Sachs International		IDR	1,774,108,002		USD	118,614		5,259
12/21/2022	Goldman Sachs International		SGD	25,340		USD	18,033		128
12/21/2022	Goldman Sachs International		THB	556,501		USD	15,184		497
12/21/2022	Goldman Sachs International		USD	23,887		HUF	10,547,000		1,221

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Invesco World Bond Factor Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
12/21/2022	Goldman Sachs International		USD	92,765		JPY	13,800,000		$ 622
12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR	270,000		USD	269,947		2,028
12/21/2022	J.P. Morgan Chase Bank, N.A.		GBP	305,520		USD	351,033		64
12/21/2022	J.P. Morgan Chase Bank, N.A.		JPY	17,684,000		USD	123,304		3,634
12/21/2022	J.P. Morgan Chase Bank, N.A.		NOK	19,651,016		USD	1,950,882		57,429
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	65,431		CAD	90,000		669
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	861,652		EUR	875,835		7,430
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	266,987		NOK	2,902,820		12,711
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	92,636		TRY	1,840,980		2,549
12/21/2022	Morgan Stanley and Co. International PLC		AUD	3,395,330		USD	2,294,420		119,142
12/21/2022	Morgan Stanley and Co. International PLC		CHF	1,796,010		USD	1,876,218		71,858
12/21/2022	Morgan Stanley and Co. International PLC		EUR	8,246,508		USD	8,290,335		107,413
12/21/2022	Morgan Stanley and Co. International PLC		JPY	8,553,360		USD	57,904		22
12/21/2022	Morgan Stanley and Co. International PLC		USD	20,795		TRY	424,180		1,137
12/21/2022	Royal Bank of Canada		COP	38,163,356		USD	8,468		806
12/21/2022	State Street Bank & Trust Co.		USD	103,650		EUR	105,000		540
12/21/2022	UBS AG		PLN	540,000		USD	112,764		602
12/21/2022	UBS AG		USD	2,850		THB	108,000		1
Subtotal–Appreciation									531,269

