UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-05426
AIM Investment Funds (Invesco Investment Funds)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Sheri Morris      11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)

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

Date of fiscal year end:	10/31
Date of reporting period:	04/30/20

Item 1. Reports to Stockholders.

	Semiannual Report to Shareholders	April 30, 2020
	Invesco All Cap Market Neutral Fund
	Nasdaq:
	A: CPNAX  ∎  C: CPNCX  ∎  R: CPNRX  ∎  Y: CPNYX  ∎  R5: CPNFX  ∎  R6: CPNSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
18	Financial Statements
21	Financial Highlights
22	Notes to Financial Statements
28	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services

Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year,
we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance
and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely
recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help
us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a
reasonable fee.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

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

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

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco All Cap Market Neutral Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-6.22	%
Class C Shares	-6.56
Class R Shares	-6.33
Class Y Shares	-5.99
Class R5 Shares	-6.10
Class R6 Shares	-5.97
FTSE US 3-Month Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.76
Lipper Alternative Equity Market Neutral Funds Index ∎ (Peer Group Index)	-3.89
Source(s): qRIMES Technologies Corp.; ∎ Lipper Inc.
The FTSE US 3-Month Treasury Bill Index is an unmanaged index representative of three-month US Treasury bills.
The Lipper Alternative Equity Market Neutral Funds Index is an unmanaged index considered representative of alternative equity market neutral funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco All Cap Market Neutral Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-1.81%
5 Years	-2.70
1 Year	-9.67
Class C Shares
Inception (12/17/13)	-1.69%
5 Years	-2.36
1 Year	-6.23
Class R Shares
Inception (12/17/13)	-1.18%
5 Years	-1.85
1 Year	-4.82
Class Y Shares
Inception (12/17/13)	-0.68%
5 Years	-1.35
1 Year	-4.12
Class R5 Shares
Inception (12/17/13)	-0.64%
5 Years	-1.30
1 Year	-4.24
Class R6 Shares
Inception (12/17/13)	-0.64%
5 Years	-1.30
1 Year	-4.11

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

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

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

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

the past, returns would have been lower. See current prospectus for more information.

4                      Invesco All Cap Market Neutral Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco All Cap Market Neutral Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.77%
Advertising–0.94%
Cardlytics, Inc.(b)		4,000	$	179,800
Fluent, Inc.(b)		50,400		101,304
National CineMedia, Inc.		63,750		210,375
				491,479
Aerospace & Defense–0.09%
Astronics Corp.(b)		5,150		46,247
Agricultural & Farm Machinery–0.56%
AGCO Corp.		5,600		295,904
Alternative Carriers–0.05%
CenturyLink, Inc.		2,300		24,426
Aluminum–0.05%
Alcoa Corp.(b)		3,150		25,673
Apparel Retail–0.22%
Cato Corp. (The), Class A		5,650		63,619
Tilly’s, Inc., Class A		8,850		52,127
				115,746
Apparel, Accessories & Luxury Goods–0.20%
Kontoor Brands, Inc.		3,900		75,699
Vera Bradley, Inc.(b)		5,500		30,305
				106,004
Application Software–1.98%
Cerence, Inc.(b)		7,250		153,410
Citrix Systems, Inc.		400		58,004
Digital Turbine, Inc.(b)		84,650		496,049
Intelligent Systems Corp.(b)		9,000		301,860
Seachange International, Inc.(b)		10,050		29,848
				1,039,171
Asset Management & Custody Banks–0.77%
Brightsphere Investment Group, Inc.		7,050		52,240
Sculptor Capital Management, Inc.		14,850		217,701
Victory Capital Holdings, Inc., Class A		9,000		135,810
				405,751
Auto Parts & Equipment–0.92%
Adient PLC(b)		2,100		31,458
American Axle & Manufacturing Holdings, Inc.(b)		20,400		88,128
Dana, Inc.(b)		2,900		33,350
Garrett Motion, Inc. (Switzerland)(b)		18,500		100,825
Stoneridge, Inc.(b)		10,250		205,307
XPEL, Inc.(b)		2,150		26,832
				485,900
Automobile Manufacturers–0.17%
Winnebago Industries, Inc.		2,050		90,959
Biotechnology–7.56%
Alexion Pharmaceuticals, Inc.(b)		2,700		290,169
Aravive, Inc.(b)		11,850		159,146

	Shares		Value
Biotechnology–(continued)
Arcturus Therapeutics Holdings, Inc.(b)		7,600	$	262,200
Arena Pharmaceuticals, Inc.(b)		3,400		166,498
Biogen, Inc.(b)		550		163,256
BioSpecifics Technologies Corp.(b)		2,850		162,194
CareDx, Inc.(b)		800		20,304
Catalyst Pharmaceuticals, Inc.(b)		11,000		52,140
ChemoCentryx, Inc.(b)		6,550		347,215
Coherus Biosciences, Inc.(b)		18,100		300,460
Eagle Pharmaceuticals, Inc.(b)		6,100		310,978
Enanta Pharmaceuticals, Inc.(b)		6,400		296,768
ImmunoGen, Inc.(b)		10,200		41,616
Incyte Corp.(b)		600		58,596
Ironwood Pharmaceuticals, Inc.(b)		21,400		214,000
KalVista Pharmaceuticals, Inc.(b)		6,800		74,188
Molecular Templates, Inc.(b)		7,950		129,029
Myriad Genetics, Inc.(b)		1,600		24,736
NantKwest, Inc.(b)		22,100		86,190
Neoleukin Therapeutics, Inc.(b)		21,850		243,409
Pfenex, Inc.(b)		32,350		186,012
Vanda Pharmaceuticals, Inc.(b)		9,700		111,550
Veracyte, Inc.(b)		8,200		221,154
XBiotech, Inc.(b)		3,200		50,624
				3,972,432
Building Products–1.12%
Builders FirstSource, Inc.(b)		32,200		590,870
Cable & Satellite–0.75%
Altice USA, Inc., Class A(b)		10,100		262,297
Charter Communications, Inc., Class A(b)		140		69,332
MSG Networks, Inc., Class A(b)		5,100		60,588
				392,217
Coal & Consumable Fuels–0.93%
Arch Coal, Inc., Class A		3,400		99,246
CONSOL Energy, Inc.(b)		6,550		49,715
Hallador Energy Co.		32,200		24,527
NACCO Industries, Inc., Class A		7,250		254,837
Peabody Energy Corp.		17,250		58,477
				486,802
Commercial Printing–0.44%
Cimpress PLC (Ireland)(b)		1,150		83,708
Ennis, Inc.		8,000		148,880
				232,588
Commodity Chemicals–0.49%
Methanex Corp. (Canada)		5,400		85,752
Tronox Holdings PLC, Class A		25,400		173,228
				258,980
Communications Equipment–1.46%
Ciena Corp.(b)		5,400		249,750
Comtech Telecommunications Corp.		18,950		350,764
Digi International, Inc.(b)		2,750		31,213

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

6                      Invesco All Cap Market Neutral Fund

	Shares		Value
Communications Equipment–(continued)
PC-Tel, Inc.		19,800	$	135,234
				766,961
Computer & Electronics Retail–1.60%
Best Buy Co., Inc.		2,950		226,354
Rent-A-Center, Inc.		30,900		615,064
				841,418
Construction & Engineering–2.06%
Great Lakes Dredge & Dock Corp.(b)		69,150		611,286
MasTec, Inc.(b)		12,050		432,595
Orion Group Holdings, Inc.(b)		15,800		39,816
				1,083,697
Construction Machinery & Heavy Trucks–0.73%
Commercial Vehicle Group, Inc.(b)		26,250		63,525
Meritor, Inc.(b)		12,850		263,425
REV Group, Inc.		11,100		59,052
				386,002
Construction Materials–0.06%
Forterra, Inc.(b)		3,600		29,376
Consumer Electronics–0.37%
Sonos, Inc.(b)		3,450		35,259
Universal Electronics, Inc.(b)		3,900		160,992
				196,251
Consumer Finance–2.01%
Curo Group Holdings Corp.		25,200		234,864
Enova International, Inc.(b)		2,700		43,308
Navient Corp.		72,400		551,688
Nelnet, Inc., Class A		1,950		93,893
OneMain Holdings, Inc.		5,550		134,365
				1,058,118
Data Processing & Outsourced Services–1.49%
Cardtronics PLC, Class A(b)		13,550		310,295
Paysign, Inc.(b)		14,200		122,120
Western Union Co. (The)		18,300		348,981
				781,396
Department Stores–0.05%
Dillard’s, Inc., Class A		800		23,584
Diversified Banks–0.30%
JPMorgan Chase & Co.		1,650		158,004
Diversified Metals & Mining–0.17%
Teck Resources Ltd., Class B (Canada)		10,000		88,100
Drug Retail–0.05%
Rite Aid Corp.(b)		1,800		25,794
Education Services–0.07%
K12, Inc.(b)		600		13,626
Perdoceo Education Corp.(b)		1,850		24,050
				37,676
Electric Utilities–1.08%
Edison International		7,600		446,196
Genie Energy Ltd., Class B		15,450		121,746
				567,942

	Shares		Value
Electrical Components & Equipment–0.92%
Atkore International Group, Inc.(b)		6,550	$	159,427
Eaton Corp. PLC		650		54,275
Generac Holdings, Inc.(b)		250		24,360
GrafTech International Ltd.		21,700		176,204
LSI Industries, Inc.		11,250		69,750
				484,016
Electronic Components–0.08%
Bel Fuse, Inc., Class B		5,450		40,657
Electronic Equipment & Instruments–1.04%
Coda Octopus Group, Inc.(b)		6,850		41,785
Intellicheck, Inc.(b)		14,800		90,872
Napco Security Technologies, Inc.(b)		3,950		79,158
Zebra Technologies Corp., Class A(b)		1,450		333,007
544,822
Electronic Manufacturing Services–0.29%
Jabil, Inc.		5,400		153,576
Environmental & Facilities Services–0.19%
CECO Environmental Corp.(b)		18,200		98,644
Fertilizers & Agricultural Chemicals–0.75%
CF Industries Holdings, Inc.		14,250		391,875
Food Retail–0.39%
Kroger Co. (The)		2,850		90,089
Natural Grocers by Vitamin Cottage, Inc.		10,400		117,208
				207,297
Footwear–1.07%
Deckers Outdoor Corp.(b)		2,600		386,776
Rocky Brands, Inc.		6,300		135,135
Skechers U.S.A., Inc., Class A(b)		1,450		40,861
				562,772
General Merchandise Stores–0.94%
Target Corp.		4,500		493,830
Gold–0.47%
B2Gold Corp. (Canada)		7,600		38,456
Coeur Mining, Inc.(b)		18,200		76,622
Kinross Gold (Canada)(b)		15,900		105,099
Kirkland Lake Gold Ltd. (Canada)		600		24,852
				245,029
Health Care Distributors–0.86%
Cardinal Health, Inc.		550		27,214
McKesson Corp.		3,000		423,750
				450,964
Health Care Equipment–2.89%
FONAR Corp.(b)		5,400		105,300
iRadimed Corp.(b)		10,550		229,568
Mesa Laboratories, Inc.		550		130,900
Novocure Ltd.(b)		7,650		503,370
Repro-Med Systems, Inc.(b)		18,500		223,480
Zynex, Inc.(b)		18,450		325,827
				1,518,445
Health Care Facilities–1.31%
Community Health Systems, Inc.(b)		64,000		193,920

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

7                      Invesco All Cap Market Neutral Fund

	Shares		Value
Health Care Facilities–(continued)
Joint Corp. (The)(b)		9,550	$      115,555
Tenet Healthcare Corp.(b)		18,700	377,366
			686,841
Health Care REITs–0.25%
CareTrust REIT, Inc.		6,200	102,176
New Senior Investment Group, Inc.		8,400	27,804
			129,980
Health Care Services–1.98%
Amedisys, Inc.(b)		1,550	285,448
Cross Country Healthcare, Inc.(b)		10,650	66,988
DaVita, Inc.(b)		2,200	173,822
Fulgent Genetics, Inc.(b)		27,100	459,887
Psychemedics Corp.		9,500	57,000
			1,043,145
Health Care Supplies–0.64%
STAAR Surgical Co.(b)		8,750	335,300
Health Care Technology–0.87%
Icad, Inc.(b)		16,250	185,575
Simulations Plus, Inc.		7,200	273,960
			459,535
Home Furnishings–0.27%
Purple Innovation, Inc.(b)		14,100	141,846
Homebuilding–0.58%
Installed Building Products, Inc.(b)		6,200	305,722
Homefurnishing Retail–0.43%
Aaron’s, Inc.		3,000	95,730
Bed Bath & Beyond, Inc.		9,700	60,043
RH(b)		500	71,890
			227,663
Hotel & Resort REITs–0.14%
Braemar Hotels & Resorts, Inc.		24,150	75,590
Household Appliances–0.10%
Whirlpool Corp.		450	50,283
Housewares & Specialties–0.13%
Newell Brands, Inc.		5,000	69,400
Human Resource & Employment Services–0.34%
Barrett Business Services, Inc.		750	36,690
Mastech Digital, Inc.(b)		9,050	141,633
			178,323
Industrial Conglomerates–0.61%
Carlisle Cos., Inc.		800	96,768
General Electric Co.		32,850	223,380
			320,148
Industrial Machinery–0.29%
LB Foster Co., Class A(b)		10,650	153,254
Industrial REITs–2.10%
Industrial Logistics Properties Trust		18,850	352,306
Innovative Industrial Properties, Inc.		8,300	651,218
Plymouth Industrial REIT, Inc.		7,100	99,471
			1,102,995

	Shares		Value
Insurance Brokers–0.25%
eHealth, Inc.(b)		1,250	$      133,375
Integrated Telecommunication Services–0.22%
IDT Corp., Class B(b)		21,300	115,020
Interactive Home Entertainment–2.01%
Activision Blizzard, Inc.		3,500	223,055
Electronic Arts, Inc.(b)		2,500	285,650
Glu Mobile, Inc.(b)		41,050	320,190
Zynga, Inc., Class A(b)		30,450	229,593
			1,058,488
Interactive Media & Services–1.36%
DHI Group, Inc.(b)		52,250	145,255
EverQuote, Inc., Class A(b)		8,500	331,245
Snap, Inc., Class A(b)		900	15,849
Travelzoo(b)		13,100	72,967
TripAdvisor, Inc.		7,600	151,772
			717,088
Internet & Direct Marketing Retail–2.59%
1-800-Flowers.com, Inc., Class A(b)		21,400	410,666
Booking Holdings, Inc.(b)		20	29,611
eBay, Inc.		9,200	366,436
Expedia Group, Inc.		1,350	95,823
Stamps.com, Inc.(b)		2,900	458,983
			1,361,519
Internet Services & Infrastructure–0.29%
Endurance International Group Holdings, Inc.(b)		32,100	82,337
Limelight Networks, Inc.(b)		14,200	71,994
			154,331
Investment Banking & Brokerage–0.07%
BGC Partners, Inc., Class A		11,750	36,366
IT Consulting & Other Services–1.23%
International Business Machines Corp.		250	31,390
Leidos Holdings, Inc.		2,000	197,620
Unisys Corp.(b)		33,200	417,988
			646,998
Leisure Products–0.35%
Vista Outdoor, Inc.(b)		18,350	185,702
Life & Health Insurance–0.80%
American Equity Investment Life Holding Co.		1,300	27,326
Brighthouse Financial, Inc.(b)		15,350	394,648
			421,974
Life Sciences Tools & Services–1.05%
Champions Oncology, Inc.(b)		16,100	124,292
Medpace Holdings, Inc.(b)		5,350	427,251
			551,543
Marine–0.06%
Costamare, Inc. (Monaco)		6,100	30,622
Metal & Glass Containers–0.03%
Berry Global Group, Inc.(b)		450	17,906
Motorcycle Manufacturers–0.18%
Harley-Davidson, Inc.		4,250	92,778

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

8                      Invesco All Cap Market Neutral Fund

	Shares		Value
Oil & Gas Equipment & Services–0.54%
DMC Global, Inc.		11,050	$      285,200
Oil & Gas Exploration & Production–0.98%
Bonanza Creek Energy, Inc.(b)		6,300	109,998
California Resources Corp.(b)		27,250	76,300
EQT Corp.		1,750	25,533
Evolution Petroleum Corp.		38,450	114,196
W&T Offshore, Inc.(b)		67,800	187,806
			513,833
Oil & Gas Refining & Marketing–0.46%
Adams Resources & Energy, Inc.		3,450	96,376
World Fuel Services Corp.		5,900	147,500
			243,876
Oil & Gas Storage & Transportation–1.47%
Ardmore Shipping Corp. (Ireland)		14,900	98,042
Dorian LPG Ltd.(b)		27,500	260,975
Nordic American Tankers Ltd.		34,600	208,292
Teekay Tankers Ltd., Class A (Bermuda)(b)		10,100	205,131
			772,440
Packaged Foods & Meats–1.00%
Campbell Soup Co.		1,500	74,970
Freshpet, Inc.(b)		4,000	301,640
Seneca Foods Corp., Class A(b)		900	32,382
TreeHouse Foods, Inc.(b)		2,300	118,979
			527,971
Paper Products–0.28%
Domtar Corp.		6,350	148,336
Personal Products–0.09%
Coty, Inc., Class A		8,250	44,963
Pharmaceuticals–4.39%
AMAG Pharmaceuticals, Inc.(b)		10,800	86,724
Arvinas, Inc.(b)		2,100	110,250
Cerecor, Inc.(b)		32,150	76,196
Chiasma, Inc.(b)		30,450	157,426
Corcept Therapeutics, Inc.(b)		27,600	349,416
Durect Corp.(b)		11,650	24,815
Endo International PLC(b)		30,150	138,690
Harrow Health, Inc.(b)		14,500	65,105
Horizon Therapeutics PLC(b)		5,000	180,200
Innoviva, Inc.(b)		33,500	475,030
Lannett Co., Inc.(b)		29,350	279,999
Pacira BioSciences, Inc.(b)		7,450	307,610
SIGA Technologies, Inc.(b)		9,200	54,372
			2,305,833
Property & Casualty Insurance–0.38%
Allstate Corp. (The)		1,950	198,354
Real Estate Development–0.25%
Maui Land & Pineapple Co., Inc.(b)		12,650	132,193
Real Estate Services–0.29%
Altisource Portfolio Solutions S.A.(b)		9,750	81,413
Newmark Group, Inc., Class A		18,200	70,616
			152,029

	Shares		Value
Regional Banks–5.69%
ACNB Corp.		3,900	$      109,044
Bancorp, Inc. (The)(b)		16,700	116,399
Bank of Commerce Holdings		3,500	26,915
Bank of Marin Bancorp		1,100	36,256
C&F Financial Corp.		1,850	65,786
Customers Bancorp, Inc.(b)		25,800	329,208
Eagle Bancorp Montana, Inc.		2,350	40,890
First Business Financial Services, Inc.		4,100	70,438
First Financial Northwest, Inc.		7,250	71,195
First Internet Bancorp		5,000	78,500
Hawthorn Bancshares, Inc.		1,768	32,178
Hilltop Holdings, Inc.		42,050	811,565
Investors Bancorp, Inc.		34,850	324,453
Metropolitan Bank Holding Corp.(b)		1,000	25,090
MVB Financial Corp.		3,050	41,877
OFG Bancorp (Puerto Rico)		15,100	189,958
Popular, Inc. (Puerto Rico)		16,150	623,228
			2,992,980
Research & Consulting Services–0.05%
Nielsen Holdings PLC		1,750	25,778
Residential REITs–0.52%
Bluerock Residential Growth REIT, Inc.		13,300	77,406
BRT Apartments Corp.		15,050	148,995
Clipper Realty, Inc.		8,450	44,785
			271,186
Semiconductor Equipment–1.39%
Applied Materials, Inc.		5,150	255,852
Lam Research Corp.		1,250	319,100
Teradyne, Inc.		2,450	153,223
			728,175
Semiconductors–4.66%
Cirrus Logic, Inc.(b)		1,350	102,060
Inphi Corp.(b)		4,100	395,814
Lattice Semiconductor Corp.(b)		21,250	478,337
Qorvo, Inc.(b)		3,950	387,219
QUALCOMM, Inc.		5,650	444,486
SMART Global Holdings, Inc.(b)		5,100	128,979
Synaptics, Inc.(b)		7,850	513,311
			2,450,206
Soft Drinks–0.96%
Coca-Cola Consolidated, Inc.		2,150	506,260
Specialized Consumer Services–0.32%
Collectors Universe, Inc.		7,600	166,972
Specialized REITs–1.86%
CoreCivic, Inc.		19,350	253,872
Lamar Advertising Co., Class A		350	20,178
Outfront Media, Inc.		14,050	220,444
Safehold, Inc.		2,600	150,176
SBA Communications Corp., Class A		1,150	333,408
			978,078
Specialty Stores–0.81%
Barnes & Noble Education, Inc.(b)		35,600	63,724
Dick’s Sporting Goods, Inc.		3,200	94,048

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

9                      Invesco All Cap Market Neutral Fund

	Shares		Value
Specialty Stores–(continued)
Hibbett Sports, Inc.(b)		11,350	$      175,130
Signet Jewelers Ltd.		9,450	95,067
			427,969
Steel–1.40%
Reliance Steel & Aluminum Co.		2,100	188,118
Ryerson Holding Corp.(b)		15,700	72,534
Warrior Met Coal, Inc.		38,050	477,527
			738,179
Systems Software–1.21%
GlobalSCAPE, Inc.		28,300	263,756
Microsoft Corp.		1,800	322,578
Oracle Corp.		900	47,673
			634,007
Technology Hardware, Storage & Peripherals–2.38%
Apple, Inc.		300	88,140
Avid Technology, Inc.(b)		27,600	193,752
Diebold Nixdorf, Inc.(b)		61,550	303,441
Hewlett Packard Enterprise Co.		12,450	125,247
HP, Inc.		11,700	181,467
Western Digital Corp.		7,850	361,728
			1,253,775
Thrifts & Mortgage Finance–3.68%
Federal Agricultural Mortgage Corp., Class C		2,350	156,580
FS Bancorp, Inc.		2,550	106,973
Meta Financial Group, Inc.		4,000	73,680
Mr Cooper Group, Inc.(b)		22,450	215,071
New York Community Bancorp, Inc.		52,550	570,693
PennyMac Financial Services, Inc.		25,700	775,369
Severn Bancorp, Inc.		6,200	35,340
			1,933,706

	Shares		Value
Tobacco–0.25%
Turning Point Brands, Inc.		5,600	$	130,480
Trading Companies & Distributors–2.24%
Foundation Building Materials, Inc.(b)		17,550		205,335
General Finance Corp.(b)		16,900		98,527
GMS, Inc.(b)		15,400		283,052
Herc Holdings, Inc.(b)		9,450		266,773
Transcat, Inc.(b)		3,800		106,742
United Rentals, Inc.(b)		1,400		179,900
Veritiv Corp.(b)		4,000		37,480
				1,177,809
Trucking–0.06%
Avis Budget Group, Inc.(b)		1,900		31,312
Total Common Stocks & Other Equity Interests (Cost $57,941,276)				50,873,030
Money Market Funds–13.48%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		2,670,452		2,670,452
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		1,364,275		1,365,093
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		3,051,945		3,051,945
Total Money Market Funds (Cost $7,087,490)				7,087,490
TOTAL INVESTMENTS IN SECURITIES–110.25% (Cost $65,028,766)				57,960,520
OTHER ASSETS LESS LIABILITIES–(10.25)%				(5,386,472	)
NET ASSETS–100.00%			$	52,574,048

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  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 six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,553,087	$	12,652,368	$	(12,535,003	)	$	-		$	-	$	2,670,452	$	13,905
Invesco Liquid Assets Portfolio, Institutional Class		1,824,086		9,035,947		(9,498,086	)		(177	)		3,323		1,365,093		12,002
Invesco Treasury Portfolio, Institutional Class		2,917,813		14,459,850		(14,325,718	)		-			-		3,051,945		15,228
Total	$	7,294,986	$	36,148,165	$	(36,358,807	)	$	(177	)	$	3,323	$	7,087,490	$	41,135

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

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

10                      Invesco All Cap Market Neutral Fund

Open Over-The-Counter Total Return Swap Agreements

Upfront

Payments

Unrealized

Net Value of

Floating Rate

Payment

Notional

Paid

Appreciation

Reference

Reference Entity

Counterparty

Maturity Date

Index(1)

Frequency

Value

(Received)

Value(2)(3)

(Depreciation)(2)(3)

Entities

Equity Risk

Equity Securities – Short

Morgan Stanley & Co. LLC

04/28/2021

Federal Funds Floating Rate

Monthly

$

(46,054,095

)

$–

$

(5,141,852

)

$(5,141,852)

$

(51,152,921

)

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

⁽²⁾  Amount includes $(43,026) of dividends payable and financing fees related to the reference entities.

⁽³⁾  Swap agreements are collateralized by $300,244 cash held with Morgan Stanley & Co. LLC the Counterparty.

The following table represents the individual short positions and related values of equity securities underlying the total return swaps with Morgan Stanley & Co. LLC, as of April 30, 2020.

							Percentage
							of
							Reference
	Shares			Value			Entities
Equity Securities - Short
Advertising
Boston Omaha Corp., Class A		(7,650	)	$	(124,160	)	0.26
comScore, Inc.		(30,900	)		(89,301	)	0.16
					(213,461	)
Aerospace & Defense
AeroVironment, Inc.		(1,350	)		(81,351	)	0.16
Axon Enterprise, Inc.		(3,900	)		(283,569	)	0.62
Boeing Co. (The)		(3,740	)		(527,415	)	1.09
BWX Technologies, Inc.		(2,900	)		(153,874	)	0.32
					(1,046,209	)
Agricultural & Farm Machinery
Lindsay Corp.		(950	)		(85,500	)	0.19
Agricultural Products
Archer-Daniels-Midland Co.		(3,950	)		(146,703	)	0.30
Alternative Carriers
Vonage Holdings Corp.		(6,150	)		(51,414	)	0.11
Aluminum
Century Aluminum Co.		(69,700	)		(303,195	)	0.56
Apparel Retail
Chico’s FAS, Inc.		(39,900	)		(59,850	)	0.09
Express, Inc.		(26,450	)		(54,752	)	0.10
Guess?, Inc.		(14,450	)		(135,107	)	0.23
Urban Outfitters, Inc.		(8,850	)		(153,459	)	0.31
					(403,168	)
Apparel, Accessories & Luxury Goods
Canada Goose Holdings, Inc.		(25,550	)		(609,367	)	1.21
Capri Holdings Ltd.		(7,250	)		(110,563	)	0.18
Fossil Group, Inc.		(13,300	)		(52,668	)	0.09
Gildan Activewear, Inc.		(3,200	)		(44,608	)	0.10
lululemon athletica, inc.		(350	)		(78,218	)	0.16
					(895,424	)
Application Software
2U, Inc.		(12,800	)		(304,000	)	0.60
Asure Software, Inc.		(10,650	)		(65,604	)	0.14

							Percentage
							of
							Reference
	Shares			Value			Entities
Application Software–(continued)
Benefitfocus, Inc.		(11,150	)	$	(120,754	)	0.25
Digimarc Corp.		(5,650	)		(94,638	)	0.19
Everbridge, Inc.		(850	)		(94,673	)	0.23
GTY Technology Holdings, Inc.		(11,250	)		(43,988	)	0.10
Nutanix, Inc., Class A		(30,950	)		(634,165	)	1.16
Park City Group, Inc.		(6,200	)		(30,752	)	0.06
Pluralsight, Inc., Class A		(8,950	)		(147,138	)	0.28
SharpSpring, Inc.		(6,600	)		(45,474	)	0.10
Splunk, Inc.		(850	)		(119,306	)	0.24
Veritone, Inc.		(26,850	)		(138,009	)	0.23
VirnetX Holding Corp.		(56,600	)		(314,696	)	0.72
					(2,153,197	)
Asset Management & Custody Banks
WisdomTree Investments, Inc.		(16,900	)		(54,756	)	0.10
Auto Parts & Equipment
Dorman Products, Inc.		(2,150	)		(135,622	)	0.27
Fox Factory Holding Corp.		(800	)		(40,808	)	0.07
Motorcar Parts of America, Inc.		(5,350	)		(76,130	)	0.13
Veoneer, Inc.		(27,850	)		(272,373	)	0.46
					(524,933	)
Automotive Retail
Carvana Co.		(5,950	)		(476,654	)	1.07
Monro, Inc.		(600	)		(33,294	)	0.06
					(509,948	)
Biotechnology
Adamas Pharmaceuticals, Inc.		(22,300	)		(72,029	)	0.17
ADMA Biologics, Inc.		(32,700	)		(96,465	)	0.19
Aimmune Therapeutics, Inc.		(1,050	)		(17,976	)	0.04
Alnylam Pharmaceuticals, Inc.		(2,300	)		(302,910	)	0.70
Bluebird Bio, Inc.		(1,400	)		(75,432	)	0.17
CEL-SCI Corp.		(1,650	)		(29,040	)	0.06
Clovis Oncology, Inc.		(10,500	)		(79,905	)	0.21

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

11                      Invesco All Cap Market Neutral Fund

							Percentage
							of
							Reference
	Shares			Value			Entities
Biotechnology–(continued)
Dynavax Technologies Corp.		(61,650	)	$	(262,012	)	0.43
Evolus, Inc.		(12,950	)		(53,872	)	0.12
Exact Sciences Corp.		(750	)		(59,235	)	0.12
Flexion Therapeutics, Inc.		(17,900	)		(190,456	)	0.36
G1 Therapeutics, Inc.		(3,150	)		(41,360	)	0.09
Immunomedics, Inc.		(13,400	)		(407,092	)	0.64
Insmed, Inc.		(1,300	)		(29,900	)	0.06
Invitae Corp.		(15,500	)		(256,525	)	0.55
Karyopharm Therapeutics, Inc.		(2,950	)		(65,048	)	0.16
Kindred Biosciences, Inc.		(8,300	)		(41,666	)	0.07
La Jolla Pharmaceutical Co.		(21,650	)		(157,179	)	0.30
PolarityTE, Inc.		(34,550	)		(35,587	)	0.08
Portola Pharmaceuticals, Inc.		(10,700	)		(75,756	)	0.16
Precigen, Inc.		(8,850	)		(31,860	)	0.06
Sage Therapeutics, Inc.		(1,500	)		(58,470	)	0.12
Sarepta Therapeutics, Inc.		(4,750	)		(559,930	)	1.18
Solid Biosciences, Inc.		(41,600	)		(96,512	)	0.20
Sorrento Therapeutics, Inc.		(32,850	)		(74,569	)	0.17
Tyme Technologies, Inc.		(67,550	)		(109,431	)	0.16
Ultragenyx Pharmaceutical, Inc.		(4,400	)		(265,892	)	0.62
UroGen Pharma Ltd.		(4,950	)		(109,939	)	0.25
					(3,656,048	)
Brewers
Boston Beer Co., Inc. (The) Class A		(80	)		(37,321	)	0.07
Building Products
Caesarstone Ltd.		(20,750	)		(203,558	)	0.41
Insteel Industries, Inc.		(1,000	)		(17,570	)	0.03
Lennox International, Inc.		(700	)		(130,676	)	0.26
					(351,804	)
Commodity Chemicals
Loop Industries, Inc.		(4,350	)		(33,669	)	0.07
Trecora Resources		(7,750	)		(45,725	)	0.09
					(79,394	)
Communications Equipment
Applied Optoelectronics, Inc.		(15,700	)		(168,304	)	0.29
EMCORE Corp.		(7,400	)		(20,202	)	0.04
Infinera Corp.		(14,550	)		(89,701	)	0.19
Plantronics, Inc.		(2,300	)		(32,476	)	0.06
TESSCO Technologies, Inc.		(4,400	)		(27,104	)	0.05
ViaSat, Inc.		(2,750	)		(116,600	)	0.24
					(454,387	)
Construction & Engineering
Ameresco, Inc., Class A		(7,300	)		(131,838	)	0.27
Argan, Inc.		(9,600	)		(360,384	)	0.76

							Percentage
							of
							Reference
	Shares			Value			Entities
Construction & Engineering–(continued)
Granite Construction, Inc.		(8,600	)	$	(141,384	)	0.28
					(633,606	)
Construction Machinery & Heavy Trucks
Greenbrier Cos., Inc. (The)		(8,850	)		(150,273	)	0.31
Trinity Industries, Inc.		(13,350	)		(257,521	)	0.46
Twin Disc, Inc.		(9,150	)		(54,992	)	0.10
					(462,786	)
Construction Materials
US Concrete, Inc.		(6,650	)		(127,547	)	0.22
Consumer Electronics
ZAGG, Inc.		(23,850	)		(78,705	)	0.17
Consumer Finance
Credit Acceptance Corp.		(940	)		(292,876	)	0.52
EZCORP, Inc. Class A		(29,400	)		(164,640	)	0.30
Green Dot Corp., Class A		(8,100	)		(247,050	)	0.49
					(704,566	)
Diversified Banks
Bank of NT Butterfield & Son Ltd. (The)		(29,350	)		(645,993	)	1.10
First Community Bankshares, Inc.		(1,100	)		(25,927	)	0.05
Ohio Valley Banc Corp.		(800	)		(20,160	)	0.04
					(692,080	)
Diversified Support Services
Healthcare Services Group, Inc.		(6,950	)		(177,156	)	0.36
Ritchie Bros. Auctioneers, Inc.		(3,200	)		(137,888	)	0.30
					(315,044	)
Education Services
Chegg, Inc.		(3,900	)		(166,725	)	0.31
Electrical Components & Equipment
American Superconductor Corp.		(22,600	)		(129,950	)	0.25
Sunrun, Inc.		(41,300	)		(579,439	)	1.13
Vivint Solar, Inc.		(32,950	)		(208,903	)	0.42
					(918,292	)
Electronic Components
Akoustis Technologies, Inc.		(35,950	)		(325,707	)	0.65
Corning, Inc.		(3,950	)		(86,939	)	0.17
					(412,646	)
Electronic Equipment & Instruments
Coherent, Inc.		(2,500	)		(319,675	)	0.59
Iteris, Inc.		(24,700	)		(98,553	)	0.19
Novanta, Inc.		(1,250	)		(108,612	)	0.22

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

12                      Invesco All Cap Market Neutral Fund

							Percentage
							of
							Reference
	Shares			Value			Entities
Electronic Equipment & Instruments–(continued)
PAR Technology Corp.		(13,300	)	$	(251,503	)	0.45
					(778,343	)
Electronic Manufacturing Services
IPG Photonics Corp.		(4,700	)		(607,851	)	1.19
Environmental & Facilities Services
Harsco Corp.		(33,250	)		(331,835	)	0.55
Team, Inc.		(22,950	)		(141,601	)	0.26
					(473,436	)
Financial Exchanges & Data
CME Group, Inc.		(1,000	)		(178,210	)	0.39
Food Distributors
Andersons, Inc. (The)		(9,400	)		(159,518	)	0.28
Gas Utilities
New Jersey Resources Corp.		(850	)		(28,713	)	0.06
General Merchandise Stores
Big Lots, Inc.		(4,900	)		(114,905	)	0.21
Gold
Agnico Eagle Mines Ltd.		(5,150	)		(302,202	)	0.63
Health Care Equipment
ABIOMED, Inc.		(2,150	)		(411,187	)	0.78
AxoGen, Inc.		(24,800	)		(241,800	)	0.44
Becton, Dickinson and Co.		(200	)		(50,506	)	0.12
Cantel Medical Corp.		(4,850	)		(179,450	)	0.30
CryoPort, Inc.		(6,200	)		(116,808	)	0.24
Glaukos Corp.		(3,700	)		(135,753	)	0.27
Inogen, Inc.		(3,050	)		(152,500	)	0.32
Insulet Corp.		(1,850	)		(369,482	)	0.80
IntriCon Corp.		(7,250	)		(95,700	)	0.17
Invacare Corp.		(4,650	)		(34,968	)	0.07
LivaNova PLC		(1,300	)		(69,056	)	0.14
Misonix, Inc.		(6,600	)		(83,094	)	0.16
Nevro Corp.		(4,200	)		(494,088	)	1.06
NuVasive, Inc.		(2,500	)		(152,200	)	0.31
Oxford Immunotec Global PLC		(20,800	)		(259,168	)	0.52
Penumbra, Inc.		(2,700	)		(478,764	)	1.06
Pulse Biosciences, Inc.		(11,950	)		(134,199	)	0.18
SeaSpine Holdings Corp.		(5,900	)		(60,770	)	0.12
Vapotherm, Inc.		(3,350	)		(67,938	)	0.13
ViewRay, Inc.		(82,450	)		(171,496	)	0.44
					(3,758,927	)
Health Care REITs
Diversified Healthcare Trust		(19,350	)		(60,178	)	0.10

							Percentage
							of
							Reference
	Shares			Value			Entities
Health Care Services
Enzo Biochem, Inc.		(22,550	)	$	(68,101	)	0.11
Guardant Health, Inc.		(2,000	)		(153,920	)	0.33
Tivity Health, Inc.		(3,800	)		(34,086	)	0.06
					(256,107	)
Health Care Supplies
Chembio Diagnostics, Inc.		(14,400	)		(182,880	)	0.45
ICU Medical, Inc.		(550	)		(120,621	)	0.26
Merit Medical Systems, Inc.		(5,200	)		(212,264	)	0.42
OrthoPediatrics Corp.		(7,450	)		(363,932	)	0.68
Sientra, Inc.		(27,150	)		(62,445	)	0.10
					(942,142	)
Heavy Electrical Equipment
TPI Composites, Inc.		(11,550	)		(202,472	)	0.39
Home Furnishings
Lovesac Co. (The)		(14,450	)		(172,389	)	0.36
Mohawk Industries, Inc.		(2,400	)		(210,528	)	0.39
					(382,917	)
Home Improvement Retail
Floor & Decor Holdings, Inc., Class A		(10,100	)		(428,240	)	0.76
Lumber Liquidators Holdings, Inc.		(22,100	)		(155,805	)	0.26
					(584,045	)
Homebuilding
LGI Homes, Inc.		(1,600	)		(96,928	)	0.16
Homefurnishing Retail
At Home Group, Inc.		(50,850	)		(119,498	)	0.21
Hotel & Resort REITs
Hersha Hospitality Trust		(38,900	)		(203,447	)	0.38
Park Hotels & Resorts, Inc.		(26,600	)		(252,966	)	0.42
Pebblebrook Hotel Trust		(15,350	)		(181,744	)	0.35
RLJ Lodging Trust		(2,950	)		(27,405	)	0.05
Summit Hotel Properties, Inc.		(36,950	)		(223,917	)	0.42
					(889,479	)
Human Resource & Employment Services
Insperity, Inc.		(1,250	)		(59,638	)	0.11
Hypermarkets & Super Centers
PriceSmart, Inc.		(1,550	)		(98,487	)	0.21
Industrial Machinery
Briggs & Stratton Corp.		(29,250	)		(66,398	)	0.11
ExOne Co. (The)		(9,250	)		(71,872	)	0.13
LiqTech International, Inc.		(10,300	)		(43,569	)	0.10
NN, Inc.		(35,100	)		(121,095	)	0.18
Proto Labs, Inc.		(1,300	)		(132,067	)	0.23

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

13                      Invesco All Cap Market Neutral Fund

							Percentage
							of
							Reference
	Shares			Value			Entities
Industrial Machinery–(continued)
Welbilt, Inc.		(15,150	)	$	(74,689	)		0.13
					(509,690	)
Insurance Brokers
Benefytt Technologies, Inc.		(1,200	)		(31,356	)		0.06
Goosehead Insurance, Inc., Class A		(2,450	)		(137,543	)		0.24
					(168,899	)
Integrated Oil & Gas
Exxon Mobil Corp.		(3,700	)		(171,939	)		0.34
Interactive Media & Services
Zillow Group, Inc., Class C		(13,050	)		(573,678	)		1.10
Internet & Direct Marketing Retail
Duluth Holdings, Inc., Class B		(26,600	)		(106,666	)		0.21
GrubHub, Inc.		(6,900	)		(329,751	)		0.65
Liquidity Services, Inc.		(17,850	)		(89,250	)		0.18
Wayfair, Inc., Class A		(2,600	)		(322,504	)		0.54
					(848,171	)
Internet Services & Infrastructure
MongoDB, Inc.		(550	)		(89,171	)		0.19
Switch, Inc., Class A		(10,100	)		(173,417	)		0.38
Twilio, Inc. Class A		(5,500	)		(617,650	)		1.29
					(880,238	)
Investment Banking & Brokerage
Greenhill & Co., Inc.		(17,000	)		(181,390	)		0.34
Interactive Brokers Group, Inc., Class A		(5,350	)		(219,350	)		0.46
					(400,740	)
IT Consulting & Other Services
LiveRamp Holdings, Inc.		(1,400	)		(53,004	)		0.10
Leisure Products
Brunswick Corp.		(7,000	)		(334,040	)		0.58
Hasbro, Inc.		(750	)		(54,157	)		0.12
					(388,197	)
Life & Health Insurance
CNO Financial Group, Inc.		(4,200	)		(59,052	)		0.11
Trupanion, Inc.		(13,000	)		(388,830	)		0.85
					(447,882	)
Life Sciences Tools & Services
ChromaDex Corp.		(33,850	)		(169,250	)		0.33
Illumina, Inc.		(1,080	)		(344,552	)		0.73
					(513,802	)
Marine
Genco Shipping & Trading Ltd.		(3,350	)		(19,531	)		0.04

	Shares			Value			Percentage of Reference Entities
Metal & Glass Containers
O-I Glass, Inc.		(6,750	)	$	(55,620	)	0.09
Movies & Entertainment
Gaia, Inc.		(13,250	)		(120,443	)	0.26
Lions Gate Entertainment Corp., Class A		(8,750	)		(62,475	)	0.13
Live Nation Entertainment, Inc.		(4,450	)		(199,671	)	0.40
Roku, Inc.		(4,700	)		(569,781	)	1.25
Walt Disney Co. (The)		(1,100	)		(118,965	)	0.24
World Wrestling Entertainment, Inc., Class A		(15,850	)		(704,849	)	1.36
					(1,776,184	)
Multi-Utilities
Algonquin Power & Utilities Corp.		(6,450	)		(89,333	)	0.19
Dominion Energy, Inc.		(2,800	)		(215,964	)	0.48
					(305,297	)
Oil & Gas Equipment & Services
Gulf Island Fabrication, Inc.		(5,350	)		(16,157	)	0.03
Natural Gas Services Group, Inc.		(3,850	)		(24,448	)	0.04
					(40,605	)
Oil & Gas Exploration & Production
Concho Resources, Inc.		(850	)		(48,212	)	0.10
Diamondback Energy, Inc.		(2,750	)		(119,735	)	0.20
Hess Corp.		(2,900	)		(141,056	)	0.25
Matador Resources Co.		(16,900	)		(118,976	)	0.14
Ring Energy, Inc.		(40,950	)		(36,908	)	0.06
Southwestern Energy Co.		(12,850	)		(41,506	)	0.09
					(506,393	)
Oil & Gas Refining & Marketing
Delek US Holdings, Inc.		(1,750	)		(40,862	)	0.07
Green Plains, Inc.		(32,000	)		(187,840	)	0.33
Marathon Petroleum Corp.		(2,400	)		(76,992	)	0.13
Phillips 66		(3,800	)		(278,046	)	0.48
					(583,740	)
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(11,850	)		(553,276	)	1.05
ONEOK, Inc.		(12,750	)		(381,608	)	0.76
Targa Resources Corp.		(11,900	)		(154,224	)	0.21
Williams Cos., Inc. (The)		(2,400	)		(46,488	)	0.09
					(1,135,596	)
Packaged Foods & Meats
Calyxt, Inc.		(6,550	)		(28,558	)	0.06
Hormel Foods Corp.		(1,100	)		(51,535	)	0.12
Landec Corp.		(3,400	)		(37,910	)	0.08

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

14                      Invesco All Cap Market Neutral Fund

							Percentage
							of
							Reference
	Shares			Value			Entities
Packaged Foods & Meats–(continued)
Sanderson Farms, Inc.		(3,000	)	$	(408,420	)	0.85
					(526,423	)
Paper Products
Clearwater Paper Corp.		(8,000	)		(191,520	)	0.35
Pharmaceuticals
Aclaris Therapeutics, Inc.		(16,200	)		(21,546	)	0.04
Aerie Pharmaceuticals, Inc.		(11,800	)		(179,832	)	0.35
Eli Lilly and Co.		(1,600	)		(247,424	)	0.54
Johnson & Johnson		(1,950	)		(292,578	)	0.65
Nektar Therapeutics		(15,900	)		(305,280	)	0.67
Ocular Therapeutix, Inc.		(35,250	)		(203,040	)	0.37
Paratek Pharmaceuticals, Inc.		(22,350	)		(91,411	)	0.21
Pfizer, Inc.		(2,200	)		(84,392	)	0.17
Revance Therapeutics, Inc.		(5,900	)		(109,209	)	0.21
TherapeuticsMD, Inc.		(163,800	)		(258,804	)	0.32
Xeris Pharmaceuticals, Inc.		(16,850	)		(45,495	)	0.06
Zoetis, Inc.		(1,100	)		(142,241	)	0.30
					(1,981,252	)
Property & Casualty Insurance
Erie Indemnity Co. Class A		(600	)		(106,836	)	0.23
Markel Corp.		(200	)		(173,168	)	0.38
Travelers Cos., Inc. (The)		(500	)		(50,605	)	0.11
United Insurance Holdings Corp.		(18,600	)		(159,030	)	0.36
					(489,639	)
Publishing
EW Scripps Co. (The) Class A		(4,600	)		(37,122	)	0.07
Gannett Co., Inc.		(20,400	)		(23,052	)	0.03
					(60,174	)
Real Estate Services
eXp World Holdings, Inc.		(20,550	)		(188,649	)	0.37
Regional Banks
Allegiance Bancshares, Inc.		(20,800	)		(521,664	)	1.00
Banc of California, Inc.		(26,900	)		(280,298	)	0.51
Bank First Corp.		(2,150	)		(110,123	)	0.25
Cadence BanCorp		(15,500	)		(102,610	)	0.20
Cambridge Bancorp		(600	)		(33,468	)	0.06
Comerica, Inc.		(1,750	)		(61,005	)	0.13
Cullen/Frost Bankers, Inc.		(2,800	)		(201,208	)	0.36
Equity Bancshares, Inc., Class A		(10,150	)		(190,211	)	0.35
Farmers & Merchants Bancorp, Inc.		(2,000	)		(48,000	)	0.10
First Bancshares, Inc. (The)		(2,700	)		(53,784	)	0.11
First Mid Bancshares, Inc.		(1,150	)		(30,705	)	0.06
First Republic Bank		(1,950	)		(203,365	)	0.42

							Percentage
							of
							Reference
	Shares			Value			Entities
Regional Banks–(continued)
FVCBankcorp, Inc.		(4,700	)	$	(54,097	)	0.10
Heritage Financial Corp.		(13,800	)		(276,690	)	0.55
Howard Bancorp, Inc.		(5,850	)		(65,345	)	0.12
Independent Bank Corp.		(750	)		(54,668	)	0.11
Live Oak Bancshares, Inc.		(32,650	)		(455,467	)	1.00
Mid Penn Bancorp, Inc.		(1,200	)		(23,520	)	0.05
Origin Bancorp, Inc.		(8,700	)		(193,923	)	0.37
Republic First Bancorp, Inc.		(58,950	)		(155,039	)	0.25
Spirit of Texas Bancshares, Inc.		(4,300	)		(49,407	)	0.09
TCF Financial Corp.		(1,000	)		(29,690	)	0.05
Triumph Bancorp, Inc.		(24,750	)		(685,822	)	1.20
Webster Financial Corp.		(6,350	)		(179,387	)	0.32
WesBanco, Inc.		(3,450	)		(85,146	)	0.17
					(4,144,642	)
Reinsurance
Greenlight Capital Re Ltd., Class A		(15,450	)		(100,734	)	0.21
Residential REITs
Preferred Apartment Communities, Inc. Class A		(25,150	)		(186,361	)	0.35
UMH Properties, Inc.		(11,250	)		(146,138	)	0.27
					(332,499	)
Retail REITs
CBL & Associates Properties, Inc.		(116,400	)		(33,640	)	0.05
Macerich Co. (The)		(38,750	)		(289,462	)	0.48
Pennsylvania REIT		(71,750	)		(72,467	)	0.13
Seritage Growth Properties Class A		(17,000	)		(179,860	)	0.34
Simon Property Group, Inc.		(450	)		(30,047	)	0.06
Washington Prime Group, Inc.		(150,700	)		(129,572	)	0.22
					(735,048	)
Semiconductor Equipment
AXT, Inc.		(33,500	)		(185,255	)	0.29
Enphase Energy, Inc.		(950	)		(44,489	)	0.08
PDF Solutions, Inc.		(25,350	)		(404,839	)	0.90
Pixelworks, Inc.		(10,700	)		(49,113	)	0.09
					(683,696	)
Semiconductors
Advanced Micro Devices, Inc.		(1,200	)		(62,868	)	0.15
Alpha & Omega Semiconductor Ltd.		(9,400	)		(113,082	)	0.19
Cree, Inc.		(15,600	)		(672,828	)	1.25
Everspin Technologies, Inc.		(18,500	)		(69,745	)	0.10
First Solar, Inc.		(16,650	)		(732,767	)	1.45
GSI Technology, Inc.		(4,000	)		(30,920	)	0.06

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

15                      Invesco All Cap Market Neutral Fund

							Percentage
							of
							Reference
	Shares			Value			Entities
Semiconductors–(continued)
Marvell Technology Group Ltd.		(8,400	)	$	(224,616	)	0.49
ON Semiconductor Corp.		(17,050	)		(273,568	)	0.52
Xilinx, Inc.		(3,300	)		(288,420	)	0.65
					(2,468,814	)
Soft Drinks
Celsius Holdings, Inc.		(13,400	)		(67,268	)	0.13
National Beverage Corp.		(2,650	)		(133,110	)	0.28
					(200,378	)
Specialized Consumer Services
Regis Corp.		(14,600	)		(181,332	)	0.27
Specialized REITs
CoreSite Realty Corp.		(3,150	)		(381,748	)	0.81
Digital Realty Trust, Inc.		(1,150	)		(171,913	)	0.37
PotlatchDeltic Corp.		(2,950	)		(103,575	)	0.20
Uniti Group, Inc.		(44,450	)		(313,817	)	0.58
					(971,053	)
Specialty Chemicals
Advanced Emissions Solutions, Inc.		(13,150	)		(97,705	)	0.19
Albemarle Corp.		(2,500	)		(153,575	)	0.32
Amyris, Inc.		(136,550	)		(368,685	)	0.79
Flotek Industries, Inc.		(35,350	)		(31,723	)	0.06
					(651,688	)
Specialty Stores
Five Below, Inc.		(4,200	)		(378,672	)	0.75
Ulta Beauty, Inc.		(450	)		(98,064	)	0.20
					(476,736	)
Steel
Allegheny Technologies, Inc.		(5,100	)		(38,301	)	0.07

							Percentage
							of
							Reference
	Shares			Value			Entities
Steel–(continued)
Contura Energy, Inc.		(12,450	)	$	(47,559	)	0.09
Haynes International, Inc.		(1,650	)		(36,465	)	0.07
Ramaco Resources, Inc.		(6,950	)		(16,402	)	0.04
United States Steel Corp.		(54,700	)		(420,096	)	0.77
Worthington Industries, Inc.		(1,800	)		(47,592	)	0.09
					(606,415	)
Systems Software
Appian Corp.		(4,250	)		(194,097	)	0.39
FireEye, Inc.		(12,850	)		(147,904	)	0.30
Palo Alto Networks, Inc.		(700	)		(137,557	)	0.29
					(479,558	)
Technology Hardware, Storage & Peripherals
3D Systems Corp.		(14,700	)		(124,803	)	0.24
Intevac, Inc.		(4,550	)		(25,025	)	0.05
Stratasys Ltd.		(7,450	)		(131,865	)	0.26
					(281,693	)
Thrifts & Mortgage Finance
Northwest Bancshares, Inc.		(2,200	)		(23,342	)	0.05
Tobacco
Pyxus International, Inc.		(5,850	)		(15,327	)	0.03
Trading Companies & Distributors
EVI Industries, Inc.		(3,200	)		(58,464	)	0.13
SiteOne Landscape Supply, Inc.		(3,450	)		(305,774	)	0.55
					(364,238	)
Trucking
YRC Worldwide, Inc.		(26,750	)		(46,010	)	0.09
Total Equity Securities - Short				$	(51,152,921	)

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

16                      Invesco All Cap Market Neutral Fund

Portfolio Composition

By sector, based on total net assets

as of April 30, 2020

	Equity Securities
							Gross			Net
	Long1			Short2			Exposure3			Exposure4
Communication Services		5.3	%		5.1	%		10.4	%		0.2	%
Consumer Discretionary		11.4			11.0			22.4			0.4
Consumer Staples		2.7			2.3			5.0			0.4
Energy		4.4			4.6			9.0			(0.2	)
Financials		14.0			14.1			28.1			(0.1	)
Health Care		21.5			21.1			42.6			0.4
Industrials		9.8			10.4			20.2			(0.6	)
Information Technology		17.5			17.6			35.1			(0.1	)
Materials		3.7			4.4			8.1			(0.7	)
Real Estate		5.4			6.0			11.4			(0.6	)
Utilities		1.1			0.6			1.7			0.5
MoneyMarket FundsPlus Other Assets Less Liabilities		3.2			-			3.2			3.2
Total		100.0	%		97.2	%		197.2	%		2.8	%

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

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

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

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

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

17                      Invesco All Cap Market Neutral Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $57,941,276)	$	50,873,030
Investments in affiliated money market funds, at value (Cost $7,087,490)		7,087,490
Deposits with brokers:
Cash collateral – OTC Derivatives		300,244
Foreign currencies, at value (Cost $370)		374
Receivable for:
Fund shares sold		16,421
Dividends		17,027
Investment for trustee deferred compensation and retirement plans		15,651
Other assets		50,530
Total assets		58,360,767
Liabilities:
Other investments:
Swaps payable – OTC		10,465
Unrealized depreciation on swap agreements–OTC		5,141,852
Payable for:
Investments purchased		249,519
Fund shares reacquired		56,872
Amount due custodian		244,863
Accrued fees to affiliates		18,023
Accrued other operating expenses		49,474
Trustee deferred compensation and retirement plans		15,651
Total liabilities		5,786,719
Net assets applicable to shares outstanding	$	52,574,048
Net assets consist of:
Shares of beneficial interest	$	55,447,302
Distributable earnings (loss)		(2,873,254	)
	$	52,574,048

Net Assets:
Class A	$	6,384,844
Class C	$	2,694,982
Class R	$	57,972
Class Y	$	2,655,691
Class R5	$	6,895
Class R6	$	40,773,664
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		963,221
Class C		429,476
Class R		8,904
Class Y		393,701
Class R5		1,018
Class R6		6,025,830
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	$	6.28
Class R:
Net asset value and offering price per share	$	6.51
Class Y:
Net asset value and offering price per share	$	6.75
Class R5:
Net asset value and offering price per share	$	6.77
Class R6:
Net asset value and offering price per share	$	6.77

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

18                      Invesco All Cap Market Neutral Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,525)	$	499,109
Dividends from affiliated money market funds		41,135
Total investment income		540,244
Expenses:
Advisory fees		264,420
Administrative services fees		4,670
Custodian fees		1,748
Distribution fees:
Class A		8,912
Class C		9,836
Class R		162
Transfer agent fees – A, C, R and Y		12,582
Transfer agent fees – R6		294
Trustees’ and officers’ fees and benefits		6,987
Registration and filing fees		32,703
Reports to shareholders		10,440
Professional services fees		32,770
Other		(9,365	)
Total expenses		376,159
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(7,104	)
Net expenses		369,055
Net investment income		171,189
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,382,527	)
Foreign currencies		(38	)
Swap agreements		11,098,148
		9,715,583
Change in net unrealized appreciation (depreciation) of:
Investment securities		(8,408,009	)
Foreign currencies		2
Swap agreements		(5,291,030	)
		(13,699,037	)
Net realized and unrealized gain (loss)		(3,983,454	)
Net increase (decrease) in net assets resulting from operations	$	(3,812,265	)

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

19                      Invesco All Cap Market Neutral Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30,			October 31,
	2020			2019
Operations:
Net investment income	$	171,189		$	331,787
Net realized gain (loss)		9,715,583			(2,435,339	)
Change in net unrealized appreciation (depreciation)		(13,699,037	)		(7,560,427	)
Net increase (decrease) in net assets resulting from operations		(3,812,265	)		(9,663,979	)
Distributions to shareholders from distributable earnings:
Class A		–			(912,531	)
Class C		–			(285,692	)
Class R		–			(9,315	)
Class Y		–			(2,160,772	)
Class R5		–			(845	)
Class R6		–			(5,706,725	)
Total distributions from distributable earnings		–			(9,075,880	)
Share transactions–net:
Class A		(714,587	)		49,194
Class C		1,030,939			(251,085	)
Class R		(1,693	)		(3,802	)
Class Y		(847,575	)		(16,295,464	)
Class R6		(6,216,651	)		525,442
Net increase (decrease) in net assets resulting from share transactions		(6,749,567	)		(15,975,715	)
Net increase (decrease) in net assets		(10,561,832	)		(34,715,574	)
Net assets:
Beginning of period		63,135,880			97,851,454
End of period	$	52,574,048		$	63,135,880

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

20                      Invesco All Cap Market Neutral Fund

Financial Highlights

(Unaudited)

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

		Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period	Total return (b)			Net assets, end of period (000’s omitted)	Ratio of expenses to average net assets (including interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets (including interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed		Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets (excluding interest expense and dividends on short sales expense) without fee waivers and/or expenses absorbed		Ratio of net investment (loss) to average net assets		Portfolio turnover (c)
Class A
Six months ended 04/30/20	$	7.07	$	0.01	(d)	$	(0.45	)	$	(0.44	)	$	–		$	–		$	–		$	6.63	(6.22	)%	$	6,385	1.49	%(e)	1.56	%(e)	1.49	%(e)	1.56	%(e)	0.25	%(d)(e)	38	%
Year ended 10/31/19		8.70		0.01	(d)		(0.81	)		(0.80	)		–			(0.83	)		(0.83	)		7.07	(9.99	)		7,544	1.49		1.54		1.49		1.54		0.13	(d)	75
Year ended 10/31/18		10.07		(0.06	)		(0.14	)		(0.20	)		–			(1.17	)		(1.17	)		8.70	(1.65	)		9,364	1.49		1.50		1.49		1.50		(0.68	)	125
Year ended 10/31/17		9.80		(0.05	)		0.33			0.28			–			(0.01	)		(0.01	)		10.07	2.81			11,085	1.43		1.48		1.43		1.48		(0.50	)	162
Year ended 10/31/16		11.92		(0.03	)		(0.76	)		(0.79	)		(1.33	)		–			(1.33	)		9.80	(7.42	)		42,539	1.61		1.85		1.61		1.85		(0.26	)	168
Year ended 10/31/15		10.70		(0.20	)		1.42			1.22			–			–			–			11.92	11.40			12,812	3.69	(f)	4.62	(f)	1.60		2.53		(1.85	)	175
Class C
Six months ended 04/30/20		6.71		(0.02	)(d)		(0.41	)		(0.43	)		–			–			–			6.28	(6.41	)		2,695	2.24	(e)	2.31	(e)	2.24	(e)	2.31	(e)	(0.50	)(d)(e)	38
Year ended 10/31/19		8.37		(0.04	)(d)		(0.79	)		(0.83	)		–			(0.83	)		(0.83	)		6.71	(10.82	)		1,842	2.24		2.29		2.24		2.29		(0.62	)(d)	75
Year ended 10/31/18		9.80		(0.12	)		(0.14	)		(0.26	)		–			(1.17	)		(1.17	)		8.37	(2.37	)		2,683	2.24		2.25		2.24		2.25		(1.43	)	125
Year ended 10/31/17		9.60		(0.12	)		0.33			0.21			–			(0.01	)		(0.01	)		9.80	2.14			4,856	2.18		2.23		2.18		2.23		(1.25	)	162
Year ended 10/31/16		11.76		(0.10	)		(0.76	)		(0.86	)		(1.30	)		–			(1.30	)		9.60	(8.19	)		10,136	2.36		2.60		2.36		2.60		(1.01	)	168
Year ended 10/31/15		10.63		(0.28	)		1.41			1.13			–			–			–			11.76	10.63			1,772	4.44	(f)	5.37	(f)	2.35		3.28		(2.60	)	175
Class R
Six months ended 04/30/20		6.95		(0.00	)(d)		(0.44	)		(0.44	)		–			–			–			6.51	(6.33	)		58	1.74	(e)	1.81	(e)	1.74	(e)	1.81	(e)	(0.00	)(d)(e)	38
Year ended 10/31/19		8.59		(0.01	)(d)		(0.80	)		(0.81	)		–			(0.78	)		(0.83	)		6.95	(10.26	)		64	1.74		1.79		1.74		1.79		(0.12	)(d)	75
Year ended 10/31/18		9.98		(0.08	)		(0.14	)		(0.22	)		–			(1.17	)		(1.17	)		8.59	(1.87	)		87	1.74		1.75		1.74		1.75		(0.93	)	125
Year ended 10/31/17		9.73		(0.07	)		0.33			0.26			–			(0.01	)		(0.01	)		9.98	2.63			109	1.68		1.73		1.68		1.73		(0.75	)	162
Year ended 10/31/16		11.86		(0.05	)		(0.76	)		(0.81	)		(1.32	)		–			(1.32	)		9.73	(7.66	)		104	1.86		2.10		1.86		2.10		(0.51	)	168
Year ended 10/31/15		10.68		(0.22	)		1.40			1.18			–			–			–			11.86	11.05			23	3.94	(f)	4.87	(f)	1.85		2.78		(2.10	)	175
Class Y
Six months ended 04/30/20		7.18		0.02	(d)		(0.45	)		(0.43	)		–			–			–			6.75	(5.99	)		2,656	1.24	(e)	1.31	(e)	1.24	(e)	1.31	(e)	0.50	(d)(e)	38
Year ended 10/31/19		8.81		0.03	(d)		(0.83	)		(0.80	)		–			(0.83	)		(0.83	)		7.18	(9.85	)		3,693	1.24		1.29		1.24		1.29		0.38	(d)	75
Year ended 10/31/18		10.15		(0.04	)		(0.13	)		(0.17	)		–			(1.17	)		(1.17	)		8.81	(1.30	)		24,669	1.24		1.25		1.24		1.25		(0.43	)	125
Year ended 10/31/17		9.85		(0.03	)		0.34			0.31			–			(0.01	)		(0.01	)		10.15	3.10			40,875	1.18		1.23		1.18		1.23		(0.25	)	162
Year ended 10/31/16		11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		–			(1.35	)		9.85	(7.24	)		41,369	1.36		1.60		1.36		1.60		(0.01	)	168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			–			–			–			11.97	11.66			16,907	3.44	(f)	4.37	(f)	1.35		2.28		(1.60	)	175
Class R5
Six months ended 04/30/20		7.21		0.02	(d)		(0.46	)		(0.44	)		–			–			–			6.77	(6.10	)		7	1.10	(e)	1.11	(e)	1.10	(e)	1.11	(e)	0.64	(d)(e)	38
Year ended 10/31/19		8.83		0.04	(d)		(0.83	)		(0.79	)		–			(0.83	)		(0.83	)		7.21	(9.70	)		7	1.11		1.12		1.11		1.12		0.51	(d)	75
Year ended 10/31/18		10.18		(0.02	)		(0.16	)		(0.18	)		–			(1.17	)		(1.17	)		8.83	(1.38	)		9	1.11		1.12		1.11		1.12		(0.30	)	125
Year ended 10/31/17		9.86		(0.02	)		0.35			0.33			–			(0.01	)		(0.01	)		10.18	3.30			10	1.10		1.12		1.10		1.12		(0.17	)	162
Year ended 10/31/16		11.97		(0.00	)		(0.76	)		(0.76	)		(1.35	)		–			(1.35	)		9.86	(7.15	)		493	1.36		1.45		1.36		1.45		(0.01	)	168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			–			–			–			11.97	11.66			599	3.44	(f)	4.28	(f)	1.35		2.19		(1.60	)	175
Class R6
Six months ended 04/30/20		7.20		0.02	(d)		(0.45	)		(0.43	)		–			–			–			6.77	(5.97	)		40,774	1.10	(e)	1.11	(e)	1.10	(e)	1.11	(e)	0.64	(d)(e)	38
Year ended 10/31/19		8.82		0.04	(d)		(0.83	)		(0.79	)		–			(0.83	)		(0.83	)		7.20	(9.71	)		49,985	1.11		1.12		1.11		1.12		0.51	(d)	75
Year ended 10/31/18		10.16		(0.03	)		(0.14	)		(0.17	)		–			(1.17	)		(1.17	)		8.82	(1.29	)		61,040	1.11		1.12		1.11		1.12		(0.30	)	125
Year ended 10/31/17		9.85		(0.02	)		0.34			0.32			–			(0.01	)		(0.01	)		10.16	3.20			71,774	1.10		1.12		1.10		1.12		(0.17	)	162
Year ended 10/31/16		11.97		(0.00	)		(0.77	)		(0.77	)		(1.35	)		–			(1.35	)		9.85	(7.24	)		73,442	1.36		1.44		1.36		1.44		(0.01	)	168
Year ended 10/31/15		10.72		(0.17	)		1.42			1.25			–			–			–			11.97	11.66			745	3.44	(f)	4.28	(f)	1.35		2.19		(1.60	)	175

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the six months ended April 30, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.01) and (0.03)%, $(0.04) and (0.78)%, $(0.02) and (0.28)%, $0.00 and 0.22%, $0.00 and 0.36% and $0.00 and 0.36% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.02) and (0.29)%, $(0.07) and (1.04)%, $(0.04) and (0.54)%, $(0.00) and (0.04)%, $0.01 and 0.09% and $0.01 and 0.09% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $7,165, $1,976, $65, $3,293, $7 and $50,051 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Ratio of interest expense and dividends on short sales to average net assets for the year ended October 31, 2015 was 2.09%.

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

21                       Invesco All Cap Market Neutral Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

22                      Invesco All Cap Market Neutral Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income and dividend expense on short sales are recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

23                      Invesco All Cap Market Neutral Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

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

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

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

M. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.85%.

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

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

24                      Invesco All Cap Market Neutral Fund

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $3,443 and reimbursed class level expenses of $2,030, $541, $18, $956, $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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $584 in front-end sales commissions from the sale of Class A shares and $0 and $15 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	50,873,030	$	–		$–	$	50,873,030
Money Market Funds		7,087,490		–		–		7,087,490
Total Investments in Securities		57,960,520		–		–		57,960,520
Other Investments - Liabilities*
Swap Agreements		–		(5,141,852)		–		(5,141,852	)
Total Investments	$	57,960,520	$	(5,141,852)		$–	$	52,818,668

* 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.

25                      Invesco All Cap Market Neutral Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2020:

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements – OTC	$	(5,141,852	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(5,141,852	)

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 April 30, 2020.

	Financial Derivative Liabilities	Collateral (Received/ Pledged)
	Swap			Net
Counterparty	Agreements	Non-Cash	Cash	Amount
Morgan Stanley & Co. LLC	$(5,152,317)	$–	$–	$	(5,152,317	)

Effect of Derivative Investments for the six months ended April 30, 2020

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain:
Swap agreements		$	11,098,148
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements			(5,291,030	)
Total		$	5,807,118

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

	Swap Agreements
Average notional value	$	54,629,767

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $116.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

26                      Invesco All Cap Market Neutral Fund

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$167,385	$–	$	167,385

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $26,266,930 and $21,002,074, 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	$   4,875,951
Aggregate unrealized (depreciation) of investments	(17,387,450	)
Net unrealized appreciation (depreciation) of investments	$(12,511,499	)

Cost of investments for tax purposes is $65,330,167.

NOTE 10–Share Information

				Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		162,022		$	1,116,859			155,720		$	1,178,314
Class C		270,393			1,785,460			88,455			674,121
Class R		1,330			9,091			4,563			33,984
Class Y		101,077			716,241			900,668			6,918,352
Class R6		907,385			6,459,223			1,468,766			10,889,897
Issued as reinvestment of dividends:
Class A		-			-			112,270			865,605
Class C		-			-			35,418			261,383
Class R		-			-			1,116			8,484
Class Y		-			-			212,696			1,663,279
Class R6		-			-			728,720			5,705,879
Automatic conversion of Class C shares to Class A shares:
Class A		62			429			8,993			67,203
Class C		(65	)		(429	)		(9,421	)		(67,203	)
Reacquired:
Class A		(266,409	)		(1,831,875	)		(285,254	)		(2,061,928	)
Class C		(115,255	)		(754,092	)		(160,659	)		(1,119,386	)
Class R		(1,619	)		(10,784	)		(6,577	)		(46,270	)
Class Y		(221,497	)		(1,563,816	)		(3,400,746	)		(24,877,095	)
Class R6		(1,824,203	)		(12,675,874	)		(2,174,684	)		(16,070,334	)
Net increase (decrease) in share activity		(986,779	)	$	(6,749,567	)		(2,319,956	)	$	(15,975,715	)

^(a)  76% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

27                      Invesco All Cap Market Neutral Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/19)	(04/30/20)1	Period2	(04/30/20)	Period2	Ratio
Class A	$1,000.00	$937.80	$7.18	$1,017.45	$7.47	1.49%
Class C	1,000.00	934.40	10.77	1,013.72	11.22	2.24
Class R	1,000.00	936.70	8.38	1,016.21	8.72	1.74
Class Y	1,000.00	940.10	5.98	1,018.70	6.22	1.24
Class R5	1,000.00	939.00	5.30	1,019.39	5.52	1.10
Class R6	1,000.00	940.30	5.31	1,019.39	5.52	1.10

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

28                      Invesco All Cap Market Neutral Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-05426 and 033-19338                        Invesco Distributors, Inc.                                                                                     ACMN-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Balanced-Risk Allocation Fund
	Nasdaq:
	A: ABRZX  ∎  C: ABRCX  ∎  R: ABRRX  ∎  Y: ABRYX  ∎  R5: ABRIX  ∎  R6: ALLFX

	2	Letters to Shareholders
	3	Fund Performance
	5	Liquidity Risk Management Program
	6	Consolidated Schedule of Investments
	11	Consolidated Financial Statements
	14	Consolidated Financial Highlights
	15	Notes to Consolidated Financial Statements
	23	Fund Expenses
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. 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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.      Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”      In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

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

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

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                         Invesco Balanced-Risk Allocation Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–8.01	%
Class C Shares	–8.32
Class R Shares	–8.09
Class Y Shares	–7.87
Class R5 Shares	–7.88
Class R6 Shares	–7.81
S&P 500 Index▼ (Broad Market Index)	–3.16
Custom Invesco Balanced-Risk Allocation Style Index∎ (Style-Specific Index)	–1.76
Lipper Alternative Global Macro Funds Index◆ (Peer Group Index)	–6.10
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.   The Custom Invesco Balanced-Risk Allocation Style Index is composed of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. Effective December 1, 2009, the fixed income component of the Custom Balanced-Risk Allocation Style Index changed from the JP Morgan GBI Global (Traded) Index to the Bloomberg Barclays U.S. Aggregate Bond Index.   The Lipper Alternative Global Macro Funds Index is an unmanaged index considered representative of alternative global macro funds tracked by Lipper.   The MSCI WorldSM Index is considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident investors.   The Bloomberg Barclays U.S. Aggregate Bond Index is considered representative of the US investment grade, fixed-rate bond market.   The JP Morgan GBI Global (Traded) Index is considered representative of fixed-rate debt of developed government bond markets.   The 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their in-sights about market and economic news and trends.

3                         Invesco Balanced-Risk Allocation Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (6/2/09)	5.14	%
10 Years	4.18
5 Years	0.38
1 Year	–10.62
Class C Shares
Inception (6/2/09)	4.95	%
10 Years	3.99
5 Years	0.77
1 Year	–6.88
Class R Shares
Inception (6/2/09)	5.42	%
10 Years	4.51
5 Years	1.28
1 Year	–5.54
Class Y Shares
Inception (6/2/09)	5.95	%
10 Years	5.04
5 Years	1.79
1 Year	–5.07
Class R5 Shares
Inception (6/2/09)	5.97	%
10 Years	5.06
5 Years	1.82
1 Year	–5.17
Class R6 Shares
10 Years	5.07	%
5 Years	1.91
1 Year	–5.02

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

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

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

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

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

4                         Invesco Balanced-Risk Allocation Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                         Invesco Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

April 30, 2020

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–32.58%
U.S. Treasury Bills–12.84%(a)
U.S. Treasury Bills		1.56	%		05/07/2020	$	109,400	$	109,372,267
U.S. Treasury Bills		1.57	%		06/11/2020		83,500		83,353,931
U.S. Treasury Bills		1.51	%		07/23/2020		139,600		139,571,435
									332,297,633
U.S. Treasury Notes–19.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)		0.15	%		07/31/2020		160,520		160,537,434
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b)		0.26	%		01/31/2022		200,000		200,298,192
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b)		0.22	%		04/30/2022		150,000		150,030,993
									510,866,619
Total U.S. Treasury Securities (Cost $842,361,644)									843,164,252
				Expiration Date
Commodity-Linked Securities–4.36%
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)					09/22/2020		47,200		42,062,109
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)					09/30/2020		76,800		70,828,054
Total Commodity-Linked Securities (Cost $124,000,000)									112,890,163
						Shares
Money Market Funds–55.70%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(e)(f)							429,493,681		429,493,681
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(e)(f)							168,788,502		168,889,775
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.73%(e)(f)							102,190,718		102,190,718
Invesco Treasury Obligations Portfolio, Institutional Class, 0.27%(e)(f)							524,000,000		524,000,000
Invesco Treasury Portfolio, Institutional Class, 0.10%(e)(f)							217,248,778		217,248,778
Total Money Market Funds (Cost $1,441,662,133)									1,441,822,952
TOTAL INVESTMENTS IN SECURITIES–92.64% (Cost $2,408,023,777)									2,397,877,367
OTHER ASSETS LESS LIABILITIES–7.36%									190,392,982
NET ASSETS–100.00%								$	2,588,270,349

Investment Abbreviations:

EMTN – European Medium-Term Notes

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

6 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 April 30, 2020.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $112,890,163, which represented 4.36% of the Fund’s Net Assets.

^(d)  The 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 six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 470,844,999		$	522,923,175		$	(564,274,493	)		$	-		$	-			$	429,493,681		$	2,674,939
Invesco Liquid Assets Portfolio, Institutional Class		94,446,018			376,431,108			(302,113,305	)			139,177			(13,223	)			168,889,775			690,637
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		188,690,152			484,055,782			(570,555,216	)			-			-				102,190,718			1,014,940
Invesco Treasury Obligations Portfolio, Institutional Class		705,000,000			-			(181,000,000	)			-			-				524,000,000			4,075,504
Invesco Treasury Portfolio, Institutional Class		151,050,285			597,626,485			(531,427,992	)			-			-				217,248,778			861,343
Total		$1,610,031,454		$	1,981,036,550		$	(2,149,371,006	)		$	139,177		$	(13,223	)		$	1,441,822,952		$	9,317,363

^(f)   The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized Appreciation (Depreciation)
Commodity Risk
Brent Crude		1,445		September-2020		$	46,384,500		$	(6,501,347	)		$	(6,501,347	)
Gasoline Reformulated Blendstock Oxygenate Blending		2,151		May-2020			70,801,025			12,343,020				12,343,020
New York Harbor Ultra-Low Sulfur Diesel		473		May-2020			16,550,365			(3,288,979)				(3,288,979	)
Silver		848		July-2020			63,485,520			(3,491,137	)			(3,491,137	)
WTI Crude		765		October-2020			21,970,800			(2,466,785	)			(2,466,785	)
Subtotal										(3,405,228	)			(3,405,228	)
Equity Risk
E-Mini Russell 2000 Index		2,815		June-2020			183,918,025			18,238,979				18,238,979
E-Mini S&P 500 Index		690		June-2020			100,132,800			13,763,428				13,763,428
EURO STOXX 50 Index		3,840		June-2020			121,486,761			19,207,497				19,207,497
FTSE 100 Index		1,890		June-2020			140,089,752			18,006,189				18,006,189
Hang Seng Index		1,017		May-2020			160,712,892			3,922,366				3,922,366
Tokyo Stock Price Index		1,380		June-2020			186,974,794			10,870,027				10,870,027
Subtotal										84,008,486				84,008,486
Interest Rate Risk
Australia 10 Year Bonds		7,460		June-2020			723,599,524			(10,974,344	)			(10,974,344	)
Canada 10 Year Bonds		6,350		June-2020			681,509,034			39,943,910				39,943,910
Long Gilt		1,162		June-2020			201,529,285			5,236,695				5,236,695
U.S. Treasury Long Bonds		1,465		June-2020			265,210,781			20,800,991				20,800,991
Subtotal										55,007,252				55,007,252
Total Futures Contracts									$	135,610,510			$	135,610,510
(a)   Futures contracts collateralized by $45,680,000 cash held with Bank of America Merrill Lynch, the futures commission merchant.

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

7 Invesco Balanced-Risk Allocation Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)
Counterparty	Pay/ Receive		Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Barclays Bank PLC		Receive	Barclays Commodity Strategy 1452 Excess Return Index		0.33	%		Monthly		76,200		February–2021	$	30,943,022	$	–	$	439,910		$	439,910
Canadian Imperial Bank of Commerce		Receive	CIBC Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		641,000		April–2021		39,540,918		–		1,294,756			1,294,756
Cargill, Inc.		Receive	Single Commodity Excess Return Index		0.12			Monthly		55,200		December–2020		57,454,810		–		3,512,100			3,512,100
JPMorgan Chase Bank, N.A.		Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		171,000		April–2021		17,400,362		–		933,233			933,233
Merrill Lynch International		Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		237,000		June–2020		48,053,243		–		0			0
Merrill Lynch International		Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		4,500		September–2020		2,197,601		–		0			0
Merrill Lynch International		Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		240,000		November–2020		10,792,344		–		0			0
Subtotal – Appreciation																–		6,179,999			6,179,999
Commodity Risk
Cargill, Inc.		Receive	Monthly Rebalance Commodity Excess Return Index		0.47			Monthly		20,800		February–2021		13,133,132		–		(345,769	)		(345,769	)
JPMorgan Chase Bank, N.A.		Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		297,000		October–2020		39,424,255		–		(1,000,207	)		(1,000,207	)
Macquarie Bank Ltd.		Receive	Macquarie Aluminium Dynamic Selection Index		0.30			Monthly		87,000		December–2020		3,215,720		–		(32,677	)		(32,677	)
Morgan Stanley Capital Services LLC		Receive	S&P GSCI Aluminum Dynamic Roll Index Excess Return		0.38			Monthly		496,000		October–2020		36,092,035		–		(559,989	)		(559,989	)
Subtotal – Depreciation																–		(1,938,642	)		(1,938,642	)
Total – Total Return Swap Agreements															$	–	$	4,241,357		$	4,241,357

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $6,670,000.

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

^(c)  The 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 ‘C’		4.39	%
	Corn		5.04
	Cotton No. 2		20.55
	Lean Hogs		0.51
	Live Cattle		1.75
	Soybean Meal		19.44
	Soybean Oil		4.39
	Soybeans		19.15
	Sugar No. 11		19.96
	Wheat		4.82
	Total		100.00	%

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

8 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 ‘C’		4.39	%
	Corn		5.04
	Cotton No. 2		20.55
	Lean Hogs		0.51
	Live Cattle		1.75
	Soybean Meal		19.44
	Soybean Oil		4.39
	Soybeans		19.15
	Sugar No. 11		19.96
	Wheat		4.82
	Total		100.00	%
CIBC Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100.00	%
Single Commodity Index Excess Return
	Long Futures Contracts
	Gold		100.00	%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100.00	%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		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	%
Monthly Rebalance Commodity Excess Return Index
	Long Futures Contracts
	Coffee ’C’		4.39	%
	Corn		5.04
	Cotton No. 2		20.55
	Lean Hogs		0.51
	Live Cattle		1.75
	Soybean Meal		19.44
	Soybean Oil		4.39
	Soybeans		19.15
	Sugar No. 11		19.96
	Wheat		4.82
	Total		100.00	%

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

9                         Invesco Balanced-Risk Allocation Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
S&P GSCI Gold Index Excess Return
	Long Futures Contracts
	Gold		100.00%
Macquarie Aluminium Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100.00%
S&P GSCI Aluminum Dynamic Roll Index Excess Return
	Long Futures Contracts
	Aluminum		100.00%

Target Risk Allocation and Notional Asset Weights as of April 30, 2020

By asset class

Asset Class	Target Risk Allocation*			Notional Asset Weights**
Equities		26.68	%		31.05	%
Fixed Income		49.98			70.43
Commodities		23.34			28.97
Total		100.00			130.45

* 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 Allocations. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

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

10                         Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 966,361,644)	$	956,054,415
Investments in affiliated money market funds, at value (Cost $ 1,441,662,133)		1,441,822,952
Other investments:
Variation margin receivable – futures contracts		128,479,644
Swaps receivable – OTC		4,167,494
Unrealized appreciation on swap agreements – OTC		6,179,999
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		45,680,000
Cash collateral – OTC Derivatives		6,670,000
Cash		154,263,964
Receivable for:
Fund shares sold		970,388
Dividends		440,661
Interest		3,404
Investment for trustee deferred compensation and retirement plans		553,583
Other assets		1,018,200
Total assets		2,746,304,704
Liabilities:
Other investments:
Swaps payable – OTC		37,965
Unrealized depreciation on swap agreements–OTC		1,938,642
Payable for:
Investments purchased		150,000,000
Fund shares reacquired		3,945,795
Accrued fees to affiliates		1,196,635
Accrued other operating expenses		289,299
Trustee deferred compensation and retirement plans		626,019
Total liabilities		158,034,355
Net assets applicable to shares outstanding	$	2,588,270,349

Net assets consist of:
Shares of beneficial interest	$	2,801,372,058
Distributable earnings (loss)		(213,101,709	)
	$	2,588,270,349
Net Assets:
Class A	$	800,288,626
Class C	$	412,865,227
Class R	$	14,876,622
Class Y	$	1,112,594,779
Class R5	$	18,707,790
Class R6	$	228,937,305
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		85,458,253
Class C		46,775,147
Class R		1,622,895
Class Y		116,544,637
Class R5		1,958,154
Class R6		23,902,132
Class A:
Net asset value per share	$	9.36
Maximum offering price per share
(Net asset value of $9.36 ÷ 94.50%)	$	9.90
Class C:
Net asset value and offering price per share	$	8.83
Class R:
Net asset value and offering price per share	$	9.17
Class Y:
Net asset value and offering price per share	$	9.55
Class R5:
Net asset value and offering price per share	$	9.55
Class R6:
Net asset value and offering price per share	$	9.58

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

11                         Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated money market funds	$	9,317,363
Interest		7,318,746
Total investment income		16,636,109
Expenses:
Advisory fees		13,121,535
Administrative services fees		228,494
Custodian fees		24,204
Distribution fees:
Class A		1,119,009
Class C		2,381,740
Class R		42,198
Transfer agent fees – A, C, R and Y		1,731,234
Transfer agent fees – R5		13,241
Transfer agent fees – R6		4,289
Trustees’ and officers’ fees and benefits		23,181
Registration and filing fees		69,442
Reports to shareholders		144,281
Professional services fees		57,452
Other		(7,998	)
Total expenses		18,952,302
Less: Fees waived and/or expense offset arrangement(s)		(788,446	)
Net expenses		18,163,856
Net investment income (loss)		(1,527,747	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		222,245
Foreign currencies		573,235
Futures contracts		(288,910,337	)
Swap agreements		(46,224,892	)
		(334,339,749	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(22,182,263	)
Foreign currencies		508,567
Futures contracts		111,933,184
Swap agreements		4,780,617
		95,040,105
Net realized and unrealized gain (loss)		(239,299,644	)
Net increase (decrease) in net assets resulting from operations	$	(240,827,391	)

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

12                         Invesco Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income (loss)		$ (1,527,747	)	$	33,117,030
Net realized gain (loss)		(334,339,749	)		157,800,714
Change in net unrealized appreciation		95,040,105			169,010,821
Net increase (decrease) in net assets resulting from operations		(240,827,391	)		359,928,565
Distributions to shareholders from distributable earnings:
Class A		(97,943,495	)		–
Class C		(51,537,199	)		–
Class R		(1,837,820	)		–
Class Y		(143,982,976	)		–
Class R5		(4,677,750	)		–
Class R6		(26,950,348	)		–
Total distributions from distributable earnings		(326,929,588	)		–
Share transactions–net:
Class A		2,065,578			(147,902,865	)
Class C		(22,970,650	)		(269,857,179	)
Class R		(261,452	)		(3,595,215	)
Class Y		(69,987,609	)		(446,642,961	)
Class R5		(20,363,736	)		(9,954,133	)
Class R6		20,914,241			(174,342,676	)
Net increase (decrease) in net assets resulting from share transactions		(90,603,628	)		(1,052,295,029	)
Net increase (decrease) in net assets		(658,360,607	)		(692,366,464	)
Net assets:
Beginning of period		3,246,630,956			3,938,997,420
End of period	$	2,588,270,349		$	3,246,630,956

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

13                         Invesco Balanced-Risk Allocation Fund

Consolidated Financial Highlights

(Unaudited)

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
Six months ended 04/30/20	$	11.33	$	(0.01	)	$	(0.79	)	$	(0.80	)	$	(0.67	)	$	(0.50	)	$	(1.17	)	$	9.36		(8.01	)%	$	800,289		1.25	%(d)		1.30	%(d)		(0.13	)%(d)		39	%
Year ended 10/31/19		10.21		0.10			1.02			1.12			–			–			–			11.33		10.97			968,345		1.24			1.29			0.95			11
Year ended 10/31/18		11.28		0.03			(0.40	)		(0.37	)		–			(0.70	)		(0.70	)		10.21		(3.57	)		1,016,131		1.21			1.27			0.32			116
Year ended 10/31/17		11.34		(0.05	)		0.87			0.82			(0.41	)		(0.47	)		(0.88	)		11.28		7.76			1,337,537		1.22			1.28			(0.49	)		12
Year ended 10/31/16		11.27		(0.10	)		0.88			0.78			(0.29	)		(0.42	)		(0.71	)		11.34		7.59			1,864,271		1.20			1.27			(0.89	)		96
Year ended 10/31/15		12.36		(0.14	)		(0.05	)		(0.19	)		(0.24	)		(0.66	)		(0.90	)		11.27		(1.64	)		2,371,657		1.21			1.26			(1.16	)		10
Class C
Six months ended 04/30/20		10.69		(0.04	)		(0.75	)		(0.79	)		(0.57	)		(0.50	)		(1.07	)		8.83		(8.32	)		412,865		2.00	(d)		2.05	(d)		(0.88	)(d)		39
Year ended 10/31/19		9.70		0.02			0.97			0.99			–			–			–			10.69		10.21			527,251		1.99			2.04			0.20			11
Year ended 10/31/18		10.83		(0.04	)		(0.39	)		(0.43	)		–			(0.70	)		(0.70	)		9.70		(4.31	)		735,308		1.96			2.02			(0.43	)		116
Year ended 10/31/17		10.90		(0.12	)		0.84			0.72			(0.32	)		(0.47	)		(0.79	)		10.83		7.05			1,051,038		1.97			2.03			(1.24	)		12
Year ended 10/31/16		10.85		(0.17	)		0.83			0.66			(0.19	)		(0.42	)		(0.61	)		10.90		6.67			1,278,218		1.95			2.02			(1.64	)		96
Year ended 10/31/15		11.91		(0.22	)		(0.04	)		(0.26	)		(0.14	)		(0.66	)		(0.80	)		10.85		(2.32	)		1,584,982		1.96			2.01			(1.91	)		10
Class R
Six months ended 04/30/20		11.10		(0.02	)		(0.77	)		(0.79	)		(0.64	)		(0.50	)		(1.14	)		9.17		(8.09	)		14,877		1.50	(d)		1.55	(d)		(0.38	)(d)		39
Year ended 10/31/19		10.02		0.07			1.01			1.08			–			–			–			11.10		10.78			18,343		1.49			1.54			0.70			11
Year ended 10/31/18		11.11		0.01			(0.40	)		(0.39	)		–			(0.70	)		(0.70	)		10.02		(3.82	)		19,989		1.46			1.52			0.07			116
Year ended 10/31/17		11.18		(0.07	)		0.85			0.78			(0.38	)		(0.47	)		(0.85	)		11.11		7.48			23,518		1.47			1.53			(0.74	)		12
Year ended 10/31/16		11.12		(0.12	)		0.86			0.74			(0.26	)		(0.42	)		(0.68	)		11.18		7.26			27,359		1.45			1.52			(1.14	)		96
Year ended 10/31/15		12.20		(0.16	)		(0.05	)		(0.21	)		(0.21	)		(0.66	)		(0.87	)		11.12		(1.86	)		25,690		1.46			1.51			(1.41	)		10
Class Y
Six months ended 04/30/20		11.55		0.01			(0.81	)		(0.80	)		(0.70	)		(0.50	)		(1.20	)		9.55		(7.87	)		1,112,595		1.00	(d)		1.05	(d)		0.12	(d)		39
Year ended 10/31/19		10.37		0.13			1.05			1.18			–			–			–			11.55		11.38			1,431,442		0.99			1.04			1.20			11
Year ended 10/31/18		11.43		0.06			(0.42	)		(0.36	)		–			(0.70	)		(0.70	)		10.37		(3.42	)		1,718,473		0.96			1.02			0.57			116
Year ended 10/31/17		11.47		(0.02	)		0.88			0.86			(0.43	)		(0.47	)		(0.90	)		11.43		8.15			2,147,497		0.97			1.03			(0.24	)		12
Year ended 10/31/16		11.41		(0.07	)		0.87			0.80			(0.32	)		(0.42	)		(0.74	)		11.47		7.75			1,755,257		0.95			1.02			(0.64	)		96
Year ended 10/31/15		12.51		(0.11	)		(0.05	)		(0.16	)		(0.28	)		(0.66	)		(0.94	)		11.41		(1.40	)		2,600,015		0.96			1.01			(0.91	)		10
Class R5
Six months ended 04/30/20		11.56		0.01			(0.81	)		(0.80	)		(0.71	)		(0.50	)		(1.21	)		9.55		(7.88	)		18,708		0.95	(d)		1.00	(d)		0.17	(d)		39
Year ended 10/31/19		10.38		0.14			1.04			1.18			–			–			–			11.56		11.37			45,497		0.92			0.97			1.27			11
Year ended 10/31/18		11.43		0.07			(0.42	)		(0.35	)		–			(0.70	)		(0.70	)		10.38		(3.34	)		50,691		0.92			0.98			0.61			116
Year ended 10/31/17		11.48		(0.01	)		0.87			0.86			(0.44	)		(0.47	)		(0.91	)		11.43		8.12			119,103		0.92			0.98			(0.19	)		12
Year ended 10/31/16		11.41		(0.06	)		0.88			0.82			(0.33	)		(0.42	)		(0.75	)		11.48		7.88			144,960		0.89			0.96			(0.58	)		96
Year ended 10/31/15		12.51		(0.10	)		(0.06	)		(0.16	)		(0.28	)		(0.66	)		(0.94	)		11.41		(1.39	)		158,826		0.93			0.98			(0.88	)		10
Class R6
Six months ended 04/30/20		11.59		0.01			(0.80	)		(0.79	)		(0.72	)		(0.50	)		(1.22	)		9.58		(7.81	)		228,937		0.87	(d)		0.92	(d)		0.25	(d)		39
Year ended 10/31/19		10.40		0.15			1.04			1.19			–			–			–			11.59		11.44			255,753		0.87			0.92			1.32			11
Year ended 10/31/18		11.44		0.07			(0.41	)		(0.34	)		–			(0.70	)		(0.70	)		10.40		(3.24	)		398,406		0.86			0.92			0.67			116
Year ended 10/31/17		11.49		(0.00	)		0.87			0.87			(0.45	)		(0.47	)		(0.92	)		11.44		8.20			320,060		0.85			0.91			(0.12	)		12
Year ended 10/31/16		11.43		(0.06	)		0.88			0.82			(0.34	)		(0.42	)		(0.76	)		11.49		7.93			286,944		0.82			0.89			(0.51	)		96
Year ended 10/31/15		12.53		(0.09	)		(0.05	)		(0.14	)		(0.30	)		(0.66	)		(0.96	)		11.43		(1.27	)		418,615		0.83			0.88			(0.78	)		10

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $900,030, $478,879, $16,972, $1,298,836, $34,853 and $249,815 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

14                         Invesco Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

April 30, 2020

(Unaudited)

NOTE 1 – Significant Accounting Policies

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

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund I Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

15                         Invesco Balanced-Risk Allocation Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

I. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign

16                         Invesco Balanced-Risk Allocation Fund

currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

M. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

N. Other Risks – The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in

17                         Invesco Balanced-Risk Allocation Fund

exchange-traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

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

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

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

P. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.89%.

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

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $781,577.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

18                         Invesco Balanced-Risk Allocation Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $57,403 in front-end sales commissions from the sale of Class A shares and $55 and $4,980 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–		$	843,164,252		$	–	$	843,164,252
Commodity-Linked Securities		–			112,890,163			–		112,890,163
Money Market Funds		1,441,822,952			–			–		1,441,822,952
Total Investments in Securities		1,441,822,952			956,054,415			–		2,397,877,367
Other Investments – Assets*
Futures Contracts		162,333,102			–			–		162,333,102
Swap Agreements		–			6,179,999			–		6,179,999
		162,333,102			6,179,999			–		168,513,101
Other Investments – Liabilities*
Futures Contracts		(26,722,592	)		–			–		(26,722,592	)
Swap Agreements		–			(1,938,642	)		–		(1,938,642	)
		(26,722,592	)		(1,938,642	)		–		(28,661,234	)
Total Other Investments		135,610,510			4,241,357			–		139,851,867
Total Investments	$	1,577,433,462		$	960,295,772		$	–	$	2,537,729,234

* 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.

19                         Invesco Balanced-Risk Allocation Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2020:

	Value
Derivative Assets	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)		$	12,343,020			$	84,008,486			$	65,981,596			$	162,333,102
Unrealized appreciation on swap agreements – OTC			6,179,999				-				-				6,179,999
Total Derivative Assets			18,523,019				84,008,486				65,981,596				168,513,101
Derivatives not subject to master netting agreements			(12,343,020	)			(84,008,486	)			(65,981,596	)			(162,333,102	)
Total Derivative Assets subject to master netting agreements		$	6,179,999			$	-			$	-			$	6,179,999
	Value
Derivative Liabilities	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)		$	(15,748,248	)		$	-			$	(10,974,344	)		$	(26,722,592	)
Unrealized depreciation on swap agreements – OTC			(1,938,642	)			-				-				(1,938,642	)
Total Derivative Liabilities			(17,686,890	)			-				(10,974,344	)			(28,661,234	)
Derivatives not subject to master netting agreements			15,748,248				-				10,974,344				26,722,592
Total Derivative Liabilities subject to master netting agreements		$	(1,938,642	)		$	-			$	-			$	(1,938,642	)

^(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 April 30, 2020.

	Financial Derivative Assets			Financial Derivative Liabilities				Net Value of Derivatives				Collateral (Received)/Pledged
Counterparty	Swap Agreements			Swap Agreements								Non-Cash			Cash				Net Amount(a)
Barclays Bank PLC		$	439,910		$	(4,539	)		$	435,371			$	-		$	-			$	435,371
Canadian Imperial Bank of Commerce			1,294,756			(7,228	)			1,287,528				-			-				1,287,528
Cargill, Inc.			3,512,100			(356,951	)			3,155,149				-			(3,155,149	)			-
JPMorgan Chase Bank, N.A.			933,233			(1,001,577	)			(68,344	)			-			68,344				-
Macquarie Bank Ltd.			-			(32,784	)			(32,784	)			-			-				(32,784	)
Merrill Lynch International			4,167,494			(7,849	)			4,159,645				-			(1,230,000	)			2,929,645
Morgan Stanley Capital Services LLC			-			(565,679	)			(565,679	)			-			310,000				(255,679	)
Total			10,347,493			(1,976,607	)			8,370,886				-			(4,006,805	)			4,364,081

^(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 six months ended April 30, 2020

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk				Equity Risk				Interest Rate Risk			Total
Realized Gain (Loss):
Futures contracts		$	(131,277,354	)		$	(196,602,397	)		$	38,969,414		$	(288,910,337	)
Swap agreements			(46,224,892	)			-				-			(46,224,892	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			(7,177,935	)			46,255,914				72,855,205			111,933,184
Swap agreements			4,780,617				-				-			4,780,617
Total		$	(179,899,564	)		$	(150,346,483	)		$	111,824,619		$	(218,421,428	)

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

	Futures Contracts			Swap Agreements
Average notional value		$	3,550,586,488		$	432,132,541

20                         Invesco Balanced-Risk Allocation Fund

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,869.

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–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 9–Investment Transactions

The aggregate amount of long-term U.S. government obligations (other than short-term securities and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $349,999,999 and $757,244,699, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$163,273,853
Aggregate unrealized (depreciation) of investments	(39,771,072	)
Net unrealized appreciation of investments	$123,502,781

Cost of investments for tax purposes is $2,414,226,453.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)							Year ended October 31, 2019
	Shares			Amount				Shares			Amount
Sold:
Class A		4,049,636			$	41,144,552			6,542,249			$	70,479,107
Class C		1,067,862				10,261,044			2,368,989				24,050,794
Class R		142,845				1,416,338			338,167				3,590,054
Class Y		11,088,052				114,651,274			23,246,799				252,902,159
Class R5		154,472				1,573,831			517,017				5,688,405
Class R6		1,926,599				19,831,712			1,948,378				21,094,666
Issued as reinvestment of dividends:
Class A		8,746,241				90,261,202			-				-
Class C		4,751,227				46,324,464			-				-
Class R		180,893				1,828,830			-				-
Class Y		10,721,775				112,685,854			-				-
Class R5		443,344				4,659,542			-				-
Class R6		2,471,900				26,053,833			-				-
Automatic conversion of Class C shares to Class A shares:
Class A		980,519				9,835,606			7,625,875				84,007,106
Class C		(1,039,052	)			(9,835,606	)		(8,067,836	)			(84,007,106	)

21                         Invesco Balanced-Risk Allocation Fund

	Summary of Share Activity
	Six months ended April 30, 2020(a)							Year ended October 31, 2019
	Shares			Amount				Shares			Amount
Reacquired:
Class A		(13,748,550	)		$	(139,175,782	)		(28,294,281	)		$	(302,389,078	)
Class C		(7,327,919	)			(69,720,552	)		(20,799,122	)			(209,900,867	)
Class R		(353,232	)			(3,506,620	)		(680,615	)			(7,185,269	)
Class Y		(29,200,031	)			(297,324,737	)		(64,961,722	)			(699,545,120	)
Class R5		(2,573,774	)			(26,597,109	)		(1,466,700	)			(15,642,538	)
Class R6		(2,560,289	)			(24,971,304	)		(18,198,165	)			(195,437,342	)
Net increase (decrease) in share activity		(10,077,482	)		$	(90,603,628	)		(99,880,967	)		$	(1,052,295,029	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

22                         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 November 1, 2019 through April 30, 2020.

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.

	Beginning Account Value (11/01/19)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/20)1		Expenses Paid During Period2		Ending Account Value (04/30/20)		Expenses Paid During Period2
Class A	$	1,000.00	$	919.90	$	5.97	$	1,018.65	$	6.27		1.25	%
Class C		1,000.00		916.80		9.53		1,014.92		10.02		2.00
Class R		1,000.00		919.10		7.16		1,017.40		7.52		1.50
Class Y		1,000.00		921.30		4.78		1,019.89		5.02		1.00
Class R5		1,000.00		921.20		4.54		1,020.14		4.77		0.95
Class R6		1,000.00		921.90		4.16		1,020.54		4.37		0.87

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

23                         Invesco Balanced-Risk Allocation Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-05426 and 033-19338                                  Invesco Distributors, Inc.                                                                                      IBRA-SAR-1                            

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Balanced-Risk Commodity Strategy Fund
	Nasdaq:
	A: BRCAX  ∎  C: BRCCX  ∎  R: BRCRX  ∎  Y: BRCYX  ∎  R5: BRCNX  ∎  R6: IBRFX

	2	Letters to Shareholders
	3	Fund Performance
	5	Liquidity Risk Management Program
	6	Consolidated Schedule of Investments
	13	Consolidated Financial Statements
	16	Consolidated Financial Highlights
	17	Notes to Consolidated Financial Statements
	25	Fund Expenses
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. 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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.      We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

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

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

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Balanced-Risk Commodity Strategy Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–22.14	%
Class C Shares	–22.62
Class R Shares	–22.35
Class Y Shares	–22.24
Class R5 Shares	–22.02
Class R6 Shares	–22.10
Bloomberg Commodity Indexq (Broad Market/Style-Specific Index)	–22.70
Source(s):q RIMES Technologies Corp.
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Balanced-Risk Commodity Strategy Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (11/30/10)	-7.57	%
5 Years	-8.60
1 Year	-29.09
Class C Shares
Inception (11/30/10)	-7.72	%
5 Years	-8.28
1 Year	-26.28
Class R Shares
Inception (11/30/10)	-7.22	%
5 Years	-7.81
1 Year	-25.16
Class Y Shares
Inception (11/30/10)	-6.77	%
5 Years	-7.37
1 Year	-24.84
Class R5 Shares
Inception (11/30/10)	-6.70	%
5 Years	-7.25
1 Year	-24.73
Class R6 Shares
Inception	-6.74	%
5 Years	-7.21
1 Year	-24.69

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

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

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

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

    Fund performance reflects any applicable fee waivers and/or expense

reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Balanced-Risk Commodity Strategy Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                         Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Schedule of Investments

April 30, 2020

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities–28.85%
U.S. Treasury Bills–9.52%(a)
U.S. Treasury Bills		1.57	%		06/04/2020	$	36,500	$	36,447,344
U.S. Treasury Bills		1.57	%		06/11/2020		36,500		36,436,149
									72,883,493
U.S. Treasury Notes–19.33%(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)		0.15	%		07/31/2020		49,000		49,005,322
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)		0.26	%		01/31/2022		49,000		49,073,057
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)		0.22	%		04/30/2022		50,000		50,010,331
									148,088,710
Total U.S. Treasury Securities (Cost $220,883,493)									220,972,203
				Expiration Date
Commodity-Linked Securities–5.08%
Barclays Bank PLC (United Kingdom), U.S. Federal Funds Effective Rate minus 0.06% (linked to the Barclays Diversified Energy-Metals Total Return Index, multiplied by 3) (c)(d)					04/23/2021		17,350		16,831,786
Canadian Imperial Bank of Commerce (Canada), U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 27 Excess Return Index)(c)(e)					05/17/2021		25,000		22,060,877
Total Commodity-Linked Securities (Cost $42,350,000)									38,892,663
						Shares
Money Market Funds–54.67%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(f)(g)							117,116,574		117,116,574
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(f)(g)							83,823,292		83,873,586
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.73%(f)(g)							83,893,226		83,893,226
Invesco Treasury Portfolio, Institutional Class, 0.10%(f)(g)							133,847,513		133,847,513
Total Money Market Funds (Cost $418,667,660)									418,730,899
TOTAL INVESTMENTS IN SECURITIES–88.60% (Cost $681,901,153)									678,595,765
OTHER ASSETS LESS LIABILITIES–11.40%									87,288,172
NET ASSETS–100.00%								$	765,883,937

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 April 30, 2020.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $38,892,663, which represented 5.08% of the Fund’s Net Assets.

^(d)  Barclays Diversified Energy-Metals Total Return Index - a basket of indices that provide exposure to various components of the energy and metals markets. The underlying commodities comprising the indices are: Brent Crude Oil, Copper, Gasoil, Gold, Silver, Unleaded Gasoline, and WTI Crude Oil.

^(e)  Canadian Imperial Bank of Commerce Custom 27 Excess Return Index - a basket of indices that provide exposure to various components of energy and metals markets. The underlying commodities comprising the indices are: Brent Crude Oil, British Gas Oil, Gold, LME Copper, Silver, Unleaded Gasoline and WTI Crude Oil

^(f)  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 six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	177,507,383	$	123,855,050	$	(184,245,859	)	$	-	$	-	$	117,116,574	$	950,216
Invesco Liquid Assets Portfolio, Institutional Class		99,938,556		80,632,293		(96,734,618	)		36,424		931		83,873,586		671,817
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		62,093,827		485,512,894		(463,713,495	)		-		-		83,893,226		429,451
Invesco Treasury Portfolio, Institutional Class		159,833,580		128,977,200		(154,963,267	)		-		-		133,847,513		862,539
Total	$	499,373,346	$	818,977,437	$	(899,657,239	)	$	36,424	$	931	$	418,730,899	$	2,914,023

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

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

6                         Invesco Balanced-Risk Commodity Strategy Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Coffee ’C’		386		July-2020		$15,386,925		$(2,061,831	)		$(2,061,831	)
Corn		695		July-2020		11,120,000		(2,614,258	)		(2,614,258	)
Cotton No. 2		1,155		December-2020		34,026,300		(5,029,728	)		(5,029,728	)
Gasoline Reformulated Blendstock Oxygenate Blending		1,143		May-2020		37,622,302		6,560,779			6,560,779
Gold		411		June-2020		69,631,620		1,800,081			1,800,081
Soybeans		1,116		July-2020		47,722,950		(6,270,440	)		(6,270,440	)
Wheat		559		July-2020		14,652,788		(653,140	)		(653,140	)
Total Futures Contracts								$(8,268,537	)		$(8,268,537	)

(a)   Futures contracts collateralized by $36,450,000 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 Cocoa Roll Yield Excess Return Index		0.43	%		Monthly		322,000		February–2021		$ 40,225,560	$–		$ 2,738,545		$ 2,738,545
Canadian Imperial Bank of Commerce	Pay	CIBC Soybean Oil Excess Return Index		0.09			Monthly		147,700		December–2020		29,209,262	–		717,664		717,664
Canadian Imperial Bank of Commerce	Receive	CIBC Dynamic Roll LME Copper Excess Return Index 2		0.30			Monthly		883,000		April–2021		54,469,003	–		1,783,572		1,783,572
Cargill, Inc.	Receive	Single Commodity Excess Return Index		0.12			Monthly		9,050		December–2020		9,419,674	–		575,806		575,806
Goldman Sachs International	Receive	Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return Index		0.37			Monthly		137,000		March–2021		17,487,927	–		234,859		234,859
Goldman Sachs International	Receive	Enhanced Strategy AB31 on the S&P GSCI Cotton Excess Return Index		0.45			Monthly		612,000		September–2020		18,297,239	–		1,316,338		1,316,338
JPMorgan Chase Bank, N.A	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25			Monthly		147,700		April–2021		15,029,435	–		806,073		806,073
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Aluminium type A Excess Return Index		0.14			Monthly		928,000		December–2020		39,589,594	–		388,090		388,090
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Nickel type A		0.17			Monthly		93,500		February–2021		7,336,113	–		33,566		33,566
Merrill Lynch International	Pay	MLCIAPLH Excess Return Index		0.00			Monthly		1,950,000		December–2020		9,013,290	–		0		0
Merrill Lynch International	Pay	MLCX2CCER Excess Return Index		0.00			Monthly		137,000		January–2021		7,559,194	–		0		0
Merrill Lynch International	Pay	MLCX2KCE Excess Return Index		0.00			Monthly		620,000		December–2020		4,350,602	–		0		0
Merrill Lynch International	Pay	MLCX2LCER Excess Return Index		0.00			Monthly		27,000		February–2021		1,463,797	–		0		0
Merrill Lynch International	Receive	Merrill Lynch Gold Excess Return Index		0.14			Monthly		111,900		June–2020		22,688,430	–		0		0
Merrill Lynch International	Receive	Merrill Lynch Soybean Meal Index		0.30			Monthly		39,050		June–2020		21,949,989	–		0		0
See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7                         Invesco Balanced-Risk Commodity Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive	Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Merrill Lynch International	Receive	MLCI3LNE Excess Return Index		0.18	%		Monthly		134,000		December–2020		$ 31,267,908	$–	$	0		$	0
Merrill Lynch International	Receive	MLCX Dynamic Enhanced Copper Excess Return Index		0.25			Monthly		78,100		September–2020		38,140,588	–		0			0
Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25			Monthly		192,000		November–2020		8,633,875	–		0			0
Morgan Stanley Capital Services LLC	Pay	Morgan Stanley MSCY2CN0 Index		0.05			Monthly		110,900		December–2020		24,890,163	–		476,826			476,826
Morgan Stanley Capital Services LLC	Receive	MS Soybean Oil Dynamic Roll Index		0.30			Monthly		67,500		April–2021		7,282,737	–		258,930			258,930
Royal Bank of Canada	Receive	RBC Enhanced Brent Crude Oil 01 Excess Return Index		0.35			Monthly		185,800		March–2021		31,625,705	–		0			0
Subtotal – Appreciation														–		9,330,269			9,330,269
Commodity Risk
Barclays Bank PLC	Receive	Barclays Heating Oil Roll Yield Excess Return Index		0.37			Monthly		129,200		March–2021		16,083,514	–		(1,736,539	)		(1,736,539	)
Barclays Bank PLC	Receive	Barclays Soybean Meal S2 Nearby Excess Return Index		0.30			Monthly		7,000		January–2021		5,438,839	–		(27,506	)		(27,506	)
Barclays Bank PLC	Receive	Barclays Soybean Meal Seasonal Excess Return Index		0.52			Monthly		9,150		April–2021		8,085,630	–		(40,892	)		(40,892	)
Barclays Bank PLC	Receive	Barclays Wheat Seasonal Index Excess Return Index		0.33			Monthly		870,000		February–2021		16,818,579	–		(505,644	)		(505,644	)
Barclays Bank PLC	Receive	Barclays WTI Crude Roll Yield Excess Return Index		0.35			Monthly		55,100		March–2021		9,106,471	–		(1,031,318	)		(1,031,318	)
Canadian Imperial Bank of Commerce	Pay	CIBC Natural Gas Standard Roll Excess Return Index		0.10			Monthly		258,000		August—2020		9,352,010	–		(321,004	)		(321,004	)
Goldman Sachs International	Receive	S&P GSCI Soybean Meal Excess Return Index		0.42			Monthly		25,700		June–2020		22,229,431	–		(290,469	)		(290,469	)
JPMorgan Chase Bank, N.A	Receive	S&P GSCI Gold Index Excess Return		0.09			Monthly		175,400		October–2020		23,282,877	–		(590,694	)		(590,694	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Crude Oil (WTI) type A Excess Return Index		0.06			Monthly		288,000		March–2021		2,097,878	–		(437,443	)		(437,443	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Heating Oil type A Excess Return Index		0.06			Monthly		72,000		July–2020		2,336,983	–		(336,744	)		(336,744	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Unleaded Gasoline type A Excess Return Index		0.43			Monthly		116,000		April–2021		3,807,306	–		(500,702	)		(500,702	)
Macquarie Bank Ltd.	Pay	Macquarie Single Commodity Zinc type A Excess Return Index		0.12			Monthly		97,000		December–2020		11,929,118	–		(216,155	)		(216,155	)
Macquarie Bank Ltd.	Receive	Macquarie Aluminium Dynamic Selection Index		0.30			Monthly		1,142,000		December–2020		42,210,947	–		(428,935	)		(428,935	)

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

8                         Invesco Balanced-Risk Commodity Strategy Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive		Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)	Value			Unrealized Appreciation (Depreciation)
Macquarie Bank Ltd.		Receive	Macquarie Single Commodity Brent Crude Oil type A Excess Return Index		0.08	%		Monthly		73,500		April–2021		$2,846,449	$–		$   (420,736	)		$   (420,736	)
Macquarie Bank Ltd.		Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16			Monthly		130,800		March–2021		21,516,391	–		(516,137	)		(516,137	)
Macquarie Bank Ltd.		Receive	Macquarie Single Commodity Silver type A Excess Return Index		0.16			Monthly		247,200		December–2020		40,664,004	–		(975,451	)		(975,451	)
Merrill Lynch International		Receive	MLCI3LXE Excess Return Index		0.18			Monthly		54,200		April–2021		6,248,431	–		(26,406	)		(26,406	)
Morgan Stanley Capital Services LLC		Pay	Morgan Stanley MSCY2KW0 Index		0.05			Monthly		17,200		December–2020		2,916,680	–		(68,826	)		(68,826	)
Morgan Stanley Capital Services LLC		Pay	Morgan Stanley MSCY2SY0 Index		0.05			Monthly		15,400		December–2020		4,992,731	–		(56,082	)		(56,082	)
Subtotal – Depreciation															–		(8,527,683	)		(8,527,683	)
Total – Total Return Swap Agreements															$–		$    802,586			$    802,586

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $41,589,780.