Currency Risk
11/03/2022	Bank of America, N.A.		BRL	145,947		USD	27,724		(531	)
12/21/2022	Bank of America, N.A.		GBP	197,000		USD	218,398		(7,907	)
12/21/2022	Bank of America, N.A.		NZD	290,810		USD	165,243		(3,961	)
12/21/2022	Bank of America, N.A.		SEK	62,000		USD	5,636		(3	)
12/21/2022	Bank of America, N.A.		USD	40,451		AUD	62,380		(487	)
12/21/2022	Bank of America, N.A.		USD	195,003		CHF	194,100		(0	)
12/21/2022	Bank of America, N.A.		USD	114,580		NZD	191,000		(3,449	)
12/02/2022	Barclays Bank PLC		BRL	111,450		USD	21,381		(61	)
12/21/2022	Barclays Bank PLC		CLP	37,211,260		USD	38,290		(828	)
12/21/2022	Barclays Bank PLC		SGD	58,190		USD	40,555		(564	)
12/21/2022	Barclays Bank PLC		USD	64,095		CNY	465,000		(96	)
12/21/2022	Barclays Bank PLC		USD	46,190		CZK	1,146,000		(66	)
12/21/2022	Barclays Bank PLC		USD	28,441		NZD	48,880		(1	)
12/21/2022	BNP Paribas S.A.		MXN	201,960		USD	9,903		(203	)
12/21/2022	BNP Paribas S.A.		USD	101,021		SEK	1,074,000		(3,345	)
11/03/2022	Citibank, N.A.		BRL	145,947		USD	27,507		(747	)
12/02/2022	Citibank, N.A.		BRL	5,997		USD	1,123		(31	)
12/21/2022	Citibank, N.A.		KRW	26,686,000		USD	18,611		(103	)
12/21/2022	Citibank, N.A.		USD	1,841,409		CAD	2,420,224		(63,884	)
12/21/2022	Citibank, N.A.		USD	6,508		INR	541,910		(0	)
12/21/2022	Citibank, N.A.		USD	107,483		KRW	149,385,000		(2,726	)
12/21/2022	Citibank, N.A.		USD	117,275		ZAR	2,062,380		(5,422	)
12/21/2022	Deutsche Bank AG		MXN	4,787,910		USD	234,438		(5,153	)
12/21/2022	Deutsche Bank AG		USD	2,637,706		CNY	18,307,000		(118,076	)
12/21/2022	Deutsche Bank AG		USD	1,144,976		GBP	992,627		(4,685	)
12/21/2022	Goldman Sachs International		USD	76,544		CLP	71,929,590		(931	)
12/21/2022	Goldman Sachs International		USD	982		COP	4,890,240		(0	)
12/21/2022	Goldman Sachs International		USD	60,590		HUF	24,779,190		(1,602	)
12/21/2022	Goldman Sachs International		USD	86,392		IDR	1,292,160,000		(3,830	)
12/21/2022	Goldman Sachs International		USD	131,621		SGD	184,950		(931	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Invesco World Bond Factor Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
12/21/2022	Goldman Sachs International		USD	66,524		THB	2,424,000		$ (2,555)
12/21/2022	J.P. Morgan Chase Bank, N.A.		CAD	440,110		USD	321,699		(1,537	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		EUR	431,000		USD	422,110		(5,566	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		NOK	129,000		USD	11,865		(565	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		SEK	290,200		USD	26,080		(312	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	16,153		EUR	16,270		(9	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	80,428		GBP	70,000		(15	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	88,109		INR	7,063,570		(3,280	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	1,337,019		JPY	191,469,992		(41,310	)
12/21/2022	J.P. Morgan Chase Bank, N.A.		USD	590,611		NOK	6,077,880		(4,984	)
12/21/2022	Morgan Stanley and Co. International PLC		CAD	53,012		USD	38,909		(26	)
12/21/2022	Morgan Stanley and Co. International PLC		HUF	8,220,340		USD	19,562		(7	)
12/21/2022	Morgan Stanley and Co. International PLC		PLN	13,000		USD	2,583		(118	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	3,034,628		AUD	4,490,705		(157,578	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	20,536		CHF	20,000		(443	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	6,260,093		EUR	6,227,000		(81,109	)
12/21/2022	Morgan Stanley and Co. International PLC		USD	24,490		SGD	34,650		(5	)
12/02/2022	Royal Bank of Canada		BRL	39,520		USD	7,228		(375	)
12/21/2022	Royal Bank of Canada		USD	48,751		COP	221,516,240		(4,279	)
12/21/2022	Royal Bank of Canada		USD	64,985		JPY	9,329,610		(1,850	)
12/21/2022	State Street Bank & Trust Co.		CZK	71,000		USD	2,856		(1	)
12/21/2022	State Street Bank & Trust Co.		EUR	133,000		USD	131,290		(684	)
12/21/2022	UBS AG		USD	392		PLN	1,879		(2	)
12/21/2022	UBS AG		USD	8,996		TRY	173,630		(19	)
Subtotal–Depreciation									(536,252	)
Total Forward Foreign Currency Contracts									$ (4,983)


		Open Centrally Cleared Interest Rate Swap Agreements^(a)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate	Payment Frequency	Maturity Date		Notional Value		Upfront Payments Paid (Received)			Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive	3 Month CDOR	Semi-Annually	(3.66)%	Semi-Annually		06/30/2032	CAD	143,000	$	(266	)	$	927		$ 1,193
Pay	3 Month CNRR007	Quarterly	2.47	Quarterly		07/29/2027	CNY	4,000,000		–			2,508		2,508
Receive	SONIA	Annually	(1.25)	Annually		09/30/2051	GBP	6,000		(550	)		2,539		3,089
Receive	6 Month NIBOR	Semi-Annually	(1.27)	Annually		08/31/2031	NOK	302,000		887			5,375		4,488
Receive	3 Month STIBOR	Quarterly	(2.60)	Annually		07/05/2032	SEK	1,573,000		–			5,809		5,809
Receive	6 Month EURIBOR	Semi-Annually	(0.49)	Annually		08/31/2023	EUR	383,000		377			7,999		7,622
Receive	6 Month EURIBOR	Semi-Annually	(0.26)	Annually		07/29/2024	EUR	330,000		4,883			12,939		8,056
Receive	SONIA	Annually	(3.41)	Annually		09/01/2027	GBP	187,000		–			8,083		8,083
Receive	6 Month NIBOR	Semi-Annually	(1.94)	Annually		01/06/2032	NOK	654,000		5			8,675		8,670
Receive	6 Month SARON	Semi-Annually	(0.33)	Annually		12/02/2026	CHF	132,000		48			10,306		10,258
Receive	3 Month USD LIBOR	Quarterly	(1.81)	Semi-Annually		10/08/2051	USD	31,000		–			10,678		10,678
Pay	3 Month CNRR007	Quarterly	2.83	Quarterly		04/08/2026	CNY	7,065,538		–			18,323		18,323
Receive	3 Month USD LIBOR	Quarterly	(0.67)	Semi-Annually		10/08/2024	USD	317,000		–			24,505		24,505
Receive	3 Month STIBOR	Quarterly	(1.15)	Annually		02/02/2032	SEK	1,956,000		549			27,570		27,021
Pay	3 Month CNRR007	Quarterly	2.59	Quarterly		10/29/2025	CNY	20,000,000		–			30,492		30,492
Receive	6 Month EUR LIBOR	Semi-Annually	(0.37)	Annually		11/30/2023	EUR	568,000		(14,671	)		16,961		31,632
Receive	SONIA	Annually	(1.18)	Annually		09/30/2031	GBP	192,000		(7,381	)		43,578		50,959