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

^(c)  The 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 Cocoa Roll Yield Excess Return Index
	Long Futures Contracts
	Cocoa		100.00%
CIBC Dynamic Roll LME Copper Excess Return Index 2
	Long Futures Contracts
	Copper		100.00%
CIBC Soybean Oil Excess Return Index
	Long Futures Contracts
	Soybean Oil		100.00%
Single Commodity Excess Return Index
	Long Futures Contracts
	Gold		100.00%
Enhanced Strategy AB141 on the S&P GSCI Sugar Excess Return 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%
J.P. Morgan Contag Beta Gas Oil Excess Return Index
	Long Futures Contracts
	Gas Oil		100.00%

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

9                         Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Macquarie Single Commodity Nickel type A Excess Return Index
	Long Futures Contracts
	Nickel		100.00%
Macquarie Single Commodity Aluminum type A Excess Return Index
	Long Futures Contracts
	Aluminum		100.00%
MLCX2LCER Excess Return Index
	Long Futures Contracts
	Live Cattle		100.00%
MLCIAPLH Excess Return Index
	Long Futures Contracts
	Lean Hogs		100.00%
MLCX2CCER Excess Return Index
	Long Futures Contracts
	Cocoa		100.00%
MLCX2KCE Excess Return Index
	Long Futures Contracts
	Coffee		100.00%
Merrill Lynch Gold Excess Return Index
	Long Futures Contracts
	Gold		100.00%
Merrill Lynch Soybean Meal Excess Return Index
	Long Futures Contracts
	Soybean Meal		100.00%
MLCI3LNE Excess Return Index
	Long Futures Contracts
	Nickel		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%
Morgan Stanley MSCY2CN0 Index
	Long Futures Contracts
	Corn		100.00%
MS Soybean Oil Dynamic Roll Excess Return Index
	Long Futures Contracts
	Soybean Oil		100.00%

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

10                         Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
RBC Enhanced Brent Crude Oil 01 Excess Return Index
	Long Futures Contracts
	Brent Crude		100.00%
Barclays Soybean Meal Seasonal Excess Return Index
	Long Futures Contracts
	Soybean Meal		100.00%
Barclays Wheat Seasonal Excess Return Index
	Long Futures Contracts
	Wheat		100.00%
Barclays WTI Crude Roll Yield Excess Return Index
	Long Futures Contracts
	WTI Crude		100.00%
Barclays Heating Oil Roll Yield Excess Return Index
	Long Futures Contracts
	Heating Oil		100.00%
Barclays Soybean Meal S2 Nearby Excess Return Index
	Long Futures Contracts
	Soybean Meal		100.00%
CIBC Natural Gas Standard Roll Excess Return Index
	Long Futures Contracts
	Natural Gas		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%
Macquarie Single Commodity Crude Oil (WTI) type A Excess Return Index
	Long Futures Contracts
	WTI Crude		100.00%
Macquarie Single Commodity Unleaded Gasoline type A Excess Return Index
	Long Futures Contracts
	Unleaded Gasoline		100.00%
Macquarie Single Commodity Heating Oil type A Excess Return Index
	Long Futures Contracts
	Heating Oil		100.00%
Macquarie Single Commodity Zinc type A Excess Return Index
	Long Futures Contracts
	Zinc		100.00%

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

11                         Invesco Balanced-Risk Commodity Strategy Fund

Reference Entity Components–(continued)
Reference Entity	Underlying Components	Percentage
Macquarie Single Commodity Brent Crude Oil type A Excess Return Index
	Long Futures Contracts
	Brent Crude		100.00%
Macquarie Aluminum Dynamic Selection Index
	Long Futures Contracts
	Aluminum		100.00%
Macquarie Single Commodity Silver type A Excess Return Index
	Long Futures Contracts
	Silver		100.00%
MLCI3LXE Excess Return Index
	Long Futures Contracts
	Zinc		100.00%
Morgan Stanley MSCY2KW0 Index
	Long Futures Contracts
	Kansas Wheat		100.00%
Morgan Stanley MSCY2SY0 Index
	Long Futures Contracts
	Soybean		100.00%

Target Risk Allocation and Notional Asset Weights as of April 30, 2020

By asset class

Asset Class	Target Risk Allocation*			Notional Asset Weights**
Agriculture		27.47	%		29.29	%
Energy		27.15			17.83
Industrial Metals		19.25			16.20
Precious Metals		26.13			27.31
Total		100.00			90.63

* 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 Allocations. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

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

12                         Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 263,233,493)	$   259,864,866
Investments in affiliated money market funds, at value (Cost $ 418,667,660)	418,730,899
Other investments:
Variation margin receivable – futures contracts	2,294,193
Swaps receivable – OTC	6,650,875
Unrealized appreciation on swap agreements – OTC	9,330,269
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	36,450,000
Cash collateral – OTC Derivatives	41,589,780
Cash	52,672,427
Receivable for:
Fund shares sold	1,251,067
Fund expenses absorbed	146,900
Dividends	149,834
Interest	977
Investment for trustee deferred compensation and retirement plans	74,138
Other assets	60,719
Total assets	829,266,944
Liabilities:
Other investments:
Swaps payable – OTC	3,239,161
Unrealized depreciation on swap agreements–OTC	8,527,683
Payable for:
Investments purchased	50,000,000
Fund shares reacquired	1,025,860
Accrued fees to affiliates	18,812
Accrued trustees’ and officers’ fees and benefits	1,065
Accrued other operating expenses	441,509
Trustee deferred compensation and retirement plans	128,917
Total liabilities	63,383,007
Net assets applicable to shares outstanding	$   765,883,937

Net assets consist of:
Shares of beneficial interest	$	1,019,188,475
Distributable earnings (loss)		(253,304,538	)
	$	765,883,937
Net Assets:
Class A	$	16,271,449
Class C	$	3,810,485
Class R	$	1,142,095
Class Y	$	551,418,505
Class R5	$	121,271,587
Class R6	$	71,969,816
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,392,926
Class C		846,146
Class R		242,262
Class Y		112,426,381
Class R5		24,621,988
Class R6		14,580,909
Class A:
Net asset value per share	$	4.80
Maximum offering price per share
(Net asset value of $4.80 ÷ 94.50%)	$	5.08
Class C:
Net asset value and offering price per share	$	4.50
Class R:
Net asset value and offering price per share	$	4.71
Class Y:
Net asset value and offering price per share	$	4.90
Class R5:
Net asset value and offering price per share	$	4.93
Class R6:
Net asset value and offering price per share	$	4.94

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 Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends from affiliated money market funds	$	2,914,023
Interest		2,753,503
Total investment income		5,667,526
Expenses:
Advisory fees		4,646,107
Administrative services fees		75,176
Custodian fees		11,926
Distribution fees:
Class A		26,492
Class C		24,739
Class R		3,247
Transfer agent fees – A, C, R and Y		920,208
Transfer agent fees – R5		66,250
Transfer agent fees – R6		2,519
Trustees’ and officers’ fees and benefits		13,777
Registration and filing fees		50,975
Reports to shareholders		210,734
Professional services fees		41,743
Other		(477	)
Total expenses		6,093,416
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,203,952	)
Net expenses		4,889,464
Net investment income		778,062
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(41,779,752	)
Futures contracts		(43,425,359	)
Swap agreements		(125,053,958	)
		(210,259,069	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(7,251,368	)
Futures contracts		(2,785,382	)
Swap agreements		43,219
		(9,993,531	)
Net realized and unrealized gain (loss)		(220,252,600	)
Net increase (decrease) in net assets resulting from operations	$	(219,474,538	)

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 Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	778,062		$	14,041,754
Net realized gain (loss)		(210,259,069	)		(113,466,192	)
Change in net unrealized appreciation (depreciation)		(9,993,531	)		32,021,361
Net increase (decrease) in net assets resulting from operations		(219,474,538	)		(67,403,077	)
Distributions to shareholders from distributable earnings:
Class A		(211,528	)		(53,472	)
Class C		(51,760	)		(4,110	)
Class R		(12,431	)		(1,974	)
Class Y		(6,489,285	)		(2,935,782	)
Class R5		(1,288,903	)		(420,321	)
Class R6		(1,001,608	)		(62,452	)
Total distributions from distributable earnings		(9,055,515	)		(3,478,111	)
Share transactions–net:
Class A		(3,159,232	)		(8,473,110	)
Class C		(1,079,809	)		(3,045,567	)
Class R		65,902			(146,832	)
Class Y		(8,829,489	)		(537,217,082	)
Class R5		14,173,979			(20,716,649	)
Class R6		(25,537,731	)		98,657,293
Net increase (decrease) in net assets resulting from share transactions		(24,366,380	)		(470,941,947	)
Net increase (decrease) in net assets		(252,896,433	)		(541,823,135	)
Net assets:
Beginning of period		1,018,780,370			1,560,603,505
End of period	$	765,883,937		$	1,018,780,370

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

15                         Invesco Balanced-Risk Commodity Strategy Fund

Consolidated Financial Highlights

(Unaudited)

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
Six months ended 04/30/20	$	6.22	$	(0.00	)	$	(1.36	)	$	(1.36	)	$	(0.06	)	$	–		$	(0.06	)	$	4.80		(22.14	)%	$	16,271		1.32	%(d)		1.63	%(d)		(0.08	)%(d)		125	%
Year ended 10/31/19		6.50		0.05			0.32			(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.22		(4.15	)		24,633		1.31	(e)		1.58	(e)		0.79	(e)		9
Year ended 10/31/18		6.70		0.01			(0.21	)		(0.20	)		–			–			–			6.50		(2.98	)		34,543		1.42			1.51			0.14			96
Year ended 10/31/17		6.84		(0.05	)		0.08			0.03			(0.17	)		–			(0.17	)		6.70		0.47			56,532		1.49			1.56			(0.78	)		10
Year ended 10/31/16		6.54		(0.07	)		0.37			0.30			–			–			–			6.84		4.59			40,844		1.47			1.56			(1.11	)		98
Year ended 10/31/15		8.04		(0.10	)		(1.40	)		(1.50	)		–			–			–			6.54		(18.66	)		34,892		1.55			1.59			(1.47	)		17
Class C
Six months ended 04/30/20		5.87		(0.02	)		(1.30	)		(1.32	)		(0.05	)		–			(0.05	)		4.50		(22.62	)		3,810		2.07	(d)		2.38	(d)		(0.83	)(d)		125
Year ended 10/31/19		6.16		0.00			(0.29	)		(0.29	)		(0.00	)		(0.00	)		(0.00	)		5.87		(4.66	)		6,083		2.06	(e)		2.33	(e)		0.04	(e)		9
Year ended 10/31/18		6.40		(0.04	)		(0.20	)		(0.24	)		–			–			–			6.16		(3.75	)		9,555		2.17			2.26			(0.61	)		96
Year ended 10/31/17		6.57		(0.10	)		0.08			(0.02	)		(0.15	)		–			(0.15	)		6.40		(0.34	)		7,086		2.24			2.31			(1.53	)		10
Year ended 10/31/16		6.33		(0.12	)		0.36			0.24			–			–			–			6.57		3.79			5,915		2.22			2.31			(1.86	)		98
Year ended 10/31/15		7.84		(0.15	)		(1.36	)		(1.51	)		–			–			–			6.33		(19.26	)		2,544		2.30			2.34			(2.22	)		17
Class R
Six months ended 04/30/20		6.12		(0.01	)		(1.35	)		(1.36	)		(0.05	)		–			(0.05	)		4.71		(22.35	)		1,142		1.57	(d)		1.88	(d)		(0.33	)(d)		125
Year ended 10/31/19		6.40		0.03			(0.27	)		(0.27	)		(0.01	)		(0.00	)		(0.01	)		6.12		(4.25	)		1,404		1.56	(e)		1.83	(e)		0.54	(e)		9
Year ended 10/31/18		6.62		(0.01	)		(0.21	)		(0.22	)		–			–			–			6.40		(3.32	)		1,622		1.67			1.76			(0.11	)		96
Year ended 10/31/17		6.76		(0.07	)		0.09			0.02			(0.16	)		–			(0.16	)		6.62		0.35			1,683		1.74			1.81			(1.03	)		10
Year ended 10/31/16		6.48		(0.09	)		0.37			0.28			–			–			–			6.76		4.32			782		1.72			1.81			(1.36	)		98
Year ended 10/31/15		7.99		(0.12	)		(1.39	)		(1.51	)		–			–			–			6.48		(18.90	)		363		1.80			1.84			(1.72	)		17
Class Y
Six months ended 04/30/20		6.36		0.01			(1.41	)		(1.40	)		(0.06	)		–			(0.06	)		4.90		(22.24	)		551,419		1.07	(d)		1.38	(d)		0.17	(d)		125
Year ended 10/31/19		6.63		0.07			(0.33	)		(0.26	)		(0.01	)		(0.00	)		(0.01	)		6.36		(3.84	)		726,446		1.06	(e)		1.33	(e)		1.04	(e)		9
Year ended 10/31/18		6.82		0.03			(0.22	)		(0.19	)		(0.00	)		–			(0.00	)		6.63		(2.77	)		1,327,952		1.17			1.26			0.39			96
Year ended 10/31/17		6.95		(0.04	)		0.10			0.06			(0.19	)		–			(0.19	)		6.82		0.80			577,236		1.24			1.31			(0.53	)		10
Year ended 10/31/16		6.63		(0.06	)		0.38			0.32			–			–			–			6.95		4.83			574,878		1.22			1.31			(0.86	)		98
Year ended 10/31/15		8.13		(0.09	)		(1.41	)		(1.50	)		–			–			–			6.63		(18.45	)		217,528		1.30			1.34			(1.22	)		17
Class R5
Six months ended 04/30/20		6.38		0.01			(1.40	)		(1.39	)		(0.06	)		–			(0.06	)		4.93		(22.02	)		121,272		1.07	(d)		1.21	(d)		0.17	(d)		125
Year ended 10/31/19		6.65		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.38		(3.79	)		140,393		1.06	(e)		1.17	(e)		1.04	(e)		9
Year ended 10/31/18		6.84		0.03			(0.22	)		(0.19	)		(0.00	)		–			(0.00	)		6.65		(2.74	)		167,687		1.11			1.19			0.45			96
Year ended 10/31/17		6.97		(0.03	)		0.09			0.06			(0.19	)		–			(0.19	)		6.84		0.83			205,568		1.16			1.23			(0.45	)		10
Year ended 10/31/16		6.64		(0.05	)		0.38			0.33			–			–			–			6.97		4.97			195,777		1.13			1.22			(0.77	)		98
Year ended 10/31/15		8.13		(0.08	)		(1.41	)		(1.49	)		–			–			–			6.64		(18.33	)		259,674		1.15			1.19			(1.07	)		17
Class R6
Six months ended 04/30/20		6.40		0.01			(1.41	)		(1.40	)		(0.06	)		–			(0.06	)		4.94		(22.10	)		71,970		1.07	(d)		1.12	(d)		0.17	(d)		125
Year ended 10/31/19		6.67		0.07			(0.32	)		(0.25	)		(0.02	)		(0.00	)		(0.02	)		6.40		(3.72	)		119,820		1.01	(e)		1.08	(e)		1.09	(e)		9
Year ended 10/31/18		6.86		0.04			(0.23	)		(0.19	)		(0.00	)		–			(0.00	)		6.67		(2.72	)		19,244		1.01			1.09			0.55			96
Year ended 10/31/17		6.98		(0.02	)		0.09			0.07			(0.19	)		–			(0.19	)		6.86		1.04			12,293		1.08			1.15			(0.37	)		10
Year ended 10/31/16		6.65		(0.04	)		0.37			0.33			–			–			–			6.98		4.96			1,971		1.03			1.12			(0.67	)		98
Year ended 10/31/15		8.13		(0.07	)		(1.41	)		(1.48	)		–			–			–			6.65		(18.20	)		117,504		1.05			1.09			(0.97	)		17

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $21,301, $4,973, $1,305, $658,485, $133,159 and $96,354 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

Notes to Consolidated Financial Statements

April 30, 2020

(Unaudited)

NOTE 1– Significant Accounting Policies

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

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund III Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

17                         Invesco Balanced-Risk Commodity Strategy Fund

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

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

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

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

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

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

I. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

J. Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the

18                         Invesco Balanced-Risk Commodity Strategy Fund

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

K. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

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

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

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

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

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

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

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

N. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

19                         Invesco Balanced-Risk Commodity Strategy Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		1.050%
Next $250 million		1.025%
Next $500 million		1.000%
Next $1.5 billion		0.975%
Next $2.5 billion		0.950%
Next $2.5 billion		0.925%
Next $2.5 billion		0.900%
Over $10 billion		0.875%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 1.02%.

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

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

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 2.15%, 1.65%, 1.15%, 1.15% and 1.15%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $249,115 and reimbursed class level expenses of $27,746, $6,481, $1,699, $857,124, $61,429 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into 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 six months ended April 30, 2020, 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $711 in front-end sales commissions from the sale of Class A shares and $0 and $327 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

20                         Invesco Balanced-Risk Commodity Strategy Fund

market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Securities	$	–		$	220,972,203		$	–	$	220,972,203
Commodity-Linked Securities		–			38,892,663			–		38,892,663
Money Market Funds		418,730,899			–			–		418,730,899
Total Investments in Securities		418,730,899			259,864,866			–		678,595,765
Other Investments – Assets*
Futures Contracts		8,360,860			–			–		8,360,860
Swap Agreements		–			9,330,269			–		9,330,269
		8,360,860			9,330,269			–		17,691,129
Other Investments – Liabilities*
Futures Contracts		(16,629,397	)		–			–		(16,629,397	)
Swap Agreements		–			(8,527,683	)		–		(8,527,683	)
		(16,629,397	)		(8,527,683	)		–		(25,157,080	)
Total Other Investments		(8,268,537	)		802,586			–		(7,465,951	)
Total Investments	$	410,462,362		$	260,667,452		$	–	$	671,129,814

* 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 April 30, 2020:

	Value
Derivative Assets	Commodity Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	8,360,860
Unrealized appreciation on swap agreements – OTC		9,330,269
Total Derivative Assets		17,691,129
Derivatives not subject to master netting agreements		(8,360,860	)
Total Derivative Assets subject to master netting agreements	$	9,330,269
	Value
Derivative Liabilities	Commodity Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(16,629,397	)
Unrealized depreciation on swap agreements – OTC		(8,527,683	)
Total Derivative Liabilities		(25,157,080	)
Derivatives not subject to master netting agreements		16,629,397
Total Derivative Liabilities subject to master netting agreements	$	(8,527,683	)

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

21                         Invesco Balanced-Risk Commodity Strategy Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2020.

	Financial Derivative Assets			Financial Derivative Liabilities				Net Value of Derivatives				Collateral (Received)/Pledged							Net Amount
Counterparty	Swap Agreements			Swap Agreements								Non-Cash			Cash
Barclays Bank PLC		$	2,738,545		$	(3,358,710	)		$	(620,165	)		$	-		$	620,165			$	-
Canadian Imperial Bank of Commerce			2,501,236			(332,743	)			2,168,493				-			-				2,168,493
Cargill, Inc.			575,806			(967	)			574,839				-			(574,839	)			-
Goldman Sachs International			1,551,197			(296,660	)			1,254,537				-			-				1,254,537
JPMorgan Chase Bank, N.A.			806,073			(591,635	)			214,438				-			-				214,438
Macquarie Bank Ltd.			421,656			(3,835,781	)			(3,414,125	)			-			3,414,125				-
Merrill Lynch International			6,650,875			(3,075,609	)			3,575,266				-			-				3,575,266
Morgan Stanley Capital Services LLC			735,756			(125,831	)			609,925				-			(609,925	)			-
Royal Bank of Canada			-			(148,908	)			(148,908	)			-			148,908				-
Total		$	15,981,144		$	(11,766,844	)		$	4,214,300			$	-		$	2,998,434			$	7,212,734

Effect of Derivative Investments for the six months ended April 30, 2020

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

	Location of Gain (Loss) on Consolidated Statement of  Operations
	Commodity Risk
Realized Gain (Loss):
Futures contracts		$	(43,425,359	)
Swap agreements			(125,053,958	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			(2,785,382	)
Swap agreements			43,219
Total		$	(171,221,480	)

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

	Futures Contracts			Swap Agreements
Average notional value		$	263,798,319		$	730,740,694

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $358.

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.

22                         Invesco Balanced-Risk Commodity Strategy Fund

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	37,362,229		$	–		$	37,362,229

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $188,600,000 and $166,236,139, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $113,000,000 and $165,851,175, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 17,843,078
Aggregate unrealized (depreciation) of investments	(23,569,645	)
Net unrealized appreciation (depreciation) of investments	$  (5,726,567	)

Cost of investments for tax purposes is $676,856,381.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)							Year ended October 31, 2019
	Shares			Amount				Shares			Amount
Sold:
Class A		392,843			$	2,343,518			678,597			$	4,265,449
Class C		53,287				249,310			162,557				959,414
Class R		43,741				231,764			72,010				446,924
Class Y		28,947,890				163,368,329			59,608,724				383,430,826
Class R5		2,827,460				15,396,233			774,297				4,927,483
Class R6		3,110,871				18,107,791			23,222,617				145,568,535
Issued as reinvestment of dividends:
Class A		29,522				183,627			7,648				48,335
Class C		7,770				45,452			644				3,858
Class R		2,021				12,372			316				1,965
Class Y		613,477				3,895,581			211,248				1,360,440
Class R5		202,006				1,288,797			64,628				417,496
Class R6		22,393				143,089			9,615				62,307
Automatic conversion of Class C shares to Class A shares:
Class A		2,154				11,063			113,699				717,474
Class C		(2,293	)			(11,063	)		(120,014	)			(717,474	)

23                         Invesco Balanced-Risk Commodity Strategy Fund

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(990,385	)	$	(5,697,440	)		(2,157,147	)	$	(13,504,368	)
Class C		(249,504	)		(1,363,508	)		(556,251	)		(3,291,365	)
Class R		(32,922	)		(178,234	)		(96,202	)		(595,721	)
Class Y		(31,386,207	)		(176,093,399	)		(145,962,534	)		(922,008,348	)
Class R5		(407,768	)		(2,511,051	)		(4,036,280	)		(26,061,628	)
Class R6		(7,286,364	)		(43,788,611	)		(7,381,324	)		(46,973,549	)
Net increase (decrease) in share activity		(4,100,008	)	$	(24,366,380	)		(75,383,152	)	$	(470,941,947	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% 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.

Subsequent to period-end, a redemption of $247,883,127 of Class Y shares was processed which represented approximately 30% of the Fund’s Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

24                         Invesco Balanced-Risk Commodity Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

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.

	Beginning Account Value (11/01/19)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/20)1		Expenses Paid During Period2		Ending Account Value (04/30/20)		Expenses Paid During Period2
Class A	$	1,000.00	$	778.60	$	5.84	$	1,018.30	$	6.62		1.32	%
Class C		1,000.00		773.80		9.13		1,014.57		10.37		2.07
Class R		1,000.00		776.50		6.93		1,017.06		7.87		1.57
Class Y		1,000.00		777.60		4.73		1,019.54		5.37		1.07
Class R5		1,000.00		779.80		4.73		1,019.54		5.37		1.07
Class R6		1,000.00		779.00		4.73		1,019.54		5.37		1.07

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

25                         Invesco Balanced-Risk Commodity Strategy Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-05426 and 033-19338                      Invesco Distributors, Inc.                                                                                       BRCS-SAR-1            

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Developing Markets Fund
	Nasdaq:
	A: GTDDX  ∎  C: GTDCX  ∎  Y: GTDYX  ∎  R5: GTDIX  ∎  R6: GTDFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services
Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,
Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2                      Invesco Developing Markets Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–14.07	%
Class C Shares	–14.36
Class Y Shares	–13.95
Class R5 Shares	–13.91
Class R6 Shares	–13.89
MSCI Emerging Markets Index▼ (Broad Market/Style-Specific Index)	–10.50
Lipper Emerging Market Funds Index∎ (Peer Group Index)	–12.99
Source(s): ▼RIMES Technologies Corp.; ∎ Lipper Inc.

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 with-holds applicable taxes for non-resident investors.

    The Lipper Emerging Market Funds Index is an unmanaged index 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Developing Markets Fund

Average Annual Total Returns			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.
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (1/11/94)	4.47	%
10 Years	1.54
5 Years	0.05
1 Year	–13.95
Class C Shares
Inception (3/1/99)	8.06	%
10 Years	1.36
5 Years	0.43
1 Year	–10.52
Class Y Shares
Inception (10/3/08)	5.71	%
10 Years	2.37
5 Years	1.44
1 Year	–8.73
Class R5 Shares
Inception (10/25/05)	6.73	%
10 Years	2.51
5 Years	1.55
1 Year	–8.64
Class R6 Shares
10 Years	2.44	%
5 Years	1.61
1 Year	–8.56
Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.     The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.     Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.			The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.     Fund performance reflects any applicable fee waivers and/or expense reimbursements.

4                      Invesco Developing Markets Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                         Invesco Developing Markets Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.22%
Brazil–8.64%
Ambev S.A., ADR		3,969,718	$	8,534,894
Arcos Dorados Holdings, Inc., Class A(a)		7,691,840		29,305,910
B3 S.A.– Brasil, Bolsa, Balcao		3,979,020		28,112,681
Banco Bradesco S.A., ADR		6,613,415		23,279,221
Fleury S.A.		7,423,600		31,125,633
Multiplan Empreendimentos Imobiliarios S.A.		5,321,329		20,442,186
Raia Drogasil S.A.		320,000		6,165,910
TOTVS S.A.		516,700		5,620,332
				152,586,767
China–32.87%
Alibaba Group Holding Ltd., ADR(b)		359,498		72,859,460
Angel Yeast Co. Ltd., A Shares		6,647,588		34,595,711
China Mengniu Dairy Co. Ltd.(b)		15,705,000		55,298,195
Henan Shuanghui Investment & Development Co. Ltd., A Shares		6,036,983		34,593,168
Industrial & Commercial Bank of China Ltd., H Shares		22,488,000		15,095,866
JD.com, Inc., ADR(b)		1,045,076		45,042,776
Kweichow Moutai Co. Ltd., A Shares		79,456		14,059,979
Meituan Dianping, B Shares(b)		2,332,600		30,986,048
New Oriental Education & Technology Group, Inc., ADR(b)		222,736		28,434,478
Shanghai International Airport Co. Ltd., A Shares		2,969,778		29,318,077
Sunny Optical Technology Group Co. Ltd.		2,439,800		33,806,106
Tencent Holdings Ltd.		918,200		48,713,360
Wuliangye Yibin Co. Ltd., A Shares		3,134,947		60,355,320
Yum China Holdings, Inc.(b)		1,596,998		77,390,523
				580,549,067
Egypt–1.69%
Eastern Co. S.A.E.		21,384,488		16,455,873
Egyptian Financial Group-Hermes Holding Co.		18,652,502		13,346,901
				29,802,774
France–0.92%
Bollore S.A.		6,148,198		16,338,424
Hungary–2.22%
Gedeon Richter PLC		1,830,421		39,266,979
India–1.08%
HDFC Bank Ltd., ADR		441,954		19,158,706
Indonesia–4.51%
PT Bank Central Asia Tbk		19,144,200		33,240,735
PT Bank Mandiri (Persero) Tbk		48,176,300		14,423,227
PT Telekomunikasi Indonesia (Persero) Tbk		135,777,200		31,910,965
				79,574,927
Israel–0.61%
ICL Ltd.		3,112,588		10,840,006

	Shares		Value
Macau–2.44%
Galaxy Entertainment Group Ltd.		6,779,000	$	43,047,954
Malaysia–0.59%
Public Bank Bhd.		2,759,500		10,473,538
Mexico–9.74%
Bolsa Mexicana de Valores S.A.B. de C.V.		21,082,320		38,296,501
Fomento Economico Mexicano, S.A.B. de C.V., ADR		195,623		12,584,427
GMexico Transportes S.A.B. de C.V.		27,888,930		25,723,867
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		7,331,298		26,707,936
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		4,078,438		25,484,949
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		19,701,979		27,826,869
Wal-Mart de Mexico S.A.B. de C.V., Series V		6,428,100		15,461,473
				172,086,022
Nigeria–0.76%
Zenith Bank PLC		363,656,079		13,336,109
Peru–0.90%
Credicorp Ltd.		106,130		15,815,493
Philippines–2.00%
SM Investments Corp.		1,013,810		16,514,687
SM Prime Holdings, Inc.		31,379,900		18,725,444
				35,240,131
Russia–12.32%
Detsky Mir PJSC		11,088,510		13,132,699
Gazprom PJSC, ADR		4,284,513		21,785,527
Mobile TeleSystems PJSC, ADR		3,016,494		25,851,354
Moscow Exchange MICEX-RTS PJSC		7,000,000		11,351,816
Sberbank of Russia PJSC		9,159,044		24,385,753
Sberbank of Russia PJSC, Preference Shares		24,071,366		57,553,096
Yandex N.V., Class A(b)		1,683,426		63,599,834
				217,660,079
South Africa–1.92%
Naspers Ltd., Class N		216,900		33,925,439
South Korea–5.62%
NAVER Corp.		137,204		22,337,479
Samsung Electronics Co. Ltd.		1,866,128		76,897,738
				99,235,217
Taiwan–4.10%
Taiwan Semiconductor Manufacturing Co. Ltd.		7,207,000		72,426,513
Turkey–2.60%
Haci Omer Sabanci Holding A.S.		21,674,815		25,395,053
Tupras-Turkiye Petrol Rafinerileri A.S.(b)		1,585,482		20,573,505
				45,968,558

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

6                         Invesco Developing Markets Fund

	Shares		Value
United Arab Emirates–0.69%
Emaar Properties PJSC		16,658,100	$	12,246,587
Total Common Stocks & Other Equity Interests (Cost $1,563,987,028)				1,699,579,290
Money Market Funds–3.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(a)(c)		19,567,759		19,567,758
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(a)(c)		13,157,712		13,165,607

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.10%(a)(c)		22,363,153	$	22,363,153
Total Money Market Funds (Cost $55,089,340)				55,096,518
TOTAL INVESTMENTS IN SECURITIES–99.34% (Cost $1,619,076,368)				1,754,675,808
OTHER ASSETS LESS LIABILITIES–0.66%				11,625,130
NET ASSETS–100.00%			$	1,766,300,938

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

(a) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	70,395,619	$	72,805,470	$	(123,633,331	)	$	–		$	–		$	19,567,758	$	366,424
Invesco Liquid Assets Portfolio, Institutional Class		50,296,795		52,499,354		(89,619,742	)		25			(10,825	)		13,165,607		299,771
Invesco Treasury Portfolio, Institutional Class		80,452,136		83,206,251		(141,295,234	)		–			–			22,363,153		411,050
Investments in Other Affiliates:
Arcos Dorados Holdings, Inc., Class A		43,071,609		10,140,881		–			(23,906,580	)		–			29,305,910		582,886
Total	$	244,216,159	$	218,651,956	$	(354,548,307	)	$	(23,906,555	)	$	(10,825	)	$	84,402,428	$	1,660,131

(b) Non-income producing security.

(c) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Discretionary	21.18	%
Financials	19.43
Consumer Staples	16.19
Communication Services	11.82
Information Technology	10.69
Industrials	7.01
Health Care	3.98
Real Estate	2.91
Energy	2.40
Other Sectors, Each Less than 2% of Net Assets	0.60
Money Market Funds Plus Other Assets Less Liabilities	3.79

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

7                         Invesco Developing Markets Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,507,222,179)	$	1,670,273,380
Investments in affiliates, at value (Cost $111,854,189)		84,402,428
Foreign currencies, at value (Cost $3,543,655)		3,207,246
Receivable for:
Investments sold		5,612,113
Fund shares sold		4,389,682
Dividends		3,111,013
Investment for trustee deferred compensation and retirement plans		318,613
Other assets		87,378
Total assets		1,771,401,853
Liabilities:
Payable for:
Fund shares reacquired		3,373,437
Accrued fees to affiliates		591,801
Accrued other operating expenses		779,884
Trustee deferred compensation and retirement plans		355,793
Total liabilities		5,100,915
Net assets applicable to shares outstanding	$	1,766,300,938
Net assets consist of:
Shares of beneficial interest	$	1,621,734,846
Distributable earnings		144,566,092
	$	1,766,300,938

Net Assets:
Class A	$	470,691,711
Class C	$	17,531,273
Class Y	$	754,093,821
Class R5	$	187,904,083
Class R6	$	336,080,050
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		15,104,460
Class C		573,863
Class Y		24,200,120
Class R5		6,047,629
Class R6		10,820,665
Class A:
Net asset value per share	$	31.16
Maximum offering price per share
(Net asset value of $31.16 ÷ 94.50%)	$	32.97
Class C:
Net asset value and offering price per share	$	30.55
Class Y:
Net asset value and offering price per share	$	31.16
Class R5:
Net asset value and offering price per share	$	31.07
Class R6:
Net asset value and offering price per share	$	31.06

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

8                         Invesco Developing Markets Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,472,703)	$	19,428,363
Dividends from affiliates		1,660,131
Total investment income		21,088,494
Expenses:
Advisory fees		9,197,796
Administrative services fees		155,344
Custodian fees		381,123
Distribution fees:
Class A		688,580
Class C		105,956
Transfer agent fees – A, C and Y		1,236,597
Transfer agent fees – R5		93,678
Transfer agent fees – R6		22,586
Trustees’ and officers’ fees and benefits		17,522
Registration and filing fees		64,746
Reports to shareholders		138,202
Professional services fees		38,820
Other		38,787
Total expenses		12,179,737
Less: Fees waived and/or expense offset arrangement(s)		(99,300	)
Net expenses		12,080,437
Net investment income		9,008,057
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $110,566)		32,661,962
Foreign currencies		(1,183,183	)
		31,478,779
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $349,126)		(341,414,452	)
Foreign currencies		(407,437	)
		(341,821,889	)
Net realized and unrealized gain (loss)		(310,343,110	)
Net increase (decrease) in net assets resulting from operations	$	(301,335,053	)

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

9                         Invesco Developing Markets Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	9,008,057		$	39,845,223
Net realized gain		31,478,779			14,818,094
Change in net unrealized appreciation (depreciation)		(341,821,889	)		388,965,429
Net increase (decrease) in net assets resulting from operations		(301,335,053	)		443,628,746
Distributions to shareholders from distributable earnings:
Class A		(8,994,008	)		(7,969,115	)
Class C		(100,403	)		(262,493	)
Class Y		(17,366,105	)		(16,922,298	)
Class R5		(4,390,520	)		(5,436,248	)
Class R6		(7,805,161	)		(7,119,345	)
Total distributions from distributable earnings		(38,656,197	)		(37,709,499	)
Share transactions–net:
Class A		(24,737,250	)		(68,304,830	)
Class C		(2,184,795	)		(40,444,768	)
Class Y		(66,612,534	)		(197,124,112	)
Class R5		(25,276,644	)		(83,352,208	)
Class R6		17,069,500			(48,117,996	)
Net increase (decrease) in net assets resulting from share transactions		(101,741,723	)		(437,343,914	)
Net increase (decrease) in net assets		(441,732,973	)		(31,424,667	)
Net assets:
Beginning of period		2,208,033,911			2,239,458,578
End of period	$	1,766,300,938		$	2,208,033,911

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

10                         Invesco Developing Markets Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20	$	36.81	$	0.11		$	(5.19	)	$	(5.08	)	$	(0.57	)	$	–		$	(0.57	)	$	31.16		(14.07	)%	$	470,692		1.37	%(d)		1.38	%(d)		0.65	%(d)		18	%
Year ended 10/31/19		30.54		0.55			6.18			6.73			(0.46	)		–			(0.46	)		36.81		22.39			583,346		1.37			1.38			1.62			7
Year ended 10/31/18		36.66		0.44			(6.29	)		(5.85	)		(0.27	)		–			(0.27	)		30.54		(16.09	)		544,574		1.39			1.40			1.23			20
Year ended 10/31/17		30.67		0.28			5.96			6.24			(0.25	)		–			(0.25	)		36.66		20.55			878,910		1.41			1.43			0.86			16
Year ended 10/31/16		25.84		0.27			4.80			5.07			(0.24	)		–			(0.24	)		30.67		19.88			824,702		1.40			1.41			1.01			3
Year ended 10/31/15		33.77		0.28			(7.32	)		(7.04	)		(0.33	)		(0.56	)		(0.89	)		25.84		(21.20	)		795,042		1.43			1.44			0.96			9
Class C
Six months ended 04/30/20		35.83		(0.02	)		(5.10	)		(5.12	)		(0.16	)		–			(0.16	)		30.55		(14.36	)		17,531		2.12	(d)		2.13	(d)		(0.10	)(d)		18
Year ended 10/31/19		29.64		0.28			6.05			6.33			(0.14	)		–			(0.14	)		35.83		21.48			22,941		2.12			2.13			0.87			7
Year ended 10/31/18		35.59		0.17			(6.12	)		(5.95	)		(0.00	)		–			(0.00	)		29.64		(16.71	)		55,823		2.14			2.15			0.48			20
Year ended 10/31/17		29.78		0.03			5.81			5.84			(0.03	)		–			(0.03	)		35.59		19.65			88,231		2.16			2.18			0.11			16
Year ended 10/31/16		25.03		0.07			4.68			4.75			–			–			–			29.78		18.98			82,513		2.15			2.16			0.26			3
Year ended 10/31/15		32.68		0.06			(7.10	)		(7.04	)		(0.05	)		(0.56	)		(0.61	)		25.03		(21.80	)		82,395		2.18			2.19			0.21			9
Class Y
Six months ended 04/30/20		36.85		0.16			(5.18	)		(5.02	)		(0.67	)		–			(0.67	)		31.16		(13.95	)		754,094		1.12	(d)		1.13	(d)		0.90	(d)		18
Year ended 10/31/19		30.60		0.63			6.18			6.81			(0.56	)		–			(0.56	)		36.85		22.69			968,060		1.12			1.13			1.87			7
Year ended 10/31/18		36.74		0.53			(6.31	)		(5.78	)		(0.36	)		–			(0.36	)		30.60		(15.89	)		986,550		1.14			1.15			1.48			20
Year ended 10/31/17		30.74		0.37			5.95			6.32			(0.32	)		–			(0.32	)		36.74		20.84			1,575,401		1.16			1.18			1.11			16
Year ended 10/31/16		25.92		0.35			4.79			5.14			(0.32	)		–			(0.32	)		30.74		20.18			1,055,132		1.15			1.16			1.26			3
Year ended 10/31/15		33.90		0.36			(7.35	)		(6.99	)		(0.43	)		(0.56	)		(0.99	)		25.92		(21.00	)		1,016,382		1.18			1.19			1.21			9
Class R5
Six months ended 04/30/20		36.76		0.17			(5.16	)		(4.99	)		(0.70	)		–			(0.70	)		31.07		(13.91	)		187,904		1.03	(d)		1.04	(d)		0.99	(d)		18
Year ended 10/31/19		30.55		0.66			6.16			6.82			(0.61	)		–			(0.61	)		36.76		22.79			250,287		1.03			1.04			1.96			7
Year ended 10/31/18		36.68		0.56			(6.29	)		(5.73	)		(0.40	)		–			(0.40	)		30.55		(15.80	)		287,511		1.04			1.05			1.58			20
Year ended 10/31/17		30.69		0.41			5.94			6.35			(0.36	)		–			(0.36	)		36.68		20.97			470,436		1.04			1.06			1.23			16
Year ended 10/31/16		25.90		0.38			4.79			5.17			(0.38	)		–			(0.38	)		30.69		20.33			331,079		1.03			1.04			1.38			3
Year ended 10/31/15		33.87		0.40			(7.33	)		(6.93	)		(0.48	)		(0.56	)		(1.04	)		25.90		(20.87	)		352,779		1.03			1.04			1.36			9
Class R6
Six months ended 04/30/20		36.76		0.19			(5.17	)		(4.98	)		(0.72	)		–			(0.72	)		31.06		(13.89	)		336,080		0.96	(d)		0.97	(d)		1.06	(d)		18
Year ended 10/31/19		30.55		0.68			6.16			6.84			(0.63	)		–			(0.63	)		36.76		22.88			383,400		0.97			0.98			2.02			7
Year ended 10/31/18		36.67		0.57			(6.27	)		(5.70	)		(0.42	)		–			(0.42	)		30.55		(15.74	)		365,000		0.99			1.00			1.63			20
Year ended 10/31/17		30.68		0.42			5.94			6.36			(0.37	)		–			(0.37	)		36.67		21.04			427,243		1.00			1.02			1.27			16
Year ended 10/31/16		25.90		0.39			4.78			5.17			(0.39	)		–			(0.39	)		30.68		20.35			160,816		0.98			0.99			1.43			3
Year ended 10/31/15		33.87		0.41			(7.33	)		(6.92	)		(0.49	)		(0.56	)		(1.05	)		25.90		(20.84	)		180,773		1.00			1.01			1.39			9

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $553,628, $21,293, $912,274, $226,152 and $386,556 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

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

11                         Invesco Developing Markets Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

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 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.

As of the open of business on June 8, 2017, the Fund has closed public sales of its shares to new investors.

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

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

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

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

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

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

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

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

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

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

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

12                         Invesco Developing Markets Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

13                         Invesco Developing Markets Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.88%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or reimbursements (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $94,589.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $26,186 in front-end sales commissions from the sale of Class A shares and $3,298 and $2,493 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s

14                         Invesco Developing Markets Fund

own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	152,586,767	$	–	$	–	$	152,586,767
China		223,727,237		356,821,830		–		580,549,067
Egypt		29,802,774		–		–		29,802,774
France		–		16,338,424		–		16,338,424
Hungary		–		39,266,979		–		39,266,979
India		19,158,706		–		–		19,158,706
Indonesia		–		79,574,927		–		79,574,927
Israel		–		10,840,006		–		10,840,006
Macau		–		43,047,954		–		43,047,954
Malaysia		–		10,473,538		–		10,473,538
Mexico		172,086,022		–		–		172,086,022
Nigeria		–		13,336,109		–		13,336,109
Peru		15,815,493		–		–		15,815,493
Philippines		–		35,240,131		–		35,240,131
Russia		113,935,703		103,724,376		–		217,660,079
South Africa		–		33,925,439		–		33,925,439
South Korea		–		99,235,217		–		99,235,217
Taiwan		–		72,426,513		–		72,426,513
Turkey		–		45,968,558		–		45,968,558
United Arab Emirates		–		12,246,587		–		12,246,587
Money Market Funds		55,096,518		–		–		55,096,518
Total Investments	$	782,209,220	$	972,466,588	$	–	$	1,754,675,808

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,711.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

15                         Invesco Developing Markets Fund

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	–	$	29,029,353	$	29,029,353

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $360,165,713 and $353,236,707, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	369,194,810
Aggregate unrealized (depreciation) of investments		(235,158,599	)
Net unrealized appreciation of investments	$	134,036,211

Cost of investments for tax purposes is $1,620,639,597.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		906,830		$	31,603,609			1,641,304		$	55,770,409
Class C		73,961			2,590,128			74,751			2,477,906
Class Y		3,236,953			106,741,056			5,877,479			196,106,934
Class R5		932,306			32,111,262			2,080,870			70,586,854
Class R6		2,071,193			74,322,033			2,685,910			90,896,940
Issued as reinvestment of dividends:
Class A		206,055			7,799,177			235,461			7,068,533
Class C		2,352			87,520			7,896			232,233
Class Y		326,675			12,351,569			378,032			11,337,175
Class R5		114,253			4,306,190			157,204			4,698,810
Class R6		172,136			6,484,375			202,111			6,037,061
Automatic conversion of Class C shares to Class A shares:
Class A		60,055			2,136,175			962,532			32,214,769
Class C		(61,322	)		(2,136,175	)		(984,000	)		(32,214,769	)
Reacquired:
Class A		(1,917,127	)		(66,276,211	)		(4,823,602	)		(163,358,541	)
Class C		(81,354	)		(2,726,268	)		(341,782	)		(10,940,138	)
Class Y		(5,634,307	)		(185,705,159	)		(12,225,279	)		(404,568,221	)
Class R5		(1,807,344	)		(61,694,096	)		(4,841,981	)		(158,637,872	)
Class R6		(1,853,531	)		(63,736,908	)		(4,406,663	)		(145,051,997	)
Net increase (decrease) in share activity		(3,252,216	)	$	(101,741,723	)		(13,319,757	)	$	(437,343,914	)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                         Invesco Developing Markets Fund

NOTE 11–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Developing Markets Fund to Invesco Emerging Markets All Cap Fund.

In addition, the principal investment strategy of the Fund changed from investing at least 80% of its net assets in securities of issuers in developing countries to investing in securities of issuers in emerging markets countries.

17                         Invesco Developing Markets Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (11/01/19)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (04/30/20)1		Expenses Paid During Period2		Ending Account Value (04/30/20)		Expenses Paid During Period2
Class A		$1,000.00		$859.30		$6.33		$1,018.05		$6.87		1.37	%
Class C		1,000.00		856.40		9.79		1,014.32		10.62		2.12
Class Y		1,000.00		860.50		5.18		1,019.29		5.62		1.12
Class R5		1,000.00		860.90		4.77		1,019.74		5.17		1.03
Class R6		1,000.00		861.10		4.44		1,020.09		4.82		0.96

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18                         Invesco Developing Markets Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.             

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. DVM-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Emerging Markets Select Equity Fund
	Nasdaq:
	A: IEMAX   ∎  C: IEMCX  ∎  R: IEMRX  ∎  Y: IEMYX  ∎  R5: IEMIX  ∎  R6: EMEFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required

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

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

    Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Emerging Markets Select Equity Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-7.68	%
Class C Shares	-8.00
Class R Shares	-7.70
Class Y Shares	-7.52
Class R5 Shares	-7.52
Class R6 Shares	-7.53
MSCI EAFE Index▼ (Broad Market Index)	-14.21
MSCI Emerging Markets Index▼ (Style-Specific Index)	-10.50
Lipper Emerging Market Funds Index⬛ (Peer Group Index)	-12.99
Source(s): ▼RIMES Technologies Corp.; ⬛Lipper Inc.
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 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Emerging Markets Select Equity Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (5/31/11)	-1.55	%
5 Years	1.78
1 Year	-10.63
Class C Shares
Inception (5/31/11)	-1.66	%
5 Years	2.17
1 Year	-6.99
Class R Shares
Inception (5/31/11)	-1.19	%
5 Years	2.65
1 Year	-5.60
Class Y Shares
Inception (5/31/11)	-0.69	%
5 Years	3.19
1 Year	-5.13
Class R5 Shares
Inception (5/31/11)	-0.69	%
5 Years	3.19
1 Year	-5.13
Class R6 Shares
Inception	-0.74	%
5 Years	3.16
1 Year	-5.14

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

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

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

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

    Fund performance reflects any applicable fee waivers and/or expense reimbursements.

Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Emerging Markets Select Equity Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Emerging Markets Select Equity Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-97.49%
Argentina-0.58%
MercadoLibre, Inc.(a)		700	$	408,457
Brazil-2.21%
Arcos Dorados Holdings, Inc., Class A		406,241		1,547,778
China-46.33%
Alibaba Group Holding Ltd., ADR(a)		24,363		4,937,649
China Isotope & Radiation Corp.		913,600		2,012,083
Focus Media Information Technology Co. Ltd., A Shares		5,471,978		3,740,011
Gree Electric Appliances, Inc. of Zhuhai, A Shares		469,899		3,649,462
Haitian International Holdings Ltd.		883,000		1,587,107
Kweichow Moutai Co. Ltd., A Shares		16,590		2,935,650
New Oriental Education & Technology Group, Inc., ADR(a)		9,751		1,244,813
Ping An Insurance (Group) Co. of China Ltd., H Shares		389,000		3,944,364
Tencent Holdings Ltd.		83,500		4,429,934
Trip.com Group Ltd., ADR(a)		7,340		189,078
Virscend Education Co. Ltd.(b)		17,781,000		3,740,368
				32,410,519
Egypt-3.48%
Eastern Co. S.A.E.		3,166,350		2,436,582
India-2.26%
Housing Development Finance Corp. Ltd.		62,725		1,580,791
Indonesia-4.10%
PT United Tractors Tbk		2,622,100		2,869,776
Mexico-3.62%
Arca Continental S.A.B. de C.V.		287,000		1,105,440
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		142,450		1,426,746
				2,532,186
Netherlands-6.06%
Prosus N.V.(a)		55,870		4,240,860
Poland-1.58%
Benefit Systems S.A.		5,794		1,106,394

	Shares		Value
Russia-7.88%
Sberbank of Russia PJSC, ADR		102,211	$	1,090,673
Sberbank of Russia PJSC, ADR		227,485		2,390,867
Yandex N.V., Class A(a)		53,778		2,031,733
				5,513,273
South Korea-8.02%
Amorepacific Corp., Preference Shares		21,065		1,086,492
NAVER Corp.		8,021		1,305,858
Samsung Electronics Co. Ltd., Preference Shares		92,338		3,215,828
				5,608,178
Taiwan-5.58%
King Slide Works Co. Ltd.		120,000		1,245,802
Sea Ltd., ADR(a)		3,727		207,147
Taiwan Semiconductor Manufacturing Co. Ltd.		244,000		2,452,070
				3,905,019
Thailand-3.54%
Thai Beverage PCL		5,106,500		2,473,655
Turkey-2.25%
Ulker Biskuvi Sanayi A.S.		462,746		1,570,443
Total Common Stocks & Other Equity Interests (Cost $69,686,534)				68,203,911
Money Market Funds-2.22%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		648,731		648,731
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		164,304		164,403
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		741,407		741,407
Total Money Market Funds (Cost $1,554,351)				1,554,541
TOTAL INVESTMENTS IN SECURITIES-99.71% (Cost $71,240,885)				69,758,452
OTHER ASSETS LESS LIABILITIES-0.29%				203,341
NET ASSETS-100.00%			$	69,961,793

Investment Abbreviations:

ADR – American Depositary Receipt

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

6                      Invesco Emerging Markets Select Equity Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2020 represented 5.35% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	814,412		$	6,021,030		$	(6,186,711	)		$	-		$	-			$	648,731		$	9,488
Invesco Liquid Assets Portfolio, Institutional Class			581,741			4,238,717			(4,655,821	)			172			(406	)			164,403			7,594
Invesco Treasury Portfolio, Institutional Class			930,757			6,881,177			(7,070,527	)			-			-				741,407			10,625
Total		$	2,326,910		$	17,140,924		$	(17,913,059	)		$	172		$	(406	)		$	1,554,541		$	27,707

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Discretionary	28.53	%
Communication Services	16.75
Consumer Staples	16.59
Financials	12.87
Information Technology	9.88
Industrials	5.89
Energy	4.10
Health Care	2.88
Money Market Funds Plus Other Assets Less Liabilities	2.51

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

7                      Invesco Emerging Markets Select Equity Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $69,686,534)	$	68,203,911
Investments in affiliated money market funds, at value (Cost $1,554,351)		1,554,541
Foreign currencies, at value (Cost $611,938)		604,796
Receivable for:
Fund shares sold		66,376
Dividends		96,187
Investment for trustee deferred compensation and retirement plans		23,971
Other assets		66,107
Total assets		70,615,889
Liabilities:
Payable for:
Investments purchased		431,958
Fund shares reacquired		32,457
Accrued foreign taxes		12,386
Accrued fees to affiliates		54,618
Accrued other operating expenses		97,892
Trustee deferred compensation and retirement plans		24,785
Total liabilities		654,096
Net assets applicable to shares outstanding	$	69,961,793
Net assets consist of:
Shares of beneficial interest	$	76,130,146
Distributable earnings (loss)		(6,168,353	)
	$	69,961,793

Net Assets:
Class A	$	31,632,872
Class C	$	5,982,855
Class R	$	2,380,304
Class Y	$	27,220,668
Class R5	$	1,879,486
Class R6	$	865,608
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		3,857,035
Class C		756,687
Class R		293,152
Class Y		3,311,399
Class R5		228,614
Class R6		105,380
Class A:
Net asset value per share	$	8.20
Maximum offering price per share (Net asset value of $8.20 ÷ 94.50%)	$	8.68
Class C:
Net asset value and offering price per share	$	7.91
Class R:
Net asset value and offering price per share	$	8.12
Class Y:
Net asset value and offering price per share	$	8.22
Class R5:
Net asset value and offering price per share	$	8.22
Class R6:
Net asset value and offering price per share	$	8.21

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

8                      Invesco Emerging Markets Select Equity Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $57,136)	$	448,827
Dividends from affiliated money market funds		27,707
Total investment income		476,534
Expenses:
Advisory fees		347,582
Administrative services fees		4,914
Custodian fees		24,092
Distribution fees:
Class A		44,081
Class C		34,049
Class R		7,004
Transfer agent fees – A, C, R and Y		88,402
Transfer agent fees – R5		155
Transfer agent fees – R6		56
Trustees’ and officers’ fees and benefits		7,073
Registration and filing fees		33,086
Reports to shareholders		10,584
Professional services fees		27,319
Other		20,973
Total expenses		649,370
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(164,825	)
Net expenses		484,545
Net investment income (loss)		(8,011	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(2,436,952	)
Foreign currencies		(40,852	)
		(2,477,804	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $1,280)		(3,922,770	)
Foreign currencies		(12,166	)
		(3,934,936	)
Net realized and unrealized gain (loss)		(6,412,740	)
Net increase (decrease) in net assets resulting from operations	$	(6,420,751	)

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

9                      Invesco Emerging Markets Select Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31,   2019
Operations:
Net investment income (loss)	$	(8,011	)	$	1,807,173
Net realized gain (loss)		(2,477,804	)		(2,045,554	)
Change in net unrealized appreciation (depreciation)		(3,934,936	)		13,689,590
Net increase (decrease) in net assets resulting from operations		(6,420,751	)		13,451,209
Distributions to shareholders from distributable earnings:
Class A		(872,718	)		(1,407,507	)
Class C		(112,169	)		(359,861	)
Class R		(64,200	)		(106,717	)
Class Y		(687,821	)		(925,480	)
Class R5		(56,637	)		(89,220	)
Class R6		(17,679	)		(12,749	)
Total distributions from distributable earnings		(1,811,224	)		(2,901,534	)
Share transactions–net:
Class A		832,928			1,909,997
Class C		178,588			(1,863,592	)
Class R		(128,425	)		309,778
Class Y		6,730,449			3,431,476
Class R5		56,058			88,256
Class R6		301,842			297,215
Net increase in net assets resulting from share transactions		7,971,440			4,173,130
Net increase (decrease) in net assets		(260,535	)		14,722,805
Net assets:
Beginning of period		70,222,328			55,499,523
End of period	$	69,961,793		$	70,222,328

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

10                      Invesco Emerging Markets Select Equity Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20	$	9.10	$	(0.00	)(d)	$	(0.67	)(e)	$	(0.67	)	$	(0.23	)	$	-		$	(0.23	)	$	8.20		(7.68	)%(e)	$	31,633		1.32	%(f)		1.78	%(f)		(0.04	)%(d)(f)		20	%
Year ended 10/31/19		7.67		0.23	(d)		1.60			1.83			(0.03	)		(0.37	)		(0.40	)		9.10		25.14			34,665		1.33			1.89			2.81	(d)		45
Year ended 10/31/18		9.30		0.07			(1.69	)		(1.62	)		(0.01	)		-			(0.01	)		7.67		(17.45	)		27,580		1.33			2.03			0.73			104
Year ended 10/31/17		7.13		0.03			2.15			2.18			(0.01	)		-			(0.01	)		9.30		30.57			24,297		1.36			2.45			0.30			57
Year ended 10/31/16		6.53		0.02			0.58			0.60			-			-			-			7.13		9.19			11,855		1.66			2.59			0.33			47
Year ended 10/31/15		7.58		0.02			(1.04	)		(1.02	)		(0.03	)		-			(0.03	)		6.53		(13.45	)		10,516		1.85			2.58			0.23			97
Class C
Six months ended 04/30/20		8.74		(0.03	)(d)		(0.65	)(e)		(0.68	)		(0.15	)		-			(0.15	)		7.91		(8.00	)(e)		5,983		2.07	(f)		2.53	(f)		(0.79	)(d)(f)		20
Year ended 10/31/19		7.41		0.16	(d)		1.54			1.70			-			(0.37	)		(0.37	)		8.74		24.09			6,550		2.08			2.64			2.06	(d)		45
Year ended 10/31/18		9.04		(0.00	)		(1.63	)		(1.63	)		-			-			-			7.41		(18.03	)		7,296		2.08			2.78			(0.02	)		104
Year ended 10/31/17		6.97		(0.03	)		2.10			2.07			-			-			-			9.04		29.70			6,793		2.11			3.20			(0.45	)		57
Year ended 10/31/16		6.43		(0.03	)		0.57			0.54			-			-			-			6.97		8.40			3,149		2.41			3.34			(0.42	)		47
Year ended 10/31/15		7.49		(0.04	)		(1.02	)		(1.06	)		-			-			-			6.43		(14.15	)		2,572		2.60			3.33			(0.52	)		97
Class R
Six months ended 04/30/20		8.99		(0.01	)(d)		(0.66	)(e)		(0.67	)		(0.20	)		-			(0.20	)		8.12		(7.70	)(e)		2,380		1.57	(f)		2.03	(f)		(0.29	)(d)(f)		20
Year ended 10/31/19		7.59		0.21	(d)		1.57			1.78			(0.01	)		(0.37	)		(0.38	)		8.99		24.62			2,795		1.58			2.14			2.56	(d)		45
Year ended 10/31/18		9.21		0.05			(1.67	)		(1.62	)		-			-			-			7.59		(17.59	)		2,077		1.58			2.28			0.48			104
Year ended 10/31/17		7.07		0.00			2.14			2.14			-			-			-			9.21		30.27			2,190		1.61			2.70			0.05			57
Year ended 10/31/16		6.50		0.01			0.56			0.57			-			-			-			7.07		8.77			1,263		1.91			2.84			0.08			47
Year ended 10/31/15		7.55		(0.00	)		(1.03	)		(1.03	)		(0.02	)		-			(0.02	)		6.50		(13.71	)		1,188		2.10			2.83			(0.02	)		97
Class Y
Six months ended 04/30/20		9.13		0.01	(d)		(0.67	)(e)		(0.66	)		(0.25	)		-			(0.25	)		8.22		(7.52	)(e)		27,221		1.07	(f)		1.53	(f)		0.21	(d)(f)		20
Year ended 10/31/19		7.71		0.26	(d)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.13		25.27			23,550		1.08			1.64			3.06	(d)		45
Year ended 10/31/18		9.33		0.09			(1.69	)		(1.60	)		(0.02	)		-			(0.02	)		7.71		(17.17	)		16,697		1.08			1.78			0.98			104
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		-			(0.02	)		9.33		30.94			7,111		1.11			2.20			0.55			57
Year ended 10/31/16		6.53		0.04			0.58			0.62			-			-			-			7.15		9.49			4,858		1.41			2.34			0.58			47
Year ended 10/31/15		7.59		0.03			(1.04	)		(1.01	)		(0.05	)		-			(0.05	)		6.53		(13.28	)		3,607		1.60			2.33			0.48			97
Class R5
Six months ended 04/30/20		9.13		0.01	(d)		(0.67	)(e)		(0.66	)		(0.25	)		-			(0.25	)		8.22		(7.52	)(e)		1,879		1.07	(f)		1.30	(f)		0.21	(d)(f)		20
Year ended 10/31/19		7.71		0.26	(d)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.13		25.27			2,033		1.08			1.39			3.06	(d)		45
Year ended 10/31/18		9.33		0.09			(1.69	)		(1.60	)		(0.02	)		-			(0.02	)		7.71		(17.16	)		1,623		1.08			1.55			0.98			104
Year ended 10/31/17		7.15		0.04			2.16			2.20			(0.02	)		-			(0.02	)		9.33		30.94			1,960		1.10			1.91			0.56			57
Year ended 10/31/16		6.53		0.04			0.58			0.62			-			-			-			7.15		9.49			1,497		1.41			1.99			0.58			47
Year ended 10/31/15		7.60		0.03			(1.05	)		(1.02	)		(0.05	)		-			(0.05	)		6.53		(13.40	)		885		1.60			1.98			0.48			97
Class R6
Six months ended 04/30/20		9.12		0.01	(d)		(0.67	)(e)		(0.66	)		(0.25	)		-			(0.25	)		8.21		(7.53	)(e)		866		1.07	(f)		1.30	(f)		0.21	(d)(f)		20
Year ended 10/31/19		7.70		0.26	(d)		1.59			1.85			(0.06	)		(0.37	)		(0.43	)		9.12		25.31			629		1.08			1.39			3.06	(d)		45
Year ended 10/31/18		9.32		0.09			(1.69	)		(1.60	)		(0.02	)		-			(0.02	)		7.70		(17.18	)		227		1.08			1.55			0.98			104
Year ended 10/31/17		7.15		0.04			2.15			2.19			(0.02	)		-			(0.02	)		9.32		30.80			12		1.10			1.91			0.56			57
Year ended 10/31/16		6.54		0.04			0.57			0.61			-			-			-			7.15		9.33			6,604		1.41			1.99			0.58			47
Year ended 10/31/15		7.60		0.03			(1.04	)		(1.01	)		(0.05	)		-			(0.05	)		6.54		(13.26	)		7,171		1.60			1.98			0.48			97

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the six months ended April 30, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.02) and (0.25)%, $(0.05) and (1.00)%, $(0.03) and (0.50)%, $(0.01) and 0.00%, $(0.01) and 0.00% and $(0.01) and 0.00% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.07 and 0.95%, $0.00 and 0.20%, $0.05 and 0.70%, $0.10 and 1.20%, $0.10 and 1.20% and $0.10 and 1.20% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(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 $(0.68), $(0.66), $(0.67), $(0.68), $(0.68) and $(0.68) for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares, respectively. Total returns would have been lower.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $35,452, $6,848, $2,817, $26,852, $2,045 and $744 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.

11                      Invesco Emerging Markets Select Equity Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

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

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

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

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

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

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

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

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

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

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

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                      Invesco Emerging Markets Select Equity Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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

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

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

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

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

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

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

13                      Invesco Emerging Markets Select Equity Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.94%.

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

    The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 2.08%, 1.58%, 1.08%, 1.08% and 1.08%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

    Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended April 30, 2020, the Adviser waived advisory fees of $75,280 and reimbursed class level expenses of $43,578, $8,410, $3,463, $32,951, $155 and $56 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $8,389 in front-end sales commissions from the sale of Class A shares and $89 and $331 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14                      Invesco Emerging Markets Select Equity Fund

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

      The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3	Total
Investments in Securities
Argentina	$	408,457	$	–	$–	$	408,457
Brazil		1,547,778		–	–		1,547,778
China		6,371,540		26,038,979	–		32,410,519
Egypt		2,436,582		–	–		2,436,582
India		–		1,580,791	–		1,580,791
Indonesia		–		2,869,776	–		2,869,776
Mexico		2,532,186		–	–		2,532,186
Netherlands		–		4,240,860	–		4,240,860
Poland		–		1,106,394	–		1,106,394
Russia		4,422,600		1,090,673	–		5,513,273
South Korea		–		5,608,178	–		5,608,178
Taiwan		207,147		3,697,872	–		3,905,019
Thailand		–		2,473,655	–		2,473,655
Turkey		–		1,570,443	–		1,570,443
Money Market Funds		1,554,541		–	–		1,554,541
Total Investments	$	19,480,831	$	50,277,621	$–	$	69,758,452

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $932.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

    The Fund had a capital loss carryforward as of October 31, 2019, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term	Long-Term	Total
Not subject to expiration		$717,259	$1,063,301	$	1,780,560

* 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.

15                      Invesco Emerging Markets Select Equity Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $20,627,304 and $13,905,869, 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	$	5,339,668
Aggregate unrealized (depreciation) of investments		(7,095,749	)
Net unrealized appreciation (depreciation) of investments	$	(1,756,081	)

Cost of investments for tax purposes is $71,514,533.

NOTE 9–Share Information

				Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		755,896		$	6,917,742			1,185,578		$	10,030,565
Class C		180,906			1,636,928			161,578			1,291,872
Class R		74,935			678,756			125,003			1,040,959
Class Y		1,352,808			12,267,166			1,163,908			9,695,686
Class R6		51,460			426,186			44,030			337,952
Issued as reinvestment of dividends:
Class A		87,845			821,349			185,401			1,353,429
Class C		11,611			104,965			48,563			342,856
Class R		6,904			63,997			14,688			106,339
Class Y		71,313			668,205			119,607			875,525
Class R5		5,983			56,058			12,057			88,256
Class R6		1,854			17,354			1,670			12,209
Automatic conversion of Class C shares to Class A shares:
Class A		15,876			144,185			111,844			903,429
Class C		(16,472	)		(144,185	)		(115,760	)		(903,429	)
Reacquired:
Class A		(813,746	)		(7,050,348	)		(1,265,656	)		(10,377,426	)
Class C		(169,158	)		(1,419,120	)		(329,464	)		(2,594,891	)
Class R		(99,494	)		(871,178	)		(102,603	)		(837,520	)
Class Y		(692,047	)		(6,204,922	)		(870,261	)		(7,139,735	)
Class R6		(16,872	)		(141,698	)		(6,216	)		(52,946	)
Net increase in share activity		809,602		$	7,971,440			483,967		$	4,173,130

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                      Invesco Emerging Markets Select Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning     Account Value     (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2
Class A	$1,000.00	$923.20	$6.31	$1,018.30	$6.62	1.32%
Class C	1,000.00	920.00	9.88	1,014.57	10.37	2.07
Class R	1,000.00	923.00	7.51	1,017.06	7.87	1.57
Class Y	1,000.00	924.80	5.12	1,019.54	5.37	1.07
Class R5	1,000.00	924.80	5.12	1,019.54	5.37	1.07
Class R6	1,000.00	924.70	5.12	1,019.54	5.37	1.07

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                      Invesco Emerging Markets Select Equity Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. EME-SAR-1                    

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Endeavor Fund
	Nasdaq:
	A: ATDAX  ∎  C: ATDCX  ∎  R: ATDRX  ∎  Y: ATDYX  ∎  R5: ATDIX  ∎  R6: ATDFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those
services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.
	Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Endeavor Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–21.16	%
Class C Shares	–21.51
Class R Shares	–21.30
Class Y Shares	–21.09
Class R5 Shares	–21.02
Class R6 Shares	–21.03
S&P 500 Indexq(Broad Market Index)	–3.16
Russell Midcap Indexq (Style-Specific Index)	–11.63
Lipper Mid-Cap Core Funds Index∎ (Peer Group Index)	–15.35
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc. The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Russell Midcap® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Lipper Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core funds tracked by Lipper.     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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Endeavor Fund

Average Annual Total Returns
As of 4/30/20, including maximum  applicable sales charges
Class A Shares
Inception (11/4/03)	6.43	%
10 Years	4.58
5 Years	–2.28
1 Year	–27.19
Class C Shares
Inception (11/4/03)	6.33	%
10 Years	4.38
5 Years	–1.92
1 Year	–24.31
Class R Shares
Inception (4/30/04)	6.19	%
10 Years	4.91
5 Years	–1.43
1 Year	–23.20
Class Y Shares
Inception (10/3/08)	7.67	%
10 Years	5.43
5 Years	–0.93
1 Year	–22.80
Class R5 Shares
Inception (4/30/04)	6.93	%
10 Years	5.59
5 Years	–0.80
1 Year	–22.65
Class R6 Shares
10 Years	5.53	%
5 Years	–0.73
1 Year	–22.67

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

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

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

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

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

4                      Invesco Endeavor Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Endeavor Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.59%
Aerospace & Defense–3.96%
Northrop Grumman Corp.		12,635	$	4,178,015
Agricultural & Farm Machinery–3.39%
Deere & Co.		24,632		3,573,118
Airlines–3.87%
Ryanair Holdings PLC, ADR (Ireland)(b)		64,246		4,077,694
Apparel Retail–3.76%
Ross Stores, Inc.		43,408		3,965,755
Application Software–8.79%
CDK Global, Inc.		115,759		4,547,014
Open Text Corp. (Canada)		124,296		4,717,033
				9,264,047
Asset Management & Custody Banks–5.15%
Affiliated Managers Group, Inc.		77,656		5,432,814
Automotive Retail–8.27%
AutoZone, Inc.(b)		4,082		4,164,946
CarMax, Inc.(b)		61,725		4,546,046
				8,710,992
Construction & Engineering–1.81%
Orion Group Holdings, Inc.(b)		754,834		1,902,182
Construction Machinery & Heavy Trucks–5.63%
REV Group, Inc.		356,263		1,895,319
Wabtec Corp.		71,643		4,042,098
				5,937,417
Consumer Finance–4.03%
Encore Capital Group, Inc.(b)		163,564		4,249,393
Data Processing & Outsourced Services–1.13%
Alliance Data Systems Corp.		23,851		1,194,220
Diversified Banks–2.12%
Bank of America Corp.		92,766		2,231,022
Environmental & Facilities Services–3.59%
Stericycle, Inc.(b)		77,495		3,781,756
Health Care Distributors–1.26%
McKesson Corp.		9,392		1,326,620
Health Care Equipment–1.33%
Zimmer Biomet Holdings, Inc.		11,706		1,401,208

	Shares		Value
Industrial Conglomerates–5.61%
DCC PLC (United Kingdom)		82,873	$	5,912,180
IT Consulting & Other Services–3.59%
Cognizant Technology Solutions Corp., Class A		65,238		3,785,109
Life & Health Insurance–1.71%
Unum Group		103,440		1,805,028
Managed Health Care–6.82%
UnitedHealth Group, Inc.		24,567		7,185,110
Oil & Gas Exploration & Production–2.81%
Devon Energy Corp.		237,094		2,956,562
Real Estate Operating Companies–5.22%
Brookfield Property Partners L.P.		588,228		5,505,814
Research & Consulting Services–2.08%
Nielsen Holdings PLC		149,046		2,195,448
Specialty Chemicals–3.22%
Axalta Coating Systems Ltd.(b)		172,071		3,396,681
Systems Software–3.45%
Check Point Software Technologies Ltd. (Israel)(b)		34,379		3,635,235
Technology Distributors–2.75%
CDW Corp.		26,116		2,893,653
Trading Companies & Distributors–4.24%
Titan Machinery, Inc.(b)		475,464		4,469,362
Total Common Stocks & Other Equity Interests (Cost $108,395,259)				104,966,435
Money Market Funds–0.61%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		179,473		179,473
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		255,956		256,109
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		205,112		205,112
Total Money Market Funds (Cost $640,541)				640,694
TOTAL INVESTMENTS IN SECURITIES–100.20% (Cost $109,035,800)				105,607,129
OTHER ASSETS LESS LIABILITIES-(0.20)%				(208,070	)
NET ASSETS–100.00%			$	105,399,059

Investment Abbreviations:

ADR – American Depositary Receipt

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

6                      Invesco Endeavor 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)  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 six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,526,896		$	4,073,480		$	(6,420,903)			$	-		$	-			$	179,473		$	14,548
Invesco Liquid Assets Portfolio, Institutional Class			1,805,002			3,137,031			(4,685,731	)			50			(243	)			256,109			11,544
Invesco Treasury Portfolio, Institutional Class			2,887,881			4,655,406			(7,338,175	)			-			-				205,112			16,429
Total		$	7,219,779		$	11,865,917		$	(18,444,809	)		$	50		$	(243	)		$	640,694		$	42,521

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Industrials	34.18	%
Information Technology	19.71
Financials	13.02
Consumer Discretionary	12.03
Health Care	9.41
Real Estate	5.22
Materials	3.22
Energy	2.80
Money Market Funds Plus Other Assets Less Liabilities	0.41

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

7                      Invesco Endeavor Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $108,395,259)	$	104,966,435
Investments in affiliated money market funds, at value (Cost $640,541)		640,694
Foreign currencies, at value (Cost $187)		181
Receivable for:
Fund shares sold		14,882
Dividends		107,137
Investment for trustee deferred compensation and retirement plans		64,721
Other assets		43,386
Total assets		105,837,436
Liabilities:
Payable for:
Fund shares reacquired		226,310
Accrued fees to affiliates		71,957
Accrued other operating expenses		67,687
Trustee deferred compensation and retirement plans		72,423
Total liabilities		438,377
Net assets applicable to shares outstanding	$	105,399,059
Net assets consist of:
Shares of beneficial interest	$	109,574,885
Distributable earnings (loss)		(4,175,826	)
	$	105,399,059

Net Assets:
Class A	$	76,127,206
Class C	$	8,735,341
Class R	$	5,320,503
Class Y	$	11,699,445
Class R5	$	2,577,455
Class R6	$	939,109
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		5,622,204
Class C		774,100
Class R		413,270
Class Y		831,855
Class R5		176,950
Class R6		64,005
Class A:
Net asset value per share	$	13.54
Maximum offering price per share
(Net asset value of $13.54 ÷ 94.50%)	$	14.33
Class C:
Net asset value and offering price per share	$	11.28
Class R:
Net asset value and offering price per share	$	12.87
Class Y:
Net asset value and offering price per share	$	14.06
Class R5:
Net asset value and offering price per share	$	14.57
Class R6:
Net asset value and offering price per share	$	14.67

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

8                      Invesco Endeavor Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $6,647)	$	983,879
Dividends from affiliated money market funds		42,521
Total investment income		1,026,400
Expenses:
Advisory fees		508,946
Administrative services fees		11,049
Custodian fees		2,017
Distribution fees:
Class A		121,463
Class C		55,448
Class R		16,293
Transfer agent fees – A, C, R and Y		141,230
Transfer agent fees – R5		1,873
Transfer agent fees – R6		406
Trustees’ and officers’ fees and benefits		7,516
Registration and filing fees		35,300
Reports to shareholders		10,376
Professional services fees		23,982
Other		4,127
Total expenses		940,026
Less: Fees waived and/or expense offset arrangement(s)		(5,125	)
Net expenses		934,901
Net investment income		91,499
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		856,083
Foreign currencies		193
		856,276
Change in net unrealized appreciation (depreciation) of:
Investment securities		(31,523,171	)
Foreign currencies		(647	)
		(31,523,818	)
Net realized and unrealized gain (loss)		(30,667,542	)
Net increase (decrease) in net assets resulting from operations	$	(30,576,043	)

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

9                      Invesco Endeavor Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	91,499		$	486,008
Net realized gain		856,276			8,564,213
Change in net unrealized appreciation (depreciation)		(31,523,818	)		(989,042	)
Net increase (decrease) in net assets resulting from operations		(30,576,043	)		8,061,179
Distributions to shareholders from distributable earnings:
Class A		(6,378,203	)		(6,472,601	)
Class C		(831,764	)		(1,491,158	)
Class R		(427,611	)		(580,920	)
Class Y		(1,157,798	)		(1,588,510	)
Class R5		(258,469	)		(288,438	)
Class R6		(67,714	)		(80,613	)
Total distributions from distributable earnings		(9,121,559	)		(10,502,240	)
Share transactions–net:
Class A		(4,568,274	)		(6,199,374	)
Class C		(506,163	)		(9,955,215	)
Class R		(230,790	)		(2,504,765	)
Class Y		(3,337,047	)		(10,243,361	)
Class R5		(845,311	)		(2,325,974	)
Class R6		106,016			(383,803	)
Net increase (decrease) in net assets resulting from share transactions		(9,381,569	)		(31,612,492	)
Net increase (decrease) in net assets		(49,079,171	)		(34,053,553	)
Net assets:
Beginning of period		154,478,230			188,531,783
End of period	$	105,399,059		$	154,478,230

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

10                      Invesco Endeavor Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20	$	18.22	$	0.01		$	(3.61	)	$	(3.60	)	$	(0.04	)	$	(1.04	)	$	(1.08	)	$	13.54		(21.20	)%	$	76,127		1.33	%(d)		1.34	%(d)		0.17	%(d)		6	%
Year ended 10/31/19		18.42		0.06			0.78			0.84			–			(1.04	)		(1.04	)		18.22		5.28			109,032		1.37			1.38			0.32			19
Year ended 10/31/18		19.81		0.03			(0.88	)		(0.85	)		–			(0.54	)		(0.54	)		18.42		(4.48	)		116,080		1.32			1.34			0.14			34
Year ended 10/31/17		17.19		(0.03	)		4.57			4.54			–			(1.92	)		(1.92	)		19.81		27.44			132,670		1.34			1.36			(0.13	)		19
Year ended 10/31/16		19.30		(0.02	)		0.21			0.19			–			(2.30	)		(2.30	)		17.19		2.08			115,588		1.34			1.36			(0.12	)		28
Year ended 10/31/15		22.57		(0.01	)		(1.25	)		(1.26	)		–			(2.01	)		(2.01	)		19.30		(5.80	)		147,504		1.26			1.29			(0.04	)		27
Class C
Six months ended 04/30/20		15.37		(0.04	)		(3.01	)		(3.05	)		–			(1.04	)		(1.04	)		11.28		(21.51	)		8,735		2.08	(d)		2.09	(d)		(0.58	)(d)		6
Year ended 10/31/19		15.83		(0.07	)		0.65			0.58			–			(1.04	)		(1.04	)		15.37		4.45			12,559		2.12			2.13			(0.43	)		19
Year ended 10/31/18		17.22		(0.11	)		(0.74	)		(0.85	)		–			(0.54	)		(0.54	)		15.83		(5.18	)		23,490		2.07			2.09			(0.61	)		34
Year ended 10/31/17		15.26		(0.15	)		4.03			3.88			–			(1.92	)		(1.92	)		17.22		26.52			31,548		2.09			2.11			(0.88	)		19
Year ended 10/31/16		17.53		(0.13	)		0.16			0.03			–			(2.30	)		(2.30	)		15.26		1.27			30,857		2.09			2.11			(0.87	)		28
Year ended 10/31/15		20.83		(0.15	)		(1.14	)		(1.29	)		–			(2.01	)		(2.01	)		17.53		(6.49	)		42,965		2.01			2.04			(0.79	)		27
Class R
Six months ended 04/30/20		17.35		(0.01	)		(3.43	)		(3.44	)		–			(1.04	)		(1.04	)		12.87		(21.30	)		5,321		1.58	(d)		1.59	(d)		(0.08	)(d)		6
Year ended 10/31/19		17.64		0.01			0.74			0.75			–			(1.04	)		(1.04	)		17.35		4.98			7,386		1.62			1.63			0.07			19
Year ended 10/31/18		19.04		(0.02	)		(0.84	)		(0.86	)		–			(0.54	)		(0.54	)		17.64		(4.72	)		10,070		1.57			1.59			(0.11	)		34
Year ended 10/31/17		16.62		(0.07	)		4.41			4.34			–			(1.92	)		(1.92	)		19.04		27.16			14,449		1.59			1.61			(0.38	)		19
Year ended 10/31/16		18.78		(0.06	)		0.20			0.14			–			(2.30	)		(2.30	)		16.62		1.83			17,469		1.59			1.61			(0.37	)		28
Year ended 10/31/15		22.08		(0.06	)		(1.23	)		(1.29	)		–			(2.01	)		(2.01	)		18.78		(6.09	)		24,855		1.51			1.54			(0.29	)		27
Class Y
Six months ended 04/30/20		18.90		0.04			(3.75	)		(3.71	)		(0.09	)		(1.04	)		(1.13	)		14.06		(21.09	)		11,699		1.08	(d)		1.09	(d)		0.42	(d)		6
Year ended 10/31/19		19.03		0.10			0.81			0.91			–			(1.04	)		(1.04	)		18.90		5.48			19,952		1.12			1.13			0.57			19
Year ended 10/31/18		20.40		0.08			(0.91	)		(0.83	)		–			(0.54	)		(0.54	)		19.03		(4.25	)		30,604		1.07			1.09			0.39			34
Year ended 10/31/17		17.61		0.02			4.69			4.71			–			(1.92	)		(1.92	)		20.40		27.77			37,034		1.09			1.11			0.12			19
Year ended 10/31/16		19.66		0.02			0.23			0.25			–			(2.30	)		(2.30	)		17.61		2.37			19,938		1.09			1.11			0.13			28
Year ended 10/31/15		22.91		0.04			(1.28	)		(1.24	)		–			(2.01	)		(2.01	)		19.66		(5.61	)		40,425		1.01			1.04			0.21			27
Class R5
Six months ended 04/30/20		19.56		0.05			(3.88	)		(3.83	)		(0.12	)		(1.04	)		(1.16	)		14.57		(21.02	)		2,577		0.97	(d)		0.98	(d)		0.53	(d)		6
Year ended 10/31/19		19.63		0.13			0.84			0.97			–			(1.04	)		(1.04	)		19.56		5.63			4,391		0.98			0.99			0.71			19
Year ended 10/31/18		21.00		0.10			(0.93	)		(0.83	)		–			(0.54	)		(0.54	)		19.63		(4.13	)		6,762		0.97			0.99			0.49			34
Year ended 10/31/17		18.06		0.05			4.81			4.86			–			(1.92	)		(1.92	)		21.00		27.92			22,158		0.96			0.98			0.25			19
Year ended 10/31/16		20.08		0.05			0.23			0.28			–			(2.30	)		(2.30	)		18.06		2.49			21,192		0.94			0.96			0.28			28
Year ended 10/31/15		23.32		0.07			(1.30	)		(1.23	)		–			(2.01	)		(2.01	)		20.08		(5.46	)		33,854		0.89			0.92			0.33			27
Class R6
Six months ended 04/30/20		19.69		0.05			(3.91	)		(3.86	)		(0.12	)		(1.04	)		(1.16	)		14.67		(21.03	)		939		0.94	(d)		0.95	(d)		0.56	(d)		6
Year ended 10/31/19		19.75		0.14			0.84			0.98			–			(1.04	)		(1.04	)		19.69		5.65			1,158		0.96			0.97			0.73			19
Year ended 10/31/18		21.11		0.12			(0.94	)		(0.82	)		–			(0.54	)		(0.54	)		19.75		(4.06	)		1,526		0.89			0.91			0.57			34
Year ended 10/31/17		18.13		0.07			4.83			4.90			–			(1.92	)		(1.92	)		21.11		28.04			2,038		0.88			0.90			0.33			19
Year ended 10/31/16		20.13		0.06			0.24			0.30			–			(2.30	)		(2.30	)		18.13		2.59			50,645		0.85			0.87			0.37			28
Year ended 10/31/15		23.35		0.09			(1.30	)		(1.21	)		–			(2.01	)		(2.01	)		20.13		(5.36	)		91,275		0.80			0.83			0.42			27

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $97,607, $11,139, $6,548, $17,221, $3,765 and $1,100 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.

11                      Invesco Endeavor Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

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

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

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

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

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

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

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

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

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

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                      Invesco Endeavor Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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

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

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

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

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

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

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

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

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

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

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

13                      Invesco Endeavor Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.745%
Next $250 million		0.730%
Next $500 million		0.715%
Next $1.5 billion		0.700%
Next $2.5 billion		0.685%
Next $2.5 billion		0.670%
Next $2.5 billion		0.655%
Over $10 billion		0.640%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.745%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $3,624.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, 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, Class R 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 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 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 six months ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $7,168 in front-end sales commissions from the sale of Class A shares and $108 and $97 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

14                      Invesco Endeavor Fund

own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	99,054,255	$	5,912,180	$	–	$	104,966,435
Money Market Funds		640,694		–		–		640,694
Total Investments	$	99,694,949	$	5,912,180	$	–	$	105,607,129

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,501.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $8,391,914 and $19,514,058, 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	$	24,037,512
Aggregate unrealized (depreciation) of investments		(29,009,697	)
Net unrealized appreciation (depreciation) of investments	$	(4,972,185	)

Cost of investments for tax purposes is $110,579,314.

NOTE 9–Share Information

				Summary of Share Activity
	Six months ended April 30, 2020(a)				Year ended October 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Class A		232,421	$	3,589,138		1,450,617	$	26,120,061
Class C		67,797		811,224		58,134		858,067
Class R		67,374		945,450		119,485		2,019,701
Class Y		58,478		946,869		129,234		2,367,574
Class R5		12,560		200,874		23,014		431,474
Class R6		8,577		157,597		10,732		203,699

15                      Invesco Endeavor Fund

					Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		339,409		$	6,095,781			381,674		$	6,175,483
Class C		51,947			779,727			102,251			1,404,937
Class R		24,963			426,611			37,229			575,183
Class Y		54,942			1,024,115			86,020			1,441,688
Class R5		13,392			258,469			16,460			284,922
Class R6		3,434			66,766			4,582			79,869
Automatic conversion of Class C shares to Class A shares:
Class A		23,707			381,711			369,285			6,418,604
Class C		(28,385	)		(381,711	)		(435,252	)		(6,418,604	)
Reacquired:
Class A		(958,885	)		(14,634,904	)		(2,516,612	)		(44,913,522	)
Class C		(134,317	)		(1,715,403	)		(391,646	)		(5,799,615	)
Class R		(104,728	)		(1,602,851	)		(301,776	)		(5,099,649	)
Class Y		(336,946	)		(5,308,031	)		(767,767	)		(14,052,623	)
Class R5		(73,523	)		(1,304,654	)		(159,476	)		(3,042,370	)
Class R6		(6,815	)		(118,347	)		(33,743	)		(667,371	)
Net increase (decrease) in share activity		(684,598	)	$	(9,381,569	)		(1,817,555	)	$	(31,612,492	)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                      Invesco Endeavor 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 November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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.

	Beginning     Account Value     (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2
Class A	$1,000.00	$788.00	$5.91	$1,018.25	$6.67	1.33%
Class C	1,000.00	784.90	9.23	1,014.52	10.42	2.08
Class R	1,000.00	787.00	7.02	1,017.01	7.92	1.58
Class Y	1,000.00	789.10	4.80	1,019.49	5.42	1.08
Class R5	1,000.00	789.80	4.32	1,020.04	4.87	0.97
Class R6	1,000.00	789.70	4.18	1,020.19	4.72	0.94

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                      Invesco Endeavor Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. END-SAR-1                    

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Global Infrastructure Fund
	Nasdaq:
	A: GIZAX  ∎  C: GIZCX  ∎  R: GIZRX  ∎  Y: GIZYX  ∎  R5: GIZFX  ∎  R6: GIZSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
	We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Global Infrastructure Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–10.03	%
Class C Shares	–10.36
Class R Shares	–10.17
Class Y Shares	–9.98
Class R5 Shares	–9.98
Class R6 Shares	–9.98
MSCI World Indexq (Broad Market Index)	–7.29
Dow Jones Brookfield Global Infrastructure Indexq (Style-Specific Index)	–11.17
Lipper Global Infrastructure Funds Classification Average∎ (Peer Group)	–11.37
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI World IndexSM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Dow Jones Brookfield Global Infrastructure Index is designed to measure the stock performance of infrastructure companies domiciled globally and covers all sectors of the infrastructure market. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Lipper Global Infrastructure Funds Classification Average represents an average of all the funds in the Lipper Global Infrastructure Funds classification.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Global Infrastructure Fund

Average Annual Total Returns

As of 4/30/20, including maximum

applicable sales charges

Class A Shares

Inception (5/2/14)	2.23	%
5 Years	0.97
1 Year	–8.71
Class C Shares
Inception (5/2/14)	2.42	%
5 Years	1.34
1 Year	–5.09
Class R Shares
Inception (5/2/14)	2.93	%
5 Years	1.86
1 Year	–3.65
Class Y Shares
Inception (5/2/14)	3.45	%
5 Years	2.35
1 Year	–3.22
Class R5 Shares
Inception (5/2/14)	3.45	%
5 Years	2.35
1 Year	–3.23
Class R6 Shares
Inception (5/2/14)	3.45	%
5 Years	2.37
1 Year	–3.23

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

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

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

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

the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Global Infrastructure Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Global Infrastructure Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-107.02%
Australia-5.09%
APA Group		73,417	$	516,917
Atlas Arteria Ltd.		108,899		433,994
Sydney Airport		150,879		613,810
Transurban Group		468,219		4,184,526
				5,749,247
Brazil-0.08%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		11,948		91,522
Canada-14.51%
Enbridge, Inc.		208,721		6,395,309
Enbridge, Inc.		32,662		1,002,070
Fortis, Inc.		28,149		1,090,813
Gibson Energy, Inc.		67,083		955,678
Inter Pipeline Ltd.		52,850		441,951
Keyera Corp.		54,990		815,794
Pembina Pipeline Corp.		49,086		1,125,633
TC Energy Corp.		99,491		4,578,752
				16,406,000
China-5.42%
Beijing Enterprises Water Group Ltd.(a)		768,000		292,337
China Gas Holdings Ltd.		583,200		2,128,810
China Tower Corp. Ltd., H Shares(b)		6,374,000		1,422,114
COSCO SHIPPING Ports Ltd.		1,762,000		935,970
ENN Energy Holdings Ltd.		84,000		933,676
Yuexiu Transport Infrastructure Ltd.		588,000		410,854
				6,123,761
Denmark-2.67%
DSV Panalpina A/S		12,250		1,266,378
Orsted A/S(b)		17,363		1,758,027
				3,024,405
France-4.53%
Aeroports de Paris		8,629		846,368
Getlink SE		34,586		441,116
Vinci S.A.		46,739		3,831,145
				5,118,629
Hong Kong-1.82%
China Water Affairs Group Ltd.		868,000		649,183
Hong Kong & China Gas Co. Ltd. (The)		202,610		358,550
Power Assets Holdings Ltd.		159,500		1,052,972
				2,060,705
Italy-2.03%
Atlantia S.p.A.		56,597		923,627
Infrastrutture Wireless Italiane S.p.A.(b)		83,803		887,687
Terna Rete Elettrica Nazionale S.p.A.		76,356		479,459
				2,290,773
Japan-1.60%
Japan Airport Terminal Co. Ltd.		9,300		380,107
Toho Gas Co. Ltd.		14,700		721,151

	Shares		Value
Japan-(continued)
Tokyo Gas Co. Ltd.		32,400	$	708,357
				1,809,615
Luxembourg-0.29%
SES S.A., FDR		49,024		327,729
Mexico-0.52%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V., ADR		20,145		585,011
Netherlands-0.58%
Koninklijke Vopak N.V.		11,395		657,548
New Zealand-0.37%
Auckland International Airport Ltd.		114,495		423,400
Spain-5.19%
Aena SME S.A.(b)		5,715		723,395
Cellnex Telecom S.A.(a)(b)		44,261		2,320,918
Ferrovial S.A.		112,909		2,824,303
				5,868,616
United Kingdom-8.14%
National Grid PLC		659,759		7,765,825
Pennon Group PLC		39,675		548,222
Severn Trent PLC		29,386		885,456
				9,199,503
United States-54.18%
American Tower Corp.		52,194		12,422,172
American Water Works Co., Inc.		31,218		3,798,919
Atmos Energy Corp.		21,391		2,181,240
CenterPoint Energy, Inc.		94,764		1,613,831
Cheniere Energy, Inc.(a)		29,461		1,375,534
Consolidated Edison, Inc.		16,988		1,338,654
Crown Castle International Corp.		48,268		7,695,367
Dominion Energy, Inc.		32,783		2,528,553
Edison International		37,516		2,202,564
Essential Utilities, Inc.		49,142		2,053,644
Eversource Energy		51,974		4,194,302
Kinder Morgan, Inc.		206,220		3,140,731
NextEra Energy, Inc.		8,968		2,072,684
NiSource, Inc.		116,365		2,921,925
Norfolk Southern Corp.		4,439		759,513
SBA Communications Corp., Class A		13,806		4,002,636
Sempra Energy		23,424		2,901,062
Targa Resources Corp.		29,891		387,387
Williams Cos., Inc. (The)		189,121		3,663,274
				61,253,992
Total Common Stocks & Other Equity Interests (Cost $118,287,283)				120,990,456
Money Market Funds-2.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		596,207		596,207
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		1,193,493		1,194,209

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

6                      Invesco Global Infrastructure Fund

	Shares		Value
Money Market Funds-(continued)
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		681,379	$	681,379
Total Money Market Funds (Cost $2,471,388)				2,471,795
TOTAL INVESTMENTS IN SECURITIES-109.21% (Cost $120,758,671)				123,462,251
OTHER ASSETS LESS LIABILITIES-(9.21)%				(10,414,014	)
NET ASSETS-100.00%			$	113,048,237

Investment Abbreviations:

ADR - American Depositary Receipt

FDR - Fiduciary Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $7,112,141, which represented 6.29% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$146,192		$  7,728,297		$  (7,278,282	)		$    -		$  -		$  596,207		$   872
Invesco Liquid Assets Portfolio, Institutional Class		104,448		3,617,171		(2,527,821	)		399		12		1,194,209		821
Invesco Treasury Portfolio, Institutional Class		167,077		4,317,580		(3,803,278	)		-		-		681,379		558
Total		$417,717		$15,663,048		$(13,609,381	)		$399		$12		$2,471,795		$2,251

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By infrastructure sector, based on Net Assets

as of April 30, 2020

Towers	25.43	%
Midstream Services	21.13
Gas Utilities	20.93
Electric Utilities	13.98
Water Utilities	7.28
Diversified	5.89
Tolls	5.27
Airports	3.16
Infrastructure Sectors each less than 2.0% of net assets	3.96
Money Market Funds Plus Other Assets Less Liabilities	(7.03	)

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

7                      Invesco Global Infrastructure Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $118,287,283)	$	120,990,456
Investments in affiliated money market funds, at value (Cost $2,471,388)		2,471,795
Foreign currencies, at value (Cost $43,865)		51,942
Receivable for:
Investments sold		1,668,560
Fund shares sold		39,166
Dividends		189,353
Investment for trustee deferred compensation and retirement plans		14,635
Other assets		67,415
Total assets		125,493,322
Liabilities:
Payable for:
Investments purchased		1,561,179
Fund shares reacquired		9,572,778
Amount due custodian		1,142,287
Accrued fees to affiliates		62,427
Accrued other operating expenses		91,779
Trustee deferred compensation and retirement plans		14,635
Total liabilities		12,445,085
Net assets applicable to shares outstanding	$	113,048,237
Net assets consist of:
Shares of beneficial interest	$	117,330,628
Distributable earnings (loss)		(4,282,391	)
	$	113,048,237

Net Assets:
Class A	$	14,522,824
Class C	$	2,249,128
Class R	$	3,609,797
Class Y	$	12,988,253
Class R5	$	18,929
Class R6	$	79,659,306
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,405,889
Class C		218,139
Class R		349,712
Class Y		1,256,973
Class R5		1,830
Class R6		7,701,326
Class A:
Net asset value per share	$	10.33
Maximum offering price per share
(Net asset value of $10.33 ÷ 94.50%)	$	10.93
Class C:
Net asset value and offering price per share	$	10.31
Class R:
Net asset value and offering price per share	$	10.32
Class Y:
Net asset value and offering price per share	$	10.33
Class R5:
Net asset value and offering price per share	$	10.34
Class R6:
Net asset value and offering price per share	$	10.34

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

8                      Invesco Global Infrastructure Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $72,003)	$	276,817
Dividends from affiliated money market funds		2,251
Total investment income		279,068
Expenses:
Advisory fees		116,424
Administrative services fees		1,956
Custodian fees		8,731
Distribution fees:
Class A		12,471
Class C		6,443
Class R		1,775
Transfer agent fees – A, C, R and Y		18,662
Transfer agent fees – R5		4
Transfer agent fees – R6		4
Trustees’ and officers’ fees and benefits		6,914
Registration and filing fees		28,820
Reports to shareholders		7,403
Professional services fees		29,536
Other		11,520
Total expenses		250,663
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(88,032	)
Net expenses		162,631
Net investment income		116,437
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(6,561,133	)
Foreign currencies		(11,542	)
	(6,572,675)
Change in net unrealized appreciation (depreciation) of:
Investment securities		2,616,293
Foreign currencies		(615	)
		2,615,678
Net realized and unrealized gain (loss)		(3,956,997	)
Net increase (decrease) in net assets resulting from operations	$	(3,840,560	)

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

9                      Invesco Global Infrastructure Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	116,437		$	360,976
Net realized gain (loss)		(6,572,675	)		576,970
Change in net unrealized appreciation		2,615,678			2,565,981
Net increase (decrease) in net assets resulting from operations		(3,840,560	)		3,503,927
Distributions to shareholders from distributable earnings:
Class A		(298,892	)		(120,224	)
Class C		(35,235	)		(10,709	)
Class R		(15,595	)		(5,660	)
Class Y		(344,442	)		(185,867	)
Class R5		(380	)		(200	)
Class R6		(381	)		(3,908	)
Total distributions from distributable earnings		(694,925	)		(326,568	)
Share transactions–net:
Class A		7,157,407			(320,319	)
Class C		1,255,246			(593,080	)
Class R		3,221,925			68,287
Class Y		3,353,778			(386,937	)
Class R5		8,687			–
Class R6		80,850,896			(250,670	)
Net increase (decrease) in net assets resulting from share transactions		95,847,939			(1,482,719	)
Net increase in net assets		91,312,454			1,694,640
Net assets:
Beginning of period		21,735,783			20,041,143
End of period	$	113,048,237		$	21,735,783

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

10                      Invesco Global Infrastructure Fund

Financial Highlights

(Unaudited)

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 (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/20	$	11.88	$	0.04	(d)	$	(1.21	)	$	(1.17	)	$	(0.12	)	$	(0.26	)	$	–		$	(0.38	)	$	10.33		(10.12	)%	$	14,523		1.28	%(e)		1.93	%(e)		0.73	%(d)(e)		77	%
Year ended 10/31/19		10.01		0.19			1.85			2.04			(0.17	)		–			–			(0.17	)		11.88		20.55			8,918		1.28			2.35			1.77			106
Year ended 10/31/18		10.74		0.18			(0.45	)		(0.27	)		(0.19	)		(0.25	)		(0.02	)		(0.46	)		10.01		(2.65	)		8,098		1.28			2.56			1.76			114
Year ended 10/31/17		9.62		0.25	(d)		1.06			1.31			(0.19	)		–			–			(0.19	)		10.74		13.74			8,899		1.29			2.87			2.40	(d)		99
Year ended 10/31/16		9.50		0.17			0.11			0.28			(0.16	)		–			–			(0.16	)		9.62		3.01			4,194		1.40			4.29			1.76			85
Year ended 10/31/15		10.66		0.17			(1.11	)		(0.94	)		(0.21	)		(0.01	)		–			(0.22	)		9.50		(8.85	)		3,262		1.40			6.36			1.68			84
Class C
Six months ended 04/30/20		11.85		(0.00	)(d)		(1.21	)		(1.21	)		(0.07	)		(0.26	)		–			(0.33	)		10.31		(10.45	)		2,249		2.03	(e)		2.68	(e)		(0.02	)(d)(e)		77
Year ended 10/31/19		9.99		0.11			1.84			1.95			(0.09	)		–			–			(0.09	)		11.85		19.60			1,191		2.03			3.10			1.02			106
Year ended 10/31/18		10.72		0.10			(0.44	)		(0.34	)		(0.13	)		(0.25	)		(0.01	)		(0.39	)		9.99		(3.39	)		1,579		2.03			3.31			1.01			114
Year ended 10/31/17		9.60		0.17	(d)		1.06			1.23			(0.11	)		–			–			(0.11	)		10.72		12.92			2,016		2.04			3.62			1.65	(d)		99
Year ended 10/31/16		9.48		0.10			0.11			0.21			(0.09	)		–			–			(0.09	)		9.60		2.24			428		2.15			5.04			1.01			85
Year ended 10/31/15		10.64		0.09			(1.10	)		(1.01	)		(0.14	)		(0.01	)		–			(0.15	)		9.48		(9.56	)		279		2.15			7.11			0.93			84
Class R
Six months ended 04/30/20		11.87		0.03	(d)		(1.22	)		(1.19	)		(0.10	)		(0.26	)		–			(0.36	)		10.32		(10.26	)		3,610		1.53	(e)		2.18	(e)		0.48	(d)(e)		77
Year ended 10/31/19		10.01		0.17			1.84			2.01			(0.15	)		–			–			(0.15	)		11.87		20.15			495		1.53			2.60			1.52			106
Year ended 10/31/18		10.73		0.16			(0.44	)		(0.28	)		(0.18	)		(0.25	)		(0.01	)		(0.44	)		10.01		(2.80	)		351		1.53			2.81			1.51			114
Year ended 10/31/17		9.61		0.22	(d)		1.06			1.28			(0.16	)		–			–			(0.16	)		10.73		13.47			296		1.54			3.12			2.15	(d)		99
Year ended 10/31/16		9.49		0.14			0.11			0.25			(0.13	)		–			–			(0.13	)		9.61		2.76			69		1.65			4.54			1.51			85
Year ended 10/31/15		10.66		0.14			(1.11	)		(0.97	)		(0.19	)		(0.01	)		–			(0.20	)		9.49		(9.18	)		27		1.65			6.61			1.43			84
Class Y
Six months ended 04/30/20		11.89		0.05	(d)		(1.22	)		(1.17	)		(0.13	)		(0.26	)		–			(0.39	)		10.33		(10.07	)		12,988		1.03	(e)		1.68	(e)		0.98	(d)(e)		77
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			11,108		1.03			2.10			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		9,775		1.03			2.31			2.01			114
Year ended 10/31/17		9.62		0.27	(d)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			10,685		1.04			2.62			2.65	(d)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			5,177		1.15			4.04			2.01			85
Year ended 10/31/15		10.67		0.20			(1.12	)		(0.92	)		(0.24	)		(0.01	)		–			(0.25	)		9.50		(8.70	)		4,223		1.15			6.11			1.93			84
Class R5
Six months ended 04/30/20		11.89		0.05	(d)		(1.22	)		(1.17	)		(0.12	)		(0.26	)		–			(0.38	)		10.34		(10.07	)		19		1.03	(e)		1.59	(e)		0.98	(d)(e)		77
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		10		1.03			2.19			2.01			114
Year ended 10/31/17		9.62		0.27	(d)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			11		1.04			2.54			2.65	(d)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			10		1.15			4.02			2.01			85
Year ended 10/31/15		10.67		0.20			(1.12	)		(0.92	)		(0.24	)		(0.01	)		–			(0.25	)		9.50		(8.70	)		10		1.15			6.00			1.93			84
Class R6
Six months ended 04/30/20		11.89		0.06	(d)		(1.23	)		(1.17	)		(0.12	)		(0.26	)		–			(0.38	)		10.34		(10.07	)		79,659		1.00	(e)		1.52	(e)		1.01	(d)(e)		77
Year ended 10/31/19		10.02		0.22			1.85			2.07			(0.20	)		–			–			(0.20	)		11.89		20.82			12		1.03			2.00			2.02			106
Year ended 10/31/18		10.74		0.21			(0.44	)		(0.23	)		(0.22	)		(0.25	)		(0.02	)		(0.49	)		10.02		(2.31	)		229		1.03			2.19			2.01			114
Year ended 10/31/17		9.62		0.27	(d)		1.06			1.33			(0.21	)		–			–			(0.21	)		10.74		14.02			194		1.04			2.54			2.65	(d)		99
Year ended 10/31/16		9.50		0.19			0.11			0.30			(0.18	)		–			–			(0.18	)		9.62		3.27			114		1.15			4.02			2.01			85
Year ended 10/31/15		10.67		0.20			(1.12	)		(0.92	)		(0.24	)		(0.01	)		–			(0.25	)		9.50		(8.70	)		69		1.15			6.00			1.93			84

(a) Calculated using average shares outstanding.

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

(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended April 30, 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 (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during six months ended April 30, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.03) and 0.11%, $(0.07) and (0.64)%, $(0.04) and (0.14)%, $(0.02) and 0.36%, $(0.02) and 0.36%, and $(0.01) and 0.39% 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, 2017. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.20 and 1.88%, $0.12 and 1.13%, $0.17 and 1.63%, $0.22 and 2.13%, $0.22 and 2.13% and $0.22 and 2.13% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

(e) Ratios are annualized and based on average daily net assets (000’s omitted) of $10,147, $1,296, $714, $10,801, $12 and $4,902 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.

11                      Invesco Global Infrastructure Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is total return through growth of capital and current income.

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

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

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

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

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

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

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

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

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

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

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                      Invesco Global Infrastructure Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

E. Master Limited Partnerships - The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

The Fund is non-diversified and will invest in securities of fewer issues than if it were diversified.

F. Return of Capital - Distributions received from the Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. The return of capital portion of the distribution is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments and increases net realized gains (losses) and change in unrealized appreciation (depreciation). Such estimates are based on historical information available from each MLP and other industry sources. These estimates will subsequently be revised and may materially differ primarily based on information received from the MLPs after their tax reporting periods are concluded.

G. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

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

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

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

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

13                      Invesco Global Infrastructure Fund

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $1 billion		0.840%
Next $1 billion		0.800%
Next $3 billion		0.780%
Over $5 billion		0.733%

Prior to April 17, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2.5 billion		0.840%
Next $2 billion		0.800%
Next $3.5 billion		0.785%
Over $8 billion		0.770%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.84%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (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 May, 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.28%, 2.03%, 1.53%, 1.03%, 1.03% and 1.00%, respectively, of average daily net assets (the “expense limits”). Prior to April 17, 2020, the Class R6 expense limit was 1.03%. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $69,156 and reimbursed class level expenses of $8,246, $1,054, $580, $8,783, $4 and $4 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $3,038 in front-end sales commissions from the sale of Class A shares and $0 and $33 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

14                      Invesco Global Infrastructure Fund

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3	Total
Investments in Securities
Australia	$	–	$	5,749,247	$–	$	5,749,247
Brazil		91,522		–	–		91,522
Canada		16,406,000		–	–		16,406,000
China		–		6,123,761	–		6,123,761
Denmark		–		3,024,405	–		3,024,405
France		–		5,118,629	–		5,118,629
Hong Kong		–		2,060,705	–		2,060,705
Italy		–		2,290,773	–		2,290,773
Japan		–		1,809,615	–		1,809,615
Luxembourg		–		327,729	–		327,729
Mexico		585,011		–	–		585,011
Netherlands		–		657,548	–		657,548
New Zealand		–		423,400	–		423,400
Spain		–		5,868,616	–		5,868,616
United Kingdom		–		9,199,503	–		9,199,503
United States		61,253,992		–	–		61,253,992
Money Market Funds		2,471,795		–	–		2,471,795
Total Investments	$	80,808,320	$	42,653,931	$–	$	123,462,251

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $205.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

15                      Invesco Global Infrastructure Fund

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $37,332,602 and $18,453,052, 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	$	7,606,124
Aggregate unrealized (depreciation) of investments		(5,242,836	)
Net unrealized appreciation of investments	$	2,363,288

Cost of investments for tax purposes is $121,098,963.

NOTE 9–Share Information

					Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		216,771		$	2,472,400			283,350		$	3,214,219
Class C		24,861			286,181			16,870			190,813
Class R		17,271			197,770			10,400			110,922
Class Y		397,819			4,228,879			140,970			1,578,918
Class R6		200			(13,446	)		7,503			81,060
Issued as reinvestment of dividends:
Class A		19,285			215,893			7,683			84,669
Class C		2,838			32,349			913			9,939
Class R		1,352			15,232			497			5,515
Class Y		24,823			274,980			12,100			135,337
Class R6		-			-			337			3,708
Automatic conversion of Class C shares to Class A shares:
Class A		395			4,077			19,909			204,185
Class C		(395	)		(4,077	)		(19,948	)		(204,185	)
Issued in connection with acquisitions:(b)
Class A		1,471,848			15,406,180			-			-
Class C		106,043			1,108,073			-			-
Class R		302,950			3,168,253			-			-
Class Y		144,045			1,507,977			-			-
Class R5		829			8,687			-			-
Class R6		8,189,334			85,839,760			-			-

16                      Invesco Global Infrastructure Fund

					Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,052,860	)		$(10,941,143)			(369,342	)		$(3,823,392	)
Class C		(15,684	)		(167,280	)		(55,397	)		(589,647	)
Class R		(13,545	)		(159,330	)		(4,252	)		(48,150	)
Class Y		(244,163	)		(2,658,058	)		(194,643	)		(2,101,192	)
Class R6		(489,209	)		(4,975,418	)		(29,664	)		(335,438	)
Net increase (decrease) in share activity		9,104,808			$95,847,939			(172,714	)		$(1,482,719	)

^(a) 73% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b) After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Global Infrastructure Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 10,215,049 shares of the Fund for 11,052,718 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $107,038,932, including $(3,148,121) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $22,613,908 and $129,652,840 immediately after the acquisition.