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Invesco World Bond Factor Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)
Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Receive	3 Month NDBB		Quarterly		(1.46	)%		Semi-Annually		08/03/2026		NZD	1,018,000		$ (2,406	)	$	67,611			$ 70,017
Receive	3 Month NDBB		Quarterly		(1.81	)		Semi-Annually		08/03/2031		NZD	772,000		4,510			90,087			85,577
Subtotal – Appreciation															(14,015	)		394,965			408,980
Interest Rate Risk
Receive	3 Month STIBOR		Quarterly		(3.28	)		Annually		10/04/2027		SEK	1,271,000		–			(634	)		(634	)
Pay	TONAR		Annually		0.06			Annually		03/01/2024		JPY	51,556,000		431			(2	)		(433	)
Pay	3 Month STIBOR		Quarterly		0.49			Annually		02/08/2031		SEK	171		(1	)		(3	)		(2	)
Subtotal – Depreciation															430			(639	)		(1,069	)
Total Centrally Cleared Interest Rate Swap Agreements															$(13,585	)	$	394,326			$407,911

^(a)	Centrally cleared swap agreements collateralized by $70,907 cash held with Merrill Lynch International.


Abbreviations:

AUD		–Australian Dollar
BRL		–Brazilian Real
CAD		–Canadian Dollar
CDOR		–Canadian Dealer Offered Rate
CHF		–Swiss Franc
CLP		–Chile Peso
CNRR007		–China 7-Day Reverse Repo Rate
CNY		–Chinese Yuan Renminbi
COP		–Colombia Peso
CZK		–Czech Koruna
EUR		–Euro
EURIBOR		–Euro Interbank Offered Rate
GBP		–British Pound Sterling
HUF		–Hungarian Forint
IDR		–Indonesian Rupiah
INR		–Indian Rupee
JPY		–Japanese Yen
KRW		–South Korean Won
LIBOR		–London Interbank Offered Rate
MXN		–Mexican Peso
NDBB		–New Zealand Dollar Bank Bill
NIBOR		–Norwegian Interbank Offered Rate
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PLN		–Polish Zloty
SARON		–Swiss Average Rate Overnight
SEK		–Swedish Krona
SGD		–Singapore Dollar
SONIA		–Sterling Overnight Index Average
STIBOR		–Stockholm Interbank Offered Rate
THB		–Thai Baht
TONAR		–Tokyo Overnight Average Rate
TRY		–Turkish Lira
USD		–U.S. Dollar
ZAR		–South African Rand

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Invesco World Bond Factor Fund

Statement of Assets and Liabilities

October 31, 2022


Assets:
Investments in unaffiliated securities, at value (Cost $37,080,285)*	$	30,278,276


Investments in affiliates, at value (Cost $567,919)		489,899


Other investments:
Variation margin receivable - futures contracts		1,161


Variation margin receivable-centrally cleared swap agreements		45,994


Unrealized appreciation on forward foreign currency contracts outstanding		531,269


Deposits with brokers:
Cash collateral - centrally cleared swap agreements		70,907