    The pro forma results of operations for the six months ended April 30, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	1,052,788
Net realized/unrealized gains (losses)		(25,677,873	)
Change in net assets resulting from operations	$	(24,625,085	)

    As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                      Invesco Global Infrastructure Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning     Account Value     (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2
Class A	$1,000.00	$899.70	$6.05	$1,018.50	$6.42	1.28%
Class C	1,000.00	896.40	9.57	1,014.77	10.17	2.03
Class R	1,000.00	898.30	7.22	1,017.26	7.67	1.53
Class Y	1,000.00	900.20	4.87	1,019.74	5.17	1.03
Class R5	1,000.00	900.20	4.87	1,019.74	5.17	1.03
Class R6	1,000.00	900.20	4.72	1,019.89	5.02	1.00

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18                      Invesco Global Infrastructure Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. GBLI-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Global Market Neutral Fund
	Nasdaq:
	A: MKNAX ∎ C: MKNCX ∎ R: MKNRX ∎ Y: MKNYX ∎ R5: MKNFX ∎ R6: MKNSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
17	Financial Statements
20	Financial Highlights
21	Notes to Financial Statements
28	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the

Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                                 Invesco Global Market Neutral Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–3.43	%
Class C Shares	–3.92
Class R Shares	–3.65
Class Y Shares	–3.39
Class R5 Shares	–3.39
Class R6 Shares	–3.38
FTSE US 3-Month Treasury Bill Indexq (Broad Market/Style-Specific Index)	0.76
Lipper Alternative Equity Market Neutral Funds Index◾ (Peer Group Index)	–3.89
Source(s): qRIMES Technologies Corp.; ◾Lipper Inc.
The FTSE US 3-Month Treasury Bill Index is an unmanaged index considered representative of three-month US Treasury Bills.
The Lipper Alternative Equity Market Neutral Funds Index is an unmanaged index considered representative of alternative equity market neutral funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                                 Invesco Global Market Neutral Fund

Average Annual Total Returns			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.
As of 4/30/20, including maximum applicable sales  charges
Class A Shares
Inception (12/19/13)	–3.85	%*
5 Years	–5.41
1 Year	–14.44
Class C Shares
Inception (12/19/13)	–3.72	%*
5 Years	–5.07
1 Year	–11.06
Class R Shares
Inception (12/19/13)	–3.23	%*
5 Years	–4.58
1 Year	–9.76
Class Y Shares
Inception (12/19/13)	–2.77	%*
5 Years	–4.11
1 Year	–9.38
Class R5 Shares
Inception (12/19/13)	–2.77	%*
5 Years	–4.13
1 Year	–9.38
Class R6 Shares
Inception (12/19/13)	–2.74	%*
5 Years	–4.09
1 Year	–9.22
*Amount includes the effect of the Adviser pay-in for an economic loss of $0.41 per share for the fiscal period-end 2014 and $0.11 for fiscal period-end 2015. Had the pay-in not been made, average annual total returns were estimated at -5.30%, -5.24%, -4.72%, -4.22%, -4.22% and -4.19% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.
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 class shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

4                                 Invesco Global Market Neutral Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                                 Invesco Global Market Neutral Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–94.55%
Australia–3.22%
Altium Ltd.		181	$	3,972
Beach Energy Ltd.		16,274		15,688
BHP Group PLC		2,485		41,735
Coca-Cola Amatil Ltd.		459		2,563
Coles Group Ltd.		1,496		14,950
Fortescue Metals Group Ltd.		4,015		30,776
JB Hi-Fi Ltd.		715		16,088
Magellan Financial Group Ltd.		332		10,914
Rio Tinto Ltd.		240		13,519
Rio Tinto PLC		115		5,345
Telstra Corp. Ltd.		5,065		9,975
Wesfarmers Ltd.		827		19,963
Woolworths Group Ltd.		431		9,934
				195,422
Austria–0.58%
BAWAG Group AG(a)		141		4,799
Wienerberger AG		1,609		30,091
				34,890
Belgium–0.91%
Barco N.V.		95		15,222
D’ieteren S.A./N.V.		386		19,309
Proximus SADP		158		3,374
Telenet Group Holding N.V.		218		9,105
UCB S.A.		89		8,154
				55,164
Canada–4.72%
B2Gold Corp.		11,874		60,055
Boralex, Inc., Class A		434		8,403
Canadian Pacific Railway Ltd.		78		17,728
Centerra Gold, Inc.		1,284		10,267
CI Financial Corp.		1,047		11,125
Colliers International Group, Inc.		199		10,921
Gibson Energy, Inc.		977		13,918
Kinross Gold Corp.(b)		6,193		40,888
Open Text Corp.		1,495		56,494
Stantec, Inc.		321		9,462
Teck Resources Ltd., Class B		1,025		9,035
TFI International, Inc.		693		19,217
Thomson Reuters Corp.		202		14,232
Tourmaline Oil Corp.		475		4,709
				286,454
Colombia–0.32%
Parex Resources, Inc.(b)		1,790		19,624
Denmark–1.86%
AP Moller - Maersk A/S, Class B		16		15,940
Carlsberg A/S, Class B		235		29,666
Coloplast A/S, Class B		75		11,844
Novo Nordisk A/S, Class B		46		2,937
Pandora A/S		785		27,926

	Shares		Value
Denmark–(continued)
Vestas Wind Systems A/S		281	$	24,233
				112,546
Egypt–0.39%
Centamin PLC		12,253		23,586
Finland–0.44%
Valmet OYJ		1,165		26,711
France–2.24%
Alstom S.A.		152		6,231
Faurecia SE		665		24,129
Gaztransport Et Technigaz S.A.		102		7,412
Kering S.A.		11		5,555
L’Oreal S.A.		56		16,297
Sartorius Stedim Biotech		109		26,191
Schneider Electric SE		272		24,919
Teleperformance		64		14,354
Valeo S.A.		465		10,803
				135,891
Germany–2.20%
adidas AG		36		8,240
CANCOM SE		178		9,088
GEA Group AG		230		5,292
HeidelbergCement AG		118		5,630
HelloFresh SE(b)		268		9,497
HOCHTIEF AG		183		14,402
Merck KGaA		111		12,938
Porsche Automobil Holding SE, Preference Shares		538		27,098
Puma SE		119		7,475
RWE AG		507		14,559
Schaeffler AG, Preference Shares		2,775		18,918
				133,137
Hong Kong–1.46%
CK Hutchison Holdings Ltd.		5,000		36,258
HKT Trust & HKT Ltd.		2,000		3,221
Jardine Strategic Holdings Ltd.		100		2,151
Kerry Properties Ltd.		2,000		5,402
Sino Land Co. Ltd.		6,000		8,358
WH Group Ltd.		34,500		33,024
				88,414
Israel–0.82%
Mizrahi Tefahot Bank Ltd.		175		3,609
Nice Ltd.(b)		28		4,615
Teva Pharmaceutical Industries Ltd.(b)		2,972		32,295
Teva Pharmaceutical Industries Ltd., ADR(b)		854		9,172
				49,691
Italy–0.70%
Azimut Holding S.p.A.		469		8,001
Buzzi Unicem S.p.A.		899		17,658
Enel S.p.A.		1,455		9,961
Leonardo S.p.A.		1,018		7,041
				42,661

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

6                        Invesco Global Market Neutral Fund

	Shares		Value
Japan–19.56%
Advantest Corp.		100	$	4,863
Aeon Mall Co. Ltd.		800		10,107
AGC, Inc.		1,300		32,399
Aisin Seiki Co. Ltd.		400		11,505
Amada Co. Ltd.		4,100		37,272
Astellas Pharma, Inc.		500		8,276
Brother Industries Ltd.		400		6,783
Dai Nippon Printing Co. Ltd.		1,900		40,263
Daicel Corp.		2,200		17,830
Daiwa House Industry Co. Ltd.		1,500		38,229
DeNA Co. Ltd.		600		7,371
Ebara Corp.		600		13,289
Electric Power Development Co. Ltd.		500		10,015
Fujitsu Ltd.		100		9,742
Haseko Corp.		1,200		13,135
Hitachi Ltd.		900		27,003
Hulic Co. Ltd.		500		4,931
Ibiden Co. Ltd.		800		20,525
ITOCHU Corp.		2,200		43,232
JFE Holdings, Inc.		3,200		21,443
JTEKT Corp.		1,900		13,953
JXTG Holdings, Inc.		5,800		20,547
Kaken Pharmaceutical Co. Ltd.		100		5,466
Kamigumi Co. Ltd.		400		7,042
KDDI Corp.		100		2,882
Konica Minolta, Inc.		5,400		21,013
Kyowa Kirin Co. Ltd.		100		2,330
Lawson, Inc.		300		15,513
LIXIL Group Corp.		900		10,872
Marubeni Corp.		5,600		27,124
Mazda Motor Corp.		4,400		24,882
Medipal Holdings Corp.		400		7,758
Mitsubishi Gas Chemical Co., Inc.		1,700		20,845
Mitsubishi Heavy Industries Ltd.		1,000		25,571
Mitsui & Co. Ltd.		3,600		50,495
Morinaga Milk Industry Co. Ltd.		200		7,735
NH Foods Ltd.		500		17,834
Nihon Unisys Ltd.		200		5,782
Nikon Corp.		1,000		9,318
Nippon Electric Glass Co. Ltd.		700		10,256
Nippon Express Co. Ltd.		400		19,585
Nippon Steel Corp.		3,000		25,315
Nissan Motor Co. Ltd.		4,200		14,374
Nitto Denko Corp.		400		20,009
Nomura Holdings, Inc.		3,800		15,807
Nomura Real Estate Holdings, Inc.		1,200		19,627
Nomura Research Institute Ltd.		1,300		31,629
NTT DOCOMO, Inc.		700		20,547
SCSK Corp.		100		4,500
Seino Holdings Co. Ltd.		4,100		48,937
Sekisui Chemical Co. Ltd.		200		2,535
Sojitz Corp.		15,800		36,778
SUMCO Corp.		800		11,427
Sumitomo Chemical Co. Ltd.		9,100		28,074
Sumitomo Forestry Co. Ltd.		700		8,729
Sumitomo Rubber Industries Ltd.		1,000		9,752
Sundrug Co. Ltd.		200		6,859
Suzuken Co. Ltd.		700		26,976
Tokyo Tatemono Co. Ltd.		3,000		33,954

	Shares		Value
Japan–(continued)
Toppan Printing Co. Ltd.		2,700	$	40,267
Toshiba Corp.		500		12,420
Tosoh Corp.		500		6,145
Toyo Seikan Group Holdings Ltd.		600		6,105
Z Holdings Corp.		12,900		49,903
				1,185,685
Jordan–0.48%
Hikma Pharmaceuticals PLC		982		29,332
Netherlands–2.07%
Altice Europe N.V.(b)		4,504		17,975
ASM International N.V.		277		30,545
Intertrust N.V.(a)		1,035		16,325
Koninklijke Ahold Delhaize N.V.		436		10,596
SBM Offshore N.V.		221		2,802
Signify N.V.		503		10,272
Wolters Kluwer N.V.		503		37,035
				125,550
New Zealand–0.08%
Fisher & Paykel Healthcare		298		4,897
Norway–0.47%
Orkla ASA		3,145		28,501
Puerto Rico–0.33%
Popular, Inc.		518		19,990
Spain–1.02%
ACS Actividades de Construccion y Servicios S.A.		231		5,773
CIE Automotive S.A.		871		15,277
Endesa S.A.		913		20,276
Indra Sistemas S.A.(b)		907		7,827
Viscofan S.A.		196		12,564
				61,717
Sweden–4.12%
Atlas Copco AB, Class A		1,056		36,638
Boliden AB		967		19,797
Bravida Holding AB(a)(b)		435		3,551
Essity AB, Class B		364		11,827
Getinge AB, Class B		749		14,411
Hennes & Mauritz AB, Class B		1,562		21,741
Loomis AB, Class B		152		3,713
Samhallsbyggnadsbolaget i Norden AB		2,398		4,639
Sandvik AB		692		10,701
Sinch AB(a)(b)		92		4,786
Skanska AB, Class B		1,989		38,063
SKF AB, Class B		439		6,982
Swedish Match AB		811		50,245
Thule Group AB(a)		167		3,135
Trelleborg AB, Class B(b)		1,526		19,622
				249,851
Switzerland–2.62%
Emmi AG		4		3,679
Galenica AG(a)		178		12,745
LafargeHolcim Ltd.(b)		305		12,668
Landis+Gyr Group AG(b)		107		7,234
Novartis AG		196		16,720
PSP Swiss Property AG		30		3,490

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

7                        Invesco Global Market Neutral Fund

	Shares		Value
Switzerland–(continued)
Roche Holding AG		166		$      57,740
SFS Group AG		62		4,921
SIG Combibloc Group AG(b)		789		12,707
STMicroelectronics N.V.		429		11,167
VAT Group AG(a)		97		16,019
				159,090
United Kingdom–3.75%
Auto Trader Group PLC(a)		5,308		30,695
Avast PLC(a)		4,574		26,423
Babcock International Group PLC		1,007		5,351
Bodycote PLC		485		3,569
Computacenter PLC		143		2,624
Daily Mail and General Trust PLC, Class A		380		3,378
Dialog Semiconductor PLC(b)		937		29,569
GlaxoSmithKline PLC		348		7,286
Howden Joinery Group PLC		862		5,708
ITV PLC		8,219		7,928
Liberty Global PLC, Class C(b)		223		4,083
Marshalls PLC		1,042		8,372
Moneysupermarket.com Group PLC		2,360		9,447
Next PLC		72		4,290
Pets at Home Group PLC		6,048		19,561
Rightmove PLC		2,451		15,375
Spirent Communications PLC		7,025		21,280
Ultra Electronics Holdings PLC		457		11,351
Vodafone Group PLC		7,736		10,939
				227,229
United States–40.19%
Aaron’s, Inc.		510		16,274
AbbVie, Inc.		213		17,509
Activision Blizzard, Inc.		44		2,804
Acuity Brands, Inc.		33		2,857
AGCO Corp.		321		16,962
Akamai Technologies, Inc.(b)		236		23,060
Alexion Pharmaceuticals, Inc.(b)		360		38,689
Allison Transmission Holdings, Inc.		363		13,191
Allstate Corp. (The)		28		2,848
Ally Financial, Inc.		1,182		19,373
Altice USA, Inc., Class A(b)		122		3,168
Amdocs Ltd.		694		44,721
AmerisourceBergen Corp.		133		11,925
Amgen, Inc.		205		49,040
Apache Corp.		373		4,879
Apple, Inc.		48		14,102
Applied Materials, Inc.		852		42,327
AT&T, Inc.		557		16,972
Athene Holding Ltd., Class A(b)		280		7,560
AutoNation, Inc.(b)		589		21,934
AutoZone, Inc.(b)		11		11,224
Best Buy Co., Inc.		355		27,239
Biogen, Inc.(b)		169		50,164
Booking Holdings, Inc.(b)		15		22,209
Brighthouse Financial, Inc.(b)		212		5,451
Brixmor Property Group, Inc.		276		3,160
Cabot Oil & Gas Corp.		433		9,361
CACI International, Inc., Class A(b)		27		6,754
Cadence Design Systems, Inc.(b)		273		22,149

	Shares		Value
United States–(continued)
Campbell Soup Co.		231		$      11,545
Cardinal Health, Inc.		816		40,376
Carlisle Cos., Inc.		247		29,877
CenturyLink, Inc.		2,152		22,854
CF Industries Holdings, Inc.		925		25,438
Ciena Corp.(b)		100		4,625
Cirrus Logic, Inc.(b)		277		20,941
Cisco Systems, Inc.		206		8,730
Citizens Financial Group, Inc.		1,688		37,794
Columbia Banking System, Inc.		282		7,611
Commercial Metals Co.		158		2,519
ConocoPhillips		296		12,462
CoreCivic, Inc.		433		5,681
Coty, Inc., Class A		475		2,589
Cummins, Inc.		157		25,670
DaVita, Inc.(b)		448		35,396
DENTSPLY SIRONA, Inc.		658		27,926
Devon Energy Corp.		1,203		15,001
DISH Network Corp., Class A(b)		487		12,182
Dover Corp.		221		20,697
eBay, Inc.		1,608		64,047
EchoStar Corp., Class A(b)		194		6,121
Electronic Arts, Inc.(b)		92		10,512
EMCOR Group, Inc.		126		8,005
Equity LifeStyle Properties, Inc.		488		29,431
Equity Residential		95		6,181
Essex Property Trust, Inc.		165		40,277
Exelixis, Inc.(b)		396		9,779
Expedia Group, Inc.		305		21,649
F.N.B. Corp.		567		4,587
First Hawaiian, Inc.		547		9,622
First Horizon National Corp.		1,501		13,629
FleetCor Technologies, Inc.(b)		26		6,273
Ford Motor Co.(b)		3,381		17,209
Fortinet, Inc.(b)		173		18,639
General Electric Co.		1,314		8,935
General Mills, Inc.		110		6,588
Genpact Ltd.		218		7,506
Gentex Corp.		171		4,145
Gilead Sciences, Inc.		508		42,672
Goodyear Tire & Rubber Co. (The)		735		5,270
Helmerich & Payne, Inc.		230		4,547
Herman Miller, Inc.		145		3,268
Hewlett Packard Enterprise Co.		1,932		19,436
HollyFrontier Corp.		362		11,960
Humana, Inc.		20		7,636
Huntsman Corp.		976		16,407
Incyte Corp.(b)		362		35,353
Intel Corp.		56		3,359
Investors Bancorp, Inc.		3,988		37,128
Ionis Pharmaceuticals, Inc.(b)		57		3,165
Jabil, Inc.		718		20,420
Jack Henry & Associates, Inc.		25		4,089
Johnson Controls International PLC		94		2,736
JPMorgan Chase & Co.		116		11,108
Kansas City Southern		22		2,872
Kimberly-Clark Corp.		84		11,632
Kroger Co. (The)		158		4,994
Lam Research Corp.		54		13,785

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

8                        Invesco Global Market Neutral Fund

	Shares		Value
United States–(continued)
Leidos Holdings, Inc.		352	$	34,781
Liberty Media Corp.-Liberty SiriusXM, Series C(b)		176		5,996
Life Storage, Inc.		361		31,620
Manhattan Associates, Inc.(b)		47		3,334
ManTech International Corp., Class A		93		6,934
MasTec, Inc.(b)		298		10,698
McKesson Corp.		321		45,341
Microsoft Corp.		79		14,158
Mid-America Apartment Communities, Inc.		407		45,551
Murphy Oil Corp.		605		7,175
Murphy USA, Inc.(b)		45		4,806
Navient Corp.		3,958		30,160
NetScout Systems, Inc.(b)		476		12,604
New York Community Bancorp, Inc.		610		6,625
Newell Brands, Inc.		926		12,853
NortonLifeLock, Inc.		839		17,846
Nuance Communications, Inc.(b)		425		8,585
NVR, Inc.(b)		3		9,300
OneMain Holdings, Inc.		1,051		25,445
Oracle Corp.		362		19,175
Owens Corning		61		2,645
Perspecta, Inc.		585		12,618
PolyOne Corp.		442		10,294
Prestige Consumer Healthcare, Inc.(b)		171		6,958
Procter & Gamble Co. (The)		211		24,871
PulteGroup, Inc.		315		8,905
Qorvo, Inc.(b)		63		6,176
QUALCOMM, Inc.		254		19,982
Qurate Retail, Inc., Class A(b)		2,329		18,760
Regeneron Pharmaceuticals, Inc.(b)		72		37,863
Reliance Steel & Aluminum Co.		141		12,631
ResMed, Inc., CDI		320		4,837
Retail Properties of America, Inc., Class A(b)		1,473		9,133
RH(b)		24		3,451
SBA Communications Corp., Class A		66		19,135
Seagate Technology PLC		663		33,117
Signature Bank		217		23,258
Simpson Manufacturing Co., Inc.		68		4,903
SLM Corp.		583		4,862
South State Corp.		99		5,726

	Shares		Value
United States–(continued)
Spectrum Brands Holdings, Inc.		70	$	3,014
Spirit Realty Capital, Inc.		727		22,363
State Street Corp.		144		9,078
Synaptics, Inc.(b)		288		18,832
Synopsys, Inc.(b)		187		29,381
Target Corp.		348		38,190
TEGNA, Inc.		970		10,398
Tenet Healthcare Corp.(b)		509		10,272
Teradyne, Inc.		153		9,569
TRI Pointe Group, Inc.(b)		445		5,109
Umpqua Holdings Corp.		291		3,645
United Therapeutics Corp.(b)		158		17,310
Vertex Pharmaceuticals, Inc.(b)		99		24,869
Washington Federal, Inc.		284		7,594
Werner Enterprises, Inc.		110		4,413
Western Alliance Bancorporation		134		4,808
Western Union Co. (The)		1,609		30,684
World Fuel Services Corp.		899		22,475
WPX Energy, Inc.(b)		2,313		14,179
Xerox Holdings Corp.		1,514		27,691
Yelp, Inc.(b)		124		2,771
Zebra Technologies Corp., Class A(b)		40		9,186
Zynga, Inc., Class A(b)		4,650		35,061
				2,436,796
Total Common Stocks & Other Equity Interests (Cost $6,065,036)				5,732,829
Money Market Funds–9.55%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		210,393		210,393
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		128,008		128,085
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		240,449		240,449
Total Money Market Funds (Cost $578,749)				578,927
TOTAL INVESTMENTS IN SECURITIES–104.10% (Cost $6,643,785)				6,311,756
OTHER ASSETS LESS LIABILITIES–(4.10)%				(248,800	)
NET ASSETS–100.00%				$6,062,956

Investment Abbreviations:

ADR - American Depositary Receipt

CDI  - CREST Depository Interest

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

9                        Invesco Global Market Neutral 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 April 30, 2020 was $118,478, which represented 1.95% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	87,107		$	1,271,685		$	(1,148,399	)		$	-		$	-		$	210,393		$	984
Invesco Liquid Assets Portfolio, Institutional Class			62,226			908,120			(842,629	)			172			196			128,085			953
Invesco Treasury Portfolio, Institutional Class			99,551			1,453,353			(1,312,455	)			-			-			240,449			1,056
Total		$	248,884		$	3,633,158		$	(3,303,483	)		$	172		$	196		$	578,927		$	2,993

(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty	Maturity Date		Floating Rate Index(1)	Payment Frequency		Notional Value			Upfront Payments Paid (Received)		Value(2)(3)			Unrealized Appreciation (Depreciation)(2)(3)			Net Value of Reference Entities
Equity Risk
Spain Equity Securities-Short	Morgan Stanley & Co. LLC		02/22/2021	Federal Funds floating rate		Monthly	$	(46,735	)		$–	$	127		$	127		$	(46,614	)
Switzerland Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(118,339	)		–		2,130			2,130			(115,510	)
Subtotal - Appreciation											–		2,257			2,257			(162,124	)
Equity Risk
Australia Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(108,136	)		–		(15,154	)		(15,154	)		(123,208	)
Canada Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(333,589	)		–		(12,424	)		(12,424	)		(345,639	)
Denmark Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(171,256	)		–		(5,304	)		(5,304	)		(176,582	)
Euro Area Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(540,889	)		–		(35,442	)		(35,442	)		(575,910	)
Hong Kong Equity Securities-Short	Morgan Stanley & Co. LLC		08/16/2021	Federal Funds floating rate		Monthly		(66,259	)		–		(1,360	)		(1,360	)		(67,626	)
Japan Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(1,204,458	)		–		(80,398	)		(80,398	)		(1,276,103	)
Norway Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(48,115	)		–		(7,422	)		(7,422	)		(55,544	)
Singapore Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(2,808	)		–		(153	)		(153	)		(2,874	)
Sweden Equity Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(178,742	)		–		(10,357	)		(10,357	)		(188,914	)
United Kingdom Securities-Short	Morgan Stanley & Co. LLC		01/22/2021	Federal Funds floating rate		Monthly		(326,283	)		–		(25,520	)		(25,520	)		(350,923	)
United States Equity Securities-Short	Morgan Stanley & Co. LLC		12/22/2021	Federal Funds floating rate		Monthly		(2,349,679	)		–		(197,147	)		(197,147	)		(2,546,175	)
Subtotal – Depreciation											–		(390,681	)		(390,681	)		(5,709,498	)
Total – Total Return Swap Agreements											$–	$	(388,424	)	$	(388,424	)	$	(5,871,622	)

⁽¹⁾  The Fund receives or pays the total return on the short positions underlying the total return swap and receives a specific Federal Funds floating rate. The total return swaps are settled in U.S. Dollars.

⁽²⁾  Amount includes $(12,090) of dividends payable and financing fees related to the reference entities.

⁽³⁾  Swap agreements are collateralized by $44,686 cash held with Morgan Stanley & Co. LLC, the Counterparty.

The following table represents the individual short positions and related values of equity securities underlying the total return swaps with Morgan Stanley & Co. LLC, as of April 30, 2020.

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

10                        Invesco Global Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Equity Securities–Short
Australia
Afterpay Ltd.		(927	)	$	(18,847	)		0.28
BlueScope Steel Ltd.		(562	)		(3,754	)		0.06
Boral Ltd.		(2,574	)		(5,066	)		0.07
Computershare Ltd.		(1,245	)		(9,882	)		0.15
Incitec Pivot Ltd.		(2,702	)		(4,208	)		0.07
Link Administration Holdings Ltd.		(3,801	)		(9,388	)		0.15
NEXTDC Ltd.		(2,254	)		(13,028	)		0.22
Oil Search Ltd.		(4,977	)		(9,892	)		0.14
OZ Minerals Ltd.		(555	)		(3,244	)		0.05
Qube Holdings Ltd.		(1,902	)		(2,695	)		0.05
SEEK Ltd.		(821	)		(9,314	)		0.15
South32 Ltd.		(3,137	)		(4,058	)		0.07
Treasury Wine Estates Ltd.		(1,565	)		(10,351	)		0.18
Westpac Banking Corp.		(1,102	)		(11,691	)		0.20
Woodside Petroleum Ltd.		(327	)		(4,784	)		0.07
Xero Ltd.		(58	)		(3,006	)		0.05
					(123,208	)
Belgium
argenx SE		(165	)		(24,862	)		0.44
Umicore S.A.		(675	)		(29,152	)		0.49
					(54,014	)
Canada
Agnico Eagle Mines Ltd.		(609	)		(35,583	)		0.63
BlackBerry Ltd.		(5,632	)		(24,034	)		0.40
CAE, Inc.		(198	)		(3,272	)		0.05
Canadian Imperial Bank of Commerce		(290	)		(17,184	)		0.29
Canadian National Railway Co.		(522	)		(43,168	)		0.73
CCL Industries, Inc., Class B		(123	)		(3,845	)		0.07
Dollarama, Inc.		(354	)		(11,104	)		0.20
Fairfax Financial Holdings Ltd.		(12	)		(3,254	)		0.06
Finning International, Inc.		(679	)		(8,620	)		0.14
FirstService Corp.		(150	)		(12,969	)		0.22
Fortis, Inc.		(118	)		(4,573	)		0.08
Morneau Shepell, Inc.		(211	)		(5,101	)		0.09
Novagold Resources, Inc.		(2,718	)		(30,500	)		0.60
Parkland Fuel Corp.		(429	)		(10,149	)		0.16
PrairieSky Royalty Ltd.		(1,086	)		(7,942	)		0.13
Premium Brands Holdings Corp.		(178	)		(10,734	)		0.20
Rogers Communications, Inc., Class B		(870	)		(36,439	)		0.65
Shaw Communications, Inc.,
Class B		(584	)		(9,528	)		0.17
Shopify, Inc., Class A		(20	)		(12,684	)		0.23
TELUS Corp.		(164	)		(2,680	)		0.05
Toromont Industries Ltd.		(230	)		(10,806	)		0.18

	Shares			Value			Percentage of Reference Entities
Canada–(continued)
Waste Connections, Inc.		(482	)	$	(41,470	)		0.75
					(345,639	)
Denmark
ALK-Abello A/S		(18	)		(4,584	)		0.08
Chr. Hansen Holding A/S		(533	)		(45,932	)		0.83
Demant A/S		(827	)		(19,766	)		0.35
Genmab A/S		(245	)		(58,918	)		1.04
H. Lundbeck A/S		(553	)		(20,149	)		0.34
ISS A/S		(550	)		(8,207	)		0.13
Novozymes A/S, Class B		(85	)		(4,164	)		0.07
Orsted A/S		(147	)		(14,861	)		0.27
					(176,581	)
Finland
Nokia OYJ		(13,832	)		(50,385	)		0.85
Nokian Renkaat OYJ		(270	)		(5,780	)		0.10
Stora Enso OYJ, Class R		(243	)		(2,876	)		0.05
Wartsila OYJ Abp		(535	)		(3,930	)		0.07
					(62,971	)
France
Airbus SE		(164	)		(10,402	)		0.17
Getlink SE		(1,941	)		(24,738	)		0.43
JCDecaux S.A.		(415	)		(8,604	)		0.14
Remy Cointreau S.A.		(178	)		(19,857	)		0.36
Renault S.A.		(800	)		(15,873	)		0.25
Rubis S.C.A.		(257	)		(11,536	)		0.20
SOITEC		(196	)		(18,021	)		0.30
TechnipFMC PLC		(700	)		(6,124	)		0.10
					(115,155	)
Germany
Aroundtown S.A.		(5,397	)		(29,039	)		0.51
Bayer AG		(93	)		(6,129	)		0.11
Beiersdorf AG		(40	)		(4,190	)		0.08
Continental AG		(34	)		(2,876	)		0.05
Daimler AG		(1,078	)		(37,253	)		0.59
Delivery Hero SE		(680	)		(57,379	)		0.95
Deutsche Wohnen SE		(153	)		(6,204	)		0.11
Grand City Properties S.A.		(516	)		(10,800	)		0.19
Infineon Technologies AG		(1,031	)		(19,151	)		0.33
MorphoSys AG		(178	)		(18,714	)		0.33
Rocket Internet SE		(328	)		(6,912	)		0.12
United Internet AG		(461	)		(15,888	)		0.28
Zalando SE		(207	)		(10,092	)		0.17
					(224,627	)
Hong Kong
CLP Holdings Ltd.		(500	)		(5,340	)		0.10
HK Electric Investments & HK Electric Investments Ltd.		(4,000	)		(4,128	)		0.07

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

11                        Invesco Global Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Hong Kong–(continued)
Hong Kong & China Gas Co. Ltd. (The)		(17,000	)	$	(30,393	)		0.55
MTR Corp. Ltd.		(5,000	)		(27,765	)		0.49
					(67,626	)
Japan
Ain Holdings, Inc.		(200	)		(11,238	)		0.21
Air Water, Inc.		(300	)		(4,070	)		0.08
Asahi Intecc Co. Ltd.		(200	)		(5,336	)		0.09
Chugoku Electric Power Co., Inc. (The)		(1,300	)		(17,517	)		0.33
CyberAgent, Inc.		(100	)		(4,230	)		0.07
Daifuku Co. Ltd.		(800	)		(56,134	)		0.97
Daikin Industries Ltd.		(200	)		(26,101	)		0.45
FANUC Corp.		(100	)		(16,615	)		0.25
Fast Retailing Co. Ltd.		(100	)		(47,990	)		0.82
FP Corp.		(100	)		(7,557	)		0.14
GMO Payment Gateway, Inc.		(200	)		(17,984	)		0.32
Hitachi Construction Machinery Co. Ltd.		(100	)		(2,372	)		0.04
Hitachi Metals Ltd.		(1,300	)		(12,792	)		0.22
Hoshizaki Corp.		(200	)		(15,357	)		0.27
Idemitsu Kosan Co. Ltd.		(1,500	)		(34,524	)		0.57
Ito En Ltd.		(100	)		(5,572	)		0.11
Japan Exchange Group, Inc.		(1,200	)		(22,498	)		0.44
JCR Pharmaceuticals Co. Ltd.		(100	)		(9,663	)		0.18
JSR Corp.		(200	)		(3,802	)		0.06
Kansai Paint Co. Ltd.		(800	)		(15,364	)		0.27
Keihan Holdings Co. Ltd.		(200	)		(9,029	)		0.17
Keyence Corp.		(100	)		(36,127	)		0.63
Koito Manufacturing Co. Ltd.		(500	)		(19,056	)		0.31
Lasertec Corp.		(300	)		(20,156	)		0.31
M3, Inc.		(1,500	)		(54,373	)		1.00
Makita Corp.		(800	)		(26,240	)		0.44
Maruichi Steel Tube Ltd.		(200	)		(4,534	)		0.08
MISUMI Group, Inc.		(1,000	)		(24,097	)		0.42
Miura Co. Ltd.		(300	)		(12,356	)		0.22
MonotaRO Co. Ltd.		(1,500	)		(48,502	)		0.80
Nagoya Railroad Co. Ltd.		(400	)		(11,536	)		0.21
NET One Systems Co. Ltd.		(100	)		(2,898	)		0.05
Nexon Co. Ltd.		(200	)		(3,250	)		0.06
Nidec Corp.		(800	)		(46,860	)		0.72
Nifco, Inc.		(400	)		(7,809	)		0.12
Nihon M&A Center, Inc.		(800	)		(26,501	)		0.46
Nippon Paint Holdings Co. Ltd.		(400	)		(23,147	)		0.42
Nippon Shinyaku Co. Ltd.		(300	)		(21,162	)		0.40
Nissan Chemical Corp.		(400	)		(15,431	)		0.25
Nitori Holdings Co. Ltd.		(300	)		(46,182	)		0.82
NOF Corp.		(200	)		(6,672	)		0.12
Odakyu Electric Railway Co. Ltd.		(700	)		(15,479	)		0.29

	Shares			Value			Percentage of Reference Entities
Japan–(continued)
ORIX Corp.		(1,200	)	$	(14,414	)		0.24
Recruit Holdings Co. Ltd.		(200	)		(5,930	)		0.09
Relo Group, Inc.		(500	)		(10,963	)		0.18
Ryohin Keikaku Co. Ltd.		(2,000	)		(24,079	)		0.39
SCREEN Holdings Co. Ltd.		(200	)		(9,803	)		0.16
Sharp Corp.		(1,700	)		(18,994	)		0.32
Shimadzu Corp.		(900	)		(22,518	)		0.42
Shimano, Inc.		(200	)		(29,521	)		0.53
SMC Corp.		(100	)		(45,660	)		0.82
SoftBank Group Corp.		(400	)		(17,269	)		0.30
Sotetsu Holdings, Inc.		(100	)		(2,572	)		0.05
Suzuki Motor Corp.		(800	)		(25,860	)		0.41
Sysmex Corp.		(100	)		(6,933	)		0.12
Takeda Pharmaceutical Co. Ltd.		(800	)		(28,947	)		0.50
TechnoPro Holdings, Inc.		(200	)		(11,573	)		0.16
Toho Gas Co. Ltd.		(100	)		(4,901	)		0.10
Tokyo Century Corp.		(100	)		(3,434	)		0.06
TOTO Ltd.		(600	)		(21,190	)		0.35
Toyo Tire Corp.		(1,000	)		(11,993	)		0.19
Toyota Industries Corp.		(100	)		(5,060	)		0.09
Toyota Motor Corp.		(500	)		(31,058	)		0.55
Trend Micro, Inc.		(100	)		(5,097	)		0.08
USS Co. Ltd.		(600	)		(9,561	)		0.17
Yakult Honsha Co. Ltd.		(100	)		(5,843	)		0.12
Yamaha Corp.		(400	)		(16,326	)		0.27
Yamaha Motor Co. Ltd.		(200	)		(2,615	)		0.04
Yaskawa Electric Corp.		(1,900	)		(63,118	)		1.02
Yokogawa Electric Corp.		(200	)		(2,758	)		0.04
					(1,276,103	)
Netherlands
Boskalis Westminster		(494	)		(8,580	)		0.15
IMCD N.V.		(272	)		(24,060	)		0.41
Just Eat Takeaway.com N.V.		(513	)		(52,293	)		0.91
Koninklijke DSM N.V.		(78	)		(9,552	)		0.18
Koninklijke Vopak N.V.		(135	)		(7,785	)		0.14
TKH Group N.V., CVA		(111	)		(3,905	)		0.06
					(106,175	)
Norway
Equinor ASA		(215	)		(3,010	)		0.05
Mowi ASA		(1,541	)		(26,398	)		0.44
Norsk Hydro ASA		(8,520	)		(21,763	)		0.31
Schibsted ASA, Class B		(225	)		(4,373	)		0.07
					(55,544	)
Singapore
Dairy Farm International
Holdings Ltd.		(600	)		(2,874	)		0.05
Spain
Cellnex Telecom S.A.		(442	)		(23,153	)		0.44

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

12                        Invesco Global Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
Spain–(continued)
Ferrovial S.A.		(939	)		$      (23,461	)		0.41
Grifols S.A.		(381	)		(12,968	)		0.24
					(59,582	)
Sweden
Axfood AB		(468	)		(9,940	)		0.18
BillerudKorsnas AB		(972	)		(12,310	)		0.20
Dometic Group AB		(960	)		(6,469	)		0.09
Electrolux AB, Series B		(927	)		(12,814	)		0.21
Embracer Group AB		(958	)		(10,242	)		0.18
Epiroc AB, Class A		(362	)		(3,641	)		0.06
Fabege AB		(748	)		(8,967	)		0.15
Husqvarna AB, Class B		(2,716	)		(16,470	)		0.28
ICA Gruppen AB		(353	)		(15,422	)		0.29
NCC AB, Class B		(509	)		(7,852	)		0.12
Peab AB, Class B		(705	)		(5,409	)		0.09
Saab AB, Class B		(562	)		(13,048	)		0.21
Securitas AB, Class B		(354	)		(4,189	)		0.07
Swedish Orphan Biovitrum AB		(853	)		(16,613	)		0.30
Tele2 AB, Class B		(1,655	)		(21,477	)		0.38
Telia Co. AB		(6,097	)		(21,093	)		0.37
Wallenstam AB, Class B		(285	)		(2,959	)		0.05
					(188,915	)
Switzerland
Chocoladefabriken Lindt & Spruengli AG, PC		(3	)		(23,388	)		0.45
Cie Financiere Richemont S.A.		(285	)		(16,186	)		0.28
Clariant AG		(448	)		(8,292	)		0.15
Idorsia Ltd.		(461	)		(13,334	)		0.27
Kuehne + Nagel International AG		(32	)		(4,577	)		0.08
Lonza Group AG		(30	)		(13,097	)		0.24
Mobimo Holding AG		(13	)		(3,569	)		0.06
SGS S.A.		(6	)		(13,582	)		0.25
Siegfried Holding AG		(6	)		(2,741	)		0.05
Sika AG		(37	)		(6,121	)		0.11
Straumann Holding AG		(14	)		(10,623	)		0.20
					(115,510	)
United Kingdom
Abcam PLC		(493	)		(7,886	)		0.14
Antofagasta PLC		(2,075	)		(21,247	)		0.36
Ashtead Group PLC		(346	)		(9,478	)		0.14
ASOS PLC		(314	)		(9,468	)		0.15
Bunzl PLC		(644	)		(14,012	)		0.24
Burberry Group PLC		(687	)		(12,027	)		0.21
Coca-Cola HBC AG		(136	)		(3,452	)		0.06
Croda International PLC		(150	)		(9,223	)		0.16
Dechra Pharmaceuticals PLC		(343	)		(11,967	)		0.21
Diageo PLC		(1,007	)		(34,879	)		0.60

	Shares			Value			Percentage of Reference Entities
United Kingdom–(continued)
Electrocomponents PLC		(826	)		$      (6,013	)		0.10
Fevertree Drinks PLC		(573	)		(12,557	)		0.20
Fresnillo PLC		(2,059	)		(18,459	)		0.35
Glencore PLC		(16,762	)		(31,055	)		0.52
IWG PLC		(958	)		(2,872	)		0.04
John Laing Group PLC		(875	)		(4,020	)		0.06
Johnson Matthey PLC		(378	)		(9,486	)		0.16
Melrose Industries PLC		(8,622	)		(10,836	)		0.17
Micro Focus International PLC		(1,012	)		(6,140	)		0.09
Ocado Group PLC		(2,632	)		(53,189	)		0.96
Renishaw PLC		(158	)		(7,013	)		0.11
Rolls-Royce Holdings PLC		(3,036	)		(12,619	)		0.21
Royal Mail PLC		(1,539	)		(3,227	)		0.05
Smiths Group PLC		(903	)		(14,109	)		0.24
Spectris PLC		(99	)		(3,326	)		0.06
Weir Group PLC (The)		(1,860	)		(22,363	)		0.34
					(350,923	)
United States
2U, Inc.		(417	)		(9,904	)		0.16
3M Co.		(36	)		(5,469	)		0.09
ABIOMED, Inc.		(42	)		(8,032	)		0.13
Acceleron Pharma, Inc.		(52	)		(4,708	)		0.09
Agios Pharmaceuticals, Inc.		(390	)		(16,045	)		0.32
Albemarle Corp.		(50	)		(3,071	)		0.05
Allegheny Technologies, Inc.		(711	)		(5,340	)		0.09
Alnylam Pharmaceuticals, Inc.		(57	)		(7,507	)		0.15
Amcor PLC		(320	)		(2,870	)		0.05
American Campus Communities, Inc.		(309	)		(10,905	)		0.18
Americold Realty Trust		(958	)		(29,305	)		0.58
Amicus Therapeutics, Inc.		(1,077	)		(12,719	)		0.24
Apple Hospitality REIT, Inc.		(1,092	)		(10,571	)		0.16
AptarGroup, Inc.		(46	)		(4,926	)		0.09
Archer-Daniels-Midland Co.		(1,238	)		(45,979	)		0.80
Arthur J. Gallagher & Co.		(58	)		(4,553	)		0.08
Avanos Medical, Inc.		(387	)		(12,016	)		0.21
Berry Global Group, Inc.		(96	)		(3,820	)		0.06
Bluebird Bio, Inc.		(210	)		(11,315	)		0.21
Blueprint Medicines Corp.		(119	)		(7,001	)		0.15
Boeing Co. (The)		(252	)		(35,537	)		0.62
BOK Financial Corp.		(189	)		(9,788	)		0.15
Boston Beer Co., Inc. (The), Class A		(8	)		(3,732	)		0.06
Boston Scientific Corp.		(180	)		(6,746	)		0.12
Bright Horizons Family Solutions, Inc.		(37	)		(4,309	)		0.07
BWX Technologies, Inc.		(308	)		(16,342	)		0.29
Cabot Microelectronics Corp.		(62	)		(7,597	)		0.12
Cantel Medical Corp.		(295	)		(10,915	)		0.15
Capri Holdings Ltd.		(302	)		(4,605	)		0.06

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

13                        Invesco Global Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
United States–(continued)
Catalent, Inc.		(199	)		$      (13,761	)		0.21
Centene Corp.		(63	)		(4,195	)		0.08
Ceridian HCM Holding, Inc.		(47	)		(2,772	)		0.04
Chegg, Inc.		(173	)		(7,396	)		0.12
Cheniere Energy, Inc.		(891	)		(41,601	)		0.66
Cognex Corp.		(515	)		(28,449	)		0.46
Columbia Sportswear Co.		(374	)		(27,261	)		0.47
CommScope Holding Co., Inc.		(703	)		(7,740	)		0.12
Compass Minerals International, Inc.		(55	)		(2,704	)		0.04
Concho Resources, Inc.		(208	)		(11,798	)		0.20
Copart, Inc.		(94	)		(7,530	)		0.12
CoreSite Realty Corp.		(190	)		(23,026	)		0.41
Corning, Inc.		(1,294	)		(28,481	)		0.47
Cousins Properties, Inc.		(925	)		(27,907	)		0.48
Credit Acceptance Corp.		(100	)		(31,157	)		0.46
Cree, Inc.		(859	)		(37,049	)		0.58
Cullen/Frost Bankers, Inc.		(394	)		(28,313	)		0.42
CyberArk Software Ltd.		(57	)		(5,629	)		0.10
Diamondback Energy, Inc.		(593	)		(25,819	)		0.37
Digital Realty Trust, Inc.		(232	)		(34,682	)		0.63
Dolby Laboratories, Inc., Class A		(59	)		(3,542	)		0.06
Dominion Energy, Inc.		(112	)		(8,639	)		0.16
Dorman Products, Inc.		(201	)		(12,679	)		0.21
Elanco Animal Health, Inc.		(263	)		(6,499	)		0.11
EPR Properties		(253	)		(7,443	)		0.11
Erie Indemnity Co., Class A		(148	)		(26,353	)		0.48
Essential Utilities, Inc.		(76	)		(3,176	)		0.06
Estee Lauder Cos., Inc. (The), Class A		(48	)		(8,467	)		0.14
Everbridge, Inc.		(173	)		(19,269	)		0.38
Exact Sciences Corp.		(139	)		(10,978	)		0.19
Exxon Mobil Corp.		(721	)		(33,505	)		0.55
FactSet Research Systems, Inc.		(74	)		(20,350	)		0.37
Federal Realty Investment Trust		(106	)		(8,827	)		0.13
FedEx Corp.		(190	)		(24,086	)		0.41
FireEye, Inc.		(191	)		(2,198	)		0.04
First Interstate BancSystem, Inc., Class A		(234	)		(7,909	)		0.12
First Republic Bank		(129	)		(13,453	)		0.23
First Solar, Inc.		(685	)		(30,147	)		0.50
FirstCash, Inc.		(144	)		(10,345	)		0.18
Five Below, Inc.		(306	)		(27,589	)		0.46
Floor & Decor Holdings, Inc., Class A		(170	)		(7,208	)		0.11
Fortive Corp.		(448	)		(28,672	)		0.47
Fox Factory Holding Corp.		(216	)		(11,018	)		0.16
Gartner, Inc.		(171	)		(20,316	)		0.33
Glaukos Corp.		(98	)		(3,596	)		0.06

	Shares			Value			Percentage of Reference Entities
United States–(continued)
Global Blood Therapeutics, Inc.		(69	)		$      (5,280)			0.09
Globus Medical, Inc., Class A		(250	)		(11,865	)		0.20
Green Dot Corp., Class A		(473	)		(14,426	)		0.24
Guardant Health, Inc.		(104	)		(8,004	)		0.14
Guidewire Software, Inc.		(345	)		(31,340	)		0.55
Hasbro, Inc.		(35	)		(2,527	)		0.05
Healthcare Services Group, Inc.		(591	)		(15,065	)		0.26
HealthEquity, Inc.		(86	)		(4,839	)		0.08
HEICO Corp.		(31	)		(2,716	)		0.04
Hess Corp.		(174	)		(8,463	)		0.12
Hormel Foods Corp.		(82	)		(3,842	)		0.07
Host Hotels & Resorts, Inc.		(423	)		(5,207	)		0.08
Howard Hughes Corp. (The)		(240	)		(12,998	)		0.22
HubSpot, Inc.		(71	)		(11,973	)		0.18
ICU Medical, Inc.		(180	)		(39,476	)		0.70
IDEX Corp.		(18	)		(2,765	)		0.05
II-VI, Inc.		(533	)		(18,346	)		0.28
Illumina, Inc.		(63	)		(20,099	)		0.36
Immunomedics, Inc.		(631	)		(19,170	)		0.25
Independent Bank Corp.		(137	)		(9,986	)		0.17
Ingevity Corp.		(104	)		(5,400	)		0.07
Insperity, Inc.		(65	)		(3,101	)		0.05
Insulet Corp.		(47	)		(9,387	)		0.17
Intuitive Surgical, Inc.		(24	)		(12,261	)		0.22
IPG Photonics Corp.		(182	)		(23,538	)		0.39
Iron Mountain, Inc.		(609	)		(14,726	)		0.27
John Bean Technologies Corp.		(106	)		(8,134	)		0.14
Knight-Swift Transportation Holdings, Inc.		(318	)		(11,823	)		0.20
Lancaster Colony Corp.		(76	)		(10,232	)		0.19
Lennox International, Inc.		(135	)		(25,202	)		0.42
Liberty Broadband Corp., Class A		(120	)		(14,402	)		0.26
Littelfuse, Inc.		(107	)		(15,541	)		0.26
LivaNova PLC		(220	)		(11,686	)		0.19
Live Nation Entertainment, Inc.		(180	)		(8,077	)		0.12
LiveRamp Holdings, Inc.		(545	)		(20,634	)		0.33
lululemon athletica, inc.		(24	)		(5,364	)		0.09
Mack-Cali Realty Corp.		(267	)		(4,323	)		0.07
Markel Corp.		(27	)		(23,378	)		0.43
Marsh & McLennan Cos., Inc.		(52	)		(5,061	)		0.09
Marvell Technology Group Ltd.		(621	)		(16,606	)		0.30
McCormick & Co., Inc.		(18	)		(2,823	)		0.05
Merit Medical Systems, Inc.		(564	)		(23,022	)		0.38
Mirati Therapeutics, Inc.		(107	)		(9,099	)		0.17
MongoDB, Inc.		(42	)		(6,809	)		0.12
Monro, Inc.		(295	)		(16,370	)		0.24
Moody’s Corp.		(27	)		(6,585	)		0.12
Mosaic Co. (The)		(399	)		(4,592	)		0.08
National Instruments Corp.		(282	)		(10,834	)		0.19

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

14                        Invesco Global Market Neutral Fund

	Shares			Value			Percentage of Reference Entities
United States–(continued)
Nektar Therapeutics		(1,237	)	$	(23,750	)		0.44
Netflix, Inc.		(13	)		(5,458	)		0.10
New Relic, Inc.		(127	)		(6,819	)		0.11
Newmont Corp.		(403	)		(23,970	)		0.45
NIKE, Inc., Class B		(180	)		(15,692	)		0.29
Novanta, Inc.		(149	)		(12,947	)		0.22
Nucor Corp.		(155	)		(6,384	)		0.10
Nutanix, Inc., Class A		(697	)		(14,282	)		0.22
NVIDIA Corp.		(11	)		(3,215	)		0.06
Occidental Petroleum Corp.		(401	)		(6,657	)		0.10
Ollie’s Bargain Outlet Holdings, Inc.		(246	)		(16,706	)		0.27
ON Semiconductor Corp.		(896	)		(14,376	)		0.23
ONEOK, Inc.		(487	)		(14,576	)		0.24
O’Reilly Automotive, Inc.		(11	)		(4,250	)		0.07
Palo Alto Networks, Inc.		(54	)		(10,612	)		0.19
Park Hotels & Resorts, Inc.		(2,432	)		(23,128	)		0.32
Pebblebrook Hotel Trust		(1,190	)		(14,090	)		0.23
Penumbra, Inc.		(105	)		(18,619	)		0.35
Phillips 66		(170	)		(12,439	)		0.18
PriceSmart, Inc.		(105	)		(6,672	)		0.12
Progressive Corp. (The)		(39	)		(3,015	)		0.06
Proofpoint, Inc.		(74	)		(9,008	)		0.16
Proto Labs, Inc.		(62	)		(6,299	)		0.09
PTC, Inc.		(62	)		(4,293	)		0.07
Pure Storage, Inc., Class A		(1,082	)		(15,581	)		0.25
Q2 Holdings, Inc.		(270	)		(21,524	)		0.34
Quidel Corp.		(51	)		(7,089	)		0.11
Roku, Inc.		(112	)		(13,578	)		0.25
Rollins, Inc.		(1,022	)		(40,880	)		0.70
Sage Therapeutics, Inc.		(227	)		(8,848	)		0.15
Sarepta Therapeutics, Inc.		(165	)		(19,450	)		0.34
Simon Property Group, Inc.		(292	)		(19,497	)		0.28
Sirius XM Holdings, Inc.		(3,149	)		(18,611	)		0.29
Sonoco Products Co.		(346	)		(16,899	)		0.30
Splunk, Inc.		(343	)		(48,143	)		0.82
Sprouts Farmers Market, Inc.		(173	)		(3,595	)		0.07

	Shares			Value			Percentage of Reference Entities
United States–(continued)
Square, Inc., Class A		(46	)	$	(2,996	)		0.05
STAG Industrial, Inc.		(144	)		(3,780	)		0.07
Stryker Corp.		(116	)		(21,626	)		0.38
Sunstone Hotel Investors, Inc.		(983	)		(9,034	)		0.14
Tandem Diabetes Care, Inc.		(100	)		(7,978	)		0.13
Tapestry, Inc.		(151	)		(2,247	)		0.04
TCF Financial Corp.		(709	)		(21,050	)		0.29
Thor Industries, Inc.		(108	)		(7,150	)		0.10
Trade Desk, Inc. (The), Class A		(17	)		(4,974	)		0.08
Trinity Industries, Inc.		(454	)		(8,758	)		0.13
Twilio, Inc., Class A		(395	)		(44,358	)		0.78
UGI Corp.		(351	)		(10,593	)		0.18
Ulta Beauty, Inc.		(11	)		(2,397	)		0.04
Ultragenyx Pharmaceutical, Inc.		(73	)		(4,411	)		0.09
United Bankshares, Inc.		(481	)		(14,411	)		0.22
Urban Outfitters, Inc.		(252	)		(4,370	)		0.07
Varian Medical Systems, Inc.		(22	)		(2,516	)		0.04
Ventas, Inc.		(107	)		(3,461	)		0.05
ViacomCBS, Inc., Class B		(934	)		(16,121	)		0.25
ViaSat, Inc.		(394	)		(16,706	)		0.29
VICI Properties, Inc.		(907	)		(15,800	)		0.26
Vornado Realty Trust		(89	)		(3,900	)		0.06
Vulcan Materials Co.		(28	)		(3,163	)		0.05
Wabtec Corp.		(277	)		(15,628	)		0.26
Walt Disney Co. (The)		(338	)		(36,555	)		0.62
Webster Financial Corp.		(525	)		(14,831	)		0.22
Wix.com Ltd.		(217	)		(28,386	)		0.54
World Wrestling Entertainment, Inc., Class A		(418	)		(18,588	)		0.30
Xilinx, Inc.		(69	)		(6,031	)		0.11
Zendesk, Inc.		(102	)		(7,842	)		0.13
Zillow Group, Inc., Class C		(537	)		(23,606	)		0.38
Zoetis, Inc.		(21	)		(2,715	)		0.05
Zscaler, Inc.		(40	)		(2,683	)		0.05
					(2,546,175	)
Total Equity Securities - Short				$	(5,871,622	)

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

15                                 Invesco Global Market Neutral Fund

Portfolio Composition

By sector, based on total net assets

as of April 30, 2020

	Equity Securities
	Long1			Short2			Gross Exposure3			Net Exposure4
Industrials		17.7	%		18.8	%		36.5	%		(1.1	)%
Information Technology		16.3			15.7			32.0			0.6
Health Care		13.5			13.1			26.6			0.4
Consumer Discretionary		12.2			13.2			25.4			(1.0	)
Materials		9.1			8.2			17.3			0.9
Real Estate		5.8			6.1			11.9			(0.3	)
Financials		5.8			5.6			11.4			0.2
Consumer Staples		5.5			4.7			10.2			0.8
Communication Services		4.5			5.6			10.1			(1.1	)
Energy		3.1			3.9			7.0			(0.8	)
Utilities		1.1			1.9			3.0			(0.8	)
Money Market Funds Plus Other Assets Less Liabilities		5.4			—			5.4			5.4
Total		100.0	%		96.8	%		196.8	%		3.2	%

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

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

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

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

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

16                        Invesco Global Market Neutral Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $6,065,036)	$	5,732,829
Investments in affiliated money market funds, at value (Cost $578,749)		578,927
Other investments:
Swaps receivable – OTC		619
Unrealized appreciation on swap agreements – OTC		2,257
Deposits with brokers:
Cash collateral – OTC Derivatives		44,686
Cash		378
Foreign currencies, at value (Cost $46,814)		47,490
Receivable for:
Fund shares sold		3
Fund expenses absorbed		48,889
Dividends		27,069
Investment for trustee deferred compensation and retirement plans		14,919
Other assets		50,470
Total assets		6,548,536
Liabilities:
Other investments:
Unrealized depreciation on swap agreements – OTC		390,681
Payable for:
Accrued fees to affiliates		2,346
Accrued other operating expenses		77,634
Trustee deferred compensation and retirement plans		14,919
Total liabilities		485,580
Net assets applicable to shares outstanding	$	6,062,956
Net assets consist of:
Shares of beneficial interest	$	6,734,038
Distributable earnings (loss)		(671,082	)
	$	6,062,956

Net Assets:
Class A	$	2,741,161
Class C	$	46,447
Class R	$	28,053
Class Y	$	2,676,500
Class R5	$	285,236
Class R6	$	285,559

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		486,894
Class C		8,610
Class R		5,056
Class Y		469,519
Class R5		50,001
Class R6		50,001
Class A:
Net asset value per share	$	5.63
Maximum offering price per share
(Net asset value of $5.63 ÷ 94.50%)	$	5.96
Class C:
Net asset value and offering price per share	$	5.39
Class R:
Net asset value and offering price per share	$	5.55
Class Y:
Net asset value and offering price per share	$	5.70
Class R5:
Net asset value and offering price per share	$	5.70
Class R6:
Net asset value and offering price per share	$	5.71

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

17                        Invesco Global Market Neutral Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4,859)	$	72,056
Dividends from affiliated money market funds		2,993
Interest		2,029
Total investment income		77,078
Expenses:
Advisory fees		30,545
Administrative services fees		576
Custodian fees		5,950
Distribution fees:
Class A		3,509
Class C		290
Class R		72
Transfer agent fees – A, C, R and Y		1,752
Transfer agent fees – R5		21
Transfer agent fees – R6		21
Trustees’ and officers’ fees and benefits		6,824
Registration and filing fees		32,796
Reports to shareholders		7,062
Professional services fees		44,563
Other		(16,628	)
Total expenses		117,353
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(73,558	)
Net expenses		43,795
Net investment income		33,283
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		156,778
Foreign currencies		(3,705	)
Swap agreements		818,417
		971,490
Change in net unrealized appreciation (depreciation) of:
Investment securities		(962,344	)
Foreign currencies		564
Swap agreements		(258,933	)
		(1,220,713	)
Net realized and unrealized gain (loss)		(249,223	)
Net increase (decrease) in net assets resulting from operations	$	(215,940	)

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

18                        Invesco Global Market Neutral Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	33,283		$	121,025
Net realized gain (loss)		971,490			(2,175,943	)
Change in net unrealized appreciation (depreciation)		(1,220,713	)		442,418
Net increase (decrease) in net assets resulting from operations		(215,940	)		(1,612,500	)
Distributions to shareholders from distributable earnings:
Class A		—			(1,070,633	)
Class C		—			(28,405	)
Class R		—			(9,148	)
Class Y		—			(1,507,049	)
Class R5		—			(109,933	)
Class R6		—			(222,304	)
Total distributions from distributable earnings		—			(2,947,472	)
Return of capital:
Class A		—			(23,082	)
Class C		—			(637	)
Class R		—			(231	)
Class Y		—			(31,023	)
Class R5		—			(2,339	)
Class R6		—			(5,397	)
Total return of capital		—			(62,709	)
Total distributions		—			(3,010,181	)
Share transactions–net:
Class A		(6,680	)		(36,550	)
Class C		(14,864	)		(14,354	)
Class R		(30	)		5,136
Class Y		(2,086,648	)		2,468,675
Class R6		—			(255,305	)
Net increase (decrease) in net assets resulting from share transactions		(2,108,222	)		2,167,602
Net increase (decrease) in net assets		(2,324,162	)		(2,455,079	)
Net assets:
Beginning of period		8,387,118			10,842,197
End of period	$	6,062,956		$	8,387,118

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

19                        Invesco Global Market Neutral Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$	5.83		$	0.03			$	(0.23	)		$	(0.20	)		$	–			$	–			$	–			$	–			$	5.63		(3.43	)%		$	2,741		1.49	%(d)		3.78	%(d)		0.91	%(d)		48	%
Year ended 10/31/19			9.29			0.08				(1.33	)			(1.25	)			(0.23	)			(1.97	)			(0.01	)			(2.21	)			5.83		(16.32	)			2,846		1.49			3.90			1.23			144
Year ended 10/31/18			10.06			0.06				(0.14	)			(0.08	)			–				(0.69	)			–				(0.69	)			9.29		(0.79	)			4,592		1.49			3.38			0.68			64
Year ended 10/31/17			9.91			0.05				0.10				0.15				–				–				–				–				10.06		1.51				7,654		1.52			2.93			0.51			35
Year ended 10/31/16			10.31			0.10				(0.47	)			(0.37	)			–				(0.03	)			–				(0.03	)			9.91		(3.64	)			7,729		1.61			2.89			1.00			79
Year ended 10/31/15			10.49			0.07				(0.06	)			0.01				(0.18	)			(0.01	)			–				(0.19	)			10.31		0.16	(e)			5,716		1.61			3.28			0.69			77
Class C
Six months ended 04/30/20			5.61			0.00				(0.22	)			(0.22	)			–				–				–				–				5.39		(3.92	)			46		2.24	(d)		4.53	(d)		0.16	(d)		48
Year ended 10/31/19			8.97			0.04				(1.29	)			(1.25	)			(0.14	)			(1.97	)			(0.00	)			(2.11	)			5.61		(16.95	)			63		2.24			4.65			0.48			144
Year ended 10/31/18			9.81			(0.01	)			(0.14	)			(0.15	)			–				(0.69	)			–				(0.69	)			8.97		(1.56	)			123		2.24			4.13			(0.07	)		64
Year ended 10/31/17			9.74			(0.02	)			0.09				0.07				–				–				–				–				9.81		0.72				381		2.27			3.68			(0.24	)		35
Year ended 10/31/16			10.20			0.03				(0.46	)			(0.43	)			–				(0.03	)			–				(0.03	)			9.74		(4.27	)			634		2.36			3.64			0.25			79
Year ended 10/31/15			10.41			(0.01	)			(0.03	)			(0.04	)			(0.16	)			(0.01	)			–				(0.17	)			10.20		(0.35	)(e)			603		2.36			4.03			(0.06	)		77
Class R
Six months ended 04/30/20			5.76			0.02				(0.23	)			(0.21	)			–				–				–				–				5.55		(3.65	)			28		1.74	(d)		4.03	(d)		0.66	(d)		48
Year ended 10/31/19			9.19			0.07				(1.32	)			(1.25	)			(0.21	)			(1.97	)			(0.00	)			(2.18	)			5.76		(16.52	)			29		1.74			4.15			0.98			144
Year ended 10/31/18			9.98			0.04				(0.14	)			(0.10	)			–				(0.69	)			–				(0.69	)			9.19		(1.00	)			39		1.74			3.63			0.43			64
Year ended 10/31/17			9.86			0.03				0.09				0.12				–				–				–				–				9.98		1.22				32		1.77			3.18			0.26			35
Year ended 10/31/16			10.27			0.08				(0.46	)			(0.38	)			–				(0.03	)			–				(0.03	)			9.86		(3.75	)			23		1.86			3.14			0.75			79
Year ended 10/31/15			10.46			0.05				(0.05	)			(0.00	)			(0.18	)			(0.01	)			–				(0.19	)			10.27		(0.01	)(e)			17		1.86			3.53			0.44			77
Class Y
Six months ended 04/30/20			5.90			0.03				(0.23	)			(0.20	)			–				–				–				–				5.70		(3.39	)			2,677		1.24	(d)		3.53	(d)		1.16	(d)		48
Year ended 10/31/19			9.39			0.10				(1.35	)			(1.25	)			(0.13	)			(1.97	)			(0.14	)			(2.24	)			5.90		(16.14	)			4,858		1.24			3.65			1.48			144
Year ended 10/31/18			10.14			0.09				(0.15	)			(0.06	)			–				(0.69	)			–				(0.69	)			9.39		(0.56	)			4,698		1.24			3.13			0.93			64
Year ended 10/31/17			9.96			0.08				0.10				0.18				–				–				–				–				10.14		1.81				7,476		1.27			2.68			0.76			35
Year ended 10/31/16			10.34			0.13				(0.48	)			(0.35	)			–				(0.03	)			–				(0.03	)			9.96		(3.43	)			12,261		1.36			2.64			1.25			79
Year ended 10/31/15			10.52			0.10				(0.06	)			0.04				(0.21	)			(0.01	)			–				(0.22	)			10.34		0.38	(e)			12,305		1.36			3.03			0.94			77
Class R5
Six months ended 04/30/20			5.90			0.03				(0.23	)			(0.20	)			–				–				–				–				5.70		(3.39	)			285		1.24	(d)		3.49	(d)		1.16	(d)		48
Year ended 10/31/19			9.39			0.10				(1.35	)			(1.25	)			(0.26	)			(1.97	)			(0.01	)			(2.24	)			5.90		(16.14	)			295		1.24			3.60			1.48			144
Year ended 10/31/18			10.14			0.09				(0.15	)			(0.06	)			–				(0.69	)			–				(0.69	)			9.39		(0.57	)			470		1.24			3.07			0.93			64
Year ended 10/31/17			9.96			0.08				0.10				0.18				–				–				–				–				10.14		1.81				507		1.26			2.60			0.77			35
Year ended 10/31/16			10.34			0.13				(0.48	)			(0.35	)			–				(0.03	)			–				(0.03	)			9.96		(3.43	)			498		1.36			2.56			1.25			79
Year ended 10/31/15			10.51			0.10				(0.05	)			0.05				(0.21	)			(0.01	)			–				(0.22	)			10.34		0.47	(e)			517		1.36			2.97			0.94			77
Class R6
Six months ended 04/30/20			5.91			0.03				(0.23	)			(0.20	)			–				–				–				–				5.71		(3.38	)			286		1.24	(d)		3.49	(d)		1.16	(d)		48
Year ended 10/31/19			9.39			0.10				(1.34	)			(1.24	)			(0.26	)			(1.97	)			(0.01	)			(2.24	)			5.91		(16.00	)			295		1.24			3.60			1.48			144
Year ended 10/31/18			10.14			0.09				(0.15	)			(0.06	)			–				(0.69	)			–				(0.69	)			9.39		(0.57	)			919		1.24			3.07			0.93			64
Year ended 10/31/17			9.97			0.08				0.09				0.17				–				–				–				–				10.14		1.71				966		1.26			2.60			0.77			35
Year ended 10/31/16			10.34			0.13				(0.47	)			(0.34	)			–				(0.03	)			–				(0.03	)			9.97		(3.33	)			786		1.36			2.56			1.25			79
Year ended 10/31/15			10.51			0.10				(0.05	)			0.05				(0.21	)			(0.01	)			–				(0.22	)			10.34		0.47	(e)			664		1.36			2.97			0.94			77

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $2,822, $58, $29, $2,970, $293 and $293 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Amount includes the effect of the Adviser pay-in for an economic loss of $0.11 per share. Had the pay-in not been made, the total return would have been (0.91)%, (1.42)%, (1.09)%, (0.69)%, (0.60)% and (0.60)% 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.

20                        Invesco Global Market Neutral Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1 – Significant Accounting Policies

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

The Fund’s investment objective is to seek to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

21                        Invesco Global Market Neutral Fund

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

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

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

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

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

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

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

22                        Invesco Global Market Neutral Fund

forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAVover specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

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

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

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

M. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.950%
Next $250 million		0.930%
Next $500 million		0.910%
Next $1.5 billion		0.890%
Next $2.5 billion		0.870%
Next $2.5 billion		0.850%
Next $2.5 billion		0.830%
Over $10 billion		0.810%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.95%.

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

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of average daily net assets (the “expense limits”), respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

23                        Invesco Global Market Neutral Fund

For the six months ended April 30, 2020, the Adviser waived advisory fees of $30,815, reimbursed fund level expenses of $40,929 and reimbursed class level expenses of $840, $18, $9, $885, $21 and $21 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $397 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

24                        Invesco Global Market Neutral Fund

	Level 1			Level 2				Level 3			Total
Investments in Securities
Australia		$	–		$	195,422			$	–		$	195,422
Austria			–			34,890				–			34,890
Belgium			–			55,164				–			55,164
Canada			286,454			–				–			286,454
Colombia			19,624			–				–			19,624
Denmark			–			112,546				–			112,546
Egypt			–			23,586				–			23,586
Finland			–			26,711				–			26,711
France			–			135,891				–			135,891
Germany			–			133,137				–			133,137
Hong Kong			–			88,414				–			88,414
Israel			9,172			40,519				–			49,691
Italy			–			42,661				–			42,661
Japan			–			1,185,685				–			1,185,685
Jordan			–			29,332				–			29,332
Netherlands			–			125,550				–			125,550
New Zealand			–			4,897				–			4,897
Norway			–			28,501				–			28,501
Puerto Rico			19,990			–				–			19,990
Spain			–			61,717				–			61,717
Sweden			–			249,851				–			249,851
Switzerland			–			159,090				–			159,090
United Kingdom			4,083			223,146				–			227,229
United States			2,431,959			4,837				–			2,436,796
Money Market Funds			578,927			–				–			578,927
Total Investments in Securities			3,350,209			2,961,547				–			6,311,756
Other Investments - Assets*
Swap Agreements			–			2,257				–			2,257
Other Investments- Liabilities*
Swap Agreements			–			(390,681	)			–			(390,681	)
Total Other Investments			–			(388,424	)			–			(388,424	)
Total Investments		$	3,350,209		$	2,573,123			$	–		$	5,923,332

* 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 April 30, 2020:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on swap agreements – OTC	$	2,257
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	2,257

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on swap agreements – OTC	$	(390,681	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(390,681	)

25                        Invesco Global Market Neutral 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 April 30, 2020.

	Financial Derivative Assets			Financial Derivative Liabilities				Net Value of Derivatives				Collateral (Received)/Pledged
Counterparty	Swap Agreements			Swap Agreements								Non-Cash			Cash			Net Amount
Morgan Stanley & Co. LLC		$	2,876		$	(390,681	)		$	(387,805	)		$	–		$	44,686		$	(343,119	)

Effect of Derivative Investments for the six months ended April 30, 2020

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain:
Swap agreements		$	818,417
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements			(258,933	)
Total		$	559,484

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

	Swap Agreements
Average notional value	$	5,746,476

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

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $20.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*

Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	788,460		$	–		$	788,460

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

26                        Invesco Global Market Neutral Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $2,933,885 and $4,603,973, 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	$	369,982
Aggregate unrealized (depreciation) of investments		(1,246,675	)
Net unrealized appreciation (depreciation) of investments	$	(876,693	)
Cost of investments for tax purposes is $6,800,025.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		2,650			$       15,368			6,040		$	39,634
Class C		145			801			3,512			22,457
Class R		-			-			670			3,971
Class Y		204			1,200			975,265			6,671,199
Class R6		-			-			24,393			168,058
Issued as reinvestment of dividends:
Class A		-			-			14,626			97,116
Class C		-			-			4,188			26,931
Class R		-			-			1,095			7,197
Class Y		-			-			78,642			527,688
Class R6		-			-			17,203			115,429
Automatic conversion of Class C shares to Class A shares:
Class A		279			1,617			104			647
Class C		(291	)		(1,617	)		(108	)		(647	)
Reacquired:
Class A		(4,081	)		(23,665	)		(26,886	)		(173,947	)
Class C		(2,526	)		(14,048	)		(10,082	)		(63,095	)
Class R		(5	)		(30	)		(992	)		(6,032	)
Class Y		(354,149	)		(2,087,848	)		(730,788	)		(4,730,212	)
Class R6		-			-			(89,453	)		(538,792	)
Net increase (decrease) in share activity		(357,774	)		$(2,108,222	)		267,429		$	2,167,602

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 93% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

On June 3, 2020, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on June 5, 2020. The Fund will be liquidated on or about August 5, 2020.

27                        Invesco Global Market Neutral Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning         Account Value         (11/01/19)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized         Expense         Ratio
			Ending         Account Value         (04/30/20)1		Expenses         Paid During         Period2		Ending         Account Value         (04/30/20)		Expenses         Paid During         Period2
Class A		$1,000.00		$965.70		$7.28		$1,017.45		$7.47		1.49%
Class C		1,000.00		960.80		10.92		1,013.72		11.22		2.24
Class R		1,000.00		963.50		8.49		1,016.21		8.72		1.74
Class Y		1,000.00		966.10		6.06		1,018.70		6.22		1.24
Class R5		1,000.00		966.10		6.06		1,018.70		6.22		1.24
Class R6		1,000.00		966.20		6.06		1,018.70		6.22		1.24

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

28                        Invesco Global Market Neutral Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. GMN-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Global Targeted Returns Fund
	Nasdaq:
	A: GLTAX ∎ C: GLTCX ∎ R: GLTRX ∎ Y: GLTYX ∎ R5: GLTFX ∎ R6: GLTSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Consolidated Schedule of Investments
37	Consolidated Financial Statements
40	Consolidated Financial Highlights
41	Notes to Consolidated Financial Statements
51	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as theadviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each

year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                                 Invesco Global Targeted Returns Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.84	%
Class C Shares	0.46
Class R Shares	0.68
Class Y Shares	0.93
Class R5 Shares	0.93
Class R6 Shares	0.94
FTSE US 3-Month Treasury Bill Indexq(Broad Market/Style-Specific Index)	0.76
Source(s): qRIMES Technologies Corp.

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

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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                                 Invesco Global Targeted Returns Fund

Average Annual Total Returns			the past, returns would have been lower. See current prospectus for more information.
As of 4/30/20, including maximum applicable  sales charges
Class A Shares
Inception (12/19/13)	0.41	%
5 Years	–0.73
1 Year	–3.98
Class C Shares
Inception (12/19/13)	0.55	%
5 Years	–0.35
1 Year	–0.09
Class R Shares
Inception (12/19/13)	1.04	%
5 Years	0.15
1 Year	1.20
Class Y Shares
Inception (12/19/13)	1.55	%
5 Years	0.65
1 Year	1.86
Class R5 Shares
Inception (12/19/13)	1.55	%
5 Years	0.65
1 Year	1.76
Class R6 Shares
Inception (12/19/13)	1.54	%
5 Years	0.65
1 Year	1.76
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 class 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

4                                 Invesco Global Targeted Returns Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                                 Invesco Global Targeted Returns Fund

Consolidated Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–22.38%
Australia–0.78%
Alumina Ltd.		48,795	$	54,081
AMP Ltd.(a)		53,462		49,521
BHP Group PLC		1,349		22,656
Metcash Ltd.		16,814		27,249
Newcrest Mining Ltd.		3,434		61,628
Origin Energy Ltd.		13,904		49,373
QBE Insurance Group Ltd.		10,872		58,524
Rio Tinto PLC		974		45,268
Woodside Petroleum Ltd.		6,432		91,844
				460,144
Austria–0.02%
BAWAG Group AG(b)		184		6,263
Wienerberger AG		388		7,256
				13,519
Belgium–0.11%
Barco N.V.		102		16,343
Colruyt S.A.		234		14,013
D’ieteren S.A./N.V.		86		4,302
Proximus SADP		1,036		22,120
Telenet Group Holding N.V.		229		9,565
				66,343
Brazil–0.03%
Itau Unibanco Holding S.A., Preference Shares		3,800		15,912
Canada–0.30%
Agnico Eagle Mines Ltd.		671		39,374
Barrick Gold Corp.		2,833		72,924
Canadian Natural Resources Ltd.		1,221		20,447
Wheaton Precious Metals Corp.		1,082		40,857
				173,602
China–2.27%
Alibaba Group Holding Ltd.(a)		700		17,739
Alibaba Group Holding Ltd., ADR(a)		539		109,239
Baidu, Inc., ADR(a)		303		30,582
Beijing Capital International Airport Co.
Ltd., H Shares		22,000		14,782
Bitauto Holdings Ltd., ADR(a)		1,265		15,382
China Mobile Ltd.		8,000		63,986
China Oilfield Services Ltd., H Shares		24,000		18,497
China Pacific Insurance (Group) Co.
Ltd., H Shares		13,000		42,213
CNOOC Ltd.		65,000		72,965
COSCO SHIPPING Ports Ltd.		40,000		21,248
Dongfeng Motor Group Co. Ltd., H Shares		92,000		59,906
JD.com, Inc., ADR(a)		4,740		204,294
Jiangsu Yanghe Brewery Joint-StockCo. Ltd., A Shares		5,200		72,587
Minth Group Ltd.		10,000		23,500
NetEase, Inc., ADR		753		259,755

	Shares		Value
China–(continued)
Suofeiya Home Collection Co. Ltd., A Shares		11,300	$	30,205
Tencent Holdings Ltd.		5,200		275,876
				1,332,756
Denmark–0.30%
Carlsberg A/S, Class B		221		27,898
Coloplast A/S, Class B		176		27,794
Novo Nordisk A/S, Class B		1,166		74,454
Pandora A/S		126		4,482
Vestas Wind Systems A/S		482		41,567
				176,195
Finland–0.30%
Elisa OYJ		398		24,195
Kone OYJ, Class B		455		27,604
Nokia OYJ		4,490		16,212
Orion OYJ, Class B		291		14,799
Stora Enso OYJ, Class R		3,171		37,575
UPM-Kymmene OYJ		1,995		55,283
				175,668
France–1.39%
Air Liquide S.A.		204		25,979
AXA S.A.		2,298		40,847
BNP Paribas S.A.		872		27,447
Bureau Veritas S.A.		954		19,823
Capgemini SE		483		45,428
Carrefour S.A.		2,713		40,155
Casino Guichard Perrachon S.A.		243		9,107
Cie Generale des Etablissements Michelin S.C.A.		436		42,617
Edenred		138		5,566
ENGIE S.A.		1,751		19,022
Hermes International		39		28,570
L’Oreal S.A.		171		49,765
Orange S.A.		5,523		67,444
Publicis Groupe S.A.		393		11,696
Sanofi		1,664		162,795
Sartorius Stedim Biotech		77		18,502
Teleperformance		120		26,913
TOTAL S.A.		4,499		162,222
Vivendi S.A.		422		9,121
				813,019
Germany–0.92%
Allianz SE		131		24,268
Bayer AG		1,800		119,120
Beiersdorf AG		172		18,054
Deutsche Post AG		1,662		49,512
Deutsche Telekom AG		4,282		62,556
Fielmann AG		338		22,122
Infineon Technologies AG		888		16,500
Merck KGaA		258		30,071
Muenchener Rueckversicherungs- Gesellschaft AG		109		24,020

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

6                        Invesco Global Market Neutral Fund

	Shares		Value
Germany–(continued)
Porsche Automobil Holding SE, Preference Shares		479		$      24,127
RWE AG		825		23,691
SAP SE		401		47,826
Schaeffler AG, Preference Shares		1,221		8,324
TAG Immobilien AG		943		20,639
Volkswagen AG, Preference Shares		363		50,940
				541,770
Hong Kong–0.50%
AIA Group Ltd.		8,200		74,640
CK Asset Holdings Ltd.		16,500		102,013
CK Hutchison Holdings Ltd.		14,000		101,523
Pacific Basin Shipping Ltd.		134,000		16,617
				294,793
India–0.67%
Bharat Heavy Electricals Ltd.		52,667		15,597
Housing Development Finance Corp. Ltd.		3,291		82,940
ICICI Bank Ltd., ADR		8,958		87,430
Infosys Ltd., ADR		4,615		42,596
Kotak Mahindra Bank Ltd.		1,123		20,176
Mahindra & Mahindra Ltd.		12,623		61,275
Shriram Transport Finance Co. Ltd.		5,436		56,006
UPL Ltd.		5,101		28,197
				394,217
Indonesia–0.04%
PT Bank Negara Indonesia (Persero) Tbk		90,700		24,954
Ireland–0.14%
CRH PLC		606		18,343
Kingspan Group PLC		776		39,579
Ryanair Holdings PLC, ADR(a)		368		23,357
				81,279
Italy–0.32%
Assicurazioni Generali S.p.A.		1,571		22,450
Buzzi Unicem S.p.A.		795		15,615
Enel S.p.A.		6,162		42,186
Hera S.p.A.		7,524		27,891
Intesa Sanpaolo S.p.A.		16,947		26,493
Iren S.p.A.		1,976		4,879
Telecom Italia S.p.A.		79,739		31,655
UniCredit S.p.A.(a)		1,893		14,623
				185,792
Japan–0.09%
Sony Corp.		800		51,324
Jordan–0.05%
Hikma Pharmaceuticals PLC		888		26,525
Luxembourg–0.04%
ArcelorMittal S.A.		2,376		26,097
Malaysia–0.01%
British American Tobacco Malaysia Bhd.		1,000		2,931
Netherlands–0.44%
Altice Europe N.V.(a)		4,025		16,064
ASM International N.V.		163		17,974

	Shares		Value
Netherlands–(continued)
Heineken Holding N.V.		320		$      24,957
ING Groep N.V.		4,481		24,634
Intertrust N.V.(b)		659		10,394
Koninklijke Ahold Delhaize N.V.		1,059		25,736
Koninklijke KPN N.V.		10,981		25,437
Koninklijke Philips N.V.		645		28,112
SBM Offshore N.V.		3,105		39,375
Signify N.V.		928		18,951
Wolters Kluwer N.V.		380		27,979
				259,613
Norway–0.15%
Equinor ASA		2,533		35,557
Orkla ASA		2,194		19,883
Salmar ASA		106		4,145
Yara International ASA		885		30,237
				89,822
Portugal–0.09%
EDP - Energias de Portugal S.A.		8,522		35,991
Jeronimo Martins SGPS S.A.		857		14,486
				50,477
Russia–0.06%
Sberbank of Russia PJSC, ADR		1,529		16,316
Sberbank of Russia PJSC, ADR		1,681		17,667
				33,983
Singapore–0.27%
Genting Singapore Ltd.		64,000		35,177
Jardine Cycle & Carriage Ltd.		2,400		33,851
United Overseas Bank Ltd.		6,300		90,005
				159,033
South Africa–0.23%
Anglo American PLC		2,961		52,868
Naspers Ltd., Class N		538		84,149
				137,017
South Korea–1.09%
E-MART, Inc.		384		37,950
Hyundai Motor Co.		526		40,599
Hyundai Motor Co., Second Pfd.		441		21,287
KB Financial Group, Inc.		2,256		64,671
LG Corp.		1,529		77,141
Samsung Electronics Co. Ltd.		5,295		218,192
Samsung Electronics Co. Ltd., Preference Shares		2,804		97,654
Samsung Fire & Marine Insurance Co. Ltd.		514		79,901
				637,395
Spain–0.34%
Amadeus IT Group S.A.		612		29,490
Banco Bilbao Vizcaya Argentaria S.A.		8,362		27,415
Bankia S.A.		3,699		3,771
CaixaBank S.A.		14,643		26,369
Endesa S.A.		1,113		24,718
Iberdrola S.A.		2,658		26,645
Industria de Diseno Textil S.A.(a)		1,690		43,112
Merlin Properties SOCIMI S.A.		892		8,276

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

7                        Invesco Global Market Neutral Fund

	Shares		Value
Spain–(continued)
Viscofan S.A.		126	$	8,077
				197,873
Sweden–0.48%
Atlas Copco AB, Class A		815		28,276
Autoliv, Inc.		326		19,567
Axfood AB		253		5,368
Essity AB, Class B(a)		905		29,404
Getinge AB, Class B		1,363		26,224
Hennes & Mauritz AB, Class B		1,570		21,852
ICA Gruppen AB		326		14,228
Lundin Energy AB		1,384		35,892
Sandvik AB(a)		1,290		19,948
Skanska AB, Class B		1,266		24,227
SSAB AB, Class A(a)		3,065		7,486
SSAB AB, Class B(a)		9,079		21,331
Swedish Match AB		468		28,995
				282,798
Switzerland–1.48%
Barry Callebaut AG		12		23,535
EMS-Chemie Holding AG		18		11,677
Forbo Holding AG		8		10,734
Galenica AG(b)		220		15,752
Geberit AG		57		25,598
Glencore PLC(a)		44,192		82,031
LafargeHolcim Ltd.(a)		602		25,005
Landis+Gyr Group AG(a)		177		11,967
Nestle S.A.		172		18,169
Novartis AG		2,282		194,668
PSP Swiss Property AG		186		21,636
Roche Holding AG		906		315,133
Sonova Holding AG		117		21,148
Sunrise Communications Group AG(a)(b)		146		11,699
Swiss Prime Site AG		186		17,683
Swisscom AG		47		24,449
Tecan Group AG, Class R		16		5,167
Zurich Insurance Group AG		107		34,109
				870,160
Taiwan–1.18%
Asustek Computer, Inc.		15,000		101,179
Delta Electronics, Inc.		16,000		74,215
Gigabyte Technology Co. Ltd.		20,000		34,431
Hon Hai Precision Industry Co. Ltd.		20,400		51,944
MediaTek, Inc.		8,000		109,379
Taiwan Semiconductor Manufacturing Co. Ltd.		25,000		251,237
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,348		71,619
				694,004
Thailand–0.16%
Bangkok Bank PCL, NVDR		6,100		19,459
Kasikornbank PCL, NVDR		27,800		73,453
				92,912
United Kingdom–5.90%
Aggreko PLC		1,161		6,720
Ashtead Group PLC		1,680		46,100

	Shares		Value
United Kingdom–(continued)
Aviva PLC		9,064	$	27,642
Babcock International Group PLC		9,150		48,622
BAE Systems PLC		35,548		227,882
Balfour Beatty PLC		8,186		26,783
Barclays PLC		73,458		98,138
Barratt Developments PLC		3,494		22,871
Beazley PLC		11,183		55,822
Berkeley Group Holdings PLC		1,320		69,625
BP PLC		57,496		227,032
British American Tobacco PLC		6,742		261,823
British Land Co. PLC (The)		8,864		45,216
BT Group PLC		42,165		61,696
Capita PLC(a)		33,861		16,647
Coca-Cola European Partners PLC		609		24,141
Countryside Properties PLC(b)		5,731		29,270
Derwent London PLC		1,907		74,656
Diageo PLC		435		15,079
Drax Group PLC		5,367		14,122
easyJet PLC		9,509		72,353
G4S PLC		43,197		59,496
GlaxoSmithKline PLC		9,451		197,868
Hiscox Ltd.		2,478		21,948
Inchcape PLC		1,367		8,641
International Consolidated Airlines Group S.A.		4,708		13,186
International Consolidated Airlines Group S.A.		4,037		11,305
International Consolidated Airlines Group S.A., ADR		2,555		14,538
ITV PLC		13,130		12,664
J Sainsbury PLC		16,320		40,754
Lancashire Holdings Ltd.		5,500		42,414
Land Securities Group PLC		2,154		17,978
Legal & General Group PLC		32,114		82,906
Marks & Spencer Group PLC		31,890		37,030
Meggitt PLC		6,272		22,092
Melrose Industries PLC		25,556		32,171
N Brown Group PLC		2,514		779
National Grid PLC		10,009		117,813
NewRiver REIT PLC		20,847		17,633
Next PLC		2,074		123,589
Pearson PLC		5,556		32,115
Provident Financial PLC		6,675		16,280
Reckitt Benckiser Group PLC		141		11,782
Rightmove PLC		3,377		21,184
Rolls-Royce Holdings PLC		6,284		26,156
Royal Bank of Scotland Group PLC (The)		55,303		77,108
Royal Dutch Shell PLC, Class B		11,431		185,547
RSA Insurance Group PLC		21,800		99,301
Smith & Nephew PLC		1,298		25,498
SSE PLC		9,950		156,824
Stagecoach Group PLC		471		444
Standard Chartered PLC		6,469		33,244
Tate & Lyle PLC		2,941		26,403
Tesco PLC		22,579		66,919
Travis Perkins PLC		3,594		47,107
Ultra Electronics Holdings PLC		287		7,129
Unilever N.V.		528		26,394
United Utilities Group PLC		1,343		15,277

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

8                        Invesco Global Targeted Returns Fund

	Shares		Value
United Kingdom–(continued)
Vectura Group PLC		8,726	$	9,347
Vodafone Group PLC		108,525		153,459
Whitbread PLC		2,104		79,070
				3,463,633
United States–2.23%
Accenture PLC, Class A		62		11,482
Activision Blizzard, Inc.		209		13,319
Agilent Technologies, Inc.		398		30,511
Alphabet, Inc., Class C(a)		55		74,176
Altria Group, Inc.		2,028		79,599
American Express Co.		751		68,529
Analog Devices, Inc.		595		65,212
Automatic Data Processing, Inc.		232		34,032
Berkshire Hathaway, Inc., Class B(a)		205		38,409
Booking Holdings, Inc.(a)		14		20,728
Bristol-Myers Squibb Co.		902		54,851
Citigroup, Inc.		883		42,878
CME Group, Inc., Class A		108		19,247
Colgate-Palmolive Co.		869		61,065
Copart, Inc.(a)		190		15,221
Cummins, Inc.		74		12,099
Delta Air Lines, Inc.		334		8,654
Equifax, Inc.		82		11,390
Ferguson PLC		339		24,519
First Republic Bank		311		32,434
Home Depot, Inc. (The)		160		35,173
JPMorgan Chase & Co.		737		70,575
Las Vegas Sands Corp.(a)		1,050		50,421
Markel Corp.(a)		24		20,780
Mastercard, Inc., Class A		246		67,642
Microsoft Corp.		582		104,300
Nasdaq, Inc.		53		5,812
National Oilwell Varco, Inc.		1,031		13,032
Newmont Corp.		462		27,480
Old Dominion Freight Line, Inc.		186		27,024
PepsiCo, Inc.		121		16,007
Texas Instruments, Inc.		1,004		116,534
Wells Fargo & Co.		1,260		36,603
				1,309,738
Total Common Stocks & Other Equity Interests (Cost $13,520,639)				13,135,298

		Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes–18.79%(c)
Australia–0.23%
BHP Billiton Finance Ltd., 6.50% (5 yr. GBP Swap Rate + 4.82%), 10/22/2077(b)(d)	GBP		100,000	132,893
Belgium–0.20%
Solvay Finance S.A., 5.87%(b)(e)	EUR		100,000	117,789
Egypt–0.05%
Egypt Government Bond, 14.22%, 10/15/2026	EGP		450,000	29,890

		Principal Amount		Value
France–3.28%
Burger King France S.A.S, 5.25% (3 mo. EURIBOR + 5.25%), 05/01/2023(b)(d)	EUR		100,000	$	103,185
Electricite de France S.A., 5.88% (15 yr. GBP Swap Rate + 3.05%)(b)(d)(e)	GBP		100,000		127,843
French Republic Government Bond OAT, 1.50%, 05/25/2050(b)	EUR		1,001,648		1,374,232
La Financiere Atalian S.A.S.U., 6.63%, 05/15/2025(b)	GBP		100,000		80,212
Orange S.A., 5.88%(b)(e)	GBP		100,000		132,731
Picard Groupe S.A.S., 3.00% (3 mo. EURIBOR + 3.00%), 11/30/2023(b)(d)	EUR		100,000		104,303
					1,922,506
Germany–0.32%
Bayer AG, 3.75% (5 yr. EUR Swap Rate + 2.55%), 07/01/2074(b)(d)	EUR		50,000		56,141
Volkswagen International Finance N.V., 3.38%, 11/16/2026(b)	GBP		100,000		129,477
					185,618
Israel–0.19%
Teva Pharmaceutical Finance Netherlands II B.V., 6.00%, 01/31/2025(b)	EUR		100,000		113,897
Italy–0.22%
Italy Buoni Poliennali Del Tesoro, 1.45%, 03/01/2036(b)	EUR		60,000		60,066
Pro-Gest S.p.A., 3.25%, 12/15/2024(b)	EUR		100,000		68,874
					128,940
Mexico–9.95%
Mexican Bonos, Series M 20, 10.00%, 12/05/2024	MXN		116,700,000		5,712,010
Series M 20, 7.50%, 06/03/2027	MXN		1,500,000		66,861
Petroleos Mexicanos, 8.25%, 06/02/2022(b)	GBP		50,000		59,511
					5,838,382
Netherlands–0.10%
Hema Bondco I B.V., 6.25% (3 mo. EURIBOR + 6.25%), 07/15/2022(b)(d)	EUR		100,000		60,084
Portugal–0.13%
Portugal Obrigacoes do Tesouro OT, 2.88%, 10/15/2025(b)	EUR		60,000		74,817
Russia–0.05%
Russian Federal Bond - OFZ, Series 6225, 7.25%, 05/10/2034	RUB		2,000,000		29,744
South Africa–1.56%
Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048	ZAR		1,150,000		46,662
Series R186, 10.50%, 12/21/2026	ZAR		14,697,153		871,577
					918,239
Spain–0.19%
Codere Finance 2 (Luxembourg) S.A., 6.75%, 11/01/2021(b)	EUR		100,000		43,009

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

9                        Invesco Global Targeted Returns Fund

		Principal Amount		Value
Spain–(continued)
Spain Government Bond, 1.95%, 04/30/2026(b)	EUR		55,000	$	66,159
					109,168
United Kingdom–1.94%
Barclays PLC, 7.88% (5 yr. GBP Swap Rate + 6.10%)(b)(d)(e)	GBP		200,000		249,706
Fidelity International Ltd., 6.75%, 10/19/2020(b)	GBP		50,000		64,485
InterContinental Hotels Group PLC, 2.13%, 08/24/2026(b)	GBP		100,000		111,761
Nationwide Building Society, 10.25%(b)(e)	GBP		38,000		78,492
Next Group PLC, 3.63%, 05/18/2028(b)	GBP		100,000		120,171
Rl Finance Bonds No. 3 PLC, 6.13%, 11/13/2028(b)	GBP		100,000		145,754
Tesco Property Finance 2 PLC, 6.05%, 10/13/2039(b)	GBP		41,441		68,308
United Kingdom Gilt Inflation-Linked, 0.13%, 03/22/2026(b)	GBP		22,611		33,247
Virgin Money UK PLC, 5.00% (5 yr. GBP Swap Rate + 3.52%), 02/09/2026(b)(d)	GBP		100,000		121,282
Vodafone Group PLC, 3.38%, 08/08/2049(b)	GBP		100,000		144,258
					1,137,464
United States–0.38%
Equinix, Inc., 2.88%, 10/01/2025	EUR		100,000		110,937
Netflix, Inc., 3.88%, 11/15/2029(b)	EUR		100,000		112,873
					223,810
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $12,193,438)					11,023,241
U.S. Dollar Denominated Bonds & Notes–11.37%
Argentina–0.04%
Argentine Republic Government International Bond, 6.88%, 01/11/2048		$	100,000		23,626
Australia–0.03%
Nufarm Australia Ltd./Nufarm Americas, Inc., 5.75%, 04/30/2026(b)			18,000		17,048
Brazil–0.33%
MARB BondCo PLC, 7.00%, 03/15/2024(b)			200,000		196,500
Canada–0.33%
1011778 BC ULC/New Red Finance, Inc., 5.00%, 10/15/2025(b)			16,000		16,163
Bombardier, Inc.,
8.75%, 12/01/2021(b)			18,000		15,042
5.75%, 03/15/2022(b)			23,000		17,352
7.50%, 03/15/2025(b)			23,000		15,022
Calfrac Holdings L.P.,
10.88%, 03/15/2026(b)			2,750		605
8.50%, 06/15/2026(b)			8,000		480
Cascades, Inc./Cascades USA, Inc., 5.38%, 01/15/2028(b)			13,000		13,140
Cenovus Energy, Inc., 4.25%, 04/15/2027			18,000		14,168

	Principal Amount		Value
Canada–(continued)
Ensign Drilling, Inc., 9.25%, 04/15/2024(b)	$	13,000	$	3,854
Garda World Security Corp., 9.50%, 11/01/2027(b)		9,000		9,042
GFL Environmental, Inc.,
4.25%, 06/01/2025(b)		3,000		3,022
7.00%, 06/01/2026(b)		3,000		3,145
Mattamy Group Corp., 5.25%, 12/15/2027(b)		12,000		11,325
MEG Energy Corp., 6.50%, 01/15/2025(b)		2,000		1,643
Norbord, Inc., 5.75%, 07/15/2027(b)		19,000		17,425
Parkland Fuel Corp., 6.00%, 04/01/2026(b)		26,000		25,146
Precision Drilling Corp.,
6.50%, 12/15/2021		3,484		2,673
5.25%, 11/15/2024		12,000		4,647
Superior Plus L.P./Superior General Partner, Inc., 7.00%, 07/15/2026(b)		2,000		1,991
Taseko Mines Ltd., 8.75%, 06/15/2022(b)		33,000		17,393
				193,278
France–0.32%
Societe Generale S.A., 7.38% (5 yr. U.S. Swap Rate + 4.30%)(b)(d)(e)		200,000		187,889
Germany–0.35%
Allianz SE, Series DIP, 3.88%(b)(e)		200,000		190,464
Mercer International, Inc., 5.50%, 01/15/2026		14,000		12,513
				202,977
Italy–0.05%
Telecom Italia Capital S.A.,
6.38%, 11/15/2033		8,000		8,658
7.20%, 07/18/2036		21,000		23,705
				32,363
Luxembourg–0.42%
Altice Financing S.A., 7.50%, 05/15/2026(b)		200,000		209,930
Intelsat (Luxembourg) S.A., 7.75%, 06/01/2021		15,000		2,323
Intelsat Connect Finance S.A., 9.50%, 02/15/2023(b)		9,000		1,766
Intelsat Jackson Holdings S.A.,
5.50%, 08/01/2023		23,000		12,612
8.50%, 10/15/2024(b)		29,000		16,971
9.75%, 07/15/2025(b)		7,000		4,096
				247,698
Mexico–0.28%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.38%, 04/17/2025(b)		150,000		154,313
Petroleos Mexicanos, 5.95%, 01/28/2031(b)		10,000		7,293
				161,606

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

10                                 Invesco Global Targeted Returns Fund

	Principal Amount		Value
Netherlands–0.13%
NXP B.V./NXP Funding LLC/NXP USA, Inc.,
3.15%, 05/01/2027(b)	$	3,000	$	3,039
3.40%, 05/01/2030(b)		2,000		2,019
Shell International Finance B.V., 2.75%, 04/06/2030		69,000		71,644
				76,702
Saudi Arabia–0.00%
Valaris PLC, 7.75%, 02/01/2026		18,000		1,553
United Kingdom–0.65%
Barclays Bank PLC, 1.81%(e)		20,000		15,600
National Westminster Bank PLC, Series B, 1.88%(e)		100,000		83,000
Royal Bank of Scotland Group PLC (The),
7.50% (5 yr. U.S. Swap Rate + 5.80%)(d)(e)		200,000		191,766
3.77% (3 mo. USD LIBOR + 2.32%)(d)(e)		100,000		88,317
				378,683
United States–8.44%
Adient US LLC,
9.00%, 04/15/2025(b)		4,000		4,190
7.00%, 05/15/2026(b)		10,000		9,997
AES Corp. (The), 5.50%, 04/15/2025		17,000		17,531
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC,
7.50%, 03/15/2026(b)		9,000		9,875
5.88%, 02/15/2028(b)		9,000		9,444
Alliance Data Systems Corp., 4.75%, 12/15/2024(b)		13,000		9,701
AMC Entertainment Holdings, Inc.,
10.50%, 04/15/2025(b)		25,000		22,250
5.75%, 06/15/2025		23,000		5,348
6.13%, 05/15/2027		31,000		7,517
AMC Networks, Inc., 5.00%, 04/01/2024		33,000		32,158
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027		22,000		22,513
AmWINS Group, Inc., 7.75%, 07/01/2026(b)		8,000		8,297
Antero Midstream Partners L.P./Antero Midstream Finance Corp.,
5.38%, 09/15/2024		33,000		25,946
5.75%, 01/15/2028(b)		31,000		22,980
Apple, Inc., 3.45%, 02/09/2045		50,000		57,796
Arconic Corp., 6.00%, 05/15/2025(b)		12,000		12,165
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b)		5,000		4,221
Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 10.00%, 04/01/2022(b)		27,000		21,229
ASGN, Inc., 4.63%, 05/15/2028(b)		9,000		8,342
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		21,000		20,309
B&G Foods, Inc., 5.25%, 04/01/2025		16,000		16,283
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b)		6,000		5,423
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b)		18,000		19,890

	Principal Amount		Value
United States–(continued)
Bausch Health Cos., Inc.,
6.13%, 04/15/2025(b)	$	40,000	$	40,633
5.75%, 08/15/2027(b)		7,000		7,414
Beazer Homes USA, Inc., 6.75%, 03/15/2025		21,000		18,213
Boeing Co. (The), 5.15%, 05/01/2030		100,000		100,000
Booking Holdings, Inc., 4.50%, 04/13/2027		19,000		20,595
Boyd Gaming Corp.,
6.38%, 04/01/2026		23,000		20,823
6.00%, 08/15/2026		15,000		13,681
Brink’s Co. (The), 4.63%, 10/15/2027(b)		28,000		26,342
California Resources Corp., 8.00%, 12/15/2022(b)		12,000		495
Callon Petroleum Co.,
6.13%, 10/01/2024		14,000		2,783
6.38%, 07/01/2026		6,000		1,003
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022		22,000		18,710
Camelot Finance S.A., 4.50%, 11/01/2026(b)		7,000		7,085
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024(b)		32,000		29,994
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)		11,000		10,530
Carnival Corp., 11.50%, 04/01/2023(b)		26,000		27,227
Castle US Holding Corp., 9.50%, 02/15/2028(b)		2,000		1,889
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026(b)		63,000		65,977
5.13%, 05/01/2027(b)		100,000		104,300
4.50%, 08/15/2030(b)		24,000		24,233
Centene Corp.,
5.38%, 06/01/2026(b)		21,000		22,348
5.38%, 08/15/2026(b)		19,000		20,415
4.63%, 12/15/2029(b)		7,000		7,698
CenturyLink, Inc., Series Y, 7.50%, 04/01/2024		33,000		35,977
Chemours Co. (The), 7.00%, 05/15/2025		25,000		23,622
Chesapeake Energy Corp., 11.50%, 01/01/2025(b)		7,000		263
Cincinnati Bell, Inc.,
7.00%, 07/15/2024(b)		28,000		28,516
8.00%, 10/15/2025(b)		8,000		8,158
Cinemark USA, Inc., 8.75%, 05/01/2025(b)		3,000		3,038
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024(b)		43,000		36,021
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)		37,000		30,703
Cleveland-Cliffs, Inc., 9.88%, 10/17/2025(b)		7,000		6,947
Colony Capital, Inc., Conv.,
3.88%, 01/15/2021		1,000		951
5.00%, 04/15/2023		9,000		7,009

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

11                                 Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
CommScope, Inc.,
6.00%, 03/01/2026(b)		$        17,000		$        17,079
8.25%, 03/01/2027(b)		29,000		27,975
Community Health Systems, Inc.,
9.88%, 06/30/2023(b)(f)		12,000		8,914
6.63%, 02/15/2025(b)		12,000		11,085
8.00%, 03/15/2026(b)		19,000		18,302
Comstock Resources, Inc., 9.75%, 08/15/2026		6,000		5,226
Continental Resources, Inc.,
4.50%, 04/15/2023		19,000		16,993
3.80%, 06/01/2024		2,000		1,655
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(b)(g)		42,000		40,207
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		6,000		4,358
CSC Holdings LLC, 6.75%, 11/15/2021		42,000		44,044
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)		25,000		20,480
Dana, Inc.,
5.50%, 12/15/2024		14,000		13,128
5.38%, 11/15/2027		8,000		7,110
DCP Midstream Operating L.P., 5.38%, 07/15/2025		14,000		11,427
Deere & Co., 2.75%, 04/15/2025		100,000		106,559
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024(b)		32,000		33,259
8.10%, 07/15/2036(b)		100,000		122,789
Delta Air Lines, Inc., 7.00%, 05/01/2025(b)		13,000		13,338
Diamond Offshore Drilling, Inc., 4.88%, 12/31/2049		12,000		1,396
Diamond Sports Group LLC/Diamond Sports Finance Co.,
5.38%, 08/15/2026(b)		24,000		18,353
6.63%, 08/15/2027(b)		26,000		14,356
DISH DBS Corp., 5.88%, 11/15/2024		44,000		42,550
DISH Network Corp., Conv., 3.38%, 08/15/2026		21,000		17,075
DPL, Inc., 4.35%, 04/15/2029		9,000		8,778
Dun & Bradstreet Corp. (The), 10.25%, 02/15/2027(b)		10,000		10,921
EIG Investors Corp., 10.88%, 02/01/2024		2,000		1,735
Element Solutions, Inc., 5.88%, 12/01/2025(b)		22,000		21,972
Embarq Corp., 8.00%, 06/01/2036		28,000		28,965
Endeavor Energy Resources L.P./EER Finance, Inc., 5.75%, 01/30/2028(b)		6,000		5,248
Energizer Holdings, Inc.,
6.38%, 07/15/2026(b)		2,000		2,067
7.75%, 01/15/2027(b)		13,000		13,860
EnerSys,
5.00%, 04/30/2023(b)		29,000		29,139
4.38%, 12/15/2027(b)		8,000		7,770
EnLink Midstream Partners L.P., 5.60%, 04/01/2044		11,000		4,495
EnPro Industries, Inc., 5.75%, 10/15/2026		28,000		27,499

	Principal Amount		Value
United States–(continued)
Envision Healthcare Corp., 8.75%, 10/15/2026(b)		$        9,000		$        3,054
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)		12,000		12,645
EP Energy LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/2024(b)(h)		39,000		488
EQM Midstream Partners L.P., 5.50%, 07/15/2028		13,000		11,733
EQT Corp.,
6.13%, 02/01/2025		5,000		4,794
3.90%, 10/01/2027		5,000		4,231
7.00%, 02/01/2030		7,000		6,659
Equinix, Inc., 3.20%, 11/18/2029		16,000		16,812
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/2023(b)		6,000		1,148
Expedia Group, Inc., 6.25%, 05/01/2025(b)		3,000		3,064
Flex Acquisition Co., Inc., 7.88%, 07/15/2026(b)		33,000		31,871
Ford Motor Co.,
8.50%, 04/21/2023		120,000		119,250
9.00%, 04/22/2025		7,000		6,843
9.63%, 04/22/2030		22,000		21,670
4.75%, 01/15/2043		11,000		7,095
Freeport-McMoRan, Inc., 5.40%, 11/14/2034		57,000		53,911
Frontier Communications Corp.,
10.50%, 09/15/2022(h)		48,000		15,084
11.00%, 09/15/2025(h)		32,000		10,110
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)		29,000		28,118
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		5,000		4,262
6.25%, 05/15/2026		25,000		21,052
7.75%, 02/01/2028		12,000		10,238
Gray Television, Inc., 7.00%, 05/15/2027(b)		17,000		17,201
Gulfport Energy Corp.,
6.63%, 05/01/2023		8,000		4,376
6.00%, 10/15/2024		40,000		20,150
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		43,000		37,393
Hanesbrands, Inc., 5.38%, 05/15/2025(b)		34,000		34,000
HCA, Inc.,
5.88%, 02/15/2026		20,000		22,300
5.38%, 09/01/2026		14,000		15,243
Herc Holdings, Inc., 5.50%, 07/15/2027(b)		21,000		19,818
Hertz Corp. (The),
7.63%, 06/01/2022(b)		7,000		2,704
7.13%, 08/01/2026(b)		9,000		1,865
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		50,000		54,401
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		10,000		5,246
Hillman Group, Inc. (The), 6.38%, 07/15/2022(b)		11,000		8,383

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

12                        Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b)		$        24,000		$        23,459
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)		5,000		4,572
Howmet Aerospace, Inc., 6.88%, 05/01/2025		7,000		7,166
Hughes Satellite Systems Corp., 7.63%, 06/15/2021		26,000		27,119
iHeartCommunications, Inc., 8.38%, 05/01/2027		29,000		24,350
IRB Holding Corp., 6.75%, 02/15/2026(b)		37,000		30,973
Iron Mountain US Holdings, Inc., 5.38%, 06/01/2026(b)		42,000		42,088
Iron Mountain, Inc., 5.25%, 03/15/2028(b)		10,000		9,821
iStar, Inc., 4.75%, 10/01/2024		31,000		26,046
J. C. Penney Corp., Inc.,
8.63%, 03/15/2025(b)		50,000		4,500
6.38%, 10/15/2036		50,000		3,000
7.40%, 04/01/2037		50,000		3,000
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		40,000		39,084
JBS USA LUX S.A./JBS USA Finance, Inc., 5.75%, 06/15/2025(b)		49,000		49,858
Kaiser Aluminum Corp., 6.50%, 05/01/2025(b)		8,000		8,180
KB Home, 4.80%, 11/15/2029		21,000		19,766
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		50,000		42,193
Keurig Dr Pepper, Inc., 3.20%, 05/01/2030		26,000		27,793
Koppers, Inc., 6.00%, 02/15/2025(b)		26,000		21,286
Kraft Heinz Foods Co., 5.00%, 06/04/2042		13,000		13,231
L Brands, Inc., 6.88%, 11/01/2035		36,000		26,671
Laredo Petroleum, Inc., 10.13%, 01/15/2028		5,000		2,068
Lennar Corp.,
4.75%, 11/15/2022		29,000		29,709
5.25%, 06/01/2026		14,000		14,659
Level 3 Financing, Inc., 5.25%, 03/15/2026		22,000		22,652
Lions Gate Capital Holdings LLC, 6.38%, 02/01/2024(b)		21,000		19,669
Lithia Motors, Inc.,
5.25%, 08/01/2025(b)		19,000		18,521
4.63%, 12/15/2027(b)		7,000		6,659
LPL Holdings, Inc., 5.75%, 09/15/2025(b)		23,000		22,971
Mattel, Inc., 6.75%, 12/31/2025(b)		19,000		19,384
Meredith Corp., 6.88%, 02/01/2026		44,000		37,655
Meritage Homes Corp., 6.00%, 06/01/2025		26,000		26,710
MGM Resorts International,
6.75%, 05/01/2025		14,000		13,792
4.63%, 09/01/2026		30,000		27,024
Michaels Stores, Inc., 8.00%, 07/15/2027(b)		24,000		16,816
Moog, Inc., 4.25%, 12/15/2027(b)		10,000		9,437

	Principal Amount		Value
United States–(continued)
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024(b)		$        22,000		$        19,744
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		47,000		48,236
MTS Systems Corp., 5.75%, 08/15/2027(b)		20,000		18,692
Mueller Industries, Inc., 6.00%, 03/01/2027		40,000		37,084
Murphy Oil USA, Inc., 5.63%, 05/01/2027		19,000		19,696
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)		3,000		2,573
Navient Corp.,
7.25%, 01/25/2022		30,000		29,533
7.25%, 09/25/2023		16,000		15,420
5.00%, 03/15/2027		12,000		10,179
Netflix, Inc.,
5.88%, 11/15/2028		28,000		31,794
5.38%, 11/15/2029(b)		9,000		9,926
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		27,000		17,711
NIKE, Inc., 2.85%, 03/27/2030		46,000		50,027
Nordstrom, Inc., 8.75%, 05/15/2025(b)		13,000		13,961
Novelis Corp., 4.75%, 01/30/2030(b)		12,000		10,736
NRG Energy, Inc.,
6.63%, 01/15/2027		19,000		20,371
5.25%, 06/15/2029(b)		15,000		16,138
NuStar Logistics L.P., 6.00%, 06/01/2026		17,000		15,614
Oasis Petroleum, Inc., 6.88%, 01/15/2023		6,000		818
Occidental Petroleum Corp.,
2.70%, 08/15/2022		21,000		18,375
3.20%, 08/15/2026		25,000		18,125
6.20%, 03/15/2040		12,000		8,640
4.10%, 02/15/2047		17,000		10,285
OI European Group B.V., 4.00%, 03/15/2023(b)		13,000		12,640
Olin Corp., 5.63%, 08/01/2029		29,000		26,344
Oracle Corp., 2.95%, 04/01/2030		14,000		15,337
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 05/15/2027(b)		18,000		15,339
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		26,000		26,497
Parsley Energy LLC/Parsley Finance Corp.,
5.38%, 01/15/2025(b)		5,000		4,519
4.13%, 02/15/2028(b)		4,000		3,305
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028(b)		11,000		7,900
PDC Energy, Inc., 5.75%, 05/15/2026		3,000		2,307
Penske Automotive Group, Inc., 5.50%, 05/15/2026		48,000		44,583
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(b)		15,000		15,249
Pitney Bowes, Inc., 5.70%, 04/01/2023		5,000		4,118
PolyOne Corp., 5.75%, 05/15/2025(b)		10,000		10,131

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

13                        Invesco Global Targeted Returns Fund

	Principal Amount		Value
United States–(continued)
Post Holdings, Inc.,
5.63%, 01/15/2028(b)	$	15,000	$	15,332
4.63%, 04/15/2030(b)		12,000		11,835
Presidio Holdings, Inc., 8.25%, 02/01/2028(b)		2,000		1,986
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.75%, 04/15/2026(b)		8,000		7,920
QEP Resources, Inc., 5.63%, 03/01/2026		15,000		4,932
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)		23,000		12,405
Reynolds Group Issuer, Inc./LLC, 7.00%, 07/15/2024(b)		44,000		44,370
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025(b)		15,000		15,281
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		36,000		35,903
Scientific Games International, Inc.,
8.25%, 03/15/2026(b)		6,000		4,558
7.00%, 05/15/2028(b)		10,000		7,246
ServiceMaster Co. LLC (The), 5.13%, 11/15/2024(b)		24,000		24,610
Simmons Foods, Inc., 5.75%, 11/01/2024(b)		16,000		14,963
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)		3,000		3,119
SM Energy Co., 6.63%, 01/15/2027		11,000		2,961
Southwestern Energy Co.,
7.50%, 04/01/2026		8,000		7,214
7.75%, 10/01/2027		17,000		14,900
Spectrum Brands, Inc., 5.75%, 07/15/2025		42,000		42,157
Spirit AeroSystems, Inc.,
7.50%, 04/15/2025(b)		9,000		8,910
4.60%, 06/15/2028		7,000		5,565
Sprint Capital Corp., 8.75%, 03/15/2032		6,000		8,458
Sprint Communications, Inc., 11.50%, 11/15/2021		47,000		52,736
Sprint Corp., 7.88%, 09/15/2023		26,000		29,380
Standard Industries, Inc., 6.00%, 10/15/2025(b)		28,000		29,015
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)		44,000		33,825
Sysco Corp., 5.65%, 04/01/2025		10,000		11,218
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.13%, 02/01/2025		16,000		14,500
5.88%, 04/15/2026		17,000		15,167
5.50%, 03/01/2030(b)		3,000		2,567
Target Corp., 2.65%, 09/15/2030		11,000		11,803
Taylor Morrison Communities, Inc.,
6.63%, 07/15/2027(b)		22,000		20,061
5.75%, 01/15/2028(b)		10,000		9,121
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b)		29,000		28,311
Tenet Healthcare Corp., 7.50%, 04/01/2025(b)		5,000		5,403
Tenneco, Inc., 5.00%, 07/15/2026		17,000		7,713

	Principal Amount			Value
United States–(continued)
Titan International, Inc., 6.50%, 11/30/2023	$	55,000		$	25,839
T-Mobile USA, Inc., 6.50%, 01/15/2026		61,000			64,639
Transocean, Inc.,
8.00%, 02/01/2027(b)		6,000			2,370
7.50%, 04/15/2031		25,000			6,344
Triumph Group, Inc., 7.75%, 08/15/2025		50,000			32,802
United Rentals North America, Inc.,
5.50%, 07/15/2025		42,000			42,743
6.50%, 12/15/2026		13,000			13,548
5.25%, 01/15/2030		8,000			8,057
US Foods, Inc., 5.88%, 06/15/2024(b)		23,000			22,027
Vail Resorts, Inc., 6.25%, 05/15/2025(b)		2,000			2,075
VICI Properties L.P./VICI Note Co., Inc.,
3.50%, 02/15/2025(b)		6,000			5,653
3.75%, 02/15/2027(b)		6,000			5,608
4.13%, 08/15/2030(b)		6,000			5,488
Walmart, Inc., 2.65%, 12/15/2024		100,000			107,768
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		22,000			21,908
Western Midstream Operating L.P.,
3.10%, 02/01/2025		7,000			6,423
4.75%, 08/15/2028		14,000			12,403
Whiting Petroleum Corp.,
5.75%, 03/15/2021(h)		10,000			1,057
6.25%, 04/01/2023(h)		21,000			2,179
6.63%, 01/15/2026(h)		13,000			1,382
1.25%, 12/31/2049(h)		2,000			200
William Carter Co. (The), 5.63%, 03/15/2027(b)		14,000			14,274
WPX Energy, Inc.,
5.75%, 06/01/2026		9,000			8,209
5.25%, 10/15/2027		2,000			1,749
4.50%, 01/15/2030		2,000			1,640
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b)		28,000			24,448
Yum! Brands, Inc., 7.75%, 04/01/2025(b)		6,000			6,556
					4,950,980
Total U.S. Dollar Denominated Bonds & Notes (Cost $7,221,207)					6,670,903
U.S. Treasury Securities–0.73%
U.S. Treasury Inflation — Indexed Bonds–0.13%
0.75%, 07/15/2028		68,248	(i)		75,685
U.S. Treasury Inflation — Indexed Notes–0.21%
0.13%, 01/15/2023		123,584	(i)		123,261
U.S. Treasury Notes–0.39%
2.88%, 11/15/2021		186,081			187,379
1.13%, 02/28/2027		40,352			41,619
					228,998
Total U.S. Treasury Securities (Cost $418,265)					427,944

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

14                        Invesco Global Targeted Returns Fund

	Principal Amount		Value
Asset-Backed Securities–0.04%
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b) (Cost $24,958)	$	24,958	$	23,790
	Shares
Money Market Funds–27.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(j)(k)		2,293,616		2,293,616
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(j)(k)		1,729,828		1,730,866
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class, 0.73%(j)(k)		9,468,242		9,468,242

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.10%(j)(k)		2,621,276	$	2,621,276
Total Money Market Funds (Cost $16,112,780)				16,114,000
Options Purchased – 5.92%
(Cost $1,706,438)(l)				3,474,782
TOTAL INVESTMENTS IN SECURITIES—86.69% (Cost $51,197,725)				50,869,958
OTHER ASSETS LESS LIABILITIES–13.31%				7,811,652
NET ASSETS–100.00%			$	58,681,610

Investment Abbreviations:

ADR	- American Depositary Receipt
Conv.	- Convertible
DIP	- Debtor-in-Possession
EGP	- Egypt Pound
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
LIBOR	- London Interbank Offered Rate
MXN	- Mexican Peso
NVDR	- Non-Voting Depositary Receipt
Pfd.	- Preferred
PIK	- Pay-in-Kind
REIT	- Real Estate Investment Trust
RUB	- Russian Ruble
USD	- U.S. Dollar
ZAR	- South African Rand

Notes to Consolidated Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $7,782,466, which represented 13.26% of the Fund’s Net Assets.

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

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2020.

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

^(f)  Step coupon bond. Rate shown is the rate in effect on April 30, 2020.

^(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 aggregate value of these securities at April 30, 2020 was $30,500, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾  Principal amount of security and interest payments are adjusted for inflation.

^(j)  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 six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,244,358		$	11,721,241		$	(13,671,983	)		$	-		$	-			$	2,293,616		$	18,807
Invesco Liquid Assets Portfolio, Institutional Class			3,033,274			8,687,065			(9,988,362	)			403			(1,514	)			1,730,866			16,541
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class			7,777,988			10,293,175			(8,602,921	)			-			-				9,468,242			42,692
Invesco Treasury Portfolio, Institutional Class			4,850,694			13,395,704			(15,625,122	)			-			-				2,621,276			20,986
Total		$	19,906,314		$	44,097,185		$	(47,888,388	)		$	403		$	(1,514	)		$	16,114,000		$	99,026

^(k)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(l)  The table below details options purchased.

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

15                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Index Options Purchased^(a)

Description

Type of Contract

Counterparty

Expiration Date

Number of Contracts

Exercise Price

Notional Value*

Value

Equity Risk

FTSE 100 Index

Call

UBS AG

06/19/2020

9

GBP 6,000.00

GBP 5,400,000

$

20,537

S&P 500 Index

Call

Goldman Sachs International

07/17/2020

10

USD 3,040.00

USD 3,040,000

81,358

S&P 500 Index

Call

Goldman Sachs International

07/17/2020

14

USD 3,040.00

USD 4,256,000

113,900

S&P 500 Index

Call

Goldman Sachs International

07/17/2020

11

USD 3,060.00

USD 3,366,000

76,465

S&P 500 Index

Call

Goldman Sachs International

07/17/2020

11

USD 3,060.00

USD 3,366,000

76,465

S&P 500 Index

Call

Goldman Sachs International

07/17/2020

13

USD 3,060.00

USD 3,978,000

90,368

S&P 500 Index

Call

Goldman Sachs International

07/17/2020

13

USD 3,060.00

USD 3,978,000

90,368

S&P 500 Index

Call

UBS AG

07/17/2020

9

USD 3,150.00

USD 2,835,000

33,901

Subtotal – Index Call Options Purchased

90

583,362

Equity Risk

S&P 500 Index

Put

UBS AG

07/17/2020

9

USD 2,725.00

USD 2,452,500

93,178

Total Index Options Purchased

99

$

676,540

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

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

Open Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

Currency Risk

EUR versus SEK

Call

J.P. Morgan Chase Bank, N.A.

10/09/2020

SEK 11.20

EUR    298,592

$

2,111

EUR versus USD

Call

Citibank, N.A.

06/04/2020

USD   1.15

EUR    120,000

33

EUR versus USD

Call

Citibank, N.A.

10/16/2020

USD   1.15

EUR 2,761,223

13,005

EUR versus USD

Call

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

10/16/2020

USD   1.15

EUR    263,872

1,243

USD versus HKD

Call

HSBC Bank USA, N.A.

09/09/2020

HKD   7.90

USD    174,884

113

USD versus HKD

Call

HSBC Bank USA, N.A.

09/09/2020

HKD   7.90

USD    172,272

111

USD versus HKD

Call

HSBC Bank USA, N.A.

09/09/2020

HKD   7.90

USD    174,883

112

USD versus HKD

Call

HSBC Bank USA, N.A.

09/09/2020

HKD   7.90

USD    670,323

431

USD versus HKD

Call

HSBC Bank USA, N.A.

09/14/2020

HKD   7.90

USD 3,486,746

2,280

USD versus HKD

Call

HSBC Bank USA, N.A.

09/14/2020

HKD   7.90

USD    174,013

114

USD versus ZAR

Call

UBS AG

04/30/2021

ZAR 21.50

USD    119,772

4,461

USD versus ZAR

Call

UBS AG

04/30/2021

ZAR 21.50

USD    244,149

9,093

Subtotal – Foreign Currency Call Options Purchased

33,107

Currency Risk

EUR versus SEK

Put

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

10/09/2020

SEK 10.30

EUR 7,575,201

37,082

Total Foreign Currency Options Purchased

$

70,189

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

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

16                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Payment Frequency

Expiration Date

Notional Value

Value

Interest Rate Risk

10 Year Interest Rate Swaption

Call

Bank of America, N.A.

3.10

%

Receive

3 Month USD LIBOR

Quarterly

03/01/2029

3,480,522

$

744,940

10 Year Interest Rate Swaption

Call

Bank of America, N.A.

2.43

Receive

3 Month USD LIBOR

Quarterly

07/24/2029

1,450,639

234,871

10 Year Interest Rate Swaption

Call

Citibank, N.A.

3.03

Receive

3 Month USD LIBOR

Quarterly

02/21/2029

1,564,079

325,317

10 Year Interest Rate Swaption

Call

Morgan Stanley and Co. International PLC

2.97

Receive

3 Month USD LIBOR

Quarterly

02/20/2029

1,551,650

315,485

10 Year Interest Rate Swaption

Call

Morgan Stanley and Co. International PLC

2.05

Receive

3 Month USD LIBOR

Quarterly

09/17/2029

1,002,390

135,050

10 Year Interest Rate Swaption

Call

Societe Generale

2.99

Receive

3 Month USD LIBOR

Quarterly

02/20/2029

4,730,100

972,164

Subtotal – Interest Rate Call Swaptions Purchased

2,727,827

Interest Rate Risk

5 Year Interest Rate Swaption

Put

Barclays Bank PLC

1.72

Pay

3 Month USD LIBOR

Quarterly

12/02/2020

4,521,000

201

5 Year Interest Rate Swaption

Put

Barclays Bank PLC

1.59

Pay

3 Month USD LIBOR

Quarterly

02/04/2021

154,000

25

Subtotal – Interest Rate Put Swaptions Purchased

226

Total Interest Rate Swaptions Purchased

2,728,053

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

Open Over-The-Counter Index Options Written^(a)

Description	Type of Contract		Counterparty		Expiration Date		Number of Contracts		Exercise Price		Premiums Received				Notional Value*		Value				Unrealized Appreciation (Depreciation)
Equity Risk
S&P 500 Index		Call		Goldman Sachs             International		05/22/2020		6		USD 2,900.00		$	(94,834	)		USD 1,740,000		$	(94,834	)		$	-
S&P 500 Index		Call		Goldman Sachs International		05/22/2020		6		USD 2,900.00			(94,834	)		USD 1,740,000			(94,834	)			-
S&P 500 Index		Call		Goldman Sachs International		07/17/2020		6		USD 2,920.00			(87,307	)		USD 1,752,000			(85,231	)			2,076
S&P 500 Index		Call		Goldman Sachs International		07/17/2020		6		USD 2,920.00			(87,307	)		USD 1,752,000			(85,231	)			2,076
				Goldman Sachs
S&P 500 Index		Call		International		07/17/2020		6		USD 2,920.00			(95,586	)		USD 1,752,000			(85,231	)			10,355
S&P 500 Index		Call		Goldman Sachs International		07/17/2020		6		USD 2,920.00			(95,587	)		USD 1,752,000			(85,231	)			10,356
S&P 500 Index		Call		UBS AG		07/17/2020		9		USD 2,860.00			(118,800	)		USD 2,574,000			(161,845	)			(43,045	)
Subtotal – Index Call Options Written								45					(674,255	)					(692,437	)			(18,182	)

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

17                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Index Options Written^(a) – (continued)

Description	Type of Contract		Counterparty		Expiration Date		Number of Contracts		Exercise Price		Premiums Received				Notional Value*		Value				Unrealized Appreciation (Depreciation)
Equity Risk
S&P 500 Index		Put		Goldman Sachs         International		05/22/2020		3		USD 2,460.00			$(8,944	)		USD    738,000		$	(8,944	)		$	–
S&P 500 Index		Put		Goldman Sachs International		05/22/2020		3		USD 2,460.00			(8,944	)		USD    738,000			(8,944	)			–
S&P 500 Index		Put		Goldman Sachs International		06/19/2020		3		USD 2,480.00			(8,599	)		USD    744,000			(10,309	)			(1,710	)
S&P 500 Index		Put		Goldman Sachs International		06/19/2020		3		USD 2,480.00			(8,718	)		USD    744,000			(10,309	)			(1,591	)
S&P 500 Index		Put		Goldman Sachs International		06/19/2020		3		USD 2,480.00			(8,599	)		USD    744,000			(10,309	)			(1,710	)
S&P 500 Index		Put		Goldman Sachs International		06/19/2020		3		USD 2,480.00			(8,718	)		USD    744,000			(10,309	)			(1,591	)
S&P 500 Index		Put		UBS AG		07/17/2020		9		USD 2,450.00			(108,762	)		USD 2,205,000			(46,195	)			62,567
Subtotal – Index Put Options Written								27					(161,284	)					(105,319	)			55,965
Total – Index Options Written								72				$	(835,539	)				$	(797,756	)		$	37,783

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

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

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

Description	Type of Contract		Counterparty		Expiration Date		Exercise Price		Premiums Received				Notional Value		Value				Unrealized Appreciation (Depreciation)
Currency Risk
EUR versus SEK		Call		J.P. Morgan Chase Bank, N.A.		10/09/2020		SEK 11.20		$	(62,201	)		EUR 3,787,600		$	(26,784	)		$	35,417
EUR versus USD		Call		Barclays Bank PLC		10/16/2020		USD   1.15			(1,878	)		EUR    131,936			(621	)			1,257
EUR versus USD		Call		Societe Generale		10/16/2020		USD   1.15			(46,704	)		EUR 2,893,159			(13,627	)			33,077
USD versus HKD		Call		HSBC Bank USA, N.A.		09/09/2020		HKD   7.90			(702	)		USD    295,457			(190	)			512
USD versus HKD		Call		HSBC Bank USA, N.A.		09/09/2020		HKD   7.90			(173	)		USD    329,642			(212	)			(39	)
Subtotal – Foreign Currency Call Options Written											(111,658	)					(41,434	)			70,224
Currency Risk
EUR versus SEK		Put		J.P. Morgan Chase Bank, N.A.		10/09/2020		SEK 10.30			(7,529	)		EUR    597,185			(2,923	)			4,606
Total – Foreign Currency Options Written										$	(119,187	)				$	(44,357	)		$	74,830

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

Open Over-The-Counter Interest Rate Swaptions Written^(a)

Description	Type of Contract		Counterparty		Exercise Rate			Floating Rate Index		Pay/ Receive Exercise Rate		Payment Frequency		Expiration Date		Premiums Received				Notional Value			Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
10 Year Interest Rate Swaption		Call		Bank of America, N.A.		1.54	%		3 Month USD LIBOR		Receive		Quarterly		02/27/2030		$	(54,796	)		$	869,769		$	(89,024	)		$	(34,228	)
10 Year Interest Rate Swaption		Call		Societe Generale		1.70			3 Month USD LIBOR		Receive		Quarterly		08/15/2029			(127,573	)			1,928,776			(213,686	)			(86,113	)
Total Open Over-The-Counter Interest Rate Swaptions Written																	$	(182,369	)					$	(302,710	)		$	(120,341	)

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

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

18                        Invesco Global Targeted Returns Fund

Open Futures Contracts

Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		10		June-2020		$	1,451,200			$	87,180			$	87,180
EURO STOXX 600 Index		167		June-2020			3,086,411				549,338				549,338
Hang Seng China Enterprises Index		26		May-2020			1,673,860				46,919				46,919
Nikkei 225 Index		23		June-2020			2,155,547				82,360				82,360
Subtotal											765,797				765,797
Interest Rate Risk
Euro Bobl		1		June-2020			148,981				(384	)			(384	)
Euro Bund		2		June-2020			382,298				(2,038	)			(2,038	)
Euro Buxl 30 Year Bonds		3		June-2020			720,631				(4,011	)			(4,011	)
Short-Term Euro-BTP		35		June-2020			4,271,183				11,373				11,373
U.S. Treasury Ultra Bonds		17		June-2020			3,821,281				246,286				246,286
Subtotal											251,226				251,226
Subtotal–Long Futures Contracts											1,017,023				1,017,023
Short Futures Contracts
Equity Risk
E-Mini Russell 2000 Index		74		June-2020			(4,834,790	)			(612,382	)			(612,382	)
EURO STOXX 50 Index		149		June-2020			(4,713,939	)			(805,723	)			(805,723	)
EURO STOXX 600 Index		68		June-2020			(866,269	)			(196,327	)			(196,327	)
FTSE 100 Index		22		June-2020			(1,630,674	)			(208,259	)			(208,259	)
FTSE UK Mid Cap Tradable Plus Index		18		June-2020			(794,771	)			(142,404	)			(142,404	)
MSCI AC Asia ex Japan Index		90		June-2020			(4,079,529	)			(270,384	)			(270,384	)
MSCI World Index		38		June-2020			(2,298,240	)			(372,347	)			(372,347	)
SGX Nifty 50 Index		65		May-2020			(1,272,050	)			(50,008	)			(50,008	)
Swiss Market Index		5		June-2020			(498,472	)			(85,719	)			(85,719	)
Subtotal											(2,743,553	)			(2,743,553	)
Interest Rate Risk
Euro OAT		19		June-2020			(3,515,233	)			64,705				64,705
Euro-Schatz		40		June-2020			(4,922,337	)			(5,761	)			(5,761	)
Long Gilt		5		June-2020			(867,166	)			(22,747	)			(22,747	)
U.S. Treasury 2 Year Notes		4		June-2020			(881,719	)			(14,125	)			(14,125	)
U.S. Treasury 5 Year Notes		2		June-2020			(250,969	)			(8,781	)			(8,781	)
U.S. Treasury 10 Year Notes		3		June-2020			(417,188	)			(20,016	)			(20,016	)
U.S. Treasury Long Bonds		1		June-2020			(181,031	)			(15,539	)			(15,539	)
Subtotal											(22,264	)			(22,264	)
Subtotal–Short Futures Contracts											(2,765,817	)			(2,765,817	)
Total Futures Contracts										$	(1,748,794	)		$	(1,748,794	)

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

19                        Invesco Global Targeted Returns Fund

Open Centrally Cleared Credit Default Swap Agreements

Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Implied Credit Spread(a)			Notional Value		Upfront Payments Paid (Received)				Value				Unrealized Appreciation (Depreciation)
Credit Risk
Markit iTraxx Europe Index, Series 32, Version 1		Buy		(1.00	)%		Quarterly		12/20/2024		0.803	%		EUR   7,852,694		$	–			$	–			$	–
Markit iTraxx Europe Crossover Index, Series 32, Version 1		Sell		5.00			Quarterly		12/20/2024		4.729			EUR      200,000			–				–				–
Markit CDX North America Investment Grade Index, Series 33, Version 1		Sell		1.00			Quarterly		12/20/2024		0.846			USD      175,000			–				–				–
Markit iTraxx Europe Crossover Index, Series 32, Version 1		Buy		(5.00	)		Quarterly		12/20/2024		4.729			EUR      250,000			(6,679	)			(588	)			6,091
Markit CDX North America Investment Grade Index, Series 33, Version 1		Buy		(1.00	)		Quarterly		12/20/2024		0.846			USD      175,000			(3,781	)			(1,217	)			2,564
Markit iTraxx Europe Index, Series 32, Version 1		Sell		1.00			Quarterly		12/20/2024		0.803			EUR   8,002,694			(571	)			1,488				2,059
Markit iTraxx Europe Index, Series 32, Version 1		Sell		1.00			Quarterly		06/20/2025		0.806			EUR 11,059,000			39,911				119,584				79,673
Markit CDX North America Investment Grade Index, Series 34, Version 1		Sell		1.00			Quarterly		06/20/2025		0.872			USD   5,944,000			(30,326	)			37,756				68,082
Subtotal - Appreciations																	(1,446	)			157,023				158,469
Credit Risk
Markit iTraxx Europe Crossover Index, Series 33, Version 1		Buy		(5.00	)		Quarterly		06/20/2025		4.912	%		EUR      150,000			1,602				(620	)			(2,222	)
Markit CDX North America High Yield Index, Series 33, Version 1		Sell		5.00			Quarterly		12/20/2024		6.563	%		USD      936,880			82,911				(54,736	)			(137,647	)
Subtotal - Depreciation																	84,513				(55,356	)			(139,869	)
Total Centrally Cleared Credit Default Swap Agreements																$	83,067			$	101,667			$	18,600

^(a)  Implied credit spreads represent the current level, as of April 30, 2020, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Centrally Cleared Interest Rate Swap Agreements

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay

6 Month EUR LIBOR

Semi-Annually

0.472%

Semi-Annually

09/18/2024

EUR     384,000

$–

$       1

$       1

Receive

6 Month EUR LIBOR

Semi-Annually

(0.192)

Semi-Annually

06/17/2025

EUR     272,000

–

3

3

Receive

6 Month EUR LIBOR

Semi-Annually

(0.112)

Semi-Annually

01/02/2025

EUR     231,000

–

3

3

Pay

6 Month EUR LIBOR

Semi-Annually

0.310

Semi-Annually

09/18/2024

EUR  6,031,000

–

15

15

Pay

6 Month EUR LIBOR

Semi-Annually

0.127

Semi-Annually

06/17/2025

EUR  3,348,000

–

25

25

Receive

6 Month EUR LIBOR

Semi-Annually

(0.079)

Semi-Annually

03/18/2030

EUR  5,338,000

–

28

28

Pay

6 Month EUR LIBOR

Semi-Annually

0.400

Semi-Annually

12/18/2024

EUR     755,000

–

38

38

Pay

6 Month EUR LIBOR

Semi-Annually

0.200

Semi-Annually

06/19/2040

EUR     283,550

–

946

946

Pay

6 Month EUR LIBOR

Semi-Annually

0.190

Semi-Annually

06/19/2040

EUR     283,550

–

1,265

1,265

Receive

28 Day MXN TIIE

28 Day

(6.925)

28 Day

06/16/2021

MXN  1,500,000

–

1,319

1,319

Receive

6 Month EUR LIBOR

Semi-Annually

(0.241)

Semi-Annually

06/17/2025

EUR     346,000

–

1,617

1,617

Pay

6 Month EUR LIBOR

Semi-Annually

0.168

Semi-Annually

06/19/2040

EUR     283,550

–

1,984

1,984

Receive

6 Month EUR LIBOR

Semi-Annually

(0.192)

Semi-Annually

06/17/2025

EUR     272,000

–

2,015

2,015

Receive

6 Month AUD BBSW

Semi-Annually

(1.445)

Semi-Annually

06/18/2030

AUD     609,105

–

2,024

2,024

Receive

6 Month AUD BBSW

Semi-Annually

(1.445)

Semi-Annually

06/18/2030

AUD     609,104

–

2,024

2,024

Receive

6 Month AUD BBSW

Semi-Annually

(1.452)

Semi-Annually

06/18/2030

AUD     609,105

–

2,164

2,164

Receive

6 Month AUD BBSW

Semi-Annually

(1.452)

Semi-Annually

06/18/2030

AUD     609,104

–

2,164

2,164

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

20                        Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements–(continued)

Pay/ Receive Floating Rate

Floating Rate Index

Payment Frequency

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Receive

6 Month EUR LIBOR

Semi-Annually

(0.180)%

Semi-Annually

12/18/2024

EUR      269,000

$–

$    2,182

$    2,182

Pay

6 Month EUR LIBOR

Semi-Annually

0.472

Semi-Annually

09/18/2024

EUR      384,000

–

2,187

2,187

Receive

6 Month AUD BBSW

Semi-Annually

(1.460)

Semi-Annually

06/18/2030

AUD      609,104

–

2,304

2,304

Receive

6 Month AUD BBSW

Semi-Annually

(1.460)

Semi-Annually

06/18/2030

AUD      609,105

–

2,304

2,304

Pay

6 Month EUR LIBOR

Semi-Annually

0.400

Semi-Annually

12/18/2024

EUR      755,000

–

2,451

2,451

Receive

6 Month EUR LIBOR

Semi-Annually

(0.112)

Semi-Annually

01/02/2025

EUR      231,000

–

2,708

2,708

Receive

6 Month AUD BBSW

Semi-Annually

(1.482)

Semi-Annually

06/18/2030

AUD      612,016

–

2,729

2,729

Receive

3 Month USD LIBOR

Quarterly

(0.863)

Quarterly

11/15/2045

USD      829,000

–

8,853

8,853

Receive

6 Month EUR LIBOR

Semi-Annually

(1.024)

Semi-Annually

06/20/2040

EUR        50,000

–

11,074

11,074

Receive

6 Month EUR LIBOR

Semi-Annually

(0.900)

Semi-Annually

03/20/2030

EUR      150,000

–

17,776

17,776

Pay

6 Month EUR LIBOR

Semi-Annually

0.190

Semi-Annually

06/19/2040

EUR   4,820,350

–

21,513

21,513

Receive

3 Month USD LIBOR

Quarterly

(1.151)

Quarterly

06/30/2045

USD      335,402

–

26,272

26,272

Receive

3 Month USD LIBOR

Quarterly

(1.155)

Quarterly

06/30/2045

USD      335,402

–

26,516

26,516

Receive

3 Month USD LIBOR

Quarterly

(1.167)

Quarterly

06/30/2045

USD      335,402

–

27,516

27,516

Receive

3 Month USD LIBOR

Quarterly

(1.903)

Quarterly

02/13/2040

USD      541,828

–

47,043

47,043

Receive

6 Month EUR LIBOR

Semi-Annually

(0.079)

Semi-Annually

03/18/2030

EUR   5,338,000

–

51,914

51,914

Pay

6 Month EUR LIBOR

Semi-Annually

0.290

Semi-Annually

03/12/2030

EUR 11,253,000

–

150,514

150,514

Subtotal – Appreciation

–

423,491

423,491

Interest Rate Risk

Pay

3 Month USD LIBOR

Quarterly

1.167

Quarterly

11/15/2045

USD      335,402

–

(27,865)

(27,865)

Pay

3 Month USD LIBOR

Quarterly

1.167

Quarterly

06/30/2045

USD      335,402

–

(27,516)

(27,516)

Pay

3 Month USD LIBOR

Quarterly

1.156

Quarterly

11/15/2045

USD      335,402

–

(26,971)

(26,971)

Pay

3 Month USD LIBOR

Quarterly

1.155

Quarterly

11/15/2045

USD      335,402

–

(26,851)

(26,851)

Pay

3 Month USD LIBOR

Quarterly

1.151

Quarterly

11/15/2045

USD      335,402

–

(26,604)

(26,604)

Pay

3 Month USD LIBOR

Quarterly

1.155

Quarterly

06/30/2045

USD      335,402

–

(26,516)

(26,516)

Pay

3 Month USD LIBOR

Quarterly

1.151

Quarterly

06/30/2045

USD      335,402

–

(26,272)

(26,272)

Pay

3 Month USD LIBOR

Quarterly

0.942

Quarterly

11/15/2045

USD      732,369

–

(21,508)

(21,508)

Pay

3 Month USD LIBOR

Quarterly

1.031

Quarterly

11/15/2045

USD      365,343

–

(18,516)

(18,516)

Pay

3 Month USD LIBOR

Quarterly

1.000

Quarterly

11/15/2045

USD      362,456

–

(15,694)

(15,694)

Pay

3 Month USD LIBOR

Quarterly

0.999

Quarterly

11/15/2045

USD      362,858

–

(15,640)

(15,640)

Pay

3 Month USD LIBOR

Quarterly

0.924

Quarterly

11/15/2045

USD      536,644

–

(13,497)

(13,497)

Pay

6 Month EUR LIBOR

Semi-Annually

0.310

Semi-Annually

09/18/2024

EUR   6,031,000

–

(13,318)

(13,318)

Receive

3 Month USD LIBOR

Quarterly

(0.668)

Quarterly

11/15/2045

USD      331,467

–

(11,853)

(11,853)

Pay

6 Month EUR LIBOR

Semi-Annually

0.127

Semi-Annually

06/17/2025

EUR      780,000

–

(8,579)

(8,579)

Pay

3 Month USD LIBOR

Quarterly

0.875

Quarterly

11/15/2045

USD      596,000

–

(8,103)

(8,103)

Pay

3 Month USD LIBOR

Quarterly

0.919

Quarterly

11/15/2045

USD      289,420

–

(6,941)

(6,941)

Pay

3 Month USD LIBOR

Quarterly

0.874

Quarterly

11/15/2045

USD      500,104

–

(6,698)

(6,698)

Pay

3 Month USD LIBOR

Quarterly

0.906

Quarterly

11/15/2045

USD      293,188

–

(6,116)

(6,116)

Pay

3 Month USD LIBOR

Quarterly

0.864

Quarterly

11/15/2045

USD      536,644

–

(5,821)

(5,821)

Receive

6 Month AUD BBSW

Semi-Annually

(1.135)

Semi-Annually

06/18/2030

AUD      609,104

–

(3,774)

(3,774)

Receive

6 Month AUD BBSW

Semi-Annually

(1.164)

Semi-Annually

06/18/2030

AUD      609,104

–

(3,236)

(3,236)

Receive

6 Month AUD BBSW

Semi-Annually

(1.255)

Semi-Annually

06/18/2030

AUD   1,218,209

–

(3,059)

(3,059)

Receive

6 Month AUD BBSW

Semi-Annually

(1.183)

Semi-Annually

06/18/2030

AUD      609,104

–

(2,886)

(2,886)

Receive

6 Month AUD BBSW

Semi-Annually

(1.183)

Semi-Annually

06/18/2030

AUD      609,105

–

(2,886)

(2,886)

Receive

6 Month AUD BBSW

Semi-Annually

(1.198)

Semi-Annually

06/18/2030

AUD      609,105

–

(2,605)

(2,605)

Receive

6 Month AUD BBSW

Semi-Annually

(1.202)

Semi-Annually

06/18/2030

AUD      609,105

–

(2,511)

(2,511)

Receive

3 Month USD LIBOR

Quarterly

(0.808)

Quarterly

12/10/2020

USD   1,004,641

–

(2,326)

(2,326)

Receive

3 Month USD LIBOR

Quarterly

(0.808)

Quarterly

11/15/2045

USD      948,263

–

(2,285)

(2,285)

Receive

6 Month AUD BBSW

Semi-Annually

(1.237)

Semi-Annually

06/18/2030

AUD      609,104

–

(1,857)

(1,857)

Receive

6 Month AUD BBSW

Semi-Annually

(1.245)

Semi-Annually

06/18/2030

AUD      609,104

–

(1,717)

(1,717)

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

21                        Invesco Global Targeted Returns Fund

Open Centrally Cleared Interest Rate Swap Agreements—(continued)
Pay/ Receive Floating Rate	Floating Rate Index		Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Pay		3 Month USD LIBOR		Quarterly		0.901%			Quarterly		11/15/2045		USD	85,784		$—	$	(1,700	)	$	(1,700	)
Receive		6 Month AUD BBSW		Semi-Annually		(1.247)			Semi-Annually		06/18/2030		AUD	609,104		—		(1,670	)		(1,670	)
Receive		6 Month AUD BBSW		Semi-Annually		(1.247)			Semi-Annually		06/18/2030		AUD	609,104		—		(1,670	)		(1,670	)
Receive		6 Month EUR LIBOR		Semi-Annually		(0.534)			Semi-Annually		09/18/2024		EUR	189,000		—		(1,645	)		(1,645	)
Receive		6 Month AUD BBSW		Semi-Annually		(1.260)			Semi-Annually		06/18/2030		AUD	609,105		—		(1,436	)		(1,436	)
Receive		3 Month USD LIBOR		Quarterly		(0.784)			Quarterly		11/15/2045		USD	51,000		—		(413	)		(413	)
Receive		3 Month USD LIBOR		Quarterly		(0.815)			Quarterly		11/15/2045		USD	330,096		—		(269	)		(269	)
Pay		6 Month EUR LIBOR		Semi-Annually		0.290			Semi-Annually		12/03/2030		EUR	11,253,000		—		(35	)		(35	)
Pay		6 Month EUR LIBOR		Semi-Annually		0.190			Semi-Annually		06/19/2040		EUR	4,820,350		—		(17	)		(17	)
Pay		6 Month EUR LIBOR		Semi-Annually		0.168			Semi-Annually		06/19/2040		EUR	283,550		—		(1	)		(1	)
Pay		6 Month EUR LIBOR		Semi-Annually		0.190			Semi-Annually		06/19/2040		EUR	283,550		—		(1	)		(1	)
Pay		6 Month EUR LIBOR		Semi-Annually		0.200			Semi-Annually		06/19/2040		EUR	283,550		—		(1	)		(1	)
Subtotal – Depreciation																—		(378,879	)		(378,879	)
Total Centrally Cleared Interest Rate Swap Agreements																$—	$	44,612		$	44,612
Open Centrally Cleared Inflation Rate Swap Agreements
Pay/Receive	Floating Rate Index		Payment Frequency		Fixed Rate			Payment Frequency		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Receive		United Kingdom RPI		At Maturity		(3.53	)%		At Maturity		12/15/2029		GBP	2,000,000	$	—	$	112,688		$	112,688
Receive		United Kingdom RPI		At Maturity		(3.63	)		At Maturity		01/15/2027		GBP	885,159		—		80,700			80,700
Receive		United Kingdom RPI		At Maturity		(3.41	)		At Maturity		05/15/2027		GBP	1,022,000		—		59,951			59,951
Receive		United Kingdom RPI		At Maturity		(3.64	)		At Maturity		01/15/2027		GBP	644,420		—		58,973			58,973
Receive		United Kingdom RPI		At Maturity		(3.63	)		At Maturity		01/15/2027		GBP	644,421		—		58,420			58,420
Receive		United Kingdom RPI		At Maturity		(3.25	)		At Maturity		07/15/2025		GBP	681,299		—		42,928			42,928
Receive		United Kingdom RPI		At Maturity		(3.39	)		At Maturity		02/15/2028		GBP	499,000		—		13,987			13,987
Receive		United Kingdom RPI		At Maturity		(3.11	)		At Maturity		06/15/2026		GBP	1,196,950		—		7,541			7,541
Receive		United Kingdom RPI		At Maturity		(3.76	)		At Maturity		09/15/2029		GBP	71,000		—		7,424			7,424
Receive		United Kingdom RPI		At Maturity		(3.76	)		At Maturity		09/15/2029		GBP	71,000		—		7,424			7,424
Receive		United Kingdom RPI		At Maturity		(3.75	)		At Maturity		09/15/2029		GBP	71,000		—		7,344			7,344
Receive		United Kingdom RPI		At Maturity		(3.73	)		At Maturity		09/15/2029		GBP	71,000		—		7,149			7,149
Receive		United Kingdom RPI		At Maturity		(3.73	)		At Maturity		09/15/2029		GBP	71,000		—		7,094			7,094
Receive		United Kingdom RPI		At Maturity		(3.73	)		At Maturity		09/15/2029		GBP	71,000		—		7,057			7,057
Receive		United Kingdom RPI		At Maturity		(3.72	)		At Maturity		09/15/2029		GBP	71,000		—		7,033			7,033
Receive		United Kingdom RPI		At Maturity		(3.71	)		At Maturity		09/15/2029		GBP	71,000		—		6,886			6,886
Receive		United Kingdom RPI		At Maturity		(3.71	)		At Maturity		09/15/2029		GBP	71,000		—		6,874			6,874
Subtotal – Appreciation																—		499,473			499,473
Interest Rate Risk
Pay		United Kingdom RPI		At Maturity		3.47			At Maturity		12/15/2027		GBP	314,000		—		(13,280	)		(13,280	)
Pay		United Kingdom RPI		At Maturity		3.35			At Maturity		03/15/2028		GBP	1,173,000		—		(29,007	)		(29,007	)
Receive		United Kingdom RPI		At Maturity		(3.15	)		At Maturity		03/15/2028		GBP	936,000		—		(455	)		(455	)
Subtotal – Depreciation																—		(42,742	)		(42,742	)
Total – Centrally Cleared Inflation Swap Agreements															$	—	$	456,731		$	456,731

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

22                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements(a)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Equity Risk

Bank of America, N.A.

Russell 2000 Index

Receive

21.90

%

At Maturity

12/18/2020

USD

298

$

7,354

Barclays Bank PLC

Russell 2000 Index

Pay

55.15

At Maturity

12/18/2020

USD

3,527

33,221

Barclays Bank PLC

Russell 2000 Index

Pay

51.25

At Maturity

12/18/2020

USD

7,661

32,380

Barclays Bank PLC

Russell 2000 Index

Receive

23.30

At Maturity

12/18/2020

USD

1,645

50,948

BNP Paribas S.A.

Nikkei 225 Index

Receive

22.85

At Maturity

12/10/2021

JPY

775,992

10,218

BNP Paribas S.A.

Nikkei 225 Index

Receive

23.99

At Maturity

12/10/2021

JPY

148,665

9,159

BNP Paribas S.A.

Nikkei 225 Index

Receive

23.95

At Maturity

12/10/2021

JPY

140,826

8,743

Goldman Sachs International

Russell 2000 Index

Receive

21.75

At Maturity

12/18/2020

USD

1,978

49,470

Goldman Sachs International

Russell 2000 Index

Receive

21.00

At Maturity

12/18/2020

USD

1,539

41,038

Goldman Sachs International

Russell 2000 Index

Receive

21.50

At Maturity

12/18/2020

USD

1,539

39,326

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

Hang Seng China Enterprise Index

Pay

44.50

At Maturity

12/30/2020

HKD

12,605

21,090

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

Hang Seng Index

Pay

42.21

At Maturity

12/30/2020

HKD

6,528

10,309

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

Hang Seng Index

Receive

20.73

At Maturity

12/30/2020

HKD

43,803

21,806

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

KOSPI 200 Index

Pay

47.00

At Maturity

12/10/2020

KRW

1,805,594

19,458

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

Russell 2000 Index

Pay

47.15

At Maturity

12/18/2020

USD

749

3,668

Merrill Lynch International

Russell 2000 Index

Pay

62.50

At Maturity

12/18/2020

USD

8,102

123,371

Merrill Lynch International

Russell 2000 Index

Pay

62.00

At Maturity

12/18/2020

USD

7,045

104,590

Merrill Lynch International

Russell 2000 Index

Receive

20.30

At Maturity

12/18/2020

USD

10,272

601,618

Merrill Lynch International

Russell 2000 Index

Receive

21.50

At Maturity

12/18/2020

USD

923

23,591

Merrill Lynch International

Russell 2000 Index

Receive

21.65

At Maturity

12/18/2020

USD

616

15,544

Societe Generale

Hang Seng China Enterprise Index

Pay

47.50

At Maturity

12/30/2020

HKD

12,605

24,776

Societe Generale

Hang Seng China Enterprise Index

Pay

34.75

At Maturity

12/30/2020

HKD

16,347

13,141

Societe Generale

Hang Seng China Enterprise Index

Pay

33.30

At Maturity

12/30/2020

HKD

16,348

10,470

Societe Generale

Hang Seng China Enterprise Index

Receive

22.20

At Maturity

12/30/2020

HKD

48,844

39,363

Societe Generale

Hang Seng China Enterprise Index

Receive

23.15

At Maturity

12/30/2020

HKD

31,975

15,733

Societe Generale

Hang Seng Index

Pay

45.00

At Maturity

12/30/2020

HKD

6,528

12,209

Societe Generale

Hang Seng Index

Pay

31.80

At Maturity

12/30/2020

HKD

2,362

1,548

Societe Generale

Hang Seng Index

Pay

30.75

At Maturity

12/30/2020

HKD

2,362

1,258

Societe Generale

Hang Seng Index

Receive

22.10

At Maturity

12/30/2020

HKD

12,980

5,508

Societe Generale

KOSPI 200 Index

Pay

50.10

At Maturity

12/10/2020

KRW

1,805,594

23,265

Societe Generale

KOSPI 200 Index

Pay

34.55

At Maturity

12/10/2020

KRW

1,408,141

7,198

Societe Generale

KOSPI 200 Index

Pay

33.75

At Maturity

12/10/2020

KRW

1,408,141

6,363

Societe Generale

KOSPI 200 Index

Receive

17.40

At Maturity

12/10/2020

KRW

4,524,610

58,349

Societe Generale

Nikkei 225 Index

Receive

23.65

At Maturity

12/11/2020

JPY

810,968

79,326

Societe Generale

Nikkei 225 Index

Receive

24.25

At Maturity

12/11/2020

JPY

808,475

72,659

Societe Generale

Nikkei 225 Index

Receive

23.95

At Maturity

12/11/2020

JPY

469,781

44,071

Societe Generale

Nikkei 225 Index

Receive

22.55

At Maturity

12/10/2021

JPY

698,544

32,134

Societe Generale

Nikkei 225 Index

Receive

22.78

At Maturity

12/10/2021

JPY

698,544

30,318

Societe Generale

Nikkei 225 Index

Receive

23.90

At Maturity

12/10/2021

JPY

358,910

22,497

Societe Generale

Nikkei 225 Index

Receive

24.00

At Maturity

12/10/2021

JPY

348,375

21,421

Societe Generale

Nikkei 225 Index

Receive

23.90

At Maturity

12/10/2021

JPY

282,170

17,687

Societe Generale

Russell 2000 Index

Pay

49.00

At Maturity

06/19/2020

USD

3,009

17,389

Societe Generale

Russell 2000 Index

Pay

52.00

At Maturity

12/18/2020

USD

6,822

33,499

Societe Generale

Russell 2000 Index

Pay

52.00

At Maturity

12/18/2020

USD

1,705

8,370

Societe Generale

Russell 2000 Index

Receive

19.25

At Maturity

06/19/2020

USD

1,615

117,244

Societe Generale

Russell 2000 Index

Receive

20.60

At Maturity

06/19/2020

USD

1,619

102,214

Societe Generale

Russell 2000 Index

Receive

20.70

At Maturity

06/19/2020

USD

1,619

101,558

Societe Generale

Russell 2000 Index

Receive

21.40

At Maturity

12/18/2020

USD

1,574

65,273

Societe Generale

Russell 2000 Index

Receive

21.40

At Maturity

12/18/2020

USD

1,503

62,626

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

23                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements(a)–(continued)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Societe Generale

Russell 2000 Index

Receive

22.35

%

At Maturity

12/18/2020

USD

1,575

$

62,204

Societe Generale

Russell 2000 Index

Receive

23.75

At Maturity

12/18/2020

USD

1,645

48,826

Societe Generale

Russell 2000 Index

Receive

21.40

At Maturity

12/18/2020

USD

71

2,960

UBS AG

Hang Seng China Enterprise Index

Pay

39.00

At Maturity

12/30/2020

HKD

12,605

15,434

UBS AG

Hang Seng China Enterprise Index

Pay

31.05

At Maturity

12/30/2020

HKD

28,970

11,953

UBS AG

Hang Seng China Enterprise Index

Receive

23.20

At Maturity

12/30/2020

HKD

23,516

13,788

UBS AG

Hang Seng China Enterprise Index

Receive

24.45

At Maturity

12/30/2020

HKD

56,839

364

UBS AG

Hang Seng Index

Pay

29.05

At Maturity

12/30/2020

HKD

22,532

8,131

UBS AG

Hang Seng Index

Pay

37.50

At Maturity

12/30/2020

HKD

6,528

7,958

UBS AG

Hang Seng Index

Receive

20.80

At Maturity

12/30/2020

HKD

14,412

8,148

UBS AG

Hang Seng Index

Receive

21.70

At Maturity

12/30/2020

HKD

23,514

5,363

UBS AG

Hang Seng Index

Receive

22.95

At Maturity

12/30/2020

HKD

6,311

2,425

UBS AG

Hang Seng Index

Receive

22.20

At Maturity

12/30/2020

HKD

1,692

1,063

UBS AG

Hang Seng Index

Receive

26.75

At Maturity

12/30/2020

HKD

156

0

UBS AG

KOSPI 200 Index

Pay

33.05

At Maturity

12/10/2020

KRW

3,573,377

13,502

UBS AG

KOSPI 200 Index

Pay

38.00

At Maturity

12/10/2020

KRW

1,805,594

11,999

UBS AG

KOSPI 200 Index

Receive

17.45

At Maturity

12/10/2020

KRW

7,120,554

81,909

UBS AG

KOSPI 200 Index

Receive

17.90

At Maturity

12/10/2020

KRW

3,687,422

30,477

UBS AG

KOSPI 200 Index

Receive

17.80

At Maturity

12/10/2020

KRW

1,143,155

15,104

UBS AG

KOSPI 200 Index

Receive

27.50

At Maturity

12/10/2020

KRW

98,077

0

UBS AG

Nikkei 225 Index

Receive

24.10

At Maturity

12/11/2020

JPY

806,694

74,081

UBS AG

Nikkei 225 Index

Receive

23.95

At Maturity

12/11/2020

JPY

469,782

44,071

UBS AG

Nikkei 225 Index

Receive

24.00

At Maturity

12/11/2020

JPY

422,672

39,372

UBS AG

Nikkei 225 Index

Receive

24.00

At Maturity

12/11/2020

JPY

148,989

13,878

UBS AG

Nikkei 225 Index

Receive

22.95

At Maturity

12/10/2021

JPY

772,176

32,044

UBS AG

Nikkei 225 Index

Receive

23.00

At Maturity

12/10/2021

JPY

775,993

31,770

UBS AG

Nikkei 225 Index

Receive

23.08

At Maturity

12/10/2021

JPY

696,295

27,890

UBS AG

Nikkei 225 Index

Receive

24.00

At Maturity

12/10/2021

JPY

229,328

14,101

Subtotal – Appreciation

2,893,184

Equity Risk

Bank of America, N.A.

S&P 500 Index

Pay

19.40

At Maturity

12/18/2020

USD

298

(6,623

)

Barclays Bank PLC

S&P 500 Index

Pay

20.80

At Maturity

12/18/2020

USD

1,645

(40,244

)

Barclays Bank PLC

S&P 500 Index

Receive

48.00

At Maturity

12/18/2020

USD

7,661

(63,487

)

Barclays Bank PLC

S&P 500 Index

Receive

52.00

At Maturity

12/18/2020

USD

3,527

(42,775

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

20.40

At Maturity

12/11/2020

JPY

743,741

(108,670

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

22.94

At Maturity

12/11/2020

JPY

205,944

(22,152

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

23.21

At Maturity

12/11/2020

JPY

269,435

(27,970

)

BNP Paribas S.A.

Nikkei 225 Index

Pay

21.06

At Maturity

12/10/2021

JPY

536,229

(34,136

)

Goldman Sachs International

S&P 500 Index

Pay

18.50

At Maturity

12/18/2020

USD

1,539

(37,285

)

Goldman Sachs International

S&P 500 Index

Pay

19.00

At Maturity

12/18/2020

USD

1,539

(35,549

)

Goldman Sachs International

S&P 500 Index

Pay

19.25

At Maturity

12/18/2020

USD

1,978

(44,608

)

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

Russell 2000 Index

Pay

48.50

At Maturity

12/18/2020

USD

3,411

(4,787

)

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

S&P 500 Index

Receive

42.15

At Maturity

12/18/2020

USD

749

(4,635

)

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

S&P 500 Index

Receive

43.50

At Maturity

12/18/2020

USD

3,411

(7,103

)

Merrill Lynch International

S&P 500 Index

Pay

17.70

At Maturity

12/18/2020

USD

10,272

(501,348

)

Merrill Lynch International

S&P 500 Index

Pay

19.00

At Maturity

12/18/2020

USD

923

(21,321

)

Merrill Lynch International

S&P 500 Index

Pay

19.25

At Maturity

12/18/2020

USD

616

(13,891

)

Merrill Lynch International

S&P 500 Index

Receive

58.50

At Maturity

12/18/2020

USD

7,045

(119,184

)

Merrill Lynch International

S&P 500 Index

Receive

59.50

At Maturity

12/18/2020

USD

8,102

(142,794

)

Societe Generale

KOSPI 200 Index

Receive

30.70

At Maturity

12/10/2020

KRW

182,373

(464

)

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

24                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Variance Swap Agreements(a)–(continued)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Societe Generale

Nikkei 225 Index

Pay

20.48

%

At Maturity

12/11/2020

JPY

740,287

$

(107,192

)

Societe Generale

Nikkei 225 Index

Pay

21.26

At Maturity

12/10/2021

JPY

536,231

(32,818

)

Societe Generale

Nikkei 225 Index

Pay

21.40

At Maturity

12/10/2021

JPY

642,232

(60,824

)

Societe Generale

Nikkei 225 Index

Pay

21.51

At Maturity

12/10/2021

JPY

536,231

(31,192

)

Societe Generale

Nikkei 225 Index

Pay

21.71

At Maturity

12/10/2021

JPY

536,231

(29,909

)

Societe Generale

S&P 500 Index

Pay

16.75

At Maturity

06/19/2020

USD

1,615

(93,591

)

Societe Generale

S&P 500 Index

Pay

18.10

At Maturity

06/19/2020

USD

1,619

(80,326

)

Societe Generale

S&P 500 Index

Pay

18.20

At Maturity

06/19/2020

USD

1,619

(79,733

)

Societe Generale

S&P 500 Index

Pay

18.90

At Maturity

12/18/2020

USD

70

(2,376

)

Societe Generale

S&P 500 Index

Pay

18.90

At Maturity

12/18/2020

USD

1,505

(51,130

)

Societe Generale

S&P 500 Index

Pay

18.90

At Maturity

12/18/2020

USD

1,575

(53,271

)

Societe Generale

S&P 500 Index

Pay

19.85

At Maturity

12/18/2020

USD

1,575

(50,179

)

Societe Generale

S&P 500 Index

Pay

21.25

At Maturity

12/18/2020

USD

1,645

(38,370

)

Societe Generale

S&P 500 Index

Receive

38.50

At Maturity

06/19/2020

USD

3,009

(14,604

)

Societe Generale

S&P 500 Index

Receive

47.00

At Maturity

12/18/2020

USD

1,705

(12,709

)

Societe Generale

S&P 500 Index

Receive

48.00

At Maturity

12/18/2020

USD

6,822

(56,534

)

UBS AG

Hang Seng China Enterprise Index

Pay

22.50

At Maturity

12/30/2020

HKD

3,495

(3,030

)

UBS AG

KOSPI 200 Index

Pay

17.60

At Maturity

12/10/2020

KRW

315,683

(4,894

)

UBS AG

Nikkei 225 Index

Pay

20.20

At Maturity

12/11/2020

JPY

743,740

(111,137

)

UBS AG

Nikkei 225 Index

Pay

20.60

At Maturity

12/11/2020

JPY

737,905

(105,402

)

UBS AG

Nikkei 225 Index

Pay

21.28

At Maturity

12/10/2021

JPY

536,230

(32,687

)

UBS AG

Nikkei 225 Index

Pay

21.75

At Maturity

12/10/2021

JPY

709,930

(63,853

)

UBS AG

Nikkei 225 Index

Pay

22.05

At Maturity

12/10/2021

JPY

1,072,461

(55,517

)

Subtotal – Depreciation

(2,450,304

)

Total – Variance Swap Agreements

$

442,880

(a) Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

Open Over-The-Counter Volatility Swap Agreements(a)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Currency Risk

Barclays Bank PLC

EUR/USD

Receive

6.45

%

At Maturity

12/14/2022

EUR

7,698

$

13,660

BNP Paribas S.A.

EUR/USD

Receive

6.75

At Maturity

12/14/2022

EUR

7,965

11,569

BNP Paribas S.A.

USD/JPY

Receive

7.25

At Maturity

01/23/2023

USD

6,316

9,903

BNP Paribas S.A.

USD/JPY

Receive

7.33

At Maturity

01/23/2023

USD

6,669

10,351

BNP Paribas S.A.

USD/JPY

Receive

7.33

At Maturity

01/23/2023

USD

6,316

9,819

BNP Paribas S.A.

USD/JPY

Receive

7.40

At Maturity

01/23/2023

USD

6,316

9,219

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

EUR/USD

Receive

5.98

At Maturity

12/14/2022

EUR

3,746

9,242

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

EUR/USD

Receive

6.31

At Maturity

12/14/2022

EUR

8,559

18,146

Morgan Stanley & Co. International PLC

EUR/USD

Pay

9.40

At Maturity

12/14/2022

EUR

4,645

7,853

Morgan Stanley & Co. International PLC

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

4,280

8,270

Morgan Stanley & Co. International PLC

EUR/USD

Receive

7.00

At Maturity

12/14/2022

EUR

23,893

28,407

Societe Generale

EUR/USD

Receive

6.50

At Maturity

12/14/2022

EUR

8,340

14,368

Societe Generale

EUR/USD

Receive

6.80

At Maturity

12/14/2022

EUR

4,673

6,575

Subtotal – Appreciation

157,382

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

25                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Volatility Swap Agreements(a)–(continued)

Counterparty

Reference Entity

Pay/ Receive Variance

Volatility Strike Rate

Payment Frequency

Maturity Date

Notional Value

Unrealized Appreciation (Depreciation)

Currency Risk

BNP Paribas S.A.

EUR/USD

Pay

6.70

%

At Maturity

12/14/2022

EUR

2,778

$

(4,290

)

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

USD/JPY

Receive

8.74

At Maturity

01/23/2023

USD

3,734

(1,924

)

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

USD/JPY

Receive

8.93

At Maturity

01/23/2023

USD

3,734

(2,601

)

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

USD/JPY

Receive

9.13

At Maturity

01/23/2023

USD

3,734

(3,269

)

Subtotal – Depreciation

(12,084

)

Total – Volatility Swap Agreements

$

145,298

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

Open Over-The-Counter Total Return Swap Agreements(a)(b)
Counterparty	Pay/ Receive		Reference Entity(c)	Fixed Rate			Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Commodity Risk
BNP Paribas S.A.		Receive	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150	%		Monthly		2,245		June–2020	$	637,210		$–	$	2,927			$            2,927
BNP Paribas S.A.		Receive	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		948		June–2020		269,076		–		1,236			1,236
BNP Paribas S.A.		Receive	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		405		June–2020		114,953		–		528			528
BNP Paribas S.A.		Receive	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		304		June–2020		86,286		–		397			397
BNP Paribas S.A.		Receive	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		174		June–2020		49,387		–		227			227
Macquarie Bank Ltd.		Receive	Macquarie MQCP641E Index		0.120			Monthly		16,086		February–2021		2,209,959		–		75,530			75,530
Macquarie Bank Ltd.		Receive	Macquarie MQCP641E Index		0.120			Monthly		2,182		February–2021		299,772		–		10,245			10,245
Subtotal																–		91,090			91,090
Equity Risk
Goldman Sachs International		Pay	Mexican Bolsa Index		—			Monthly		120		June–2020		170,390		–		8,722			8,722
Morgan Stanley & Co. International PLC		Pay	Hang Seng Index Futures		—			Monthly		850		May–2020		1,054,157		–		40,541			40,541
Subtotal																–		49,263			49,263
Subtotal – Appreciation																–		140,353			140,353
Commodity Risk
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		1,013		June–2020		287,525		–		(1,321	)		(1,321	)
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		1,013		June–2020		287,525		–		(1,321	)		(1,321	)
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		1,013		June–2020		287,525		–		(1,321	)		(1,321	)
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		1,013		June–2020		287,525		–		(1,321	)		(1,321	)
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		1,020		June–2020		289,512		–		(1,330	)		(1,330	)
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		1,815		June–2020		515,161		–		(2,366	)		(2,366	)

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

26                        Invesco Global Targeted Returns 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)
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150	%		Monthly		1,816		June–2020	$	515,444		$–	$	(2,368	)	$	(2,368	)
BNP Paribas S.A.		Pay	BNP Paribas DR Alpha ex-Agriculture and Livestock Index		0.150			Monthly		1,821		June–2020		516,864		–		(2,374	)		(2,374	)
Macquarie Bank Ltd.		Pay	Macquarie MQCP641E Index		0.120			Monthly		873		February–2021		119,936		–		(4,099	)		(4,099	)
Subtotal																–		(17,821	)		(17,821	)
Equity Risk
Goldman Sachs International		Pay	Mexican Bolsa Index		–			Monthly		600		June–2020		920,392		–		(2,617	)		(2,617	)
Goldman Sachs International		Pay	Mexican Bolsa Index		–			Monthly		370		June–2020		592,353		–		(6,061	)		(6,061	)
Subtotal																–		(8,678	)		(8,678	)
Subtotal – Depreciation																–		(26,499	)		(26,499	)
Total – Total Return Swap Agreements																–		113,854			113,854

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

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

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

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

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

Goldman Sachs International

Receive

STOXX Europe 600 Insurance Gross Return Index

3 Month EURIBOR + 0.4115%

Quarterly

6,590

August–2020

$

928,202

$

–

$

143,419

$

143,419

Merrill Lynch International

Receive

STOXX Europe 600 Insurance Gross Return Index

3 Month EURIBOR + 0.405%

Quarterly

6,478

August–2020

912,494

–

140,992

140,992

Morgan Stanley & Co. International PLC

Pay

Consumer Discretionary Select Sector Total Return Index

1 Month USD LIBOR + 0.150%

Monthly

276

June–2020

959,409

–

49,528

49,528

Morgan Stanley & Co. International PLC

Pay

Consumer Discretionary Select Sector Total Return Index

1 Month USD LIBOR + 0.150%

Monthly

176

June–2020

609,690

–

31,498

31,498

Morgan Stanley & Co. International PLC

Receive

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.250%

Monthly

389

June–2020

1,037,819

–

16,993

16,993

Morgan Stanley & Co. International PLC

Receive

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.250%

Monthly

248

June–2020

661,695

–

10,837

10,837

Societe Generale

Pay

SG Strong Balance Sheet 250 Index

3 Month USD LIBOR + 0.230%

Quarterly

732

October–2020

592,981

–

97,407

97,407

Societe Generale

Pay

SG Strong Balance Sheet 250 Index

3 Month USD LIBOR + 0.230%

Quarterly

727

October–2020

589,358

–

96,814

96,814

Societe Generale

Pay

SG Strong Balance Sheet 250 Index

3 Month USD LIBOR + 0.230%

Quarterly

241

October–2020

292,259

–

32,138

32,138

Societe Generale

Pay

SG Strong Balance Sheet 250 Index

3 Month USD LIBOR + 0.230%

Quarterly

196

October–2020

158,566

–

26,049

26,049

Societe Generale

Pay

SG Strong Balance Sheet 250 Index

3 Month USD LIBOR + 0.230%

Quarterly

180

October–2020

145,969

–

23,980

23,980

Societe Generale

Pay

SG Strong Balance Sheet 250 Index

3 Month USD LIBOR + 0.230%

Quarterly

99

October–2020

80,535

–

13,225

13,225

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

27                        Invesco Global Targeted Returns Fund

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

Counterparty

Pay/ Receive

Reference Entity

Floating Rate Index

Payment Frequency

Number of Contracts

Maturity Date

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Societe Generale

Pay

SG Strong Balance Sheet 250 Index

3 Month USD LIBOR + 0.230%

Quarterly

78

October–2020

$

182,815

$–

$

10,342

$

10,342

UBS AG

Pay

MSCI World Energy Sector Total Return Index

3 Month USD LIBOR - 0.400%

Quarterly

2,941

September–2020

769,249

–

130,726

130,726

UBS AG

Pay

MSCI World Energy Sector Total Return Index

3 Month USD LIBOR - 0.400%

Quarterly

791

September–2020

127,100

–

35,153

35,153

UBS AG

Pay

MSCI World Energy Sector Total Return Index

3 Month USD LIBOR - 0.400%

Quarterly

474

September–2020

65,109

–

32,113

32,113

UBS AG

Pay

MSCI World Energy Sector Total Return Index

3 Month USD LIBOR - 0.400%

Quarterly

707

September–2020

113,724

–

31,452

31,452

UBS AG

Pay

S&P Homebuilders Select Industry Total Return Index

3 Month USD LIBOR + 0.270%

Quarterly

222

October–2020

765,374

–

240,663

240,663

UBS AG

Pay

S&P Homebuilders Select Industry Total Return Index

3 Month USD LIBOR + 0.270%

Quarterly

61

October–2020

204,394

–

66,117

66,117

UBS AG

Pay

S&P Homebuilders Select Industry Total Return Index

3 Month USD LIBOR + 0.270%

Quarterly

61

October–2020

204,309

–

66,068

66,068

UBS AG

Pay

S&P Homebuilders Select Industry Total Return Index

3 Month USD LIBOR + 0.270%

Quarterly

61

October–2020

202,941

–

65,619

65,619

UBS AG

Pay

S&P Homebuilders Select Industry Total Return Index

3 Month USD LIBOR + 0.270%

Quarterly

49

October–2020

164,140

–

53,084

53,084

UBS AG

Pay

S&P Homebuilders Select Industry Total Return Index

3 Month USD LIBOR + 0.270%

Quarterly

29

October–2020

96,510

–

31,209

31,209

UBS AG

Pay

S&P Homebuilders Select Industry Total Return Index

3 Month USD LIBOR + 0.270%

Quarterly

20

October–2020

67,072

–

21,679

21,679

UBS AG

Receive

STOXX Europe 600 Insurance Gross Return Index

3 Month EURIBOR + 0.395

%

Quarterly

6,591

August–2020

928,347

–

143,442

143,442

Subtotal – Appreciation

–

1,610,547

1,610,547

Equity Risk

Morgan Stanley & Co. International PLC

Pay

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.225%

Monthly

12

June–2020

32,145

–

(535

)

(535

)

Morgan Stanley & Co. International PLC

Pay

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.225%

Monthly

52

June–2020

139,239

–

(2,273

)

(2,273

)

Morgan Stanley & Co. International PLC

Pay

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.225%

Monthly

54

June–2020

143,428

–

(2,340

)

(2,340

)

Morgan Stanley & Co. International PLC

Pay

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.225%

Monthly

72

June–2020

193,054

–

(3,161

)

(3,161

)

Morgan Stanley & Co. International PLC

Pay

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.225%

Monthly

228

June–2020

608,996

–

(9,963

)

(9,963

)

Morgan Stanley & Co. International PLC

Pay

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.225%

Monthly

286

June–2020

762,861

–

(12,501

)

(12,501

)

Morgan Stanley & Co. International PLC

Pay

Consumer Staples Select Sector Total Return Index

1 Month USD LIBOR + 0.225%

Monthly

286

June–2020

764,365

–

(12,509

)

(12,509

)

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

28                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive	Reference Entity	Floating Rate Index			Payment Frequency		Number of Contracts		Maturity Date		Notional Value			Upfront Payments Paid (Received)		Value				Unrealized Appreciation (Depreciation)
Morgan Stanley & Co. International PLC	Pay	Consumer Staples Select Sector Total Return Index		1 Month USD LIBOR  0.250%	+		Monthly		44		June–2020		$	116,342		$–		$	(1,902	)		$	(1,902	)
Morgan Stanley & Co. International PLC	Pay	Consumer Staples Select Sector Total Return Index		1 Month USD LIBOR  0.250%	+		Monthly		72		June–2020			191,897		–			(3,132	)			(3,132	)
Morgan Stanley & Co. International PLC	Pay	Consumer Staples Select Sector Total Return Index		1 Month USD LIBOR 0.250%	+		Monthly		72		June–2020			191,822		–			(3,136	)			(3,136	)
Morgan Stanley & Co. International PLC	Pay	Consumer Staples Select Sector Total Return Index		1 Month USD LIBOR 0.250%	+		Monthly		72		June–2020			191,972		–			(3,155	)			(3,155	)
Morgan Stanley & Co. International PLC	Pay	Consumer Staples Select Sector Total Return Index		1 Month USD LIBOR 0.250%	+		Monthly		82		June–2020			219,466		–			(3,607	)			(3,607	)
Morgan Stanley & Co. International PLC	Pay	Consumer Staples Select Sector Total Return Index		1 Month USD LIBOR 0.250%	+		Monthly		90		June–2020			238,768		–			(3,901	)			(3,901	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		25		June–2020			86,394		–			(4,456	)			(4,456	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR  0.150%	+		Monthly		36		June–2020			124,996		–			(6,464	)			(6,464	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		38		June–2020			132,335		–			(6,832	)			(6,832	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		41		June–2020			144,011		–			(7,428	)			(7,428	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		44		June–2020			151,533		–			(7,833	)			(7,833	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		44		June–2020			151,996		–			(7,845	)			(7,845	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR  0.150%	+		Monthly		44		June–2020			151,593		–			(7,845	)			(7,845	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		44		June–2020			152,411		–			(7,868	)			(7,868	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		48		June–2020			165,479		–			(8,534	)			(8,534	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		54		June–2020			188,963		–			(9,742	)			(9,742	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		86		June–2020			299,264		–			(15,449	)			(15,449	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		162		June–2020			561,648		–			(28,987	)			(28,987	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR  0.150%	+		Monthly		200		June–2020			695,995		–			(35,925	)			(35,925	)
Morgan Stanley & Co. International PLC	Receive	Consumer Discretionary Select Sector Total Return Index		1 Month USD LIBOR 0.150%	+		Monthly		200		June–2020			695,697		–			(35,931	)			(35,931	)
UBS AG	Receive	S&P Homebuilders Select Industry Total Return Index		3 Month EURIBOR 0.270%	+		Quarterly		99		October–2020			331,458		–			(107,201	)			(107,201	)

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

29                        Invesco Global Targeted Returns Fund

Open Over-The-Counter Total Return Swap Agreements(a)(b)–(continued)
Counterparty	Pay/ Receive		Reference Entity	Floating Rate Index		Payment Frequency		Number of Contracts		Maturity Date		Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)
UBS AG		Receive	S&P Homebuilders Select Industry Total Return Index		3 Month EURIBOR + 0.270%		Quarterly		104		October–2020	$	348,378		$—	$	(112,669	)	$	(112,669	)
UBS AG		Receive	S&P Homebuilders Select Industry Total Return Index		3 Month EURIBOR + 0.270%		Quarterly		111		October–2020		372,974		—		(120,612	)		(120,612	)
UBS AG		Receive	Thomson Reuters CRB Precious Metals Equity Total Return Index		3 Month USD LIBOR - 0.600%		Quarterly		5		March–2021		13,022		—		(6,667	)		(6,667	)
UBS AG		Receive	Thomson Reuters CRB Precious Metals Equity Total Return Index		3 Month USD LIBOR - 0.600%		Quarterly		36		March–2021		293,014		—		(21,647	)		(21,647	)
UBS AG		Receive	Thomson Reuters CRB Precious Metals Equity Total Return Index		3 Month USD LIBOR - 0.600%		Quarterly		29		March–2021		260,997		—		(28,933	)		(28,933	)
UBS AG		Receive	Thomson Reuters CRB Precious Metals Equity Total Return Index		3 Month USD LIBOR - 0.600%		Quarterly		29		March–2021		205,238		—		(34,253	)		(34,253	)
UBS AG		Receive	Thomson Reuters CRB Precious Metals Equity Total Return Index		3 Month USD LIBOR - 0.600%		Quarterly		34		March–2021		457,066		—		(16,807	)		(16,807	)
Subtotal – Depreciation															—		(702,043	)		(702,043	)
Total – Total Return Swap Agreements															$—	$	908,504		$	908,504

^(a)  Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $586,000.

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

Reference Entity Components
Reference Entity	Underlying Components	Percentage
Macquarie MQCP641E Index

Long Futures Contracts
Aluminum	13.76	%
Heating Oil	8.57
High Grade Copper	19.16
Natural Gas	19.02
Nickel	6.75
Unleaded Gasoline	8.73
WTI Crude	16.18
Zinc	7.83
Total	100.00	%
Short Futures Contracts
Aluminum	(13.76	)%
Heating Oil	(8.57	)
High Grade Copper	(19.16	)
Natural Gas	(19.02	)
Nickel	(6.75	)
Unleaded Gasoline	(8.73	)
WTI Crude	(16.18	)
Zinc	(7.83	)
Total	(100.00	)%

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

30                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
05/12/2020	Barclays Bank PLC		CLP	667,620,500		USD	846,160	$	46,275
05/12/2020	Barclays Bank PLC		HUF	330,285,728		EUR	974,405		41,267
05/12/2020	Barclays Bank PLC		KRW	998,643,428		USD	847,991		28,390
05/12/2020	Barclays Bank PLC		MXN	17,535,544		USD	923,045		196,337
05/12/2020	Barclays Bank PLC		USD	489,079		JPY	52,575,017		865
05/12/2020	Barclays Bank PLC		USD	211,398		NZD	352,148		4,612
06/12/2020	Barclays Bank PLC		TWD	23,576,417		USD	796,420		2,934
06/12/2020	Barclays Bank PLC		USD	108,102		EUR	100,000		1,565
06/12/2020	Barclays Bank PLC		USD	489,611		JPY	52,575,017		541
07/10/2020	Barclays Bank PLC		USD	2,322,802		JPY	249,157,902		1,275
07/10/2020	Barclays Bank PLC		USD	537,947		MXN	13,175,675		3,163
05/12/2020	BNP Paribas S.A.		CNY	22,708,196		USD	3,242,273		22,394
05/12/2020	BNP Paribas S.A.		HUF	282,520,712		EUR	831,412		33,022
05/12/2020	BNP Paribas S.A.		KRW	1,417,989,288		USD	1,196,555		32,790
05/12/2020	BNP Paribas S.A.		NZD	1,988,167		USD	1,276,036		56,482
05/12/2020	BNP Paribas S.A.		USD	1,233,833		JPY	134,732,103		21,728
05/12/2020	BNP Paribas S.A.		USD	212,729		NZD	353,566		4,150
05/22/2020	BNP Paribas S.A.		EUR	40,000		USD	44,543		695
05/22/2020	BNP Paribas S.A.		GBP	340,000		USD	441,731		13,474
06/12/2020	BNP Paribas S.A.		BRL	358,167		USD	77,072		11,408
06/12/2020	BNP Paribas S.A.		EUR	990,000		USD	1,112,465		26,765
06/12/2020	BNP Paribas S.A.		HUF	66,853,006		EUR	189,931		574
07/10/2020	BNP Paribas S.A.		EUR	2,350,017		PLN	10,789,113		21,024
05/12/2020	Citibank, N.A.		BRL	1,603,500		USD	368,138		73,415
05/12/2020	Citibank, N.A.		CLP	555,207,693		USD	703,252		38,051
05/12/2020	Citibank, N.A.		KRW	194,978,072		USD	165,615		5,593
05/12/2020	Citibank, N.A.		NZD	400,325		USD	256,175		10,613
05/12/2020	Citibank, N.A.		USD	538,660		JPY	58,975,947		10,934
05/12/2020	Citibank, N.A.		USD	540,956		MXN	13,472,333		17,364
06/12/2020	Citibank, N.A.		BRL	1,563,000		USD	309,517		22,968
06/12/2020	Citibank, N.A.		CHF	215,610		JPY	24,100,500		1,080
06/12/2020	Citibank, N.A.		MXN	3,555,000		USD	151,825		5,231
06/12/2020	Citibank, N.A.		USD	537,098		MXN	13,472,333		18,449
06/12/2020	Citibank, N.A.		ZAR	1,020,805		USD	57,313		2,459
07/10/2020	Citibank, N.A.		USD	536,626		MXN	13,472,333		16,668
05/12/2020	Deutsche Bank AG		JPY	104,456,000		USD	974,777		1,357
05/12/2020	Deutsche Bank AG		USD	368,855		JPY	40,374,149		7,389
05/12/2020	Goldman Sachs International		BRL	4,378,667		USD	1,012,291		207,493
05/12/2020	Goldman Sachs International		CHF	892,542		JPY	100,558,800		12,264
05/12/2020	Goldman Sachs International		EUR	990,000		USD	1,090,347		5,327
05/12/2020	Goldman Sachs International		MXN	5,433,715		USD	271,919		46,735
05/15/2020	Goldman Sachs International		USD	64,763		JPY	7,000,000		472
05/28/2020	Goldman Sachs International		ZAR	2,257,985		USD	122,776		1,263
06/12/2020	Goldman Sachs International		CHF	667,535		JPY	75,010,600		7,023
06/12/2020	Goldman Sachs International		CLP	800,115,550		USD	970,025		10,787
06/12/2020	Goldman Sachs International		KRW	1,567,310,287		USD	1,324,827		37,848
06/12/2020	Goldman Sachs International		NZD	1,988,167		USD	1,255,637		36,314
06/12/2020	Goldman Sachs International		USD	183,812		EUR	170,000		2,621
07/10/2020	Goldman Sachs International		CHF	618,734		JPY	68,976,501		1,171

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

31                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
07/10/2020	Goldman Sachs International		USD	1,190,938		RUB	95,802,033	$	87,720
05/12/2020	J.P. Morgan Chase Bank, N.A.		CAD	1,509,356		USD	1,107,944		23,598
05/12/2020	J.P. Morgan Chase Bank, N.A.		EUR	41,020		HUF	14,772,765		963
05/12/2020	J.P. Morgan Chase Bank, N.A.		EUR	849,250		USD	931,359		598
05/12/2020	J.P. Morgan Chase Bank, N.A.		NZD	767,603		USD	491,934		21,081
05/12/2020	J.P. Morgan Chase Bank, N.A.		USD	385,123		NZD	647,275		11,919
05/22/2020	J.P. Morgan Chase Bank, N.A.		EUR	200,000		USD	220,897		1,658
06/12/2020	J.P. Morgan Chase Bank, N.A.		EUR	521,079		PLN	2,394,507		5,536
06/12/2020	J.P. Morgan Chase Bank, N.A.		HUF	330,285,728		EUR	981,270		49,905
06/12/2020	J.P. Morgan Chase Bank, N.A.		MXN	23,552,505		USD	1,173,530		202,315
06/12/2020	J.P. Morgan Chase Bank, N.A.		USD	123,500		GBP	100,000		2,470
06/12/2020	J.P. Morgan Chase Bank, N.A.		USD	810,809		JPY	89,455,000		23,172
07/10/2020	J.P. Morgan Chase Bank, N.A.		BRL	3,742,667		USD	710,790		25,654
05/12/2020	Merrill Lynch International		NZD	433,372		USD	277,609		11,776
05/12/2020	Merrill Lynch International		USD	212,340		NZD	353,566		4,539
05/12/2020	Morgan Stanley & Co. International PLC		CLP	104,525,707		USD	131,694		6,461
05/12/2020	Morgan Stanley & Co. International PLC		USD	60,146		CAD	85,647		1,385
05/12/2020	Morgan Stanley & Co. International PLC		USD	1,285,534		JPY	140,867,071		27,198
06/11/2020	Morgan Stanley & Co. International PLC		USD	821,325		RUB	66,575,900		70,845
05/29/2020	Royal Bank of Canada		CAD	38,866		USD	29,280		1,357
06/12/2020	Royal Bank of Canada		CAD	1,509,356		USD	1,104,388		19,961
05/12/2020	Royal Bank of Scotland Securities Inc.		USD	77,217		NZD	130,246		2,677
05/22/2020	Royal Bank of Scotland Securities Inc.		EUR	120,000		USD	136,427		4,884
05/12/2020	Standard Chartered Bank PLC		USD	668,580		KRW	823,563,000		7,331
05/12/2020	State Street Bank & Trust Co.		JPY	600,000		USD	5,744		153
05/12/2020	State Street Bank & Trust Co.		USD	15,988		JPY	1,782,000		618
05/28/2020	State Street Bank & Trust Co.		AUD	58,000		USD	37,949		150
05/28/2020	State Street Bank & Trust Co.		BRL	82,000		USD	15,393		343
05/28/2020	State Street Bank & Trust Co.		HKD	13,221,076		USD	1,704,953		81
05/28/2020	State Street Bank & Trust Co.		JPY	10,274,000		USD	96,350		587
05/28/2020	State Street Bank & Trust Co.		USD	79,078		AUD	123,000		1,081
05/28/2020	State Street Bank & Trust Co.		USD	10,036		CAD	14,000		22
05/28/2020	State Street Bank & Trust Co.		USD	25,755		CHF	25,000		161
05/28/2020	State Street Bank & Trust Co.		USD	551,840		EUR	508,000		5,094
05/28/2020	State Street Bank & Trust Co.		USD	293,702		GBP	235,000		2,307
05/28/2020	State Street Bank & Trust Co.		USD	65,786		JPY	7,076,000		168
05/28/2020	State Street Bank & Trust Co.		USD	42,990		KRW	52,703,000		274
05/28/2020	State Street Bank & Trust Co.		USD	9,126		SGD	13,000		94
05/28/2020	State Street Bank & Trust Co.		USD	5,453		THB	177,000		18
05/28/2020	State Street Bank & Trust Co.		USD	5,346		TWD	160,000		37
06/12/2020	State Street Bank & Trust Co.		JPY	600,000		USD	5,749		155
Subtotal–Appreciation									1,798,965
Currency Risk
05/12/2020	Barclays Bank PLC		JPY	19,828,300		USD	184,607		(172	)
05/12/2020	Barclays Bank PLC		TWD	48,233,767		USD	1,609,563		(12,626	)
05/12/2020	Barclays Bank PLC		USD	1,178,509		MXN	22,388,717		(250,675	)
05/12/2020	Barclays Bank PLC		USD	135,307		RUB	8,685,347		(18,373	)
06/10/2020	Barclays Bank PLC		HKD	5,106,000		USD	657,788		(515	)
06/12/2020	Barclays Bank PLC		KRW	1,166,501,000		USD	926,052		(31,807	)
07/10/2020	Barclays Bank PLC		CLP	1,180,170,751		USD	1,359,346		(56,747	)

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

32                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
07/10/2020	Barclays Bank PLC		JPY	2,428,667		USD	22,642	$	(12	)
07/10/2020	Barclays Bank PLC		KRW	2,988,180,787		USD	2,433,382		(22,144	)
07/10/2020	Barclays Bank PLC		MXN	19,036,386		USD	777,233		(4,570	)
07/10/2020	Barclays Bank PLC		NZD	1,382,466		USD	816,070		(31,633	)
05/12/2020	BNP Paribas S.A.		EUR	1,854,003		PLN	7,952,709		(115,260	)
06/12/2020	BNP Paribas S.A.		JPY	531,009		CHF	4,737		(38	)
06/12/2020	BNP Paribas S.A.		USD	236,727		EUR	210,667		(5,695	)
07/10/2020	BNP Paribas S.A.		EUR	1,397,083		USD	1,532,433		(635	)
07/10/2020	BNP Paribas S.A.		HUF	466,296,038		EUR	1,276,163		(47,956	)
07/10/2020	BNP Paribas S.A.		JPY	68,976,501		CHF	615,553		(4,474	)
05/12/2020	Citibank, N.A.		BRL	3,225,000		USD	570,282		(22,473	)
05/12/2020	Citibank, N.A.		JPY	19,828,300		USD	184,757		(22	)
05/12/2020	Citibank, N.A.		MXN	23,866,330		USD	958,308		(30,761	)
05/12/2020	Citibank, N.A.		USD	801,202		JPY	84,445,500		(14,260	)
06/10/2020	Citibank, N.A.		HKD	6,054,400		USD	777,202		(3,375	)
06/12/2020	Citibank, N.A.		BRL	3,225,000		USD	564,660		(26,588	)
06/12/2020	Citibank, N.A.		MXN	25,266,330		USD	1,006,552		(35,334	)
06/12/2020	Citibank, N.A.		USD	182,072		BRL	914,000		(14,505	)
06/12/2020	Citibank, N.A.		USD	59,393		JPY	6,232,077		(1,292	)
07/10/2020	Citibank, N.A.		BRL	3,225,000		USD	562,984		(27,388	)
07/10/2020	Citibank, N.A.		MXN	23,866,330		USD	950,636		(29,527	)
05/12/2020	Deutsche Bank AG		EUR	621,177		PLN	2,654,286		(41,084	)
05/12/2020	Goldman Sachs International		JPY	92,435,300		CHF	823,099		(8,518	)
05/12/2020	Goldman Sachs International		RUB	12,512,100		USD	167,443		(1,012	)
05/12/2020	Goldman Sachs International		TWD	25,292,548		USD	849,342		(1,293	)
05/12/2020	Goldman Sachs International		USD	246,338		EUR	223,667		(1,204	)
05/12/2020	Goldman Sachs International		USD	72,633		GBP	56,000		(2,100	)
05/12/2020	Goldman Sachs International		USD	385,666		MXN	7,284,500		(83,782	)
05/12/2020	Goldman Sachs International		USD	640,126		RUB	41,323,634		(83,769	)
05/28/2020	Goldman Sachs International		ZAR	10,604,651		USD	556,728		(13,955	)
06/10/2020	Goldman Sachs International		USD	338,019		HKD	2,621,000		(101	)
06/11/2020	Goldman Sachs International		USD	1,106,335		RUB	74,291,484		(110,770	)
06/12/2020	Goldman Sachs International		CNY	5,439,100		USD	762,334		(8,716	)
06/12/2020	Goldman Sachs International		JPY	63,826,335		CHF	568,814		(5,136	)
06/12/2020	Goldman Sachs International		USD	3,750,906		JPY	398,774,194		(33,169	)
06/12/2020	Goldman Sachs International		USD	474,099		MXN	11,479,000		(749	)
07/10/2020	Goldman Sachs International		GBP	3,000		USD	3,713		(66	)
07/10/2020	Goldman Sachs International		TWD	42,159,831		USD	1,406,969		(13,346	)
05/12/2020	J.P. Morgan Chase Bank, N.A.		EUR	411,698		PLN	1,760,720		(26,861	)
05/12/2020	J.P. Morgan Chase Bank, N.A.		GBP	7,000		USD	8,652		(165	)
05/12/2020	J.P. Morgan Chase Bank, N.A.		JPY	8,123,500		CHF	72,236		(853	)
05/12/2020	J.P. Morgan Chase Bank, N.A.		JPY	12,388,000		USD	115,068		(375	)
05/12/2020	J.P. Morgan Chase Bank, N.A.		PLN	1,088,562		EUR	238,728		(714	)
05/12/2020	J.P. Morgan Chase Bank, N.A.		USD	102,379		EUR	93,300		(124	)
05/12/2020	J.P. Morgan Chase Bank, N.A.		USD	259,928		MXN	6,251,153		(868	)
05/15/2020	J.P. Morgan Chase Bank, N.A.		USD	36,444		JPY	3,800,000		(1,031	)
05/22/2020	J.P. Morgan Chase Bank, N.A.		EUR	110,000		USD	118,279		(2,303	)
05/22/2020	J.P. Morgan Chase Bank, N.A.		GBP	50,000		USD	61,436		(1,543	)
05/28/2020	J.P. Morgan Chase Bank, N.A.		ZAR	3,704,135		USD	194,189		(5,147	)
06/12/2020	J.P. Morgan Chase Bank, N.A.		CLP	274,179,700		USD	319,836		(8,871	)

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

33                        Invesco Global Targeted Returns Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
06/12/2020	J.P. Morgan Chase Bank, N.A.		EUR	2,548,154		PLN	11,022,552	$	(138,455	)
06/12/2020	J.P. Morgan Chase Bank, N.A.		EUR	900,000		USD	973,224		(13,776	)
06/12/2020	J.P. Morgan Chase Bank, N.A.		GBP	720,000		USD	845,928		(61,054	)
06/12/2020	J.P. Morgan Chase Bank, N.A.		NZD	892,400		USD	502,503		(44,797	)
06/12/2020	J.P. Morgan Chase Bank, N.A.		USD	56,939		GBP	44,000		(1,512	)
06/12/2020	J.P. Morgan Chase Bank, N.A.		USD	57,383		MXN	1,151,667		(9,893	)
07/10/2020	J.P. Morgan Chase Bank, N.A.		CAD	1,117,394		USD	785,128		(17,759	)
05/12/2020	Merrill Lynch International		EUR	407,979		PLN	1,743,113		(27,027	)
05/12/2020	Merrill Lynch International		USD	115,531		RUB	7,398,629		(15,921	)
05/12/2020	Morgan Stanley & Co. International PLC		JPY	19,828,300		USD	184,321		(458	)
05/12/2020	Morgan Stanley & Co. International PLC		PLN	77,061		EUR	16,938		(8	)
06/12/2020	Morgan Stanley & Co. International PLC		CAD	213,987		USD	148,457		(5,286	)
06/12/2020	Morgan Stanley & Co. International PLC		EUR	554,700		USD	596,336		(11,985	)
06/12/2020	Royal Bank of Canada		MXN	7,033,202		USD	287,641		(2,381	)
05/12/2020	Royal Bank of Scotland Securities Inc.		USD	167,267		RUB	10,722,651		(22,904	)
07/10/2020	Royal Bank of Scotland Securities Inc.		GBP	510,000		USD	627,139		(15,387	)
05/12/2020	Standard Chartered Bank PLC		USD	151,045		KRW	183,615,000		(350	)
06/10/2020	Standard Chartered Bank PLC		HKD	24,217,600		USD	3,108,894		(13,414	)
06/12/2020	Standard Chartered Bank PLC		TWD	6,950,460		USD	233,112		(812	)
07/10/2020	Standard Chartered Bank PLC		CNY	16,963,197		USD	2,383,811		(20,390	)
05/12/2020	State Street Bank & Trust Co.		USD	9,073		GBP	7,000		(256	)
05/22/2020	State Street Bank & Trust Co.		GBP	90,000		USD	111,918		(1,444	)
05/28/2020	State Street Bank & Trust Co.		AUD	1,069,646		USD	677,696		(19,395	)
05/28/2020	State Street Bank & Trust Co.		CAD	448,000		USD	316,436		(5,425	)
05/28/2020	State Street Bank & Trust Co.		CHF	838,503		USD	865,550		(3,677	)
05/28/2020	State Street Bank & Trust Co.		CNY	2,985,413		USD	420,376		(2,885	)
05/28/2020	State Street Bank & Trust Co.		DKK	1,156,671		USD	168,514		(1,426	)
05/28/2020	State Street Bank & Trust Co.		EUR	5,950,672		USD	6,464,936		(58,942	)
05/28/2020	State Street Bank & Trust Co.		GBP	3,653,046		USD	4,504,796		(96,623	)
05/28/2020	State Street Bank & Trust Co.		IDR	350,448,000		USD	22,165		(1,323	)
05/28/2020	State Street Bank & Trust Co.		INR	17,250,000		USD	225,234		(3,926	)
05/28/2020	State Street Bank & Trust Co.		JPY	14,341,161		USD	133,290		(383	)
05/28/2020	State Street Bank & Trust Co.		KRW	1,192,933,348		USD	968,470		(10,819	)
05/28/2020	State Street Bank & Trust Co.		NOK	919,340		USD	86,521		(3,225	)
05/28/2020	State Street Bank & Trust Co.		SEK	2,660,647		USD	264,657		(8,127	)
05/28/2020	State Street Bank & Trust Co.		SGD	246,518		USD	172,729		(2,103	)
05/28/2020	State Street Bank & Trust Co.		THB	3,718,000		USD	114,474		(439	)
05/28/2020	State Street Bank & Trust Co.		TWD	21,217,602		USD	706,765		(7,042	)
05/28/2020	State Street Bank & Trust Co.		USD	54,806		HKD	425,000		(2	)
05/28/2020	State Street Bank & Trust Co.		USD	27,346		JPY	2,928,000		(55	)
05/28/2020	State Street Bank & Trust Co.		USD	12,351		THB	399,000		(18	)
05/28/2020	State Street Bank & Trust Co.		ZAR	1,430,000		USD	75,406		(1,549	)
06/12/2020	State Street Bank & Trust Co.		EUR	70,000		USD	75,862		(905	)
05/12/2020	UBS AG		USD	440,094		RUB	28,018,922		(62,865	)
06/12/2020	UBS AG		JPY	34,753,755		CHF	310,108		(2,397	)
Subtotal–Depreciation									(1,985,302	)
Total Forward Foreign Currency Contracts								$	(186,337	)

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

34                        Invesco Global Targeted Returns Fund

Abbreviations:

AUD	-Australian Dollar
BBSW	-Bank Bill Swap Rate
BRL	-Brazilian Real
CAD	-Canadian Dollar
CHF	-Swiss Franc
CLP	-Chile Peso
CNY	-Chinese Yuan Renminbi
CRB	-Commodity Research Bureau
DKK	-Danish Krone
EUR	-Euro
EURIBOR	-Euro Interbank Offered Rate
GBP	-British Pound Sterling
HKD	-Hong Kong Dollar
HUF	-Hungarian Forint
IDR	-Indonesian Rupiah
INR	-Indian Rupee
JPY	-Japanese Yen
KRW	-South Korean Won
LIBOR	-London Interbank Offered Rate
MXN	-Mexican Peso
NOK	-Norwegian Krone
NZD	-New Zealand Dollar
PLN	-Polish Zloty
RPI	-Retail Price Index
RUB	-Russian Ruble
SEK	-Swedish Krona
SGD	-Singapore Dollar
THB	-Thai Baht
TIIE	-Interbank Equilibrium Interest Rate
TWD	-Taiwan New Dollar
USD	-U.S. Dollar
ZAR	-South African Rand

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

35                        Invesco Global Targeted Returns Fund

Portfolio Composition

By asset type

	Risk Allocation(1)			Notional Value as % of Total Net Assets(2)			Value as % of Total Net Assets(3)
Commodity		4.27	%		11.54	%		0.12	%
Credit		6.55			48.37			15.93
Currency		35.34			282.27			(0.07	)
Equity		35.02			181.53			21.85
Inflation		3.40			22.83			1.51
Interest Rate		13.42			226.51			19.21
Volatility(4)		2.00			0.86			1.00
Money Market Funds Plus Other Assets Less Liabilities		-			-			40.45

⁽¹⁾  The values in this column represent the Adviser’s proprietary measure of risk that each asset type contributes to the Fund. The risk associated with each asset type is calculated by aggregating the independent risk, as of the end of the fiscal period, of each of the Fund’s investment ideas that are included in that asset type. Independent risk is determined by measuring the historical price volatility of the assets or asset classes that comprise the investment idea using a statistical measurement called standard deviation. Standard deviation measures how much historical prices vary from their average over a certain period of time. The risk of each investment idea takes into account the Adviser’s evaluation of the risk dynamics and expected correlation of the components of the investment idea based on historical price movements. Historical price movements may not be representative of future price movements and, therefore, the actual risk of each asset type may be much greater or lower than the values shown. In addition, there are ways to measure risk other than standard deviation which, if used, may have resulted in a different risk allocation.

⁽²⁾  The values in this column represent the gross notional amount of the derivative instruments and other investments held by the Fund, including purchased and written options, futures, swaps and investment companies. The notional amount of a derivative is the nominal or face amount used to calculate payments made on the instrument. The gross notional amount does not reflect any offsetting or netting of long and short positions. The notional amounts of derivatives and other investments denominated in foreign currencies have been adjusted to the U.S. dollar equivalent using spot exchange rates. See the Consolidated Schedule of Investments for a complete list of derivative instruments held by the Fund as of April 30, 2020.

⁽³⁾  The percentages in this column were calculated by adding the market value of purchased options, the net unrealized appreciation/depreciation of written options, futures, swaps and forwards, and the net asset value of affiliated money market funds held by the Fund. See the Consolidated Schedule of Investments for the complete list of derivative instruments held by the Fund as of April 30, 2020.

⁽⁴⁾  Includes the volatility and variance swaps held by the Fund, the gains and losses on which are driven by the volatility (i.e., the positive and negative changes in value over time) of a particular asset, such as stocks or currencies, and not by the asset itself.

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

36                        Invesco Global Targeted Returns Fund

Consolidated Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $35,084,945)	$	34,755,958
Investments in affiliated money market funds, at value (Cost $16,112,780)		16,114,000
Other investments:
Variation margin receivable — futures contracts		2,851,064
Variation margin receivable—centrally cleared swap agreements		1,792,794
Unrealized appreciation on swap agreements — OTC		4,801,466
Unrealized appreciation on forward foreign currency contracts outstanding		1,798,965
Deposits with brokers:
Cash collateral — OTC Derivatives		586,000
Cash		73,158
Foreign currencies, at value (Cost $2,186,275)		2,165,036
Receivable for:
Investments sold		1,301,955
Fund shares sold		55,868
Dividends		88,753
Interest		419,073
Investment for trustee deferred compensation and retirement plans		15,793
Other assets		50,675
Total assets		66,870,558
Liabilities:
Other investments:
Options written, at value (premiums received $1,137,095)		1,144,823
Unrealized depreciation on forward foreign currency contracts outstanding		1,985,302
Swaps payable — OTC		79,563
Unrealized depreciation on swap agreements—OTC		3,190,930
Payable for:
Investments purchased		1,296,821
Fund shares reacquired		18,027
Accrued fees to affiliates		71,405
Accrued other operating expenses		386,284
Trustee deferred compensation and retirement plans		15,793
Total liabilities		8,188,948
Net assets applicable to shares outstanding	$	58,681,610

Net assets consist of:
Shares of beneficial interest	$	67,573,186
Distributable earnings (loss)		(8,891,576	)
	$	58,681,610
Net Assets:
Class A	$	11,647,405
Class C	$	3,792,004
Class R	$	39,283
Class Y	$	31,460,271
Class R5	$	9,494
Class R6	$	11,733,153
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,232,672
Class C		408,709
Class R		4,182
Class Y		3,314,948
Class R5		1,000
Class R6		1,237,022
Class A:
Net asset value per share	$	9.45
Maximum offering price per share (Net asset value of $9.45 ÷ 94.50%)	$	10.00
Class C:
Net asset value and offering price per share	$	9.28
Class R:
Net asset value and offering price per share	$	9.39
Class Y:
Net asset value and offering price per share	$	9.49
Class R5:
Net asset value and offering price per share	$	9.49
Class R6:
Net asset value and offering price per share	$	9.48

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

37                        Invesco Global Targeted Returns Fund

Consolidated Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Interest	$	566,678
Dividends (net of foreign withholding taxes of $21,568)		222,751
Dividends from affiliated money market funds		99,026
Total investment income		888,455
Expenses:
Advisory fees		352,679
Administrative services fees		4,763
Custodian fees		84,362
Distribution fees:
Class A		15,014
Class C		20,410
Class R		96
Transfer agent fees — A, C, R and Y		31,011
Transfer agent fees — R6		358
Trustees’ and officers’ fees and benefits		7,093
Registration and filing fees		32,718
Licensing fees		60,799
Reports to shareholders		14,400
Professional services fees		60,443
Other		3,218
Total expenses		687,364
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(282,994	)
Net expenses		404,370
Net investment income		484,085
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $190)		(2,852,522	)
Foreign currencies		(381,713	)
Forward foreign currency contracts		1,276,025
Futures contracts		4,786,502
Option contracts written		(234,300	)
Swap agreements		(2,361,231	)
		232,761
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $3,809)		(1,436,743	)
Foreign currencies		(27,500	)
Forward foreign currency contracts		483,798
Futures contracts		(2,175,650	)
Option contracts written		(838,251	)
Swap agreements		3,780,553
		(213,793	)
Net realized and unrealized gain		18,968
Net increase in net assets resulting from operations	$	503,053

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

38                        Invesco Global Targeted Returns Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	484,085		$	1,417,516
Net realized gain (loss)		232,761			(1,215,956	)
Change in net unrealized appreciation (depreciation)		(213,793	)		2,101,565
Net increase in net assets resulting from operations		503,053			2,303,125
Distributions to shareholders from distributable earnings:
Class A		(478,373	)		(209,288	)
Class C		(129,371	)		(61,092	)
Class R		(1,429	)		(310	)
Class Y		(1,634,267	)		(1,197,534	)
Class R5		(424	)		(207	)
Class R6		(514,506	)		(232,723	)
Total distributions from distributable earnings		(2,758,370	)		(1,701,154	)
Share transactions–net:
Class A		494,567			30,867
Class C		(490,479	)		(3,043,531	)
Class R		5,464			14,380
Class Y		(6,797,016	)		(31,171,087	)
Class R6		328,500			839,701
Net increase (decrease) in net assets resulting from share transactions		(6,458,964	)		(33,329,670	)
Net increase (decrease) in net assets		(8,714,281	)		(32,727,699	)
Net assets:
Beginning of period		67,395,891			100,123,590
End of period	$	58,681,610		$	67,395,891

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

39                        Invesco Global Targeted Returns Fund

Consolidated Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$  9.76		$0.07			$  0.01			$  0.08			$(0.39	)		$      —			$      —			$(0.39	)		$  9.45		0.84	%	$	11,647		1.40	%(d)		2.30	%(d)		1.37	%(d)		98	%
Year ended 10/31/19		9.64		0.17			0.13			0.30			(0.18	)		—			—			(0.18	)		9.76		3.14			11,566		1.39			2.52			1.77			77
Year ended 10/31/18		10.00		0.13			(0.49	)		(0.36	)		—			—			—			—			9.64		(3.60	)		11,416		1.40			2.69			1.26			67
Year ended 10/31/17		10.32		0.12			0.00			0.12			(0.12	)		(0.31	)		(0.01	)		(0.44	)		10.00		1.32			19,360		1.29			2.16			1.24			121
Year ended 10/31/16		10.33		0.05			0.14			0.19			(0.06	)		(0.14	)		—			(0.20	)		10.32		1.90			29,309		1.31	(e)		2.35			0.51			23
Year ended 10/31/15		10.44		0.01			0.04			0.05			(0.06	)		(0.10	)		—			(0.16	)		10.33		0.49			23,688		1.33	(e)		2.38			0.05			79
Class C
Six months ended 04/30/20		9.52		0.03			0.02			0.05			(0.29	)		—			—			(0.29	)		9.28		0.46			3,792		2.15	(d)		3.05	(d)		0.62	(d)		98
Year ended 10/31/19		9.38		0.10			0.12			0.22			(0.08	)		—			—			(0.08	)		9.52		2.38			4,388		2.14			3.27			1.02			77
Year ended 10/31/18		9.80		0.05			(0.47	)		(0.42	)		—			—			—			—			9.38		(4.29	)		7,351		2.15			3.44			0.51			67
Year ended 10/31/17		10.13		0.05			(0.01	)		0.04			(0.06	)		(0.31	)		(0.00	)		(0.37	)		9.80		0.52			12,263		2.04			2.91			0.49			121
Year ended 10/31/16		10.19		(0.02	)		0.14			0.12			(0.04	)		(0.14	)		—			(0.18	)		10.13		1.17			16,428		2.06	(e)		3.10			(0.24	)		23
Year ended 10/31/15		10.37		(0.07	)		0.04			(0.03	)		(0.05	)		(0.10	)		—			(0.15	)		10.19		(0.27	)		11,524		2.08	(e)		3.13			(0.70	)		79
Class R
Six months ended 04/30/20		9.69		0.05			0.01			0.06			(0.36	)		—			—			(0.36	)		9.39		0.58			39		1.65	(d)		2.55	(d)		1.12	(d)		98
Year ended 10/31/19		9.56		0.15			0.12			0.27			(0.14	)		—			—			(0.14	)		9.69		2.92			35		1.64			2.77			1.52			77
Year ended 10/31/18		9.94		0.10			(0.48	)		(0.38	)		—			—			—			—			9.56		(3.82	)		20		1.65			2.94			1.01			67
Year ended 10/31/17		10.27		0.10			(0.01	)		0.09			(0.10	)		(0.31	)		(0.01	)		(0.42	)		9.94		0.99			26		1.54			2.41			0.99			121
Year ended 10/31/16		10.29		0.03			0.14			0.17			(0.05	)		(0.14	)		—			(0.19	)		10.27		1.65			17		1.56	(e)		2.60			0.26			23
Year ended 10/31/15		10.42		(0.02	)		0.04			0.02			(0.05	)		(0.10	)		—			(0.15	)		10.29		0.27			10		1.58	(e)		2.63			(0.20	)		79
Class Y
Six months ended 04/30/20		9.82		0.08			0.01			0.09			(0.42	)		—			—			(0.42	)		9.49		0.93			31,460		1.15	(d)		2.05	(d)		1.62	(d)		98
Year ended 10/31/19		9.70		0.20			0.13			0.33			(0.21	)		—			—			(0.21	)		9.82		3.48			39,571		1.14			2.27			2.02			77
Year ended 10/31/18		10.04		0.15			(0.49	)		(0.34	)		—			—			—			—			9.70		(3.39	)		70,488		1.15			2.44			1.51			67
Year ended 10/31/17		10.37		0.15			(0.01	)		0.14			(0.15	)		(0.31	)		(0.01	)		(0.47	)		10.04		1.48			108,068		1.04			1.91			1.49			121
Year ended 10/31/16		10.37		0.08			0.15			0.23			(0.09	)		(0.14	)		—			(0.23	)		10.37		2.24			175,284		1.06	(e)		2.10			0.76			23
Year ended 10/31/15		10.46		0.03			0.04			0.07			(0.06	)		(0.10	)		—			(0.16	)		10.37		0.72			97,703		1.08	(e)		2.13			0.30			79
Class R5
Six months ended 04/30/20		9.83		0.08			0.00			0.08			(0.42	)		—			—			(0.42	)		9.49		0.83			9		1.15	(d)		1.95	(d)		1.62	(d)		98
Year ended 10/31/19		9.71		0.20			0.13			0.33			(0.21	)		—			—			(0.21	)		9.83		3.47			10		1.13			2.17			2.03			77
Year ended 10/31/18		10.05		0.15			(0.49	)		(0.34	)		—			—			—			—			9.71		(3.38	)		10		1.15			2.35			1.51			67
Year ended 10/31/17		10.37		0.15			0.00			0.15			(0.15	)		(0.31	)		(0.01	)		(0.47	)		10.05		1.58			10		1.04			1.87			1.49			121
Year ended 10/31/16		10.38		0.08			0.14			0.22			(0.09	)		(0.14	)		—			(0.23	)		10.37		2.15			63		1.06	(e)		2.09			0.76			23
Year ended 10/31/15		10.46		0.03			0.05			0.08			(0.06	)		(0.10	)		—			(0.16	)		10.38		0.82			62		1.08	(e)		2.07			0.30			79
Class R6
Six months ended 04/30/20		9.82		0.08			0.00			0.08			(0.42	)		—			—			(0.42	)		9.48		0.83			11,733		1.15	(d)		1.95	(d)		1.62	(d)		98
Year ended 10/31/19		9.70		0.20			0.13			0.33			(0.21	)		—			—			(0.21	)		9.82		3.48			11,826		1.13			2.17			2.03			77
Year ended 10/31/18		10.04		0.15			(0.49	)		(0.34	)		—			—			—			—			9.70		(3.39	)		10,839		1.15			2.35			1.51			67
Year ended 10/31/17		10.36		0.15			0.00			0.15			(0.15	)		(0.31	)		(0.01	)		(0.47	)		10.04		1.59			8,626		1.04			1.81			1.49			121
Year ended 10/31/16		10.37		0.08			0.14			0.22			(0.09	)		(0.14	)		—			(0.23	)		10.36		2.14			10		1.06	(e)		2.00			0.76			23
Year ended 10/31/15		10.46		0.03			0.04			0.07			(0.06	)		(0.10	)		—			(0.16	)		10.37		0.73			8,063		1.08	(e)		2.07			0.30			79

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $12,082, $4,106, $39, $36,047, $10 and $12,193 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.44% and 0.44% for the years ended October 31, 2016 and 2015, respectively.

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

40                        Invesco Global Targeted Returns Fund

Notes to Consolidated Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund VII Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive total return over the long term in all market environments.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

41                                 Invesco Global Targeted Returns Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

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

G. Accounting Estimates - The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

I. Treasury Inflation-Protected Securities - The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

J. Structured Securities - The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

K. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar

42                                 Invesco Global Targeted Returns Fund

amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

N. Call Options Purchased and Written - The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may

43                                 Invesco Global Targeted Returns Fund

write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

P. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, index and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of the swap, and the other party pays a compounded fixed rate.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund will initially enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated, at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

A volatility swap involves an exchange between the Fund and a Counterparty of periodic payments based on the measured volatility of an underlying security, currency, commodity, interest rate, index or other reference asset over a specified time frame. Depending on the structure of the swap, either the Fund’s or the Counterparty’s payment obligation will typically be based on the realized volatility of the reference asset as measured by changes in its price or level over a specified time period, while the other party’s payment obligation will be based on a specified rate representing expected volatility for the reference asset at the time the swap is executed, or the measured volatility of a different reference asset over a specified time period. The Fund will typically make or lose money on a volatility swap depending on the magnitude of the reference asset’s volatility, or size of the movements in its price, over a specified time period, rather than general increases or decreases in the price of the reference asset. Volatility swaps are often used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of other investments held by the Fund. Variance swaps are similar to volatility swaps, except payments are based on the difference between the implied and measured volatility mathematically squared.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the

44                                 Invesco Global Targeted Returns Fund

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

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

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

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

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

S. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		1.100%
Next $250 million		1.080%
Next $500 million		1.050%
Next $1.5 billion		1.030%
Next $2.5 billion		1.000%
Next $2.5 billion		0.980%
Next $2.5 billion		0.950%
Over $10 billion		0.930%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 1.10%.

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

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

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

45                                 Invesco Global Targeted Returns Fund

For the six months ended April 30, 2020, the Adviser waived advisory fees of $253,721 and reimbursed class level expenses of $6,664, $2,267, $22, $19,908, $0 and $358 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into 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 six months ended April 30, 2020, 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $496 in front-end sales commissions from the sale of Class A shares and $0 and $20 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$  2,394,900		$10,740,398		$-		$13,135,298
Non-U.S. Dollar Denominated Bonds & Notes		78,492		10,944,749		-		11,023,241
U.S. Dollar Denominated Bonds & Notes		-		6,670,903		-		6,670,903
U.S. Treasury Securities		-		427,944		-		427,944
Asset-Backed Securities		-		23,790		-		23,790
Money Market Funds		16,114,000		-		-		16,114,000
Options Purchased		-		3,474,782		-		3,474,782
Total Investments in Securities		18,587,392		32,282,566		-		50,869,958
Other Investments - Assets*
Futures Contracts		1,088,161		-		-		1,088,161
Forward Foreign Currency Contracts		-		1,798,965		-		1,798,965
Swap Agreements		-		5,882,899		-		5,882,899
		1,088,161		7,681,864		-		8,770,025

46                                 Invesco Global Targeted Returns Fund

	Level 1			Level 2			Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(2,836,955	)	$	–		$	–	$	(2,836,955	)
Forward Foreign Currency Contracts		–			(1,985,302	)		–		(1,985,302	)
Options Written		–			(1,144,823	)		–		(1,144,823	)
Swap Agreements		–			(3,752,420	)		–		(3,752,420	)
		(2,836,955	)		(6,882,545	)		–		(9,719,500	)
Total Other Investments		(1,748,794	)		799,319			–		(949,475	)
Total Investments	$	16,838,598		$	33,081,885		$	–	$	49,920,483

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2020:

	Value
Derivative Assets	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	-		$	-		$	765,797		$	322,364		$	1,088,161
Unrealized appreciation on swap agreements – Centrally Cleared(a)		-			158,469			-			-			922,964			1,081,433
Unrealized appreciation on forward foreign currency contracts outstanding		-			-			1,798,965			-			-			1,798,965
Unrealized appreciation on swap agreements – OTC		91,090			-			157,382			4,552,994			-			4,801,466
Options purchased, at value – OTC(b)		-			-			70,189			676,540			2,728,053			3,474,782
Total Derivative Assets		91,090			158,469			2,026,536			5,995,331			3,973,381			12,244,807
Derivatives not subject to master netting agreements		-			(158,469	)		-			(765,797	)		(1,245,328	)		(2,169,594	)
Total Derivative Assets subject to master netting agreements	$	91,090		$	-		$	2,026,536		$	5,229,534		$	2,728,053		$	10,075,213
	Value
Derivative Liabilities	Commodity Risk			Credit Risk			Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-		$	-		$	-		$	(2,743,553	)	$	(93,402	)	$	(2,836,955	)
Unrealized depreciation on swap agreements – Centrally Cleared(a)		-			(139,869	)		-			-			(421,621	)		(561,490	)
Unrealized depreciation on forward foreign currency contracts outstanding		-			-			(1,985,302	)		-			-			(1,985,302	)
Unrealized depreciation on swap agreements – OTC		(17,821	)		-			(12,084	)		(3,161,025	)		-			(3,190,930	)
Options written, at value – OTC		-			-			(44,357	)		(797,756	)		(302,710	)		(1,144,823	)
Total Derivative Liabilities		(17,821	)		(139,869	)		(2,041,743	)		(6,702,334	)		(817,733	)		(9,719,500	)
Derivatives not subject to master netting agreements		-			139,869			-			2,743,553			515,023			3,398,445
Total Derivative Liabilities subject to master netting agreements	$	(17,821	)	$	-		$	(2,041,743	)	$	(3,958,781	)	$	(302,710	)	$	(6,321,055	)

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

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

47                        Invesco Global Targeted Returns Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2020.

	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received/Pledged)
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount(a)
Fund
Bank of America, N.A.	$	-	$	979,811	$	7,354	$	987,165	$	-		$	(89,024	)	$	(6,623	)	$	(95,647	)	$	891,518			$-	$	(891,518	)	$	-
Barclays Bank PLC		327,224		226		130,209		457,659		(429,274	)		(621	)		(146,506	)		(576,401	)		(118,742	)		-		-			(118,742	)
BNP Paribas S.A.		244,506		-		78,981		323,487		(174,058	)		-			(197,218	)		(371,276	)		(47,789	)		-		-			(47,789	)
Citibank, N.A.		222,825		338,355		-		561,180		(205,525	)		-			-			(205,525	)		355,655			-		(270,000	)		85,655
Deutsche Bank AG		8,746		-		-		8,746		(41,084	)		-			-			(41,084	)		(32,338	)		-		-			(32,338	)
Goldman Sachs International		457,038		528,924		281,975		1,267,937		(367,686	)		(589,716	)		(126,120	)		(1,083,522	)		184,415			-		(184,415	)		-
HSBC Bank USA, N.A.		-		3,161		-		3,161		-			(402	)		-			(402	)		2,759			-		-			2,759
J.P. Morgan Chase Bank, N.A.		368,869		40,436		103,719		513,024		(336,101	)		(29,707	)		(24,319	)		(390,127	)		122,897			-		(122,897	)		-
Merrill Lynch International		16,315		-		1,009,706		1,026,021		(42,948	)		-			(798,538	)		(841,486	)		184,535			-		(130,000	)		54,535
Morgan Stanley and Co. International PLC		105,889		450,535		193,927		750,351		(17,737	)		-			(253,254	)		(270,991	)		479,360			-		(479,360	)		-
Royal Bank of Canada		21,318		-		-		21,318		(2,381	)		-			-			(2,381	)		18,937			-		-			18,937
Royal Bank of Scotland Securities, Inc.		7,561		-		-		7,561		(38,291	)		-			-			(38,291	)		(30,730	)		-		-			(30,730	)
Societe Generale		-		972,164		1,482,355		2,454,519		-			(227,313	)		(795,222	)		(1,022,535	)		1,431,984			-		(1,431,984	)		-
Standard Charted Bank PLC		7,331		-		-		7,331		(34,966	)		-			-			(34,966	)		(27,635	)		-		-			(27,635	)
State Street Bank & Trust Co.		11,343		-		-		11,343		(229,989	)		-			-			(229,989	)		(218,646	)		-		-			(218,646	)
UBS AG		-		161,170		1,422,150		1,583,320		(65,262	)		(208,040	)		(904,872	)		(1,178,174	)		405,146			-		(270,000	)		135,146
Subtotal - Fund		1,798,965		3,474,782		4,710,376		9,984,123		(1,985,302	)		(1,144,823	)		(3,252,672	)		(6,382,797	)		3,601,326			-		(3,780,174	)		(178,848	)
Subsidiary
BNP Paribas S.A.		-		-		5,315		5,315		-			-			(13,722	)		(13,722	)		(8,407	)		-		-			(8,407	)
Macquarie Bank Ltd.		-		-		85,775		85,775		-			-			(4,099	)		(4,099	)		81,676			-		-			81,676
Subtotal - Subsidiary		-		-		91,090		91,090		-			-			(17,821	)		(17,821	)		73,269			-		-			73,269
Total	$	1,798,965	$	3,474,782	$	4,801,466	$	10,075,213	$	(1,985,302	)	$	(1,144,823	)	$	(3,270,493	)	$	(6,400,618	)	$	3,674,595			$-	$	(3,780,174	)	$	(105,579	)

^(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 six months ended April 30, 2020

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

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk		Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts		$                -		$                -		$1,276,025			$                -			$                -			$1,276,025
Futures contracts		0		-		-			4,286,830			499,672			4,786,502
Options purchased(a)		-		-		(345,870	)		(484,378	)		19,362			(810,886	)
Options written		-		-		369,519			(600,731	)		(3,088	)		(234,300	)
Swap agreements		1,216,046		10,934		0			(4,587,552	)		999,341			(2,361,231	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-		-		483,798			-			-			483,798
Futures contracts		-		-		-			(2,153,696	)		(21,954	)		(2,175,650	)
Options purchased(a)		-		-		(28,665	)		42,770			1,161,122			1,175,227
Options written		-		-		54,595			(756,246	)		(136,600	)		(838,251	)
Swap agreements		126,411		28,929		441,633			2,592,867			590,713			3,780,553
Total		$1,342,457		$39,863		$2,251,035			$(1,660,136	)		$3,108,568			$5,081,787

^(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.

48                        Invesco Global Targeted Returns Fund

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

	Forward Foreign Currency Contracts		Futures Contracts		Index Options Purchased		Swaptions Purchased		Foreign Currency Options Purchased		Index Options Written		Swaptions Written		Foreign Currency Options Written		Swap Agreements
Average notional value		$148,580,734		$66,970,776		$110,188,512		$35,827,529		$23,590,464		$87,767,717		$2,363,661		$14,443,774		$205,231,523
Average Contracts		-		-		956		-		-		565		-		-		-

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $54.

NOTE 6-Trustees’ and Officers’ Fees and Benefits

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

NOTE 7-Cash Balances

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

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$3,843,326		$5,004,271		$8,847,597

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

NOTE 9-Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $19,725,886 and $24,995,743, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $21,097,987 and $21,081,032, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$12,550,285
Aggregate unrealized (depreciation) of investments	(13,087,976	)
Net unrealized appreciation (depreciation) of investments	$    (537,691	)

Cost of investments for tax purposes is $50,458,174.