Cash		165,673


Foreign currencies, at value (Cost $192,098)		209,214


Receivable for:
Investments sold		278,031


Fund shares sold		4,933


Dividends		1,005


Interest		259,036


Investment for trustee deferred compensation and retirement plans		21,287


Other assets		36,535


Total assets		32,393,220



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		536,252


Payable for:
Investments purchased		327,708


TBA sales commitment		1,363,613


Fund shares reacquired		464


Collateral upon return of securities loaned		121,612


Accrued fees to affiliates		14,035


Accrued trustees’ and officers’ fees and benefits		828


Accrued other operating expenses		194,307


Trustee deferred compensation and retirement plans		23,634


Total liabilities		2,582,453


Net assets applicable to shares outstanding	$	29,810,767


Net assets consist of:
Shares of beneficial interest	$	38,501,672


Distributable earnings (loss)		(8,690,905	)


	$	29,810,767



Net Assets:
Class A	$	16,081,134


Class C	$	1,300,866


Class Y	$	11,167,074


Class R5	$	665


Class R6	$	1,261,028



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,953,217


Class C		158,365


Class Y		1,357,144


Class R5		81.25


Class R6		153,076


Class A:
Net asset value per share	$	8.23


Maximum offering price per share (Net asset value of $8.23 ÷ 95.75%)	$	8.60


Class C:
Net asset value and offering price per share	$	8.21


Class Y:
Net asset value and offering price per share	$	8.23


Class R5:
Net asset value and offering price per share	$	8.18


Class R6:
Net asset value and offering price per share	$	8.24

*	At October 31, 2022, securities with an aggregate value of $118,406 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Invesco World Bond Factor Fund

Statement of Operations

For the year ended October 31, 2022


Investment income:
Interest (net of foreign withholding taxes of $2,158)	$	493,330


Dividends from affiliates (includes net securities lending income of $83)		25,845


Total investment income		519,175



Expenses:
Advisory fees		100,801


Administrative services fees		5,458


Custodian fees		80,399


Distribution fees:
Class A		51,094


Class C		16,660


Transfer agent fees – A, C and Y		74,319


Transfer agent fees – R6		418


Trustees’ and officers’ fees and benefits		19,310


Registration and filing fees		66,190


Reports to shareholders		7,163


Professional services fees		62,850


Other		16,827


Total expenses		501,489


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(318,828	)


Net expenses		182,661


Net investment income		336,514



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,229,738	)


Affiliated investment securities		(125	)


Foreign currencies		48,139


Forward foreign currency contracts		15,335


Futures contracts		(412,732	)


Swap agreements		208,513


		(3,370,608	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $813)		(6,150,271	)


Affiliated investment securities		(78,138	)


Foreign currencies		13,050


Forward foreign currency contracts		226,424


Futures contracts		30,775


Swap agreements		252,454


		(5,705,706	)


Net realized and unrealized gain (loss)		(9,076,314	)


Net increase (decrease) in net assets resulting from operations	$	(8,739,800	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Invesco World Bond Factor Fund

Statement of Changes in Net Assets

For the years ended October 31, 2022 and 2021


	2022			2021


Operations:
Net investment income	$	336,514		$	240,062


Net realized gain (loss)		(3,370,608	)		1,250,504


Change in net unrealized appreciation (depreciation)		(5,705,706	)		(1,776,023	)


Net increase (decrease) in net assets resulting from operations		(8,739,800	)		(285,457	)



Distributions to shareholders from distributable earnings:
Class A		(405,867	)		(598,985	)


Class C		(22,570	)		(38,984	)


Class Y		(308,318	)		(362,187	)


Class R5		(17	)		(23	)


Class R6		(28,190	)		(16,326	)


Total distributions from distributable earnings		(764,962	)		(1,016,505	)



Return of capital:
Class A		(49,271	)		–


Class C		(2,604	)		–


Class Y		(37,742	)		–


Class R5		(2	)		–


Class R6		(3,502	)		–


Total return of capital		(93,121	)		–


Total distributions		(858,083	)		(1,016,505	)



Share transactions–net:
Class A		(2,795,234	)		(1,284,998	)


Class C		(352,050	)		(346,200	)


Class Y		(1,667,541	)		5,128,819


Class R6		405,699			971,470


Net increase (decrease) in net assets resulting from share transactions		(4,409,126	)		4,469,091