NOTE 10-Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)				Year ended October 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Class A		280,918		$  2,696,433		365,843		$  3,540,317
Class C		8,098		75,410		5,243		49,072
Class R		451		4,395		2,175		20,960
Class Y		282,286		2,711,361		931,970		9,028,781
Class R6		166,771		1,580,043		176,070		1,721,431

49                        Invesco Global Targeted Returns Fund

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		45,176			$      429,624			15,830			$      148,007
Class C		12,050			112,908			4,992			45,826
Class R		113			1,069			18			166
Class Y		163,363			1,558,482			114,033			1,069,629
Class R6		53,887			514,082			24,788			232,515
Automatic conversion of Class C shares to Class A shares:
Class A		1,253			12,189			31,486			304,591
Class C		(1,281	)		(12,189	)		(32,197	)		(304,591	)
Reacquired:
Class A		(279,214	)		(2,643,679	)		(413,224	)		(3,962,048	)
Class C		(70,882	)		(666,608	)		(301,183	)		(2,833,838	)
Class R		-			-			(701	)		(6,746	)
Class Y		(1,158,986	)		(11,066,859	)		(4,282,329	)		(41,269,497	)
Class R6		(187,903	)		(1,765,625	)		(114,009	)		(1,114,245	)
Net increase (decrease) in share activity		(683,900	)		$  (6,458,964	)		(3,471,195	)		$(33,329,670	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% 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, 17% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11-Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

50                        Invesco Global Targeted Returns 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 November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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         (11/01/19)	Ending         Account Value         (04/30/20)1	Expenses         Paid During         Period2	Ending         Account Value         (04/30/20)	Expenses         Paid During         Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,008.40	$6.99	$1,017.90	$7.02	1.40%
Class C	1,000.00	1,004.60	10.72	1,014.17	10.77	2.15
Class R	1,000.00	1,006.80	8.23	1,016.66	8.27	1.65
Class Y	1,000.00	1,009.30	5.75	1,019.14	5.77	1.15
Class R5	1,000.00	1,009.30	5.75	1,019.14	5.77	1.15
Class R6	1,000.00	1,009.40	5.75	1,019.14	5.77	1.15

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

51                        Invesco Global Targeted Returns Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. GTR-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Greater China Fund
	Nasdaq:
	A: AACFX  ∎  C: CACFX  ∎  Y: AMCYX  ∎  R5: IACFX  ∎  R6: CACSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges

for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

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

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

    Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

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

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

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Greater China Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.12	%
Class C Shares	2.72
Class Y Shares	3.26
Class R5 Shares	3.32
Class R6 Shares	3.32
MSCI China Index▼ (Broad Market Index)*	5.25
MSCI Golden Dragon Index▼ (Former Broad Market/Style-Specific Index)*	1.91
MSCI China All Shares Index⬛ (Style-Specific Index)*	4.76
Lipper China Region Funds Index◆ (Peer Group Index)	4.28
Source(s): ▼RIMES Technologies Corp.; ⬛Bloomberg L.P.; ◆Lipper Inc.
*The Fund has elected to use the MSCI China Index to represent its broad market benchmark and the MSCI China All Shares Index to represent its style-specific index rather than the MSCI Golden Dragon Index because the MSCI China Index and the MSCI China All Shares Index more closely reflect the performance of the types of securities in which the Fund invests. 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 Golden Dragon Index captures the equity market performance of large- and mid-cap China securities and non-domestic China securities listed in Hong Kong and Taiwan. The index is computed using the net return, which withholds applicable taxes for nonresident investors.     The MSCI China All Shares Index is composed of large and mid-cap stocks issued as China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings.     The Lipper China Region Funds Index is an unmanaged index considered representative of China region funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Greater China Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	8.15	%
10 Years	4.18
5 Years	2.71
1 Year	-7.07
Class C Shares
Inception (3/31/06)	8.01	%
10 Years	3.99
5 Years	3.11
1 Year	-3.40
Class Y Shares
Inception (10/3/08)	8.70	%
10 Years	5.03
5 Years	4.14
1 Year	-1.45
Class R5 Shares
Inception (3/31/06)	9.08	%
10 Years	5.23
5 Years	4.33
1 Year	-1.31
Class R6 Shares
10 Years	4.90	%
5 Years	4.14
1 Year	-1.27
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

4                      Invesco Greater China Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Greater China Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-90.73%(b)
Apparel Retail-1.71%
Pou Sheng International (Holdings) Ltd. (Hong Kong)		6,054,000	$	1,218,462
Auto Parts & Equipment-2.78%
Minth Group Ltd.		842,000		1,978,721
Automobile Manufacturers-0.28%
Jiangling Motors Corp. Ltd., B Shares		311,100		200,244
Construction Materials-2.14%
Asia Cement China Holdings Corp.		1,343,500		1,523,390
Electronic Components-0.58%
Largan Precision Co. Ltd. (Taiwan)		3,000		409,826
Electronic Manufacturing Services-0.14%
FIH Mobile Ltd. (c)		877,000		99,038
Footwear-2.17%
Stella International Holdings Ltd.		1,519,000		1,545,589
Gas Utilities-0.74%
Towngas China Co. Ltd.		1,059,000		524,121
Health Care Equipment-4.04%
MicroPort Scientific Corp.		1,328,000		2,876,359
Health Care Supplies-4.25%
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		2,008,000		3,029,261
Hotels, Resorts & Cruise Lines-0.78%
Shanghai Jinjiang International Hotels Co. Ltd., B Shares		381,578		555,108
Hypermarkets & Super Centers-5.01%
Sun Art Retail Group Ltd.		2,157,500		3,567,297
Interactive Home Entertainment-5.47%
HUYA, Inc., ADR (c)		37,976		616,351
NetEase, Inc., ADR		9,514		3,281,949
				3,898,300
Interactive Media & Services-15.04%
JOYY, Inc., ADR (c)		26,718		1,628,729
Tencent Holdings Ltd.		112,500		5,968,474
Weibo Corp., ADR (c)		83,050		3,116,867
				10,714,070

Investment Abbreviations:

ADR - American Depositary Receipt

	Shares		Value
Internet & Direct Marketing Retail-20.47%
Alibaba Group Holding Ltd., ADR (c)		30,049	$	6,090,031
JD.com, Inc., ADR (c)		118,758		5,118,470
Meituan Dianping, B Shares (c)		253,700		3,370,128
				14,578,629
Life & Health Insurance-1.05%
AIA Group Ltd. (Hong Kong)		82,200		748,222
Marine Ports & Services-1.18%
Qingdao Port International Co. Ltd., H Shares (d)		1,562,000		838,558
Packaged Foods & Meats-8.74%
Dali Foods Group Co. Ltd. (d)		4,679,000		2,881,790
Uni-President China Holdings Ltd.		3,369,000		3,343,478
				6,225,268
Pharmaceuticals-4.51%
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., H Shares		615,000		399,235
Sino Biopharmaceutical Ltd.		1,908,000		2,809,625
				3,208,860
Restaurants-5.16%
Ajisen (China) Holdings Ltd. (Hong Kong)		3,195,000		714,229
Cafe de Coral Holdings Ltd. (Hong Kong)		660,000		1,366,590
Xiabuxiabu Catering Management China Holdings Co. Ltd. (c)(d)		1,737,000		1,591,656
				3,672,475
Wireless Telecommunication Services-4.49%
China Mobile Ltd.		400,000		3,199,322
Total Common Stocks & Other Equity Interests (Cost $56,154,284)				64,611,120
Money Market Funds-9.58%
Invesco Government & Agency
Portfolio,Institutional Class, 0.20%(e)(f)		2,437,372		2,437,372
Invesco Liquid Assets Portfolio,Institutional Class, 0.60%(e)(f)		1,596,971		1,597,929
Invesco Treasury Portfolio,Institutional Class, 0.10%(e)(f)		2,785,568		2,785,567
Total Money Market Funds (Cost $6,820,257)				6,820,868
TOTAL INVESTMENTS IN SECURITIES-100.31% (Cost $62,974,541)				71,431,988
OTHER ASSETS LESS LIABILITIES-(0.31)%				(217,958	)
NET ASSETS-100.00%			$	71,214,030

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

6                      Invesco Greater China Fund

Notes to Schedule of Investments:

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

^(b)  Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $5,312,004, which represented 7.46% of the Fund’s Net Assets.

^(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 six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,367,915		$	6,621,111		$	(6,551,654	)		$	-		$	-			$	2,437,372		$	7,990
Invesco Liquid Assets Portfolio, Institutional Class			1,691,911			4,829,250			(4,922,855	)			480			(857	)			1,597,929			7,119
Invesco Treasury Portfolio, Institutional Class			2,706,189			7,566,983			(7,487,605	)			-			-				2,785,567			8,680
Total		$	6,766,015		$	19,017,344		$	(18,962,114	)		$	480		$	(857	)		$	6,820,868		$	23,789

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Discretionary	33.35	%
Communication Services	25.01
Consumer Staples	13.75
Health Care	12.80
Materials	2.14
Other Sectors, Each Less than 2% of Net Assets	3.68
Money Market Funds Plus Other Assets Less Liabilities	9.27

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

7                      Invesco Greater China Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $56,154,284)	$	64,611,120
Investments in affiliated money market funds, at value (Cost $6,820,257)		6,820,868
Cash		7,482
Foreign currencies, at value (Cost $300)		300
Receivable for:
Fund shares sold		163,843
Dividends		7,151
Investment for trustee deferred compensation and retirement plans		50,925
Other assets		50,356
Total assets		71,712,045
Liabilities:
Payable for:
Investments purchased		62,433
Fund shares reacquired		235,177
Accrued fees to affiliates		55,519
Accrued other operating expenses		88,107
Trustee deferred compensation and retirement plans		56,779
Total liabilities		498,015
Net assets applicable to shares outstanding	$	71,214,030
Net assets consist of:
Shares of beneficial interest	$	68,672,415
Distributable earnings		2,541,615
	$	71,214,030

Net Assets:
Class A	$	59,506,644
Class C	$	3,605,876
Class Y	$	7,540,530
Class R5	$	17,355
Class R6	$	543,625
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,510,186
Class C		157,139
Class Y		318,171
Class R5		733
Class R6		22,966
Class A:
Net asset value per share	$	23.71
Maximum offering price per share
(Net asset value of $23.71 ÷ 94.50%)	$	25.09
Class C:
Net asset value and offering price per share	$	22.95
Class Y:
Net asset value and offering price per share	$	23.70
Class R5:
Net asset value and offering price per share	$	23.68
Class R6:
Net asset value and offering price per share	$	23.67

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

8                      Invesco Greater China Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $3,398)	$	162,119
Dividends from affiliated money market funds		23,789
Total investment income		185,908
Expenses:
Advisory fees		351,015
Administrative services fees		5,530
Custodian fees		9,875
Distribution fees:
Class A		76,865
Class C		21,433
Transfer agent fees – A, C and Y		103,949
Transfer agent fees – R5		11
Transfer agent fees – R6		296
Trustees’ and officers’ fees and benefits		7,089
Registration and filing fees		26,418
Reports to shareholders		14,426
Professional services fees		31,405
Other		8,414
Total expenses		656,726
Less: Fees waived and/or expense offset arrangement(s)		(3,504	)
Net expenses		653,222
Net investment income (loss)		(467,314	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,497,786	)
Foreign currencies		(12,170	)
		(1,509,956	)
Change in net unrealized appreciation of:
Investment securities		4,455,472
Foreign currencies		32
		4,455,504
Net realized and unrealized gain		2,945,548
Net increase in net assets resulting from operations	$	2,478,234

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

9                      Invesco Greater China Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31,   2019
Operations:
Net investment income (loss)	$	(467,314	)	$	661,973
Net realized gain (loss)		(1,509,956	)		(3,672,911	)
Change in net unrealized appreciation		4,455,504			9,911,154
Net increase in net assets resulting from operations		2,478,234			6,900,216
Distributions to shareholders from distributable earnings:
Class A		(682,070	)		(9,832,851	)
Class C		(1,933	)		(1,650,955	)
Class Y		(125,477	)		(1,260,617	)
Class R5		(360	)		(4,188	)
Class R6		(8,603	)		(112,199	)
Total distributions from distributable earnings		(818,443	)		(12,860,810	)
Share transactions–net:
Class A		(4,604,408	)		7,652,688
Class C		(1,751,788	)		(3,908,555	)
Class Y		(2,053,242	)		2,010,543
Class R5		(5,747	)		983
Class R6		(103,355	)		53,858
Net increase (decrease) in net assets resulting from share transactions		(8,518,540	)		5,809,517
Net increase (decrease) in net assets		(6,858,749	)		(151,077	)
Net assets:
Beginning of period		78,072,779			78,223,856
End of period	$	71,214,030		$	78,072,779

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

10                      Invesco Greater China Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$	23.24		$	(0.14	)(d)		$	0.86			$	0.72			$	(0.25	)		$	—			$	(0.25	)		$	23.71		3.12	%		$	59,507		1.73	%(e)		1.74	%(e)		(1.24	)%(d)(e)		30	%
Year ended 10/31/19			25.52			0.20	(d)			1.77				1.97				(0.21	)			(4.04	)			(4.25	)			23.24		9.33				62,869		1.76			1.76			0.86	(d)		59
Year ended 10/31/18			29.40			0.34	(d)			(4.06	)(f)			(3.72	)			(0.16	)			—				(0.16	)			25.52		(12.71	)(f)			59,615		1.79			1.80			1.15	(d)		45
Year ended 10/31/17			22.23			0.05				7.27				7.32				(0.15	)			—				(0.15	)			29.40		33.19				69,843		1.93			1.93			0.22			56
Year ended 10/31/16			21.10			0.15				1.20				1.35				(0.22	)			—				(0.22	)			22.23		6.51				52,479		1.93			1.93			0.74			52
Year ended 10/31/15			19.93			0.18				1.08				1.26				(0.09	)			—				(0.09	)			21.10		6.36				53,087		1.88			1.88			0.85			130
Class C
Six months ended 04/30/20			22.35			(0.23	)(d)			0.84				0.61				(0.01	)			—				(0.01	)			22.95		2.72				3,606		2.48	(e)		2.49	(e)		(1.99	)(d)(e)		30
Year ended 10/31/19			24.65			0.02	(d)			1.72				1.74				—				(4.04	)			(4.04	)			22.35		8.51				5,198		2.51			2.51			0.11	(d)		59
Year ended 10/31/18			28.45			0.11	(d)			(3.91	)(f)			(3.80	)			—				—				—				24.65		(13.36	)(f)			10,155		2.54			2.55			0.40	(d)		45
Year ended 10/31/17			21.52			(0.13	)			7.06				6.93				—				—				—				28.45		32.20				13,422		2.68			2.68			(0.53	)		56
Year ended 10/31/16			20.39			(0.00	)			1.16				1.16				(0.03	)			—				(0.03	)			21.52		5.73				11,879		2.68			2.68			(0.01	)		52
Year ended 10/31/15			19.32			0.02				1.05				1.07				—				—				—				20.39		5.54				13,922		2.63			2.63			0.10			130
Class Y
Six months ended 04/30/20			23.26			(0.12	)(d)			0.87				0.75				(0.31	)			—				(0.31	)			23.70		3.26				7,541		1.48	(e)		1.49	(e)		(0.99	)(d)(e)		30
Year ended 10/31/19			25.57			0.26	(d)			1.76				2.02				(0.29	)			(4.04	)			(4.33	)			23.26		9.56				9,339		1.51			1.51			1.11	(d)		59
Year ended 10/31/18			29.44			0.42	(d)			(4.07	)(f)			(3.65	)			(0.22	)			—				(0.22	)			25.57		(12.48	)(f)			7,801		1.54			1.55			1.40	(d)		45
Year ended 10/31/17			22.26			0.12				7.27				7.39				(0.21	)			—				(0.21	)			29.44		33.53				11,444		1.68			1.68			0.47			56
Year ended 10/31/16			21.14			0.21				1.19				1.40				(0.28	)			—				(0.28	)			22.26		6.77				5,216		1.68			1.68			0.99			52
Year ended 10/31/15			19.98			0.23				1.08				1.31				(0.15	)			—				(0.15	)			21.14		6.62				3,449		1.63			1.63			1.10			130
Class R5
Six months ended 04/30/20			23.27			(0.10	)(d)			0.87				0.77				(0.36	)			—				(0.36	)			23.68		3.32				17		1.30	(e)		1.31	(e)		(0.81	)(d)(e)		30
Year ended 10/31/19			25.58			0.30	(d)			1.77				2.07				(0.34	)			(4.04	)			(4.38	)			23.27		9.79				23		1.33			1.33			1.29	(d)		59
Year ended 10/31/18			29.46			0.46	(d)			(4.08	)(f)			(3.62	)			(0.26	)			—				(0.26	)			25.58		(12.38	)(f)			25		1.40			1.40			1.54	(d)		45
Year ended 10/31/17			22.28			0.16				7.28				7.44				(0.26	)			—				(0.26	)			29.46		33.80				72		1.50			1.50			0.65			56
Year ended 10/31/16			21.17			0.25				1.19				1.44				(0.33	)			—				(0.33	)			22.28		7.00				54		1.45			1.45			1.22			52
Year ended 10/31/15			20.01			0.28				1.08				1.36				(0.20	)			—				(0.20	)			21.17		6.88				75		1.41			1.41			1.32			130
Class R6
Six months ended 04/30/20			23.26			(0.09	)(d)			0.86				0.77				(0.36	)			—				(0.36	)			23.67		3.32				544		1.30	(e)		1.31	(e)		(0.81	)(d)(e)		30
Year ended 10/31/19			25.57			0.30	(d)			1.77				2.07				(0.34	)			(4.04	)			(4.38	)			23.26		9.79				642		1.33			1.33			1.29	(d)		59
Year ended 10/31/18			29.45			0.46	(d)			(4.07	)(f)			(3.61	)			(0.27	)			—				(0.27	)			25.57		(12.36	)(f)			629		1.40			1.40			1.54	(d)		45
Year ended 10/31/17(g)			23.28			0.25				5.92				6.17				—				—				—				29.45		26.50				107		1.47	(h)		1.47	(h)		0.68	(h)		56

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the six months ended April 30, 2020. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.17) and (1.35)%, $(0.26) and (2.10)%, $(0.15) and (1.10)%, $(0.12) and (0.92)% and $(0.12) and (0.92)% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.05 and 0.20%, $(0.13) and (0.55)%, $0.11 and 0.45%, 0.15 and 0.63% and $0.15 and 0.63% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended October 31, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.18 and 0.60%, $(0.05) and (0.15)%, $0.26 and 0.85%, $0.30 and 0.99% and $0.30 and 0.99% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $61,858, $4,312, $8,708, $22 and $595 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Includes litigation proceeds received during the year. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(4.16), $(4.01), $(4.17), $(4.18) and $(4.17) for Class A, Class C, Class Y, Class R5, and Class R6 shares, respectively. Total returns would have been lower.

^(g)  Commencement date of April 4, 2017.

^(h)  Annualized.

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

11                      Invesco Greater China Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

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

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

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

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

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

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

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

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

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

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                      Invesco Greater China Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

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

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

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

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

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

K. Other Risks – Investing in a single-country mutual fund involves greater risk than investing in a more diversified fund due to lack of exposure to other countries. The political and economic conditions and changes in regulatory, tax or economic policy in a single country could significantly affect the market in that country and in surrounding or related countries.

Investing in developing countries can add additional risk, such as high rates of inflation or sharply devalued currencies against the U.S. dollar. Transaction costs are often higher and there may be delays in settlement procedures.

13                      Invesco Greater China Fund

Certain securities issued by companies in China may be less liquid, harder to sell or more volatile than U.S. securities.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.935	%
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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.935%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $2,390.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $3,989 in front-end sales commissions from the sale of Class A shares and $500 and $790 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

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

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s

14                      Invesco Greater China Fund

own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests		$	19,852,397		$	44,758,723		$	–		$	64,611,120
Money Market Funds			6,820,868			–			–			6,820,868
Total Investments		$	26,673,265		$	44,758,723		$	–		$	71,431,988

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,114.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

    The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*

Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$1,757,293	$1,833,607	$3,590,900

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $20,675,141 and $30,484,216, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	16,326,269
Aggregate unrealized (depreciation) of investments		(7,868,872	)
Net unrealized appreciation of investments	$	8,457,397

    Cost of investments for tax purposes is $62,974,591.

15                      Invesco Greater China Fund

NOTE 9–Share Information

					Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		187,423		$	4,389,918			311,654		$	7,298,558
Class C		5,675			131,351			58,820			1,306,818
Class Y		81,688			1,878,837			250,488			5,728,727
Class R5		317			8,133			8			192
Class R6		5,845			137,689			13,440			300,415
Issued as reinvestment of dividends:
Class A		27,259			641,679			440,672			9,337,827
Class C		74			1,688			75,847			1,555,617
Class Y		5,031			118,279			55,199			1,168,565
Class R5		4			97			46			984
Class R6		350			8,219			5,123			108,248
Automatic conversion of Class C shares to Class A shares:
Class A		12,498			296,922			215,385			4,785,457
Class C		(12,924	)		(296,922	)		(222,977	)		(4,785,457	)
Reacquired:
Class A		(422,329	)		(9,932,927	)		(598,165	)		(13,769,154	)
Class C		(68,324	)		(1,587,905	)		(91,029	)		(1,985,533	)
Class Y		(170,008	)		(4,050,358	)		(209,325	)		(4,886,749	)
Class R5		(592	)		(13,977	)		(8	)		(193	)
Class R6		(10,841	)		(249,263	)		(15,531	)		(354,805	)
Net increase (decrease) in share activity		(358,854	)	$	(8,518,540	)		289,647		$	5,809,517

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

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                      Invesco Greater China Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

	Beginning     Account Value     (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2
Class A	$1,000.00	$1,031.20	$8.74	$1,016.26	$8.67	1.73%
Class C	1,000.00	1,027.20	12.50	1,012.53	12.41	2.48
Class Y	1,000.00	1,032.60	7.48	1,017.50	7.42	1.48
Class R5	1,000.00	1,033.20	6.57	1,018.40	6.52	1.30
Class R6	1,000.00	1,033.20	6.57	1,018.40	6.52	1.30

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                      Invesco Greater China Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. CHI-SAR-1                    

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Health Care Fund
	Nasdaq:
	A: GGHCX ◾C: GTHCX ◾ Y: GGHYX ◾ Investor: GTHIX ◾  R6: GGHSX

	2              Letters to Shareholders
	3              Fund Performance
	5              Liquidity Risk Management Program
	6              Schedule of Investments
	8              Financial Statements
	11            Financial Highlights
	12            Notes to Financial Statements
	17            Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the
adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees
Andrew Schlossberg	Dear Shareholders:
	This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.     All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,
Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2                         Invesco Long/Short Equity Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	6.98	%
Class C Shares	6.59
Class Y Shares	7.10
Investor Class Shares	6.98
Class R6 Shares	7.15
MSCI World Indexq (Broad Market Index)	-7.29
MSCI World Health Care Indexq (Style-Specific Index)	6.99
Lipper Global Health/Biotechnology Funds Index∎ (Peer Group Index)	8.09
Source(s): qRIMES Technologies Corp.; ∎ Lipper Inc.
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 MSCI World Health Care Index is an unmanaged index considered representative of health care stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. The Lipper Global Health/Biotechnology Funds Index is an unmanaged index considered representative of global health/biotechnology funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                         Invesco Health Care Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (8/7/89)	10.42	%
10 Years	10.67
5 Years	3.10
1 Year	9.24
Class C Shares
Inception (3/1/99)	8.49	%
10 Years	10.47
5 Years	3.50
1 Year	13.74
Class Y Shares
Inception (10/3/08)	10.90	%
10 Years	11.58
5 Years	4.54
1 Year	15.87
Investor Class Shares
Inception (7/15/05)	8.60	%
10 Years	11.30
5 Years	4.28
1 Year	15.61
Class R6 Shares
10 Years	11.41	%
5 Years	4.48
1 Year	15. 96

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

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

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y 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.

4                         Invesco Health Care Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                         Invesco Health Care Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.27%
Biotechnology–15.56%
ACADIA Pharmaceuticals, Inc.(b)		198,595	$	9,594,124
Amarin Corp. PLC, ADR (Ireland)(b)		364,252		2,771,958
Arcus Biosciences, Inc.(b)		198,276		5,236,469
Ascendis Pharma A/S, ADR (Denmark)(b)		64,070		8,696,221
Biogen, Inc.(b)		126,713		37,612,220
BioMarin Pharmaceutical, Inc.(b)		244,643		22,512,049
Exact Sciences Corp.(b)		210,528		16,627,501
Global Blood Therapeutics, Inc.(b)		127,978		9,792,877
Immunomedics, Inc.(b)		372,824		11,326,393
Incyte Corp.(b)		137,313		13,409,988
IVERIC bio, Inc.(b)		397,196		1,541,121
Kadmon Holdings, Inc.(b)		1,265,601		5,442,084
Keros Therapeutics, Inc.(b)		217,384		6,423,697
Neurocrine Biosciences, Inc.(b)		95,163		9,339,297
Rocket Pharmaceuticals, Inc.(b)		320,739		4,746,937
Sarepta Therapeutics, Inc.(b)		76,499		9,017,702
Vertex Pharmaceuticals, Inc.(b)		143,153		35,960,034
Zentalis Pharmaceuticals, Inc.(b)		199,681		7,008,803
				217,059,475
Drug Retail–0.46%
Raia Drogasil S.A. (Brazil)		329,978		6,358,170
Health Care Equipment–16.31%
Abbott Laboratories		417,287		38,427,960
Baxter International, Inc.		213,203		18,928,162
Becton, Dickinson and Co.		54,170		13,679,550
Boston Scientific Corp.(b)		777,096		29,125,558
Edwards Lifesciences Corp.(b)		84,614		18,403,545
Globus Medical, Inc., Class A(b)		62,207		2,952,344
Koninklijke Philips N.V. (Netherlands)		540,384		23,552,772
Medtronic PLC		546,969		53,400,584
Zimmer Biomet Holdings, Inc.		242,341		29,008,218
				227,478,693
Health Care Facilities–1.28%
HCA Healthcare, Inc.(b)		162,049		17,805,944
Health Care Services–2.74%
Cigna Corp.		111,748		21,878,024
CVS Health Corp.		266,146		16,381,286
				38,259,310
Health Care Supplies–2.02%
Alcon, Inc. (Switzerland)(b)		137,086		7,239,512
Ansell Ltd. (Australia)		190,082		3,488,971
Silk Road Medical, Inc.(b)		417,430		17,481,968
				28,210,451
Health Care Technology–1.69%
HMS Holdings Corp.(b)		214,761		6,158,272
Inspire Medical Systems, Inc.(b)		171,222		12,269,768
Ping An Healthcare and Technology Co. Ltd. (China)(b)(c)		369,800		5,094,222
				23,522,262

	Shares		Value
Household Products–0.26%
Reckitt Benckiser Group PLC (United Kingdom)		43,607	$	3,643,868
Life Sciences Tools & Services–7.44%
10X Genomics, Inc., Class A(b)		63,890		5,102,894
Bio-Rad Laboratories, Inc., Class A(b)		22,057		9,707,286
Eurofins Scientific SE (Luxembourg)		12,365		6,849,150
Illumina, Inc.(b)		24,857		7,930,129
IQVIA Holdings, Inc.(b)		24,133		3,441,124
Lonza Group AG (Switzerland)		8,331		3,641,127
Thermo Fisher Scientific, Inc.		200,742		67,184,333
				103,856,043
Managed Health Care–11.57%
Anthem, Inc.		87,252		24,494,254
Centene Corp.(b)		290,063		19,312,394
Hapvida Participacoes e Investimentos S.A. (Brazil)(c)		1,010,600		9,745,649
HealthEquity, Inc.(b)		76,901		4,327,219
Humana, Inc.		66,400		25,352,848
Notre Dame Intermedica Participacoes S.A. (Brazil)		1,010,561		10,185,706
UnitedHealth Group, Inc.		232,177		67,904,807
				161,322,877
Pharmaceuticals–32.94%
AstraZeneca PLC, ADR (United Kingdom)		1,118,456		58,472,880
Avadel Pharmaceuticals PLC, ADR(b)		529,596		5,497,207
Axsome Therapeutics, Inc.(b)		305,552		29,036,607
Bristol-Myers Squibb Co.		527,396		32,070,951
Elanco Animal Health, Inc.(b)		390,433		9,647,599
Eli Lilly and Co.		265,474		41,052,899
Johnson & Johnson		413,918		62,104,259
Merck & Co., Inc.		344,121		27,302,560
Milestone Pharmaceuticals, Inc. (Canada)(b)		231,515		696,860
Novartis AG, ADR (Switzerland)		677,992		57,446,262
Novo Nordisk A/S, Class B (Denmark)		475,617		30,370,068
Odonate Therapeutics, Inc.(b)		185,583		5,224,161
Pfizer, Inc.		606,684		23,272,398
Relmada Therapeutics, Inc.(b)		193,411		8,115,526
Roche Holding AG (Switzerland)		84,900		29,530,644
Sanofi, ADR (France)		775,210		36,303,084
Zogenix, Inc.(b)		119,666		3,378,171
				459,522,136
Total Common Stocks & Other Equity Interests (Cost $768,621,671)				1,287,039,229
Money Market Funds–7.29%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(d)(e)		35,065,845		35,065,845
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(d)(e)		26,546,891		26,562,819

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

6                         Invesco Health Care Fund

	Shares		Value
Money Market Funds-(continued)
Invesco Treasury Portfolio, Institutional Class, 0.10%(d)(e)		40,075,251			$     40,075,251
Total Money Market Funds (Cost $101,693,830)					101,703,915
TOTAL INVESTMENTS IN SECURITIES–99.56% (Cost $870,315,501)					1,388,743,144
OTHER ASSETS LESS LIABILITIES–0.44%					6,081,430
NET ASSETS–100.00%				$	1,394,824,574

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)  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 April 30, 2020 was $14,839,871, which represented 1.06% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	6,583,523		$	62,936,412		$	(34,454,090)		$	-		$	-		$	35,065,845		$	59,525
Invesco Liquid Assets Portfolio, Institutional Class			4,704,943			46,343,620			(24,492,099)			8,725			(2,370)			26,562,819			64,380
Invesco Treasury Portfolio, Institutional Class			7,524,027			71,927,328			(39,376,104)			-			-			40,075,251			62,286
Total		$	18,812,493		$	181,207,360		$	(98,322,293)		$	8,725		$	(2,370)		$	101,703,915		$	186,191

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Health Care	91.55	%
Consumer Staples	0.72
Money Market Funds Plus Other Assets Less Liabilities	7.73

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

7                         Invesco Health Care Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $768,621,671)	$	1,287,039,229
Investments in affiliated money market funds, at value (Cost $101,693,830)		101,703,915
Foreign currencies, at value (Cost $752)		753
Receivable for:
Investments sold		2,535,542
Fund shares sold		599,789
Dividends		4,101,194
Investment for trustee deferred compensation and retirement plans		235,425
Other assets		72,978
Total assets		1,396,288,825
Liabilities:
Payable for:
Fund shares reacquired		370,267
Accrued fees to affiliates		705,691
Accrued other operating expenses		80,334
Trustee deferred compensation and retirement plans		307,959
Total liabilities		1,464,251
Net assets applicable to shares outstanding	$	1,394,824,574
Net assets consist of:
Shares of beneficial interest	$	831,396,116
Distributable earnings		563,428,458
	$	1,394,824,574

Net Assets:
Class A	$	719,285,446
Class C	$	25,151,184
Class Y	$	42,588,870
Investor Class	$	607,711,767
Class R6	$	87,307
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,056,470
Class C		974,568
Class Y		1,043,775
Investor Class		15,252,885
Class R6		2,136
Class A:
Net asset value per share	$	39.84
Maximum offering price per share
(Net asset value of $39.84 ÷ 94.50%)	$	42.16
Class C:
Net asset value and offering price per share	$	25.81
Class Y:
Net asset value and offering price per share	$	40.80
Investor Class:
Net asset value and offering price per share	$	39.84
Class R6:
Net asset value and offering price per share	$	40.87

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

8                         Invesco Health Care Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $704,643)	$10,290,338
Dividends from affiliated money market funds	186,191
Total investment income	10,476,529
Expenses:
Advisory fees	4,357,278
Administrative services fees	95,908
Custodian fees	18,445
Distribution fees:
Class A	893,263
Class C	124,210
Investor Class	763,949
Transfer agent fees — A, C, Y and Investor	1,074,595
Transfer agent fees — R6	43
Trustees’ and officers’ fees and benefits	14,571
Registration and filing fees	41,258
Reports to shareholders	57,076
Professional services fees	31,595
Other	37,308
Total expenses	7,509,499
Less: Fees waived and/or expense offset arrangement(s)	(27,142	)
Net expenses	7,482,357
Net investment income	2,994,172
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities	43,152,070
Foreign currencies	100,096
	43,252,166
Change in net unrealized appreciation (depreciation) of:
Investment securities	46,796,827
Foreign currencies	(13,052	)
	46,783,775
Net realized and unrealized gain	90,035,941
Net increase in net assets resulting from operations	$93,030,113

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

9                         Invesco Health Care Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	2,994,172		$	2,788,733
Net realized gain		43,252,166			48,453,868
Change in net unrealized appreciation		46,783,775			80,595,633
Net increase in net assets resulting from operations		93,030,113			131,838,234
Distributions to shareholders from distributable earnings:
Class A		(26,366,874	)		(52,354,831	)
Class C		(1,306,960	)		(5,049,774	)
Class Y		(1,567,121	)		(2,626,962	)
Investor Class		(22,563,712	)		(44,427,867	)
Class R6		(3,940	)		(3,125	)
Total distributions from distributable earnings		(51,808,607	)		(104,462,559	)
Share transactions–net:
Class A		(3,349,215	)		(2,750,883	)
Class C		271,498			(18,515,860	)
Class Y		3,604,345			575,153
Investor Class		(7,881,244	)		782,507
Class R6		33,430			8,617
Net increase (decrease) in net assets resulting from share transactions		(7,321,186	)		(19,900,466	)
Net increase in net assets		33,900,320			7,475,209
Net assets:
Beginning of period		1,360,924,254			1,353,449,045
End of period	$	1,394,824,574		$	1,360,924,254

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

10                         Invesco Health Care Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$	38.59		$	0.09			$	2.63			$	2.72			$	(0.10	)		$	(1.37	)		$	(1.47	)		$	39.84		7.01	%		$	719,285		1.07	%(d)		1.07	%(d)		0.43	%(d)		6	%
Year ended 10/31/19			37.89			0.08				3.52				3.60				–				(2.90	)			(2.90	)			38.59		10.46				700,483		1.08			1.08			0.22			11
Year ended 10/31/18			37.84			(0.02	)			2.52				2.50				–				(2.45	)			(2.45	)			37.89		7.03				687,513		1.09			1.09			(0.06	)		36
Year ended 10/31/17			32.93			(0.05	)			5.77				5.72				(0.07	)			(0.74	)			(0.81	)			37.84		17.73				722,643		1.12			1.12			(0.12	)		36
Year ended 10/31/16			43.70			0.08				(5.09	)			(5.01	)			–				(5.76	)			(5.76	)			32.93		(12.87	)			725,053		1.09			1.09			0.23			21
Year ended 10/31/15			47.08			0.02				1.53				1.55				–				(4.93	)			(4.93	)			43.70		3.56				981,963		1.04			1.05			0.04			47
Class C
Six months ended 04/30/20			25.48			(0.04	)			1.74				1.70				–				(1.37	)			(1.37	)			25.81		6.59				25,151		1.82	(d)		1.82	(d)		(0.32	)(d)		6
Year ended 10/31/19			26.20			(0.13	)			2.31				2.18				–				(2.90	)			(2.90	)			25.48		9.62				24,570		1.83			1.83			(0.53	)		11
Year ended 10/31/18			27.10			(0.21	)			1.76				1.55				–				(2.45	)			(2.45	)			26.20		6.24				45,895		1.84			1.84			(0.81	)		36
Year ended 10/31/17			23.91			(0.22	)			4.15				3.93				–				(0.74	)			(0.74	)			27.10		16.84				56,741		1.87			1.87			(0.87	)		36
Year ended 10/31/16			33.56			(0.14	)			(3.75	)			(3.89	)			–				(5.76	)			(5.76	)			23.91		(13.53	)			66,699		1.84			1.84			(0.52	)		21
Year ended 10/31/15			37.54			(0.25	)			1.20				0.95				–				(4.93	)			(4.93	)			33.56		2.78				107,976		1.79			1.80			(0.71	)		47
Class Y
Six months ended 04/30/20			39.54			0.14				2.69				2.83				(0.20	)			(1.37	)			(1.57	)			40.80		7.10				42,589		0.82	(d)		0.82	(d)		0.68	(d)		6
Year ended 10/31/19			38.67			0.18				3.59				3.77				–				(2.90	)			(2.90	)			39.54		10.70				38,519		0.83			0.83			0.47			11
Year ended 10/31/18			38.47			0.07				2.58				2.65				–				(2.45	)			(2.45	)			38.67		7.32				36,930		0.84			0.84			0.19			36
Year ended 10/31/17			33.48			0.05				5.85				5.90				(0.17	)			(0.74	)			(0.91	)			38.47		18.01				35,924		0.87			0.87			0.13			36
Year ended 10/31/16			44.24			0.17				(5.17	)			(5.00	)			–				(5.76	)			(5.76	)			33.48		(12.67	)			22,548		0.84			0.84			0.48			21
Year ended 10/31/15			47.51			0.14				1.53				1.67				(0.01	)			(4.93	)			(4.94	)			44.24		3.82				39,443		0.79			0.80			0.29			47
Investor Class
Six months ended 04/30/20			38.60			0.09				2.62				2.71				(0.10	)			(1.37	)			(1.47	)			39.84		6.98				607,712		1.07	(d)		1.07	(d)		0.43	(d)		6
Year ended 10/31/19			37.90			0.08				3.52				3.60				–				(2.90	)			(2.90	)			38.60		10.45				597,301		1.08			1.08			0.22			11
Year ended 10/31/18			37.85			(0.02	)			2.52				2.50				–				(2.45	)			(2.45	)			37.90		7.03				583,069		1.09			1.09			(0.06	)		36
Year ended 10/31/17			32.94			(0.04	)			5.76				5.72				(0.07	)			(0.74	)			(0.81	)			37.85		17.72				595,801		1.12			1.12			(0.12	)		36
Year ended 10/31/16			43.71			0.08				(5.09	)			(5.01	)			–				(5.76	)			(5.76	)			32.94		(12.87	)			563,411		1.09			1.09			0.23			21
Year ended 10/31/15			47.09			0.02				1.53				1.55				–				(4.93	)			(4.93	)			43.71		3.57				714,351		1.04			1.05			0.04			47
Class R6
Six months ended 04/30/20			39.61			0.15				2.70				2.85				(0.22	)			(1.37	)			(1.59	)			40.87		7.15				87		0.77	(d)		0.77	(d)		0.73	(d)		6
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
Year ended 10/31/17(e)			36.35			0.05				2.09				2.14				–				–				–				38.49		5.89				14		0.78	(f)		0.78	(f)		0.22	(f)		36

^(a) Calculated using average of Units outstanding.

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

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

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $719,240, $25,002, $42,816, $615,117 and $87 for Class A, Class C, Class Y, Investor Class and Class R6 shares, respectively.

^(e) Commencement date of April 04, 2017.

^(f) Annualized.

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

11                         Invesco Health Care Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

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

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

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

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

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

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

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

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

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

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

12                         Invesco Health Care Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

K. Other Risks - The Fund’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

13                         Invesco Health Care Fund

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

Average Daily Net Assets	Rate
First $ 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.62%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00% and 1.75% of average daily net assets (the “expense limits”), respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $16,128.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 six-month period ended April 30, 2020, 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 six months ended April 30, 2020, IDI advised the Fund that IDI retained $35,250 in front-end sales commissions from the sale of Class A shares and $318 and $216 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

NOTE 3—Additional Valuation Information

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

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14                         Invesco Health Care Fund

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$1,180,868,407	$	106,170,822		$–	$	1,287,039,229
Money Market Funds		101,703,915		–		–		101,703,915
Total Investments		$1,282,572,322	$	106,170,822		$–	$	1,388,743,144

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $11,014.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $79,893,517 and $224,027,206, 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	$	532,775,820
Aggregate unrealized (depreciation) of investments		(15,217,674	)
Net unrealized appreciation of investments	$	517,558,146

Cost of investments for tax purposes is $871,184,998.

15                         Invesco Health Care Fund

NOTE 9–Share Information    

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		628,445		$	24,105,858			820,361		$	29,930,079
Class C		135,212			3,393,987			172,952			4,192,240
Class Y		293,365			11,958,453			444,200			16,528,640
Investor Class		95,563			3,645,505			163,824			5,980,611
Class R6		1,210			49,615			213			7,971
Issued as reinvestment of dividends:
Class A		588,599			23,755,862			1,402,255			48,153,428
Class C		47,165			1,236,669			209,277			4,775,696
Class Y		33,361			1,378,148			64,599			2,268,073
Investor Class		522,381			21,083,288			1,226,589			42,121,076
Class R6		40			1,655			66			2,326
Automatic conversion of Class C shares to Class A shares:
Class A		18,734			736,510			545,028			19,038,952
Class C		(28,826	)		(736,510	)		(821,208	)		(19,038,952	)
Reacquired:
Class A		(1,331,849	)		(51,947,445	)		(2,757,964	)		(99,873,342	)
Class C		(143,405	)		(3,622,648	)		(348,416	)		(8,444,844	)
Class Y		(257,075	)		(9,732,256	)		(489,739	)		(18,221,560	)
Investor Class		(840,890	)		(32,610,037	)		(1,298,537	)		(47,319,180	)
Class R6		(415	)		(17,840	)		(45	)		(1,680	)
Net increase (decrease) in share activity		(238,385	)	$	(7,321,186	)		(666,545	)	$	(19,900,466	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                         Invesco Health Care Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/20)1	Expenses Paid During Period2	Ending Account Value (04/30/20)	Expenses Paid During Period2
Class A	$1,000.00	$1,070.10	$5.51	$1,019.54	$5.37	1.07%
Class C	1,000.00	1,065.90	9.35	1,015.81	9.12	1.82
Class Y	1,000.00	1,071.00	4.22	1,020.79	4.12	0.82
Investor Class	1,000.00	1,069.80	5.51	1,019.54	5.37	1.07
Class R6	1,000.00	1,071.50	3.97	1,021.03	3.87	0.77

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                         Invesco Health Care Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338         Invesco Distributors, Inc. GHC-SAR-1        

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Long/Short Equity Fund
	Nasdaq:
	A: LSQAX ◾C: LSQCX ◾ R: LSQRX ◾ Y: LSQYX ◾ R5: LSQFX ◾ R6: LSQSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
23	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the
reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely, Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely, Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2                          Invesco Long/Short Equity Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-17.97%
Class C Shares	-18.16
Class R Shares	-18.06
Class Y Shares	-17.87
Class R5 Shares	-17.73
Class R6 Shares	-17.81
S&P 500 Index▼ (Broad Market Index)	-3.16
FTSE US 3-Month Treasury Bill Index▼ (Style-Specific Index)	0.76
Lipper Alternative Long/Short Equity Funds Index∎ (Peer Group Index)	-4.87
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.    The FTSE US 3-Month Treasury Bill Index is an unmanaged index representative of three-month US Treasury bills.    The Lipper Alternative Long/Short Equity Funds Index is an unmanaged index considered representative of alternative long/short equity 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                          Invesco Long/Short Equity Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/19/13)	-1.95	%
5 Years	-3.53
1 Year	-27.01
Class C Shares
Inception (12/19/13)	-1.80	%
5 Years	-3.15
1 Year	-24.04
Class R Shares
Inception (12/19/13)	-1.31	%
5 Years	-2.67
1 Year	-22.90
Class Y Shares
Inception (12/19/13)	-0.82	%
5 Years	-2.20
1 Year	-22.52
Class R5 Shares
Inception (12/19/13)	-0.76	%
5 Years	-2.12
1 Year	-22.39
Class R6 Shares
Inception (12/19/13)	-0.74	%
5 Years	-2.10
1 Year	-22.45

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 class shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

the past, returns would have been lower. See current prospectus for more information.

4                          Invesco Long/Short Equity Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                          Invesco Long/Short Equity Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-84.90%
Agricultural Products-0.50%
Ingredion, Inc.		2,500	$      203,000
Alternative Carriers-1.53%
CenturyLink, Inc.		58,550	621,801
Application Software-4.75%
Cadence Design Systems, Inc.(b)		3,250	263,673
Citrix Systems, Inc.		5,650	819,306
Synopsys, Inc.(b)		5,400	848,448
			1,931,427
Asset Management & Custody Banks-0.74%
State Street Corp.		4,800	302,592
Biotechnology-6.35%
BioMarin Pharmaceutical, Inc.(b)		2,850	262,257
Incyte Corp.(b)		8,000	781,280
Neurocrine Biosciences, Inc.(b)		7,850	770,399
Vertex Pharmaceuticals, Inc.(b)		3,050	766,160
			2,580,096
Broadcasting-1.73%
Discovery, Inc., Class C(b)		34,400	702,104
Building Products-1.53%
Owens Corning		14,350	622,216
Cable & Satellite-2.42%
Altice USA, Inc., Class A(b)		31,700	823,249
Liberty Global PLC, Class C (United Kingdom)(b)		8,750	160,212
			983,461
Construction Machinery & Heavy Trucks-1.51%
Allison Transmission Holdings, Inc.		15,800	574,172
Cummins, Inc.		250	40,875
			615,047
Data Processing & Outsourced Services-2.04%
Jack Henry & Associates, Inc.		1,100	179,905
Western Union Co. (The)		33,950	647,426
			827,331
Distributors-1.52%
LKQ Corp.(b)		23,650	618,448
Electric Utilities-1.61%
Entergy Corp.		6,850	654,244
Fertilizers & Agricultural Chemicals-1.51%
CF Industries Holdings, Inc.		22,350	614,625
Health Care Distributors-4.11%
AmerisourceBergen Corp.		9,350	838,321
Cardinal Health, Inc.		16,500	816,420
McKesson Corp.		100	14,125
			1,668,866

	Shares		Value
Health Care Equipment-0.82%
Hologic, Inc.(b)		5,250	$      263,025
STERIS PLC		500	71,250
			334,275
Health Care Facilities-1.83%
Universal Health Services, Inc., Class B(b)		7,050	745,114
Health Care Services-3.22%
Cigna Corp.		2,350	460,083
DaVita, Inc.(b)		10,750	849,357
			1,309,440
Health Care Supplies-1.73%
DENTSPLY SIRONA, Inc.		16,600	704,504
Homebuilding-0.93%
PulteGroup, Inc.		13,400	378,818
Household Appliances-1.17%
Whirlpool Corp.		4,250	474,895
Housewares & Specialties-1.03%
Newell Brands, Inc.		30,200	419,176
Human Resource & Employment Services-1.78%
ManpowerGroup, Inc.		9,750	723,840
Industrial Conglomerates-1.15%
Carlisle Cos., Inc.		2,100	254,016
General Electric Co.		31,300	212,840
			466,856
Industrial Machinery-0.86%
Dover Corp.		3,300	309,045
SPX Corp.(b)		1,050	40,037
			349,082
Integrated Oil & Gas-0.74%
Cenovus Energy, Inc. (Canada)		83,050	302,302
Interactive Home Entertainment-4.36%
Activision Blizzard, Inc.		9,400	599,062
Electronic Arts, Inc.(b)		6,400	731,264
Take-Two Interactive Software, Inc.(b)		3,650	441,832
			1,772,158
Internet & Direct Marketing Retail-0.91%
Expedia Group, Inc.		5,200	369,096
Internet Services & Infrastructure-1.64%
Akamai Technologies, Inc.(b)		6,800	664,428
IT Consulting & Other Services-3.93%
Booz Allen Hamilton Holding Corp.		10,800	793,152
Leidos Holdings, Inc.		8,150	805,301
			1,598,453
Life & Health Insurance-2.19%
Athene Holding Ltd., Class A(b)		12,700	342,900

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

6                         Invesco Long/Short Equity Fund

	Shares		Value
Life & Health Insurance-(continued)
MetLife, Inc.		15,150	$      546,612
			889,512
Office REITs-0.21%
SL Green Realty Corp.		1,600	84,880
Oil & Gas Drilling-0.89%
Helmerich & Payne, Inc.		18,350	362,780
Oil & Gas Exploration & Production-3.06%
Canadian Natural Resources Ltd. (Canada)		31,100	521,236
Devon Energy Corp.		38,650	481,965
Marathon Oil Corp.		39,500	241,740
			1,244,941
Oil & Gas Refining & Marketing-0.67%
HollyFrontier Corp.		8,200	270,928
Packaged Foods & Meats-0.41%
Campbell Soup Co.		3,350	167,433
Paper Packaging-0.16%
International Paper Co.		1,900	65,075
Personal Products-0.16%
Coty, Inc., Class A		11,850	64,583
Pharmaceuticals-1.51%
Eli Lilly and Co.		600	92,784
Mylan N.V.(b)		31,150	522,386
			615,170
Property & Casualty Insurance-1.15%
Allstate Corp. (The)		4,600	467,912
Railroads-1.74%
Kansas City Southern		5,400	704,970
Regional Banks-2.52%
Citizens Financial Group, Inc.		21,500	481,385
Signature Bank		5,050	541,259
			1,022,644

	Shares		Value
Research & Consulting Services-0.10%
Thomson Reuters Corp. (Canada)(b)		550	$      38,781
Residential REITs-0.51%
Mid-America Apartment Communities, Inc.		1,850	207,052
Semiconductor Equipment-2.13%
Applied Materials, Inc.		550	27,324
Teradyne, Inc.		13,400	838,036
			865,360
Semiconductors-1.74%
Qorvo, Inc.(b)		7,200	705,816
Specialty Chemicals-1.21%
Axalta Coating Systems Ltd.(b)		24,850	490,539
Technology Distributors-1.82%
Avnet, Inc.		24,600	738,492
Technology Hardware, Storage & Peripherals-4.77%
HP, Inc.		41,850	649,093
Seagate Technology PLC		1,200	59,940
Western Digital Corp.		12,800	589,824
Xerox Holdings Corp.		34,950	639,236
			1,938,093
Total Common Stocks & Other Equity Interests (Cost $37,823,398)			34,502,656
Money Market Funds-21.68%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		3,097,147	3,097,147
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		2,174,747	2,176,051
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		3,539,596	3,539,596
Total Money Market Funds (Cost $8,810,710)			8,812,794
TOTAL INVESTMENTS IN SECURITIES-106.58% (Cost $46,634,108)			43,315,450
OTHER ASSETS LESS LIABILITIES–(6.58)%			(2,674,718)
NET ASSETS-100.00%			$40,640,732

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) 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 six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,299,613		$ 6,259,590	$	(4,462,056	)		$        -		$      -		$	3,097,147	$  6,275
Invesco Liquid Assets Portfolio, Institutional Class		928,510		4,471,135		(3,224,987	)		2,037		(644	)		2,176,051	6,144
Invesco Treasury Portfolio, Institutional Class		1,485,273		7,153,816		(5,099,493	)		-		-			3,539,596	6,731
Total		$3,713,396		$17,884,541	$	(12,786,536	)		$2,037		$(644	)	$	8,812,794	$19,150

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

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

7                         Invesco Long/Short Equity Fund

Open Over-The-Counter Total Return Swap Agreements
Reference Entity	Counterparty		Maturity Date		Floating Rate Index(1)		Payment Frequency		Notional Value			Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Risk
Equity Securities – Long		Morgan Stanley & Co. LLC		12/22/2021		Federal Funds floating rate		Monthly	$	34,124,750			$–	$	999,733	(2)		$    999,733	(2)	$	35,067,478
Equity Risk
Equity Securities – Short		Morgan Stanley & Co. LLC		12/22/2021		Federal Funds floating rate		Monthly		(40,924,686	)		–		(3,675,490	)(3)		(3,675,490	)(3)		(44,572,654	)
Total – Total Return Swap Agreements													$–	$	(2,675,757	)		$(2,675,757	)	$	(9,505,176	)

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

⁽²⁾  Amount includes $57,005 of dividends receivable and financing fees related to the reference entities.

⁽³⁾  Amount includes $(27,522) of dividends payable and financing fees related to the reference entities.

The following table represents the individual long and short positions and related values of equity securities underlying the total return swaps with Morgan Stanley & Co. LLC, as of April 30, 2020.

	Shares		Value		Percentage of Reference Entities
Equity Securities - Long
Advertising
Interpublic Group of Cos., Inc. (The)		2,600	$	44,148		0.11
Omnicom Group, Inc.		6,050		345,031		0.90
				389,179
Alternative Carriers
CenturyLink, Inc.		4,800		50,976		0.14
Application Software
Cadence Design Systems, Inc.		7,050		571,966		1.65
Asset Management & Custody Banks
Ameriprise Financial, Inc.		5,250		603,435		1.61
State Street Corp.		6,800		428,672		1.14
				1,032,107
Auto Parts & Equipment
Magna International, Inc.		18,600		725,958		1.91
Biotechnology
Alexion Pharmaceuticals, Inc.		7,650		822,145		2.33
Amgen, Inc.		3,500		837,270		2.35
Biogen, Inc.		2,650		786,600		2.31
Gilead Sciences, Inc.		10,400		873,600		2.48
Regeneron Pharmaceuticals, Inc.		1,460		767,785		2.39
				4,087,400
Cable & Satellite
Charter Communications, Inc. Class A		1,620		802,273		2.36
Liberty Global PLC, Class C		34,200		626,202		1.71
				1,428,475

	Shares		Value		Percentage of Reference Entities
Computer & Electronics Retail
Best Buy Co., Inc.		9,200	$	705,916		1.86
Construction Machinery & Heavy Trucks
Cummins, Inc.		5,350		874,725		2.27
Data Processing & Outsourced Services
Jack Henry & Associates, Inc.		2,050		335,278		0.96
Diversified Banks
Canadian Imperial Bank of Commerce		2,250		133,673		0.37
Electric Utilities
Southern Co. (The)		14,250		808,402		2.38
Electrical Components & Equipment
Eaton Corp. PLC		5,300		442,550		1.21
Food Retail
Kroger Co. (The)		20,500		648,005		1.94
General Merchandise Stores
Target Corp.		7,700		844,998		2.41
Health Care Distributors
McKesson Corp.		5,800		819,250		2.30
Health Care Services
CVS Health Corp.		11,550		710,902		2.04
Homebuilding
PulteGroup, Inc.		950		26,857		0.07
Household Products
Kimberly-Clark Corp.		5,850		810,108		2.45
Procter & Gamble Co. (The)		6,950		819,196		2.43
				1,629,304

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

8                         Invesco Long/Short Equity Fund

	Shares		Value		Percentage of Reference Entities
Industrial Conglomerates
General Electric Co.		69,000	$	469,200		1.30
Integrated Oil & Gas
Imperial Oil Ltd.		6,200		100,378		0.23
Suncor Energy, Inc.		20,350		363,247		0.93
				463,625
Integrated Telecommunication Services
AT&T, Inc.		21,100		642,917		1.82
Verizon Communications, Inc.		7,500		430,875		1.27
				1,073,792
Interactive Home Entertainment
Electronic Arts, Inc.		600		68,556		0.20
Take-Two Interactive Software, Inc.		2,700		326,835		1.01
				395,391
Internet & Direct Marketing Retail
Booking Holdings, Inc.		430		636,645		1.71
eBay, Inc.		21,100		840,413		2.36
Expedia Group, Inc.		3,500		248,430		0.63
				1,725,488
Internet Services & Infrastructure
Akamai Technologies, Inc.		1,250		122,138		0.38
IT Consulting & Other Services
Booz Allen Hamilton Holding Corp.		150		11,016		0.03
Cognizant Technology Solutions Corp. Class A		1,550		89,931		0.24
				100,947
Managed Health Care
Humana, Inc.		2,200		840,004		2.37
Movies & Entertainment
Liberty Media Corp-Liberty SiriusXM Series C		3,300		112,431		0.29
Oil & Gas Exploration & Production
Canadian Natural Resources Ltd.		6,200		103,912		0.24
Packaged Foods & Meats
Campbell Soup Co.		10,500		524,790		1.56
General Mills, Inc.		13,700		820,493		2.42
				1,345,283
Pharmaceuticals
Eli Lilly and Co.		3,250		502,580		1.54
Merck & Co., Inc.		9,300		737,862		2.18
				1,240,442

	Shares			Value			Percentage of Reference Entities
Property & Casualty Insurance
Allstate Corp. (The)		2,300		$	233,956		0.69
Regional Banks
Citizens Financial Group, Inc.		10,850			242,932		0.62
Research & Consulting Services
Thomson Reuters Corp.		7,800			549,978		1.62
Residential REITs
Camden Property Trust		1,500			132,105		0.37
Equity Residential		5,000			325,300		0.96
Essex Property Trust, Inc.		2,180			532,138		1.56
Mid-America Apartment Communities, Inc.		4,650			520,428		1.48
					1,509,971
Semiconductor Equipment
Applied Materials, Inc.		13,700			680,616		2.09
Lam Research Corp.		3,100			791,368		2.47
					1,471,984
Semiconductors
Intel Corp.		12,400			743,752		2.18
Qorvo, Inc.		450			44,113		0.11
QUALCOMM, Inc.		10,900			857,503		2.39
					1,645,368
Specialized REITs
SBA Communications Corp.		2,700			782,784		2.43
Systems Software
Microsoft Corp.		4,750			851,247		2.41
Oracle Corp.		15,650			828,981		2.40
					1,680,228
Technology Hardware, Storage & Peripherals
Apple, Inc.		2,800			822,640		2.27
Hewlett Packard Enterprise Co.		61,600			619,696		1.63
Seagate Technology PLC		13,500			674,325		2.01
					2,116,661
Trading Companies & Distributors
HD Supply Holdings, Inc.		8,850			262,668		0.71
Trucking
Old Dominion Freight Line, Inc.		2,150			312,374		0.81
Total Equity Securities - Long				$	35,067,478
Equity Securities - Short
Aerospace & Defense
Boeing Co. (The)		(4,820	)		(679,716	)	1.57
BWX Technologies, Inc.		(950	)		(50,407	)	0.12
HEICO Corp.		(4,900	)		(429,240	)	0.93

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

9                         Invesco Long/Short Equity Fund

	Shares			Value			Percentage of Reference Entities
Aerospace & Defense–(continued)
TransDigm Group, Inc.		(1,720	)	$	(624,498	)	1.33
					(1,783,861	)
Agricultural Products
Archer-Daniels-Midland Co.		(11,100	)		(412,254	)	0.96
Apparel, Accessories & Luxury Goods
Capri Holdings Ltd.		(44,900	)		(684,725	)	1.26
Columbia Sportswear Co.		(8,800	)		(641,432	)	1.47
lululemon athletica, inc.		(2,900	)		(648,092	)	1.50
Tapestry, Inc.		(28,800	)		(428,544	)	0.94
					(2,402,793	)
Application Software
Ceridian HCM Holding, Inc.		(3,250	)		(191,652	)	0.41
Guidewire Software, Inc.		(6,700	)		(608,628	)	1.45
Nutanix, Inc., Class A		(35,000	)		(717,150	)	1.49
Splunk, Inc.		(4,800	)		(673,728	)	1.54
Trade Desk, Inc. (The) Class A		(2,400	)		(702,192	)	1.43
Zendesk, Inc.		(8,450	)		(649,636	)	1.49
					(3,542,986	)
Asset Management & Custody Banks
Affiliated Managers Group, Inc.		(2,050	)		(143,418	)	0.31
Auto Parts & Equipment
Autoliv, Inc.		(8,450	)		(507,169	)	1.13
Biotechnology
Bluebird Bio, Inc.		(10,600	)		(571,128	)	1.44
Exact Sciences Corp.		(8,250	)		(651,585	)	1.49
Sarepta Therapeutics, Inc.		(5,100	)		(601,188	)	1.42
					(1,823,901	)
Building Products
A.O. Smith Corp.		(15,100	)		(639,938	)	1.43
Lennox International, Inc.		(3,500	)		(653,380	)	1.47
					(1,293,318	)
Construction & Engineering
Fluor Corp.		(35,900	)		(420,030	)	0.72
Consumer Finance
Credit Acceptance Corp.		(2,280	)		(710,380	)	1.44
Data Processing & Outsourced Services
Square, Inc., Class A		(10,000	)		(651,400	)	1.49
Diversified Banks
Wells Fargo & Co.		(13,950	)		(405,248	)	0.97
Diversified Chemicals
Chemours Co. (The)		(25,550	)		(299,702	)	0.63

	Shares			Value			Percentage of Reference Entities
Diversified Metals & Mining
Teck Resources Ltd. Class B		(11,100	)	$	(97,791	)		0.19
Electronic Components
Corning, Inc.		(28,150	)		(619,582	)		1.37
Electronic Equipment & Instruments
Cognex Corp.		(12,750	)		(704,310	)		1.53
Electronic Manufacturing Services
IPG Photonics Corp.		(4,850	)		(627,251	)		1.38
Environmental & Facilities Services
Rollins, Inc.		(16,300	)		(652,000	)		1.50
Fertilizers & Agricultural Chemicals
Mosaic Co. (The)		(40,100	)		(461,551	)		1.08
Nutrien Ltd.		(15,900	)		(567,789	)		1.33
					(1,029,340	)
Financial Exchanges & Data
FactSet Research Systems, Inc.		(2,250	)		(618,750	)		1.50
Footwear
NIKE, Inc. Class B		(7,000	)		(610,260	)		1.52
Health Care Equipment
ABIOMED, Inc.		(3,650	)		(698,062	)		1.49
Intuitive Surgical, Inc.		(1,200	)		(613,056	)		1.50
Stryker Corp.		(1,650	)		(307,610	)		0.77
					(1,618,728	)
Health Care REITs
Ventas, Inc.		(13,550	)		(438,343	)		0.94
Welltower, Inc.		(12,350	)		(632,690	)		1.34
					(1,071,033	)
Industrial Machinery
Fortive Corp.		(10,200	)		(652,800	)		1.44
IDEX Corp.		(1,200	)		(184,356	)		0.46
Xylem, Inc.		(6,100	)		(438,590	)		1.03
					(1,275,746	)
Insurance Brokers
Marsh & McLennan Cos., Inc.		(3,300	)		(321,189	)		0.76
Integrated Oil & Gas
Exxon Mobil Corp.		(14,250	)		(662,197	)		1.47
Interactive Media & Services
Zillow Group, Inc., Class C		(15,300	)		(672,588	)		1.46
Internet & Direct Marketing Retail
Grubhub, Inc.		(14,300	)		(683,397	)		1.52
Wayfair, Inc., Class A		(5,050	)		(626,402	)		1.19
					(1,309,799	)

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

10                         Invesco Long/Short Equity Fund

	Shares			Value			Percentage of Reference Entities
Internet Services & Infrastructure
MongoDB, Inc.		(3,850	)	$	(624,200	)	1.49
Twilio, Inc. Class A		(5,650	)		(634,495	)	1.49
					(1,258,695	)
Leisure Products
Hasbro, Inc.		(8,250	)		(595,733	)	1.50
Movies & Entertainment
Live Nation Entertainment, Inc.		(16,250	)		(729,137	)	1.50
Madison Square Garden Co. (The) Class A		(420	)		(71,954	)	0.18
Roku, Inc.		(4,950	)		(600,089	)	1.48
Walt Disney Co. (The)		(6,150	)		(665,123	)	1.52
					(2,066,303	)
Oil & Gas Exploration & Production
Concho Resources, Inc.		(9,500	)		(538,840	)	1.23
Diamondback Energy, Inc.		(17,400	)		(757,596	)	1.49
Hess Corp.		(14,650	)		(712,576	)	1.41
					(2,009,012	)
Oil & Gas Refining & Marketing
Phillips 66		(7,800	)		(570,726	)	1.21
Oil & Gas Storage & Transportation
Cheniere Energy, Inc.		(14,850	)		(693,346	)	1.48
ONEOK, Inc.		(22,500	)		(673,425	)	1.55
					(1,366,771	)
Pharmaceuticals
Nektar Therapeutics		(28,900	)		(554,880	)	1.38
Property & Casualty Insurance
Erie Indemnity Co. Class A		(2,050	)		(365,023	)	0.89
Progressive Corp. (The)		(950	)		(73,435	)	0.19
Travelers Cos., Inc. (The)		(3,550	)		(359,295	)	0.88
					(797,753	)
Real Estate Development
Howard Hughes Corp. (The)		(5,250	)		(284,340	)	0.66

	Shares			Value			Percentage of Reference Entities
Regional Banks
Comerica, Inc.		(19,350	)	$	(674,541	)		1.51
Cullen/Frost Bankers, Inc.		(9,850	)		(707,821	)		1.42
					(1,382,362	)
Retail REITs
Federal Realty Investment Trust		(5,100	)		(424,677	)		0.91
Macerich Co. (The)		(42,500	)		(317,475	)		0.61
Simon Property Group, Inc.		(12,100	)		(807,917	)		1.59
					(1,550,069	)
Semiconductors
Marvell Technology Group Ltd.		(22,950	)		(613,683	)		1.49
ON Semiconductor Corp.		(42,500	)		(681,912	)		1.48
Xilinx, Inc.		(6,900	)		(603,060	)		1.53
					(1,898,655	)
Specialized REITs
American Tower Corp.		(2,500	)		(595,000	)		1.55
Digital Realty Trust, Inc.		(4,150	)		(620,383	)		1.51
VICI Properties, Inc.		(20,300	)		(353,626	)		0.77
					(1,569,009	)
Specialty Chemicals
Albemarle Corp.		(5,400	)		(331,722	)		0.78
Ecolab, Inc.		(2,800	)		(541,800	)		1.28
International Flavors & Fragrances, Inc.		(4,900	)		(642,047	)		1.49
					(1,515,569	)
Specialty Stores
Five Below, Inc.		(7,650	)		(689,724	)		1.53
Systems Software
Palo Alto Networks, Inc.		(650	)		(127,732	)		0.31
Trading Companies & Distributors
Watsco, Inc.		(300	)		(48,297	)		0.11
Total Equity Securities - Short				$	(44,572,654	)

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

11                         Invesco Long/Short Equity Fund

Portfolio Composition

By sector, based on total net assets

as of April 30, 2020

	Equity Securities						Gross Exposure3			Net Exposure4
	Long1			Short2
Information Technology		42.60	%		23.20	%		65.80	%		19.40	%
Health Care		38.52			9.84			48.36			28.68
Consumer Discretionary		15.48			15.05			30.53			0.43
Industrials		15.83			13.47			29.30			2.36
Communication Services		18.53			6.74			25.27			11.79
Financials		10.64			10.78			21.42			(0.14	)
Energy		6.76			11.34			18.10			(4.58	)
Real Estate		6.36			11.01			17.37			(4.65	)
Consumer Staples		9.98			1.01			10.99			8.97
Materials		2.88			7.24			10.12			(4.36	)
Utilities		3.60			-			3.60			3.60
Money Market Funds Plus Other Assets Less Liabilities		15.10			-			15.10			15.10
Total		186.28	%		109.68	%		295.96	%		76.60	%

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

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

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

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

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

12                         Invesco Long/Short Equity Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $37,823,398)	$	34,502,656
Investments in affiliated money market funds, at value (Cost $8,810,710)		8,812,794
Other investments:
Swaps receivable – OTC		31,695
Unrealized appreciation on swap agreements – OTC		999,733
Deposits with brokers:
Cash collateral – OTC Derivatives		50,606
Foreign currencies, at value (Cost $863)		872
Receivable for:
Fund shares sold		6,489
Dividends		11,014
Investment for trustee deferred compensation and retirement plans		15,269
Other assets		50,497
Total assets		44,481,625
Liabilities:
Other investments:
Swaps payable – OTC		42,906
Unrealized depreciation on swap agreements–OTC		3,675,490
Payable for:
Fund shares reacquired		25,511
Accrued fees to affiliates		12,895
Accrued other operating expenses		68,822
Trustee deferred compensation and retirement plans		15,269
Total liabilities		3,840,893
Net assets applicable to shares outstanding	$	40,640,732
Net assets consist of:
Shares of beneficial interest	$	46,464,414
Distributable earnings (loss)		(5,823,682	)
	$	40,640,732

Net Assets:
Class A	$	2,667,284
Class C	$	524,025
Class R	$	144,386
Class Y	$	1,819,789
Class R5	$	5,441
Class R6	$	35,479,807
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		398,441
Class C		81,649
Class R		21,868
Class Y		268,265
Class R5		800
Class R6		5,209,505
Class A:
Net asset value per share	$	6.69
Maximum offering price per share (Net asset value of $6.69 ÷ 94.50%)	$	7.08
Class C:
Net asset value and offering price per share	$	6.42
Class R:
Net asset value and offering price per share	$	6.60
Class Y:
Net asset value and offering price per share	$	6.78
Class R5:
Net asset value and offering price per share	$	6.80
Class R6:
Net asset value and offering price per share	$	6.81

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

13                         Invesco Long/Short Equity Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,222)	$	810,015
Dividends from affiliated money market funds		19,151
Total investment income		829,166
Expenses:
Advisory fees		194,820
Administrative services fees		3,748
Custodian fees		1,542
Distribution fees:
Class A		4,675
Class C		3,502
Class R		420
Transfer agent fees – A, C, R and Y		10,693
Transfer agent fees – R6		344
Trustees’ and officers’ fees and benefits		6,911
Registration and filing fees		32,965
Reports to shareholders		8,876
Professional services fees		44,769
Other		3,753
Total expenses		317,018
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(7,942	)
Net expenses		309,076
Net investment income		520,090
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,033,427	)
Foreign currencies		(105	)
Swap agreements		1,107,545
		74,013
Change in net unrealized appreciation (depreciation) of:
Investment securities		(6,986,747	)
Foreign currencies		3
Swap agreements		(3,057,895	)
		(10,044,639	)
Net realized and unrealized gain (loss)		(9,970,626	)
Net increase (decrease) in net assets resulting from operations	$	(9,450,536	)

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

14                         Invesco Long/Short Equity Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30,     2020			October 31,   2019
Operations:
Net investment income		$       520,090			$       478,923
Net realized gain (loss)		74,013			(11,492,704	)
Change in net unrealized appreciation (depreciation)		(10,044,639	)		(1,261,308	)
Net increase (decrease) in net assets resulting from operations		(9,450,536	)		(12,275,089	)
Distributions to shareholders from distributable earnings:
Class A		(125,558	)		(1,261,039	)
Class C		(23,747	)		(309,188	)
Class R		(5,120	)		(18,673	)
Class Y		(93,204	)		(1,424,351	)
Class R5		(189	)		(3,505	)
Class R6		(1,222,745	)		(3,584,007	)
Total distributions from distributable earnings		(1,470,563	)		(6,600,763	)
Share transactions-net:
Class A		(1,207,229	)		(7,599,124	)
Class C		(217,988	)		(1,999,042	)
Class R		(28,756	)		55,290
Class Y		(2,087,455	)		(10,905,948	)
Class R5		-			(27,707	)
Class R6		2,566,533			10,735,539
Net increase (decrease) in net assets resulting from share transactions		(974,895	)		(9,740,992	)
Net increase (decrease) in net assets		(11,895,994	)		(28,616,844	)
Net assets:
Beginning of period		52,536,726			81,153,570
End of period		$  40,640,732			$  52,536,726

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

15                         Invesco Long/Short Equity Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$   8.39		$  0.07			$(1.53	)		$(1.46	)		$      –			$(0.24	)		$(0.24	)		$   6.69		(17.97	)%		$    2,667		1.58	%(d)		1.76	%(d)		1.82	%(d)		43	%
Year ended 10/31/19		11.05		0.04			(1.78	)		(1.74	)		–			(0.92	)		(0.92	)		8.39		(16.51	)		4,659		1.58			1.65			0.46			92
Year ended 10/31/18		13.15		(0.00	)		(0.22	)		(0.22	)		(0.93	)		(0.95	)		(1.88	)		11.05		(2.49	)		15,528		1.56			1.57			(0.01	)		92
Year ended 10/31/17		10.45		0.03			2.74			2.77			–			(0.07	)		(0.07	)		13.15		26.62			11,457		1.57			1.62			0.27			95
Year ended 10/31/16		11.50		0.06	(e)		(0.50	)		(0.44	)		(0.55	)		(0.06	)		(0.61	)		10.45		(4.03	)		11,562		1.85			2.08			0.58	(e)		102
Year ended 10/31/15		11.00		0.01			0.49			0.50			–			(0.00	)		(0.00	)		11.50		4.57			12,854		1.85			2.76			0.11			89
Class C
Six months ended 04/30/20		8.08		0.04			(1.46	)		(1.42	)		–			(0.24	)		(0.24	)		6.42		(18.16	)		524		2.33	(d)		2.51	(d)		1.07	(d)		43
Year ended 10/31/19		10.76		(0.03	)		(1.73	)		(1.76	)		–			(0.92	)		(0.92	)		8.08		(17.20	)		898		2.33			2.40			(0.29	)		92
Year ended 10/31/18		12.86		(0.09	)		(0.22	)		(0.31	)		(0.84	)		(0.95	)		(1.79	)		10.76		(3.24	)		3,696		2.31			2.32			(0.76	)		92
Year ended 10/31/17		10.30		(0.06	)		2.69			2.63			–			(0.07	)		(0.07	)		12.86		25.65			2,812		2.32			2.37			(0.48	)		95
Year ended 10/31/16		11.34		(0.02	)(e)		(0.48	)		(0.50	)		(0.48	)		(0.06	)		(0.54	)		10.30		(4.68	)		2,385		2.60			2.83			(0.17	)(e)		102
Year ended 10/31/15		10.92		(0.07	)		0.49			0.42			–			(0.00	)		(0.00	)		11.34		3.87			2,350		2.60			3.51			(0.64	)		89
Class R
Six months ended 04/30/20		8.29		0.06			(1.51	)		(1.45	)		–			(0.24	)		(0.24	)		6.60		(18.06	)		144		1.83	(d)		2.01	(d)		1.57	(d)		43
Year ended 10/31/19		10.95		0.02			(1.76	)		(1.74	)		–			(0.92	)		(0.92	)		8.29		(16.68	)		210		1.83			1.90			0.21			92
Year ended 10/31/18		13.06		(0.03	)		(0.23	)		(0.26	)		(0.90	)		(0.95	)		(1.85	)		10.95		(2.81	)		211		1.81			1.82			(0.26	)		92
Year ended 10/31/17		10.40		0.00			2.73			2.73			–			(0.07	)		(0.07	)		13.06		26.37			132		1.82			1.87			0.02			95
Year ended 10/31/16		11.45		0.04	(e)		(0.50	)		(0.46	)		(0.53	)		(0.06	)		(0.59	)		10.40		(4.27	)		83		2.10			2.33			0.33	(e)		102
Year ended 10/31/15		10.98		(0.02	)		0.49			0.47			–			(0.00	)		(0.00	)		11.45		4.31			40		2.10			3.01			(0.14	)		89
Class Y
Six months ended 04/30/20		8.49		0.08			(1.55	)		(1.47	)		–			(0.24	)		(0.24	)		6.78		(17.87	)		1,820		1.33	(d)		1.51	(d)		2.07	(d)		43
Year ended 10/31/19		11.14		0.07			(1.80	)		(1.73	)		–			(0.92	)		(0.92	)		8.49		(16.27	)		4,507		1.33			1.40			0.71			92
Year ended 10/31/18		13.25		0.03			(0.23	)		(0.20	)		(0.96	)		(0.95	)		(1.91	)		11.14		(2.28	)		19,286		1.31			1.32			0.24			92
Year ended 10/31/17		10.51		0.06			2.75			2.81			–			(0.07	)		(0.07	)		13.25		26.85			12,145		1.32			1.37			0.52			95
Year ended 10/31/16		11.56		0.09	(e)		(0.50	)		(0.41	)		(0.58	)		(0.06	)		(0.64	)		10.51		(3.74	)		7,604		1.60			1.83			0.83	(e)		102
Year ended 10/31/15		11.02		0.04			0.50			0.54			–			(0.00	)		(0.00	)		11.56		4.93			7,709		1.60			2.51			0.36			89
Class R5
Six months ended 04/30/20		8.50		0.09			(1.55	)		(1.46	)		–			(0.24	)		(0.24	)		6.80		(17.73	)		5		1.21	(d)		1.22	(d)		2.19	(d)		43
Year ended 10/31/19		11.15		0.08			(1.81	)		(1.73	)		–			(0.92	)		(0.92	)		8.50		(16.25	)		7		1.24			1.25			0.80			92
Year ended 10/31/18		13.26		0.04			(0.23	)		(0.19	)		(0.97	)		(0.95	)		(1.92	)		11.15		(2.17	)		42		1.23			1.24			0.32			92
Year ended 10/31/17		10.50		0.07			2.76			2.83			–			(0.07	)		(0.07	)		13.26		27.07			47		1.22			1.25			0.62			95
Year ended 10/31/16		11.56		0.09	(e)		(0.51	)		(0.42	)		(0.58	)		(0.06	)		(0.64	)		10.50		(3.83	)		543		1.60			1.71			0.83	(e)		102
Year ended 10/31/15		11.02		0.04			0.50			0.54			–			(0.00	)		(0.00	)		11.56		4.93			578		1.60			2.38			0.36			89
Class R6
Six months ended 04/30/20		8.52		0.08			(1.55	)		(1.47	)		–			(0.24	)		(0.24	)		6.81		(17.81	)		35,480		1.21	(d)		1.22	(d)		2.19	(d)		43
Year ended 10/31/19		11.16		0.08			(1.80	)		(1.72	)		–			(0.92	)		(0.92	)		8.52		(16.14	)		42,256		1.16			1.17			0.88			92
Year ended 10/31/18		13.26		0.05			(0.23	)		(0.18	)		(0.97	)		(0.95	)		(1.92	)		11.16		(2.09	)		42,390		1.16			1.17			0.39			92
Year ended 10/31/17		10.50		0.07			2.76			2.83			–			(0.07	)		(0.07	)		13.26		27.07			47,232		1.22			1.25			0.62			95
Year ended 10/31/16		11.56		0.09	(e)		(0.51	)		(0.42	)		(0.58	)		(0.06	)		(0.64	)		10.50		(3.83	)		46,305		1.60			1.71			0.83	(e)		102
Year ended 10/31/15		11.02		0.04			0.50			0.54			–			(0.00	)		(0.00	)		11.56		4.93			609		1.60			2.38			0.36			89

^(a) Calculated using average shares outstanding.

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

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

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $3,757, $703, $169, $2,861, $6 and $41,476 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.00) and (0.00)%, $(0.08) and (0.75)%, $(0.02) and (0.25)%, $0.03 and 0.25%, $0.03 and 0.25% and $0.03 and 0.25% 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.

16                         Invesco Long/Short Equity Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Long/Short 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. 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 long-term capital appreciation.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

17                         Invesco Long/Short Equity Fund

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

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

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

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

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

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

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, volatility, variance, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, equity, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, volatility, variance, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total

18                         Invesco Long/Short Equity Fund

return swaps includes dividends on the underlying equity securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

K. 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.

L. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.800%
Next $250 million		0.770%
Next $500 million		0.750%
Next $1.5 billion		0.720%
Next $2.5 billion		0.700%
Next $2.5 billion		0.670%
Next $2.5 billion		0.650%
Over $10 billion		0.620%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.80%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.59%, 2.34%, 1.84%, 1.34%, 1.34% and 1.34%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $1,647 and reimbursed class level expenses of $3,084, $576, $137, $2,385, $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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

19                         Invesco Long/Short Equity Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $182 in front-end sales commissions from the sale of Class A shares and $0 and $44 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$34,502,656	$	–			$–	$	34,502,656
Money Market Funds		8,812,794		–			–		8,812,794
Total Investments in Securities		43,315,450		–			–		43,315,450
Other Investments - Assets*
Swap Agreements		–		999,733			–		999,733
Other Investments - Liabilities*
Swap Agreements		–		(3,675,490	)		–		(3,675,490	)
Total Other Investments		–		(2,675,757	)		–		(2,675,757	)
Total Investments		$43,315,450	$	(2,675,757	)		$–	$	40,639,693

* 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 April 30, 2020:

	Value
	Equity
Derivative Assets	Risk
Unrealized appreciation on swap agreements – OTC	$	999,733
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	999,733

20                         Invesco Long/Short Equity Fund

	Value
	Equity
Derivative Liabilities	Risk
Unrealized depreciation on swap agreements – OTC	$	(3,675,490	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(3,675,490	)

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 April 30, 2020.

	Financial	Financial
	Derivative	Derivative		Collateral
	Assets	Liabilities		(Received)/Pledged
			Net Value of			Net
Counterparty	Swap Agreements	Swap Agreements	Derivatives	Non-Cash	Cash	Amount
Morgan Stanley & Co. LLC	$1,031,428	$(3,718,396)	$(2,686,968)	$-	$-	$(2,686,968)

Effect of Derivative Investments for the six months ended April 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk
Realized Gain:
Swap agreements		$ 1,107,545
Change in Net Unrealized Appreciation (Depreciation):
Swap agreements		(3,057,895)
Total		$(1,950,350)

  The table below summarizes the average notional value of derivatives held during the period.

	Swap
	Agreements
Average notional value	$	93,449,509

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $113.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2019.

21                         Invesco Long/Short Equity Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $19,107,483 and $25,601,270, 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	$	3,615,177
Aggregate unrealized (depreciation) of investments		(9,991,793	)
Net unrealized appreciation (depreciation) of investments	$	(6,376,616	)

Cost of investments for tax purposes is $47,016,309.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		14,927		$	114,258			99,427		$	924,161
Class C		4,217			29,369			12,492			112,654
Class R		1,075			8,214			4,999			45,243
Class Y		23,166			169,143			396,704			3,784,587
Class R5		-			-			44			429
Class R6		447,865			3,692,686			806,209			7,394,849
Issued as reinvestment of dividends:
Class A		14,563			119,419			114,693			1,059,760
Class C		2,625			20,682			32,792			293,818
Class R		604			4,884			1,940			17,752
Class Y		10,192			84,590			135,852			1,267,502
Class R5		-			-			297			2,768
Class R6		146,765			1,222,556			383,648			3,583,271
Automatic conversion of Class C shares to Class A shares:
Class A		936			6,280			49,489			453,417
Class C		(977	)		(6,280	)		(51,063	)		(453,417	)
Reacquired:
Class A		(187,156	)		(1,447,186	)		(1,113,857	)		(10,036,462	)
Class C		(35,281	)		(261,759	)		(226,796	)		(1,952,097	)
Class R		(5,133	)		(41,854	)		(875	)		(7,705	)
Class Y		(295,978	)		(2,341,188	)		(1,733,039	)		(15,958,037	)
Class R5		-			-			(3,345	)		(30,904	)
Class R6		(345,903	)		(2,348,709	)		(28,048	)		(242,581	)
Net increase (decrease) in share activity		(203,493	)	$	(974,895	)		(1,118,437	)	$	(9,740,992	)

^(a) 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

On June 3, 2020, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on June 5, 2020. The Fund will be liquidated on or about August 5, 2020.

22                         Invesco Long/Short Equity Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account  Value (04/30/20)1	Expenses Paid During Period2	Ending Account Value (04/30/20)	Expenses Paid During Period2
Class A	$1,000.00	$820.30	$7.15	$1,017.01	$7.92	1.58%
Class C	1,000.00	818.40	10.53	1,013.28	11.66	2.33
Class R	1,000.00	819.40	8.28	1,015.76	9.17	1.83
Class Y	1,000.00	821.30	6.02	1,018.25	6.67	1.33
Class R5	1,000.00	822.70	5.48	1,018.85	6.07	1.21
Class R6	1,000.00	821.90	5.48	1,018.85	6.07	1.21

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

23                         Invesco Long/Short Equity Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. LSE-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Low Volatility Emerging Markets Fund
	Nasdaq:
	A: LVLAX   ∎  C: LVLCX  ∎  R: LVLRX ∎  Y: LVLYX  ∎  R5: LVLFX  ∎  R6: LVLSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required

by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

  Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Low Volatility Emerging Markets Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-14.10	%
Class C Shares	-14.14
Class R Shares	-14.09
Class Y Shares	-13.87
Class R5 Shares	-13.87
Class R6 Shares	-13.90
MSCI All Country World Index▼ (Broad Market Index)	-7.68
MSCI Emerging Markets Index▼ (Style-Specific Index)	-10.50
Lipper Emerging Market Funds Index⬛ (Peer Group Index)	-12.99
Source(s): ▼RIMES Technologies Corp.; ⬛Lipper Inc.
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 non-resident investors.     The MSCI Emerging Markets IndexSM 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Low Volatility Emerging Markets Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/17/13)	-3.99	%
5 Years	-5.75
1 Year	-21.48
Class C Shares
Inception (12/17/13)	-3.84	%
5 Years	-5.37
1 Year	-18.18
Class R Shares
Inception (12/17/13)	-3.38	%
5 Years	-4.93
1 Year	-17.18
Class Y Shares
Inception (12/17/13)	-2.89	%
5 Years	-4.45
1 Year	-16.72
Class R5 Shares
Inception (12/17/13)	-2.89	%
5 Years	-4.45
1 Year	-16.72
Class R6 Shares
Inception (12/17/13)	-2.91	%
5 Years	-4.48
1 Year	-16.75

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 class shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in

the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Low Volatility Emerging Markets Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Low Volatility Emerging Markets Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.75%
Brazil–3.20%
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		34,000	$	99,476
Qualicorp Consultoria e Corretora de Seguros S.A.		49,400		235,467
Sao Martinho S.A.		41,400		145,413
TOTVS S.A.		16,100		175,126
Transmissora Alianca de Energia Eletrica S.A.		25,900		130,979
Tupy S.A.		44,200		120,296
				906,757
Canada-0.24%
Atlas Corp.		9,196		68,602
Chile-0.22%
Cencosud S.A.		52,134		63,068
China-20.99%
Anhui Conch Cement Co. Ltd., A Shares		31,100		259,774
Bank of China Ltd., H Shares		541,000		204,576
China Lesso Group Holdings Ltd.		98,000		136,908
China Medical System Holdings Ltd.		111,000		130,612
China Minsheng Banking Corp. Ltd., H Shares		242,500		179,467
China Mobile Ltd.		32,500		259,945
China National Building Material Co. Ltd., H Shares		220,000		274,759
China National Chemical Engineering Co. Ltd., A Shares		61,800		53,892
China Overseas Grand Oceans Group Ltd.		249,000		154,790
China Resources Cement Holdings Ltd.		202,000		269,540
China Telecom Corp. Ltd., H Shares		804,000		275,392
China Yangtze Power Co. Ltd., A Shares		36,500		90,159
Chlitina Holding Ltd.		20,000		130,188
Dali Foods Group Co. Ltd.(a)		98,000		60,358
Daqin Railway Co. Ltd., A Shares		252,022		254,640
Fujian Sunner Development Co. Ltd.		84,400		260,066
Greenland Holdings Corp. Ltd., A Shares		295,000		233,444
Guangxi Guiguan Electric Power Co. Ltd., A Shares		92,900		56,218
Henan Shuanghui Investment & Development Co. Ltd., A Shares		43,600		249,837
Kunlun Energy Co. Ltd.		276,000		180,236
Livzon Pharmaceutical Group, Inc., A Shares		27,100		152,868
Livzon Pharmaceutical Group, Inc., H Shares		18,400		81,932
NetEase, Inc., ADR		753		259,755
Sany Heavy Industry Co. Ltd., A Shares		99,100		269,705
Shanghai Construction Group Co. Ltd., A Shares		563,400		259,532
Sun Art Retail Group Ltd.		166,500		275,298
Uni-President China Holdings Ltd.		65,000		64,508
Vipshop Holdings Ltd., ADR(b)		15,433		245,848

	Shares		Value
China-(continued)
Yantai Changyu Pioneer Wine Co. Ltd., B Shares		64,900	$	114,020
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(a)		53,800		201,200
Zoomlion Heavy Industry Science and Technology Co. Ltd., A Shares		344,100		312,281
				5,951,748
India-10.76%
Amara Raja Batteries Ltd.		9,486		71,604
Bajaj Auto Ltd.		6,821		237,736
Balkrishna Industries Ltd.		4,853		59,957
Bharat Electronics Ltd.		195,935		184,916
Bharti Infratel Ltd.		103,942		240,389
Colgate-Palmolive (India) Ltd.		13,904		268,270
Dabur India Ltd.		32,893		213,224
HCL Technologies Ltd.		14,022		100,887
Hero MotoCorp Ltd.		8,603		247,459
Hindustan Unilever Ltd.		7,962		231,694
ITC Ltd.		104,343		249,585
Nestle India Ltd.		1,122		266,905
NHPC Ltd.		660,346		180,869
NMDC Ltd.		178,707		188,665
Petronet LNG Ltd.		42,665		137,002
Sun TV Network Ltd.		33,520		170,334
				3,049,496
Indonesia-0.50%
PT Bukit Asam Tbk		1,126,100		141,716
Malaysia-1.56%
Carlsberg Brewery Malaysia Bhd., Class B		19,600		124,933
DiGi.Com Bhd.		49,600		53,345
Hartalega Holdings Bhd.		31,300		55,231
MISC Bhd.		79,600		145,828
Telekom Malaysia Bhd.		66,000		61,636
				440,973
Mexico-4.31%
America Movil S.A.B. de C.V., Class L, ADR		19,201		231,180
Arca Continental S.A.B. de C.V.		20,000		77,034
Coca-Cola FEMSA S.A.B. de C.V., Series L		40,200		161,961
Gruma S.A.B. de C.V., Class B		10,425		98,964
Kimberly-Clark de Mexico S.A.B. de C.V., Class A(b)		150,100		212,000
Megacable Holdings S.A.B. de C.V., Series CPO(c)		74,900		186,683
Wal-Mart de Mexico S.A.B. de C.V., Series V		105,600		253,999
				1,221,821
Pakistan-0.84%
Engro Fertilizers Ltd.		379,000		145,134
Fauji Fertilizer Co. Ltd.		133,500		92,437
				237,571
Poland-1.62%
PLAY Communications S.A.(a)		30,068		241,499

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Low Volatility Emerging Markets Fund

	Shares		Value
Poland-(continued)
Powszechny Zaklad Ubezpieczen S.A.		29,920	$	218,634
				460,133
Qatar-0.47%
Masraf Al Rayan Q.S.C.		69,365		72,681
Qatar Islamic Bank (S.A.Q)		13,977		59,310
				131,991
Russia-5.15%
LUKOIL PJSC, ADR		3,149		206,601
MMC Norilsk Nickel PJSC, ADR		9,242		252,676
Mobile TeleSystems PJSC, ADR		32,057		274,728
Mosenergo PJSC		2,128,000		56,324
Polyus PJSC		1,776		289,553
Rosseti PJSC		10,644,000		184,312
Severstal PJSC, GDR(a)		5,763		68,810
Surgutneftegas PJSC, ADR		12,696		61,576
Surgutneftegas PJSC, Preference Shares		135,200		66,209
				1,460,789
South Africa-4.00%
Anglo American Platinum Ltd.		3,136		165,571
Astral Foods Ltd.		25,362		264,709
Clicks Group Ltd.		14,629		182,229
Impala Platinum Holdings Ltd.		29,724		180,236
Kumba Iron Ore Ltd.		11,805		224,667
Reunert Ltd.		54,452		117,482
				1,134,894
South Korea-16.75%
Binggrae Co. Ltd.		2,987		156,383
Boryung Pharmaceutical Co. Ltd.		10,912		116,859
Cheil Worldwide, Inc.		13,677		196,687
Chong Kun Dang Pharmaceutical Corp.		3,938		309,643
Daelim Industrial Co. Ltd.		4,512		323,122
Daesang Corp.		7,293		131,540
Daewon Pharmaceutical Co. Ltd.		8,885		107,880
Dong-A ST Co. Ltd.		1,679		125,051
GS Holdings Corp.		6,091		191,431
Hyosung Corp.		4,307		247,694
Kakao Corp.		2,215		335,912
KEPCO Plant Service & Engineering Co. Ltd.		2,872		76,076
Kia Motors Corp.		7,985		195,268
Korea United Pharm., Inc.		8,850		127,206
KT&G Corp.		3,521		234,869
Kwang Dong Pharmaceutical Co. Ltd.		14,396		71,841
LG Uplus Corp.		25,105		275,990
NCSoft Corp.		484		253,748
Samjin Pharmaceutical Co. Ltd.		10,328		215,607
Samsung Electronics Co. Ltd., Preference Shares		7,378		256,951
SFA Engineering Corp.		8,354		240,648
SK Hynix, Inc.		2,723		185,297
SK Telecom Co. Ltd.		1,427		246,675
Yuhan Corp.		3,245		125,098
				4,747,476
Taiwan-16.71%
Asia Cement Corp.		181,000		263,508
Chang Hwa Commercial Bank Ltd.		144,000		93,888

	Shares		Value
Taiwan-(continued)
Chicony Electronics Co. Ltd.		35,000	$	98,406
Chipbond Technology Corp.		148,000		276,948
Chunghwa Telecom Co. Ltd.		80,000		293,667
CTBC Financial Holding Co. Ltd.		410,000		271,594
E.Sun Financial Holding Co. Ltd.		332,000		298,898
Far EasTone Telecommunications Co. Ltd.		45,000		99,806
First Financial Holding Co. Ltd.		256,000		186,750
Fubon Financial Holding Co. Ltd.		200,000		280,570
Fusheng Precision Co. Ltd.		14,000		76,883
Lite-On Technology Corp.		59,000		91,521
Pegatron Corp.		114,000		248,812
Pou Chen Corp.		117,000		109,043
Powertech Technology, Inc.		57,000		190,252
President Chain Store Corp.		15,000		154,764
SinoPac Financial Holdings Co. Ltd.		301,000		121,525
Syncmold Enterprise Corp.		31,500		81,754
Taishin Financial Holding Co. Ltd.		324,000		136,733
Taiwan Cement Corp.		217,000		310,226
Taiwan Cooperative Financial Holding Co. Ltd.		180,000		119,761
Taiwan Mobile Co. Ltd.		63,000		226,523
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,479		184,839
Teco Electric and Machinery Co. Ltd.		93,000		83,284
Uni-President Enterprises Corp.		123,000		284,504
Yuanta Financial Holding Co. Ltd.		270,000		152,200
				4,736,659
Thailand-7.27%
Advanced Info Service PCL, Foreign Shares		39,400		239,559
BTS Group Holdings PCL, Foreign Shares		628,200		221,556
Electricity Generating PCL, Foreign Shares		25,500		221,618
Intouch Holdings PCL, Foreign Shares		158,700		262,415
PTG Energy PCL, Foreign Shares		331,140		140,953
PTT Exploration & Production PCL, Foreign Shares		74,600		190,344
PTT PCL, Foreign Shares		167,400		182,173
Ratch Group PCL, Foreign Shares		123,300		249,717
Sri Trang Agro-Industry PCL, Foreign Shares		438,800		176,383
Thai Vegetable Oil PCL, Foreign Shares		108,500		81,565
Tipco Asphalt PCL, Foreign Shares		172,000		94,268
				2,060,551
Turkey-1.14%
Koza Altin Isletmeleri A.S.(b)		25,343		257,086
Tofas Turk Otomobil Fabrikasi A.S.		20,532		65,703
				322,789
United Arab Emirates-0.30%
Dubai Islamic Bank PJSC		86,794		86,365
United States-0.72%
JBS S.A.		46,900		205,612
Total Common Stocks & Other Equity Interests (Cost $31,680,650)				27,429,011

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Low Volatility Emerging Markets Fund

	Shares		Value
Money Market Funds-0.01%
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(d)(e) (Cost $1,586)		1,588	$	1,588
TOTAL INVESTMENTS IN SECURITIES-96.76% (Cost $31,682,236)				27,430,599
OTHER ASSETS LESS LIABILITIES-3.24%				918,540
NET ASSETS-100.00%			$	28,349,139

Investment Abbreviations:

ADR - American Depositary Receipt

CPO - Certificates of Ordinary Participation

GDR - Global Depositary Receipt

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 April 30, 2020 was $571,867, which represented 2.02% of the Fund’s Net Assets.

^(b) Non-income producing security.

^(c)  Each CPO represents two Series A shares.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain (Loss)	Value April 30, 2020	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio , Institutional Class*	$-	$	2,668,773	$	(2,668,773	)	$-	$    -	$        -		$1,096
Invesco Liquid Assets Portfolio, Institutional Class	-		1,916,120		(1,914,481	)	2	(53)	1,588		1,005
Invesco Treasury Portfolio, Institutional Class*	-		3,050,026		(3,050,026	)	-	-	-		1,200
Total	$-	$	7,634,919	$	(7,633,280	)	$2	$(53)	$1,588		$3,301
*   At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Staples	18.41	%
Communication Services	16.53
Materials	11.77
Industrials	10.82
Financials	8.76
Health Care	7.25
Information Technology	6.67
Consumer Discretionary	6.26
Utilities	4.76
Energy	4.15
Real Estate	1.37
Money Market Funds Plus Other Assets Less Liabilities	3.25

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month	Notional Value		Value		Unrealized Appreciation
Equity Risk
MSCI Emerging Markets Index		15	June-2020		$679,425		$43,566		$43,566

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Low Volatility Emerging Markets Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $31,680,650)	$	27,429,011
Investments in affiliated money market funds, at value (Cost $1,586)		1,588
Other investments:
Variation margin receivable - futures contracts		68,050
Foreign currencies, at value (Cost $1,093,839)		1,104,817
Receivable for:
Fund shares sold		120
Dividends		53,882
Investment for trustee deferred compensation and retirement plans		15,087
Other assets		50,214
Total assets		28,722,769
Liabilities:
Payable for:
Fund shares reacquired		1,392
Amount due custodian		158,752
Accrued foreign taxes		7,180
Accrued fees to affiliates		151,363
Accrued other operating expenses		39,856
Trustee deferred compensation and retirement plans		15,087
Total liabilities		373,630
Net assets applicable to shares outstanding	$	28,349,139
Net assets consist of:
Shares of beneficial interest	$	36,961,758
Distributable earnings (loss)		(8,612,619	)
	$	28,349,139

Net Assets:
Class A	$	981,184
Class C	$	94,673
Class R	$	175,250
Class Y	$	1,567,694
Class R5	$	5,245
Class R6	$	25,525,093
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		189,675
Class C		18,251
Class R		33,908
Class Y		304,534
Class R5		1,019
Class R6		4,965,402
Class A:
Net asset value per share	$	5.17
Maximum offering price per share (Net asset value of $5.17 ÷ 94.50%)	$	5.47
Class C:
Net asset value and offering price per share	$	5.19
Class R:
Net asset value and offering price per share	$	5.17
Class Y:
Net asset value and offering price per share	$	5.15
Class R5:
Net asset value and offering price per share	$	5.15
Class R6:
Net asset value and offering price per share	$	5.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Low Volatility Emerging Markets Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $47,466)	$	465,948
Dividends from affiliated money market funds		3,301
Total investment income		469,249
Expenses:
Advisory fees		142,354
Administrative services fees		2,271
Custodian fees		12,514
Distribution fees:
Class A		1,532
Class C		444
Class R		528
Transfer agent fees – A, C, R and Y		4,736
Transfer agent fees – R6		52
Trustees’ and officers’ fees and benefits		6,819
Registration and filing fees		32,538
Reports to shareholders		7,309
Professional services fees		30,272
Other		(7,568	)
Total expenses		233,801
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(67,028	)
Net expenses		166,773
Net investment income		302,476
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $6,533)		(1,197,173	)
Foreign currencies		(116,466	)
Futures contracts		(124,054	)
		(1,437,693	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $17,184)		(3,197,640	)
Foreign currencies		7,022
Futures contracts		28,306
		(3,162,312	)
Net realized and unrealized gain (loss)		(4,600,005	)
Net increase (decrease) in net assets resulting from operations	$	(4,297,529	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Low Volatility Emerging Markets Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31,   2019
Operations:
Net investment income	$	302,476		$	1,057,608
Net realized gain (loss)		(1,437,693	)		(3,080,749	)
Change in net unrealized appreciation (depreciation)		(3,162,312	)		3,090,358
Net increase (decrease) in net assets resulting from operations		(4,297,529	)		1,067,217
Distributions to shareholders from distributable earnings:
Class A		(33,731	)		(285,380	)
Class C		(1,673	)		(16,379	)
Class R		(5,215	)		(4,240	)
Class Y		(40,302	)		(267,769	)
Class R5		(179	)		(1,150	)
Class R6		(817,331	)		(4,826,089	)
Total distributions from distributable earnings		(898,431	)		(5,401,007	)
Share transactions–net:
Class A		(165,764	)		(478,756	)
Class C		21,246			(104,521	)
Class R		(1,978	)		194,869
Class Y		346,132			(20,305	)
Class R6		1,589,115			1,913,116
Net increase in net assets resulting from share transactions		1,788,751			1,504,403
Net increase (decrease) in net assets		(3,407,209	)		(2,829,387	)
Net assets:
Beginning of period		31,756,348			34,585,735
End of period	$	28,349,139		$	31,756,348

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco Low Volatility Emerging Markets Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$ 6.17		$0.05		$(0.89	)		$(0.84	)	$	(0.16	)		$       -			$(0.16	)		$5.17		(14.10	)%		$      981		1.33	%(d)		2.06	%(d)		1.75	%(d)		45	%
Year ended 10/31/19		7.08		0.19		(0.01	)		0.18			(0.17	)		(0.92	)		(1.09	)		6.17		2.81			1,366		1.33			2.32			2.96			77
Year ended 10/31/18		9.72		0.19		(1.42	)		(1.23	)		(0.19	)		(1.22	)		(1.41	)		7.08		(14.82	)		2,063		1.33			2.25			2.22			61
Year ended 10/31/17		8.64		0.17		1.32			1.49			(0.10	)		(0.31	)		(0.41	)		9.72		18.29			7,471		1.39			2.09			1.89			54
Year ended 10/31/16		8.08		0.17		0.46			0.63			(0.07	)		-			(0.07	)		8.64		7.98			3,617		1.72			2.27			2.08			63
Year ended 10/31/15		10.32		0.14		(1.91	)		(1.77	)		(0.35	)		(0.12	)		(0.47	)		8.08		(17.67	)		1,531		1.72			7.99			1.52			105
Class C
Six months ended 04/30/20		6.15		0.03		(0.88	)		(0.85	)		(0.11	)		-			(0.11	)		5.19		(14.14	)		95		2.08	(d)		2.81	(d)		1.00	(d)		45
Year ended 10/31/19		7.01		0.14		(0.02	)		0.12			(0.06	)		(0.92	)		(0.98	)		6.15		1.93			86		2.08			3.07			2.21			77
Year ended 10/31/18		9.65		0.12		(1.40	)		(1.28	)		(0.14	)		(1.22	)		(1.36	)		7.01		(15.49	)		203		2.08			3.00			1.47			61
Year ended 10/31/17		8.55		0.10		1.32			1.42			(0.01	)		(0.31	)		(0.32	)		9.65		17.38			323		2.14			2.84			1.14			54
Year ended 10/31/16		8.00		0.11		0.45			0.56			(0.01	)		-			(0.01	)		8.55		7.08			250		2.47			3.02			1.33			63
Year ended 10/31/15		10.26		0.07		(1.90	)		(1.83	)		(0.31	)		(0.12	)		(0.43	)		8.00		(18.29	)		41		2.47			8.74			0.77			105
Class R
Six months ended 04/30/20		6.16		0.04		(0.88	)		(0.84	)		(0.15	)		-			(0.15	)		5.17		(14.09	)		175		1.58	(d)		2.31	(d)		1.50	(d)		45
Year ended 10/31/19		7.06		0.17		(0.01	)		0.16			(0.14	)		(0.92	)		(1.06	)		6.16		2.44			219		1.58			2.57			2.71			77
Year ended 10/31/18		9.70		0.16		(1.41	)		(1.25	)		(0.17	)		(1.22	)		(1.39	)		7.06		(15.05	)		28		1.58			2.50			1.97			61
Year ended 10/31/17		8.62		0.14		1.32			1.46			(0.07	)		(0.31	)		(0.38	)		9.70		17.91			23		1.64			2.34			1.64			54
Year ended 10/31/16		8.06		0.15		0.46			0.61			(0.05	)		-			(0.05	)		8.62		7.68			26		1.97			2.52			1.83			63
Year ended 10/31/15		10.30		0.12		(1.90	)		(1.78	)		(0.34	)		(0.12	)		(0.46	)		8.06		(17.81	)		23		1.97			8.24			1.27			105
Class Y
Six months ended 04/30/20		6.15		0.06		(0.88	)		(0.82	)		(0.18	)		-			(0.18	)		5.15		(13.87	)		1,568		1.08	(d)		1.81	(d)		2.00	(d)		45
Year ended 10/31/19		7.09		0.20		(0.01	)		0.19			(0.21	)		(0.92	)		(1.13	)		6.15		3.03			1,470		1.08			2.07			3.21			77
Year ended 10/31/18		9.74		0.21		(1.42	)		(1.21	)		(0.22	)		(1.22	)		(1.44	)		7.09		(14.66	)		1,705		1.08			2.00			2.47			61
Year ended 10/31/17		8.66		0.19		1.32			1.51			(0.12	)		(0.31	)		(0.43	)		9.74		18.51			1,823		1.14			1.84			2.14			54
Year ended 10/31/16		8.10		0.19		0.46			0.65			(0.09	)		-			(0.09	)		8.66		8.25			1,987		1.47			2.02			2.33			63
Year ended 10/31/15		10.35		0.16		(1.92	)		(1.76	)		(0.37	)		(0.12	)		(0.49	)		8.10		(17.50	)		1,337		1.47			7.74			1.77			105
Class R5
Six months ended 04/30/20		6.15		0.06		(0.88	)		(0.82	)		(0.18	)		-			(0.18	)		5.15		(13.87	)		5		1.08	(d)		1.49	(d)		2.00	(d)		45
Year ended 10/31/19		7.09		0.20		(0.01	)		0.19			(0.21	)		(0.92	)		(1.13	)		6.15		3.03			6		1.08			1.76			3.21			77
Year ended 10/31/18		9.74		0.21		(1.42	)		(1.21	)		(0.22	)		(1.22	)		(1.44	)		7.09		(14.66	)		7		1.08			1.77			2.47			61
Year ended 10/31/17		8.66		0.19		1.32			1.51			(0.12	)		(0.31	)		(0.43	)		9.74		18.51			10		1.14			1.65			2.14			54
Year ended 10/31/16		8.10		0.18		0.47			0.65			(0.09	)		-			(0.09	)		8.66		8.25			130		1.47			1.87			2.33			63
Year ended 10/31/15		10.35		0.16		(1.92	)		(1.76	)		(0.37	)		(0.12	)		(0.49	)		8.10		(17.50	)		122		1.47			7.64			1.77			105
Class R6
Six months ended 04/30/20		6.14		0.06		(0.88	)		(0.82	)		(0.18	)		-			(0.18	)		5.14		(13.90	)		25,525		1.08	(d)		1.49	(d)		2.00	(d)		45
Year ended 10/31/19		7.08		0.20		(0.01	)		0.19			(0.21	)		(0.92	)		(1.13	)		6.14		3.04			28,608		1.08			1.76			3.21			77
Year ended 10/31/18		9.74		0.21		(1.43	)		(1.22	)		(0.22	)		(1.22	)		(1.44	)		7.08		(14.76	)		30,578		1.08			1.77			2.47			61
Year ended 10/31/17		8.65		0.19		1.33			1.52			(0.12	)		(0.31	)		(0.43	)		9.74		18.65			36,536		1.14			1.65			2.14			54
Year ended 10/31/16		8.10		0.19		0.45			0.64			(0.09	)		-			(0.09	)		8.65		8.12			36,970		1.47			1.87			2.33			63
Year ended 10/31/15		10.35		0.16		(1.92	)		(1.76	)		(0.37	)		(0.12	)		(0.49	)		8.10		(17.50	)		122		1.47			7.64			1.77			105

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,231, $89, $212, $1,460, $6 and $27,619 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 Low Volatility Emerging Markets Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Low Volatility Emerging Markets Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

    The Fund’s investment objective is long-term growth of capital.

    The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                      Invesco Low Volatility Emerging Markets Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying 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

14                      Invesco Low Volatility Emerging Markets Fund

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.935	%
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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.935%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.33%, 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 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, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

    For the six months ended April 30, 2020, the Adviser waived advisory fees of $62,169 and reimbursed class level expenses of $1,952, $141, $336, $2,307, $0 and $52 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $91 in front-end sales commissions from the sale of Class A shares and $0 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily

15                      Invesco Low Volatility Emerging Markets Fund

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Brazil	$	906,757	$	–		$–	$	906,757
Canada		68,602		–		–		68,602
Chile		63,068		–		–		63,068
China		505,603		5,446,145		–		5,951,748
India		–		3,049,496		–		3,049,496
Indonesia		–		141,716		–		141,716
Malaysia		–		440,973		–		440,973
Mexico		1,221,821		–		–		1,221,821
Pakistan		–		237,571		–		237,571
Poland		–		460,133		–		460,133
Qatar		–		131,991		–		131,991
Russia		1,254,188		206,601		–		1,460,789
South Africa		–		1,134,894		–		1,134,894
South Korea		–		4,747,476		–		4,747,476
Taiwan		184,839		4,551,820		–		4,736,659
Thailand		262,415		1,798,136		–		2,060,551
Turkey		–		322,789		–		322,789
United Arab Emirates		–		86,365		–		86,365
United States		205,612		–		–		205,612
Money Market Funds		1,588		–		–		1,588
Total Investments in Securities		4,674,493		22,756,106		–		27,430,599
Other Investments - Assets*
Futures Contracts		43,566		–		–		43,566
Total Investments	$	4,718,059	$	22,756,106		$–	$	27,474,165

* Unrealized appreciation.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

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 April 30, 2020:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	43,566
Derivatives not subject to master netting agreements		(43,566	)
Total Derivative Assets subject to master netting agreements	$	–

^(a)  The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

16                      Invesco Low Volatility Emerging Markets Fund

Effect of Derivative Investments for the six months ended April 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain (Loss):
Futures contracts		$(124,054)
Change in Net Unrealized Appreciation:
Futures contracts		28,306
Total		$  (95,748)

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	895,409

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $71.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	2,239,103	$	734,067	$	2,973,170

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $14,441,097 and $13,064,070, 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	$	1,383,611
Aggregate unrealized (depreciation) of investments		(5,793,310	)
Net unrealized appreciation (depreciation) of investments	$	(4,409,699	)

Cost of investments for tax purposes is $31,883,864.

17                      Invesco Low Volatility Emerging Markets Fund

NOTE 10–Share Information

		Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		15,860		$	94,178			74,512		$	471,547
Class C		7,046			39,304			2,180			13,793
Class R		2,666			16,530			31,343			193,448
Class Y		141,217			753,266			51,885			332,295
Class R6		260,260			1,198,511			102,888			652,695
Issued as reinvestment of dividends:
Class A		5,352			33,128			46,405			280,288
Class C		252			1,565			2,541			15,397
Class R		818			5,069			526			3,186
Class Y		6,451			39,736			44,017			264,544
Class R6		132,870			817,152			804,156			4,824,939
Automatic conversion of Class C shares to Class A shares:
Class A		8			45			4,367			27,389
Class C		(8	)		(45	)		(4,353	)		(27,389	)
Reacquired:
Class A		(53,101	)		(293,115	)		(195,289	)		(1,257,980	)
Class C		(3,077	)		(19,578	)		(15,334	)		(106,322	)
Class R		(5,181	)		(23,577	)		(280	)		(1,765	)
Class Y		(82,153	)		(446,870	)		(97,454	)		(617,144	)
Class R6		(84,886	)		(426,548	)		(567,930	)		(3,564,518	)
Net increase in share activity		344,394		$	1,788,751			284,180		$	1,504,403

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

In addition, 90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

On June 3, 2020, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of the Fund. In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on June 5, 2020. The Fund will be liquidated on or about August 5, 2020.

18                      Invesco Low Volatility Emerging Markets Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning     Account Value     (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized     Expense Ratio
		Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses    Paid During     Period2
Class A	$1,000.00	$859.00	$6.15	$1,018.25	$6.67	1.33%
Class C	1,000.00	858.60	9.61	1,014.52	10.42	2.08
Class R	1,000.00	859.10	7.30	1,017.01	7.92	1.58
Class Y	1,000.00	861.30	5.00	1,019.49	5.42	1.08
Class R5	1,000.00	861.30	5.00	1,019.49	5.42	1.08
Class R6	1,000.00	861.00	5.00	1,019.49	5.42	1.08

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                      Invesco Low Volatility Emerging Markets Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. LVEM-SAR-1                    

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Macro Allocation Strategy Fund
	Nasdaq:
	A: GMSDX  ∎  C: GMSEX  ∎  R: GMSJX  ∎  Y: GMSHX  ∎  R5: GMSKX  ∎  R6: GMSLX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Consolidated Schedule of Investments
9	Consolidated Financial Statements
12	Consolidated Financial Highlights
13	Notes to Consolidated Financial Statements
21	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those

services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                         Invesco Macro Allocation Strategy Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-9.29	%
Class C Shares	-9.67
Class R Shares	-9.50
Class Y Shares	-9.15
Class R5 Shares	-9.24
Class R6 Shares	-9.15
Bloomberg Barclays 3-Month Treasury Bellwether Index▼ (Broad Market/Style-Specific Index)	0.85
Lipper Absolute Return Funds Index∎ (Peer Group Index)	-5.19
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg Barclays 3-Month Treasury Bellwether Index measures the performance of treasury bills with maturities of less than three months.   The Lipper Absolute Return Funds Index is an unmanaged index considered representative of absolute return funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

   Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Macro Allocation Strategy Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception	1.18	%
5 Years	-0.20
1 Year	-16.20
Class C Shares
Inception	1.18	%
5 Years	0.16
1 Year	-12.95
Class R Shares
Inception	1.71	%
5 Years	0.68
1 Year	-11.65
Class Y Shares
Inception (9/26/12)	2.21	%
5 Years	1.20
1 Year	-11.20
Class R5 Shares
Inception	2.21	%
5 Years	1.18
1 Year	-11.20
Class R6 Shares
Inception	2.20	%
5 Years	1.18
1 Year	-11.20

On August 28, 2013, Class H1 shares converted to Class Y shares.

    Class A shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class C shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class R shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class R5 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    Class R6 shares incepted on August 28, 2013. Performance shown prior to that date is that of Class H1 shares and includes the 12b-1 fees applicable to Class H1 shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in

net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Macro Allocation Strategy Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                         Invesco Macro Allocation Strategy Fund

Consolidated Schedule of Investments

April 30, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-34.68%
U.S. Treasury Bills-14.08%(a)
U.S. Treasury Bills		1.56%		05/07/2020		$          945		$     944,760
U.S. Treasury Bills		1.56%		06/04/2020		1,320		1,318,096
								2,262,856
U.S. Treasury Notes-20.60%(b)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)		0.15%		07/31/2020		1,160		1,160,126
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)		0.26%		01/31/2022		1,600		1,602,386
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)		0.22%		04/30/2022		550		550,114
								3,312,626
Total U.S. Treasury Securities (Cost $5,572,856)								5,575,482
					Shares
Money Market Funds-47.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)						3,133,256		3,133,256
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)						1,333,438		1,334,238
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 0.73%(c)(d)						938,264		938,264
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)						2,166,007		2,166,007
Total Money Market Funds (Cost $7,570,538)								7,571,765
TOTAL INVESTMENTS IN SECURITIES-81.78% (Cost $13,143,394)								13,147,247
OTHER ASSETS LESS LIABILITIES-18.22%								2,930,056
NET ASSETS-100.00%								$16,077,303

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 April 30, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  5,908,864		$  3,142,085		$  (5,917,693)		$     -		$    -		$3,133,256	$	30,812
Invesco Liquid Assets Portfolio, Institutional Class		2,087,313		2,318,126		(3,071,827)		594		32		1,334,238		13,606
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		1,131,100		4,825,597		(5,018,433)		-		-		938,264		8,435
Invesco Treasury Portfolio, Institutional Class		3,338,130		3,590,955		(4,763,078)		-		-		2,166,007		17,405
Total		$12,465,407		$13,876,763		$(18,771,031)		$594		$32		$7,571,765	$	70,258

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6                         Invesco Macro Allocation Strategy Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts	Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Commodity Risk
Cocoa	20		July-2020	$	482,800		$	(32,687	)	$	(32,687	)
Coffee ’C’	3		July-2020		119,588			(16,024	)		(16,024	)
Gold	5		June-2020		847,100			16,966			16,966
KC HRW Wheat	1		July-2020		24,400			1,397			1,397
LME Aluminum	10		May-2020		366,687			(38,175	)		(38,175	)
LME Copper	3		June-2020		388,425			26,541			26,541
LME Copper	3		September-2020		389,756			26,897			26,897
LME Nickel	7		May-2020		509,796			(20,491	)		(20,491	)
LME Zinc	2		June-2020		96,838			1,463			1,463
Silver	5		July-2020		374,325			(22,758	)		(22,758	)
Soybean Meal	13		July-2020		383,630			(3,303	)		(3,303	)
Sugar 11	4		February-2021		50,714			(12,329	)		(12,329	)
Wheat	12		July-2020		314,550			(17,092	)		(17,092	)
Subtotal								(89,595	)		(89,595	)
Equity Risk
Hang Seng Index	1		May-2020		158,026			4,352			4,352
Tokyo Stock Price Index	2		June-2020		270,978			13,785			13,785
Subtotal								18,137			18,137
Interest Rate Risk
Australia 10 Year Bonds	38		June-2020		3,685,896			(47,642	)		(47,642	)
Canada 10 Year Bonds	27		June-2020		2,897,755			168,803			168,803
Long Gilt	12		June-2020		2,081,197			52,742			52,742
U.S. Treasury Long Bonds	7		June-2020		1,267,219			98,953			98,953
Subtotal								272,856			272,856
Subtotal–Long Futures Contracts								201,398			201,398
Short Futures Contracts
Commodity Risk
Brent Crude	6		September-2020		(192,600	)		22,564			22,564
Corn	38		July-2020		(608,000	)		64,519			64,519
Cotton No.2	2		December-2020		(58,920	)		(7,070	)		(7,070	)
Lean Hogs	29		December-2020		(657,140	)		89,597			89,597
Live Cattle	2		December-2020		(80,200	)		10,513			10,513
LME Aluminum	44		May-2020		(1,613,425	)		243,229			243,229
LME Copper	3		June-2020		(388,425	)		38,151			38,151
LME Copper	1		September-2020		(129,919	)		(1,772	)		(1,772	)
LME Nickel	2		May-2020		(145,656	)		(3,768	)		(3,768	)
LME Zinc	9		June-2020		(435,769	)		7,288			7,288
Low Sulphur Gas Oil	3		June-2020		(76,425	)		(10,008	)		(10,008	)
Natural Gas	21		November-2020		(624,750	)		(114,734	)		(114,734	)
New York Harbor Ultra-Low Sulfur Diesel	9		May-2020		(314,912	)		62,614			62,614
RBOB Gasoline	7		May-2020		(230,408	)		(17,601	)		(17,601	)
Soybeans	2		July-2020		(85,525	)		4,602			4,602
Soybean Oil	52		July-2020		(829,920	)		63,692			63,692
WTI Crude	8		October-2020		(229,760	)		28,638			28,638
Subtotal								480,454			480,454

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7                         Invesco Macro Allocation Strategy Fund

Open Futures Contracts(a)–(continued)
Short Futures Contracts	Number of Contracts	Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index	6		June-2020		$  (870,720)		$	(96,336	)	$	(96,336	)
EURO STOXX 50 Index	8		June-2020		(253,097	)		(20,889	)		(20,889	)
FTSE 100 Index	1		June-2020		(74,122	)		(5,532	)		(5,532	)
MSCI EAFE Index	10		June-2020		(819,150	)		(99,909	)		(99,909	)
MSCI Emerging Markets Mini Index	15		June-2020		(679,425	)		(48,510	)		(48,510	)
S&P/TSX 60 Index	2		June-2020		(255,239	)		(27,500	)		(27,500	)
Subtotal								(298,676	)		(298,676	)
Interest Rate Risk
10 Year Mini Japanese Government Bonds	10		June-2020		(1,423,380	)		85			85
Subtotal–Short Futures Contracts								181,863			181,863
Total Futures Contracts							$	383,261		$	383,261

^(a)  Futures contracts collateralized by $2,005,000 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.    

Target Risk Allocation and Notional Asset Weights

By asset class, based on Net Assets as of April 30, 2020

Asset Class	Target Risk Allocation*		Notional Asset Weights**
Equities		8.74%		(1.15	)%
Fixed Income		55.93		50.48
Commodities		35.33		(14.51	)
Total		100.00		34.82

* 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 Allocations. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 5,572,856)	$  5,575,482
Investments in affiliated money market funds, at value (Cost $ 7,570,538)	7,571,765
Other investments:
Unrealized appreciation on LME futures contracts	343,569
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	2,005,000
Cash collateral – exchange-traded options contracts	715,000
Cash	570,289
Receivable for:
Fund shares sold	23,832
Fund expenses absorbed	4,364
Dividends	2,351
Interest	22
Investment for trustee deferred compensation and retirement plans	21,483
Other assets	23,508
Total assets	16,856,665
Liabilities:
Other investments:
Variation margin payable - futures contracts	21,031
Unrealized depreciation on LME futures contracts	64,206
Payable for:
Investments purchased	550,000
Fund shares reacquired	64,172
Accrued fees to affiliates	8,011
Accrued other operating expenses	49,440
Trustee deferred compensation and retirement plans	22,502
Total liabilities	779,362
Net assets applicable to shares outstanding	$16,077,303

Net assets consist of:
Shares of beneficial interest	$	19,639,495
Distributable earnings (loss)		(3,562,192	)
	$	16,077,303
Net Assets:
Class A	$	2,350,438
Class C	$	1,568,511
Class R	$	92,426
Class Y	$	11,644,598
Class R5	$	7,637
Class R6	$	413,693
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		294,625
Class C		198,416
Class R		11,594
Class Y		1,450,408
Class R5		952
Class R6		51,611
Class A:
Net asset value per share	$	7.98
Maximum offering price per share
(Net asset value of $7.98 ÷ 94.50%)	$	8.44
Class C:
Net asset value and offering price per share	$	7.91
Class R:
Net asset value and offering price per share	$	7.97
Class Y:
Net asset value and offering price per share	$	8.03
Class R5:
Net asset value and offering price per share	$	8.02
Class R6:
Net asset value and offering price per share	$	8.02

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Interest	$	79,822
Dividends from affiliated money market funds		70,258
Total investment income		150,080
Expenses:
Advisory fees		125,093
Administrative services fees		1,927
Custodian fees		6,526
Distribution fees:
Class A		4,751
Class C		12,996
Class R		298
Transfer agent fees – A, C, R and Y		16,410
Transfer agent fees – R5		4
Transfer agent fees – R6		165
Trustees’ and officers’ fees and benefits		6,818
Registration and filing fees		36,809
Reports to shareholders		10,746
Professional services fees		35,638
Other		(6,304	)
Total expenses		251,877
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(104,076	)
Net expenses		147,801
Net investment income		2,279
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,236	)
Foreign currencies		10,052
Futures contracts		(2,173,240	)
Option contracts written		(232,832	)
Swap agreements		(209,279	)
		(2,606,535	)
Change in net unrealized appreciation of:
Investment securities		6,814
Foreign currencies		1,100
Futures contracts		213,010
Option contracts written		18,848
Swap agreements		9,331
		249,103
Net realized and unrealized gain (loss)		(2,357,432	)
Net increase (decrease) in net assets resulting from operations	$	(2,355,153	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10                         Invesco Macro Allocation Strategy Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	2,279		$	348,757
Net realized gain (loss)		(2,606,535	)		564,468
Change in net unrealized appreciation		249,103			2,139,695
Net increase (decrease) in net assets resulting from operations		(2,355,153	)		3,052,920
Distributions to shareholders from distributable earnings:
Class A		(346,934	)		(8,941	)
Class C		(189,555	)		(2,712	)
Class R		(8,631	)		(132	)
Class Y		(1,267,812	)		(90,851	)
Class R5		(666	)		(26	)
Class R6		(22,043	)		(1,402	)
Total distributions from distributable earnings		(1,835,641	)		(104,064	)
Share transactions-net:
Class A		(1,917,017	)		140,945
Class C		(1,328,288	)		(3,216,646	)
Class R		(15,407	)		20,547
Class Y		(3,160,037	)		(14,993,601	)
Class R6		228,237			(226,782	)
Net increase (decrease) in net assets resulting from share transactions		(6,192,512	)		(18,275,537	)
Net increase (decrease) in net assets		(10,383,306	)		(15,326,681	)
Net assets:
Beginning of period		26,460,609			41,787,290
End of period	$	16,077,303		$	26,460,609

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11                         Invesco Macro Allocation Strategy Fund

Consolidated Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$	9.47		$	(0.00	)		$	(0.82	)		$	(0.82	)		$	(0.67	)		$	–			$	(0.67	)		$	7.98		(9.29	)%		$	2,350		1.39	%(d)		2.31	%(d)		(0.07	)%(d)		37	%
Year ended 10/31/19			8.81			0.08				0.60				0.68				(0.02	)			–				(0.02	)			9.47		7.67				4,982		1.37	(e)		2.12	(e)		0.87	(e)		0
Year ended 10/31/18			9.60			0.03				(0.40	)			(0.37	)			–				(0.42	)			(0.42	)			8.81		(4.03	)			4,491		1.36			2.12			0.29			94
Year ended 10/31/17			10.26			(0.06	)			0.68				0.62				(1.28	)			–				(1.28	)			9.60		6.55				4,645		1.41			2.30			(0.66	)		25
Year ended 10/31/16			9.70			(0.13	)			0.91				0.78				(0.22	)			–				(0.22	)			10.26		8.21				5,865		1.63			2.19			(1.31	)		75
Year ended 10/31/15			10.02			(0.16	)			0.18				0.02				(0.15	)			(0.19	)			(0.34	)			9.70		0.18				7,418		1.70	(e)		2.03	(e)		(1.64	)(e)		0
Class C
Six months ended 04/30/20			9.30			(0.04	)			(0.80	)			(0.84	)			(0.55	)			–				(0.55	)			7.91		(9.56	)			1,569		2.14	(d)		3.06	(d)		(0.82	)(d)		37
Year ended 10/31/19			8.71			0.01				0.58				0.59				(0.00	)			–				(0.00	)			9.30		6.82				3,329		2.12	(e)		2.87	(e)		0.12	(e)		0
Year ended 10/31/18			9.57			(0.04	)			(0.40	)			(0.44	)			–				(0.42	)			(0.42	)			8.71		(4.80	)			6,167		2.11			2.87			(0.46	)		94
Year ended 10/31/17			10.20			(0.13	)			0.69				0.56				(1.19	)			–				(1.19	)			9.57		5.90				7,398		2.16			3.05			(1.41	)		25
Year ended 10/31/16			9.62			(0.20	)			0.90				0.70				(0.12	)			–				(0.12	)			10.20		7.41				7,540		2.38			2.94			(2.06	)		75
Year ended 10/31/15			9.94			(0.24	)			0.18				(0.06	)			(0.07	)			(0.19	)			(0.26	)			9.62		(0.63	)			8,155		2.45	(e)		2.78	(e)		(2.39	)(e)		0
Class R
Six months ended 04/30/20			9.44			(0.01	)			(0.83	)			(0.84	)			(0.63	)			–				(0.63	)			7.97		(9.50	)			92		1.64	(d)		2.56	(d)		(0.32	)(d)		37
Year ended 10/31/19			8.80			0.06				0.59				0.65				(0.01	)			–				(0.01	)			9.44		7.41				128		1.62	(e)		2.37	(e)		0.62	(e)		0
Year ended 10/31/18			9.61			0.00				(0.39	)			(0.39	)			–				(0.42	)			(0.42	)			8.80		(4.24	)			100		1.61			2.37			0.04			94
Year ended 10/31/17			10.25			(0.09	)			0.70				0.61				(1.25	)			–				(1.25	)			9.61		6.42				54		1.66			2.55			(0.91	)		25
Year ended 10/31/16			9.69			(0.15	)			0.90				0.75				(0.19	)			–				(0.19	)			10.25		7.86				42		1.88			2.44			(1.56	)		75
Year ended 10/31/15			10.00			(0.19	)			0.20				0.01				(0.13	)			(0.19	)			(0.32	)			9.69		0.00				24		1.95	(e)		2.28	(e)		(1.89	)(e)		0
Class Y
Six months ended 04/30/20			9.54			0.01				(0.82	)			(0.81	)			(0.70	)			–				(0.70	)			8.03		(9.15	)			11,645		1.14	(d)		2.06	(d)		0.18	(d)		37
Year ended 10/31/19			8.87			0.10				0.60				0.70				(0.03	)			–				(0.03	)			9.54		7.88				17,768		1.12	(e)		1.87	(e)		1.12	(e)		0
Year ended 10/31/18			9.64			0.05				(0.40	)			(0.35	)			–				(0.42	)			(0.42	)			8.87		(3.80	)			30,581		1.11			1.87			0.54			94
Year ended 10/31/17			10.29			(0.04	)			0.70				0.66				(1.31	)			–				(1.31	)			9.64		6.93				30,657		1.16			2.05			(0.41	)		25
Year ended 10/31/16			9.73			(0.10	)			0.91				0.81				(0.25	)			–				(0.25	)			10.29		8.51				38,019		1.38			1.94			(1.06	)		75
Year ended 10/31/15			10.05			(0.14	)			0.19				0.05				(0.18	)			(0.19	)			(0.37	)			9.73		0.44				47,740		1.45	(e)		1.78	(e)		(1.39	)(e)		0
Class R5
Six months ended 04/30/20			9.54			0.01				(0.83	)			(0.82	)			(0.70	)			–				(0.70	)			8.02		(9.26	)			8		1.14	(d)		2.02	(d)		0.18	(d)		37
Year ended 10/31/19			8.88			0.11				0.58				0.69				(0.03	)			–				(0.03	)			9.54		7.76				9		1.12	(e)		1.83	(e)		1.12	(e)		0
Year ended 10/31/18			9.65			0.05				(0.40	)			(0.35	)			–				(0.42	)			(0.42	)			8.88		(3.79	)			8		1.11			1.82			0.54			94
Year ended 10/31/17			10.30			(0.04	)			0.70				0.66				(1.31	)			–				(1.31	)			9.65		6.93				9		1.15			1.97			(0.40	)		25
Year ended 10/31/16			9.74			(0.10	)			0.91				0.81				(0.25	)			–				(0.25	)			10.30		8.50				10		1.38			1.83			(1.06	)		75
Year ended 10/31/15			10.06			(0.14	)			0.19				0.05				(0.18	)			(0.19	)			(0.37	)			9.74		0.44				9		1.45	(e)		1.65	(e)		(1.39	)(e)		0
Class R6
Six months ended 04/30/20			9.53			0.01				(0.82	)			(0.81	)			(0.70	)			–				(0.70	)			8.02		(9.15	)			414		1.14	(d)		2.03	(d)		0.18	(d)		37
Year ended 10/31/19			8.86			0.10				0.60				0.70				(0.03	)			–				(0.03	)			9.53		7.89				244		1.12	(e)		1.83	(e)		1.12	(e)		0
Year ended 10/31/18			9.63			0.05				(0.40	)			(0.35	)			–				(0.42	)			(0.42	)			8.86		(3.80	)			440		1.11			1.82			0.54			94
Year ended 10/31/17			10.29			(0.04	)			0.69				0.65				(1.31	)			–				(1.31	)			9.63		6.83				345		1.15			1.97			(0.40	)		25
Year ended 10/31/16			9.73			(0.10	)			0.91				0.81				(0.25	)			–				(0.25	)			10.29		8.51				234		1.38			1.83			(1.06	)		75
Year ended 10/31/15			10.05			(0.14	)			0.19				0.05				(0.18	)			(0.19	)			(0.37	)			9.73		0.44				100,759		1.45	(e)		1.65	(e)		(1.39	)(e)		0

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $3,820, $2,613, $120, $15,969, $8 and $340 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds was 0.11% and 0.11% for the years ended October 31, 2019 and October 31, 2015, respectively.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12                         Invesco Macro Allocation Strategy Fund

Notes to Consolidated Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Macro Allocation Strategy Fund (the “Fund”), is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund V Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek a positive absolute return over a complete economic and market cycle.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

13                         Invesco Macro Allocation Strategy Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”).

Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign

14                         Invesco Macro Allocation Strategy Fund

currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Futures Contracts – The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as unrealized appreciation or depreciation on the Statement of Assets and Liabilities. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

M. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period.

Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

N. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

15                         Invesco Macro Allocation Strategy Fund

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

O. Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange-traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

P. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Q. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser less the amount paid by the Subsidiary to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		1.100%
Next $250 million		1.080%
Next $500 million		1.050%
Next $1.5 billion		1.030%
Next $2.5 billion		1.000%
Next $2.5 billion		0.980%
Next $2.5 billion		0.950%
Over $10 billion		0.930%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 1.10%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, formerly Invesco PowerShares Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.44%, 2.19%, 1.69%, 1.19%, 1.19% and 1.19%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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 waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $83,632 and reimbursed class level expenses of $3,413, $2,334, $107, $14,260, $6 and $252 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

16                         Invesco Macro Allocation Strategy Fund

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as

Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $211 in front-end sales commissions from the sale of Class A shares and $0 and $11 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –  Prices are determined using quoted prices in an active market for identical assets.

Level 2 –  Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 –  Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1				Level 2			Level 3			Total
Investments in Securities
U.S. Treasury Securities		$	–			$	5,575,482		$	–		$	5,575,482
Money Market Funds			7,571,765				–			–			7,571,765
Total Investments in Securities			7,571,765				5,575,482			–			13,147,247
Other Investments - Assets*
Futures Contracts			1,047,391				–			–			1,047,391
Other Investments - Liabilities*
Futures Contracts			(664,130	)			–			–			(664,130	)
Total Other Investments			383,261				–			–			383,261
Total Investments		$	7,955,026			$	5,575,482		$	–		$	13,530,508

* 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.

17                         Invesco Macro Allocation Strategy Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2020:

	Value
Derivative Assets	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)		$	708,671			$	18,137			$	320,583			$	1,047,391
Derivatives not subject to master netting agreements			(708,671	)			(18,137	)			(320,583	)			(1,047,391	)
Total Derivative Assets subject to master netting agreements		$	-			$	-			$	-			$	-
	Value
Derivative Liabilities	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)		$	(317,812	)		$	(298,676	)		$	(47,642	)		$	(664,130	)
Derivatives not subject to master netting agreements			317,812				298,676				47,642				664,130
Total Derivative Liabilities subject to master netting agreements		$	-			$	-			$	-			$	-

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended April 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Consolidated Statement of Operations
	Commodity Risk				Equity Risk				Interest Rate Risk				Total
Realized Gain (Loss):
Futures contracts		$	(1,568,651	)		$	(553,601	)		$	(50,988	)		$	(2,173,240	)
Options written			-				(232,832	)			-				(232,832	)
Swap agreements			(209,279	)			-				-				(209,279	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			408,181				(598,815	)			403,644				213,010
Options written			-				18,848				-				18,848
Swap agreements			9,331				-				-				9,331
Total		$	(1,360,418	)		$	(1,366,400	)		$	352,656			$	(2,374,162	)

The table below summarizes the average notional value of derivatives held during the period.    

	Futures Contracts		Index Options Written		Swap Agreements
Average notional value		$30,929,482		$3,950,860		$3,950,796
Average Contracts		-		67		-

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $72.

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.

18                         Invesco Macro Allocation Strategy Fund

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	1,251,861		$	104,888		$	1,356,749

* 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 long-term U.S. government obligations (other than short-term securities and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $2,150,000 and $5,939,603, 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	$1,091,171
Aggregate unrealized (depreciation) of investments	(664,130	)
Net unrealized appreciation of investments	$   427,041

Cost of investments for tax purposes is $13,103,467.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		29,433		$	241,801			160,245		$	1,447,381
Class C		14,801			124,647			31,584			283,409
Class R		868			7,081			2,178			20,426
Class Y		274,589			2,370,488			1,133,962			10,444,941
Class R6		29,702			256,353			29,770			277,704
Issued as reinvestment of dividends:
Class A		28,184			247,456			738			6,626
Class C		19,893			173,465			275			2,441
Class R		915			8,030			13			121
Class Y		117,375			1,036,418			6,331			57,167
Class R6		2,426			21,377			153			1,376
Automatic conversion of Class C shares to Class A shares:
Class A		7,111			60,898			131,466			1,235,964
Class C		(7,167	)		(60,898	)		(133,522	)		(1,235,964	)
Reacquired:
Class A		(296,344	)		(2,467,172	)		(275,862	)		(2,549,026	)
Class C		(186,922	)		(1,565,502	)		(248,288	)		(2,266,532	)
Class R		(3,791	)		(30,518	)		-			-
Class Y		(803,335	)		(6,566,943	)		(2,725,709	)		(25,495,709	)
Class R6		(6,081	)		(49,493	)		(54,011	)		(505,862	)
Net increase (decrease) in share activity		(778,343	)	$	(6,192,512	)		(1,940,677	)	$	(18,275,537	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its

19                         Invesco Macro Allocation Strategy Fund

investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

20                         Invesco Macro Allocation Strategy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)1		Expenses Paid During Period2		Ending Account Value (04/30/20)		Expenses Paid During Period2
Class A		$1,000.00		$905.90		$6.59		$1,017.95		$6.97		1.39%
Class C		1,000.00		903.30		10.13		1,014.22		10.72		2.14
Class R		1,000.00		905.00		7.77		1,016.71		8.22		1.64
Class Y		1,000.00		908.50		5.41		1,019.19		5.72		1.14
Class R5		1,000.00		908.50		5.41		1,019.19		5.72		1.14
Class R6		1,000.00		907.40		5.41		1,019.19		5.72		1.14

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

21                         Invesco Macro Allocation Strategy Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                     Invesco Distributors, Inc.                                                                                       MAS-SAR-1            

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Multi-Asset Income Fund
	Nasdaq:
	A: PIAFX  ∎  C: PICFX  ∎  R: PIRFX  ∎  Y: PIYFX  ∎  R5: IPNFX  ∎  R6: PIFFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
25	Financial Statements
28	Financial Highlights
29	Notes to Financial Statements
38	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

   We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.   Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

   In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

    For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Multi-Asset Income Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–15.41	%
Class C Shares	–15.76
Class R Shares	–15.52
Class Y Shares	–15.30
Class R5 Shares	–15.37
Class R6 Shares	–15.29
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	4.86
Custom Invesco Multi-Asset Income Index∎ (Style-Specific Index)	1.34
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	–2.51
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.     The Custom Invesco Multi-Asset Income Index is composed of the following indexes: S&P 500 and Bloomberg Barclays U.S. Universal.     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 S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Bloomberg Barclays U.S. Universal Index is composed of US dollar-denominated, taxable bonds that are rated investment grade or below investment grade.     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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Multi-Asset Income Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (12/14/11)	3.21	%
5 Years	0.69
1 Year	–16.86
Class C Shares
Inception (12/14/11)	3.12	%
5 Years	1.06
1 Year	–13.62
Class R Shares
Inception (12/14/11)	3.65	%
5 Years	1.59
1 Year	–12.24
Class Y Shares
Inception (12/14/11)	4.16	%
5 Years	2.08
1 Year	–11.87
Class R5 Shares
Inception (12/14/11)	4.16	%
5 Years	2.07
1 Year	–11.86
Class R6 Shares
Inception	4.14	%
5 Years	2.07
1 Year	–11.85

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense

reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Multi-Asset Income Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Multi-Asset Income Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–63.63%
Aerospace & Defense–0.96%
Bombardier, Inc. (Canada),
8.75%, 12/01/2021(b)	$	460,000	$          384,399
5.75%, 03/15/2022(b)		818,000	617,140
7.50%, 03/15/2025(b)		4,349,000	2,840,441
7.88%, 04/15/2027(b)		1,834,000	1,199,069
Howmet Aerospace, Inc., 6.88%, 05/01/2025		1,003,000	1,026,745
Moog, Inc., 4.25%, 12/15/2027(b)		1,532,000	1,445,825
Spirit AeroSystems, Inc., 4.60%, 06/15/2028		915,000	727,425
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		5,014,000	4,335,104
TransDigm, Inc.,
6.50%, 07/15/2024		759,000	705,073
6.50%, 05/15/2025		483,000	434,797
8.00%, 12/15/2025(b)		428,000	447,260
6.25%, 03/15/2026(b)		2,144,000	2,108,517
Triumph Group, Inc.,
5.25%, 06/01/2022		1,418,000	1,105,402
7.75%, 08/15/2025		4,257,000	2,792,805
			20,170,002
Agricultural & Farm Machinery–0.12%
Titan International, Inc., 6.50%, 11/30/2023		5,266,000	2,473,967
Alternative Carriers–0.35%
CenturyLink, Inc.,
Series S, 6.45%, 06/15/2021		1,021,000	1,051,324
Series Y, 7.50%, 04/01/2024		2,984,000	3,253,157
Level 3 Financing, Inc.,
5.38%, 05/01/2025		1,564,000	1,595,593
5.25%, 03/15/2026		1,338,000	1,377,671
			7,277,745
Aluminum–0.12%
Novelis Corp., 4.75%, 01/30/2030(b)		1,746,000	1,562,146
PT Indonesia Asahan Aluminium (Persero) (Indonesia), 5.71%, 11/15/2023(b)		875,000	896,107
			2,458,253
Apparel Retail–0.32%
L Brands, Inc.,
6.88%, 11/01/2035		4,189,000	3,103,421
6.75%, 07/01/2036		235,000	170,727
Michaels Stores, Inc., 8.00%, 07/15/2027(b)		4,908,000	3,438,790
			6,712,938
Apparel, Accessories & Luxury Goods–0.16%
Hanesbrands, Inc., 5.38%, 05/15/2025(b)		1,898,000	1,898,000
William Carter Co. (The), 5.63%, 03/15/2027(b)		1,473,000	1,501,812
			3,399,812

	Principal Amount		Value
Application Software–0.01%
Castle US Holding Corp., 9.50%, 02/15/2028(b)	$	215,000	$          203,111
Asset Management & Custody Banks–0.06%
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/2023(b)		1,113,000	1,159,245
Auto Parts & Equipment–0.40%
Adient Global Holdings Ltd., 4.88%, 08/15/2026(b)		1,639,000	1,231,381
Dana, Inc.,
5.50%, 12/15/2024		1,607,000	1,506,884
5.38%, 11/15/2027		1,366,000	1,214,032
Hertz Corp. (The),
7.63%, 06/01/2022(b)		735,000	283,894
7.13%, 08/01/2026(b)		956,000	198,083
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.,
6.25%, 05/15/2026(b)		306,000	308,295
8.50%, 05/15/2027(b)		3,015,000	2,569,232
Tenneco, Inc., 5.00%, 07/15/2026		2,518,000	1,142,417
			8,454,218
Automobile Manufacturers–0.39%
Ford Motor Co., 4.75%, 01/15/2043		1,475,000	951,375
Ford Motor Credit Co. LLC,
5.60%, 01/07/2022		37,000	36,260
5.11%, 05/03/2029		2,829,000	2,454,158
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b)		4,883,000	4,771,179
			8,212,972
Automotive Retail–0.59%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b)		371,000	313,161
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/2024(b)		4,063,000	3,808,250
Lithia Motors, Inc.,
5.25%, 08/01/2025(b)		603,000	587,805
4.63%, 12/15/2027(b)		1,221,000	1,161,476
Murphy Oil USA, Inc.,
5.63%, 05/01/2027		2,265,000	2,348,012
4.75%, 09/15/2029		410,000	424,084
Penske Automotive Group, Inc., 5.50%, 05/15/2026		3,987,000	3,703,205
			12,345,993
Broadcasting–0.54%
AMC Networks, Inc.,
5.00%, 04/01/2024		1,246,000	1,214,227
4.75%, 08/01/2025		1,151,000	1,057,251
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024(b)		3,668,000	3,072,684
Gray Television, Inc., 7.00%, 05/15/2027(b)		1,670,000	1,689,789
iHeartCommunications, Inc., 8.38%, 05/01/2027		4,308,000	3,617,212

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Broadcasting–(continued)
TV Azteca S.A.B. de C.V. (Mexico), 8.25%, 08/09/2024(b)	$	1,049,000	$          605,588
			11,256,751
Building Products–0.06%
Standard Industries, Inc., 6.00%, 10/15/2025(b)		1,285,000	1,331,581
Cable & Satellite–1.83%
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026(b)		2,763,000	2,900,183
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.75%, 02/15/2026(b)		7,282,000	7,626,074
4.50%, 08/15/2030(b)		358,000	361,473
CSC Holdings LLC,
7.75%, 07/15/2025(b)		1,026,000	1,076,356
10.88%, 10/15/2025(b)		2,415,000	2,621,845
5.50%, 05/15/2026(b)		823,000	856,578
6.50%, 02/01/2029(b)		2,953,000	3,239,736
DISH DBS Corp.,
5.88%, 11/15/2024		6,192,000	5,987,912
7.75%, 07/01/2026		209,000	206,837
DISH Network Corp., Conv., 3.38%, 08/15/2026		2,535,000	2,061,209
Intelsat Jackson Holdings S.A. (Luxembourg),
5.50%, 08/01/2023		3,594,000	1,970,680
8.00%, 02/15/2024(b)		559,000	576,888
8.50%, 10/15/2024(b)		2,559,000	1,497,527
9.75%, 07/15/2025(b)		1,621,000	948,609
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028(b)		600,000	621,000
UPC Holding B.V. (Netherlands), 5.50%, 01/15/2028(b)		584,000	568,495
Virgin Media Finance PLC (United Kingdom), 6.00%, 10/15/2024(b)		1,194,000	1,217,641
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 08/15/2026(b)		16,000	16,607
VTR Finance B.V. (Chile), 6.88%, 01/15/2024(b)		2,239,000	2,239,918
Ziggo B.V. (Netherlands), 5.50%, 01/15/2027(b)		1,294,000	1,322,274
Ziggo Bond Co B.V. (Netherlands), 5.13%, 02/28/2030(b)		442,000	437,447
			38,355,289
Casinos & Gaming–0.82%
Boyd Gaming Corp.,
6.38%, 04/01/2026		899,000	813,909
6.00%, 08/15/2026		700,000	638,470
4.75%, 12/01/2027(b)		350,000	303,135
Cirsa Finance International S.a.r.l. (Spain), 7.88%, 12/20/2023(b)		623,000	511,234
Codere Finance 2 (Luxembourg) S.A. (Spain), 7.63%, 11/01/2021(b)		575,000	222,071
Melco Resorts Finance Ltd. (Hong Kong), 5.63%, 07/17/2027(b)		745,000	730,559

	Principal Amount		Value
Casinos & Gaming–(continued)
MGM China Holdings Ltd. (Macau), 5.88%, 05/15/2026(b)	$	611,000	$          607,762
MGM Resorts International,
7.75%, 03/15/2022		498,000	508,777
6.75%, 05/01/2025		1,955,000	1,925,909
4.63%, 09/01/2026		3,545,000	3,193,336
Scientific Games International, Inc.,
8.25%, 03/15/2026(b)		732,000	556,100
7.00%, 05/15/2028(b)		2,114,000	1,531,910
Station Casinos LLC, 4.50%, 02/15/2028(b)		956,000	770,775
Studio City Finance Ltd. (Macau), 7.25%, 02/11/2024(b)		1,856,000	1,778,605
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.50%, 03/01/2025(b)		3,101,000	2,779,116
5.25%, 05/15/2027(b)		299,000	256,400
			17,128,068
Coal & Consumable Fuels–0.25%
Parsley Energy LLC/Parsley Finance Corp.,
5.38%, 01/15/2025(b)		701,000	633,494
4.13%, 02/15/2028(b)		509,000	420,561
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b)		5,377,000	4,133,569
			5,187,624
Commodity Chemicals–0.26%
Koppers, Inc., 6.00%, 02/15/2025(b)		1,961,000	1,605,471
Nufarm Australia Ltd./Nufarm Americas, Inc. (Australia), 5.75%, 04/30/2026(b)		1,361,000	1,289,003
Olin Corp., 5.63%, 08/01/2029		2,773,000	2,518,993
			5,413,467
Communications Equipment–0.25%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		2,291,000	2,053,080
Hughes Satellite Systems Corp.,
7.63%, 06/15/2021		459,000	478,755
5.25%, 08/01/2026		2,566,000	2,725,349
			5,257,184
Construction & Engineering–0.08%
Valmont Industries, Inc., 5.00%, 10/01/2044		1,587,000	1,766,501
Construction Materials–0.03%
Cemex S.A.B. de C.V. (Mexico), 5.45%, 11/19/2029(b)		845,000	699,787
Consumer Finance–0.43%
Ally Financial, Inc., 5.13%, 09/30/2024		2,226,000	2,314,817
Navient Corp.,
7.25%, 01/25/2022		777,000	764,918
7.25%, 09/25/2023		5,366,000	5,171,482
5.00%, 03/15/2027		926,000	785,480
			9,036,697

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Copper–0.51%
First Quantum Minerals Ltd. (Zambia), 7.50%, 04/01/2025(b)	$	4,842,000	$          4,298,243
Freeport-McMoRan, Inc., 5.40%, 11/14/2034		4,930,000	4,662,794
Taseko Mines Ltd. (Canada), 8.75%, 06/15/2022(b)		3,309,000	1,744,009
			10,705,046
Data Processing & Outsourced Services–0.14%
Alliance Data Systems Corp., 4.75%, 12/15/2024(b)		2,177,000	1,624,586
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)		1,358,000	1,300,014
			2,924,600
Department Stores–0.15%
Kohl’s Corp., 5.55%, 07/17/2045		1,721,000	1,237,963
Nordstrom, Inc., 8.75%, 05/15/2025(b)		1,765,000	1,895,508
			3,133,471
Distributors–0.24%
Core & Main Holdings L.P., 9.38% PIK Rate, 8.63% Cash Rate, 09/15/2024(b)(c)		5,181,000	4,959,771
Diversified Banks–16.06%
Banco Nacional de Desenvolvimento Economico e Social (Brazil), 5.75%, 09/26/2023(b)		1,637,000	1,714,446
Banque Centrale de Tunisie International Bond (Tunisia), 5.75%, 01/30/2025(b)		1,441,000	1,214,888
Barclays Bank PLC (United Kingdom),
27.47%, 05/26/2020(b)		3,840,000	4,512,000
66.99%, 05/26/2020(b)		3,840,000	4,416,000
84.03%, 05/26/2020(b)		8,160,000	9,112,000
21.42%, 05/27/2020		18,270,000	18,264,684
24.98%, 05/27/2020(b)		18,270,000	19,128,640
24.12%, 06/02/2020(b)		12,480,000	13,521,807
7.63%, 11/21/2022		618,000	648,430
Barclays PLC (United Kingdom), 7.88%(b)(d)		410,000	407,591
BNP Paribas Issuance B.V.,
19.35%, 05/08/2020		12,255,000	14,914,106
20.13%, 05/22/2020		5,790,000	5,875,227
16.77%, 05/22/2020(b)		5,790,000	5,713,387
49.79%, 06/02/2020(b)		12,480,000	13,603,110
BNP Paribas S.A. (France), 21.69%, 05/08/2020(b)		12,255,000	15,114,640
Citigroup Global Markets Holdings, Inc.,
20.30%, 05/04/2020(b)		12,585,000	13,190,696
37.00%, 05/12/2020(b)		12,225,000	13,804,140
23.40%, 05/22/2020(b)		12,180,000	12,216,718
29.50%, 05/22/2020(b)		12,180,000	12,752,427
17.00%, 06/08/2020(b)		11,676,000	11,559,429
Credit Agricole S.A. (France), 8.13%(b)(d)		1,625,000	1,812,891
Development Bank of Kazakhstan JSC (Kazakhstan), 4.13%, 12/10/2022(b)		2,000,000	1,969,440
Export-Import Bank of India (India), 3.88%, 02/01/2028(b)		1,961,000	1,947,034

	Principal Amount		Value
Diversified Banks–(continued)
JPMorgan Chase Bank N.A.,
22.66%, 05/19/2020	$	12,180,000	$        12,176,456
27.31%, 05/19/2020		12,180,000	12,752,424
Royal Bank of Canada (Canada),
16.34%, 05/04/2020		12,585,000	13,691,539
17.58%, 05/11/2020		12,195,000	13,223,662
17.35%, 06/01/2020(b)		18,510,000	18,417,887
16.07%, 06/08/2020(b)		11,572,000	11,331,875
Series 1, 42.02%, 06/01/2020		8,160,000	9,316,000
Royal Bank of Scotland Group PLC (The) (United Kingdom),
6.13%, 12/15/2022		543,000	582,417
8.63%(d)		961,000	984,496
Societe Generale S.A. (France), 7.38%(b)(d)		742,000	728,087
Standard Chartered PLC (United Kingdom), 7.50%(b)(d)		627,000	636,154
Toronto-Dominion Bank (The) (Canada),
40.75%, 05/01/2020		12,555,000	14,961,375
55.25%, 05/01/2020		12,555,000	14,961,375
21.50%, 06/05/2020(b)		12,420,000	12,940,647
Vnesheconombank Via VEB Finance PLC (Russia), 6.80%, 11/22/2025(b)		1,418,000	1,650,027
			335,768,152
Diversified Capital Markets–1.97%
Credit Suisse AG,
Series DMTQ, 67.00%, 05/15/2020		12,405,000	13,955,693
SwitzerlandSeries DMTR, 36.25%, 05/15/2020(b)		12,405,000	13,651,896
Credit Suisse Group AG (Switzerland),
5.10%(b)(d)		565,000	506,381
Series N0N1, 40.90%, 06/05/2020(b)		12,420,000	13,131,562
			41,245,532
Diversified Chemicals–0.25%
Chemours Co. (The), 7.00%, 05/15/2025		1,384,000	1,307,742
CNAC HK Finbridge Co. Ltd. (China), 5.13%, 03/14/2028(b)		2,200,000	2,410,286
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b)		1,871,000	1,606,721
			5,324,749
Diversified Metals & Mining–0.74%
China Minmetals Corp. (China), 3.75%(b)(d)		1,347,000	1,338,581
Corp. Nacional del Cobre de Chile (Chile),
5.63%, 09/21/2035(b)		1,450,000	1,678,633
6.15%, 10/24/2036(b)		1,390,000	1,651,732
4.25%, 07/17/2042(b)		2,670,000	2,592,166
5.63%, 10/18/2043(b)		95,000	111,793
4.88%, 11/04/2044(b)		105,000	112,469
4.50%, 08/01/2047(b)		2,340,000	2,397,711
Hudbay Minerals, Inc. (Canada), 7.63%, 01/15/2025(b)		3,421,000	3,112,084
Teck Resources Ltd. (Canada), 6.13%, 10/01/2035		2,087,000	2,067,139

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Diversified Metals & Mining–(continued)
Vedanta Resources Ltd. (India), 6.38%, 07/30/2022(b)	$	1,024,000	$             402,381
			15,464,689
Diversified REITs–0.31%
Colony Capital, Inc., Conv.,
3.88%, 01/15/2021		247,000	234,972
5.00%, 04/15/2023		1,253,000	975,774
iStar, Inc., 4.75%, 10/01/2024		3,989,000	3,351,558
VICI Properties L.P./VICI Note Co., Inc.,
3.50%, 02/15/2025(b)		635,000	598,297
3.75%, 02/15/2027(b)		638,000	596,339
4.13%, 08/15/2030(b)		838,000	766,518
			6,523,458
Diversified Support Services–0.09%
Brazil Minas SPE via State of Minas Gerais (Brazil), 5.33%, 02/15/2028(b)		782,400	783,073
IAA, Inc., 5.50%, 06/15/2027(b)		1,143,000	1,145,800
			1,928,873
Electric Utilities–0.34%
DPL, Inc., 4.35%, 04/15/2029		1,346,000	1,312,725
NextEra Energy Capital Holdings, Inc., Series K, Investment Units, 5.25%, 06/01/2076		111,650	2,871,638
NRG Energy, Inc.,
7.25%, 05/15/2026		668,000	721,206
6.63%, 01/15/2027		920,000	986,378
5.25%, 06/15/2029(b)		1,221,000	1,313,674
			7,205,621
Electrical Components & Equipment–0.20%
EnerSys,
5.00%, 04/30/2023(b)		2,194,000	2,204,531
4.38%, 12/15/2027(b)		1,989,000	1,931,816
			4,136,347
Electronic Equipment & Instruments–0.10%
MTS Systems Corp., 5.75%, 08/15/2027(b)		2,263,000	2,115,000
Environmental & Facilities Services–0.15%
GFL Environmental, Inc. (Canada),
4.25%, 06/01/2025(b)		434,000	437,255
7.00%, 06/01/2026(b)		511,000	535,630
Waste Pro USA, Inc., 5.50%, 02/15/2026(b)		2,144,000	2,134,995
			3,107,880
Fertilizers & Agricultural Chemicals–0.07%
OCI N.V. (Netherlands), 6.63%, 04/15/2023(b)		1,370,000	1,383,912
Food Distributors–0.14%
Prosperous Ray Ltd. (China), 4.63%, 11/12/2023(b)		1,750,000	1,862,838
US Foods, Inc., 5.88%, 06/15/2024(b)		1,037,000	993,135
			2,855,973

	Principal Amount		Value
Food Retail–0.44%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC,
6.63%, 06/15/2024	$	2,292,000	$          2,377,950
7.50%, 03/15/2026(b)		3,169,000	3,477,027
4.63%, 01/15/2027(b)		602,000	607,809
5.88%, 02/15/2028(b)		436,000	457,517
Simmons Foods, Inc., 5.75%, 11/01/2024(b)		2,368,000	2,214,553
			9,134,856
Forest Products–0.10%
Norbord, Inc. (Canada), 5.75%, 07/15/2027(b)		2,195,000	2,013,034
Gas Utilities–0.17%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		1,672,000	1,710,205
Suburban Propane Partners L.P./Suburban Energy Finance Corp.,
5.50%, 06/01/2024		1,527,000	1,513,639
5.88%, 03/01/2027		161,000	156,460
Superior Plus L.P./Superior General Partner, Inc. (Canada), 7.00%, 07/15/2026(b)		241,000	239,891
			3,620,195
Health Care Equipment–0.01%
Teleflex, Inc., 4.88%, 06/01/2026		175,000	178,868
Health Care Facilities–0.74%
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024		1,823,000	1,763,388
Community Health Systems, Inc.,
6.88%, 02/01/2022		753,000	561,926
9.88%, 06/30/2023(b)		1,070,000	794,796
6.63%, 02/15/2025(b)		2,102,000	1,941,722
8.00%, 03/15/2026(b)		1,675,000	1,613,494
HCA, Inc.,
5.38%, 02/01/2025		917,000	990,672
5.25%, 04/15/2025		354,000	394,981
5.88%, 02/15/2026		3,482,000	3,882,430
5.38%, 09/01/2026		1,556,000	1,694,173
Tenet Healthcare Corp.,
8.13%, 04/01/2022		1,178,000	1,192,431
7.50%, 04/01/2025(b)		692,000	747,706
			15,577,719
Health Care REITs–0.16%
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		3,285,000	3,371,395
Health Care Services–0.37%
Envision Healthcare Corp., 8.75%, 10/15/2026(b)		629,000	213,470
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b)		3,727,000	3,240,999
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024(b)		2,796,000	2,509,326
Surgery Center Holdings, Inc., 10.00%, 04/15/2027(b)		1,016,000	947,014

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Health Care Services–(continued)
Team Health Holdings, Inc., 6.38%, 02/01/2025(b)	$	1,505,000	$             838,435
			7,749,244
Home Improvement Retail–0.03%
Hillman Group, Inc. (The), 6.38%, 07/15/2022(b)		816,000	621,833
Homebuilding–0.74%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/2027(b)		2,863,000	2,768,807
Beazer Homes USA, Inc.,
6.75%, 03/15/2025		758,000	657,413
5.88%, 10/15/2027		993,000	770,866
KB Home, 4.80%, 11/15/2029		905,000	851,831
Lennar Corp.,
8.38%, 01/15/2021		159,000	164,128
5.38%, 10/01/2022		2,246,000	2,320,006
5.25%, 06/01/2026		1,706,000	1,786,353
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)		1,818,000	1,715,737
Meritage Homes Corp.,
6.00%, 06/01/2025		727,000	746,847
5.13%, 06/06/2027		405,000	389,650
PulteGroup, Inc., 6.38%, 05/15/2033		13,000	13,887
Taylor Morrison Communities, Inc.,
6.63%, 07/15/2027(b)		1,182,000	1,077,807
5.75%, 01/15/2028(b)		1,560,000	1,422,876
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b)		740,000	723,202
			15,409,410
Hotel & Resort REITs–0.06%
Service Properties Trust, 4.95%, 10/01/2029		1,581,000	1,250,957
Hotels, Resorts & Cruise Lines–0.07%
Carnival Corp., 11.50%, 04/01/2023(b)		1,394,000	1,459,778
Household Products–0.36%
Energizer Holdings, Inc.,
6.38%, 07/15/2026(b)		349,000	360,657
7.75%, 01/15/2027(b)		1,099,000	1,171,699
Reynolds Group Issuer, Inc./LLC,
5.13%, 07/15/2023(b)		52,000	52,530
7.00%, 07/15/2024(b)		3,738,000	3,769,399
Spectrum Brands, Inc., 5.75%, 07/15/2025		2,124,000	2,131,965
			7,486,250
Human Resource & Employment Services–0.12%
ASGN, Inc., 4.63%, 05/15/2028(b)		2,631,000	2,438,542
Independent Power Producers & Energy Traders–0.23%
AES Corp. (The), 5.50%, 04/15/2025		828,000	853,875
Calpine Corp.,
5.50%, 02/01/2024		1,241,000	1,237,897
5.13%, 03/15/2028(b)		750,000	735,938

	Principal Amount		Value
Independent Power Producers & Energy Traders–(continued)
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)	$	1,968,000	$          2,073,780
			4,901,490
Industrial Machinery–0.51%
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b)		4,761,000	3,950,678
EnPro Industries, Inc., 5.75%, 10/15/2026		3,487,000	3,424,583
Mueller Industries, Inc., 6.00%, 03/01/2027		3,513,000	3,256,902
			10,632,163
Integrated Oil & Gas–1.06%
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027		2,396,000	1,885,961
KazMunayGas National Co. JSC (Kazakhstan), 6.38%, 10/24/2048(b)		1,000,000	1,042,578
Occidental Petroleum Corp.,
2.70%, 08/15/2022		2,709,000	2,370,375
3.20%, 08/15/2026		3,283,000	2,380,175
4.10%, 02/15/2047		2,302,000	1,392,710
Petrobras Global Finance B.V. (Brazil), 5.75%, 02/01/2029		2,113,000	2,025,839
Petroleos Mexicanos (Mexico),
5.35%, 02/12/2028		2,810,000	2,107,528
6.50%, 01/23/2029		2,630,000	2,060,605
5.95%, 01/28/2031(b)		785,000	572,500
6.63%, 06/15/2035		3,555,000	2,524,050
Saudi Arabian Oil Co. (Saudi Arabia), 4.25%, 04/16/2039(b)		2,812,000	2,908,963
Sinopec Group Overseas Development (2012) Ltd. (China), 3.90%, 05/17/2022(b)		794,000	823,382
			22,094,666
Integrated Telecommunication Services–0.89%
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b)		2,271,000	2,458,585
Altice France S.A. (France), 7.38%, 05/01/2026(b)		3,331,000	3,496,384
Cincinnati Bell, Inc.,
7.00%, 07/15/2024(b)		1,717,000	1,748,662
8.00%, 10/15/2025(b)		223,000	227,416
CommScope, Inc.,
6.00%, 03/01/2026(b)		969,000	973,506
8.25%, 03/01/2027(b)		1,839,000	1,773,991
Embarq Corp., 8.00%, 06/01/2036		2,529,000	2,616,124
Frontier Communications Corp.,
10.50%, 09/15/2022(e)		6,421,000	2,017,799
11.00%, 09/15/2025(e)		2,201,000	695,406
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033		249,000	269,480
7.20%, 07/18/2036		2,069,000	2,335,487
			18,612,840
Interactive Media & Services–0.39%
Cable Onda S.A. (Panama), 4.50%, 01/30/2030(b)		625,000	596,656

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Interactive Media & Services–(continued)
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)	$	3,915,000	$          3,207,168
Diamond Sports Group LLC/Diamond Sports Finance Co.,
5.38%, 08/15/2026(b)		3,705,000	2,833,214
6.63%, 08/15/2027(b)		2,902,000	1,602,339
			8,239,377
Internet & Direct Marketing Retail–0.10%
Expedia Group, Inc., 6.25%, 05/01/2025(b)		395,000	403,444
Prosus N.V. (China), 3.68%, 01/21/2030(b)		400,000	401,050
QVC, Inc., 5.45%, 08/15/2034		1,581,000	1,240,927
			2,045,421
Internet Services & Infrastructure–0.01%
EIG Investors Corp., 10.88%, 02/01/2024		203,000	176,062
Rackspace Hosting, Inc., 8.63%, 11/15/2024(b)		120,000	118,964
			295,026
Investment Banking & Brokerage–2.86%
Goldman Sachs & Co. LLC,
17.30%, 05/19/2020(b)		5,850,000	5,579,032
14.75%, 05/19/2020(b)		5,850,000	5,748,320
Goldman Sachs Group, Inc. (The),
18.70%, 05/11/2020(b)		12,195,000	12,345,471
81.60%, 05/12/2020(b)		12,225,000	13,855,080
21.85%, 06/01/2020(b)		18,510,000	19,123,710
MDGH - GMTN B.V. (United Arab Emirates),
4.50%, 11/07/2028(b)		1,180,000	1,325,940
3.75%, 04/19/2029(b)		1,740,000	1,866,380
			59,843,933
Leisure Products–0.10%
Mattel, Inc., 6.75%, 12/31/2025(b)		1,958,000	1,997,552
Life Sciences Tools & Services–0.08%
Charles River Laboratories International, Inc., 4.25%, 05/01/2028(b)		1,613,000	1,634,614
Managed Health Care–0.28%
Centene Corp.,
5.25%, 04/01/2025(b)		1,343,000	1,406,792
5.38%, 06/01/2026(b)		908,000	966,303
5.38%, 08/15/2026(b)		796,000	855,302
4.63%, 12/15/2029(b)		1,035,000	1,138,138
Molina Healthcare, Inc., 4.88%, 06/15/2025(b)		1,470,000	1,488,081
			5,854,616
Metal & Glass Containers–0.33%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 02/15/2025(b)		2,003,000	2,017,261
Flex Acquisition Co., Inc., 7.88%, 07/15/2026(b)		3,560,000	3,438,248

	Principal Amount		Value
Metal & Glass Containers–(continued)
Trivium Packaging Finance B.V. (Netherlands),
5.50%, 08/15/2026(b)	$	793,000	$     816,552
8.50%, 08/15/2027(b)		600,000	629,790
			6,901,851
Movies & Entertainment–0.30%
AMC Entertainment Holdings, Inc.,
5.75%, 06/15/2025		3,777,000	878,153
6.13%, 05/15/2027		558,000	135,315
Netflix, Inc.,
5.88%, 11/15/2028		4,385,000	4,979,167
5.38%, 11/15/2029(b)		333,000	367,266
			6,359,901
Multi-Utilities–0.21%
Dominion Energy, Inc., Series A, Investment Units, 5.25%, 07/30/2076		130,948	3,353,578
DTE Energy Co.,
Series B, Investment Units, 5.38%, 06/01/2076		11,249	282,800
Series F, Investment Units, 6.00%, 12/15/2076		10,499	276,229
Series E, Investment Units, 5.25%, 12/01/2077		14,999	383,074
			4,295,681
Office Services & Supplies–0.03%
Pitney Bowes, Inc., 5.70%, 04/01/2023		673,000	554,249
Oil & Gas Drilling–0.12%
Diamond Offshore Drilling, Inc., 4.88%, 12/31/2049		570,000	66,291
Ensign Drilling, Inc. (Canada), 9.25%, 04/15/2024(b)		1,519,000	450,308
Precision Drilling Corp. (Canada),
6.50%, 12/15/2021		85,492	65,594
7.75%, 12/15/2023		178,000	79,619
5.25%, 11/15/2024		1,667,000	645,629
Transocean, Inc.,
8.00%, 02/01/2027(b)		863,000	340,885
7.50%, 04/15/2031		2,419,000	613,821
Valaris PLC (Saudi Arabia), 7.75%, 02/01/2026		2,945,000	254,154
			2,516,301
Oil & Gas Equipment & Services–0.11%
Calfrac Holdings L.P. (Canada),
10.88%, 03/15/2026(b)		212,300	46,706
8.50%, 06/15/2026(b)		402,000	24,120
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 11/01/2028(b)		1,349,000	707,685
Oil and Gas Holding Co. BSCC (The) (Bahrain), 7.50%, 10/25/2027(b)		1,000,000	953,205
SESI LLC, 7.13%, 12/15/2021(b)		1,274,000	645,995
			2,377,711
Oil & Gas Exploration & Production–1.39%
Antero Resources Corp., 5.00%, 03/01/2025		1,996,000	1,110,275

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(b)	$	2,610,000	$      2,052,112
California Resources Corp., 8.00%, 12/15/2022(b)		1,430,000	58,988
Callon Petroleum Co.,
6.13%, 10/01/2024		1,404,000	279,045
6.38%, 07/01/2026		1,004,000	167,768
Chesapeake Energy Corp.,
11.50%, 01/01/2025(b)		1,299,000	48,713
7.50%, 10/01/2026		115,000	4,025
CNX Resources Corp., 7.25%, 03/14/2027(b)		575,000	507,409
Comstock Resources, Inc., 9.75%, 08/15/2026		893,000	777,767
Continental Resources, Inc.,
4.50%, 04/15/2023		2,443,000	2,184,958
3.80%, 06/01/2024		376,000	311,140
Denbury Resources, Inc.,
9.00%, 05/15/2021(b)		1,434,000	266,222
5.50%, 05/01/2022		419,000	12,570
EP Energy LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/2024(b)(e)		1,452,000	18,150
EQT Corp.,
6.13%, 02/01/2025		623,000	597,301
3.90%, 10/01/2027		466,000	394,352
7.00%, 02/01/2030		795,000	756,244
Genesis Energy L.P./Genesis Energy Finance Corp.,
5.63%, 06/15/2024		15,000	12,785
6.25%, 05/15/2026		3,641,000	3,066,086
7.75%, 02/01/2028		2,086,000	1,779,671
Gulfport Energy Corp.,
6.63%, 05/01/2023		3,850,000	2,105,950
6.00%, 10/15/2024		2,355,000	1,186,331
Laredo Petroleum, Inc., 10.13%, 01/15/2028		485,000	200,611
Oasis Petroleum, Inc., 6.88%, 01/15/2023		812,000	110,635
PT Pertamina (Persero) (Indonesia),
6.50%, 05/27/2041(b)		2,070,000	2,317,658
6.00%, 05/03/2042(b)		2,180,000	2,320,919
QEP Resources, Inc., 5.63%, 03/01/2026		1,910,000	628,008
Range Resources Corp., 4.88%, 05/15/2025		1,163,000	908,594
SM Energy Co., 6.63%, 01/15/2027		1,424,000	383,341
Southwestern Energy Co.,
7.50%, 04/01/2026		1,574,000	1,419,402
7.75%, 10/01/2027		1,071,000	938,731
Whiting Petroleum Corp.,
5.75%, 03/15/2021(e)		1,776,000	187,634
6.25%, 04/01/2023(e)		2,180,000	226,175
6.63%, 01/15/2026(e)		2,061,000	219,084
Conv., 1.25%, 12/31/2049(e)		289,000	28,900
WPX Energy, Inc.,
5.75%, 06/01/2026		1,160,000	1,058,036
5.25%, 10/15/2027		290,000	253,649
4.50%, 01/15/2030		136,000	111,520
			29,010,759

	Principal Amount		Value
Oil & Gas Refining & Marketing–0.72%
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022	$	3,243,000	$      2,758,009
EnLink Midstream Partners L.P., 5.60%, 04/01/2044		981,000	400,837
NuStar Logistics L.P., 6.00%, 06/01/2026		3,448,000	3,166,816
Parkland Fuel Corp. (Canada), 6.00%, 04/01/2026(b)		2,950,000	2,853,092
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028(b)		1,919,000	1,378,130
Petroliam Nasional Bhd. (Malaysia), 7.63%, 10/15/2026(b)		1,920,000	2,444,720
Sunoco L.P./Sunoco Finance Corp.,
4.88%, 01/15/2023		690,000	676,062
6.00%, 04/15/2027		1,354,000	1,328,003
			15,005,669
Oil & Gas Storage & Transportation–1.03%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 4.60%, 11/02/2047(b)		1,587,000	1,704,144
Antero Midstream Partners L.P./Antero Midstream Finance Corp.,
5.38%, 09/15/2024		2,074,000	1,630,682
5.75%, 01/15/2028(b)		3,762,000	2,788,771
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		1,184,000	859,880
DCP Midstream Operating L.P., 5.38%, 07/15/2025		1,836,000	1,498,635
Holly Energy Partners L.P./Holly Energy Finance Corp., 5.00%, 02/01/2028(b)		798,000	729,691
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		4,125,000	2,705,794
Southern Gas Corridor CJSC (Azerbaijan), 6.88%, 03/24/2026(b)		3,800,000	3,980,698
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
5.13%, 02/01/2025		2,022,000	1,832,437
5.88%, 04/15/2026		1,144,000	1,020,677
5.50%, 03/01/2030(b)		2,021,000	1,729,269
Western Midstream Operating L.P.,
3.10%, 02/01/2025		792,000	726,660
4.75%, 08/15/2028		467,000	413,739
			21,621,077
Other Diversified Financial Services–0.66%
eG Global Finance PLC (United Kingdom),
6.75%, 02/07/2025(b)		2,973,000	2,720,890
8.50%, 10/30/2025(b)		615,000	602,823
JIC Zhixin Ltd. (China), 3.00%, 11/24/2022(b)		2,570,000	2,621,272
Lions Gate Capital Holdings LLC, 6.38%, 02/01/2024(b)		2,742,000	2,568,157
LPL Holdings, Inc., 5.75%, 09/15/2025(b)		1,280,000	1,278,400
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b)		4,033,000	3,937,216
			13,728,758

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco Multi-Asset Income Fund

	Principal
	Amount		Value
Packaged Foods & Meats–0.70%
B&G Foods, Inc.,
5.25%, 04/01/2025	$	1,707,000	$	1,737,214
5.25%, 09/15/2027		428,000		434,090
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/2030(b)		3,539,000		3,599,694
Kraft Heinz Foods Co.,
6.88%, 01/26/2039		1,581,000		1,903,390
5.00%, 06/04/2042		1,744,000		1,775,032
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(b)		819,000		832,595
Post Holdings, Inc.,
5.63%, 01/15/2028(b)		2,350,000		2,402,052
4.63%, 04/15/2030(b)		807,000		795,896
TreeHouse Foods, Inc., 6.00%, 02/15/2024(b)		1,133,000		1,161,552
				14,641,515
Paper Packaging–0.03%
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)		566,000		572,085
Paper Products–0.25%
Mercer International, Inc. (Germany), 5.50%, 01/15/2026		1,307,000		1,168,196
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/2026(b)		4,016,000		4,005,157
				5,173,353
Pharmaceuticals–0.93%
Bausch Health Americas, Inc., 9.25%, 04/01/2026(b)		2,584,000		2,855,320
Bausch Health Cos., Inc.,
5.88%, 05/15/2023(b)		15,000		14,911
6.13%, 04/15/2025(b)		1,126,000		1,143,819
5.50%, 11/01/2025(b)		605,000		631,922
9.00%, 12/15/2025(b)		5,468,000		5,990,194
5.75%, 08/15/2027(b)		167,000		176,886
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 07/15/2023(b)		2,894,000		2,187,430
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b)		3,626,000		3,544,234
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)		2,757,000		2,809,659
				19,354,375
Property & Casualty Insurance–0.05%
AmWINS Group, Inc., 7.75%, 07/01/2026(b)		932,000		966,577
Publishing–0.17%
Meredith Corp., 6.88%, 02/01/2026		4,086,000		3,496,799
Railroads–0.22%
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)		5,344,000		4,509,588
Research & Consulting Services–0.06%
Dun & Bradstreet Corp. (The), 10.25%, 02/15/2027(b)		1,199,000		1,309,488

	Principal
	Amount		Value
Restaurants–0.30%
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(b)	$	3,710,000	$	3,747,842
IRB Holding Corp., 6.75%, 02/15/2026(b)		2,745,000		2,297,840
Yum! Brands, Inc., 7.75%, 04/01/2025(b)		146,000		159,523
				6,205,205
Security & Alarm Services–0.28%
Brink’s Co. (The), 4.63%, 10/15/2027(b)		2,674,000		2,515,699
Garda World Security Corp. (Canada), 9.50%, 11/01/2027(b)		1,707,000		1,714,938
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/2026(b)		1,555,000		1,539,450
				5,770,087
Sovereign Debt–13.91%
Abu Dhabi Government International Bond (United Arab Emirates),
4.13%, 10/11/2047(b)		900,000		1,016,326
3.13%, 09/30/2049(b)		1,090,000		1,049,479
Angolan Government International Bond (Angola),
9.50%, 11/12/2025(b)		2,220,000		1,060,856
9.13%, 11/26/2049(b)		1,140,000		495,362
Bahrain Government International Bond (Bahrain),
6.13%, 07/05/2022(b)		2,800,000		2,820,885
6.75%, 09/20/2029(b)		1,100,000		1,070,674
6.00%, 09/19/2044(b)		1,200,000		1,023,960
7.50%, 09/20/2047(b)		1,000,000		959,150
Bolivian Government International Bond (Bolivia), 4.50%, 03/20/2028(b)		4,899,000		4,052,012
Brazilian Government International Bond (Brazil),
5.63%, 01/07/2041		4,310,000		4,331,550
5.63%, 02/21/2047		1,100,000		1,108,250
4.75%, 01/14/2050		1,070,000		967,012
Chile Government International Bond (Chile),
3.13%, 01/21/2026		1,820,000		1,948,537
3.24%, 02/06/2028		200,000		215,192
China Government International Bond (China),
2.63%, 11/02/2027(b)		1,200,000		1,297,231
2.75%, 12/03/2039(b)		1,090,000		1,133,394
4.00%, 10/19/2048(b)		1,000,000		1,343,184
Colombia Government International Bond (Colombia),
3.88%, 04/25/2027		1,780,000		1,766,650
4.50%, 03/15/2029		1,640,000		1,664,616
7.38%, 09/18/2037		3,500,000		4,369,750
6.13%, 01/18/2041		3,710,000		4,164,475
5.63%, 02/26/2044		3,760,000		4,055,160
5.20%, 05/15/2049		510,000		528,773
Costa Rica Government International Bond (Costa Rica),
5.63%, 04/30/2043(b)		1,300,000		921,193
7.16%, 03/12/2045(b)		1,200,000		936,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Croatia Government International Bond (Croatia),
5.50%, 04/04/2023(b)	$	2,264,000	$          2,448,439
6.00%, 01/26/2024(b)		2,565,000	2,868,152
Dominican Republic International Bond (Dominican Republic),
5.95%, 01/25/2027(b)		2,228,000	2,024,138
6.00%, 07/19/2028(b)		2,370,000	2,153,737
7.45%, 04/30/2044(b)		2,935,000	2,685,525
6.85%, 01/27/2045(b)		3,652,000	3,195,500
6.40%, 06/05/2049(b)		935,000	776,050
Egypt Government International Bond (Egypt),
7.60%, 03/01/2029(b)		200,000	190,541
8.50%, 01/31/2047(b)		2,896,000	2,601,622
7.90%, 02/21/2048(b)		1,200,000	1,041,750
8.70%, 03/01/2049(b)		2,110,000	1,902,813
El Salvador Government International Bond (El Salvador),
7.65%, 06/15/2035(b)		1,110,000	886,446
7.63%, 02/01/2041(b)		1,100,000	856,460
7.12%, 01/20/2050(b)		1,120,000	862,400
Ghana Government International Bond (Ghana),
7.63%, 05/16/2029(b)		818,000	632,144
8.13%, 03/26/2032(b)		2,590,000	1,988,677
8.95%, 03/26/2051(b)		738,000	563,744
Hazine Mustesarligi Varlik Kiralama A.S. (Turkey), 5.00%, 04/06/2023(b)		320,000	307,925
Hungary Government International Bond (Hungary),
5.75%, 11/22/2023		1,020,000	1,137,449
5.38%, 03/25/2024		1,210,000	1,350,687
7.63%, 03/29/2041		1,270,000	2,052,188
Indonesia Government International Bond (Indonesia),
8.50%, 10/12/2035(b)		2,230,000	3,229,293
6.63%, 02/17/2037(b)		1,100,000	1,402,328
7.75%, 01/17/2038(b)		830,000	1,170,870
5.25%, 01/17/2042(b)		2,815,000	3,211,824
6.75%, 01/15/2044(b)		3,030,000	4,086,570
5.95%, 01/08/2046(b)		420,000	523,405
Jordan Government International Bond (Jordan),
6.13%, 01/29/2026(b)		1,000,000	987,953
5.75%, 01/31/2027(b)		1,200,000	1,153,996
7.38%, 10/10/2047(b)		500,000	465,621
Kazakhstan Government International Bond (Kazakhstan),
3.88%, 10/14/2024(b)		200,000	211,600
5.13%, 07/21/2025(b)		950,000	1,061,031
4.88%, 10/14/2044(b)		3,533,000	4,025,829
6.50%, 07/21/2045(b)		700,000	932,750
Kenya Government International Bond (Kenya),
6.88%, 06/24/2024(b)		1,100,000	1,015,300
7.25%, 02/28/2028(b)		1,100,000	998,404
8.25%, 02/28/2048(b)		1,100,000	990,825
Kuwait International Government Bond (Kuwait), 3.50%, 03/20/2027(b)		6,750,000	7,421,989

	Principal Amount		Value
Sovereign Debt–(continued)
Malaysia Sukuk Global Bhd. (Malaysia), 3.18%, 04/27/2026(b)	$	250,000	$          264,598
Mexico Government International Bond (Mexico),
4.15%, 03/28/2027		300,000	301,125
5.55%, 01/21/2045		500,000	519,375
4.60%, 01/23/2046		1,050,000	956,770
5.75%, 10/12/2110		2,508,000	2,395,165
Series A, 6.05%, 01/11/2040		3,682,000	4,027,224
Mongolia Government International Bond (Mongolia),
5.63%, 05/01/2023(b)		1,778,000	1,591,311
8.75%, 03/09/2024(b)		2,216,000	2,138,463
Morocco Government International Bond (Morocco), 5.50%, 12/11/2042(b)		3,090,000	3,516,525
Nigeria Government International Bond (Nigeria),
8.75%, 01/21/2031(b)		2,550,000	2,054,951
7.88%, 02/16/2032(b)		2,470,000	1,888,562
7.70%, 02/23/2038(b)		900,000	668,210
9.25%, 01/21/2049(b)		1,836,000	1,506,981
Oman Government International Bond (Oman),
4.75%, 06/15/2026(b)		2,310,000	1,767,972
5.38%, 03/08/2027(b)		2,660,000	2,043,995
5.63%, 01/17/2028(b)		4,875,000	3,736,083
6.00%, 08/01/2029(b)		1,745,000	1,339,851
6.50%, 03/08/2047(b)		1,162,000	820,279
6.75%, 01/17/2048(b)		2,054,000	1,457,062
Pakistan Government International Bond (Pakistan),
8.25%, 04/15/2024(b)		1,640,000	1,555,409
8.25%, 09/30/2025(b)		1,210,000	1,125,953
6.88%, 12/05/2027(b)		2,800,000	2,443,952
Panama Government International Bond (Panama),
4.00%, 09/22/2024		3,725,000	3,954,125
7.13%, 01/29/2026		1,110,000	1,339,881
8.88%, 09/30/2027		969,000	1,313,005
3.88%, 03/17/2028		1,000,000	1,081,260
6.70%, 01/26/2036		1,090,000	1,442,735
Paraguay Government International Bond (Paraguay),
5.00%, 04/15/2026(b)		1,000,000	1,049,602
6.10%, 08/11/2044(b)		1,000,000	1,107,510
5.60%, 03/13/2048(b)		900,000	963,000
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 4.33%, 05/28/2025(b)		300,000	314,328
Peruvian Government International Bond (Peru),
2.84%, 06/20/2030		1,170,000	1,214,460
8.75%, 11/21/2033		721,000	1,142,792
6.55%, 03/14/2037		1,084,000	1,562,163
5.63%, 11/18/2050		802,000	1,203,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Philippine Government International Bond (Philippines),
4.20%, 01/21/2024	$	100,000	$          107,651
10.63%, 03/16/2025		1,044,000	1,431,982
3.75%, 01/14/2029		200,000	224,321
9.50%, 02/02/2030		80,000	127,687
6.38%, 01/15/2032		4,011,000	5,452,374
6.38%, 10/23/2034		850,000	1,216,725
3.95%, 01/20/2040		900,000	1,048,604
Qatar Government International Bond (Qatar),
4.00%, 03/14/2029(b)		200,000	222,434
6.40%, 01/20/2040(b)		3,090,000	4,389,515
5.75%, 01/20/2042(b)		2,330,000	3,120,993
4.63%, 06/02/2046(b)		570,000	673,865
5.10%, 04/23/2048(b)		3,660,000	4,575,000
4.82%, 03/14/2049(b)		3,600,000	4,347,619
RAK Capital (United Arab Emirates), 3.09%, 03/31/2025(b)		4,543,000	4,506,992
Republic of Poland Government International Bond (Poland),
3.00%, 03/17/2023		1,599,000	1,677,260
4.00%, 01/22/2024		3,380,000	3,701,577
3.25%, 04/06/2026		2,983,000	3,253,302
Republic of South Africa Government International Bond (South Africa),
5.88%, 06/22/2030		3,200,000	2,951,456
6.25%, 03/08/2041		3,675,000	3,244,863
5.38%, 07/24/2044		2,250,000	1,757,774
Romanian Government International Bond (Romania),
4.38%, 08/22/2023(b)		833,000	867,857
4.88%, 01/22/2024(b)		1,252,000	1,330,250
6.13%, 01/22/2044(b)		3,890,000	4,651,899
5.13%, 06/15/2048(b)		1,090,000	1,164,205
Russian Foreign Bond (Russia),
5.63%, 04/04/2042(b)		2,200,000	2,803,636
5.88%, 09/16/2043(b)		1,200,000	1,581,900
Russian Foreign Bond - Eurobond (Russia),
4.75%, 05/27/2026(b)		2,200,000	2,444,750
4.25%, 06/23/2027(b)		2,200,000	2,389,913
12.75%, 06/24/2028(b)		2,091,000	3,529,405
4.38%, 03/21/2029(b)		2,200,000	2,434,054
5.10%, 03/28/2035(b)		600,000	705,158
5.25%, 06/23/2047(b)		1,000,000	1,240,815
Saudi Government International Bond (Saudi Arabia),
3.63%, 03/04/2028(b)		300,000	315,150
4.38%, 04/16/2029(b)		538,000	600,682
4.63%, 10/04/2047(b)		2,900,000	3,051,887
5.00%, 04/17/2049(b)		3,860,000	4,279,015
5.25%, 01/16/2050(b)		2,680,000	3,052,257
Slovakia Government International Bond (Slovakia), 4.38%, 05/21/2022(b)		4,658,000	4,920,348

	Principal Amount		Value
Sovereign Debt–(continued)
Sri Lanka Government International Bond (Sri Lanka),
6.35%, 06/28/2024(b)	$	560,000	$          338,105
6.13%, 06/03/2025(b)		1,385,000	813,710
6.85%, 11/03/2025(b)		710,000	411,807
6.83%, 07/18/2026(b)		2,510,000	1,455,798
6.20%, 05/11/2027(b)		2,740,000	1,589,157
6.75%, 04/18/2028(b)		1,776,000	1,021,195
7.85%, 03/14/2029(b)		1,041,000	598,585
7.55%, 03/28/2030(b)		1,122,000	656,270
Trinidad & Tobago Government International Bond (Trinidad), 4.50%, 08/04/2026(b)		3,430,000	3,205,678
Turkey Government International Bond (Turkey),
7.38%, 02/05/2025		2,699,000	2,750,114
4.88%, 10/09/2026		326,000	287,290
6.00%, 03/25/2027		1,890,000	1,740,907
7.63%, 04/26/2029		2,430,000	2,404,060
11.88%, 01/15/2030		1,920,000	2,430,010
8.00%, 02/14/2034		1,580,000	1,605,849
6.88%, 03/17/2036		1,218,000	1,103,812
7.25%, 03/05/2038		1,170,000	1,097,268
Ukraine Government International Bond (Ukraine),
7.75%, 09/01/2022(b)		657,000	628,920
7.75%, 09/01/2026(b)		1,090,000	1,011,094
7.75%, 09/01/2027(b)		1,090,000	1,002,507
9.75%, 11/01/2028(b)		900,000	884,946
Uruguay Government International Bond (Uruguay),
4.38%, 01/23/2031		2,420,000	2,678,722
7.88%, 01/15/2033		1,430,000	2,006,304
7.63%, 03/21/2036		2,510,000	3,492,063
4.13%, 11/20/2045		477,000	493,104
4.98%, 04/20/2055		90,000	102,250
			290,728,023
Specialized Consumer Services–0.12%
ServiceMaster Co. LLC (The),
5.13%, 11/15/2024(b)		453,000	464,506
7.45%, 08/15/2027		1,817,000	1,960,816
			2,425,322
Specialized REITs–0.35%
Equinix, Inc., 5.88%, 01/15/2026		509,000	530,989
Iron Mountain US Holdings, Inc., 5.38%, 06/01/2026(b)		1,099,000	1,101,308
Iron Mountain, Inc.,
6.00%, 08/15/2023		640,000	649,728
5.75%, 08/15/2024		359,000	354,961
5.25%, 03/15/2028(b)		2,145,000	2,106,712
Rayonier A.M. Products, Inc., 5.50%, 06/01/2024(b)		3,220,000	1,736,707
SBA Communications Corp., 4.88%, 09/01/2024		760,000	791,950
			7,272,355
Specialty Chemicals–0.18%
Element Solutions, Inc., 5.88%, 12/01/2025(b)		2,009,000	2,006,489

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Specialty Chemicals–(continued)
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b)	$	1,782,000	$       1,727,827
			3,734,316
Systems Software–0.03%
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b)		674,000	609,161
Camelot Finance S.A., 4.50%, 11/01/2026(b)		16,000	16,195
			625,356
Technology Hardware, Storage & Peripherals–0.23%
Dell International LLC/EMC Corp.,
7.13%, 06/15/2024(b)		1,964,000	2,041,283
8.10%, 07/15/2036(b)		1,881,000	2,309,663
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 07/15/2023(b)		538,000	102,893
Presidio Holdings, Inc., 8.25%, 02/01/2028(b)		340,000	337,637
			4,791,476
Textiles–0.09%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 7.50%, 05/01/2025(b)		3,434,000	1,923,040
Thrifts & Mortgage Finance–0.04%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b)		976,000	837,213
Trading Companies & Distributors–0.51%
AerCap Global Aviation Trust (Ireland), 6.50% (3 mo. USD LIBOR + 4.30%), 06/15/2045(b)(f)		1,993,000	1,467,845
BMC East LLC, 5.50%, 10/01/2024(b)		1,946,000	1,862,906
Herc Holdings, Inc., 5.50%, 07/15/2027(b)		3,013,000	2,843,368
United Rentals North America, Inc.,
5.88%, 09/15/2026		933,000	964,535
6.50%, 12/15/2026		1,074,000	1,119,269
5.50%, 05/15/2027		269,000	273,385
5.25%, 01/15/2030		2,089,000	2,103,936
			10,635,244
Trucking–0.04%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
6.38%, 04/01/2024(b)		655,000	407,606
5.25%, 03/15/2025(b)		735,000	441,000
			848,606
Wireless Telecommunication Services–0.87%
Digicel Group One Ltd. (Jamaica), 8.25%, 12/30/2022(b)		207,000	124,200
Digicel Group Two Ltd. (Jamaica), 8.25%, 09/30/2022(b)		196,000	9,800
Intelsat (Luxembourg) S.A. (Luxembourg), 7.75%, 06/01/2021		1,090,000	168,808
Intelsat Connect Finance S.A. (Luxembourg), 9.50%, 02/15/2023(b)		342,000	67,118

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Oztel Holdings SPC Ltd. (Oman), 5.63%, 10/24/2023(b)	$	1,136,000	$       1,049,437
Sprint Capital Corp., 8.75%, 03/15/2032		1,330,000	1,874,834
Sprint Communications, Inc., 11.50%, 11/15/2021		830,000	931,301
Sprint Corp.,
7.25%, 09/15/2021		49,000	51,612
7.88%, 09/15/2023		7,362,000	8,319,060
7.63%, 02/15/2025		823,000	955,791
7.63%, 03/01/2026		1,256,000	1,490,558
T-Mobile USA, Inc., 6.50%, 01/15/2026		3,001,000	3,180,010
			18,222,529
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,419,178,944)			1,329,962,567
	Shares
Preferred Stocks–19.63%
Alternative Carriers–0.64%
Qwest Corp., 6.50%, Pfd.		158,589	3,679,265
Qwest Corp., 6.75%, Pfd.		137,510	3,282,364
Qwest Corp., 6.13%, Pfd.		106,576	2,395,828
Qwest Corp., 6.88%, Pfd.		82,900	1,961,414
Qwest Corp., 6.63%, Pfd.		86,448	2,018,561
Qwest Corp., 7.00%, Pfd.		5,000	120,200
			13,457,632
Asset Management & Custody Banks–0.67%
Affiliated Managers Group, Inc., 5.88%, Pfd.		11,249	283,812
Apollo Global Management, Inc., 6.38%, Series A, Pfd.		10,312	269,453
Apollo Global Management, Inc., 6.38%, Series B, Pfd.		11,249	288,537
Ares Management Corp., 7.00%, Series A, Pfd.		11,624	298,039
Bank of New York Mellon Corp. (The), 5.20%, Pfd.		95,167	2,439,130
Brightsphere Investment Group, Inc., 5.13%, Pfd.		4,687	93,271
KKR & Co., Inc., 6.75%, Series A, Pfd.		12,937	334,939
KKR & Co., Inc., 6.50%, Series B, Pfd.		5,812	154,192
Legg Mason, Inc., 6.38%, Pfd.		9,374	239,787
Legg Mason, Inc., 5.45%, Pfd.		81,774	2,009,187
Northern Trust Corp., 4.70%, Series E, Pfd.		47,999	1,202,855
Oaktree Capital Group LLC, 6.63%, Series A, Pfd.		6,750	175,298
Oaktree Capital Group LLC, 6.55%, Series B, Pfd.		8,812	225,763
Prospect Capital Corp., 6.25%, Pfd.		8,162	198,337
State Street Corp., 5.35%, Series G, Pfd.		95,737	2,592,558
State Street Corp., 5.90%, Series D, Pfd.		123,693	3,233,335
			14,038,493
Automobile Manufacturers–0.21%
Ford Motor Co., 6.20%, Pfd.		121,773	2,160,253
Ford Motor Co., 6.00%, Pfd.		129,798	2,201,374
			4,361,627

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                      Invesco Multi-Asset Income Fund

	Shares		Value
Consumer Finance–0.89%
Capital One Financial Corp., 5.20%, Series G, Pfd.		135,649	$       3,373,591
Capital One Financial Corp., 6.00%, Series H, Pfd.		137,749	3,604,891
Capital One Financial Corp., 6.20%, Series F, Pfd.		81,424	2,088,526
Capital One Financial Corp., 5.00%, Series I, Pfd.		242,947	5,636,370
Capital One Financial Corp., 4.80%, Series J, Pfd.		46,872	1,036,340
Navient Corp., 6.00%, Pfd.		11,249	229,480
Synchrony Financial, 5.63%, Series A, Pfd.		122,693	2,556,922
			18,526,120
Diversified Banks–6.06%
Bank of America Corp., 6.20%, Series CC, Pfd.		186,150	4,858,515
Bank of America Corp., 6.00%, Series EE, Pfd.		153,375	3,987,750
Bank of America Corp., 6.00%, Series GG, Pfd.		219,075	5,941,314
Bank of America Corp., 5.88%, Series HH, Pfd.		168,700	4,487,420
Bank of America Corp., 5.38%, Series KK, Pfd.		286,050	7,388,672
Bank of America Corp., 5.00%, Series LL, Pfd.		275,400	6,896,016
Citigroup, Inc., 6.30%, Series S, Pfd.		168,010	4,290,975
Citigroup, Inc., 7.13%, Series J, Pfd.		154,623	4,227,393
Citigroup, Inc., 6.88%, Series K, Pfd.		241,309	6,602,214
JPMorgan Chase & Co., 6.10%, Series AA, Pfd.		234,534	6,053,323
JPMorgan Chase & Co., 6.15%, Series BB, Pfd.		258,198	6,664,090
JPMorgan Chase & Co., 5.75%, Series DD, Pfd.		294,481	7,847,919
JPMorgan Chase & Co., 6.00%, Series EE, Pfd.		259,821	7,103,506
JPMorgan Chase & Co., 4.75%, Series GG, Pfd.		146,448	3,690,490
U.S. Bancorp, 5.50%, Series K, Pfd.		108,650	2,879,225
U.S. Bancorp, 6.50%, Series F, Pfd.		242,100	6,539,121
Wells Fargo & Co., 5.70%, Series W, Pfd.		160,873	4,129,610
Wells Fargo & Co., 5.50%, Series X, Pfd.		255,323	6,549,035
Wells Fargo & Co., 5.63%, Series Y, Pfd.		136,249	3,565,636
Wells Fargo & Co., 5.20%, Pfd.		121,698	3,037,582
Wells Fargo & Co., 5.13%, Series O, Pfd.		104,799	2,592,727
Wells Fargo & Co., 5.25%, Series P, Pfd.		100,736	2,523,437
Wells Fargo & Co., 5.85%, Series Q, Pfd.		184,134	4,656,749
Wells Fargo & Co., 6.63%, Series R, Pfd.		135,248	3,612,474
Wells Fargo & Co., 6.00%, Series T, Pfd.		22,706	579,911
Wells Fargo & Co., 6.00%, Series V, Pfd.		160,823	4,171,749
Wells Fargo & Co., 4.75%, Series Z, Pfd.		75,464	1,802,080
			126,678,933
Diversified Capital Markets–0.11%
Deutsche Bank Contingent Capital Trust II, 6.55%, Pfd.		87,900	2,227,386

	Shares		Value
Diversified REITs–0.21%
PS Business Parks, Inc., 5.20%, Series W, Pfd.		7,115	$179,654
PS Business Parks, Inc., 5.25%, Series X, Pfd.		8,625	214,504
PS Business Parks, Inc., 5.20%, Series Y, Pfd.		7,500	189,150
PS Business Parks, Inc., 4.88%, Series Z, Pfd.		12,187	293,463
VEREIT, Inc., 6.70%, Series F, Pfd.		138,834	3,408,374
			4,285,145
Electric Utilities–1.49%
Alabama Power Co., 5.00%, Series A, Pfd.		9,831	262,586
Duke Energy Corp., 5.13%, Pfd.		78,374	1,977,376
Duke Energy Corp., 5.63%, Pfd.		82,099	2,222,420
Duke Energy Corp., 5.75%, Series A, Pfd.		162,723	4,489,528
Entergy Arkansas LLC, 4.88%, Pfd.		16,800	428,400
Entergy Arkansas LLC, 4.90%, Pfd.		8,050	203,262
Entergy Louisiana LLC, 4.88%, Pfd.		12,300	316,233
Entergy Louisiana LLC, 5.25%, Pfd.		9,000	231,030
Entergy Mississippi LLC, 4.90%, Pfd.		10,800	279,612
Entergy New Orleans LLC, 5.50%, Pfd.		5,100	132,957
Entergy Texas, Inc., 5.63%, Pfd.		6,100	159,942
Georgia Power Co., 5.00%, Series 2017A, Pfd.		10,617	281,775
Interstate Power and Light Co., 5.10%, Series D, Pfd.		7,500	192,750
NextEra Energy Capital Holdings, Inc., 5.00%, Pfd.		81,075	2,028,496
NextEra Energy Capital Holdings, Inc., 5.65%, Series N, Pfd.		122,700	3,263,820
NextEra Energy Capital Holdings, Inc., 5.13%, Series I, Pfd.		13,500	341,145
PPL Capital Funding, Inc., 5.90%, Series B, Pfd.		16,874	424,044
SCE Trust II, 5.10%, Pfd.		14,999	351,277
SCE Trust III, 5.75%, Series H, Pfd.		10,312	247,488
SCE Trust IV, 5.38%, Series J, Pfd.		12,187	266,652
SCE Trust V, 5.45%, Series K, Pfd.		11,249	265,926
SCE Trust VI, 5.00%, Pfd.		96,986	2,136,602
Southern Co. (The), 5.25%, Pfd.		136,759	3,494,192
Southern Co. (The), 5.25%, Pfd.		75,871	1,980,992
Southern Co. (The), 6.25%, Pfd.		160,774	4,123,853
Southern Co. (The), 4.95%, Series 2020, Pfd.		39,324	970,123
			31,072,481
Gas Utilities–0.02%
South Jersey Industries, Inc., 5.63%, Pfd.		7,865	200,243
Spire, Inc., 5.90%, Series A, Pfd.		9,831	262,782
			463,025
Health Care REITs–0.09%
Diversified Healthcare Trust, 5.63%, Pfd.		100,050	1,821,910
Integrated Telecommunication Services–0.74%
AT&T, Inc., 5.35%, Pfd.		215,816	5,561,578
AT&T, Inc., 5.63%, Pfd.		135,286	3,572,903

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                      Invesco Multi-Asset Income Fund

	Shares		Value
Integrated Telecommunication Services–(continued)
AT&T, Inc., 5.00%, Series A, Pfd.		195,397	$       4,918,143
AT&T, Inc., 4.75%, Series C, Pfd.		65,621	1,509,939
			15,562,563
Internet & Direct Marketing Retail–0.24%
eBay, Inc., 6.00%, Pfd.		122,873	3,197,155
QVC, Inc., 6.38%, Pfd.		8,437	178,949
QVC, Inc., 6.25%, Pfd.		81,458	1,605,537
			4,981,641
Investment Banking & Brokerage–1.69%
Charles Schwab Corp. (The), 5.95%, Series D, Pfd.		122,373	3,197,607
Charles Schwab Corp. (The), 6.00%, Series C, Pfd.		97,974	2,544,385
Goldman Sachs Group, Inc. (The), 6.30%, Series N, Pfd.		110,961	2,924,932
Goldman Sachs Group, Inc. (The), 5.50%, Series J, Pfd.		163,898	4,138,425
Goldman Sachs Group, Inc. (The), 6.38%, Series K, Pfd.		135,398	3,494,622
Morgan Stanley, 5.85%, Series K, Pfd.		184,398	4,864,419
Morgan Stanley, 7.13%, Series E, Pfd.		82,200	2,235,840
Morgan Stanley, 6.88%, Series F, Pfd.		142,175	3,840,147
Morgan Stanley, 6.38%, Series I, Pfd.		209,825	5,633,801
Morgan Stanley, 4.88%, Series L, Pfd.		81,800	1,999,192
Stifel Financial Corp., 6.25%, Series A, Pfd.		5,899	147,534
Stifel Financial Corp., 5.20%, Pfd.		8,848	223,766
Stifel Financial Corp., 6.25%, Series B, Pfd.		6,292	158,495
			35,403,165
Leisure Products–0.02%
Brunswick Corp., 6.50%, Pfd.		6,937	170,997
Brunswick Corp., 6.63%, Pfd.		4,687	115,254
Brunswick Corp., 6.38%, Pfd.		8,625	211,571
			497,822
Life & Health Insurance–1.16%
AEGON Funding Co. LLC, 5.10%, Pfd.		151,675	3,641,717
American Equity Investment Life Holding Co., 5.95%, Series A, Pfd.		14,999	348,427
Athene Holding Ltd., 6.35%, Series A, Pfd.		139,892	3,395,179
Athene Holding Ltd., 5.63%, Series B, Pfd.		12,937	300,268
Brighthouse Financial, Inc., 6.25%, Pfd.		14,062	355,628
Brighthouse Financial, Inc., 6.60%, Series A, Pfd.		69,337	1,731,345
Globe Life, Inc., 6.13%, Pfd.		11,249	303,048
MetLife, Inc., 5.63%, Series E, Pfd.		130,286	3,413,493
MetLife, Inc., 4.75%, Series F, Pfd.		37,498	928,075
Prudential Financial, Inc., 5.63%, Pfd.		93,011	2,438,748
Prudential Financial, Inc., 5.75%, Pfd.		92,736	2,344,366
Prudential Financial, Inc., 5.70%, Pfd.		115,173	2,910,422
Prudential PLC, 6.75%, Pfd.		65,000	1,662,050
Prudential PLC, 6.50%, Pfd.		8,800	227,040
Unum Group, 6.25%, Pfd.		11,249	271,213
			24,271,019

	Shares		Value
Multi-line Insurance–0.27%
American Financial Group, Inc., 6.00%, Pfd.		5,625	$         141,244
American Financial Group, Inc., 5.88%, Pfd.		4,687	125,893
American Financial Group, Inc., 5.13%, Pfd.		7,500	188,475
American International Group, Inc., 5.85%, Series A, Pfd.		82,099	2,126,364
Hartford Financial Services Group, Inc. (The), 7.88%, Pfd.		98,249	2,627,178
Hartford Financial Services Group, Inc. (The), 6.00%, Series G, Pfd.		12,937	345,288
			5,554,442
Multi-Sector Holdings–0.11%
PartnerRe Ltd., 7.25%, Series H, Pfd.		81,450	2,103,039
PartnerRe Ltd., 5.88%, Series I, Pfd.		6,000	145,320
PartnerRe Ltd., 6.50%, Series G, Pfd.		3,500	87,675
			2,336,034
Multi-Utilities–0.48%
Algonquin Power & Utilities Corp., 6.88%, Pfd.		10,781	297,556
Algonquin Power & Utilities Corp., 6.20%, Series 19-A, Pfd.		13,124	358,679
CMS Energy Corp., 5.63%, Pfd.		7,500	200,625
CMS Energy Corp., 5.88%, Pfd.		10,335	276,565
CMS Energy Corp., 5.88%, Pfd.		102,174	2,807,742
DTE Energy Co., 5.25%, Pfd.		7,500	188,550
Integrys Holding, Inc., 6.00%, Pfd.		20,250	511,312
NiSource, Inc., 6.50%, Series B, Pfd.		81,399	2,244,170
Sempra Energy, 5.75%, Pfd.		124,238	3,161,857
			10,047,056
Office REITs–0.19%
Boston Properties, Inc., 5.25%, Series B, Pfd.		7,500	188,925
Office Properties Income Trust, 5.88%, Pfd.		11,624	265,492
SL Green Realty Corp., 6.50%, Series I, Pfd.		9,044	223,387
Vornado Realty Trust, 5.40%, Series L, Pfd.		129,350	2,981,517
Vornado Realty Trust, 5.25%, Series M, Pfd.		17,000	379,610
			4,038,931
Office Services & Supplies–0.01%
Pitney Bowes, Inc., 6.70%, Pfd.		15,937	270,770
Oil & Gas Storage & Transportation–0.31%
DCP Midstream L.P., 7.88%, Series B, Pfd.		6,047	98,203
DCP Midstream L.P., 7.95%, Series C, Pfd.		4,125	70,991
Enbridge, Inc., 6.38%, Series B, Pfd.		97,674	2,296,316
Energy Transfer Operating L.P., 7.38%, Series C, Pfd.		16,874	353,679
Energy Transfer Operating L.P., 7.63%, Series D, Pfd.		16,687	349,593
Energy Transfer Operating L.P., 7.60%, Series E, Pfd.		129,948	2,748,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                      Invesco Multi-Asset Income Fund

	Shares		Value
Oil & Gas Storage & Transportation–(continued)
NuStar Energy L.P., 8.50%, Series A, Pfd.		8,707	$         150,631
NuStar Energy L.P., 9.00%, Series C, Pfd.		6,783	124,197
NuStar Energy L.P., 7.63%, Series B, Pfd.		13,500	217,350
			6,409,360
Other Diversified Financial Services–0.18%
Equitable Holdings, Inc., 5.25%, Series A, Pfd.		129,398	3,121,080
National Rural Utilities Cooperative Finance Corp., 5.50%, Pfd.		9,374	257,129
Voya Financial, Inc., 5.35%, Series B, Pfd.		11,249	290,674
			3,668,883
Property & Casualty Insurance–0.89%
Allstate Corp. (The), 5.63%, Series G, Pfd.		100,761	2,720,547
Allstate Corp. (The), 5.10%, Pfd.		79,749	2,067,892
Allstate Corp. (The), 5.10%, Series H, Pfd.		185,623	4,751,949
Allstate Corp. (The), 4.75%, Series I, Pfd.		11,249	285,612
Arch Capital Group Ltd., 5.25%, Series E, Pfd.		74,374	1,793,157
Arch Capital Group Ltd., 5.45%, Series F, Pfd.		12,374	308,360
Argo Group U.S., Inc., 6.50%, Pfd.		5,390	135,828
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		9,374	223,851
Aspen Insurance Holdings Ltd., 5.95%, Pfd.		10,312	249,550
Aspen Insurance Holdings Ltd., 5.63%, Pfd.		9,374	222,914
Assured Guaranty Municipal Holdings, Inc., 6.25%, Pfd.		71,600	1,776,396
AXIS Capital Holdings Ltd., 5.50%, Series E, Pfd.		105,174	2,589,384
Hanover Insurance Group, Inc. (The), 6.35%, Pfd.		6,562	168,184
W.R. Berkley Corp., 5.75%, Pfd.		11,404	290,574
W.R. Berkley Corp., 5.70%, Pfd.		7,275	188,423
W.R. Berkley Corp., 5.63%, Pfd.		13,763	346,552
W.R. Berkley Corp., 5.10%, Pfd.		16,000	390,720
			18,509,893
Real Estate Operating Companies–0.03%
Brookfield Property Partners L.P., 6.50%, Series A-1, Pfd.		6,900	148,005
Brookfield Property Partners L.P., 6.38%, Series A2, Pfd.		9,374	201,260
Brookfield Property Partners L.P., 5.75%, Series A, Pfd.		9,374	187,480
			536,745
Regional Banks–1.80%
Associated Banc-Corp., 5.88%, Series E, Pfd.		3,932	95,784
BancorpSouth Bank, 5.50%, Series A, Pfd.		5,625	141,862
BOK Financial Corp., 5.38%, Pfd.		5,625	138,881

	Shares		Value
Regional Banks–(continued)
CIT Group, Inc., 5.63%, Series B, Pfd.		7,804	$         163,260
Citizens Financial Group, Inc., 6.35%, Series D, Pfd.		11,249	286,175
Citizens Financial Group, Inc., 5.00%, Series E, Pfd.		73,474	1,783,214
Commerce Bancshares, Inc., 6.00%, Series B, Pfd.		5,625	146,025
Fifth Third Bancorp, 6.63%, Series I, Pfd.		73,774	1,969,766
Fifth Third Bancorp, 6.00%, Series A, Pfd.		7,500	204,675
Fifth Third Bancorp, 4.95%, Series K, Pfd.		9,374	225,913
First Horizon National Corp., 6.20%, Series A, Pfd.		3,750	92,063
First Republic Bank, 5.50%, Series G, Pfd.		5,625	144,731
First Republic Bank, 5.13%, Series H, Pfd.		7,500	186,825
First Republic Bank, 5.50%, Series I, Pfd.		11,249	297,761
First Republic Bank, 5.70%, Series F, Pfd.		3,750	96,637
First Republic Bank, 4.70%, Series J, Pfd.		14,812	358,747
FNB Corp., 7.25%, Pfd.		4,158	116,216
Hancock Whitney Corp., 5.95%, Pfd.		5,625	139,725
Huntington Bancshares, Inc., 6.25%, Series D, Pfd.		98,224	2,523,375
Huntington Bancshares, Inc., 5.88%, Series C, Pfd.		3,932	97,632
IBERIABANK Corp., 6.10%, Series D, Pfd.		3,932	84,813
KeyCorp, 6.13%, Series E, Pfd.		82,099	2,333,254
KeyCorp, 5.65%, Series F, Pfd.		69,337	1,776,414
KeyCorp, 5.63%, Series G, Pfd.		73,174	1,884,962
People’s United Financial, Inc., 5.63%, Series A, Pfd.		9,374	239,037
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.		245,497	6,471,301
PNC Financial Services Group, Inc. (The), 5.38%, Series Q, Pfd.		78,199	1,997,984
Regions Financial Corp., 6.38%, Series A, Pfd.		79,949	2,020,311
Regions Financial Corp., 6.38%, Series B, Pfd.		83,999	2,274,693
Regions Financial Corp., 5.70%, Series C, Pfd.		81,199	2,152,585
SVB Financial Group, 5.25%, Series A, Pfd.		13,763	341,598
Synovus Financial Corp., 6.30%, Series D, Pfd.		7,865	178,929
Synovus Financial Corp., 5.88%, Series E, Pfd.		13,763	296,317
TCF Financial Corp., 5.70%, Series C, Pfd.		6,900	173,811
Texas Capital Bancshares, Inc., 6.50%, Series A, Pfd.		11,500	281,060
Truist Financial Corp., 5.63%, Series H, Pfd.		192,725	4,953,032
Truist Financial Corp., 5.20%, Series G, Pfd.		15,800	401,636
Valley National Bancorp, 5.50%, Series B, Pfd.		3,932	84,971

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                      Invesco Multi-Asset Income Fund

	Shares		Value
Regional Banks–(continued)
Valley National Bancorp, 6.25%, Series A, Pfd.		4,522	$       112,191
Webster Financial Corp., 5.25%, Series F, Pfd.		5,899	145,823
Wintrust Financial Corp., 6.50%, Series D, Pfd.		4,915	124,005
Zions Bancorporation N.A., 6.30%, Series G, Pfd.		5,442	133,928
			37,671,922
Reinsurance–0.21%
Enstar Group Ltd., 7.00%, Series D, Pfd.		65,999	1,641,395
Enstar Group Ltd., 7.00%, Series E, Pfd.		4,125	99,578
Reinsurance Group of America, Inc., 5.75%, Pfd.		71,649	1,828,482
Reinsurance Group of America, Inc., 6.20%, Pfd.		14,999	379,925
RenaissanceRe Holdings Ltd., 5.75%, Series F, Pfd.		9,374	242,130
RenaissanceRe Holdings Ltd., 5.38%, Series E, Pfd.		10,312	260,172
			4,451,682
Residential REITs–0.04%
American Homes 4 Rent, 5.88%, Series F, Pfd.		5,812	136,873
American Homes 4 Rent, 5.88%, Series G, Pfd.		4,500	105,255
American Homes 4 Rent, 6.50%, Series D, Pfd.		10,078	253,462
American Homes 4 Rent, 6.35%, Series E, Pfd.		8,625	220,541
American Homes 4 Rent, 6.25%, Series H, Pfd.		4,000	98,600
			814,731
Retail REITs–0.06%
Federal Realty Investment Trust, 5.00%, Series C, Pfd.		5,625	137,531
Kimco Realty Corp., 5.13%, Series L, Pfd.		8,437	198,270
Kimco Realty Corp., 5.25%, Class M, Pfd.		9,918	225,635
National Retail Properties, Inc., 5.20%, Series F, Pfd.		12,937	313,981
SITE Centers Corp., 6.38%, Series A, Pfd.		6,882	137,158
SITE Centers Corp., 6.25%, Series K, Pfd.		5,899	118,393
Spirit Realty Capital, Inc., 6.00%, Series A, Pfd.		6,783	160,621
			1,291,589
Specialized REITs–0.60%
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		7,500	191,025
Digital Realty Trust, Inc., 6.63%, Series C, Pfd.		7,546	193,329
Digital Realty Trust, Inc., 5.88%, Series G, Pfd.		9,374	235,287
Digital Realty Trust, Inc., 6.35%, Series I, Pfd.		9,374	239,412
Digital Realty Trust, Inc., 5.85%, Series K, Pfd.		7,875	207,743

	Shares		Value
Specialized REITs–(continued)
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		12,937	$       332,352
EPR Properties, 5.75%, Series G, Pfd.		5,899	110,252
Public Storage, 5.40%, Series B, Pfd.		76,175	1,957,697
Public Storage, 5.13%, Series C, Pfd.		78,350	2,026,914
Public Storage, 4.95%, Series D, Pfd.		99,750	2,539,635
Public Storage, 4.90%, Series E, Pfd.		104,350	2,648,403
Public Storage, 5.15%, Series F, Pfd.		9,700	255,498
Public Storage, 5.05%, Series G, Pfd.		11,400	296,514
Public Storage, 5.20%, Series W, Pfd.		7,700	194,656
Public Storage, 5.60%, Series H, Pfd.		11,200	306,768
Public Storage, 4.88%, Series I, Pfd.		13,500	345,060
Public Storage, 4.70%, Series J, Pfd.		10,000	254,700
Public Storage, 4.75%, Series K, Pfd.		8,500	220,065
			12,555,310
Thrifts & Mortgage Finance–0.10%
New York Community Bancorp, Inc., 6.38%, Series A, Pfd.		83,911	2,093,579
Trading Companies & Distributors–0.03%
Air Lease Corp., 6.15%, Series A, Pfd.		9,831	177,155
GATX Corp., 5.63%, Pfd.		5,625	138,656
Triton International Ltd., 8.00%, Pfd.		5,653	127,023
Triton International Ltd., 7.38%, Pfd.		6,882	151,335
Triton International Ltd., 6.88%, Pfd.		5,899	123,289
			717,458
Wireless Telecommunication Services–0.08%
Telephone & Data Systems, Inc., 7.00%, Pfd.		17,100	418,950
Telephone & Data Systems, Inc., 5.88%, Pfd.		7,668	182,958
Telephone & Data Systems, Inc., 6.88%, Pfd.		10,848	256,447
United States Cellular Corp., 7.25%, Pfd.		11,797	302,947
United States Cellular Corp., 6.95%, Pfd.		6,300	158,067
United States Cellular Corp., 7.25%, Pfd.		17,000	422,110
			1,741,479
Total Preferred Stocks (Cost $424,364,288)			410,358,826
	Principal Amount
U.S. Treasury Securities–7.01%
U.S. Treasury Bills–0.11%
0.01% - 0.39%, 09/03/2020(g)(h)	$	2,232,000	2,231,138
U.S. Treasury Bonds–6.90%
4.25%, 11/15/2040(h)		91,580,000	144,345,821
Total U.S. Treasury Securities (Cost $121,508,549)			146,576,959
Asset-Backed Securities–0.36%
Apidos CLO XV, Series 2013-15A, Class CRR, 2.99% (3 mo. USD LIBOR + 1.85%), 04/20/2031(b)(f)		1,400,000	1,243,570

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2019-1A, Class C, 3.89% (3 mo. USD LIBOR + 2.75%), 04/18/2032(b)(f)	$	1,300,000	$	1,173,945
Series 2019-3A, Class C, 4.73% (3 mo. USD LIBOR + 2.85%), 10/21/2032(b)(f)		923,000		833,941
Banc of America Funding Trust, Series 2007-1, Class 1A3, 6.00%, 01/25/2037		92,735		86,851
FREMF Mortgage Trust, Series 2012-K23, Class C, 3.78%, 10/25/2045(b)(i)		30,000		30,160
GMACM Home Equity Loan Trust, Series 2007-HE2, Class A2, 6.05%, 12/25/2037(i)		4,569		4,527
Magnetite XXIII Ltd., Series 2019- 23A, Class C, 4.27% (3 mo. USD LIBOR + 2.40%), 10/25/2032(b)(f)		1,405,000		1,267,784
Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class C1, 3.74% (3 mo. USD LIBOR + 2.60%), 01/20/2033(b)(f)		1,405,000		1,317,768
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		1,771,044		1,688,183
Total Asset-Backed Securities (Cost $8,275,803)				7,646,729
Variable Rate Senior Loan Interests–0.12%(j)
Cable & Satellite–0.07%
Altice Financing S.A. (Luxembourg), Term Loan, 3.56% (1 mo. USD LIBOR + 2.75%), 07/15/2025		405,548		377,793
Charter Communications Operating LLC, Term Loan B-1, 2.16% (1 mo. USD LIBOR + 1.75%), 04/30/2025		563,668		548,578
CSC Holdings LLC, Term Loan, 3.31% (1 mo. USD LIBOR + 2.50%), 04/15/2027		566,580		544,475
				1,470,846
Household Products–0.03%
Reynolds Group Holdings, Inc., Incremental Term Loan, 3.15% (1 mo. USD LIBOR + 2.75%), 02/05/2023		564,079		539,638
Pharmaceuticals–0.02%
Valeant Pharmaceuticals International, Inc. (Canada), First Lien Incremental Term Loan, 3.47% (1 mo. USD LIBOR + 2.75%), 11/27/2025		549,829		530,414
Total Variable Rate Senior Loan Interests (Cost $2,650,388)				2,540,898
Non-U.S. Dollar Denominated Bonds & Notes–0.08%(k)
Diversified Banks–0.04%
Erste Group Bank AG (Austria), 6.50%(b)(d)		EUR      800,000		883,952

	Principal Amount		Value
Food Retail–0.03%
Iceland Bondco PLC (United Kingdom), 4.63%, 03/15/2025(b)	GBP	250,000	$	274,475
Quatrim S.A.S.U. (France), 5.88%, 01/15/2024(b)	EUR	200,000		223,471
				497,946
Other Diversified Financial Services–0.01%
eG Global Finance PLC (United Kingdom), 6.25%, 10/30/2025(b)	EUR	200,000		198,787
Textiles–0.00%
Eagle Intermediate Global Holding B.V./Ruyi US Finance LLC (China), 5.38%, 05/01/2023(b)	EUR	100,000		60,272
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,909,964)				1,640,957
	Shares
Exchange-Traded Funds–0.07%
Energy Select Sector SPDR Fund (The) ETF (Cost $ 1,375,540) 38,200				1,451,600
	Principal Amount
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.03%
Collateralized Mortgage Obligations–0.03%
Fannie Mae Interest STRIPS, IO,
7.00%, 06/25/2023	$	63,949		5,180
7.50%, 11/25/2023 to 09/25/2030		211,601		37,601
Fannie Mae REMICs, 3.00%, 12/25/2020 to 01/25/2021		1,594		1,597
13.13%, (1 mo. USD LIBOR + 14.10%), 12/25/2033(f)		5,559		5,781
1.43%, (1 mo. USD LIBOR + 0.94%), 06/25/2037(f)		69,666		70,827
PO, 0.00%, 09/25/2023(l)		25,043		24,612
IO, 6.21%, (1 mo. USD LIBOR + 6.70%), 02/25/2024(f)		1,672		108
9.05%, (1 mo. USD LIBOR + 9.80%), 03/17/2031(f)		322		25
7.41%, (1 mo. USD LIBOR + 7.90%), 11/25/2031(f)		104,541		21,268
6.76%, (1 mo. USD LIBOR + 7.25%), 01/25/2032(f)		24,870		5,227
7.46%, (1 mo. USD LIBOR + 7.95%), 01/25/2032(f)		25,296		5,418
7.61%, (1 mo. USD LIBOR + 8.10%), 03/25/2032(f)		35,110		8,102
7.51%, 04/25/2032 to 11/25/2032		248,390		55,273
6.51%, 08/25/2032 to 09/25/2032		141,902		28,787
7.28%, (1 mo. USD LIBOR + 8.00%), 12/18/2032(f)		53,056		12,621
7.38%, (1 mo. USD LIBOR + 8.10%), 12/18/2032(f)		35,402		6,272
7.76%, (1 mo. USD LIBOR + 8.25%), 05/25/2033(f)		113,112		27,863

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                      Invesco Multi-Asset Income Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
7.06%, (1 mo. USD LIBOR + 7.55%), 10/25/2033(f)	$	150,345	$            35,018
6.11%, (1 mo. USD LIBOR + 6.60%), 05/25/2035(f)		528,795	90,010
5.61%, (1 mo. USD LIBOR + 6.10%), 10/25/2035(f)		256,709	53,099
5.56%, (1 mo. USD LIBOR + 6.05%), 07/25/2038(f)		50,441	10,090
Freddie Mac REMICs, 4.50%, 07/15/2020		125	126
3.00%, 12/15/2020		79	79
IO, 5.19%, (1 mo. USD LIBOR + 6.00%), 04/15/2038(f)		52,504	9,722
5.44%, (1 mo. USD LIBOR + 6.25%), 12/15/2039(f)		195,406	39,358
Freddie Mac STRIPS, PO, 0.00%, 06/01/2026(l)		14,631	14,152
IO, 7.00%, 04/01/2027		48,749	7,256
6.00%, 12/15/2032		51,472	8,740
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $390,613)			584,212

	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.01%
Freddie Mac Multifamily Connecticut Avenue Securities TrustSeries 2019-01, Class M10, 3.74% (1 mo. USD LIBOR + 3.25%), 10/15/2049 (Cost $294,000)(b)(f)	$	294,000	$	227,279
	Shares
Money Market Funds–10.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(m)(n)		71,388,509		71,388,509
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(m)(n)		56,142,934		56,176,620
Invesco Treasury Portfolio, Institutional Class, 0.10%(m)(n)		81,586,868		81,586,868
Total Money Market Funds (Cost $209,119,905)				209,151,997
TOTAL INVESTMENTS IN SECURITIES–100.95% (Cost $2,189,067,994)				2,110,142,024
OTHER ASSETS LESS LIABILITIES—(0.95)%				(19,961,122	)
NET ASSETS–100.00%			$	2,090,180,902

Investment Abbreviations:
CLO	- Collateralized Loan Obligation
Conv.	- Convertible
ETF	- Exchange-Traded Fund
EUR	- Euro
GBP	- British Pound Sterling
IO	- Interest Only
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
PIK	- Pay-in-Kind
PO	- Principal only
REIT	- Real Estate Investment Trust
REMICs	- Real Estate Mortgage Investment Conduits
SPDR	- Standard & Poor’s Depositary Receipt
STRIPS	- Separately Traded Registered Interest and Principal Security
USD	- U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                      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 April 30, 2020 was $840,205,059, which represented 40.20% of the Fund’s Net Assets.