Net increase (decrease) in net assets		(14,007,009	)		3,167,129



Net assets:
Beginning of year		43,817,776			40,650,647


End of year	$	29,810,767		$	43,817,776

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Invesco World Bond Factor Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Return of capital			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 10/31/22		$10.71		$0.08			$(2.35	)		$(2.27	)		$(0.17	)		$(0.02	)		$(0.02	)		$(0.21	)		$8.23		(21.52	)%		$16,081		0.56	%		1.42	%		0.83	%		123	%
Year ended 10/31/21		11.01		0.05			(0.10	)		(0.05	)		(0.12	)		(0.13	)		–			(0.25	)		10.71		(0.49	)		24,150		0.54			1.25			0.49			165
Year ended 10/31/20		10.61		0.13			0.45			0.58			(0.18	)		–			–			(0.18	)		11.01		5.56			26,165		0.64			1.49			1.21			191
Year ended 10/31/19		9.66		0.30			0.92			1.22			(0.11	)		–			(0.16	)		(0.27	)		10.61		12.83			20,458		0.94			2.08			2.97			177
Year ended 10/31/18		10.43		0.33			(0.83	)		(0.50	)		(0.21	)		–			(0.06	)		(0.27	)		9.66		(4.89	)		18,347		0.93			2.21			3.25			131
Class C
Year ended 10/31/22		10.68		0.01			(2.34	)		(2.33	)		(0.11	)		(0.02	)		(0.01	)		(0.14	)		8.21		(22.09	)		1,301		1.31			2.17			0.08			123
Year ended 10/31/21		10.98		(0.03	)		(0.10	)		(0.13	)		(0.04	)		(0.13	)		–			(0.17	)		10.68		(1.24	)		2,079		1.29			2.00			(0.26	)		165
Year ended 10/31/20		10.59		0.05			0.45			0.50			(0.11	)		–			–			(0.11	)		10.98		4.74			2,482		1.39			2.24			0.46			191
Year ended 10/31/19		9.64		0.22			0.93			1.15			(0.08	)		–			(0.12	)		(0.20	)		10.59		12.01			2,046		1.69			2.83			2.22			177
Year ended 10/31/18		10.41		0.26			(0.84	)		(0.58	)		(0.15	)		–			(0.04	)		(0.19	)		9.64		(5.62	)		3,591		1.68			2.96			2.50			131
Class Y
Year ended 10/31/22		10.70		0.10			(2.33	)		(2.23	)		(0.19	)		(0.02	)		(0.03	)		(0.24	)		8.23		(21.25	)		11,167		0.31			1.17			1.08			123
Year ended 10/31/21		11.01		0.08			(0.11	)		(0.03	)		(0.15	)		(0.13	)		–			(0.28	)		10.70		(0.33	)		16,365		0.29			1.00			0.74			165
Year ended 10/31/20		10.61		0.16			0.44			0.60			(0.20	)		–			–			(0.20	)		11.01		5.81			11,717		0.39			1.24			1.46			191
Year ended 10/31/19		9.65		0.33			0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.61		13.23			2,783		0.69			1.83			3.22			177
Year ended 10/31/18		10.42		0.36			(0.83	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.65		(4.66	)		2,903		0.68			1.96			3.50			131
Class R5
Year ended 10/31/22		10.63		0.10			(2.31	)		(2.21	)		(0.19	)		(0.02	)		(0.03	)		(0.24	)		8.18		(21.21	)		1		0.31			0.99			1.08			123
Year ended 10/31/21		10.94		0.08			(0.11	)		(0.03	)		(0.15	)		(0.13	)		–			(0.28	)		10.63		(0.34	)		1		0.29			0.85			0.74			165
Year ended 10/31/20		10.56		0.15			0.43			0.58			(0.20	)		–			–			(0.20	)		10.94		5.64			1		0.39			1.11			1.46			191
Year ended 10/31/19		9.64		0.33			0.89			1.22			(0.12	)		–			(0.18	)		(0.30	)		10.56		12.81			1		0.69			1.60			3.22			177
Year ended 10/31/18		10.42		0.36			(0.84	)		(0.48	)		(0.23	)		–			(0.07	)		(0.30	)		9.64		(4.75	)		1		0.68			1.73			3.50			131
Class R6
Year ended 10/31/22		10.71		0.10			(2.33	)		(2.23	)		(0.19	)		(0.02	)		(0.03	)		(0.24	)		8.24		(21.23	)		1,261		0.31			0.99			1.08			123
Year ended 10/31/21		11.02		0.08			(0.11	)		(0.03	)		(0.15	)		(0.13	)		–			(0.28	)		10.71		(0.33	)		1,224		0.29			0.85			0.74			165
Year ended 10/31/20		10.62		0.15			0.46			0.61			(0.21	)		–			–			(0.21	)		11.02		5.81			286		0.39			1.11			1.46			191
Year ended 10/31/19		9.66		0.33			0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.62		13.21			138		0.69			1.60			3.22			177
Year ended 10/31/18		10.43		0.35			(0.82	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.66		(4.65	)		106		0.68			1.73			3.50			131

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Invesco World Bond Factor Fund

Notes to Financial Statements

October 31, 2022

NOTE 1—Significant Accounting Policies

Invesco World Bond Factor Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.


23		Invesco World Bond Factor Fund

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.


24		Invesco World Bond Factor Fund

net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended October 31, 2022, Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the Statement of Operations.

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.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.


25		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.

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.

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.


26		Invesco World Bond Factor Fund

fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $2 billion		0.270%


Over $ 2 billion		0.250%

For the year ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.27%.

The Adviser has contractually agreed, through at least February 29, 2024, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.54%, 1.29%, 0.29%, 0.29% and 0.29%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 29, 2024. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended October 31, 2022, the Adviser waived advisory fees of $100,800 and reimbursed fund level expenses of $143,002 and reimbursed class level expenses of $42,269, $3,446, $28,605, $0 and $417 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended October 31, 2022, IDI advised the Fund that IDI retained $1,127 in front-end sales commissions from the sale of Class A shares and $30 and $132 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.


27		Invesco World Bond Factor Fund


Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total


Investments in Securities


Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	15,307,285			$–	$	15,307,285


U.S. Dollar Denominated Bonds & Notes		–			7,690,758			–		7,690,758


U.S. Treasury Securities		–			3,901,528			–		3,901,528


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			3,378,705			–		3,378,705


Exchange-Traded Funds		368,287			–			–		368,287


Money Market Funds		–			121,612			–		121,612


Total Investments in Securities		368,287			30,399,888			–		30,768,175



Other Investments - Assets*


Futures Contracts		38,519			–			–		38,519


Forward Foreign Currency Contracts		–			531,269			–		531,269


Swap Agreements		–			408,980			–		408,980


		38,519			940,249			–		978,768



Other Investments - Liabilities*


Futures Contracts		(63,588	)		–			–		(63,588	)


Forward Foreign Currency Contracts		–			(536,252	)		–		(536,252	)


Swap Agreements		–			(1,069	)		–		(1,069	)


		(63,588	)		(537,321	)		–		(600,909	)


Total Other Investments		(25,069	)		402,928			–		377,859


Total Investments	$	343,218		$	30,802,816			$–	$	31,146,034

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2022:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–	$	38,519		$	38,519


Unrealized appreciation on swap agreements – Centrally Cleared^(a)		–		408,980			408,980


Unrealized appreciation on forward foreign currency contracts outstanding		531,269		–			531,269


Total Derivative Assets		531,269		447,499			978,768


Derivatives not subject to master netting agreements		–		(447,499	)		(447,499	)


Total Derivative Assets subject to master netting agreements	$	531,269	$	–		$	531,269


28		Invesco World Bond Factor Fund


	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	(63,588	)	$	(63,588	)


Unrealized depreciation on swap agreements – Centrally Cleared^(a)		–			(1,069	)		(1,069	)


Unrealized depreciation on forward foreign currency contracts outstanding		(536,252	)		–			(536,252	)


Total Derivative Liabilities		(536,252	)		(64,657	)		(600,909	)


Derivatives not subject to master netting agreements		–			64,657			64,657


Total Derivative Liabilities subject to master netting agreements	$	(536,252	)	$	–		$	(536,252	)