^(c)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(d)  Perpetual bond with no specified maturity date.

^(e)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2020 was $3,393,148, which represented less than 1% of the Fund’s Net Assets.

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2020.

^(g)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(h)  All or a portion of the value was designated as collateral to cover margin requirements for open future contracts.

⁽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 April 30, 2020.

^(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)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(l)  Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(m)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$20,918,386	$	525,295,348	$	(474,825,225	)	$	-	$	-		$	71,388,509	$	208,298
Invesco Liquid Assets Portfolio, Institutional Class		14,949,795		210,465,830		(169,268,308	)		30,698		(1,395	)		56,176,620		173,847
Invesco Treasury Portfolio, Institutional Class		23,906,727		334,658,968		(276,978,827	)		-		-			81,586,868		184,360
Total		$59,774,908	$	1,070,420,146	$	(921,072,360	)	$	30,698	$	(1,395	)	$	209,151,997	$	566,505

⁽ⁿ⁾  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By security type, based on Net Assets

as of April 30, 2020

U.S. Dollar Denominated Bonds & Notes	63.63%
Preferred Stocks	19.63
U.S. Treasury Securities	7.01
Security Types Each Less Than 1% of Portfolio	0.67
Money Market Funds Plus Other Assets Less Liabilities	9.06

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Long Gilt		1,529		June-2020	$	265,179,239	$	5,131,920		$	5,131,920
U.S. Treasury 5 Year Notes		176		June-2020		22,085,250		678,895			678,895
U.S. Treasury 10 Year Notes		30		June-2020		4,171,875		36,311			36,311
U.S. Treasury 10 Year Ultra Bonds		11		June-2020		1,727,344		(1,055	)		(1,055	)
U.S. Treasury Long Bonds		1,091		June-2020		197,505,094		11,950,526			11,950,526
U.S. Treasury Ultra Bonds		4		June-2020		899,125		(14,134	)		(14,134	)
Subtotal–Long Futures Contracts								17,782,463			17,782,463

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                      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		673		June-2020	$	(43,970,455	)	$	(7,678,822	)	$	(7,678,822	)
E-Mini S&P 500 Index		261		June-2020		(37,876,320	)		(5,414,983	)		(5,414,983	)
EURO STOXX 50 Index		1,866		June-2020		(59,034,973	)		(4,922,541	)		(4,922,541	)
FTSE 100 Index		647		June-2020		(47,956,651	)		(3,448,753	)		(3,448,753	)
Hang Seng Index		174		May-2020		(27,496,601	)		(887,767	)		(887,767	)
Subtotal									(22,352,866	)		(22,352,866	)
Interest Rate Risk
U.S. Treasury Long Bonds		214		June-2020		(38,740,688	)		(1,973,746	)		(1,973,746	)
Subtotal-Short Futures Contracts									(24,326,612	)		(24,326,612	)
Total Futures Contracts								$	(6,544,149	)	$	(6,544,149	)

^(a)  Futures contracts collateralized by $37,615,823 cash held with Goldman Sachs & Co. LLC, the futures commission merchant.

Open Forward Foreign Currency Contracts
						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
05/29/2020	Goldman Sachs & Co.	GBP	164,512	USD	213,228	$	6,006
Currency Risk
05/29/2020	Citibank N.A.	EUR	362,468	USD	394,757		(2,634	)
Total Forward Foreign Currency Contracts						$	3,372

Open Centrally Cleared Credit Default Swap Agreements

(Pay)/

Receive

Implied

Upfront

Buy/Sell

Fixed

Payment

Credit

Payments Paid

Unrealized

Reference Entity

Protection

Rate

Frequency

Maturity Date

Spread(a)

Notional Value

(Received)

Value

Appreciation(b)

Credit Risk

Markit CDX North America High Yield Index, Series 33, Version 1

Sell

5.00

%

Quarterly

12/20/2024

6.563

%

USD

3,920,000

$

(384,716

)

$

(229,021

)

$

155,695

^(a)  Implied credit spreads represent the current level, as of April 30, 2020, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

^(b)  The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities.

Abbreviations:

EUR -Euro

GBP -British Pound Sterling

USD -U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                      Invesco Multi-Asset Income Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,979,948,089)	$1,900,990,027
Investments in affiliated money market funds, at value (Cost $209,119,905)	209,151,997
Other investments:
Variation margin receivable – futures contracts	6,419,792
Variation margin receivable – centrally cleared swap agreements	1,372
Unrealized appreciation on forward foreign currency contracts outstanding	6,006
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	37,615,823
Cash	13,632,283
Foreign currencies, at value (Cost $19,388)	26,084
Receivable for:
Investments sold	723,048
Dividends	2,318,855
Interest	21,291,450
Investment for trustee deferred compensation and retirement plans	194,989
Other assets	94,032
Total assets	2,192,465,758
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding	2,634
Payable for:
Investments purchased	61,967,519
Dividends	466
Fund shares reacquired	38,274,776
Accrued fees to affiliates	534,812
Accrued other operating expenses	1,257,387
Trustee deferred compensation and retirement plans	247,262
Total liabilities	102,284,856
Net assets applicable to shares outstanding	$2,090,180,902

Net assets consist of:
Shares of beneficial interest	$	2,336,486,669
Distributable earnings (loss)		(246,305,767	)
	$	2,090,180,902
Net Assets:
Class A	$	1,234,304,024
Class C	$	253,288,920
Class R	$	56,016,457
Class Y	$	476,556,214
Class R5	$	79,767
Class R6	$	69,935,520
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		139,241,980
Class C		28,580,714
Class R		6,313,093
Class Y		53,716,552
Class R5		8,995
Class R6		7,883,261
Class A:
Net asset value per share	$	8.86
Maximum offering price per share (Net asset value of $8.86 ÷ 94.50%)	$	9.38
Class C:
Net asset value and offering price per share	$	8.86
Class R:
Net asset value and offering price per share	$	8.87
Class Y:
Net asset value and offering price per share	$	8.87
Class R5:
Net asset value and offering price per share	$	8.87
Class R6:
Net asset value and offering price per share	$	8.87

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25                      Invesco Multi-Asset Income Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $58,770)	$	24,093,175
Dividends		5,453,473
Dividends from affiliated money market funds		566,505
Total investment income		30,113,153
Expenses:
Advisory fees		2,081,172
Administrative services fees		58,692
Custodian fees		10,338
Distribution fees:
Class A		314,676
Class C		639,966
Class R		20,527
Transfer agent fees – A, C, R and Y		457,768
Transfer agent fees – R5		38
Transfer agent fees – R6		1,170
Trustees’ and officers’ fees and benefits		14,647
Registration and filing fees		58,609
Licensing fees		150,668
Reports to shareholders		23,952
Professional services fees		31,171
Other		23,025
Total expenses		3,886,419
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(343,964	)
Net expenses		3,542,455
Net investment income		26,570,698
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(108,340,745	)
Foreign currencies		(76,597	)
Forward foreign currency contracts		2,947
Futures contracts		(31,968,287	)
Option contracts written		91,025
Swap agreements		(757,486	)
		(141,049,143	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(9,422,606	)
Foreign currencies		(29,947	)
Forward foreign currency contracts		13,725
Futures contracts		(10,587,805	)
Option contracts written		7,873
Swap agreements		155,035
		(19,863,725	)
Net realized and unrealized gain (loss)		(160,912,868	)
Net increase (decrease) in net assets resulting from operations	$	(134,342,170	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26                      Invesco Multi-Asset Income Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	26,570,698		$	32,746,989
Net realized gain (loss)		(141,049,143	)		(8,230,798	)
Change in net unrealized appreciation (depreciation)		(19,863,725	)		49,924,873
Net increase (decrease) in net assets resulting from operations		(134,342,170	)		74,441,064
Distributions to shareholders from distributable earnings:
Class A		(5,305,596	)		(8,046,699	)
Class C		(2,835,285	)		(4,404,348	)
Class R		(134,517	)		(158,155	)
Class Y		(11,707,351	)		(18,244,593	)
Class R5		(2,332	)		(7,039	)
Class R6		(1,782,947	)		(3,184,274	)
Total distributions from distributable earnings		(21,768,028	)		(34,045,108	)
Share transactions–net:
Class A		1,080,166,294			47,016,424
Class C		157,939,973			27,173,051
Class R		51,598,774			2,790,424
Class Y		164,843,473			88,523,815
Class R5		(11,258	)		(52,932	)
Class R6		22,301,503			1,874,966
Net increase in net assets resulting from share transactions		1,476,838,759			167,325,748
Net increase in net assets		1,320,728,561			207,721,704
Net assets:
Beginning of period		769,452,341			561,730,637
End of period	$	2,090,180,902		$	769,452,341

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27                      Invesco Multi-Asset Income Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$	10.79		$	0.30		$	(1.95	)		$	(1.65	)		$	(0.28	)		$	–			$	(0.28	)		$	8.86		(15.51	)%		$	1,234,304		0.84	%(d)		0.93	%(d)		6.08	%(d)		55	%
Year ended 10/31/19			10.07			0.55			0.74				1.29				(0.57	)			–				(0.57	)			10.79		13.18				188,655		0.84			0.97			5.21			76
Year ended 10/31/18			11.01			0.51			(0.84	)			(0.33	)			(0.52	)			(0.09	)			(0.61	)			10.07		(3.13	)			131,971		0.85			1.00			4.76			59
Year ended 10/31/17			10.51			0.49			0.50				0.99				(0.49	)			–				(0.49	)			11.01		9.64				191,395		0.86			1.06			4.53			40
Year ended 10/31/16			10.09			0.47			0.45				0.92				(0.50	)			–				(0.50	)			10.51		9.44				91,585		1.04			1.28			4.60			101
Year ended 10/31/15			10.37			0.46			(0.25	)			0.21				(0.49	)			–				(0.49	)			10.09		2.02				52,613		0.99			1.27			4.52			120
Class C
Six months ended 04/30/20			10.78			0.27			(1.95	)			(1.68	)			(0.24	)			–				(0.24	)			8.86		(15.76	)			253,289		1.59	(d)		1.68	(d)		5.33	(d)		55
Year ended 10/31/19			10.06			0.47			0.74				1.21				(0.49	)			–				(0.49	)			10.78		12.35				118,619		1.59			1.72			4.46			76
Year ended 10/31/18			11.00			0.43			(0.84	)			(0.41	)			(0.44	)			(0.09	)			(0.53	)			10.06		(3.87	)			85,370		1.60			1.75			4.01			59
Year ended 10/31/17			10.50			0.41			0.50				0.91				(0.41	)			–				(0.41	)			11.00		8.83				74,211		1.61			1.81			3.78			40
Year ended 10/31/16			10.08			0.39			0.45				0.84				(0.42	)			–				(0.42	)			10.50		8.62				24,238		1.79			2.03			3.85			101
Year ended 10/31/15			10.36			0.39			(0.26	)			0.13				(0.41	)			–				(0.41	)			10.08		1.26				17,133		1.74			2.02			3.77			120
Class R
Six months ended 04/30/20			10.78			0.28			(1.92	)			(1.64	)			(0.27	)			–				(0.27	)			8.87		(15.44	)			56,016		1.09	(d)		1.18	(d)		5.83	(d)		55
Year ended 10/31/19			10.07			0.52			0.74				1.26				(0.55	)			–				(0.55	)			10.78		12.80				5,202		1.09			1.22			4.96			76
Year ended 10/31/18			11.01			0.48			(0.84	)			(0.36	)			(0.49	)			(0.09	)			(0.58	)			10.07		(3.38	)			2,220		1.10			1.25			4.51			59
Year ended 10/31/17			10.51			0.46			0.50				0.96				(0.46	)			–				(0.46	)			11.01		9.37				1,608		1.11			1.31			4.28			40
Year ended 10/31/16			10.08			0.44			0.46				0.90				(0.47	)			–				(0.47	)			10.51		9.28				538		1.29			1.53			4.35			101
Year ended 10/31/15			10.36			0.44			(0.26	)			0.18				(0.46	)			–				(0.46	)			10.08		1.77				339		1.24			1.52			4.27			120
Class Y
Six months ended 04/30/20			10.79			0.32			(1.95	)			(1.63	)			(0.29	)			–				(0.29	)			8.87		(15.30	)			476,556		0.59	(d)		0.68	(d)		6.33	(d)		55
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			–				(0.60	)			10.79		13.47				397,303		0.59			0.72			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			288,116		0.60			0.75			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			–				(0.52	)			11.01		9.91				328,798		0.61			0.81			4.78			40
Year ended 10/31/16			10.09			0.50			0.44				0.94				(0.52	)			–				(0.52	)			10.51		9.71				31,049		0.79			1.03			4.85			101
Year ended 10/31/15			10.37			0.49			(0.26	)			0.23				(0.51	)			–				(0.51	)			10.09		2.28				12,424		0.74			1.02			4.77			120
Class R5
Six months ended 04/30/20			10.79			0.32			(1.95	)			(1.63	)			(0.29	)			–				(0.29	)			8.87		(15.30	)			80		0.59	(d)		0.66	(d)		6.33	(d)		55
Year ended 10/31/19			10.08			0.57			0.74				1.31				(0.60	)			–				(0.60	)			10.79		13.35				104		0.59			0.68			5.46			76
Year ended 10/31/18			11.01			0.53			(0.82	)			(0.29	)			(0.55	)			(0.09	)			(0.64	)			10.08		(2.79	)			150		0.60			0.69			5.01			59
Year ended 10/31/17			10.52			0.52			0.49				1.01				(0.52	)			–				(0.52	)			11.01		9.81				30		0.61			0.72			4.78			40
Year ended 10/31/16			10.09			0.50			0.45				0.95				(0.52	)			–				(0.52	)			10.52		9.82				19		0.79			0.90			4.85			101
Year ended 10/31/15			10.37			0.49			(0.26	)			0.23				(0.51	)			–				(0.51	)			10.09		2.28				10		0.74			0.89			4.77			120
Class R6
Six months ended 04/30/20			10.79			0.32			(1.95	)			(1.63	)			(0.29	)			–				(0.29	)			8.87		(15.29	)			69,936		0.56	(d)		0.57	(d)		6.36	(d)		55
Year ended 10/31/19			10.07			0.57			0.75				1.32				(0.60	)			–				(0.60	)			10.79		13.47				59,569		0.59			0.60			5.46			76
Year ended 10/31/18			11.01			0.53			(0.83	)			(0.30	)			(0.55	)			(0.09	)			(0.64	)			10.07		(2.89	)			53,904		0.60			0.63			5.01			59
Year ended 10/31/17			10.51			0.52			0.50				1.02				(0.52	)			–				(0.52	)			11.01		9.91				61,077		0.61			0.69			4.78			40
Year ended 10/31/16			10.09			0.49			0.45				0.94				(0.52	)			–				(0.52	)			10.51		9.71				49,388		0.79			0.90			4.85			101
Year ended 10/31/15			10.37			0.49			(0.26	)			0.23				(0.51	)			–				(0.51	)			10.09		2.28				67,568		0.74			0.89			4.77			120

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended April 30, 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)  Ratios are annualized and based on average daily net assets (000’s omitted) of $258,289, $128,661, $8,258, $417,179, $83 and $62,021 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.

28                      Invesco Multi-Asset Income Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Multi-Asset Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to provide current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

29                      Invesco Multi-Asset Income Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Exchange-traded Notes – The Fund may invest in exchange-traded notes (“ETNs”) which are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy, minus applicable fees. ETNs can be traded on an exchange and/or they can be held to maturity. At maturity, the issuer pays the investor a cash amount equal to the principal amount, subject to the day’s market benchmark or strategy factor. ETNs do not make periodic coupon payments or provide principal protection. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying market, changes in the applicable interest rates, and economic legal, political, or geographic events that affect the referenced underlying market or assets. ETNs are subject to credit risk, including the credit risk of the issuer, and counterparty risk.

J. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized

30                      Invesco Multi-Asset Income Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

K. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

L. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

M. Call Options Purchased and Written – The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

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. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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.

N. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These

31                      Invesco Multi-Asset Income Fund

agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

P. Other Risks – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

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.

32                      Invesco Multi-Asset Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.48%.

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 May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.85%, 1.60%, 1.10%, 0.60%, 0.60% and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $41,133 and reimbursed class level expenses of $90,736, $49,421, $3,104, $157,297, $23 and $1,170 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $72,227 in front-end sales commissions from the sale of Class A shares and $5,720 and $10,358 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

33                      Invesco Multi-Asset Income Fund

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	7,167,319		$	1,322,795,248			$–	$	1,329,962,567
Preferred Stocks		410,358,826			–			–		410,358,826
U.S. Treasury Securities		–			146,576,959			–		146,576,959
Asset-Backed Securities		–			7,646,729			–		7,646,729
Variable Rate Senior Loan Interests		–			2,540,898			–		2,540,898
Non-U.S. Dollar Denominated Bonds & Notes		–			1,640,957			–		1,640,957
Exchange-Traded Funds		1,451,600			–			–		1,451,600
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			584,212			–		584,212
Agency Credit Risk Transfer Notes		–			227,279			–		227,279
Money Market Funds		209,151,997			–			–		209,151,997
Total Investments in Securities		628,129,742			1,482,012,282			–		2,110,142,024
Other Investments - Assets*
Futures Contracts		17,797,652			–			–		17,797,652
Forward Foreign Currency Contracts		–			6,006			–		6,006
Swap Agreements		–			155,695			–		155,695
		17,797,652			161,701			–		17,959,353
Other Investments - Liabilities*
Futures Contracts		(24,341,801	)		–			–		(24,341,801	)
Forward Foreign Currency Contracts		–			(2,634	)		–		(2,634	)
		(24,341,801	)		(2,634	)		–		(24,344,435	)
Total Other Investments		(6,544,149	)		159,067			–		(6,385,082	)
Total Investments	$	621,585,593		$	1,482,171,349			$–	$	2,103,756,942

*       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 April 30, 2020:

	Value
Derivative Assets	Credit Risk			Currency Risk		Equity Risk	Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-			$        -	$-	$	17,797,652		$	17,797,652
Unrealized appreciation on swap agreements – Centrally Cleared(a)		155,695			-	-		-			155,695
Unrealized appreciation on forward foreign currency contracts outstanding		-			6,006	-		-			6,006
Total Derivative Assets		155,695			6,006	-		17,797,652			17,959,353
Derivatives not subject to master netting agreements		(155,695	)		-	-		(17,797,652	)		(17,953,347	)
Total Derivative Assets subject to master netting agreements	$	-			$6,006	$-	$	-		$	6,006

^(a)     The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

	Value
Derivative Liabilities	Credit Risk	Currency Risk			Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$-		$           -		$	(22,352,866	)	$	(1,988,935	)	$	(24,341,801	)
Unrealized depreciation on forward foreign currency contracts outstanding	-		(2,634	)		-			-			(2,634	)
Total Derivative Liabilities	-		(2,634	)		(22,352,866	)		(1,988,935	)		(24,344,435	)
Derivatives not subject to master netting agreements	-		-			22,352,866			1,988,935			24,341,801
Total Derivative Liabilities subject to master netting agreements	$-		$(2,634	)	$	-		$	-		$	(2,634	)

^(a)     The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

34                      Invesco Multi-Asset 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 April 30, 2020.

	Financial		Financial
	Derivative		Derivative
	Assets		Liabilities
						Collateral
	Forward Foreign		Forward Foreign	Net Value of		(Received)/Pledged		Net
Counterparty	Currency Contracts		Currency Contracts	Derivatives		Non-Cash	Cash	Amount
Citibank N.A.		$        -	$(2,634)		$(2,634)	$-	$-		$(2,634)
Goldman Sachs & Co.		6,006	-		6,006	-	-		6,006
Total		$6,006	$(2,634)		$ 3,372	$-	$-		$ 3,372

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			Currency		Equity			Interest
	Risk			Risk		Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	2,947	$	-		$	-		$	2,947
Futures contracts		-			-		(31,067,661	)		(900,626	)		(31,968,287	)
Options purchased(a)		-			-		-			(239,945	)		(239,945	)
Options written		91,025			-		-			-			91,025
Swap agreements		(283,596	)		-		(473,890	)		-			(757,486	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			13,725		-			-			13,725
Futures contracts		-			-		(26,577,553	)		15,989,748			(10,587,805	)
Options purchased(a)		(12,659	)		-		-			-			(12,659	)
Options written		7,873			-		-			-			7,873
Swap agreements		155,695			-		(660	)		-			155,035
Total	$	(41,662	)	$	16,672	$	(58,119,764	)	$	14,849,177		$	(43,295,577	)

^(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	Swaptions Written	Swap Agreements
Average notional value	$1,315,016	$325,985,477	$19,000,000	$19,000,000	$3,973,333

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,080.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

35                      Invesco Multi-Asset Income Fund

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	4,551,292	$	15,676,289	$	20,227,581

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $270,970,369 and $315,073,356, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $34,626,555 and $44,981,493, 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	$	83,169,823
Aggregate unrealized (depreciation) of investments		(175,630,106	)
Net unrealized appreciation (depreciation) of investments	$	(92,460,283	)

Cost of investments for tax purposes is $2,196,217,225.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2020(a)						October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		5,506,162		$	56,474,711			8,223,833		$	87,125,025
Class C		2,101,063			22,093,688			4,641,964			49,080,633
Class R		177,505			1,834,639			296,704			3,159,273
Class Y		12,849,064			133,466,401			20,007,093			210,574,513
Class R5		1			27			-			-
Class R6		1,496,586			14,193,269			313,437			3,304,813
Issued as reinvestment of dividends:
Class A		409,524			4,001,971			595,188			6,219,236
Class C		190,489			1,854,717			280,127			2,924,043
Class R		13,623			133,990			15,040			157,523
Class Y		890,221			8,717,037			1,272,079			13,304,500
Class R5		206			2,039			620			6,439
Class R6		182,306			1,769,999			304,898			3,182,818
Automatic conversion of Class C shares to Class A shares:
Class A		165,622			1,500,787			326,563			3,379,001
Class C		(165,778	)		(1,500,787	)		(326,877	)		(3,379,001	)
Issued in connection with acquisitions:(b)
Class A		124,864,019			1,103,134,519			-			-
Class C		17,661,349			155,963,156			-			-
Class R		5,864,869			51,826,412			-			-
Class Y		20,645,499			182,406,435			-			-
Class R5		1,827			16,146			-			-
Class R6		1,551,029			13,703,735			-			-

36                      Invesco Multi-Asset Income Fund

	Summary of Share Activity
	Six months ended						Year ended
	April 30, 2020(a)						October 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(9,193,982	)	$	(84,945,694	)		(4,758,793	)	$	(49,706,838	)
Class C		(2,213,702	)		(20,470,801	)		(2,072,188	)		(21,452,624	)
Class R		(225,330	)		(2,196,267	)		(49,757	)		(526,372	)
Class Y		(17,496,922	)		(159,746,400	)		(13,054,343	)		(135,355,198	)
Class R5		(2,711	)		(29,470	)		(5,794	)		(59,371	)
Class R6		(868,281	)		(7,365,500	)		(447,891	)		(4,612,665	)
Net increase in share activity		164,404,258		$	1,476,838,759			15,561,903		$	167,325,748

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 170,588,596 shares of the Fund for 178,589,134 and 8,056,589 shares outstanding of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund, respectively, as of the close of business on April 17, 2020. Shares of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund’s net assets as of the close of business on April 17, 2020 of $1,448,168,023 and $58,882,379, respectively, including $(82,887,899) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $646,225,063 and $2,153,275,466 immediately after the acquisition.

The pro forma results of operations for the six months ended April 30, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	72,107,451
Net realized/unrealized gain (loss)		(543,383,731	)
Change in net assets resulting from operations	$	(471,276,280	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Invesco Oppenheimer Capital Income Fund and Invesco Oppenheimer Global Multi-Asset Income Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

37                      Invesco Multi-Asset Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(11/01/19)	(04/30/20)1	Period2	(04/30/20)	Period2	Ratio
Class A	$1,000.00	$845.90	$3.86	$1,020.69	$4.22	0.84%
Class C	1,000.00	842.40	7.28	1,016.96	7.97	1.59
Class R	1,000.00	844.80	5.00	1,019.44	5.47	1.09
Class Y	1,000.00	847.00	2.71	1,021.93	2.97	0.59
Class R5	1,000.00	846.30	2.71	1,021.93	2.97	0.59
Class R6	1,000.00	847.10	2.57	1,022.08	2.82	0.56

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

38                      Invesco Multi-Asset Income Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338                        Invesco Distributors, Inc.                                                                                     MAIN-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Pacific Growth Fund
	Nasdaq:
	A: TGRAX  ∎  C: TGRCX  ∎  R: TGRRX  ∎  Y: TGRDX  ∎  R5: TGRSX  ∎  R6: TGRUX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend

months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

    Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Pacific Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.38	%
Class C Shares	2.23
Class R Shares	2.27
Class Y Shares	2.51
Class R5 Shares	2.54
Class R6 Shares	2.54
MSCI All Country Asia Pacific ex-Japan Indexq (Broad Market/Style-Specific Index)	-4.91
MSCI EAFE Indexq (Former Broad Market Index)	-14.21
Lipper Pacific Region ex-Japan Funds Index∎ (Peer Group Index)	-4.47
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The MSCI All Country Asia Pacific ex-Japan Index is an unmanaged index considered representative of Asia region stock markets, excluding Japan. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The 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 Lipper Pacific Region ex-Japan Funds Index is an unmanaged index considered representative of Pacific region ex-Japan funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).      A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Pacific Growth Fund

Average Annual Total Returns As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	2.55	%
10 Years	4.13
5 Years	3.65
1 Year	-6.06
Class C Shares
Inception (7/28/97)	2.48	%
10 Years	3.98
5 Years	4.10
1 Year	-1.97
Class R Shares
Inception (3/31/08)	2.95	%
10 Years	4.46
5 Years	4.57
1 Year	-0.85
Class Y Shares
Inception (7/28/97)	3.06	%
10 Years	4.98
5 Years	5.08
1 Year	-0.36
Class R5 Shares
10 Years	5.06	%
5 Years	5.18
1 Year	-0.32
Class R6 Shares
10 Years	4.82	%
5 Years	5.02
1 Year	-0.36

Effective June 1, 2010, Class A, Class C, Class R, Class W and Class I shares of the predecessor fund, Morgan Stanley Pacific Growth Fund Inc., advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class C, Class R, Class A and Class Y shares, respectively, of Invesco Pacific Growth Fund. Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Pacific Growth Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-

end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Pacific Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Pacific Growth Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.64%
China–62.90%
Alibaba Group Holding Ltd., ADR(a)		25,397	$	5,147,210
Asia Cement China Holdings Corp.		747,000		847,020
China Animal Healthcare Ltd.(a)(b)		349,000		0
China Mobile Ltd.		390,000		3,119,339
Dali Foods Group Co. Ltd.(c)		743,500		457,921
HUYA, Inc., ADR(a)		18,804		305,189
JD.com, Inc., ADR(a)		88,511		3,814,824
JOYY, Inc., ADR(a)		22,343		1,362,029
Meituan Dianping, B Shares(a)		247,500		3,287,768
MicroPort Scientific Corp.		409,000		885,867
Minth Group Ltd.		432,000		1,015,211
NetEase, Inc., ADR		10,249		3,535,495
Qingdao Port International Co. Ltd., H Shares(c)		1,770,000		950,223
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		1,732,000		2,612,889
Sino Biopharmaceutical Ltd.		1,305,000		1,921,678
Stella International Holdings Ltd.		333,000		338,829
Sun Art Retail Group Ltd.		2,022,000		3,343,255
Tencent Holdings Ltd.		62,800		3,331,735
Towngas China Co. Ltd.		1,632,000		807,711
Uni-President China Holdings Ltd.		2,613,000		2,593,205
Weibo Corp., ADR(a)		73,153		2,745,432
Xiabuxiabu Catering Management China Holdings Co. Ltd.(a)(c)		771,000		706,486
				43,129,316
Hong Kong–5.07%
AIA Group Ltd.		260,000		2,366,637
Ajisen (China) Holdings Ltd.		734,000		164,083
Cafe de Coral Holdings Ltd.		310,000		641,883
Pou Sheng International (Holdings) Ltd.		1,524,000		306,729
				3,479,332
India–4.21%
Infosys Ltd.		268,383		2,536,540

	Shares		Value
India–(continued)
Tata Consultancy Services Ltd.		13,100	$	348,737
				2,885,277
Singapore–2.13%
Singapore Telecommunications Ltd.		734,600		1,461,799
South Korea–9.28%
NAVER Corp.		4,972		809,466
NCSoft Corp.		2,556		1,340,039
Samsung Electronics Co. Ltd.		102,167		4,210,007
				6,359,512
Taiwan–9.05%
PChome Online, Inc.		284,000		934,017
President Chain Store Corp.		246,000		2,538,132
St. Shine Optical Co. Ltd.		39,000		452,424
Taiwan Semiconductor Manufacturing Co. Ltd.		140,143		1,408,362
Voltronic Power Technology Corp.		36,750		872,157
				6,205,092
Total Common Stocks & Other Equity Interests (Cost $55,529,219)				63,520,328
Money Market Funds–4.63%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(d)(e)		1,184,637		1,184,637
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(d)(e)		636,282		636,663
Invesco Treasury Portfolio, Institutional Class, 0.10%(d)(e)		1,353,872		1,353,872
Total Money Market Funds (Cost $3,174,842)				3,175,172
TOTAL INVESTMENTS IN SECURITIES-97.27% (Cost $58,704,061)				66,695,500
OTHER ASSETS LESS LIABILITIES-2.73%				1,874,989
NET ASSETS-100.00%			$	68,570,489

Investment Abbreviations:

ADR - American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Pacific Growth Fund

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Securities valued using significant unobservable inputs (Level 3). See Note 3.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $2,114,630, which represented 3.08% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  71,168		$  6,247,521		$  (5,134,052)		$    -		$          -		$1,184,637		$  4,527
Invesco Liquid Assets Portfolio, Institutional Class		50,870		4,921,698		(4,334,583)		325		(1,647)		636,663		3,894
Invesco Treasury Portfolio, Institutional Class		81,335		7,140,024		(5,867,487)		-		-		1,353,872		4,888
Total		$203,373		$18,309,243		$(15,336,122)		$325		$(1,647)		$3,175,172		$13,309

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Communication Services	26.27	%
Consumer Discretionary	23.85
Consumer Staples	13.03
Information Technology	12.40
Health Care	8.56
Financials	3.45
Industrials	2.66
Other Sectors, Each Less than 2% of Net Assets	2.42
Money Market Funds Plus Other Assets Less Liabilities	7.36

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Pacific Growth Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $55,529,219)	$	63,520,328
Investments in affiliated money market funds, at value (Cost $3,174,842)		3,175,172
Cash		7,076
Foreign currencies, at value (Cost $2,745,346)		2,744,781
Receivable for:
Fund shares sold		11,250
Dividends		15,767
Investment for trustee deferred compensation and retirement plans		41,557
Other assets		161,978
Total assets		69,677,909
Liabilities:
Payable for:
Investments purchased		580,350
Fund shares reacquired		314,610
Accrued fees to affiliates		39,990
Accrued other operating expenses		84,042
Trustee deferred compensation and retirement plans		88,428
Total liabilities		1,107,420
Net assets applicable to shares outstanding	$	68,570,489
Net assets consist of:
Shares of beneficial interest	$	61,687,559
Distributable earnings		6,882,930
	$	68,570,489

Net Assets:
Class A	$	57,073,236
Class C	$	2,627,833
Class R	$	490,050
Class Y	$	7,716,066
Class R5	$	14,810
Class R6	$	648,494
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,068,560
Class C		105,396
Class R		18,069
Class Y		272,991
Class R5		523
Class R6		22,896
Class A:
Net asset value per share	$	27.59
Maximum offering price per share (Net asset value of $27.59 ÷ 94.50%)	$	29.20
Class C:
Net asset value and offering price per share	$	24.93
Class R:
Net asset value and offering price per share	$	27.12
Class Y:
Net asset value and offering price per share	$	28.26
Class R5:
Net asset value and offering price per share	$	28.32
Class R6:
Net asset value and offering price per share	$	28.32

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Pacific Growth Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $40,016)	$	281,383
Dividends from affiliated money market funds		13,309
Total investment income		294,692
Expenses:
Advisory fees		315,690
Administrative services fees		5,264
Custodian fees		15,930
Distribution fees:
Class A		73,380
Class C		7,391
Class R		1,140
Transfer agent fees – A, C, R and Y		51,728
Transfer agent fees – R5		7
Transfer agent fees – R6		453
Trustees’ and officers’ fees and benefits		7,167
Registration and filing fees		33,700
Reports to shareholders		18,875
Professional services fees		30,434
Other		6,114
Total expenses		567,273
Less: Fees waived and/or expense offset arrangement(s)		(1,509	)
Net expenses		565,764
Net investment income (loss)		(271,072	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $18,933)		(356,583	)
Foreign currencies		(16,799	)
		(373,382	)
Change in net unrealized appreciation (depreciation) of: Investment securities (net of foreign taxes of $40,384)		2,280,894
Foreign currencies		(9,093	)
	2,271,801
Net realized and unrealized gain		1,898,419
Net increase in net assets resulting from operations	$	1,627,347

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Pacific Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30,			October 31,
	2020			2019
Operations:
Net investment income (loss)	$	(271,072)		$	123,066
Net realized gain (loss)		(373,382	)		6,229,686
Change in net unrealized appreciation		2,271,801			214,635
Net increase in net assets resulting from operations		1,627,347			6,567,387
Distributions to shareholders from distributable earnings:
Class A		(4,995,579	)		(4,776,595	)
Class C		(267,257	)		(411,734	)
Class R		(35,845	)		(30,987	)
Class Y		(638,980	)		(739,335	)
Class R5		(1,261	)		(1,203	)
Class R6		(81,315	)		(344,323	)
Total distributions from distributable earnings		(6,020,237	)		(6,304,177	)
Share transactions-net:
Class A		(778,931	)		(3,881,974	)
Class C		(107,451	)		(3,091,702	)
Class R		91,996			10,864
Class Y		(41,745	)		(5,732,123	)
Class R6		(474,870	)		(3,858,659	)
Net increase (decrease) in net assets resulting from share transactions		(1,311,001	)		(16,553,594	)
Net increase (decrease) in net assets		(5,703,891	)		(16,290,384	)
Net assets:
Beginning of period		74,274,380			90,564,764
End of period	$	68,570,489		$	74,274,380

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Pacific Growth Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$29.26		$(0.11	)		$0.85			$0.74			$ –			$(2.41	)		$(2.41	)		$27.59		2.38	%(d)		$57,073		1.57	%(d)(e)		1.57	%(d)(e)		(0.76	)%(d)(e)		32	%
Year ended 10/31/19		29.27		0.04			2.13			2.17			(0.22	)		(1.96	)		(2.18	)		29.26		8.20			61,484		1.58			1.58			0.14			116
Year ended 10/31/18		33.63		0.28	(f)		(4.64	)		(4.36	)		–			–			–			29.27		(12.97	)(d)		65,057		1.54	(d)		1.54	(d)		0.82	(d)(f)		54
Year ended 10/31/17		26.31		(0.09	)		7.46			7.37			(0.05	)		–			(0.05	)		33.63		28.09			80,319		1.75			1.75			(0.32	)		59
Year ended 10/31/16		24.03		0.04			2.24			2.28			–			–			–			26.31		9.49			65,107		1.64			1.64			0.17			31
Year ended 10/31/15		24.51		0.05			(0.50	)		(0.45	)		(0.03	)		–			(0.03	)		24.03		(1.84	)		66,599		1.78			1.78			0.21			137
Class C
Six months ended 04/30/20		26.69		(0.13	)		0.78			0.65			–			(2.41	)		(2.41	)		24.93		2.27(g)			2,628		1.84	(e)(g)		1.84	(e)(g)		(1.03	)(e)(g)		32
Year ended 10/31/19		26.86		(0.16	)		1.95			1.79			–			(1.96	)		(1.96	)		26.69		7.38	(g)		2,949		2.28	(g)		2.28	(g)		(0.56	)(g)		116
Year ended 10/31/18		31.09		0.02	(f)		(4.25	)		(4.23	)		–			–			–			26.86		(13.60	)		6,080		2.30			2.30			0.06	(f)		54
Year ended 10/31/17		24.46		(0.28	)		6.91			6.63			–			–			–			31.09		27.11	(g)		5,535		2.49	(g)		2.49	(g)		(1.06	)(g)		59
Year ended 10/31/16		22.50		(0.13	)		2.09			1.96			–			–			–			24.46		8.71	(g)		4,477		2.37	(g)		2.37	(g)		(0.56	)(g)		31
Year ended 10/31/15		23.09		(0.12	)		(0.47	)		(0.59	)		–			–			–			22.50		(2.55	)		4,880		2.53			2.53			(0.54	)		137
Class R
Six months ended 04/30/20		28.83		(0.14	)		0.84			0.70			–			(2.41	)		(2.41	)		27.12		2.27			490		1.83	(e)		1.83	(e)		(1.02	)(e)		32
Year ended 10/31/19		28.86		(0.03	)		2.10			2.07			(0.14	)		(1.96	)		(2.10	)		28.83		7.95			424		1.84			1.84			(0.12	)		116
Year ended 10/31/18		33.24		0.19	(f)		(4.57	)		(4.38	)		–			–			–			28.86		(13.18	)		409		1.80			1.80			0.56	(f)		54
Year ended 10/31/17		26.02		(0.16	)		7.38			7.22			–			–			–			33.24		27.75			283		2.00			2.00			(0.57	)		59
Year ended 10/31/16		23.82		(0.02	)		2.22			2.20			–			–			–			26.02		9.24			242		1.89			1.89			(0.08	)		31
Year ended 10/31/15		24.33		(0.01	)		(0.50	)		(0.51	)		–			–			–			23.82		(2.10	)		245		2.03			2.03			(0.04	)		137
Class Y
Six months ended 04/30/20		29.88		(0.07	)		0.86			0.79			–			(2.41	)		(2.41	)		28.26		2.51			7,716		1.33	(e)		1.33	(e)		(0.52	)(e)		32
Year ended 10/31/19		29.88		0.11			2.16			2.27			(0.31	)		(1.96	)		(2.27	)		29.88		8.42			8,228		1.34			1.34			0.38			116
Year ended 10/31/18		34.24		0.37	(f)		(4.73	)		(4.36	)		–			–			–			29.88		(12.73	)		13,911		1.30			1.30			1.06	(f)		54
Year ended 10/31/17		26.79		(0.02	)		7.59			7.57			(0.12	)		–			(0.12	)		34.24		28.43			18,505		1.50			1.50			(0.07	)		59
Year ended 10/31/16		24.41		0.11			2.27			2.38			–			–			–			26.79		9.75			10,501		1.39			1.39			0.42			31
Year ended 10/31/15		24.90		0.12			(0.52	)		(0.40	)		(0.09	)		–			(0.09	)		24.41		(1.59	)		3,587		1.53			1.53			0.46			137
Class R5
Six months ended 04/30/20		29.94		(0.07	)		0.86			0.79			–			(2.41	)		(2.41	)		28.32		2.50			15		1.29	(e)		1.29	(e)		(0.48	)(e)		32
Year ended 10/31/19		29.94		0.13			2.17			2.30			(0.34	)		(1.96	)		(2.30	)		29.94		8.52			16		1.27			1.27			0.45			116
Year ended 10/31/18		34.29		0.40	(f)		(4.75	)		(4.35	)		–			–			–			29.94		(12.69	)		16		1.22			1.22			1.14(f	)		54
Year ended 10/31/17		26.84		0.00			7.60			7.60			(0.15	)		–			(0.15	)		34.29		28.53			18		1.42			1.42			0.01			59
Year ended 10/31/16		24.42		0.13			2.29			2.42			–			–			–			26.84		9.91			14		1.28			1.28			0.53			31
Year ended 10/31/15		24.92		0.15			(0.52	)		(0.37	)		(0.13	)		–			(0.13	)		24.42		(1.47	)		13		1.39			1.39			0.60			137
Class R6
Six months ended 04/30/20		29.93		(0.07	)		0.87			0.80			–			(2.41	)		(2.41	)		28.32		2.54			648		1.29	(e)		1.29	(e)		(0.48	)(e)		32
Year ended 10/31/19		29.94		0.13			2.16			2.29			(0.34	)		(1.96	)		(2.30	)		29.93		8.48			1,174		1.27			1.27			0.45			116
Year ended 10/31/18		34.29		0.39	(f)		(4.74	)		(4.35	)		–			–			–			29.94		(12.69	)		5,091		1.22			1.22			1.14	(f)		54
Year ended 10/31/17(h)		27.48		0.00			6.81			6.81			–			–			–			34.29		24.78			12		1.39	(i)		1.39	(i)		0.04	(i)		59

^(a) Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  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% and 0.24% for the six months ended April 30, 2020 and the year ended October 31, 2018, respectively.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $60,491, $2,900, $459, $8,195, $15 and $912 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during year ended October 31, 2018. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.04 and 0.11%, $(0.22) and (0.65)%, $(0.05) and (0.15)%, $0.13 and 0.35%, $0.16 and 0.43%, and $0.15 and 0.43% for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.51%, 0.95%, 0.99% and 0.98% for the six months ended April 30, 2020 and the years ended October 31, 2019, 2017 and 2016, respectively.

^(h)  Commencement date of April 04, 2017. (i) Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco Pacific Growth Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Pacific Growth Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                      Invesco Pacific Growth Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

13                      Invesco Pacific Growth Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 1billion		0.870%
Next $1 billion		0.820%
Over $2 billion		0.770%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.87%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $1,210.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A – up to 0.25% of the average daily net assets of Class A shares; and (2) Class C – up to 1.00% of the average daily net assets of Class C shares; and (3) Class R – up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly.

For the six-month period ended April 30, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $1,170 in front-end sales commissions from the sale of Class A shares and $103 and $140 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

14                      Invesco Pacific Growth Fund

	Level 1		Level 2		Level 3		Total
Investments in Securities
China		$16,910,179		$26,219,137		$0		$43,129,316
Hong Kong		–		3,479,332		–		3,479,332
India		–		2,885,277		–		2,885,277
Singapore		–		1,461,799		–		1,461,799
South Korea		–		6,359,512		–		6,359,512
Taiwan		–		6,205,092		–		6,205,092
Money Market Funds		3,175,172		–		–		3,175,172
Total Investments		$20,085,351		$46,610,149		$0		$66,695,500

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $299.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $21,798,510 and $33,163,695, 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	$11,445,629
Aggregate unrealized (depreciation) of investments	(3,714,099	)
Net unrealized appreciation of investments	$ 7,731,530

Cost of investments for tax purposes is $58,963,970.

NOTE 9–Share Information

			Summary of Share Activity
	Six months ended April 30, 2020(a)				Year ended October 31, 2019
	Shares		Amount		Shares		Amount
Sold:
Class A		51,421		$1,422,527		130,793		$3,764,307
Class C		6,625		171,280		67,561		1,697,905
Class R		2,641		72,773		3,199		89,045
Class Y		71,513		2,033,546		93,539		2,681,708
Class R6		1,607		45,871		15,270		435,401

15                      Invesco Pacific Growth Fund

				Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		152,293			$ 4,279,435			152,715			$4,045,416
Class C		10,211			259,461			15,418			375,127
Class R		1,233			34,074			1,126			29,440
Class Y		20,234			581,938			25,103			677,779
Class R6		2,701			77,838			12,560			339,498
Automatic conversion of Class C shares to Class A shares:
Class A		2,693			75,989			97,966			2,718,635
Class C		(2,979	)		(75,989	)		(106,776	)		(2,718,635	)
Reacquired:
Class A		(239,415	)		(6,556,882	)		(502,272	)		(14,410,332	)
Class C		(18,919	)		(462,203	)		(92,098	)		(2,446,099	)
Class R		(524	)		(14,851	)		(3,781	)		(107,621	)
Class Y		(94,146	)		(2,657,229	)		(308,859	)		(9,091,610	)
Class R6		(20,623	)		(598,579	)		(158,668	)		(4,633,558	)
Net increase (decrease) in share activity		(53,434	)		$(1,311,001	)		(557,204	)		$(16,553,594	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                      Invesco Pacific Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (11/01/19)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (04/30/20)1	Expenses Paid During Period2	Ending Account Value (04/30/20)	Expenses Paid During Period2
Class A	$1,000.00	$1,023.80	$7.90	$1,017.06	$7.87	1.57%
Class C	1,000.00	1,022.30	9.25	1,015.71	9.22	1.84
Class R	1,000.00	1,022.70	9.20	1,015.76	9.17	1.83
Class Y	1,000.00	1,025.10	6.70	1,018.25	6.67	1.33
Class R5	1,000.00	1,025.40	6.50	1,018.45	6.47	1.29
Class R6	1,000.00	1,025.40	6.50	1,018.45	6.47	1.29

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                      Invesco Pacific Growth Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

◾ Fund reports and prospectuses

◾ Quarterly statements

◾ Daily confirmations

◾ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. MS-PGRO-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Select Companies Fund
	Nasdaq:
	A: ATIAX  ∎  C: ATICX  ∎  R: ATIRX  ∎  Y: ATIYX  ∎  R5: ATIIX  ∎  R6: ATISX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides

as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Select Companies Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–18.69%
Class C Shares	–19.00
Class R Shares	–18.82
Class Y Shares	–18.60
Class R5 Shares	–18.55
Class R6 Shares	–18.51
S&P 500 Indexq (Broad Market Index)	–3.16
Russell 2000 Indexq (Style-Specific Index)	–15.47
Lipper Small-Cap Core Funds Index∎ (Peer Group Index)	–19.02
Source(s): qRIMES Technologies Corp.; ∎ Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 2000® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core funds tracked by Lipper.
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Select Companies Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (11/4/03)	7.44	%
10 Years	6.02
5 Years	–0.92
1 Year	–24.49
Class C Shares
Inception (11/4/03)	7.33	%
10 Years	5.81
5 Years	–0.55
1 Year	–21.48
Class R Shares
Inception (4/30/04)	7.43	%
10 Years	6.34
5 Years	–0.05
1 Year	–20.35
Class Y Shares
Inception (10/3/08)	9.57	%
10 Years	6.88
5 Years	0.45
1 Year	–19.92
Class R5 Shares
Inception (4/30/04)	8.12	%
10 Years	6.99
5 Years	0.56
1 Year	–19.85
Class R6 Shares
10 Years	6.75	%
5 Years	0.47
1 Year	–19.76

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Select Companies Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Select Companies Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.28%
Application Software–5.31%
Nuance Communications, Inc.(b)		732,439	$	14,795,268
Auto Parts & Equipment–4.54%
Delphi Technologies PLC(b)		1,264,880		12,636,151
Automobile Manufacturers–2.28%
Thor Industries, Inc.		95,695		6,335,009
Automotive Retail–1.70%
Penske Automotive Group, Inc.		131,711		4,738,962
Cable & Satellite–5.38%
Liberty Broadband Corp., Class A(b)		124,822		14,981,137
Commodity Chemicals–1.41%
Chemtrade Logistics Income Fund (Canada)		1,045,784		3,929,344
Communications Equipment–6.32%
CommScope Holding Co., Inc.(b)		1,598,155		17,595,687
Consumer Finance–5.91%
Encore Capital Group, Inc.(b)		633,860		16,467,683
Data Processing & Outsourced Services–17.09%
Alliance Data Systems Corp.		149,554		7,488,169
Equiniti Group PLC (United Kingdom)(c)		6,630,433		14,323,969
Global Payments, Inc.		81,357		13,506,889
Sabre Corp.		1,685,915		12,256,602
				47,575,629
Diversified Support Services–1.39%
Performant Financial Corp.(b)(d)		5,527,196		3,869,037
Home Furnishings–5.67%
Tempur Sealy International, Inc.(b)		293,552		15,778,420
Home Improvement Retail–5.70%
Floor & Decor Holdings, Inc., Class A(b)		374,538		15,880,411

	Shares		Value
Homebuilding–3.98%
NVR, Inc.(b)		3,571	$	11,070,100
IT Consulting & Other Services–2.03%
Booz Allen Hamilton Holding Corp.		77,066		5,659,727
Life Sciences Tools & Services–5.82%
Charles River Laboratories International, Inc.(b)		111,908		16,189,730
Office Services & Supplies–5.39%
Interface, Inc.		1,624,868		15,013,780
Oil & Gas Storage & Transportation–4.62%
GasLog Ltd. (Monaco)		2,786,276		12,872,595
Real Estate Services–5.27%
Colliers International Group, Inc. (Canada)		267,453		14,677,779
Specialty Chemicals–2.18%
Axalta Coating Systems Ltd.(b)		307,057		6,061,305
Technology Distributors–6.29%
Insight Enterprises, Inc.(b)		322,682		17,518,406
Total Common Stocks & Other Equity Interests (Cost $310,828,390)				273,646,160
Money Market Funds–1.88%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(d)(e)		1,864,621		1,864,621
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(d)(e)		1,238,987		1,239,730
Invesco Treasury Portfolio, Institutional Class, 0.10%(d)(e)		2,130,995		2,130,995
Total Money Market Funds (Cost $5,234,568)				5,235,346
TOTAL INVESTMENTS IN SECURITIES–100.16% (Cost $316,062,958)				278,881,506
OTHER ASSETS LESS LIABILITIES—(0.16)%				(449,013	)
NET ASSETS–100.00%			$	278,432,493

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2020 represented 5.14% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco, Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,788,942	$	14,635,657	$	(15,559,978	)	$	-	$	-		$	1,864,621	$	10,012
Invesco Liquid Assets Portfolio, Institutional Class		1,992,129		10,454,041		(11,207,031	)		774		(183	)		1,239,730		8,551
Invesco Treasury Portfolio, Institutional Class		3,187,362		16,726,466		(17,782,833	)		-		-			2,130,995		11,166

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Select Companies Fund

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Investments in Other Affiliates:
Performant Financial Corp.	$	5,693,012	$	-	$	-			$(1,823,975	)		$        -		$3,869,037		$          -
Total	$	13,661,445	$	41,816,164	$	(44,549,842	)		$(1,823,201	)		$(183)		$9,104,383		$29,729

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	37.05	%
Consumer Discretionary	23.86
Industrials	6.78
Financials	5.91
Health Care	5.82
Communication Services	5.38
Real Estate	5.27
Energy	4.62
Materials	3.59
Money Market Funds Plus Other Assets Less Liabilities	1.72

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Select Companies Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $266,370,275)	$	269,777,123
Investments in affiliates, at value (Cost $49,692,683)		9,104,383
Foreign currencies, at value (Cost $39,375)		39,407
Receivable for:
Fund shares sold		737,090
Dividends		33,050
Investment for trustee deferred compensation and retirement plans		138,240
Other assets		56,301
Total assets		279,885,594
Liabilities:
Payable for:
Fund shares reacquired		1,087,950
Accrued fees to affiliates		152,772
Accrued other operating expenses		61,858
Trustee deferred compensation and retirement plans		150,521
Total liabilities		1,453,101
Net assets applicable to shares outstanding	$	278,432,493
Net assets consist of:
Shares of beneficial interest	$	303,548,695
Distributable earnings (loss)		(25,116,202	)
	$	278,432,493

Net Assets:
Class A	$	158,758,372
Class C	$	11,033,395
Class R	$	9,380,496
Class Y	$	86,362,067
Class R5	$	11,128,302
Class R6	$	1,769,861
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,966,002
Class C		1,034,690
Class R		754,377
Class Y		6,278,756
Class R5		765,481
Class R6		121,427
Class A:
Net asset value per share	$	13.27
Maximum offering price per share
(Net asset value of $13.27 ÷ 94.50%)	$	14.04
Class C:
Net asset value and offering price per share	$	10.66
Class R:
Net asset value and offering price per share	$	12.43
Class Y:
Net asset value and offering price per share	$	13.75
Class R5:
Net asset value and offering price per share	$	14.54
Class R6:
Net asset value and offering price per share	$	14.58

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Select Companies Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $(6,732))	$	1,120,885
Dividends from affiliated money market funds		29,729
Total investment income		1,150,614
Expenses:
Advisory fees		1,223,934
Administrative services fees		25,372
Custodian fees		2,621
Distribution fees:
Class A		239,376
Class C		75,048
Class R		28,796
Transfer agent fees - A, C, R and Y		308,014
Transfer agent fees - R5		8,808
Transfer agent fees - R6		301
Trustees’ and officers’ fees and benefits		8,558
Registration and filing fees		39,065
Reports to shareholders		15,942
Professional services fees		23,441
Other		5,388
Total expenses		2,004,664
Less: Fees waived and/or expense offset arrangement(s)		(4,299	)
Net expenses		2,000,365
Net investment income (loss)		(849,751	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		14,348,188
Foreign currencies		(9,117	)
	14,339,071
Change in net unrealized appreciation (depreciation) of:
Investment securities		(80,508,094	)
Foreign currencies		(5	)
		(80,508,099	)
Net realized and unrealized gain (loss)		(66,169,028	)
Net increase (decrease) in net assets resulting from operations	$	(67,018,779	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Select Companies Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31,   2019
Operations:
Net investment income (loss)	$	(849,751)		$	(1,191,739)
Net realized gain		14,339,071			26,329,627
Change in net unrealized appreciation (depreciation)		(80,508,099	)		(16,434,779	)
Net increase (decrease) in net assets resulting from operations		(67,018,779	)		8,703,109
Distributions to shareholders from distributable earnings:
Class A		(15,258,955	)		(12,086,276	)
Class C		(1,538,558	)		(3,239,304	)
Class R		(968,336	)		(947,329	)
Class Y		(6,429,183	)		(5,237,287	)
Class R5		(1,403,453	)		(1,200,012	)
Class R6		(142,791	)		(43,534	)
Total distributions from distributable earnings		(25,741,276	)		(22,753,742	)
Share transactions–net:
Class A		1,040			(2,666,354	)
Class C		(2,362,695	)		(28,439,694	)
Class R		(486,689	)		(2,745,436	)
Class Y		23,167,475			(1,421,758	)
Class R5		(5,940,508	)		(1,726,502	)
Class R6		447,152			1,105,587
Net increase (decrease) in net assets resulting from share transactions		14,825,775			(35,894,157	)
Net increase (decrease) in net assets		(77,934,280	)		(49,944,790	)
Net assets:
Beginning of period		356,366,773			406,311,563
End of period	$	278,432,493		$	356,366,773

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Select Companies Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 04/30/20	$	17.57	$	(0.04	)	$	(2.96	)	$	(3.00	)	$	(1.30	)	$	13.27		(18.69	)%	$	158,758		1.26	%(d)		1.26	%(d)		(0.56	)%(d)		16	%
Year ended 10/31/19		18.20		(0.06	)		0.46			0.40			(1.03	)		17.57		2.95			211,481		1.27			1.27			(0.34	)		26
Year ended 10/31/18		20.30		(0.04	)		0.61			0.57			(2.67	)		18.20		2.76			220,107		1.24			1.25			(0.19	)		12
Year ended 10/31/17		16.72		(0.07	)		4.29			4.22			(0.64	)		20.30		25.71			250,619		1.27			1.28			(0.39	)		16
Year ended 10/31/16		20.44		(0.08	)		0.56			0.48			(4.20	)		16.72		5.22			305,003		1.24			1.25			(0.53	)		20
Year ended 10/31/15		25.47		(0.19	)		(2.37	)		(2.56	)		(2.47	)		20.44		(10.79	)		475,536		1.17			1.20			(0.86	)		14
Class C
Six months ended 04/30/20		14.41		(0.08	)		(2.37	)		(2.45	)		(1.30	)		10.66		(19.00	)		11,033		2.01	(d)		2.01	(d)		(1.31	)(d)		16
Year ended 10/31/19		15.25		(0.15	)		0.34			0.19			(1.03	)		14.41		2.08			17,772		2.02			2.02			(1.09	)		26
Year ended 10/31/18		17.54		(0.15	)		0.53			0.38			(2.67	)		15.25		2.01			49,959		1.99			2.00			(0.94	)		12
Year ended 10/31/17		14.63		(0.19	)		3.74			3.55			(0.64	)		17.54		24.77			95,457		2.02			2.03			(1.14	)		16
Year ended 10/31/16		18.57		(0.18	)		0.44			0.26			(4.20	)		14.63		4.39			99,413		1.99			2.00			(1.28	)		20
Year ended 10/31/15		23.53		(0.33	)		(2.16	)		(2.49	)		(2.47	)		18.57		(11.45	)		125,947		1.92			1.95			(1.61	)		14
Class R
Six months ended 04/30/20		16.56		(0.06	)		(2.77	)		(2.83	)		(1.30	)		12.43		(18.82	)		9,380		1.51	(d)		1.51	(d)		(0.81	)(d)		16
Year ended 10/31/19		17.27		(0.10	)		0.42			0.32			(1.03	)		16.56		2.62			13,053		1.52			1.52			(0.59	)		26
Year ended 10/31/18		19.43		(0.08	)		0.59			0.51			(2.67	)		17.27		2.55			16,427		1.49			1.50			(0.44	)		12
Year ended 10/31/17		16.06		(0.11	)		4.12			4.01			(0.64	)		19.43		25.45			22,747		1.52			1.53			(0.64	)		16
Year ended 10/31/16		19.86		(0.12	)		0.52			0.40			(4.20	)		16.06		4.90			29,623		1.49			1.50			(0.78	)		20
Year ended 10/31/15		24.88		(0.24	)		(2.31	)		(2.55	)		(2.47	)		19.86		(11.03	)		45,561		1.42			1.45			(1.11	)		14
Class Y
Six months ended 04/30/20		18.14		(0.03	)		(3.06	)		(3.09	)		(1.30	)		13.75		(18.60	)		86,362		1.01	(d)		1.01	(d)		(0.31	)(d)		16
Year ended 10/31/19		18.72		(0.02	)		0.47			0.45			(1.03	)		18.14		3.14			91,297		1.02			1.02			(0.09	)		26
Year ended 10/31/18		20.75		0.01			0.63			0.64			(2.67	)		18.72		3.07			95,958		0.99			1.00			0.06			12
Year ended 10/31/17		17.04		(0.01	)		4.36			4.35			(0.64	)		20.75		26.00			80,572		1.02			1.03			(0.14	)		16
Year ended 10/31/16		20.71		(0.04	)		0.57			0.53			(4.20	)		17.04		5.44			81,269		0.99			1.00			(0.28	)		20
Year ended 10/31/15		25.71		(0.13	)		(2.40	)		(2.53	)		(2.47	)		20.71		(10.56	)		147,927		0.92			0.95			(0.61	)		14
Class R5
Six months ended 04/30/20		19.10		(0.02	)		(3.24	)		(3.26	)		(1.30	)		14.54		(18.55	)		11,128		0.91	(d)		0.91	(d)		(0.21	)(d)		16
Year ended 10/31/19		19.62		0.00			0.51			0.51			(1.03	)		19.10		3.31			20,905		0.91			0.91			0.02			26
Year ended 10/31/18		21.62		0.03			0.64			0.67			(2.67	)		19.62		3.09			23,088		0.92			0.93			0.13			12
Year ended 10/31/17		17.71		(0.01	)		4.56			4.55			(0.64	)		21.62		26.15			26,943		0.92			0.93			(0.04	)		16
Year ended 10/31/16		21.33		(0.03	)		0.61			0.58			(4.20	)		17.71		5.54			32,996		0.89			0.90			(0.18	)		20
Year ended 10/31/15		26.38		(0.12	)		(2.46	)		(2.58	)		(2.47	)		21.33		(10.47	)		51,659		0.85			0.88			(0.54	)		14
Class R6
Six months ended 04/30/20		19.14		(0.01	)		(3.25	)		(3.26	)		(1.30	)		14.58		(18.51	)		1,770		0.84	(d)		0.84	(d)		(0.14	)(d)		16
Year ended 10/31/19		19.65		0.02			0.50			0.52			(1.03	)		19.14		3.36			1,859		0.84			0.84			0.09			26
Year ended 10/31/18		21.63		0.04			0.65			0.69			(2.67	)		19.65		3.19			772		0.84			0.85			0.21			12
Year ended 10/31/17(e)		20.05		0.01			1.57			1.58			—			21.63		7.88			11		0.84	(f)		0.85	(f)		0.04	(f)		16

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $192,434, $15,082, $11,576, $93,237, $17,703 and $1,997 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of April 4, 2017.

^(f)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco Select Companies Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Select Companies Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12                      Invesco Select Companies Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

13                      Invesco Select Companies Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 250 million		0.745	%
Next $250 million		0.730	%
Next $500 million		0.715	%
Next $1.5 billion		0.700	%
Next $2.5 billion		0.685	%
Next $2.5 billion		0.670	%
Next $2.5 billion		0.655	%
Over $10 billion		0.640	%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.74%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $2,203.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $17,411 in front-end sales commissions from the sale of Class A shares and $4 and $73 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended April 30, 2020, the Fund incurred $1,228 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

14                      Invesco Select Companies Fund

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$259,322,191		$14,323,969		$-		$273,646,160
Money Market Funds		5,235,346		—		-		5,235,346
Total Investments		$264,557,537		$14,323,969		$-		$278,881,506

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,096.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $51,679,699 and $59,887,077, 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	$	65,921,836
Aggregate unrealized (depreciation) of investments		(103,301,037	)
Net unrealized appreciation (depreciation) of investments	$	(37,379,201	)

Cost of investments for tax purposes is $316,260,707.

15                      Invesco Select Companies Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		876,961		$	12,856,439			1,741,593		$	29,622,709
Class C		47,905			562,595			193,214			2,676,603
Class R		99,985			1,327,631			216,384			3,567,670
Class Y		1,881,845			31,683,247			1,073,506			18,830,834
Class R5		114,744			1,743,946			150,114			2,819,220
Class R6		33,124			582,834			84,234			1,616,440
Issued as reinvestment of dividends:
Class A		865,168			14,647,289			753,553			11,702,682
Class C		108,561			1,481,863			245,264			3,146,737
Class R		60,918			967,988			64,126			941,375
Class Y		357,939			6,278,242			312,629			5,005,191
Class R5		75,631			1,401,449			71,182			1,197,993
Class R6		7,181			133,351			2,531			42,664
Automatic conversion of Class C shares to Class A shares:
Class A		85,922			1,317,299			1,294,154			21,705,462
Class C		(106,478	)		(1,317,299	)		(1,568,527	)		(21,705,462	)
Reacquired:
Class A		(1,900,110	)		(28,819,987	)		(3,842,350	)		(65,697,207	)
Class C		(248,168	)		(3,089,854	)		(913,197	)		(12,557,572	)
Class R		(194,614	)		(2,782,308	)		(443,724	)		(7,254,481	)
Class Y		(992,584	)		(14,794,014	)		(1,480,538	)		(25,257,783	)
Class R5		(519,546	)		(9,085,903	)		(303,253	)		(5,743,715	)
Class R6		(15,982	)		(269,033	)		(28,932	)		(553,517	)
Net increase (decrease) in share activity		638,402		$	14,825,775			(2,378,037	)	$	(35,894,157	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                      Invesco Select Companies 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 November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning     Account Value     (11/01/19)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense Ratio
			Ending     Account Value     (04/30/20)1		Expenses     Paid During     Period2		Ending     Account Value     (04/30/20)		Expenses     Paid During     Period2
Class A		$1,000.00		$813.10		$5.68		$1,018.60		$6.32		1.26	%
Class C		1,000.00		810.00		9.05		1,014.87		10.07		2.01
Class R		1,000.00		811.80		6.80		1,017.35		7.57		1.51
Class Y		1,000.00		814.00		4.56		1,019.84		5.07		1.01
Class R5		1,000.00		814.50		4.11		1,020.34		4.57		0.91
Class R6		1,000.00		814.90		3.79		1,020.69		4.22		0.84

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                      Invesco Select Companies Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. SCO-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco U.S. Managed Volatility Fund
	Nasdaq:
	R6: USMVX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
21	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those

services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco U.S. Managed Volatility Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, October 31, 2019 to April 30, 2020, 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	4.84
S&P 500 Indexq (Broad Market Index)	–3.16
Invesco US Large Cap Indexq (Style-Specific Index)	–1.83
Lipper S&P 500 Fund Index∎ (Peer Group Index)	–3.43
Source(s): qRIMES Tecnologies Corp.; ∎Lipper Inc.
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 US large-cap equities.     The Lipper S&P 500 Fund Index is an unmanaged index considered representative of S&P 500 funds tracked by Lipper.     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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco U.S. Managed Volatility Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class R6 Shares
Inception (12/18/17)	6.89	%
1 Year	7.40

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Shares of the Fund are sold at net asset value without a sales charge. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco U.S. Managed Volatility Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco U.S. Managed Volatility Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.09%
Advertising–0.05%
Omnicom Group, Inc.		92	$	5,247
Aerospace & Defense–1.90%
Boeing Co. (The)		238		33,563
General Dynamics Corp.		123		16,066
Howmet Aerospace, Inc.		156		2,039
L3Harris Technologies, Inc.		91		17,627
Lockheed Martin Corp.		120		46,687
Northrop Grumman Corp.		72		23,808
Raytheon Technologies Corp.		648		41,997
Textron, Inc.		97		2,557
TransDigm Group, Inc.		21		7,625
				191,969
Agricultural & Farm Machinery–0.19%
Deere & Co.		133		19,293
Agricultural Products–0.09%
Archer-Daniels-Midland Co.		235		8,728
Air Freight & Logistics–0.49%
C.H. Robinson Worldwide, Inc.		47		3,332
Expeditors International of Washington, Inc.		72		5,156
FedEx Corp.		103		13,057
United Parcel Service, Inc., Class B		293		27,736
				49,281
Airlines–0.04%
American Airlines Group, Inc.		32		384
Delta Air Lines, Inc.		57		1,477
Southwest Airlines Co.		53		1,656
United Airlines Holdings, Inc.(b)		19		562
				4,079
Alternative Carriers–0.05%
CenturyLink, Inc.		459		4,875
Apparel Retail–0.38%
Ross Stores, Inc.		149		13,613
TJX Cos., Inc. (The)		504		24,721
				38,334
Apparel, Accessories & Luxury Goods–0.21%
lululemon athletica, inc.(b)		50		11,174
Tapestry, Inc.		84		1,250
VF Corp.		156		9,063
				21,487
Application Software–2.21%
Adobe, Inc.(b)		204		72,142
Autodesk, Inc.(b)		91		17,029
Cadence Design Systems, Inc.(b)		117		9,492
Citrix Systems, Inc.		51		7,395
Intuit, Inc.		105		28,330
salesforce.com, inc.(b)		365		59,112
Splunk, Inc.(b)		63		8,843

	Shares		Value
Application Software–(continued)
Synopsys, Inc.(b)		64	$	10,056
Workday, Inc., Class A(b)		72		11,081
				223,480
Asset Management & Custody Banks–0.86%
Ameriprise Financial, Inc.		51		5,862
Bank of New York Mellon Corp. (The)		374		14,040
BlackRock, Inc.		64		32,130
Franklin Resources, Inc.		98		1,846
KKR & Co., Inc., Class A		227		5,723
Northern Trust Corp.		87		6,887
State Street Corp.		140		8,826
T. Rowe Price Group, Inc.		98		11,332
				86,646
Auto Parts & Equipment–0.07%
Aptiv PLC		103		7,164
Automobile Manufacturers–0.70%
Ford Motor Co.		1,650		8,398
General Motors Co.		606		13,508
Tesla, Inc.(b)		62		48,477
				70,383
Automotive Retail–0.27%
AutoZone, Inc.(b)		10		10,203
CarMax, Inc.(b)		70		5,155
O’Reilly Automotive, Inc.(b)		31		11,977
				27,335
Biotechnology–2.49%
AbbVie, Inc.		632		51,950
Alexion Pharmaceuticals, Inc.(b)		94		10,102
Amgen, Inc.		255		61,001
Biogen, Inc.(b)		74		21,966
BioMarin Pharmaceutical, Inc.(b)		76		6,994
Gilead Sciences, Inc.		534		44,856
Incyte Corp.(b)		88		8,594
Regeneron Pharmaceuticals, Inc.(b)		35		18,406
Vertex Pharmaceuticals, Inc.(b)		111		27,883
				251,752
Brewers–0.03%
Molson Coors Beverage Co., Class B		83		3,404
Broadcasting–0.10%
Fox Corp., Class A		257		6,648
ViacomCBS, Inc., Class B		199		3,435
				10,083
Building Products–0.18%
Johnson Controls International PLC		323		9,403
Trane Technologies PLC		101		8,829
				18,232
Cable & Satellite–1.19%
Charter Communications, Inc., Class A(b)		62		30,704

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Cable & Satellite–(continued)
Comcast Corp., Class A		1,913	$	71,986
Liberty Broadband Corp., Class C(b)		51		6,257
Liberty Media Corp.-Liberty SiriusXM, Series C(b)		215		7,325
Sirius XM Holdings, Inc.		563		3,327
				119,599
Casinos & Gaming–0.13%
Las Vegas Sands Corp.		141		6,771
MGM Resorts International		182		3,063
Wynn Resorts Ltd.		33		2,822
				12,656
Commodity Chemicals–0.11%
Dow, Inc.		315		11,557
Communications Equipment–0.94%
Arista Networks, Inc.(b)		25		5,483
Cisco Systems, Inc.		1,796		76,114
Juniper Networks, Inc.		133		2,873
Motorola Solutions, Inc.		73		10,498
				94,968
Computer & Electronics Retail–0.07%
Best Buy Co., Inc.		97		7,443
Construction Machinery & Heavy Trucks–0.47%
Caterpillar, Inc.		233		27,117
Cummins, Inc.		61		9,973
PACCAR, Inc.		144		9,969
				47,059
Construction Materials–0.11%
Martin Marietta Materials, Inc.		26		4,946
Vulcan Materials Co.		55		6,213
				11,159
Consumer Finance–0.56%
Ally Financial, Inc.		129		2,114
American Express Co.		341		31,116
Capital One Financial Corp.		192		12,434
Discover Financial Services		124		5,328
Synchrony Financial		260		5,146
				56,138
Copper–0.05%
Freeport-McMoRan, Inc.		613		5,413
Data Processing & Outsourced Services–4.34%
Automatic Data Processing, Inc.		183		26,844
Fidelity National Information Services, Inc.		261		34,423
Fiserv, Inc.(b)		239		24,631
FleetCor Technologies, Inc.(b)		36		8,685
Global Payments, Inc.		124		20,587
Mastercard, Inc., Class A		422		116,038
Paychex, Inc.		136		9,319
PayPal Holdings, Inc.(b)		477		58,671
Square, Inc., Class A(b)		149		9,706
Visa, Inc., Class A(c)		724		129,393
				438,297
Distillers & Vintners–0.19%
Brown-Forman Corp., Class B		129		8,024

	Shares		Value
Distillers & Vintners–(continued)
Constellation Brands, Inc., Class A		69	$	11,363
				19,387
Distributors–0.04%
Genuine Parts Co.		57		4,519
Diversified Banks–3.28%
Bank of America Corp.(c)		3,691		88,769
Citigroup, Inc.		893		43,364
JPMorgan Chase & Co.		1,293		123,818
U.S. Bancorp		645		23,542
Wells Fargo & Co.		1,765		51,273
				330,766
Diversified Chemicals–0.03%
Eastman Chemical Co.		57		3,449
Diversified Support Services–0.08%
Cintas Corp.		37		8,208
Drug Retail–0.13%
Walgreens Boots Alliance, Inc.		313		13,550
Electric Utilities–1.92%
American Electric Power Co., Inc.		209		17,370
Avangrid, Inc.		16		688
Duke Energy Corp.		311		26,329
Edison International		154		9,042
Entergy Corp.		84		8,023
Eversource Energy		140		11,298
Exelon Corp.		413		15,314
FirstEnergy Corp.		229		9,451
NextEra Energy, Inc.		209		48,304
PPL Corp.		326		8,287
Southern Co. (The)		447		25,358
Xcel Energy, Inc.		222		14,110
				193,574
Electrical Components & Equipment–0.46%
AMETEK, Inc.		97		8,135
Eaton Corp. PLC		175		14,613
Emerson Electric Co.		259		14,771
Rockwell Automation, Inc.		48		9,095
				46,614
Electronic Components–0.18%
Amphenol Corp., Class A		126		11,121
Corning, Inc.		323		7,109
				18,230
Electronic Equipment & Instruments–0.08%
Keysight Technologies, Inc.(b)		80		7,742
Environmental & Facilities Services–0.28%
Republic Services, Inc.		136		10,654
Waste Management, Inc.		179		17,904
				28,558
Fertilizers & Agricultural Chemicals–0.09%
Corteva, Inc.		303		7,936
Mosaic Co. (The)		101		1,162
				9,098

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Financial Exchanges & Data–1.07%
CME Group, Inc., Class A		152	$	27,088
Intercontinental Exchange, Inc.		230		20,573
Moody’s Corp.		80		19,512
MSCI, Inc.		35		11,445
S&P Global, Inc.		102		29,874
				108,492
Food Distributors–0.12%
Sysco Corp.		215		12,098
Food Retail–0.10%
Kroger Co. (The)		332		10,495
Footwear–0.45%
NIKE, Inc., Class B		519		45,246
General Merchandise Stores–0.49%
Dollar General Corp.		106		18,582
Dollar Tree, Inc.(b)		95		7,569
Target Corp.		211		23,155
				49,306
Gold–0.21%
Newmont Corp.		350		20,818
Health Care Distributors–0.25%
AmerisourceBergen Corp.		58		5,200
Cardinal Health, Inc.		124		6,135
Henry Schein, Inc.(b)		51		2,783
McKesson Corp.		76		10,735
				24,853
Health Care Equipment–3.39%
Abbott Laboratories		749		68,975
ABIOMED, Inc.(b)		18		3,443
Baxter International, Inc.		214		18,999
Becton, Dickinson and Co.		115		29,041
Boston Scientific Corp.(b)		592		22,188
Danaher Corp.		264		43,153
Edwards Lifesciences Corp.(b)		88		19,140
IDEXX Laboratories, Inc.(b)		36		9,994
Intuitive Surgical, Inc.(b)		46		23,500
Medtronic PLC		576		56,235
ResMed, Inc.		60		9,319
Stryker Corp.		147		27,405
Zimmer Biomet Holdings, Inc.		88		10,534
				341,926
Health Care Facilities–0.15%
HCA Healthcare, Inc.(b)		142		15,603
Health Care REITs–0.19%
Healthpeak Properties, Inc.		214		5,594
Ventas, Inc.		139		4,497
Welltower, Inc.		174		8,914
				19,005
Health Care Services–0.77%
Cigna Corp.		157		30,738
CVS Health Corp.		552		33,976
Laboratory Corp. of America Holdings(b)		41		6,742

	Shares		Value
Health Care Services–(continued)
Quest Diagnostics, Inc.		56	$	6,166
				77,622
Health Care Supplies–0.10%
Align Technology, Inc.(b)		30		6,446
DENTSPLY SIRONA, Inc.		94		3,989
				10,435
Health Care Technology–0.19%
Cerner Corp.		124		8,604
Veeva Systems, Inc., Class A(b)		56		10,685
				19,289
Home Furnishings–0.02%
Mohawk Industries, Inc.(b)		21		1,842
Home Improvement Retail–1.33%
Home Depot, Inc. (The)		456		100,242
Lowe’s Cos., Inc.		320		33,520
				133,762
Homebuilding–0.12%
D.R. Horton, Inc.		138		6,516
Lennar Corp., Class A		120		6,009
				12,525
Hotel & Resort REITs–0.04%
Host Hotels & Resorts, Inc.		297		3,656
Hotels, Resorts & Cruise Lines–0.25%
Carnival Corp.		172		2,735
Hilton Worldwide Holdings, Inc.		116		8,782
Marriott International, Inc., Class A		116		10,549
Royal Caribbean Cruises Ltd.		61		2,853
				24,919
Household Products–1.84%
Church & Dwight Co., Inc.		105		7,349
Clorox Co. (The)		51		9,508
Colgate-Palmolive Co.		363		25,508
Kimberly-Clark Corp.		145		20,080
Procter & Gamble Co. (The)		1,047		123,410
				185,855
Hypermarkets & Super Centers–1.28%
Costco Wholesale Corp.		187		56,661
Walmart, Inc.		597		72,565
				129,226
Industrial Conglomerates–1.19%
3M Co.		243		36,917
General Electric Co.		3,695		25,126
Honeywell International, Inc.		298		42,286
Roper Technologies, Inc.		45		15,346
				119,675
Industrial Gases–0.21%
Air Products and Chemicals, Inc.		93		20,979
Industrial Machinery–0.51%
Dover Corp.		60		5,619
Fortive Corp.		119		7,616
Illinois Tool Works, Inc.		135		21,938

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Industrial Machinery–(continued)
Parker-Hannifin Corp.		54	$	8,538
Stanley Black & Decker, Inc.		66		7,273
				50,984
Industrial REITs–0.27%
Prologis, Inc.		310		27,661
Insurance Brokers–0.21%
Marsh & McLennan Cos., Inc.		214		20,829
Integrated Oil & Gas–1.62%
Chevron Corp.		802		73,784
Exxon Mobil Corp.		1,793		83,321
Occidental Petroleum Corp.		379		6,291
				163,396
Integrated Telecommunication Services–1.91%
AT&T, Inc.		3,043		92,720
Verizon Communications, Inc.		1,748		100,423
				193,143
Interactive Home Entertainment–0.34%
Activision Blizzard, Inc.		317		20,202
Electronic Arts, Inc.(b)		121		13,826
				34,028
Interactive Media & Services–5.68%
Alphabet, Inc., Class A(b)		255		343,408
Facebook, Inc., Class A(b)		1,013		207,371
IAC/InterActiveCorp.(b)		33		7,375
Snap, Inc., Class A(b)		348		6,128
Twitter, Inc.(b)		320		9,178
				573,460
Internet & Direct Marketing Retail–4.91%
Amazon.com, Inc.(b)(c)		179		442,846
Booking Holdings, Inc.(b)		17		25,170
eBay, Inc.		323		12,865
Expedia Group, Inc.		45		3,194
MercadoLibre, Inc. (Argentina)(b)		20		11,670
				495,745
Internet Services & Infrastructure–0.17%
Akamai Technologies, Inc.(b)		68		6,644
VeriSign, Inc.(b)		48		10,056
				16,700
Investment Banking & Brokerage–0.75%
Charles Schwab Corp. (The)		489		18,445
E*TRADE Financial Corp.		94		3,817
Goldman Sachs Group, Inc. (The)		141		25,862
Morgan Stanley		480		18,927
TD Ameritrade Holding Corp.		208		8,168
				75,219
IT Consulting & Other Services–1.12%
Accenture PLC, Class A		272		50,372
Cognizant Technology Solutions Corp., Class A		232		13,461
DXC Technology Co.		78		1,414
International Business Machines Corp.		377		47,336
				112,583

	Shares		Value
Life & Health Insurance–0.41%
Aflac, Inc.		284	$	10,576
Lincoln National Corp.		68		2,412
MetLife, Inc.		388		13,999
Principal Financial Group, Inc.		101		3,678
Prudential Financial, Inc.		168		10,478
				41,143
Life Sciences Tools & Services–1.09%
Agilent Technologies, Inc.		131		10,042
Illumina, Inc.(b)		61		19,461
IQVIA Holdings, Inc.(b)		80		11,407
Mettler-Toledo International, Inc.(b)		10		7,199
Thermo Fisher Scientific, Inc.		170		56,896
Waters Corp.(b)		26		4,862
				109,867
Managed Health Care–1.82%
Anthem, Inc.		107		30,038
Centene Corp.(b)		243		16,179
Humana, Inc.		55		21,000
UnitedHealth Group, Inc.		399		116,696
				183,913
Metal & Glass Containers–0.09%
Ball Corp.		138		9,051
Mortgage REITs–0.04%
Annaly Capital Management, Inc.		605		3,781
Movies & Entertainment–1.58%
Netflix, Inc.(b)		182		76,412
Walt Disney Co. (The)		765		82,735
				159,147
Multi-line Insurance–0.14%
American International Group, Inc.		344		8,748
Hartford Financial Services Group, Inc. (The)		147		5,584
				14,332
Multi-Sector Holdings–1.09%
Berkshire Hathaway, Inc., Class B(b)		586		109,793
Multi-Utilities–1.03%
Ameren Corp.		105		7,639
CMS Energy Corp.		120		6,851
Consolidated Edison, Inc.		142		11,189
Dominion Energy, Inc.		355		27,381
DTE Energy Co.		81		8,403
NiSource, Inc.		162		4,068
Public Service Enterprise Group, Inc.		213		10,801
Sempra Energy		124		15,357
WEC Energy Group, Inc.		134		12,134
				103,823
Office REITs–0.17%
Alexandria Real Estate Equities, Inc.		51		8,011
Boston Properties, Inc.		66		6,414
Vornado Realty Trust		62		2,717
				17,142
Oil & Gas Equipment & Services–0.19%
Baker Hughes Co., Class A		277		3,864

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Oil & Gas Equipment & Services–(continued)
Halliburton Co.		372	$	3,906
National Oilwell Varco, Inc.		131		1,656
Schlumberger Ltd.		589		9,907
				19,333
Oil & Gas Exploration & Production–0.60%
Apache Corp.		144		1,883
Cabot Oil & Gas Corp.		166		3,589
Concho Resources, Inc.		82		4,651
ConocoPhillips		459		19,324
Continental Resources, Inc.		25		410
Devon Energy Corp.		116		1,446
Diamondback Energy, Inc.		60		2,612
EOG Resources, Inc.		245		11,640
Hess Corp.		115		5,594
Marathon Oil Corp.		275		1,683
Noble Energy, Inc.		158		1,550
Pioneer Natural Resources Co.		70		6,252
				60,634
Oil & Gas Refining & Marketing–0.33%
Marathon Petroleum Corp.		274		8,790
Phillips 66		185		13,536
Valero Energy Corp.		174		11,023
				33,349
Oil & Gas Storage & Transportation–0.32%
Cheniere Energy, Inc.(b)		107		4,996
Kinder Morgan, Inc.		824		12,549
ONEOK, Inc.		158		4,729
Williams Cos., Inc. (The)		513		9,937
				32,211
Packaged Foods & Meats–1.19%
Campbell Soup Co.		81		4,048
Conagra Brands, Inc.		206		6,889
General Mills, Inc.		257		15,392
Hershey Co. (The)		63		8,343
Hormel Foods Corp.		227		10,635
JM Smucker Co. (The)		47		5,401
Kellogg Co.		144		9,432
Kraft Heinz Co. (The)		411		12,466
McCormick & Co., Inc.		52		8,156
Mondelez International, Inc., Class A		615		31,635
Tyson Foods, Inc., Class A		118		7,338
				119,735
Paper Packaging–0.09%
International Paper Co.		166		5,685
Westrock Co.		109		3,509
				9,194
Personal Products–0.17%
Coty, Inc., Class A		82		447
Estee Lauder Cos., Inc. (The), Class A		92		16,229
				16,676
Pharmaceuticals–5.16%
Allergan PLC		140		26,228
Bristol-Myers Squibb Co.		960		58,378
Elanco Animal Health, Inc.(b)		165		4,077

	Shares		Value
Pharmaceuticals–(continued)
Eli Lilly and Co.		405	$	62,629
Johnson & Johnson		1,118		167,745
Merck & Co., Inc.		1,076		85,370
Pfizer, Inc.		2,354		90,299
Zoetis, Inc.		198		25,603
				520,329
Property & Casualty Insurance–0.52%
Allstate Corp. (The)		134		13,631
Loews Corp.		94		3,258
Markel Corp.(b)		6		5,195
Progressive Corp. (The)		248		19,170
Travelers Cos., Inc. (The)		109		11,032
				52,286
Railroads–0.92%
CSX Corp.		327		21,657
Kansas City Southern		37		4,830
Norfolk Southern Corp.		118		20,190
Union Pacific Corp.		291		46,499
			93,176
Real Estate Services–0.06%
CBRE Group, Inc., Class A(b)		141		6,053
Regional Banks–0.79%
Citizens Financial Group, Inc.		157		3,515
Comerica, Inc.		48		1,673
Fifth Third Bancorp		301		5,626
First Republic Bank		69		7,196
Huntington Bancshares, Inc.		374		3,456
KeyCorp		409		4,765
M&T Bank Corp.		54		6,052
PNC Financial Services Group, Inc. (The)		183		19,521
Regions Financial Corp.		355		3,816
SVB Financial Group(b)		18		3,477
Truist Financial Corp.		563		21,011
				80,108
Research & Consulting Services–0.27%
CoStar Group, Inc.(b)		16		10,372
Equifax, Inc.		48		6,667
Verisk Analytics, Inc.		69		10,546
				27,585
Residential REITs–0.26%
AvalonBay Communities, Inc.		59		9,614
Equity Residential		155		10,084
Essex Property Trust, Inc.		26		6,347
				26,045
Restaurants–1.26%
Chipotle Mexican Grill, Inc.(b)		12		10,543
McDonald’s Corp.		316		59,269
Starbucks Corp.		497		38,135
Yum China Holdings, Inc. (China)(b)		159		7,705
Yum! Brands, Inc.		128		11,063
				126,715
Retail REITs–0.16%
Realty Income Corp.		145		7,964

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco U.S. Managed Volatility Fund

	Shares		Value
Retail REITs–(continued)
Simon Property Group, Inc.		129	$	8,613
				16,577
Semiconductor Equipment–0.45%
Applied Materials, Inc.		388		19,276
KLA Corp.		67		10,994
Lam Research Corp.		61		15,572
				45,842
Semiconductors–4.03%
Advanced Micro Devices, Inc.(b)		471		24,676
Analog Devices, Inc.		156		17,097
Broadcom, Inc.		166		45,089
Intel Corp.		1,815		108,864
Maxim Integrated Products, Inc.		113		6,213
Microchip Technology, Inc.		100		8,773
Micron Technology, Inc.(b)		470		22,508
NVIDIA Corp.		249		72,778
QUALCOMM, Inc.		485		38,155
Skyworks Solutions, Inc.		73		7,583
Texas Instruments, Inc.		396		45,964
Xilinx, Inc.		106		9,264
				406,964
Soft Drinks–1.70%
Coca-Cola Co. (The)		1,816		83,336
Monster Beverage Corp.(b)		162		10,013
PepsiCo, Inc.		588		77,787
				171,136
Specialized REITs–1.45%
American Tower Corp.		190		45,220
Crown Castle International Corp.		175		27,900
Digital Realty Trust, Inc.		109		16,295
Equinix, Inc.		36		24,307
Public Storage		65		12,054
SBA Communications Corp., Class A		47		13,626
Weyerhaeuser Co.		315		6,889
				146,291
Specialty Chemicals–0.71%
Celanese Corp.		50		4,154
DuPont de Nemours, Inc.		313		14,717
Ecolab, Inc.		122		23,607
PPG Industries, Inc.		101		9,174
Sherwin-Williams Co. (The)		38		20,382
				72,034
Specialty Stores–0.05%
Ulta Beauty, Inc.(b)		21		4,576
Steel–0.05%
Nucor Corp.		127		5,231

	Shares		Value
Systems Software–6.54%
Microsoft Corp.(c)		3,180	$	569,888
NortonLifeLock, Inc.		252		5,360
Oracle Corp.		852		45,131
Palo Alto Networks, Inc.(b)		39		7,664
ServiceNow, Inc.(b)		80		28,123
VMware, Inc., Class A(b)		33		4,340
			660,506
Technology Hardware, Storage & Peripherals–5.74%
Apple, Inc.(c)		1,854		544,705
Dell Technologies, Inc., Class C(b)		107		4,568
Hewlett Packard Enterprise Co.		531		5,342
HP, Inc.		606		9,399
NetApp, Inc.		94		4,114
Seagate Technology PLC		111		5,545
Western Digital Corp.		124		5,714
				579,387
Tobacco–0.80%
Altria Group, Inc.		785		30,811
Philip Morris International, Inc.		665		49,609
				80,420
Trading Companies & Distributors–0.13%
Fastenal Co.		227		8,222
W.W. Grainger, Inc.		19		5,236
				13,458
Trucking–0.14%
Lyft, Inc., Class A(b)		74		2,429
Uber Technologies, Inc.(b)		372		11,261
				13,690
Water Utilities–0.09%
American Water Works Co., Inc.		78		9,492
Wireless Telecommunication Services–0.17%
T-Mobile US, Inc.(b)		196		17,209
Total Common Stocks & Other Equity Interests (Cost $9,027,704)				9,899,365
Money Market Funds–0.39%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(d)(e)		10,739		10,739
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(d)(e)		16,655		16,666
Invesco Treasury Portfolio, Institutional Class, 0.10%(d)(e)		12,273		12,273
Total Money Market Funds (Cost $39,668)				39,678
TOTAL INVESTMENTS IN SECURITIES–98.48%
(Cost $9,067,372)				9,939,043
OTHER ASSETS LESS LIABILITIES—1.52%				153,571
NET ASSETS–100.00%			$	10,092,614

Investment Abbreviations:

REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco U.S. Managed Volatility Fund

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of the value was pledged as collateral to cover margin requirements for futures contracts. See Note 1H.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$29,686		$	1,649,512		$	(1,668,459	)		$-		$-		$10,739		$ 329
Invesco Liquid Assets Portfolio, Institutional Class		21,210			1,291,201			(1,295,653	)		10		(102)		16,666		382
Invesco Treasury Portfolio, Institutional Class		33,927			1,885,157			(1,906,811	)		-		-		12,273		356
Total		$84,823		$	4,825,870		$	(4,870,923	)		$10		$(102)		$39,678		$1,067

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	25.81	%
Health Care	15.41
Communication Services	11.07
Consumer Discretionary	10.74
Financials	9.71
Consumer Staples	7.64
Industrials	7.25
Energy	3.06
Utilities	3.04
Real Estate	2.60
Materials	1.76
Money Market Funds Plus Other Assets Less Liabilities	1.91

Open Futures Contracts
Short Futures Contracts	Number of Contracts	Expiration Month	Notional Value				Value				Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index	26	June-2020		$	(3,773,120	)		$	(190,835	)		$	(190,835	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco U.S. Managed Volatility Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $9,027,704)	$	9,899,365
Investments in affiliated money market funds, at value (Cost $39,668)		39,678
Other investments: Variation margin receivable – futures contracts		42,368
Receivable for: Fund shares sold		106,001
Fund expenses absorbed		38,152
Dividends		8,778
Investment for trustee deferred compensation and retirement plans		5,662
Other assets		12,320
Total assets		10,152,324
Liabilities:
Payable for: Accrued fees to affiliates		647
Accrued other operating expenses		53,401
Trustee deferred compensation and retirement plans		5,662
Total liabilities		59,710
Net assets applicable to shares outstanding	$	10,092,614

Net assets consist of:
Shares of beneficial interest	$	9,356,009
Distributable earnings		736,605
	$	10,092,614
Net Assets:
Class R6	$	10,092,614
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		908,241
Class R6:
Net asset value and offering price per share	$	11.11

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                      Invesco U.S. Managed Volatility Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends	$	89,529
Dividends from affiliated money market funds		1,067
Total investment income		90,596
Expenses:
Advisory fees		4,639
Administrative services fees		562
Custodian fees		2,391
Transfer agent fees		1,423
Trustees’ and officers’ fees and benefits		6,806
Registration and filing fees		8,320
Reports to shareholders		12,165
Professional services fees		18,057
Other		10,249
Total expenses		64,612
Less: Fees waived and/or expenses reimbursed		(57,749	)
Net expenses		6,863
Net investment income		83,733
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(209,224	)
Futures contracts		654,008
		444,784
Change in net unrealized appreciation (depreciation) of:
Investment securities		46,526
Futures contracts		(190,835	)
		(144,309	)
Net realized and unrealized gain		300,475
Net increase in net assets resulting from operations	$	384,208

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                      Invesco U.S. Managed Volatility Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31,   2019
Operations:
Net investment income	$	83,733		$	123,654
Net realized gain (loss)		444,784			(277,341	)
Change in net unrealized appreciation (depreciation)		(144,309	)		814,933
Net increase in net assets resulting from operations		384,208			661,246
Distributions to shareholders from distributable earnings:
Class R6		(251,272	)		(138,152	)
Share transactions–net:
Class R6		1,756,732			1,770,144
Net increase in net assets		1,889,668			2,293,238
Net assets:
Beginning of period		8,202,946			5,909,708
End of period	$	10,092,614			$8,202,946

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                      Invesco U.S. Managed Volatility Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$10.90		$0.10		$0.43			$0.53		$(0.17	)		$(0.15	)		$(0.32	)		$11.11		4.84	%		$10,093		0.15	%(d)		1.39	%(d)		1.80	%(d)		17	%
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
Year ended 10/31/18(e)		10.00		0.16		(0.02	)		0.14		–			–			–			10.14		1.40			5,910		0.15	(f)		3.40	(f)		1.74	(f)		9

^(a)  Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is not annualized for periods less than one year, if applicable.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $9,330 for Class R6.

^(e) Commencement date of December 18, 2017.

(f) Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                      Invesco U.S. Managed Volatility Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco U.S. Managed Volatility Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek to provide capital appreciation while managing portfolio volatility.

The Fund currently consists of one class of shares, Class R6. Class R6 shares are sold at net asset value.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations

17                      Invesco U.S. Managed Volatility Fund

and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

G. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

H. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

I. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser at the annual rate of 0.10% of the Fund’s average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or 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, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $4,735 and reimbursed Fund expenses of $53,014.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company

18                      Invesco U.S. Managed Volatility Fund

(“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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund’s shares. The Fund does not pay a distribution fee to IDI under the agreement.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 - Prices are determined using quoted prices in an active market for identical assets.

Level 2 - Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 - Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	9,899,365		$	–	$	–	$	9,899,365
Money Market Funds		39,678			–		–		39,678
Total Investments in Securities		9,939,043			–		–		9,939,043
Other Investments - Liabilities*
Futures Contracts		(190,835	)		–		–		(190,835	)
Total Investments	$	9,748,208		$	–	$	–	$	9,748,208

* 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
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts – Exchange-Traded	$	(190,835	)
Derivatives not subject to master netting agreements		190,835
Total Derivative Liabilities subject to master netting agreements	$	–

Effect of Derivative Investments for the six months ended April 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Equity
	Risk
Realized Gain:
Futures contracts		$  654,008
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(190,835)
Total		$  463,173

19                      Invesco U.S. Managed Volatility Fund

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	4,757,233

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $3,439,460 and $1,527,127, 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	$	1,187,185
Aggregate unrealized (depreciation) of investments		(948,445	)
Net unrealized appreciation of investments	$	238,740

Cost of investments for tax purposes is $9,509,468.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class R6		220,114		$	2,444,192			192,970		$	2,012,079
Issued as reinvestment of dividends:
Class R6		8,388			93,022			2,204			21,052
Reacquired:
Class R6		(72,599	)		(780,482	)		(25,392	)		(262,987	)
Net increase in share activity		155,903		$	1,756,732			169,782		$	1,770,144

^(a)  87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

20                      Invesco U.S. Managed Volatility Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/19)	Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class R6	$1,000.00	$1,048.40	$0.76	$1,024.12	$0.75	0.15%

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

21                      Invesco U.S. Managed Volatility Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

◾ Fund reports and prospectuses

◾ Quarterly statements

◾ Daily confirmations

◾ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-06463 and 033-44611 Invesco Distributors, Inc. USMGV-SAR-1

	Semiannual Report to Shareholders	April 30, 2020
	Invesco World Bond Factor Fund
	Effective February 28, 2020, Invesco World Bond Fund was renamed Invesco World Bond Factor Fund.
	Nasdaq:
	A: AUBAX   ∎  C: AUBCX  ∎  Y: AUBYX ∎  ∎  R5: AUBIX  ∎  R6: AUBFX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
25	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by

the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco World Bond Factor Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.72	%
Class C Shares	0.30
Class Y Shares	0.73
Class R5 Shares	0.83
Class R6 Shares	0.73
Bloomberg Barclays Global Aggregate Index▼ (Broad Market/Style-Specific Index)	1.45
Lipper Global Income Funds Index⬛ (Peer Group Index)	-1.00
Source(s): ▼RIMES Technologies Corp.; ⬛Lipper Inc.
The Bloomberg Barclays Global Aggregate Index is an unmanaged index considered representative of global investment grade, fixed income markets.     The Lipper Global Income Funds Index is an unmanaged index considered representative of global income funds tracked by Lipper.     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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco World Bond Factor Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.16	%
10 Years	2.16
5 Years	2.11
1 Year	3.61
Class C Shares
Inception (3/31/06)	2.92	%
10 Years	1.82
5 Years	2.23
1 Year	6.32
Class Y Shares
Inception (10/3/08)	3.25	%
10 Years	2.86
5 Years	3.26
1 Year	8.42
Class R5 Shares
Inception (3/31/06)	3.70	%
10 Years	2.81
5 Years	3.16
1 Year	8.34
Class R6 Shares
10 Years	2.80	%
5 Years	3.26
1 Year	8.42

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    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 World Bond Factor Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco World Bond Factor Fund

Schedule of Investments

April 30, 2020

(Unaudited)

		Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–38.39%(a)
Australia–1.10%
Australia Government Bond, Series 136, 4.75%, 04/21/2027(b)	AUD		360,000	$	300,735
Canada–3.94%
Canadian Government Bond, 2.00%, 06/01/2028	CAD		1,200,000		968,432
Canadian Imperial Bank of Commerce, 0.38%, 05/03/2024(b)	EUR		100,000		107,056
					1,075,488
France–2.88%
Banque Federative du Credit Mutuel S.A., 3.00%, 05/21/2024(b)	EUR		100,000		116,059
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.38% (3 mo. EURIBOR + 5.77%)(b)(c)(d)	EUR		100,000		119,218
Credit Mutuel Arkea S.A., 3.25%, 06/01/2026(b)	EUR		100,000		121,863
Dassault Systemes SE, 0.13%, 09/16/2026(b)	EUR		100,000		107,311
Societe Generale S.A., 1.25%, 02/15/2024(b)	EUR		100,000		110,621
Suez, 1.63% (EUAMDB05 + 2.15%)(b)(c)(d)	EUR		100,000		102,001
Thales S.A., 0.01%, 05/31/2022(b)	EUR		100,000		108,042
					785,115
Germany–7.11%
Bayer AG, 3.13% (5 yr. EUR Swap Rate + 3.11%), 11/12/2079(b)(d)	EUR		100,000		106,650
Bundesrepublik Deutschland Bundesanleihe,
0.01%, 08/15/2029(b)	EUR		900,036		1,043,982
0.01%, 08/15/2050(b)	EUR		100,000		115,634
Daimler AG, 0.01%, 02/08/2024(b)	EUR		38,000		39,872
Daimler International Finance B.V., 0.25%, 11/06/2023(b)	EUR		101,000		107,206
Deutsche Bank AG, 2.38%, 01/11/2023(b)	EUR		100,000		109,268
Merck Financial Services GmbH, 0.13%, 07/16/2025(b)	EUR		100,000		109,628
Siemens Financieringsmaatschappij N.V., 1.75%, 02/28/2039(b)	EUR		97,000		120,132
Wintershall Dea Finance B.V., 1.82%, 09/25/2031(b)	EUR		100,000		90,756
ZF Europe Finance B.V., 3.00%, 10/23/2029(b)	EUR		100,000		97,791
					1,940,919
Italy–3.89%
2i Rete Gas S.p.A., 1.61%, 10/31/2027(b)	EUR		100,000		111,695
Eni S.p.A., 1.00%, 10/11/2034(b)	EUR		100,000		99,753
FCA Bank S.p.A., 0.63%, 11/24/2022(b)	EUR		103,000		108,694

		Principal Amount		Value
Italy–(continued)
Italy Buoni Poliennali Del Tesoro, 2.50%, 11/15/2025(b)	EUR		225,000	$	262,286
3.00%, 08/01/2029(b)	EUR		315,000		381,979
3.45%, 03/01/2048(b)	EUR		75,000		96,624
					1,061,031
Japan–6.79%
Japan Government Forty Year Bond, Series 9, 0.40%, 03/20/2056	JPY		50,900,000		468,830
Japan Government Ten Year Bond, Series 365, 0.10%, 09/20/2029	JPY		91,850,000		868,716
Japan Government Twenty Year Bond, Series 147, 1.60%, 12/20/2033	JPY		26,550,000		296,578
JT International Financial Services B.V., 1.13%, 09/28/2025(b)	EUR		100,000		111,833
1.00%, 11/26/2029(b)	EUR		100,000		106,679
					1,852,636
Mexico–1.00%
Mexican Bonos, Series M 20, 10.00%, 12/05/2024	MXN		5,600,000		274,098
Netherlands–0.90%
ABN AMRO Bank N.V., 0.60%, 01/15/2027(b)	EUR		100,000		106,417
Cooperatieve Rabobank U.A., 1.25%, 03/23/2026(b)	EUR		120,000		139,170
					245,587
Poland–0.76%
Republic of Poland Government Bond, Series 725, 3.25%, 07/25/2025	PLN		775,000		208,508
Russia–0.59%
Russian Federal Bond - OFZ, Series 6221, 7.70%, 03/23/2033	RUB		10,543,000		161,858
Spain–2.19%
Banco Santander S.A., 3.25%, 04/04/2026(b)	EUR		100,000		118,442
CaixaBank S.A., 1.13%, 05/17/2024(b)	EUR		100,000		109,684
Santander Consumer Finance S.A., 0.38%, 01/17/2025(b)	EUR		100,000		105,737
Spain Government Bond, 2.70%, 10/31/2048(b)	EUR		107,000		151,187
Telefonica Emisiones S.A., 1.96%, 07/01/2039(b)	EUR		100,000		112,831
					597,881
Sweden–0.44%
Svenska Handelsbanken AB, 1.13%, 12/14/2022(b)	EUR		106,000		118,860

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco World Bond Factor Fund

		Principal Amount		Value
United Kingdom–2.84%
BAT International Finance PLC, 2.25%, 01/16/2030(b)	EUR		100,000	$	107,393
CNH Industrial Finance Europe S.A., 1.63%, 07/03/2029(b)	EUR		100,000		95,599
Lloyds Banking Group PLC, 0.50% (EUSA1 + 0.85%), 11/12/2025(b)(d)	EUR		100,000		104,951
NatWest Markets PLC, 1.00%, 05/28/2024(b)	EUR		100,000		106,825
Royal Mail PLC, 1.25%, 10/08/2026(b)	EUR		100,000		103,555
United Kingdom Gilt,
3.50%, 01/22/2045(b)	GBP		86,224		181,302
3.50%, 07/22/2068(b)	GBP		25,000		74,204
					773,829
United States–3.96%
Abbott Ireland Financing DAC, 0.88%, 09/27/2023(b)	EUR		100,000		111,691
Altria Group, Inc., 3.13%, 06/15/2031	EUR		100,000		118,336
American Honda Finance Corp., 0.35%, 08/26/2022	EUR		101,000		108,821
Apple, Inc.,
1.38%, 01/17/2024	EUR		100,000		115,785
0.88%, 05/24/2025	EUR		100,000		114,952
AT&T, Inc., 2.40%, 03/15/2024	EUR		116,000		134,844
Johnson & Johnson, 0.65%, 05/20/2024	EUR		100,000		113,118
JPMorgan Chase & Co., 0.63%, 01/25/2024(b)	EUR		125,000		136,959
Toyota Motor Credit Corp.,
2.38%, 02/01/2023(b)	EUR		19,000		21,837
0.25%, 07/16/2026(b)	EUR		100,000		105,574
					1,081,917
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $10,577,294)					10,478,462
U.S. Dollar Denominated Bonds & Notes–25.29%
Australia–0.44%
Westpac Banking Corp., 3.30%, 02/26/2024		$	114,000		121,591
Canada–0.47%
Brookfield Finance, Inc., 4.85%, 03/29/2029			90,000		98,883
Magna International, Inc., 3.63%, 06/15/2024			27,000		28,421
					127,304
France–0.45%
Airgas, Inc., 3.65%, 07/15/2024			10,000		10,635
Sanofi, 3.38%, 06/19/2023			105,000		112,173
					122,808
Ireland–0.49%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/23/2023			150,000		134,406
Japan–0.32%
ORIX Corp., 2.90%, 07/18/2022			86,000		87,529

	Principal Amount		Value
Netherlands–0.44%
Cooperatieve Rabobank U.A., 5.25%, 05/24/2041	$	85,000	$	120,520
United Kingdom–5.58%
Barclays PLC, 4.84%, 05/09/2028		200,000		210,934
British Airways Pass Through Trust, Series 2019-1, Class A, 3.35%, 06/15/2029(b)		60,000		45,577
Diageo Capital PLC, 3.50%, 09/18/2023		200,000		216,219
HSBC Holdings PLC, 4.58% (3 mo. USD LIBOR + 1.53%), 06/19/2029(d)		200,000		226,247
Lloyds Banking Group PLC, 2.44% (1 yr. U.S. Treasury Yield Curve Rate + 1.00%), 02/05/2026(d)		250,000		250,000
4.65%, 03/24/2026		200,000		216,910
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		95,000		108,608
Royal Bank of Scotland Group PLC (The), 6.13%, 12/15/2022		118,000		126,566
6.00%, 12/19/2023		18,000		19,636
United Utilities PLC, 6.88%, 08/15/2028		84,000		102,165
				1,522,862
United States–17.10%
3M Co., 3.05%, 04/15/2030		83,000		90,681
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025		32,000		33,471
Altria Group, Inc., 5.95%, 02/14/2049		104,000		129,656
American International Group, Inc., 4.13%, 02/15/2024		55,000		59,589
American Water Capital Corp., 6.59%, 10/15/2037		14,000		20,726
Ameriprise Financial, Inc., 4.00%, 10/15/2023		44,000		48,096
Apple, Inc., 3.00%, 02/09/2024		47,000		50,532
Ares Capital Corp., 3.50%, 02/10/2023		17,000		16,195
AT&T, Inc., 3.80%, 02/15/2027		16,000		17,290
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022		28,000		28,274
4.08%, 12/15/2047		75,000		63,561
Bank of America Corp., 4.20%, 08/26/2024		188,000		203,617
4.00%, 01/22/2025		30,000		32,447
Baxter International, Inc., 2.60%, 08/15/2026		103,000		109,731
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030(b)		79,000		90,059
BGC Partners, Inc., 3.75%, 10/01/2024		36,000		33,772
Boeing Co. (The), 2.70%, 02/01/2027		29,000		25,894
Brighthouse Financial, Inc., 4.70%, 06/22/2047		106,000		91,631
California Institute of Technology, 4.70%, 11/01/2111		22,000		28,337
Cigna Corp., 4.50%, 02/25/2026(b)		10,000		11,348

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco World Bond Factor Fund

	Principal Amount		Value
United States–(continued)
CNH Industrial Capital LLC, 3.88%, 10/15/2021	$	27,000	$	27,333
Comcast Corp., 3.70%, 04/15/2024		87,000		95,257
CommonSpirit Health, 2.95%, 11/01/2022		106,000		106,969
Continental Resources, Inc., 5.00%, 09/15/2022		29,000		27,550
Deere & Co., 2.60%, 06/08/2022		12,000		12,334
Delta Air Lines, Inc., 3.63%, 03/15/2022		21,000		18,764
Duke Energy Corp., 3.75%, 04/15/2024		71,000		77,330
DuPont de Nemours, Inc., 4.21%, 11/15/2023		63,000		68,217
Exxon Mobil Corp., 3.18%, 03/15/2024		52,000		55,594
FedEx Corp., 4.75%, 11/15/2045		107,000		117,646
General Motors Co., 6.75%, 04/01/2046		93,000		85,492
Gilead Sciences, Inc., 3.70%, 04/01/2024		124,000		135,464
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024		186,000		199,888
3.50%, 11/16/2026		83,000		88,220
Harley-Davidson, Inc., 4.63%, 07/28/2045		26,000		26,266
Hillenbrand, Inc., 4.50%, 09/15/2026		99,000		90,796
HP, Inc., 6.00%, 09/15/2041		91,000		101,464
International Business Machines Corp., 7.13%, 12/01/2096		43,000		75,589
Johnson & Johnson, 3.38%, 12/05/2023		124,000		136,244
JPMorgan Chase & Co., 4.13%, 12/15/2026		24,000		26,545
Marriott International, Inc., Series EE, 5.75%, 05/01/2025		9,000		9,411
MetLife, Inc., Series D, 4.37%, 09/15/2023		76,000		83,491
Microsoft Corp., 2.88%, 02/06/2024		108,000		116,355
Oracle Corp., 2.40%, 09/15/2023		104,000		108,997
Patterson-UTI Energy, Inc., 5.15%, 11/15/2029		99,000		65,640
Philip Morris International, Inc., 2.50%, 08/22/2022		125,000		129,247
PSEG Power LLC, 8.63%, 04/15/2031		100,000		133,916
Rockwell Automation, Inc., 3.50%, 03/01/2029		82,000		91,181
Rockwell Collins, Inc., 3.20%, 03/15/2024		51,000		54,253
Ryder System, Inc., 3.65%, 03/18/2024		64,000		65,984
Sempra Energy, 4.05%, 12/01/2023		15,000		16,088
3.75%, 11/15/2025		30,000		32,089
Simon Property Group L.P.,
2.63%, 06/15/2022		26,000		25,792
6.75%, 02/01/2040		38,000		48,915

	Principal Amount		Value
United States–(continued)
Southern California Edison Co., Series C,
3.50%, 10/01/2023	$	62,000	$	65,743
6.00%, 01/15/2034		17,000		21,850
Southwest Airlines Co., 3.00%, 11/15/2026		23,000		21,079
Spectra Energy Partners L.P., 4.75%, 03/15/2024		63,000		67,419
Starbucks Corp., 3.85%, 10/01/2023		22,000		23,725
Swiss Re America Holding Corp., 7.00%, 02/15/2026		47,000		58,161
UDR, Inc., 3.00%, 08/15/2031		42,000		42,313
Union Electric Co., 8.45%, 03/15/2039		48,000		79,878
Verizon Communications, Inc., 5.15%, 09/15/2023		160,000		182,350
Wachovia Corp., 7.57%, 08/01/2016(e)		82,000		103,372
Walmart, Inc., 3.30%, 04/22/2024		27,000		29,546
Wells Fargo & Co., 4.10%, 06/03/2026		116,000		125,546
Welltower, Inc., 3.63%, 03/15/2024		106,000		107,669
				4,667,879
Total U.S. Dollar Denominated Bonds & Notes (Cost $7,185,821)				6,904,899
U.S. Treasury Securities–18.34%
U.S. Treasury Bills–0.46%(f)
0.01%, 09/03/2020(g)		124,884		124,952
U.S. Treasury Bonds–1.68%
2.88%, 05/15/2049		178,570		224,672
2.00%, 02/15/2050		214,861		235,047
				459,719
U.S. Treasury Notes–16.20%
1.13%, 02/28/2022		1,412,153		1,423,816
1.38%, 02/15/2023		608,445		619,066
0.25%, 04/15/2023		749,180		750,176
1.13%, 02/28/2025		75,332		75,945
0.50%, 03/31/2025		753,656		755,215
1.13%, 02/28/2027		302,591		312,141
1.50%, 02/15/2030		466,549		486,633
				4,422,992
Total U.S. Treasury Securities (Cost $4,886,221)				5,007,663
U.S. Government Sponsored Agency Mortgage-Backed Securities–10.46%
Freddie Mac Multifamily Structured Pass Through Ctfs., Series K038, Class X1, IO, 1.28%, 03/25/2024(h)		1,538,071		55,798
Federal Home Loan Mortgage Corp., 3.00%, 01/01/2050		49,589		53,005
Federal National Mortgage Association, 3.00%, 03/01/2050		49,750		52,859
Federal National Mortgage Association, TBA, 2.50%, 05/01/2050(i)		879,000		915,362

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco World Bond Factor Fund

	Principal Amount		Value
Federal National Mortgage Association, TBA, 2.50%, 05/01/2035(i)	$	270,000	$	282,319
Government National Mortgage Association, TBA, 3.00%, 05/01/2050(i)		750,000		798,199
Federal National Mortgage Association, 3.00%, 12/01/2049		99,335		105,046
Federal National Mortgage Association, 2.50%, 03/01/2050		109,780		114,796
Federal National Mortgage Association, 3.00%, 10/01/2049		97,096		102,990
Federal National Mortgage Association, 3.00%, 02/01/2050		99,200		104,903
Federal Home Loan Mortgage Corp., 4.50%, 09/01/2049		94,049		101,486
Federal Home Loan Mortgage Corp., 4.50%, 01/01/2050		81,251		87,645
Federal National Mortgage Association, 4.50%, 06/01/2049		74,972		80,881
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,825,748)				2,855,289
Asset-Backed Securities–2.86%
COLT Mortgage Loan Trust, Series 2019-1, Class A1, 3.71%, 03/25/2049(b)(h)		46,204		46,604
Deephaven Residential Mortgage Trust, Series 2018-2A, Class A1, 3.48%, 04/25/2058(b)(h)		137,824		138,804

Investment Abbreviations:

AUD     - Australian Dollar

CAD     - Canadian Dollar

Ctfs.     - Certificates

DAC     - Designated Activity Co.

EUR     - Euro

EURIBOR  - Euro Interbank Offered Rate

GBP     - British Pound Sterling

IO      - Interest Only

JPY    - Japanese Yen

LIBOR    - London Interbank Offered Rate

MXN    - Mexican Peso

PLN   - Polish Zloty

RUB     - Russian Ruble

TBA   - To Be Announced

USD     - U.S. Dollar

	Principal Amount		Value
Galton Funding Mortgage Trust, Series 2018-2, Series A41, 4.50%, 10/25/2058(b)(h)	$	111,015	$	113,419
Residential Mortgage Loan Trust, Series 2019-1, Class A1, 3.94%, 10/25/2058(b)(h)		140,237		140,138
Spruce Hill Mortgage Loan Trust, Series 2019-SH1, Class A1, 3.40%, 04/29/2049(b)(h)		56,678		56,678
Verus Securitization Trust, Series 2018-3, Class A1, 4.11%, 10/25/2058(b)(h)		131,555		133,355
Series 2019-1, Class A1, 3.84%, 02/25/2059(b)(h)		152,478		151,278
Total Asset-Backed Securities (Cost $776,410)				780,276
	Shares
Money Market Funds–6.75%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(j)(k)		692,811		692,811
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(j)(k)		357,099		357,313
Invesco Treasury Portfolio, Institutional Class, 0.10%(j)(k)		791,784		791,784
Total Money Market Funds (Cost $1,841,654)				1,841,908
TOTAL INVESTMENTS IN SECURITIES–102.09% (Cost $28,093,148)				27,868,497
OTHER ASSETS LESS LIABILITIES–(2.09)%				(570,897	)
NET ASSETS–100.00%			$	27,297,600

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco World Bond Factor Fund

Notes to Schedule of Investments:

^(a)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $7,452,846, which represented 27.30% of the Fund’s Net Assets.

^(c)  Perpetual bond with no specified maturity date.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2020.

^(e)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(g)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

^(h)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on April 30, 2020.

⁽ⁱ⁾  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.

^(j)  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 six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	291,763		$	4,280,427		$	(3,879,379	)		$	-		$	-			$	692,811		$	1,701
Invesco Liquid Assets Portfolio, Institutional Class			208,408			3,057,448			(2,907,923	)			247			(867	)			357,313			1,745
Invesco Treasury Portfolio, Institutional Class			333,443			4,891,916			(4,433,575	)			-			-				791,784			1,779
Total		$	833,614		$	12,229,791		$	(11,220,877	)		$	247		$	(867	)		$	1,841,908		$	5,225

^(k)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Sovereign Debt	21.45	%
U.S. Treasury Securities	18.34
Financials	16.98
Collateralized Mortgage Obligations	10.46
Industrials	4.48
Consumer Staples	3.87
Health Care	3.45
Utilities	3.13
Information Technology	2.90
Asset-Backed Securities	2.86
Consumer Discretionary	2.50
Other Sectors, Each Less than 2% of Net Assets	4.92
Money Market Funds Plus Other Assets Less Liabilities	4.66

Open Futures Contracts
Long Futures Contracts	Number of Contracts	Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
Euro Buxl 30 Year Bonds	1		June-2020	$	240,210	$	875		$	875
Japan 10 Year Bonds	1		June-2020		1,423,753		(17,336	)		(17,336	)
Long Gilt	5		June-2020		867,166		20,018			20,018
U.S. Treasury 2 Year Notes	2		June-2020		440,859		231			231
U.S. Treasury Long Bonds	3		June-2020		543,094		2,118			2,118
U.S. Treasury Ultra Bonds	1		June-2020		224,781		14,842			14,842
Subtotal–Long Futures Contracts							20,748			20,748

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco World Bond Factor Fund

Open Futures Contracts–(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
Interest Rate Risk
Canada 10 Year Bonds		2		June-2020		$	(214,649	)		$	(11,813	)		$	(11,813	)
Euro Bobl		4		June-2020			(595,923	)			2,100				2,100
Euro-Bund		6		June-2020			(1,146,894	)			7,490				7,490
U.S. Treasury 10 Year Notes		5		June-2020			(695,313	)			(2,962	)			(2,962	)
U.S. Treasury 10 Year Ultra Notes		6		June-2020			(942,187	)			(5,105	)			(5,105	)
U.S. Treasury 5 Year Notes		4		June-2020			(501,938	)			(7,188	)			(7,188	)
Subtotal–Short Futures Contracts											(17,478	)			(17,478	)
Total Futures Contracts										$	3,270			$	3,270

Open Forward Foreign Currency Contracts
Settlement Date		Contract to							Unrealized Appreciation (Depreciation)
	Counterparty			Deliver			Receive
Currency Risk
05/18/2020	Barclays Bank PLC		EUR		1,150,000	USD		1,294,685		$	34,159
05/18/2020	Goldman Sachs International		MXN		12,985,000	USD		648,929			111,337
05/18/2020	Goldman Sachs International		PLN		5,777,000	USD		1,464,181			71,931
05/18/2020	Goldman Sachs International		RUB		80,280,000	USD		1,177,639			97,815
05/18/2020	Goldman Sachs International		USD		3,188,705	JPY		343,541,802			12,990
05/18/2020	Goldman Sachs International		ZAR		7,316,000	USD		461,978			67,865
05/19/2020	Goldman Sachs International		CAD		510,000	USD		379,104			12,707
05/18/2020	J.P. Morgan Chase Bank, N.A.		USD		349,414	EUR		320,000			1,341
05/18/2020	Morgan Stanley and Co. International PLC		USD		80,644	AUD		130,000			4,074
05/18/2020	Morgan Stanley and Co. International PLC		USD		18,538	GBP		15,000			355
05/18/2020	Royal Bank of Canada		JPY		92,874,000	USD		866,678			1,124
05/18/2020	Royal Bank of Canada		MXN		4,887,000	USD		211,990			9,664
Subtotal–Appreciation											425,362
Currency Risk
05/18/2020	Barclays Bank PLC		RUB		7,648,000	USD		95,203			(7,669	)
05/18/2020	BNP Paribas S.A.		USD		1,186,809	RUB		80,280,000			(106,986	)
05/18/2020	Citibank, N.A.		USD		961,913	CNY		6,698,000			(12,222	)
05/18/2020	Citibank, N.A.		USD		1,566,250	PLN		6,057,300			(106,449	)
05/18/2020	Citibank, N.A.		USD		461,257	ZAR		7,316,000			(67,143	)
05/18/2020	Goldman Sachs International		AUD		198,000	USD		128,758			(274	)
05/18/2020	Goldman Sachs International		PLN		849,602	USD		204,482			(271	)
05/18/2020	Goldman Sachs International		USD		28,028	CZK		651,000			(1,694	)
05/18/2020	Goldman Sachs International		USD		247,885	EUR		225,000			(1,260	)
05/18/2020	Goldman Sachs International		USD		462,531	GBP		360,000			(9,091	)
05/18/2020	Goldman Sachs International		USD		83,478	IDR		1,228,293,000			(1,044	)
05/18/2020	Goldman Sachs International		USD		293,184	KRW		353,958,000			(2,662	)
05/18/2020	Goldman Sachs International		USD		98,642	SEK		958,000			(432	)
05/18/2020	UBS		USD		660,252	MXN		12,985,000			(122,660	)
Subtotal–Depreciation											(439,857	)
Total Forward Foreign Currency Contracts										$	(14,495	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco World Bond Factor Fund

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 34, Version 1		Sell		5.00	%		Quarterly		06/20/2025		6.279	%		USD  250,000		$	(13,433	)		$	(13,023	)		$	410

^(a)  Centrally cleared swap agreements collateralized by $70,000 cash held with Credit Suisse Securities (USA) LLC.

^(b) Implied credit spreads represent the current level, as of April 30, 2020, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

AUD -Australian Dollar

CAD -Canadian Dollar

CNY -Chinese Yuan Renminbi

CZK -Czech Koruna

EUR -Euro

GBP -British Pound Sterling

IDR -Indonesian Rupiah

JPY -Japanese Yen

KRW -South Korean Won

MXN -Mexican Peso

PLN -Polish Zloty

RUB -Russian Ruble

SEK -Swedish Krona

USD -U.S. Dollar

ZAR -South African Rand

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco World Bond Factor Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $26,251,494)	$	26,026,589
Investments in affiliated money market funds, at value (Cost $1,841,654)		1,841,908
Other investments:
Variation margin receivable-centrally cleared swap agreements		359
Unrealized appreciation on forward foreign currency contracts outstanding		425,362
Deposits with brokers:
Cash collateral – centrally cleared swap agreements		70,000
Cash		87,549
Foreign currencies, at value (Cost $908,909)		893,598
Receivable for:
Investments sold		1,304,531
Fund shares sold		714,292
Dividends		670
Interest		155,326
Principal paydowns		3,570
Investment for trustee deferred compensation and retirement plans		38,453
Other assets		46,968
Total assets		31,609,175
Liabilities:
Other investments:
Variation margin payable - futures contracts		7,062
Unrealized depreciation on forward foreign currency contracts outstanding		439,857
Payable for:
Investments purchased		3,679,981
Fund shares reacquired		23,893
Accrued fees to affiliates		36,750
Accrued other operating expenses		83,475
Trustee deferred compensation and retirement plans		40,557
Total liabilities		4,311,575
Net assets applicable to shares outstanding	$	27,297,600

Net assets consist of:
Shares of beneficial interest	$	27,208,913
Distributable earnings		88,687
	$	27,297,600
Net Assets:
Class A	$	21,466,811
Class C	$	1,911,544
Class Y	$	3,771,023
Class R5	$	853
Class R6	$	147,369
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,034,782
Class C		181,642
Class Y		357,658
Class R5		81.2
Class R6		13,964
Class A:
Net asset value per share	$	10.55
Maximum offering price per share (Net asset value of $10.55 ÷ 95.75%)	$	11.02
Class C:
Net asset value and offering price per share	$	10.52
Class Y:
Net asset value and offering price per share	$	10.54
Class R5:
Net asset value and offering price per share	$	10.50
Class R6:
Net asset value and offering price per share	$	10.55

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                      Invesco World Bond Factor Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $557)	$	334,086
Dividends from affiliated money market funds		5,225
Total investment income		339,311
Expenses:
Advisory fees		63,744
Administrative services fees		1,734
Custodian fees		9,384
Distribution fees:
Class A		24,316
Class C		9,614
Transfer agent fees – A, C and Y		27,982
Transfer agent fees – R6		77
Trustees’ and officers’ fees and benefits		7,179
Registration and filing fees		27,834
Reports to shareholders		12,128
Professional services fees		27,767
Other		17,820
Total expenses		229,579
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(128,391	)
Net expenses		101,188
Net investment income		238,123
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (net of foreign taxes of $512)		762,416
Foreign currencies		11,664
Forward foreign currency contracts		169,328
Futures contracts		38,080
Swap agreements		52,772
		1,034,260
Change in net unrealized appreciation (depreciation) of:
Investment securities		(1,057,258	)
Foreign currencies		(29,490	)
Forward foreign currency contracts		(28,342	)
Futures contracts		(38,202	)
Swap agreements		(5,378	)
		(1,158,670	)
Net realized and unrealized gain (loss)		(124,410	)
Net increase in net assets resulting from operations	$	113,713

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                      Invesco World Bond Factor Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income	$	238,123		$	734,322
Net realized gain		1,034,260			121,499
Change in net unrealized appreciation (depreciation)		(1,158,670	)		2,110,791
Net increase in net assets resulting from operations		113,713			2,966,612
Distributions to shareholders from distributable earnings:
Class A		(247,709	)		(216,496	)
Class C		(18,337	)		(25,308	)
Class Y		(46,924	)		(30,050	)
Class R5		(12	)		(9	)
Class R6		(2,158	)		(1,340	)
Total distributions from distributable earnings		(315,140	)		(273,203	)
Return of capital:
Class A		–			(310,668	)
Class C		–			(19,902	)
Class Y		–			(51,416	)
Class R5		–			(15	)
Class R6		–			(2,273	)
Total return of capital		–			(384,274	)
Total distributions		(315,140	)		(657,477	)
Share transactions-net:
Class A		1,128,011			306,572
Class C		(123,090	)		(1,774,645	)
Class Y		1,058,106			(383,361	)
Class R6		10,324			20,238
Net increase (decrease) in net assets resulting from share transactions		2,073,351			(1,831,196	)
Net increase in net assets		1,871,924			477,939
Net assets:
Beginning of period		25,425,676			24,947,737
End of period	$	27,297,600		$	25,425,676

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                      Invesco World Bond Factor Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$10.61		$0.10		$(0.03)		$	0.07		$	(0.13)		$	–		$	–		$	(0.13	)	$	10.55		0.72	%	$	21,467		0.80	%(d)		1.83	%(d)		1.94	%(d)		126	%
Year ended 10/31/19		9.66		0.30		0.92			1.22			(0.11	)		–			(0.16	)		(0.27	)		10.61		12.83			20,458		0.94			2.08			2.97			177
Year ended 10/31/18		10.43		0.33		(0.83	)		(0.50	)		(0.21	)		–			(0.06	)		(0.27	)		9.66		(4.89	)		18,347		0.93			2.21			3.25			131
Year ended 10/31/17		10.44		0.33		(0.07	)		0.26			(0.04	)		–			(0.23	)		(0.27	)		10.43		2.63			22,150		0.95			2.21			3.22			245
Year ended 10/31/16		9.81		0.25		0.54			0.79			(0.08	)		–			(0.08	)		(0.16	)		10.44		8.02			28,870		1.10			1.84			2.36			246
Year ended 10/31/15		10.63		0.18		(0.74	)		(0.56	)		–			(0.14	)		(0.12	)		(0.26	)		9.81		(5.38	)		26,426		1.10			1.72			1.79			135
Class C
Six months ended 04/30/20		10.59		0.06		(0.03	)		0.03			(0.10	)		–			–			(0.10	)		10.52		0.30			1,912		1.55	(d)		2.58	(d)		1.19	(d)		126
Year ended 10/31/19		9.64		0.22		0.93			1.15			(0.08	)		–			(0.12	)		(0.20	)		10.59		12.01			2,046		1.69			2.83			2.22			177
Year ended 10/31/18		10.41		0.26		(0.84	)		(0.58	)		(0.15	)		–			(0.04	)		(0.19	)		9.64		(5.62	)		3,591		1.68			2.96			2.50			131
Year ended 10/31/17		10.42		0.25		(0.07	)		0.18			(0.03	)		–			(0.16	)		(0.19	)		10.41		1.80			4,147		1.70			2.96			2.47			245
Year ended 10/31/16		9.79		0.17		0.54			0.71			(0.05	)		–			(0.03	)		(0.08	)		10.42		7.24			5,121		1.85			2.59			1.61			246
Year ended 10/31/15		10.61		0.10		(0.74	)		(0.64	)		–			(0.14	)		(0.04	)		(0.18	)		9.79		(6.10	)		4,998		1.85			2.47			1.04			135
Class Y
Six months ended 04/30/20		10.61		0.12		(0.05	)		0.07			(0.14	)		–			–			(0.14	)		10.54		0.73			3,771		0.53	(d)		1.58	(d)		2.21	(d)		126
Year ended 10/31/19		9.65		0.33		0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.61		13.23			2,783		0.69			1.83			3.22			177
Year ended 10/31/18		10.42		0.36		(0.83	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.65		(4.66	)		2,903		0.68			1.96			3.50			131
Year ended 10/31/17		10.44		0.35		(0.07	)		0.28			(0.04	)		–			(0.26	)		(0.30	)		10.42		2.81			5,797		0.70			1.96			3.47			245
Year ended 10/31/16		9.80		0.27		0.55			0.82			(0.07	)		–			(0.11	)		(0.18	)		10.44		8.40			10,509		0.85			1.59			2.61			246
Year ended 10/31/15		10.63		0.21		(0.76	)		(0.55	)		–			(0.14	)		(0.14	)		(0.28	)		9.80		(5.23	)		1,716		0.85			1.47			2.04			135
Class R5
Six months ended 04/30/20		10.56		0.12		(0.04	)		0.08			(0.14	)		–			–			(0.14	)		10.50		0.83			1		0.55	(d)		1.45	(d)		2.19	(d)		126
Year ended 10/31/19		9.64		0.33		0.89			1.22			(0.12	)		–			(0.18	)		(0.30	)		10.56		12.81			1		0.69			1.60			3.22			177
Year ended 10/31/18		10.42		0.36		(0.84	)		(0.48	)		(0.23	)		–			(0.07	)		(0.30	)		9.64		(4.75	)		1		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36		(0.08	)		0.28			(0.04	)		–			(0.26	)		(0.30	)		10.42		2.81			1		0.70			1.77			3.47			245
Year ended 10/31/16		9.81		0.27		0.54			0.81			(0.07	)		–			(0.11	)		(0.18	)		10.44		8.29			1		0.85			1.30			2.61			246
Year ended 10/31/15		10.64		0.21		(0.76	)		(0.55	)		–			(0.14	)		(0.14	)		(0.28	)		9.81		(5.23	)		1		0.85			1.16			2.04			135
Class R6
Six months ended 04/30/20		10.62		0.12		(0.05	)		0.07			(0.14	)		–			–			(0.14	)		10.55		0.73			147		0.55	(d)		1.45	(d)		2.19	(d)		126
Year ended 10/31/19		9.66		0.33		0.93			1.26			(0.12	)		–			(0.18	)		(0.30	)		10.62		13.21			138		0.69			1.60			3.22			177
Year ended 10/31/18		10.43		0.35		(0.82	)		(0.47	)		(0.23	)		–			(0.07	)		(0.30	)		9.66		(4.65	)		106		0.68			1.73			3.50			131
Year ended 10/31/17		10.44		0.36		(0.07	)		0.29			(0.04	)		–			(0.26	)		(0.30	)		10.43		2.91			11		0.70			1.77			3.47			245
Year ended 10/31/16		9.81		0.25		0.56			0.81			(0.07	)		–			(0.11	)		(0.18	)		10.44		8.29			11		0.85			1.30			2.61			246
Year ended 10/31/15		10.63		0.20		(0.74	)		(0.54	)		–			(0.14	)		(0.14	)		(0.28	)		9.81		(5.14	)		19,413		0.85			1.16			2.04			135

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $19,569, $1,934, $3,273, $1 and $154 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                      Invesco World Bond Factor Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco World Bond Factor Fund, formerly Invesco World Bond Fund, (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is total return. Prior to February 28, 2020, the Fund’s objective was total return, comprised of current income and capital appreciation.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the Conversion Feature). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

17                      Invesco World Bond Factor Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized

18                      Invesco World Bond Factor Fund

gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to

19                      Invesco World Bond Factor Fund

terminate existing swap agreements or to realize amounts to be received under such agreements. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of April 30, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

M. Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on borrowings.

N. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

O. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

P. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2 –Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective February 28, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.270	%
Over $2 billion		0.250	%

Prior to February 28, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $250 million		0.650	%
Next $250 million		0.590	%
Next $500 million		0.565	%
Next $1.5 billion		0.540	%
Next $2.5 billion		0.515	%
Next $5 billion		0.490	%
Over $10 billion		0.465	%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.51%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective February 28, 2020, the Adviser has contractually agreed, through at least February 28, 2021, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.54%, 1.29%, 0.29%, 0.29% and 0.29%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to February 28, 2020, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.94%, 1.69%, 0.69%, 0.69% and 0.69%, respectively, of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on February 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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 waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $63,744 and reimbursed fund level expenses of $35,647 and reimbursed class level expenses of $22,463, $2,212, $3,789, $0 and $80 of Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

20                      Invesco World Bond Factor Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $612 in front-end sales commissions from the sale of Class A shares and $0 and $65 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes	$	–		$	10,478,462		$	–	$	10,478,462
U.S. Dollar Denominated Bonds & Notes		–			6,904,899			–		6,904,899
U.S. Treasury Securities		–			5,007,663			–		5,007,663
U.S. Government Sponsored Agency Mortgage-Backed Securities		–			2,855,289			–		2,855,289
Asset-Backed Securities		–			780,276			–		780,276
Money Market Funds		1,841,908			–			–		1,841,908
Total Investments in Securities		1,841,908			26,026,589			–		27,868,497
Other Investments – Assets*
Futures Contracts		47,674			–			–		47,674
Forward Foreign Currency Contracts		–			425,362			–		425,362
Swap Agreements		–			410			–		410
		47,674			425,772			–		473,446
Other Investments – Liabilities*
Futures Contracts		(44,404	)		–			–		(44,404	)
Forward Foreign Currency Contracts		–			(439,857	)		–		(439,857	)
		(44,404	)		(439,857	)		–		(484,261	)
Total Other Investments		3,270			(14,085	)		–		(10,815	)
Total Investments	$	1,845,178		$	26,012,504		$	–	$	27,857,682
*   Unrealized appreciation (depreciation).

21                      Invesco World Bond Factor Fund

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 April 30, 2020:

	Value
Derivative Assets	Credit Risk			Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-		$	-	$	47,674		$	47,674
Unrealized appreciation on swap agreements – Centrally Cleared(a)		410			-		-			410
Unrealized appreciation on forward foreign currency contracts outstanding		-			425,362		-			425,362
Total Derivative Assets		410			425,362		47,674			473,446
Derivatives not subject to master netting agreements		(410	)		-		(47,674	)		(48,084	)
Total Derivative Assets subject to master netting agreements	$	-		$	425,362	$	-		$	425,362

	Value
Derivative Liabilities	Credit Risk		Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-	$	-		$	(44,404	)	$	(44,404	)
Unrealized depreciation on forward foreign currency contracts outstanding		-		(439,857	)		-			(439,857	)
Total Derivative Liabilities		-		(439,857	)		(44,404	)		(484,261	)
Derivatives not subject to master netting agreements		-		-			44,404			44,404
Total Derivative Liabilities subject to master netting agreements	$	-	$	(439,857	)	$	-		$	(439,857	)

^(a)  The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2020.

	Financial Derivative Assets		Financial Derivative Liabilities			Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays Bank PLC	$	34,159	$	(7,669	)	$	26,490		$	-	$	-	$	26,490
BNP Paribas S.A.		-		(106,986	)		(106,986	)		-		-		(106,986	)
Citibank, N.A.		-		(185,814	)		(185,814	)		-		-		(185,814	)
Goldman Sachs International		374,645		(16,728	)		357,917			-		-		357,917
J.P. Morgan Chase Bank, N.A.		1,341		-			1,341			-		-		1,341
Morgan Stanley and Co. International PLC		4,429		-			4,429			-		-		4,429
Royal Bank of Canada		10,788		-			10,788			-		-		10,788
UBS		-		(122,660	)		(122,660	)		-		-		(122,660	)
Total	$	425,362	$	(439,857	)	$	(14,495	)	$	-	$	-	$	(14,495	)

Effect of Derivative Investments for the six months ended April 30, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Credit Risk		Currency Risk		Interest Rate Risk		Total
Realized Gain:
Forward foreign currency contracts	$	-	$	169,328	$	-	$	169,328
Futures contracts		-		-		38,080		38,080
Swap agreements		52,772		-		-		52,772

22                      Invesco World Bond Factor Fund

	Location of Gain (Loss) on Statement of Operations
	Credit Risk			Currency Risk			Interest Rate Risk			Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-		$	(28,342	)	$	-		$	(28,342	)
Futures contracts		-			-			(38,202	)		(38,202	)
Swap agreements		(5,378	)		-			-			(5,378	)
Total	$	47,394		$	140,986		$	(122	)	$	188,258

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	$	16,314,208	$	9,194,038	$	2,119,208

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $456.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term		Total
Not subject to expiration		$	263,777	$	193,337	$	457,114

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $19,964,604 and $22,303,460, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $9,663,137 and $6,847,354, 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	$	924,994
Aggregate unrealized (depreciation) of investments		(1,283,220	)
Net unrealized appreciation (depreciation) of investments	$	(358,226	)

Cost of investments for tax purposes is $28,215,908.

23                      Invesco World Bond Factor Fund

NOTE 10—Share Information

				Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		434,345		$	4,539,665			584,911		$	5,884,683
Class C		26,116			271,869			46,470			473,655
Class Y		273,423			2,883,724			273,472			2,788,384
Class R6		2,282			24,027			1,955			19,465
Issued as reinvestment of dividends:
Class A		22,004			228,576			48,462			490,625
Class C		1,390			14,435			3,755			37,627
Class Y		3,694			38,235			6,545			66,323
Class R6		193			2,010			326			3,309
Automatic conversion of Class C shares to Class A shares:
Class A		11,462			120,327			112,403			1,125,357
Class C		(11,484	)		(120,327	)		(112,520	)		(1,125,357	)
Reacquired:
Class A		(360,399	)		(3,760,557	)		(717,490	)		(7,194,093	)
Class C		(27,550	)		(289,067	)		(116,856	)		(1,160,570	)
Class Y		(181,851	)		(1,863,853	)		(318,308	)		(3,238,068	)
Class R6		(1,505	)		(15,713	)		(252	)		(2,536	)
Net increase (decrease) in share activity		192,120		$	2,073,351			(187,127	)	$	(1,831,196	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

24                      Invesco World Bond Factor Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (11/01/19)	Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2,3	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2,4	Annualized     Expense Ratio
Class A	$1,000.00	$1,007.20	$3.99	$1,020.89	$4.02	0.80%
Class C	1,000.00	1,003.00	7.72	1,017.16	7.77	1.55
Class Y	1,000.00	1,007.30	2.65	1,022.23	2.66	0.53
Class R5	1,000.00	1,007.30	2.74	1,022.13	2.77	0.55
Class R6	1,000.00	1,007.30	2.74	1,022.13	2.77	0.55

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. Effective February 28, 2020, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.54%, 1.29%, 0.29%, 0.29% and 0.29% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.54%, 1.29%, 0.29%, 0.29% and 0.29% for Class A, Class C, 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 $2.69, $6.42, $1.45, $1.45 and $1.45 for Class A, Class C, 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 $2.72, $6.47, $1.46, $1.46 and $1.46 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

25                      Invesco World Bond Factor Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. WBD-SAR-1                    

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer Developing Markets Fund
	Nasdaq:
	A: ODMAX  ∎  C: ODVCX  ∎  R: ODVNX  ∎  Y: ODVYX  ∎  R5: DVMFX  ∎  R6: ODVIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Consolidated Schedule of Investments
9	Consolidated Financial Statements
12	Consolidated Financial Highlights
13	Notes to Consolidated Financial Statements
19	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required

by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Oppenheimer Developing Markets Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	-10.88	%
Class C Shares	-11.21
Class R Shares	-10.99
Class Y Shares	-10.78
Class R5 Shares	-10.73
Class R6 Shares	-10.70
MSCI Emerging Markets Index▼	-10.50
Source(s): ▼RIMES Technologies Corp.
The MSCI Emerging Markets Index is an unmanaged index considered representative of stocks of developing countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Oppenheimer Developing Markets Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (11/18/96)	10.38	%
10 Years	2.84
5 Years	0.66
1 Year	-15.57
Class C Shares
Inception (11/18/96)	10.28	%
10 Years	2.67
5 Years	1.04
1 Year	-12.19
Class R Shares
Inception (3/1/01)	9.67	%
10 Years	3.12
5 Years	1.55
1 Year	-10.89
Class Y Shares
Inception (9/7/05)	7.40	%
10 Years	3.71
5 Years	2.06
1 Year	-10.45
Class R5 Shares
10 Years	3.45	%
5 Years	1.87
1 Year	-10.40
Class R6 Shares
Inception (12/29/11)	4.62	%
5 Years	2.24
1 Year	-10.31

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer Developing Markets Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer Developing Markets Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Oppenheimer Developing Markets Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Oppenheimer Developing Markets Fund

Consolidated Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-94.02%
Argentina–0.10%
MercadoLibre, Inc.(a)		60,148	$	35,096,959
Brazil-6.80%
Ambev S.A.		82,325,224		171,678,045
Ambev S.A., ADR		18,559,235		39,902,355
Atacadao S.A.		65,401,283		240,538,748
B3 S.A. - Brasil, Bolsa, Balcao		35,491,560		250,755,942
Itau Unibanco Holding S.A., ADR		77,373,311		325,741,639
Lojas Americanas S.A., Preference Shares(b)		103,455,316		473,338,653
Pagseguro Digital Ltd., Class A(a)(b)		14,814,572		375,253,109
StoneCo Ltd., Class A(a)		4,992,243		131,695,370
Vale S.A., ADR		48,064,598		396,532,934
				2,405,436,795
Chile-0.74%
Falabella S.A.		96,305,161		262,996,487
China-31.90%
Alibaba Group Holding Ltd., ADR(a)		8,974,336		1,818,828,677
Baozun, Inc., ADR(a)(b)		5,720,860		182,152,182
Budweiser Brewing Co. APAC Ltd.(a)(c)		159,868,600		429,837,452
Hansoh Pharmaceutical Group Co. Ltd.(a)(c)		44,816,000		173,173,082
Huazhu Group Ltd., ADR(b)		31,792,241		1,144,838,599
Innovent Biologics, Inc.(a)(c)		43,599,000		214,930,124
Jiangsu Hengrui Medicine Co. Ltd., A Shares(d)		66,599,500		868,097,752
Meituan Dianping, B Shares(a)		35,145,500		466,869,644
OneConnect Financial Technology Co. Ltd., ADR(a)		14,826,915		149,010,496
Pinduoduo, Inc., ADR(a)		2,737,484		129,866,241
Ping An Insurance (Group) Co. of China Ltd., A Shares		30,617,990		318,769,746
Ping An Insurance (Group) Co. of China Ltd., A Shares		35,727,480		371,965,623
Shanghai Junshi Biosciences Co. Ltd., H Shares(a)(c)		3,608,000		17,341,667
Tencent Holdings Ltd.		46,201,958		2,451,157,284
Wuxi Biologics Cayman, Inc.(a)(c)		13,132,000		203,651,998
Yum China Holdings, Inc.(a)(b)		27,626,785		1,338,794,001
ZTO Express Cayman, Inc., ADR(b)		33,756,400		1,004,590,464
				11,283,875,032
Colombia-0.33%
Grupo Aval Acciones y Valores S.A., ADR(b)		27,986,209		117,542,078
Egypt-0.70%
Commercial International Bank Egypt S.A.E.		61,276,036		248,774,781
France-5.66%
Kering S.A.		3,941,694		1,990,640,443
LVMH Moet Hennessy Louis Vuitton SE		32,612		12,613,980
				2,003,254,423

	Shares		Value
Hong Kong-5.25%
AIA Group Ltd.		167,498,400	$	1,524,646,186
Hutchison China MediTech Ltd., ADR(a)		1,555,380		33,456,224
Jardine Strategic Holdings Ltd.		13,908,948		299,123,054
				1,857,225,464
India-10.40%
Housing Development Finance Corp. Ltd.		57,603,762		1,451,725,707
Kotak Mahindra Bank Ltd.		56,529,857		1,015,608,607
Oberoi Realty Ltd.(b)		23,051,334		105,568,000
Tata Consultancy Services Ltd.		28,045,020		746,591,715
Zee Entertainment Enterprises Ltd.(b)		171,668,476		360,348,508
				3,679,842,537
Indonesia-0.94%
PT Bank Central Asia Tbk		113,942,600		197,842,468
PT Indocement Tunggal Prakarsa Tbk		103,510,118		80,946,340
PT Semen Indonesia (Persero) Tbk		101,446,200		54,151,779
				332,940,587
Italy-2.01%
Brunello Cucinelli S.p.A.		41,683		1,343,950
Moncler S.p.A.		8,327,687		313,762,770
PRADA S.p.A.		121,844,210		395,187,035
				710,293,755
Mexico-5.12%
Alsea S.A.B. de C.V.(a)(b)		74,445,337		61,376,244
Fomento Economico Mexicano, S.A.B. de C.V., ADR		3,195,036		205,536,666
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(b)		125,903,378		813,740,890
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		12,423,752		124,433,405
Grupo Financiero Inbursa S.A.B. de C.V., Class O		162,551,808		97,796,822
Grupo Mexico S.A.B. de C.V., Class B		238,830,396		509,351,577
				1,812,235,604
Peru-1.62%
Credicorp Ltd.		3,839,771		572,202,674
Philippines-2.27%
Ayala Land, Inc.		445,823,500		272,607,468
SM Investments Corp.		27,604,362		449,667,492
SM Prime Holdings, Inc.		131,567,539		78,510,785
				800,785,745
Russia-9.02%
LUKOIL PJSC, ADR		2,516,360		165,094,029
LUKOIL PJSC, ADR		13,395		864,915
MMC Norilsk Nickel PJSC		322,980		89,237,882
MMC Norilsk Nickel PJSC, ADR		4,358,865		121,276,108
MMC Norilsk Nickel PJSC, ADR		17,958		490,972
Novatek PJSC, GDR(c)		9,391,646		1,320,356,635
Novatek PJSC, GDR(c)		887,231		124,567,232
Polyus PJSC, GDR(c)		1,319,684		108,057,046
Sberbank of Russia PJSC		268,141,297		713,920,304

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

6                      Invesco Oppenheimer Developing Markets Fund

	Shares		Value
Russia-(continued)
Yandex N.V., Class A(a)		14,495,778	$	547,650,493
				3,191,515,616
South Africa-1.37%
FirstRand Ltd.		221,099,934		483,358,261
South Korea-2.35%
Amorepacific Corp.		1,173,561		169,576,955
Amorepacific Group		1,553,220		73,735,510
Samsung Biologics Co. Ltd.(a)(c)		1,227,584		587,165,918
				830,478,383
Taiwan-6.27%
Taiwan Semiconductor Manufacturing Co. Ltd.		220,712,429		2,218,042,417
Turkey-1.17%
Akbank T.A.S.(a)		226,470,915		188,761,523
Anadolu Efes Biracilik ve Malt Sanayii A.S.		23,517,348		61,899,803
BIM Birlesik Magazalar A.S.		6,106,116		48,377,577
Turkiye Garanti Bankasi A.S.(a)		98,487,286		116,047,881
				415,086,784
Total Common Stocks & Other Equity Interests (Cost $26,857,875,452)				33,260,984,382
Preferred Stocks-2.66%
China-0.82%
Xiaoju Kuaizhi, Inc., 0.00%, Series A-15, Pfd.(e)		2,083,333		106,108,525

	Shares		Value
China-(continued)
Xiaoju Kuaizhi, Inc., 0.00%, Series A-18, Pfd.(e)		2,615,945	$	133,235,572
Xiaoju Kuaizhi, Inc., 0.00%, Series B-2, Pfd.(e)		981,699		49,999,992
				289,344,089
India-0.02%
Zee Entertainment Enterprises Ltd., 6.00%, Pfd.(b)		189,591,305		8,003,255
Singapore-1.82%
Grab Holdings, Inc., 0.00%, H Shares, Pfd.(b)(e)		104,679,791		645,131,084
Total Preferred Stocks (Cost $899,971,886)				942,478,428
Money Market Funds-2.17%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(b)(f) (Cost $767,059,391)		767,059,391		767,059,391
TOTAL INVESTMENTS IN SECURITIES-98.85% (Cost $28,524,906,729)				34,970,522,201
OTHER ASSETS LESS LIABILITIES-1.15%				407,648,437
NET ASSETS-100.00%			$	35,378,170,638

Investment Abbreviations:

ADR - American Depositary Receipt

CPO - Certificates of Ordinary Participation

GDR - Global Depositary Receipt

Pfd. - Preferred

Notes to Consolidated Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	1,501,595,497	$	3,763,259,850	$	(4,497,795,956	)	$	-	$	-	$	767,059,391	$	8,661,866

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

7                      Invesco Oppenheimer Developing Markets Fund

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Other Affiliates:
Alsea S.A.B. de C.V.	$	193,240,941	$	5,521,263	$	-		$	(137,385,960	)	$	-		$	61,376,244	$	-
Anadolu Efes Biracilik ve Malt Sanayii A.S.**		128,567,363		4,727,846		(42,394,979	)		134,063,731			(163,064,157	)		61,899,803		-
Baozun, Inc.		241,078,779		7,416,302		-			(66,342,899	)		-			182,152,182		-
Fomento Economico Mexicano, S.A.B. de C.V.		1,009,477,384		111,849,755		-			(307,586,249	)		-			813,740,890		7,763,048
Grab Holdings, Inc.		645,131,084		-		-			-			-			645,131,084		-
Grupo Aval Acciones y Valores S.A., ADR		220,856,663		7,213,572		-			(110,528,157	)		-			117,542,078		3,748,272
Huazhu Group Ltd.		1,118,036,315		72,584,872		-			(45,782,588	)		-			1,144,838,599		9,759,250
Lojas Americanas S.A.		541,879,779		8,859,382		(55,274,478	)		(40,423,238	)		18,297,208			473,338,653		4,135,626
Oberoi Realty Ltd.		108,235,485		45,598,449		-			(48,265,934	)		-			105,568,000		-
Pagseguro Digital Ltd., Class A		-		448,605,648		-			(73,352,539	)		-			375,253,109		-
Sinopharm Group Co. Ltd., H Shares*		279,213,655		-		(233,882,460	)		(46,979,079	)		1,647,884			-		-
Xiaoju Kuaizhi, Inc.**		49,999,992		-		-			-			-			49,999,992		-
Xiaoju Kuaizhi, Inc.**		133,235,572		-		-			-			-			133,235,572		-
Xiaoju Kuaizhi, Inc.**		106,108,525		-		-			-			-			106,108,525		-
Yum China Holdings, Inc.		987,159,825		192,953,211		-			158,680,965			-			1,338,794,001		5,832,314
Zee Entertainment Enterprises Ltd.		580,244,394		58,237,482		-			(278,133,368	)		-			360,348,508		-
Zee Entertainment Enterprises Ltd., Pfd.		13,498,561		-		-			(5,495,306	)		-			8,003,255		897,006
ZTO Express Cayman, Inc.		612,915,314		133,522,441		-			258,152,709			-			1,004,590,464		9,789,356
Total	$	8,470,475,128	$	4,860,350,073	$	(4,829,347,873	)	$	(609,377,912	)	$	(143,119,065	)	$	7,748,980,350	$	50,586,738

* At April 30, 2020, this security was no longer held.

** As of April 30, 2020, this security was not considered as an affiliate of the Fund.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $3,179,081,154, which represented 8.99% of the Fund’s Net Assets.

^(d)  The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(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 April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Discretionary	27.03	%
Financials	22.60
Information Technology	10.23
Communication Services	9.52
Consumer Staples	6.37
Health Care	5.93
Industrials	5.31
Energy	4.55
Materials	3.85
Other Sectors, Each Less than 2% of Net Assets	1.29
Money Market Funds Plus Other Assets Less Liabilities	3.32

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

8                      Invesco Oppenheimer Developing Markets Fund

Consolidated Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $22,025,394,855)	$	28,217,916,827
Investments in affiliates, at value (Cost $6,499,511,874)		6,752,605,374
Cash		100,549,739
Foreign currencies, at value (Cost $187,554,141)		186,805,739
Receivable for:
Investments sold		165,298,667
Fund shares sold		35,165,182
Dividends		51,807,334
Investment for trustee deferred compensation and retirement plans		1,235,301
Other assets		286,503
Total assets		35,511,670,666
Liabilities:
Payable for:
Investments purchased		25,889,535
Fund shares reacquired		57,940,067
Accrued foreign taxes		23,695,262
Accrued fees to affiliates		10,718,744
Accrued trustees’ and officers’ fees and benefits		151,021
Accrued other operating expenses		13,870,098
Trustee deferred compensation and retirement plans		1,235,301
Total liabilities		133,500,028
Net assets applicable to shares outstanding	$	35,378,170,638
Net assets consist of:
Shares of beneficial interest	$	29,481,385,564
Distributable earnings		5,896,785,074
	$	35,378,170,638

Net Assets:
Class A	$	3,867,752,620
Class C	$	280,269,972
Class R	$	368,440,129
Class Y	$	16,137,150,254
Class R5	$	11,782,890
Class R6	$	14,712,774,773
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		100,115,108
Class C		7,866,675
Class R		9,943,911
Class Y		424,032,295
Class R5		305,339
Class R6		386,568,602
Class A:
Net asset value per share	$	38.63
Maximum offering price per share (Net asset value of $38.63 ÷ 94.50%)	$	40.88
Class C:
Net asset value and offering price per share	$	35.63
Class R:
Net asset value and offering price per share	$	37.05
Class Y:
Net asset value and offering price per share	$	38.06
Class R5:
Net asset value and offering price per share	$	38.59
Class R6:
Net asset value and offering price per share	$	38.06

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

9                      Invesco Oppenheimer Developing Markets Fund

Consolidated Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $17,703,347)	$	181,165,110
Dividends from affiliates		50,586,738
Interest		258,476
Total investment income		232,010,324
Expenses:
Advisory fees		152,761,381
Administrative services fees		2,896,182
Custodian fees		9,389,558
Distribution fees:
Class A		5,640,221
Class C		1,794,785
Class R		1,084,372
Transfer agent fees – A, C, R and Y		18,696,372
Transfer agent fees – R5		700
Transfer agent fees – R6		248,303
Trustees’ and officers’ fees and benefits		20,064
Registration and filing fees		148,922
Reports to shareholders		1,420,241
Professional services fees		84,579
Other		(445,027	)
Total expenses		193,740,653
Less: Fees waived and/or expense offset arrangement(s)		(658,625	)
Net expenses		193,082,028
Net investment income		38,928,296
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (net of foreign taxes of $1,299,920)		(448,022,338	)
Foreign currencies		(13,108,591	)
		(461,130,929	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $59,246,315)		(4,181,731,680	)
Foreign currencies		88,257,906
		(4,093,473,774	)
Net realized and unrealized gain (loss)		(4,554,604,703	)
Net increase (decrease) in net assets resulting from operations	$	(4,515,676,407	)

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

10                      Invesco Oppenheimer Developing Markets Fund

Consolidated Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended August 31, 2019

(Unaudited)

	Six Months Ended April 30, 2020			Two Months Ended October 31, 2019			Year Ended August 31, 2019
Operations:
Net investment income	$	38,928,296		$	72,964,536		$	230,984,022
Net realized gain (loss)		(461,130,929	)		59,264,153			1,234,191,933
Change in net unrealized appreciation (depreciation)		(4,093,473,774	)		2,016,689,517			(1,199,513,033	)
Net increase (decrease) in net assets resulting from operations		(4,515,676,407	)		2,148,918,206			265,662,922
Distributions to shareholders from distributable earnings:
Class A		(105,565,232	)		–			(12,939,870	)
Class C		(8,285,253	)		–			–
Class R		(9,707,033	)		–			–
Class Y		(489,453,379	)		–			(100,145,148	)
Class R5		(165,471	)		–			–
Class R6		(464,803,857	)		–			(107,242,383	)
Total distributions from distributable earnings		(1,077,980,225	)		–			(220,327,401	)
Share transactions–net:
Class A		(404,192,971	)		(52,265,503	)		(574,327,685	)
Class C		(75,583,027	)		(112,129,919	)		(335,015,124	)
Class R		(47,923,325	)		(22,227,042	)		(112,086,207	)
Class Y		(596,449,864	)		(169,911,527	)		612,900,938
Class R5		6,882,502			5,798,094			10,025
Class R6		(122,807,463	)		13,512,830			2,187,851,902
Net increase (decrease) in net assets resulting from share transactions		(1,240,074,148	)		(337,223,067	)		1,779,333,849
Net increase (decrease) in net assets		(6,833,730,780	)		1,811,695,139			1,824,669,370
Net assets:
Beginning of period		42,211,901,418			40,400,206,279			38,575,536,909
End of period	$	35,378,170,638		$	42,211,901,418		$	40,400,206,279

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

11                      Invesco Oppenheimer Developing Markets Fund

Consolidated Financial Highlights

(Unaudited)

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
Six months ended 04/30/20	$	44.28	$	(0.02	)	$	(4.65	)	$	(4.67	)	$	(0.11	)	$	(0.87	)	$	(0.98	)	$	38.63		(10.88	)%	$	3,867,753		1.23	%(e)		1.23	%(e)		(0.08	)%(e)		17	%
Two months ended 10/31/19		42.05		0.06			2.17			2.23			–			–			–			44.28		5.30			4,881,008		1.24	(f)		1.24	(f)		0.80	(f)		7
Year ended 08/31/19		42.01		0.14			0.01			0.15			(0.11	)		–			(0.11	)		42.05		0.34			4,686,134		1.27			1.27			0.34			28
Year ended 08/31/18		41.49		0.06			0.59			0.65			(0.13	)		–			(0.13	)		42.01		1.59			5,277,791		1.29			1.29			0.13			36
Year ended 08/31/17		33.45		0.13			7.98			8.11			(0.07	)		–			(0.07	)		41.49		24.32			6,350,957		1.32			1.32			0.37			33
Year ended 08/31/16		30.06		0.12			3.40			3.52			(0.13	)		–			(0.13	)		33.45		11.74			6,574,857		1.32			1.32			0.38			18
Year ended 08/31/15		41.30		0.17			(10.71	)		(10.54	)		(0.10	)		(0.60	)		(0.70	)		30.06		(25.84	)		7,679,026		1.31			1.31			0.47			36
Class C
Six months ended 04/30/20		40.96		(0.16	)		(4.30	)		(4.46	)		–			(0.87	)		(0.87	)		35.63		(11.21	)		280,270		1.98	(e)		1.98	(e)		(0.83	)(e)		17
Two months ended 10/31/19		38.95		–			2.01			2.01			–			–			–			40.96		5.16			403,027		2.00	(f)		2.00	(f)		0.03	(f)		7
Year ended 08/31/19		39.10		(0.16	)		0.01			(0.15	)		–			–			–			38.95		0.41			493,169		2.02			2.02			(0.42	)		28
Year ended 08/31/18		38.79		(0.25	)		0.56			0.31			–			–			–			39.10		0.80			826,481		2.05			2.05			(0.62	)		36
Year ended 08/31/17		31.44		(0.13	)		7.48			7.35			–			–			–			38.79		23.38			973,031		2.07			2.07			(0.39	)		33
Year ended 08/31/16		28.35		(0.11	)		3.20			3.09			–			–			–			31.44		10.90			1,046,894		2.07			2.07			(0.39	)		18
Year ended 08/31/15		39.17		(0.10	)		(10.12	)		(10.22	)		–			(0.60	)		(0.60	)		28.35		(26.39	)		1,311,171		2.06			2.06			(0.29	)		36
Class R
Six months ended 04/30/20		42.48		(0.07	)		(4.46	)		(4.53	)		(0.03	)		(0.87	)		(0.90	)		37.05		(10.99	)		368,440		1.48	(e)		1.48	(e)		(0.33	)(e)		17
Two months ended 10/31/19		40.36		0.04			2.08			2.12			–			–			–			42.48		5.25			472,840		1.50	(f)		1.50	(f)		0.54	(f)		7
Year ended 08/31/19		40.32		0.03			0.01			0.04			–			–			–			40.36		0.10			471,206		1.52			1.52			0.08			28
Year ended 08/31/18		39.84		(0.05	)		0.58			0.53			(0.05	)		–			(0.05	)		40.32		1.32			585,385		1.55			1.55			(0.12	)		36
Year ended 08/31/17		32.13		0.05			7.66			7.71			–			–			–			39.84		24.01			680,861		1.57			1.57			0.14			33
Year ended 08/31/16		28.88		0.04			3.27			3.31			(0.06	)		–			(0.06	)		32.13		11.47			634,007		1.57			1.57			0.14			18
Year ended 08/31/15		39.74		0.08			(10.30	)		(10.22	)		(0.04	)		(0.60	)		(0.64	)		28.88		(26.03	)		657,581		1.56			1.56			0.23			36
Class Y
Six months ended 04/30/20		43.70		0.04			(4.57	)		(4.53	)		(0.24	)		(0.87	)		(1.11	)		38.06		(10.75	)		16,137,150		0.98	(e)		0.98	(e)		0.17	(e)		17
Two months ended 10/31/19		41.49		0.07			2.14			2.21			–			–			–			43.70		5.33			19,342,101		1.00	(f)		1.00	(f)		1.04	(f)		7
Year ended 08/31/19		41.48		0.24			0.00			0.24			(0.23	)		–			(0.23	)		41.49		0.61			18,525,445		1.02			1.02			0.59			28
Year ended 08/31/18		40.98		0.16			0.59			0.75			(0.25	)		–			(0.25	)		41.48		1.82			17,898,340		1.05			1.05			0.38			36
Year ended 08/31/17		33.06		0.24			7.85			8.09			(0.17	)		–			(0.17	)		40.98		24.61			17,496,988		1.07			1.07			0.67			33
Year ended 08/31/16		29.73		0.19			3.36			3.55			(0.22	)		–			(0.22	)		33.06		12.04			13,551,480		1.07			1.07			0.62			18
Year ended 08/31/15		40.88		0.26			(10.59	)		(10.33	)		(0.22	)		(0.60	)		(0.82	)		29.73		(25.66	)		15,358,492		1.06			1.06			0.74			36
Class R5
Six months ended 04/30/20		44.33		0.06			(4.63	)		(4.57	)		(0.30	)		(0.87	)		(1.17	)		38.59		(10.70	)		11,783		0.83	(e)		0.83	(e)		0.32	(e)		17
Two months ended 10/31/19		42.08		0.08			2.17			2.25			–			–			–			44.33		5.35			6,006		0.88	(f)		0.88	(f)		1.16	(f)		7
Period ended 08/31/19(g)		41.26		0.09			0.73			0.82			–			–			–			42.08		1.99			10		0.87			0.87			0.74			28
Class R6
Six months ended 04/30/20		43.75		0.07			(4.57	)		(4.50	)		(0.32	)		(0.87	)		(1.19	)		38.06		(10.70	)		14,712,775		0.82	(e)		0.82	(e)		0.33	(e)		17
Two months ended 10/31/19		41.52		0.09			2.14			2.23			–			–			–			43.75		5.37			17,106,921		0.83	(f)		0.83	(f)		1.21	(f)		7
Year ended 08/31/19		41.52		0.31			(0.01	)		0.30			(0.30	)		–			(0.30	)		41.52		0.77			16,224,242		0.86			0.86			0.75			28
Year ended 08/31/18		41.01		0.23			0.59			0.82			(0.31	)		–			(0.31	)		41.52		2.00			13,987,540		0.87			0.87			0.55			36
Year ended 08/31/17		33.09		0.31			7.84			8.15			(0.23	)		–			(0.23	)		41.01		24.84			11,559,582		0.88			0.88			0.87			33
Year ended 08/31/16		29.77		0.26			3.36			3.62			(0.30	)		–			(0.30	)		33.09		12.22			7,861,500		0.88			0.88			0.87			18
Year ended 08/31/15		40.94		0.34			(10.61	)		(10.27	)		(0.30	)		(0.60	)		(0.90	)		29.77		(25.50	)		6,201,064		0.87			0.87			0.95			36

^(a)  Calculated using average of Units outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended August 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,570,129, $360,929, $436,132, $18,686,620, $8,995 and $16,565,661 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  For the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

12                      Invesco Oppenheimer Developing Markets Fund

Notes to Consolidated Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer Developing Markets Fund (the “Fund”), is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Subsidiary. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek long term capital appreciation by investing primarily in companies established or operating in the People’s Republic of China through investments in the China A Shares Fund (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of Delaware. The Fund may invest up to 10% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

    A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

    Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

    Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

    Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

    Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

    The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

    Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash

13                      Invesco Oppenheimer Developing Markets Fund

dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

    The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

    The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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.

J. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

14                      Invesco Oppenheimer Developing Markets Fund

based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

K. Other Risks - The Fund invest in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
Up to $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	%

For the six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.77%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (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 May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.29%, 2.05%, 1.55%, 1.05%, 0.92%, and 0.87% , respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $639,991.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into 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 six months ended April 30, 2020, 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 six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the

15                      Invesco Oppenheimer Developing Markets Fund

shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $41,785 in front-end sales commissions from the sale of Class A shares and $3,086 and $2,927 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Argentina	$	35,096,959	$	–	$	–	$	35,096,959
Brazil		2,405,436,795		–		–		2,405,436,795
Chile		262,996,487		–		–		262,996,487
China		5,768,080,660		5,515,794,372		289,344,089		11,573,219,121
Colombia		117,542,078		–		–		117,542,078
Egypt		–		248,774,781		–		248,774,781
France		–		2,003,254,423		–		2,003,254,423
Hong Kong		33,456,224		1,823,769,240		–		1,857,225,464
India		8,003,255		3,679,842,537		–		3,687,845,792
Indonesia		–		332,940,587		–		332,940,587
Italy		–		710,293,755		–		710,293,755
Mexico		1,812,235,604		–		–		1,812,235,604
Peru		572,202,674		–		–		572,202,674
Philippines		–		800,785,745		–		800,785,745
Russia		870,868,540		2,320,647,076		–		3,191,515,616
Singapore		–		–		645,131,084		645,131,084
South Africa		–		483,358,261		–		483,358,261
South Korea		–		830,478,383		–		830,478,383
Taiwan		–		2,218,042,417		–		2,218,042,417
Turkey		–		415,086,784		–		415,086,784
Money Market Funds		767,059,391		–		–		767,059,391
Total Investments	$	12,652,978,667	$	21,383,068,361	$	934,475,173	$	34,970,522,201

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 six months ended April 30, 2020:

	Value 10/31/2019	Purchases at Cost	Proceeds from Sales	Accrued Discounts/ Premiums	Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Transfers into Level 3	Transfers out of Level 3	Value 04/30/2020
Preferred Stocks	$934,475,173	$-	$-	$-	$-	$-	$-	$-	$934,475,173
Total	$934,475,173	$-	$-	$-	$-	$-	$-	$-	$934,475,173

16                      Invesco Oppenheimer Developing Markets Fund

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 04/30/20		Valuation Technique	Unobservable Inputs	Range of Unobservable	Unobservable Input Used
Preferred Stocks
Grab Holdings, Inc., H Shares, Preference	$	645,131,084	Recent Transaction Price	Recent Transaction Price	N/A	$	6.1629/share	(a)

^(a) The Fund fair values certain preferred stocks at the most recent transaction price. The Adviser periodically reviews the consolidated financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

NOTE 4–Expense Offset Arrangement(s)

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $18,634.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $6,486,982,216 and $7,974,646,533, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	10,690,916,666
Aggregate unrealized (depreciation) of investments		(4,358,541,600	)
Net unrealized appreciation of investments	$	6,332,375,066

    Cost of investments for tax purposes is $28,638,147,135.

NOTE 9–Share Information

					Summary of Share Activity
	Six months ended April 30, 2020(a)				Two Months Ended October 31, 2019				Year ended August 31, 2019
	Shares		Amount		Shares		Amount		Shares		Amount
Sold:
Class A		7,307,086	$	304,469,154		1,825,541	$	78,189,194		19,826,241	$	825,875,316
Class C		165,129		6,460,111		42,339		1,686,182		427,864		16,283,254
Class R		451,933		17,980,605		165,097		6,794,664		1,255,509		49,307,965
Class Y		60,870,176		2,503,901,897		13,070,841		554,206,095		-		5,519,609,533
Class R5(b)		192,839		7,839,502		137,470		5,894,681		243		10,025
Class R6		52,584,682		2,120,304,877		12,996,571		553,795,087		128,840,618		5,206,191,344

17                      Invesco Oppenheimer Developing Markets Fund

							Summary of Share Activity
	Six months ended April 30, 2020(a)						Two Months Ended October 31, 2019						Year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		2,039,333		$	92,952,813			-		$	-			298,774		$	12,007,718
Class C		179,390			7,561,278			-			-			-			-
Class R		221,370			9,684,930			-			-			-			-
Class Y		9,320,943			418,044,321			-			-			-			-
Class R5(b)		3,634			165,186			-			-			-			-
Class R6		7,845,713			351,723,324			-			-			2,119,944			83,865,017
Automatic conversion of Class C shares to Class A shares:
Class A		993,088			42,142,907			2,227,969			95,635,429			-			-
Class C		(1,075,222	)		(42,142,907	)		(2,407,197	)		(95,635,429	)		-			-
Reacquired:
Class A		(20,452,379	)		(843,757,845	)		(5,261,666	)		(226,090,126	)		(34,310,616	)		(1,412,210,719	)
Class C		(1,242,770	)		(47,461,509	)		(458,192	)		(18,180,672	)		(8,902,854	)		(351,298,378	)
Class R		(1,859,770	)		(75,588,860	)		(709,539	)		(29,021,706	)		(4,100,083	)		(161,394,172	)
Class Y		(88,726,970	)		(3,518,396,082	)		(17,041,075	)		(724,117,622	)		(124,202,065	)		(4,997,394,451	)
Class R5(b)		(26,594	)		(1,122,186	)		(2,253	)		(96,587	)		-			-
Class R6		(64,865,844	)		(2,594,835,664	)		(12,741,196	)		(540,282,257	)		(77,134,317	)		(3,102,204,459	)
Net increase (decrease) in share activity		(36,074,233	)	$	(1,240,074,148	)		(8,155,290	)	$	(337,223,067	)		43,350,161		$	1,779,333,849

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Developing Markets Fund to Invesco Developing Markets Fund.

    In addition, the principal investment strategy of the Fund changed from investing at least 80% of its net assets in securities of issuers in developing countries to investing in securities of issuers in emerging markets countries.

18                      Invesco Oppenheimer Developing Markets Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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     (11/01/19)	Ending Account Value   (04/30/20)1	Expenses Paid During   Period2	Ending Account Value   (04/30/20)	Expenses Paid During   Period2	Annualized Expense Ratio
Class A	$1,000.00	$891.20	$5.78	$1,018.75	$6.17	1.23%
Class C	1,000.00	887.90	9.29	1,015.02	9.92	1.98
Class R	1,000.00	890.10	6.96	1,017.50	7.42	1.48
Class Y	1,000.00	892.20	4.61	1,019.99	4.92	0.98
Class R5	1,000.00	892.70	3.91	1,020.74	4.17	0.83
Class R6	1,000.00	893.00	3.86	1,020.79	4.12	0.82

¹ The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                      Invesco Oppenheimer Developing Markets Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.         

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. O-DVM-SAR-1                     

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer Discovery Mid Cap Growth Fund
	Nasdaq:
	A: OEGAX  ∎  C: OEGCX  ∎  R:OEGNX   ∎  Y: OEGYX  ∎  R5: DMCFX  ∎  R6: OEGIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
18	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required

by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

    Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, October 31, 2019 to April 30, 2020, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.67	%
Class C Shares	0.37
Class R Shares	0.57
Class Y Shares	0.83
Class R5 Shares	0.90
Class R6 Shares	0.90
Russell Midcap Growth Indexq	-1.78
Source(s): qRIMES Technologies Corp.
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (11/1/00)	7.01	%
10 Years	11.94
5 Years	8.74
1 Year	0.30
Class C Shares
Inception (11/1/00)	6.89	%
10 Years	11.72
5 Years	9.15
1 Year	4.33
Class R Shares
Inception (3/1/01)	8.20	%
10 Years	12.29
5 Years	9.69
1 Year	5.83
Class Y Shares
Inception (11/1/00)	7.79	%
10 Years	12.95
5 Years	10.24
1 Year	6.42
Class R5 Shares
10 Years	12.62	%
5 Years	10.06
1 Year	6.51
Class R6 Shares
Inception (2/28/13)	12.80	%
5 Years	10.44
1 Year	6.57

Effective May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the Oppenheimer Discovery Mid Cap Growth Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Invesco Oppenheimer Discovery Mid Cap Growth Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sale charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the

Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-97.45%
Alternative Carriers-0.46%
Cogent Communications Holdings, Inc.		238,668	$	20,007,538
Apparel Retail-0.97%
Burlington Stores, Inc.(b)		228,048		41,662,089
Apparel, Accessories & Luxury Goods-1.75%
lululemon athletica, inc.(b)		336,933		75,297,787
Application Software-13.05%
Alteryx, Inc., Class A(b)		203,525		23,034,959
ANSYS, Inc.(b)		178,078		46,626,163
Atlassian Corp. PLC, Class A(b)		469,340		72,977,677
Coupa Software, Inc.(b)		274,771		48,384,425
DocuSign, Inc.(b)		282,581		29,600,360
Paycom Software, Inc.(b)		97,017		25,323,377
RingCentral, Inc., Class A(b)		442,683		101,166,346
Splunk, Inc.(b)		448,107		62,896,299
Synopsys, Inc.(b)		638,125		100,262,200
Trade Desk, Inc. (The), Class A(b)		177,098		51,815,333
				562,087,139
Asset Management & Custody Banks-0.74%
KKR & Co., Inc., Class A		1,259,857		31,760,995
Automotive Retail-1.16%
O’Reilly Automotive, Inc.(b)		129,767		50,134,183
Biotechnology-1.48%
Alnylam Pharmaceuticals, Inc.(b)		213,905		28,171,289
Seattle Genetics, Inc.(b)		259,615		35,626,966
				63,798,255
Building Products-0.25%
Trex Co., Inc.(b)		113,699		10,826,419
Cable & Satellite-1.73%
Cable One, Inc.		38,844		74,303,134
Communications Equipment-0.37%
Motorola Solutions, Inc.		109,867		15,799,973
Construction Materials-0.61%
Martin Marietta Materials, Inc.		137,417		26,140,836
Consumer Electronics-0.74%
Garmin Ltd.		395,163		32,071,429
Data Processing & Outsourced Services-2.78%
Black Knight, Inc.(b)		403,534		28,477,394
Euronet Worldwide, Inc.(b)		258,889		23,755,655
Global Payments, Inc.		407,436		67,642,525
				119,875,574
Distributors-1.98%
Pool Corp.		402,448		85,182,144
Diversified Support Services-2.18%
Cintas Corp.		168,292		37,332,214

	Shares		Value
Diversified Support Services-(continued)
Copart, Inc.(b)		705,541	$	56,520,890
				93,853,104
Education Services-0.73%
Bright Horizons Family Solutions, Inc.(b)		269,645		31,400,160
Electrical Components & Equipment-1.16%
AMETEK, Inc.		596,013		49,987,610
Electronic Equipment & Instruments-0.89%
Keysight Technologies, Inc.(b)		397,888		38,503,622
Environmental & Facilities Services-1.96%
Republic Services, Inc.		786,045		61,578,765
Waste Connections, Inc.		266,922		22,931,269
				84,510,034
Fertilizers & Agricultural Chemicals-0.93%
FMC Corp.		434,415		39,922,738
Financial Exchanges & Data-4.18%
MarketAxess Holdings, Inc.		113,447		51,619,519
MSCI, Inc.		283,736		92,781,998
Tradeweb Markets, Inc., Class A		681,485		35,546,258
				179,947,775
Health Care Equipment-11.14%
DexCom, Inc.(b)		369,968		124,013,274
Edwards Lifesciences Corp.(b)		226,152		49,188,060
IDEXX Laboratories, Inc.(b)		124,147		34,463,207
Masimo Corp.(b)		383,849		82,109,139
Novocure Ltd.(b)		272,551		17,933,856
ResMed, Inc.		377,355		58,610,779
STERIS PLC		399,372		56,910,510
Teleflex, Inc.		168,330		56,457,882
				479,686,707
Health Care Supplies-1.64%
West Pharmaceutical Services, Inc.		374,364		70,852,131
Health Care Technology-1.27%
Veeva Systems, Inc., Class A(b)		286,129		54,593,413
Homebuilding-0.92%
D.R. Horton, Inc.		841,783		39,748,993
Household Products-0.66%
Clorox Co. (The)		153,010		28,527,184
Industrial Conglomerates-2.80%
Carlisle Cos., Inc.		303,537		36,715,835
Roper Technologies, Inc.		246,219		83,968,066
				120,683,901
Industrial Machinery-0.98%
IDEX Corp.		274,667		42,197,091
Insurance Brokers-0.96%
Arthur J. Gallagher & Co.		527,423		41,402,705

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

	Shares		Value
Interactive Home Entertainment-0.62%
Zynga, Inc., Class A(b)		3,542,755	$	26,712,373
Internet & Direct Marketing Retail-0.45%
Chewy, Inc., Class A(b)		447,001		19,328,323
Internet Services & Infrastructure-0.98%
Twilio, Inc., Class A(b)		376,310		42,259,613
Investment Banking & Brokerage-0.76%
LPL Financial Holdings, Inc.		545,908		32,874,580
IT Consulting & Other Services-3.49%
Booz Allen Hamilton Holding Corp.		832,173		61,114,785
CACI International, Inc., Class A(b)		169,269		42,340,947
EPAM Systems, Inc.(b)		211,611		46,742,754
				150,198,486
Life Sciences Tools & Services-2.32%
Bio-Rad Laboratories, Inc., Class A(b)		108,012		47,536,081
ICON PLC (Ireland)(b)		326,625		52,413,514
				99,949,595
Managed Health Care-1.18%
Centene Corp.(b)		766,370		51,024,915
Metal & Glass Containers-0.65%
Ball Corp.		425,192		27,888,343
Office REITs-0.97%
Alexandria Real Estate Equities, Inc.		266,291		41,831,653
Packaged Foods & Meats-1.77%
Hershey Co. (The)		219,354		29,049,050
McCormick & Co., Inc.		302,071		47,376,816
				76,425,866
Paper Packaging-0.64%
Avery Dennison Corp.		248,277		27,407,298
Pharmaceuticals-0.60%
Catalent, Inc.(b)		373,027		25,794,817
Railroads-1.14%
Kansas City Southern		376,676		49,175,052
Real Estate Services-0.50%
CBRE Group, Inc., Class A(b)		503,730		21,625,129
Regional Banks-1.28%
First Republic Bank		530,105		55,284,650
Research & Consulting Services-4.81%
CoStar Group, Inc.(b)		148,733		96,417,655

	Shares		Value
Research & Consulting Services-(continued)
IHS Markit Ltd.		673,494	$	45,326,146
TransUnion		828,158		65,250,569
				206,994,370
Restaurants-2.33%
Chipotle Mexican Grill, Inc.(b)		81,386		71,501,670
Domino’s Pizza, Inc.		80,179		29,019,186
				100,520,856
Semiconductor Equipment-3.69%
KLA Corp.		423,828		69,545,937
Lam Research Corp.		262,923		67,118,983
MKS Instruments, Inc.		222,108		22,261,885
				158,926,805
Semiconductors-3.85%
Advanced Micro Devices, Inc.(b)		1,379,450		72,269,386
Marvell Technology Group Ltd.		789,556		21,112,727
Monolithic Power Systems, Inc.		361,880		72,343,431
				165,725,544
Specialized REITs-1.64%
SBA Communications Corp., Class A		244,172		70,790,346
Systems Software-0.72%
Crowdstrike Holdings, Inc., Class A(b)		456,901		30,913,922
Technology Distributors-1.59%
CDW Corp.		617,142		68,379,334
Trucking-1.00%
Old Dominion Freight Line, Inc.		295,206		42,890,480
Total Common Stocks & Other Equity Interests (Cost $3,445,273,558)				4,197,687,013
Money Market Funds-2.36%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(c)(d)		26,271,311		26,271,311
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%(c)(d)		45,433,956		45,461,216
Invesco Treasury Portfolio, Institutional Class, 0.10%(c)(d)		30,024,356		30,024,356
Total Money Market Funds (Cost $101,739,956)				101,756,883
TOTAL INVESTMENTS IN SECURITIES-99.81% (Cost $3,547,013,514)				4,299,443,896
OTHER ASSETS LESS LIABILITIES-0.19%				8,025,145
NET ASSETS-100.00%			$	4,307,469,041

Investment Abbreviations:

REIT - Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco Oppenheimer 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)  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 six months ended April 30, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	29,853,080	$	364,787,852	$	(368,369,621	)	$	-	$	-	$	26,271,311	$	189,102
Invesco Liquid Assets Portfolio, Institutional Class		-		76,212,757		(30,776,394	)		16,926		7,927		45,461,216		14,295
Invesco Treasury Portfolio, Institutional Class		-		83,838,200		(53,813,844	)		-		-		30,024,356		4,288
Total	$	29,853,080	$	524,838,809	$	(452,959,859	)	$	16,926	$	7,927	$	101,756,883	$	207,685

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Information Technology	31.40	%
Health Care	19.63
Industrials	16.28
Consumer Discretionary	11.03
Financials	7.92
Real Estate	3.12
Materials	2.82
Communication Services	2.81
Consumer Staples	2.44
Money Market Funds Plus Other Assets Less Liabilities	2.55

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $3,445,273,558)	$	4,197,687,013
Investments in affiliated money market funds, at value (Cost $101,739,956)		101,756,883
Receivable for:
Investments sold		9,653,545
Fund shares sold		6,385,751
Dividends		313,899
Investment for trustee deferred compensation and retirement plans		542,787
Other assets		198,106
Total assets		4,316,537,984
Liabilities:
Payable for:
Investments purchased		1,485,166
Fund shares reacquired		3,241,591
Amount due custodian		921
Accrued fees to affiliates		1,324,608
Accrued trustees’ and officers’ fees and benefits		4,417
Accrued other operating expenses		2,407,397
Trustee deferred compensation and retirement plans		604,843
Total liabilities		9,068,943
Net assets applicable to shares outstanding	$	4,307,469,041
Net assets consist of:
Shares of beneficial interest	$	3,606,867,237
Distributable earnings		700,601,804
	$	4,307,469,041

Net Assets:
Class A	$	3,086,352,675
Class C	$	168,273,315
Class R	$	98,708,545
Class Y	$	404,937,874
Class R5	$	91,165,784
Class R6	$	458,030,848
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		144,497,107
Class C		10,040,721
Class R		5,017,876
Class Y		16,596,162
Class R5		4,251,838
Class R6		18,453,431
Class A:
Net asset value per share	$	21.36
Maximum offering price per share
(Net asset value of $21.36 ÷ 94.50%)	$	22.60
Class C:
Net asset value and offering price per share	$	16.76
Class R:
Net asset value and offering price per share	$	19.67
Class Y:
Net asset value and offering price per share	$	24.40
Class R5:
Net asset value and offering price per share	$	21.44
Class R6:
Net asset value and offering price per share	$	24.82

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $15,356)	$	6,057,156
Dividends from affiliated money market funds		207,685
Total investment income		6,264,841
Expenses:
Advisory fees		5,538,161
Administrative services fees		127,876
Custodian fees		3,770
Distribution fees:
Class A		1,066,997
Class C		694,686
Class R		194,452
Transfer agent fees – A, C, R and Y		1,466,467
Transfer agent fees – R5		2,478
Transfer agent fees – R6		5,431
Trustees’ and officers’ fees and benefits		2,584
Registration and filing fees		23,165
Reports to shareholders		62,676
Professional services fees		20,026
Other		39,974
Total expenses		9,248,743
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(44,292	)
Net expenses		9,204,451
Net investment income (loss)		(2,939,610	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities (includes net gains (losses) from securities sold to affiliates of $(269,985))		(39,408,421	)
Change in net unrealized appreciation of investment securities		82,325,753
Net realized and unrealized gain		42,917,332
Net increase in net assets resulting from operations	$	39,977,722

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020 and the year ended October 31, 2019

(Unaudited)

	April 30, 2020			October 31, 2019
Operations:
Net investment income (loss)	$	(2,939,610	)	$	(4,734,168	)
Net realized gain (loss)		(39,408,421	)		67,449,498
Change in net unrealized appreciation		82,325,753			206,159,585
Net increase in net assets resulting from operations		39,977,722			268,874,915
Distributions to shareholders from distributable earnings:
Class A		(33,645,738	)		(53,035,330	)
Class C		(7,676,088	)		(16,332,699	)
Class R		(3,676,449	)		(5,998,411	)
Class Y		(9,982,640	)		(18,908,343	)
Class R5		(481	)		–
Class R6		(13,525,157	)		(18,753,312	)
Total distributions from distributable earnings		(68,506,553	)		(113,028,095	)
Share transactions–net:
Class A		2,337,544,222			77,527,637
Class C		37,925,178			(25,550,087	)
Class R		26,318,168			5,272,346
Class Y		161,103,728			(18,068,289	)
Class R5		89,681,631			10,000
Class R6		121,993,408			102,610,622
Net increase in net assets resulting from share transactions		2,774,566,335			141,802,229
Net increase in net assets		2,746,037,504			297,649,049
Net assets:
Beginning of period		1,561,431,537			1,263,782,488
End of period	$	4,307,469,041		$	1,561,431,537

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20	$	22.17	$	(0.04	)	$	0.22	$	0.18		$	(0.99	)	$	21.36		0.67	%	$	3,086,353		1.11	%(e)		1.11	%(e)		(0.40	)%(e)		47	%
Year ended 10/31/19		20.28		(0.08	)		3.75		3.67			(1.78	)		22.17		20.43			748,190		1.11			1.11			(0.37	)		84
Year ended 10/31/18		21.45		(0.12	)		0.81		0.69			(1.86	)		20.28		3.52			604,414		1.11			1.11			(0.55	)		108
Year ended 10/31/17		16.98		(0.09	)		4.71		4.62			(0.15	)		21.45		27.43			547,963		1.21			1.21			(0.48	)		139
Year ended 10/31/16		17.74		(0.09	)		0.05		(0.04	)		(0.72	)		16.98		(0.19	)		435,153		1.31			1.31			(0.52	)		128
Year ended 10/31/15		17.96		(0.14	)		1.69		1.55			(1.77	)		17.74		9.56			412,169		1.32			1.32			(0.77	)		91
Class C
Six months ended 04/30/20		17.65		(0.10	)		0.20		0.10			(0.99	)		16.76		0.37			168,273		1.86	(e)		1.87	(e)		(1.16	)(e)		47
Year ended 10/31/19		16.65		(0.18	)		2.96		2.78			(1.78	)		17.65		19.43			138,705		1.87			1.87			(1.12	)		84
Year ended 10/31/18		18.06		(0.23	)		0.68		0.45			(1.86	)		16.65		2.79			153,263		1.86			1.86			(1.30	)		108
Year ended 10/31/17		14.43		(0.20	)		3.98		3.78			(0.15	)		18.06		26.45			138,647		1.96			1.96			(1.24	)		139
Year ended 10/31/16		15.30		(0.18	)		0.03		(0.15	)		(0.72	)		14.43		(0.98	)		115,201		2.06			2.06			(1.28	)		128
Year ended 10/31/15		15.83		(0.23	)		1.47		1.24			(1.77	)		15.30		8.82			114,735		2.08			2.08			(1.52	)		91
Class R
Six months ended 04/30/20		20.51		(0.07	)		0.22		0.15			(0.99	)		19.67		0.57			98,709		1.37	(e)		1.37	(e)		(0.66	)(e)		47
Year ended 10/31/19		18.95		(0.12	)		3.46		3.34			(1.78	)		20.51		20.09			75,342		1.37			1.37			(0.62	)		84
Year ended 10/31/18		20.21		(0.16	)		0.76		0.60			(1.86	)		18.95		3.27			63,189		1.36			1.36			(0.80	)		108
Year ended 10/31/17		16.05		(0.13	)		4.44		4.31			(0.15	)		20.21		27.09			50,117		1.46			1.46			(0.70	)		139
Year ended 10/31/16		16.85		(0.12	)		0.04		(0.08	)		(0.72	)		16.05		(0.45	)		36,480		1.56			1.56			(0.77	)		128
Year ended 10/31/15		17.18		(0.17	)		1.61		1.44			(1.77	)		16.85		9.34			35,665		1.58			1.58			(1.02	)		91
Class Y
Six months ended 04/30/20		25.15		(0.02	)		0.26		0.24			(0.99	)		24.40		0.83			404,938		0.87	(e)		0.87	(e)		(0.16	)(e)		47
Year ended 10/31/19		22.71		(0.03	)		4.25		4.22			(1.78	)		25.15		20.68			253,901		0.87			0.87			(0.13	)		84
Year ended 10/31/18		23.74		(0.07	)		0.90		0.83			(1.86	)		22.71		3.79			243,035		0.87			0.87			(0.31	)		108
Year ended 10/31/17		18.73		(0.05	)		5.21		5.16			(0.15	)		23.74		27.75			210,789		0.96			0.96			(0.25	)		139
Year ended 10/31/16		19.45		(0.05	)		0.05		0.00			(0.72	)		18.73		0.04			158,471		1.06			1.06			(0.27	)		128
Year ended 10/31/15		19.48		(0.10	)		1.84		1.74			(1.77	)		19.45		9.82			117,152		1.08			1.08			(0.52	)		91
Class R5
Six months ended 04/30/20		22.20		(0.00	)		0.23		0.23			(0.99	)		21.44		0.90			91,166		0.76	(e)		0.76	(e)		(0.05	)(e)		47
Year ended 10/31/19		20.60		0.00			1.60		1.60			–			22.20		7.77			11		0.75			0.75			(0.01	)		84
Class R6
Six months ended 04/30/20		25.55		0.01			0.25		0.26			(0.99	)		24.82		0.90			458,031		0.66	(e)		0.66	(e)		0.05	(e)		47
Year ended 10/31/19		23.00		0.01			4.32		4.33			(1.78	)		25.55		20.92			345,282		0.69			0.69			0.05			84
Year ended 10/31/18		23.98		(0.03	)		0.91		0.88			(1.86	)		23.00		3.97			199,881		0.70			0.70			(0.14	)		108
Year ended 10/31/17		18.89		(0.02	)		5.26		5.24			(0.15	)		23.98		27.94			68,180		0.77			0.77			(0.07	)		139
Year ended 10/31/16		19.57		(0.01	)		0.05		0.04			(0.72	)		18.89		0.25			33,128		0.87			0.87			(0.07	)		128
Year ended 10/31/15		19.55		(0.06	)		1.85		1.79			(1.77	)		19.57		10.06			18,690		0.89			0.89			(0.33	)		91

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended April 30, 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)  Ratios are annualized and based on average daily net assets (000’s omitted) of $900,946, $139,802, $78,208, $277,156, $5,035 and $364,069 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 Oppenheimer Discovery Mid Cap Growth Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer Discovery Mid Cap Growth Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the

investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

13                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $500 million		0.680	%
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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.65%.

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 May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.12%,

1.86%, 1.37%, 0.87%, 0.76%, and 0.71%, respectively, of average daily net assets (the “expense limits”).In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

14                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

For the six months ended April 30, 2020, the Adviser waived advisory fees of $15,920 and reimbursed class level expenses of $0, $8,302, $1,009, $3,496, $63 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $193,699 in front-end sales commissions from the sale of Class A shares and $5,285 and $0 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level	1 -	Prices are determined using quoted prices in an active market for identical assets.
Level	2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level	3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of April 30, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six-month period ended April 30, 2020, the Fund engaged in securities sales of $2,265,566, which resulted in net realized gains (losses) of $(269,985).

NOTE 5–Expense Offset Arrangement(s)

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 six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $15,502.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund

15                      Invesco Oppenheimer Discovery Mid Cap Growth 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–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2019.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $782,742,708 and $752,809,503, 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	$	854,715,566
Aggregate unrealized (depreciation) of investments		(107,012,923	)
Net unrealized appreciation of investments	$	747,702,643

Cost of investments for tax purposes is $3,551,741,253.

NOTE 10–Share Information

				Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Sold:
Class A		6,876,601		$	146,233,133			7,246,182		$	150,058,770
Class C		1,069,610			18,201,572			1,704,916			27,805,934
Class R		550,238			11,050,370			998,391			18,989,924
Class Y		4,305,617			106,284,161			4,909,405			112,535,494
Class R5		315,778			6,453,808			485			10,000
Class R6		2,342,508			58,496,035			7,308,130			163,891,841
Issued as reinvestment of dividends:
Class A		1,470,493			32,497,903			2,969,152			52,167,987
Class C		429,795			7,469,834			1,142,318			16,095,263
Class R		179,659			3,659,657			357,647			5,826,072
Class Y		354,424			8,935,018			867,332			17,251,246
Class R6		522,085			13,381,034			927,680			18,711,309
Automatic conversion of Class C shares to Class A shares:
Class A		163,955			3,550,399			1,226,856			26,494,973
Class C		(208,453	)		(3,550,399	)		(1,536,065	)		(26,494,973	)
Issued in connection with acquisitions:(b)
Class A		107,672,579			2,268,952,250			-			-
Class C		2,547,982			42,133,320			-			-
Class R		1,183,472			22,967,032			-			-
Class Y		5,134,518			123,576,759			-			-
Class R5		3,967,858			83,901,636			-			-
Class R6		4,088,310			100,096,412			-			-

16                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

				Summary of Share Activity
	Six months ended April 30, 2020(a)						Year ended October 31, 2019
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(5,441,693	)	$	(113,689,463	)		(7,486,271	)	$	(151,194,093	)
Class C		(1,654,678	)		(26,329,149	)		(2,660,455	)		(42,956,311	)
Class R		(568,877	)		(11,358,891	)		(1,016,804	)		(19,543,650	)
Class Y		(3,294,564	)		(77,692,210	)		(6,382,459	)		(147,855,029	)
Class R5		(32,283	)		(673,813	)		-			-
Class R6		(2,015,736	)		(49,980,073	)		(3,409,312	)		(79,992,528	)
Net increase in share activity		129,959,198		$	2,774,566,335			7,167,128		$	141,802,229

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Mid Cap Growth Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 124,594,719 shares of the Fund for 83,710,209 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $2,641,627,409, including $335,789,673 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,599,111,505 and $4,240,738,914 immediately after the acquisition.

The pro forma results of operations for the six months ended April 30, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	(8,182,081	)
Net realized/unrealized gains		27,453,225
Change in net assets resulting from operations	$	19,271,144

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Discovery Mid Cap Growth Fund to Invesco Discovery Mid Cap Growth Fund.

17                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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     (11/01/19)	Ending     Account Value     (04/30/20)1	Expenses     Paid During     Period2	Ending     Account Value     (04/30/20)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,006.70	$5.54	$1,019.34	$5.57	1.11%
Class C	1,000.00	1,003.70	9.27	1,015.61	9.32	1.86
Class R	1,000.00	1,005.70	6.83	1,018.05	6.87	1.37
Class Y	1,000.00	1,008.30	4.34	1,020.54	4.37	0.87
Class R5	1,000.00	1,009.00	3.80	1,021.08	3.82	0.76
Class R6	1,000.00	1,009.00	3.30	1,021.58	3.32	0.66

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18                      Invesco Oppenheimer Discovery Mid Cap Growth Fund

19                      

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.         

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. O-DMCG-SAR-1                     

	Semiannual Report	4/30/2020
	Invesco Oppenheimer Emerging Markets Local Debt Fund Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

Top Holdings and Allocations	4
Fund Expenses	8
Schedule of Investments	10
Statement of Assets and Liabilities	20
Statement of Operations	22
Statement of Changes in Net Assets	24
Financial Highlights	26
Notes to Financial Statements	38
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	60
Invesco’s Privacy Notice	61

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/20

	Class A Shares of the Fund
	Without Sales Charge		With Sales Charge		JPMorgan Government   Bond Index - Emerging   Markets Global Diversified Index
6-Month		-9.46%		-13.31%		-9.91%
1-Year		-2.67		-6.86		-2.68
5-Year		1.46		0.60		0.44
Since Inception (6/30/10)		1.26		0.81		1.10

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund

2      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Top Holdings and Allocations

TOP TEN GEOGRAPHICAL HOLDINGS

Colombia	14.0%
Indonesia	10.4
United States	9.4
South Africa	8.7
Mexico	8.0
Russia	7.8
India	7.0
Thailand	5.0
Peru	5.0
Malaysia	4.7

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2020, and are based on total market value of investments.

PORTFOLIO ALLOCATION

Foreign Government Obligations	84.1%
Investment Company	8.7
Non-Convertible Corporate Bonds and Notes	6.5
Short-Term Notes	0.6
Over-the-Counter Options Purchased	0.1
Over-the-Counter Interest Rate Swaptions Purchased	—*

*Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2020, and are based on the total market value of investments.

For more current Fund holdings, please visit invesco.com.

4      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/20

	Inception Date	6-Month	1-Year	5-Year	Since     Inception
Class A (OEMAX)	6/30/10	-9.46%	-2.67%	1.46%	1.26%
Class C (OEMCX)	6/30/10	-9.85	-3.50	0.62	0.47
Class R (OEMNX)	6/30/10	-9.62	-3.01	1.15	0.97
Class Y (OEMYX)	6/30/10	-9.37	-2.62	1.71	1.53
Class R5 (EMLDX)1	5/24/19	-9.34	-2.49	1.50	1.28
Class R6 (OEMIX)2	9/28/12	-9.34	-2.53	1.77	-0.42

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/20

	Inception Date	6-Month	1-Year	5-Year	Since     Inception
Class A (OEMAX)	6/30/10	-13.31%	-6.86%	0.60%	0.81%
Class C (OEMCX)	6/30/10	-10.73	-4.42	0.62	0.47
Class R (OEMNX)	6/30/10	-9.62	-3.01	1.15	0.97
Class Y (OEMYX)	6/30/10	-9.37	-2.62	1.71	1.53
Class R5 (EMLDX)1	5/24/19	-9.34	-2.49	1.50	1.28
Class R6 (OEMIX)2	9/28/12	-9.34	-2.53	1.77	-0.42

1. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. Class R6 shares’ returns shown for the periods ending on or prior to May 24, 2019 are those of the Class I shares of the predecessor fund.

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

5      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

The Fund’s performance is compared to the performance of the J.P. Morgan Government Bond Index - Emerging Markets Global Diversified Index, a comprehensive, global local Emerging Markets Index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing

6      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

● The Fund’s investment strategy remained appropriate for an open-end fund;

● The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Fund did not breach the 15% limit on Illiquid Investments; and

● The Committee had established an HLIM for the Fund and the Fund complied with its HLIM. Subsequent to the Program Reporting Period, in connection with its annual evaluation of the Fund, the Committee determined that the Fund primarily holds Highly Liquid Investments on a consistent basis and thus does not require an HLIM under the Program. As of March 1, 2020, the Fund no longer has an HLIM.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

7      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2020” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

8      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Actual	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During 6 Months Ended April 30, 2020
Class A	$	1,000.00	$	905.40	$	5.46
Class C		1,000.00		901.50		9.51
Class R		1,000.00		903.80		7.13
Class Y		1,000.00		906.30		4.51
Class R5		1,000.00		906.60		4.28
Class R6		1,000.00		906.60		4.04
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.14		5.79
Class C		1,000.00		1,014.92		10.07
Class R		1,000.00		1,017.40		7.55
Class Y		1,000.00		1,020.14		4.78
Class R5		1,000.00		1,020.39		4.53
Class R6		1,000.00		1,020.64		4.28

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2020 are as follows:

Class	Expense Ratios
Class A		1.15	%
Class C		2.00
Class R		1.50
Class Y		0.95
Class R5		0.90
Class R6		0.85

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

SCHEDULE OF INVESTMENTS April 30, 2020 Unaudited

		Principal Amount		Value
Foreign Government Obligations—77.8%
Argentina—1.5%
Argentina Treasury Bond, 1.00% Bonds, 8/5/211	ARS		198,627,370	$	2,620,755
Argentine Republic:
15.50% Bonds, 10/17/26	ARS		4,000,000		30,673
18.20% Unsec. Nts., 10/3/21	ARS		3,195,000		32,569
					2,683,997
Brazil—3.0%
Federative Republic of Brazil:
6.00% Nts., 5/15/451	BRL		2,280,000		1,726,559
10.00% Nts., 1/1/25	BRL		17,000,000		3,569,578
					5,296,137
Chile—3.9%
Republic of Chile:
4.00% Unsec. Nts., 3/1/232	CLP		2,100,000,000		2,733,853
4.50% Bonds, 3/1/26	CLP		900,000,000		1,231,686
4.70% Unsec. Nts., 9/1/302	CLP		2,065,000,000		2,929,871
					6,895,410
Colombia—12.9%
Republic of Colombia:
Series B, 6.25% Bonds, 11/26/25	COP		20,000,000,000		5,137,325
Series B, 7.00% Bonds, 5/4/22	COP		31,330,000,000		8,338,088
Series B, 10.00% Bonds, 7/24/24	COP		31,000,000,000		9,219,419
					22,694,832
Egypt—2.7%
Arab Republic of Egypt:
16.00% Unsec. Nts., 12/12/20	EGP		20,000,000		1,298,951
Series 10 yr., 16.30% Bonds, 1/1/23	EGP		6,800,000		462,469
Series 3 yr., 16.00% Bonds, 6/11/22	EGP		44,000,000		2,948,601
					4,710,021
India—2.5%
Republic of India:
7.72% Bonds, 5/25/25	INR		40,000,000		579,266
8.20% Bonds, 9/24/25	INR		70,000,000		1,033,366
State of Gujarat, 7.52% Sr. Unsec. Nts., 5/24/27	INR		60,000,000		835,868
State of Maharastra:
7.99% Sr. Unsec. Nts., 10/28/25	INR		30,000,000		429,547
8.06% Sr. Unsec. Nts., 2/11/25	INR		50,000,000		719,338
State of Tamilnadu, 8.01% Sr. Unsec. Nts., 5/11/26	INR		50,000,000		731,239
					4,328,624
Indonesia—9.4%
Republic of Indonesia:
Series FR59, 7.00% Bonds, 5/15/27	IDR		67,000,000,000		4,324,034
Series FR64, 6.125% Bonds, 5/15/28	IDR		70,000,000,000		4,215,294

10      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

		Principal Amount		Value
Indonesia (Continued)
Republic of Indonesia: (Continued)
Series FR71, 9.00% Bonds, 3/15/29	IDR		38,780,000,000	$	2,781,627
Series FR73, 8.75% Bonds, 5/15/31	IDR		75,000,000,000		5,284,034
					16,604,989
Malaysia—4.4%
Federation of Malaysia:
3.733% Bonds, 6/15/28	MYR		20,000,000		4,932,786
Series 0115, 3.955% Bonds, 9/15/25	MYR		11,000,000		2,743,834
					7,676,620
Mexico—6.0%
United Mexican States:
Series M, 6.50% Bonds, 6/9/22	MXN		42,000,000		1,786,102
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		23,580,000		1,062,201
Series M20, 8.50% Sr. Unsec. Nts., 5/31/29	MXN		35,000,000		1,640,865
Series M20, 10.00% Bonds, 12/5/24	MXN		125,000,000		6,118,263
					10,607,431
Peru—4.6%
Republic of Peru:
5.35% Bonds, 8/12/402	PEN		1,100,000		310,539
5.94% Sr. Unsec. Nts., 2/12/292	PEN		9,100,000		3,042,121
6.35% Sr. Unsec. Nts., 8/12/282	PEN		12,105,000		4,168,786
6.95% Sr. Unsec. Nts., 8/12/312	PEN		1,560,000		548,709
					8,070,155
Poland—1.7%
Republic of Poland, 2.50% Bonds, 4/25/24	PLN		11,000,000		2,933,660
Romania—1.0%
Romania Government Bond, 4.50% Bonds, 6/17/24	RON		8,000,000		1,854,924
Russia—7.2%
Russian Federal Bond - OFZ, Series 6211, Series 6211, 7.00% Bonds, 1/25/23	RUB		290,800,000		4,081,995
Russian Federation:
Series 6221, 7.70% Bonds, 3/23/33	RUB		84,000,000		1,289,582
Series 6222, 7.10% Bonds, 10/16/24	RUB		100,000,000		1,428,908
Series 6225, 7.25% Bonds, 5/10/34	RUB		400,000,000		5,948,759
					12,749,244
South Africa—7.7%
Republic of South Africa:
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		87,500,000		4,058,404
Series 2032, 8.25% Sr. Unsec. Nts., 3/31/32	ZAR		12,000,000		539,168
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR		150,000,000		8,895,363
					13,492,935

11      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
South Korea—0.9%
Export-Import Bank of Korea, 8.00% Sr. Unsec. Nts., 5/15/242	IDR		24,000,000,000	$	1,617,421
Supranational—0.5%
European Bank for Reconstruction & Development, 6.85% Sr.
Unsec. Nts., 6/21/21	IDR		6,500,000,000		430,748
International Finance Corp., 16.721% Sr. Unsec. Nts., 2/15/292,3	TRY		7,300,000		431,660
					862,408
Thailand—4.6%
Kingdom of Thailand:
2.875% Bonds, 12/17/28	THB		113,600,000		3,996,069
3.30% Bonds, 6/17/38	THB		105,000,000		4,145,313
					8,141,382
Turkey—3.3%
Republic of Turkey:
8.50% Bonds, 9/14/22	TRY		8,000,000		1,129,122
9.00% Bonds, 7/24/24	TRY		10,000,000		1,347,736
12.20% Bonds, 1/18/23	TRY		22,690,000		3,418,352
					5,895,210
Total Foreign Government Obligations (Cost $152,250,217)					137,115,400
Corporate Bonds and Notes—6.0%
Empresas Publicas de Medellin ESP, 8.375% Sr. Unsec. Nts., 2/1/212	COP		214,000,000		54,508
Eskom Holdings SOC Ltd., Series ES23, 10.00%, 1/25/23	ZAR		11,000,000		641,007
Indian Railway Finance Corp. Ltd., Series 132, 8.25% Sr. Sec. Nts., 2/28/24	INR		170,000,000		2,417,931
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/202	IDR		4,400,000,000		284,787
National Bank for Agriculture & Rural Development, Series 19B, 8.60% Sr. Unsec. Nts., 1/31/22	INR		170,000,000		2,352,053
Petroleos Mexicanos:
7.19% Sr. Unsec. Nts., 9/12/242	MXN		38,000,000		1,226,639
7.65% Sr. Unsec. Nts., 11/24/21	MXN		16,000,000		639,090
Series 13-2, 7.19% Sr. Unsec. Nts., 9/12/24	MXN		16,000,000		516,479
Red de Carreteras de Occidente SAPIB de CV, 9.00% Sr. Sec. Nts., 6/10/282	MXN		2,231,000		91,854
Reliance Industries Ltd., Series D, 7.17% Unsec. Nts., 11/8/22	INR		170,000,000		2,260,862
YPF SA, 16.50% Sr. Unsec. Nts., 5/9/222	ARS		7,670,200		60,876
Total Corporate Bonds and Notes (Cost $13,175,143)					10,546,086
Short-Term Note—0.6%
United States Treasury Bills, 0.214%, 10/8/203 (Cost $999,044)		$	1,000,000		999,522

12      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased—0.1%

MXN Currency Put

CITNA-B

MXN

18.975

5/7/20

USD    17,720

USD    17,720

$

—

RUB Currency Put

GSCO-OT

RUB

67.990

3/8/21

USD    13,700

USD    13,700

132,250

TRY Currency Put

GSCO-OT

TRY

6.850

4/14/21

USD      4,500

USD      4,500

118,375

Total Over-the-Counter Options Purchased (Cost $716,765)

250,625

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.0%

Interest Rate Swap maturing 5/4/20 Put

GSCOI

Receive

Three- Month USD BBA LIBOR

2.250

%

5/4/20

USD 150,000

—

Interest Rate Swap maturing 6/8/20 Put

MSCO

Receive

Three- Month USD BBA LIBOR

1.180

6/8/20

USD 15,000

1,836

Interest Rate Swap maturing 8/26/20 Put

GSCOI

Receive

Three- Month USD BBA LIBOR

2.500

8/26/20

USD 48,000

1,367

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $333,900)

3,203

	Shares
Investment Company—8.0%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%4,5 (Cost $14,105,384)		14,105,384		14,105,384
Total Investments, at Value (Cost $181,580,453)		92.5%		163,020,220
Net Other Assets (Liabilities)		7.5		13,169,465
Net Assets		100.0%	$	176,189,685

Footnotes to Schedule of Investments

1. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

2. 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 April 30, 2020 was $17,501,624, which represented 9.93% of the Fund’s Net Assets.

3. Zero coupon bond reflects effective yield on the original acquisition date.

4. The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

5. Affiliated issuer. The issuer and/or the Fund is affiliated by having an investment adviser that is under common control of Invesco, Ltd. Transactions during the reporting period in which the issuer was an affiliate are as follows:

13      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

Footnotes to Schedule of Investments (continued)

	Shares October 31, 2019		Gross Additions		Gross Reductions		Shares April 30, 2020
Investment Company
Invesco Government & Agency Portfolio, Institutional Class		21,720,022		105,289,378		112,904,016		14,105,384
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Invesco Government & Agency Portfolio, Institutional Class	$	14,105,384	$	72,653	$	—	$	—

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
Colombia	$	22,749,340		14.0	%
Indonesia		16,889,776		10.4
United States		15,358,734		9.4
South Africa		14,133,942		8.7
Mexico		13,081,493		8.0
Russia		12,749,244		7.8
India		11,359,470		7.0
Thailand		8,141,382		5.0
Peru		8,070,155		5.0
Malaysia		7,676,620		4.7
Chile		6,895,410		4.2
Turkey		5,895,210		3.6
Brazil		5,296,136		3.2
Egypt		4,710,021		2.9
Poland		2,933,660		1.8
Argentina		2,744,874		1.7
Romania		1,854,924		1.1
South Korea		1,617,421		1.0
Supranational		862,408		0.5
Total	$	163,020,220		100.0	%

Forward Currency Exchange Contracts as of April 30, 2020
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		06/2020	MYR	10,800	USD		2,506	$	—	$	(5,569	)
BAC		06/2020	USD	1,652	MYR		7,440		—		(70,517	)
BOA		05/2020	BRL	8,340	USD		1,598		—		(64,134	)
BOA		06/2020	EUR	1,840	USD		2,052		—		(33,571	)
BOA		06/2020	HUF	850,200	USD		2,879		—		(237,507	)
BOA		05/2020	USD	1,537	BRL		8,340		3,193		—
BOA		06/2020	USD	237	TRY		1,500		24,965		—
CITNA-B		06/2020	CZK	160,430	USD		7,042		—		(551,389	)
CITNA-B		06/2020	PEN	2,860	USD		826		19,371		—

14      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
CITNA-B		06/2020	PLN	2,270	USD		595	$	—	$	(48,237)
CITNA-B		06/2020	RON	19,450	USD		4,547		—		(169,785)
CITNA-B		06/2020	USD	16,821	COP		64,874,350		501,437		—
CITNA-B		06/2020	USD	9,918	EUR		8,895		161,090		—
CITNA-B		06/2020	USD	1,873	IDR		29,100,000		—		(31,269)
CITNA-B		06/2020	USD	20,087	MXN		431,276		2,322,639		—
CITNA-B		06/2020	USD	9,020	PEN		31,780		—		(368,345)
CITNA-B		06/2020	USD	835	ZAR		13,610		104,468		—
GSCO-OT		11/2020	EUR	1,550	RUB		114,096		225,955		(18,917)
GSCO-OT		06/2020	EUR	2,740	USD		3,056		—		(50,825)
GSCO-OT		06/2020	MXN	104,180	USD		4,868		—		(576,365)
GSCO-OT		02/2021	RUB	153,100	USD		2,249		—		(261,109)
GSCO-OT		04/2021	TRY	14,545	USD		1,800		61,373		—
GSCO-OT		04/2021	USD	1,860	TRY		14,545		—		(1,522)
JPM		05/2020 - 06/2020	BRL	185,983	USD		34,393		449,271		(667,997)
JPM		06/2020	COP	6,143,000	USD		1,561		—		(15,589)
JPM		06/2020	CZK	49,200	USD		2,158		—		(167,637)
JPM		06/2020	EUR	16,476	USD		18,461		—		(388,960)
JPM		12/2020	EUR	1,410	ZAR		24,534		261,542		(4,818)
JPM		06/2020	HUF	2,467,850	USD		7,470		197,004		—
JPM		06/2020	IDR	164,805,300	USD		10,263		564,252		(41,895)
JPM		06/2020	INR	120,310	USD		1,539		46,277		—
JPM		06/2020	MXN	531,920	USD		23,561		76,689		(1,727,639)
JPM		06/2020	PEN	1,080	USD		316		2,805		—
JPM		06/2020	PLN	83,443	USD		21,644		—		(1,537,480)
JPM		06/2020	RON	1,700	USD		397		—		(14,506)
JPM		06/2020	RUB	148,707	USD		1,853		137,055		—
JPM		06/2020	THB	582,323	USD		18,563		—		(564,735)
JPM		05/2020 - 06/2020	TRY	46,600	USD		6,825		9,964		(218,545)
JPM		05/2020	USD	24,403	BRL		134,150		138,189		(402,685)
JPM		06/2020	USD	7,522	CLP		6,281,245		—		(10,607)
JPM		06/2020	USD	1,652	COP		6,763,370		—		(48,981)
JPM		06/2020	USD	925	CZK		23,040		480		(7,349)
JPM		06/2020	USD	15,417	EUR		13,600		514,717		(14,878)
JPM		06/2020	USD	5,143	HUF		1,528,660		394,219		(70)
JPM		06/2020	USD	14,971	IDR		218,679,740		666,178		(7,176)
JPM		06/2020	USD	13,443	INR		1,010,400		128,904		—
JPM		06/2020	USD	9,736	MXN		232,650		230,486		(77,927)
JPM		05/2020	USD	23	MYR		100		—		(427)
JPM		06/2020	USD	5,193	PLN		21,630		22,515		(41,121)
JPM		06/2020	USD	2,980	RON		13,340		9,639		(31,905)
JPM		06/2020 - 02/2021	USD	16,045	RUB		1,173,163		547,830		(140,095)
JPM		06/2020	USD	8,371	THB		268,230		130,425		(49,847)
JPM		05/2020 - 03/2021	USD	11,788	TRY		78,665		968,794		(1,874)
JPM		06/2020	USD	7,388	ZAR		135,190		214,393		(86,196)
JPM		06/2020	ZAR	107,285	USD		6,334		—		(573,175)
MOS		06/2020	CLP	765,000	USD		894		23,658		—
MOS		06/2020	MYR	10,000	USD		2,294		21,451		—

15      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
MOS		06/2020	RUB	19,685	USD		314	$	—	$	(50,122)
MOS		06/2020	USD	189	CLP		160,000		—		(3,229)
MOS		06/2020	USD	2,134	MYR		9,076		32,904		—
RBC		06/2020	EUR	4,059	USD		4,527		—		(74,836)
RBC		06/2020	USD	4,283	EUR		3,840		70,791		—
Total Unrealized Appreciation and Depreciation								$	9,284,923	$	(9,461,362)

16      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Over-the-Counter Options Written at April 30, 2020
Description	Counter -party		Exercise Price			Expiration Date		Number of Contracts (000’s)		Notional Amount (000’s)		Premiums Received		Value
RUB Currency Call		BOA		EUR	78.000		11/4/20	EUR	3,200	EUR	3,200	$	109,622	$	(302,719)
RUB Currency Call		GSCO-OT			68.979		1/8/21	USD	5,000	USD	5,000		63,770		(568,660)
RUB Currency Call		GSCO-OT			77.089		3/8/21	USD	13,700	USD	13,700		296,550		(807,393)
RUB Currency Put		GSCO-OT			62.817		3/8/21	USD	13,700	USD	13,700		112,121		(41,495)
TRY Currency Call		GSCO-OT			10.950		4/14/21	USD	4,500	USD	4,500		142,497		(126,693)
Total Over-the-Counter Options Written												$	724,560	$	(1,846,960)

Centrally Cleared Interest Rate Swaps at April 30, 2020
Pay/Receive Floating Rate	Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value			Unrealized Appreciation/ (Depreciation)
Pay		COOVIBR		5.200	%		8/1/29		COP 6,155,000	$	—	$	74,714		$	74,714
Pay		Six-Month PLN WIBOR WIBO		2.415			1/25/23		PLN 7,000		—		91,593			91,593
Receive		CLICP		0.780			4/30/22		CLP 5,250,000		—		(7,179	)		(7,179	)
Pay		BZDIOVRA		4.160			1/2/23		BRL 73,618		—		(205,292	)		(205,292	)
Receive		BZDIOVRA		3.170			1/4/21		BRL 90,916		—		(36,927	)		(36,927	)
Pay		BZDIOVRA		5.000			1/2/23		BRL 24,084		—		33,435			33,435
Pay		MXN TIIE BANXICO		7.325			12/7/23		MXN 98,500		—		297,421			297,421
Pay		WIBR6M		1.140			9/23/22		PLN 16,800		—		66,496			66,496
Receive		BZDIOVRA		3.690			1/4/21		BRL 244,472		—		(258,033	)		(258,033	)
Pay		COOVIBR		4.260			2/28/23		COP 12,750,000		—		104,191			104,191
Pay		MXN TIIE BANXICO		6.415			2/22/23		MXN 411,900		—		631,590			631,590
Pay		MXN TIIE BANXICO		6.910			12/16/26		MXN 306,300		—		(30,930	)		(30,930	)
Receive		MXN TIIE BANXICO		7.070			12/12/29		MXN 132,900		—		53,059			53,059
Pay		MXN TIIE BANXICO		6.530			11/10/22		MXN 251,700		—		391,574			391,574
Pay		WIBO6M		1.870			11/13/24		PLN 23,700		—		358,403			358,403
Pay		MXN TIIE BANXICO		6.390			11/4/22		MXN 250,400		—		352,884			352,884
Pay		PRIB03M		2.168			10/14/20		CZK 385,900		—		278,513			278,513
Pay		MXN TIIE BANXICO		6.520			9/29/22		MXN 120,200		—		178,644			178,644

17      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps at April 30, 2020 (Continued)
Pay/Receive Floating Rate	Floating Rate		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)		Value			Unrealized Appreciation/ (Depreciation)
Pay		BZDIOVRA		6.630	%		1/2/25		BRL 12,800	$	—	$	46,568		$	46,568
Pay		BZDIOVRA		6.528			1/2/24		BRL 15,500		—		95,793			95,793
Pay		BZDIOVRA		7.060			7/1/22		BRL 424,400		—		83,367			83,367
Pay		MXN TIIE BANXICO		7.210			7/17/24		MXN 53,870		—		166,599			166,599
Pay		CLICP		1.760			4/30/25		CLP 4,250,000		—		22,030			22,030
Receive		CLICP		2.670			4/30/30		CLP 1,100,000		—		(13,869	)		(13,869	)
Total Centrally Cleared Interest Rate Swaps										$	—	$	2,774,644		$	2,774,644

Over-the-Counter Interest Rate Swaps at April 30, 2020
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BOA		Pay		Three-Month MYR KLIBOR BNM		4.010%		11/10/22		MYR 5,000	$	—	$	55,232		$	55,232
CITNA-B		Pay		MOSKP3		8.320		5/30/24		RUB 125,500		—		275,232			275,232
GSCOI		Pay		MOSKP3		8.535		5/8/24		RUB 485,000		—		1,131,271			1,131,271
JPM		Pay		Three-Month MYR KLIBOR BNM		3.360		8/30/21		MYR 17,500		—		60,044			60,044
JPM		Receive		JIBA3M		8.130		1/30/30		ZAR 20,900		—		(24,120	)		(24,120	)
JPM		Pay		MOSKP3		6.510		10/30/21		RUB 692,000		—		442,470			442,470
Total Over-the-Counter Interest Rate Swaps											$	—	$	1,940,129		$	1,940,129

Over-the-Counter Interest Rate Swaptions Written at April 30, 2020

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 6/15/20 Put

GSCOI

Receive

Three-Month RUB

8.080%

6/15/20

RUB    213,700

$

66,463

$

(2)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS	Morgan Stanley & Co., Inc.
MSCO	Morgan Stanley Capital Services, Inc.
RBC	RBC Dominion Securities

18      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Counterparty Abbreviations (Continued)

Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Koruna
EGP	Egyptian Pounds
EUR	Euro
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
PEN	Peruvian New Sol
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BANXICO	Banco de Mexico
BNM	Bank Negara Malaysia
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CLICP	Sinacofi Chile Interbank Rate Average
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
KLIBOR	Kuala Lumpur Interbank Offered Rate
KOSPI200	Korean Stock Exchange Capitalization - weighted Index made up of 200 Korean Stocks.
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate
MOSPRIME NFEA	Moscow Prime Offered Rate
PRIB03M	Prague Interbank Offered Rate (PRIBOR)
TIIE	Interbank Equilibrium Interest Rate
WIBR6M	GBP Benchmark WIBOR PLN 6 month
WIBOR WIBO	Poland Warsaw Interbank Offer Bid Rate

See accompanying Notes to Financial Statements.

19      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2020 Unaudited

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $167,475,069)	$	148,914,836
Affiliated companies (cost $14,105,384)		14,105,384
		163,020,220
Cash—foreign currencies (cost $2,521,084)		2,553,799
Cash used for collateral on OTC derivatives		2,717,000
Cash used for collateral on centrally cleared swaps		4,127,345
Unrealized appreciation on forward currency exchange contracts		9,284,923
Swaps, at value		1,964,249
Receivables and other assets:
Interest and dividends		4,302,885
Investments sold		1,458,790
Shares of beneficial interest sold		11,526
Other		139,290
Total assets		189,580,027
Liabilities
Amount due to custodian		411,317
Unrealized depreciation on forward currency exchange contracts		9,461,362
Options written, at value (premiums received $724,560)		1,846,960
Swaps, at value		24,120
Variation margin payable - centrally cleared swaps		486,323
Swaptions written, at value (premiums received $66,463)		2
Payables and other liabilities:
Shares of beneficial interest redeemed		662,619
Foreign capital gains tax		107,088
Shareholder communications		53,033
Transfer and shareholder servicing agent fees		48,920
Distribution and service plan fees		18,394
Trustees’ compensation		16,949
Dividends		6,565
Advisory fees		3,304
Investments purchased		90
Administration fees		70
Other		243,226
Total liabilities		13,390,342
Net Assets	$	176,189,685
Composition of Net Assets
Shares of beneficial interest	$	214,871,733
Total accumulated loss		(38,682,048)
Net Assets	$	176,189,685

20      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $38,036,018 and 6,166,468 shares of beneficial interest outstanding)	$6.17
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)	$6.44
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $12,277,352 and 1,989,536 shares of beneficial interest outstanding)	$6.17
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets of $2,119,950 and 343,699 shares of beneficial interest outstanding)	$6.17
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $103,147,889 and 16,710,412 shares of beneficial interest outstanding)	$6.17
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $9,298 and 1,508.296 shares of beneficial interest outstanding)	$6.16
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $20,599,178 and 3,342,190 shares of beneficial interest outstanding)	$6.16

See accompanying Notes to Financial Statements.    

21      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2020 Unaudited

Investment Income
Interest (net of foreign withholding taxes of $405,847)	$	5,936,788
Dividends from affiliated companies		72,653
Total investment income		6,009,441
Expenses
Advisory fees		787,663
Administration fees		16,741
Distribution and service plan fees:
Class A		56,270
Class C		73,409
Class R		5,884
Transfer and shareholder servicing agent fees:
Class A		33,439
Class C		10,629
Class R		1,704
Class Y		104,768
Class R5		2
Class R6		1,893
Shareholder communications:
Class A		4,738
Class C		1,500
Class R		243
Class Y		14,971
Class R5		1
Class R6		2,279
Custodian fees and expenses		85,552
Registration fees		60,341
Trustees’ compensation		8,830
Other		32,865
Total expenses		1,303,722
Less waivers and reimbursement of expenses		(99,140)
Net expenses		1,204,582
Net Investment Income		4,804,859

22      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $130,616)	$	(16,316,660)
Option contracts written		(1,267,827)
Foreign currency transactions		(742,340)
Forward currency exchange contracts		(1,