^(a)	The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash	Cash	Net Amount


Bank of America, N.A.		$ 58,647		$ (16,338	)		$ 42,309		$–	$–		$ 42,309


Barclays Bank PLC		210		(1,616	)		(1,406	)	–	–		(1,406	)


BNP Paribas S.A.		44,011		(3,548	)		40,463		–	–		40,463


Citibank, N.A.		23,564		(72,913	)		(49,349	)	–	–		(49,349	)


Deutsche Bank AG		8,753		(127,914	)		(119,161	)	–	–		(119,161	)


Goldman Sachs International		8,049		(9,849	)		(1,800	)	–	–		(1,800	)


J.P. Morgan Chase Bank, N.A.		86,514		(57,578	)		28,936		–	–		28,936


Morgan Stanley and Co. International PLC		299,572		(239,286	)		60,286		–	–		60,286


Royal Bank of Canada		806		(6,504	)		(5,698	)	–	–		(5,698	)


State Street Bank & Trust Co.		540		(685	)		(145	)	–	–		(145	)


UBS AG		603		(21	)		582		–	–		582


Total		$531,269		$(536,252	)		$(4,983	)	$–	$–		$(4,983	)

Effect of Derivative Investments for the year ended October 31, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Currency Risk		Interest Rate Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	15,335	$	-		$	15,335


Futures contracts		-		(412,732	)		(412,732	)


Swap agreements		-		208,513			208,513


Change in Net Unrealized Appreciation:
Forward foreign currency contracts		226,424		-			226,424


Futures contracts		-		30,775			30,775


Swap agreements		-		252,454			252,454


Total	$	241,759	$	79,010		$	320,769

The table below summarizes the average notional value of derivatives held during the period.


	Forward Foreign Currency Contracts	Futures Contracts	Swap Agreements


Average notional value	$48,813,817	$3,569,003	$11,480,754

NOTE 5–Expense Offset Arrangement(s)


29		Invesco World Bond Factor Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2022 and 2021:


	2022		2021
Ordinary income*	$	705,757	$	779,487
Long-term capital gain		59,205		237,018
Return of capital		93,121		–
Total distributions	$	858,083	$	1,016,505

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2022


Net unrealized appreciation (depreciation) – investments	$	(6,798,197	)


Net unrealized appreciation – foreign currencies		12,860


Temporary book/tax differences		(19,585	)


Capital loss carryforward		(1,885,983	)


Shares of beneficial interest		38,501,672


Total net assets	$	29,810,767

The Fund does not have a capital loss carryforward as of October 31, 2022.


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$1,234,188	$651,795	$1,885,983

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended October 31, 2022 was $25,459,572 and $28,719,753, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,019,523


Aggregate unrealized (depreciation) of investments		(7,817,720	)


Net unrealized appreciation (depreciation) of investments	$	(6,798,197	)

Cost of investments for tax purposes is $37,944,231.


30		Invesco World Bond Factor Fund

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and net operating losses, on October 31, 2022, undistributed net investment income was decreased by $593,407, undistributed net realized gain (loss) was increased by $1,398,625 and shares of beneficial interest was decreased by $805,218. This reclassification had no effect on the net assets of the Fund.

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	October 31, 2022^(a)						October 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Class A		203,072			$ 1,968,814			445,039		$	4,926,597


Class C		31,200			297,438			57,595			632,108


Class Y		659,898			6,099,328			936,589			10,306,720


Class R6		66,597			654,707			94,190			1,036,295



Issued as reinvestment of dividends:
Class A		41,630			413,687			49,932			553,308


Class C		1,991			20,177			3,097			34,438


Class Y		25,459			251,987			26,094			288,436


Class R6		3,230			31,454			1,459			16,039



Automatic conversion of Class C shares to Class A shares:
Class A		5,671			53,819			39,260			435,539


Class C		(5,685	)		(53,819	)		(39,358	)		(435,539	)



Reacquired:
Class A		(552,300	)		(5,231,554	)		(655,265	)		(7,200,442	)


Class C		(63,739	)		(615,846	)		(52,733	)		(577,207	)


Class Y		(857,201	)		(8,018,856	)		(498,338	)		(5,466,337	)


Class R6		(30,991	)		(280,462	)		(7,390	)		(80,864	)


Net increase (decrease) in share activity		(471,168	)		$(4,409,126	)		400,171		$	4,469,091

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


31		Invesco World Bond Factor Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Investment Funds (Invesco Investment Funds) and Shareholders of Invesco World Bond Factor Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco World Bond Factor Fund (one of the funds constituting AIM Investment Funds (Invesco Investment Funds), referred to hereafter as the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

December 23, 2022


32		Invesco World Bond Factor 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 (05/01/22)	Ending Account Value (10/31/22)¹	Expenses Paid During Period²	Ending Account Value (10/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$894.10	$2.77	$1,022.28	$2.96	0.58%
Class C	1,000.00	890.40	6.34	1,018.50	6.77	1.33
Class Y	1,000.00	894.10	1.58	1,023.54	1.68	0.33
Class R5	1,000.00	894.40	1.58	1,023.54	1.68	0.33
Class R6	1,000.00	894.20	1.58	1,023.54	1.68	0.33

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


33		Invesco World Bond Factor Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Investment Funds (Invesco Investment Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco World Bond Factor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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, 2021 to the performance of funds in the Broadridge performance universe and against the Bloomberg Global Aggregate Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the first quintile for the three year period and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board further considered that the Fund had changed its name, investment strategy and index against which future performance will be compared in 2020 in connection with its repositioning as a factor-based fund, and that performance results prior to such date reflected that of the Fund’s former strategy. As a result, the Board did not consider performance of the Fund prior to such date to be particularly relevant. The Board also reviewed more


34		Invesco World Bond Factor Fund

recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board 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

providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered 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.

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.


35		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, 2022:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$59,205
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	2.35	%
Qualified Business Income*	0.00	%
Business Interest Income*	44.98	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


36		Invesco World Bond Factor Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustee
Martin L. Flanagan¹ - 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	189	None

¹	Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown - 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	189	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Cynthia Hostetler -1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	189	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	189	Insperity, Inc. (formerly known as Administaff) (human resources provider); and Member of Regional Board of Directors and Board of Directors, First Financial Bancorp (regional bank)


T-1		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Elizabeth Krentzman -1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	189	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. - 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	189	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	2001	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	189	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley - 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	189	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury and Director, ON Semiconductor Corporation (semiconductor manufacturing)	189	None
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	189	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	189	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-2		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc. Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds; Vice President and Assistant Vice President, Invesco Advisers, Inc.; Assistant Vice President, Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust; and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	N/A	N/A
Jeffrey H. Kupor - 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust;; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; and Secretary and Vice President, Trinity Investment Management Corporation Formerly: Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	N/A	N/A
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; and Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management)	N/A	N/A
		Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC


T-3		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; Senior Vice President, The Invesco Funds; President, SNW Asset Management Corporation and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc.	N/A	N/A
		Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-4		Invesco World Bond Factor Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Custodian

State Street Bank and Trust Company

225 Franklin Street

Boston, MA 02110-2801


T-5		Invesco World Bond Factor Fund

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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., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions . In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded, individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.



	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022	Fees Billed for Services Rendered to the Registrant for fiscal year end 2021

Audit Fees	$ 925,264	$ 999,325
Audit-Related Fees	$ 0	$ 0
Tax Fees⁽¹⁾	$ 403,564	$ 538,211
All Other Fees	$ 0	$ 0
Total Fees	$ 1,328,828	$ 1,537,536

(1)

Tax Fees for the fiscal years ended October 31, 2022 and October 31, 2021 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee	Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee

Audit-Related Fees⁽¹⁾	$ 760,000	$ 760,000
Tax Fees	$ 0	$ 0
All Other Fees	$ 0	$ 0
Total Fees	$ 760,000	$ 760,000

(1)	Audit-Related Fees for the fiscal years ended 2022 and 2021 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

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 $7,434,000 for the fiscal year ended October 31, 2022 and $5,910,000 for the fiscal year ended October 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,597,564 for the fiscal year ended October 31, 2022 and $7,208,211 for the fiscal year ended October 31, 2021.

PwC provided audit services to the Investment Company complex of approximately $31 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of December 20, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 20, 2022, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material

information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Investment Funds (Invesco Investment Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 5, 2023

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		January 5, 2023

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		January 5, 2023

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;

(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 5, 2023		/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);

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;

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons the performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: January 5, 2023		/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, 2022, 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 5, 2023		/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, 2022, 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 5, 2023		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer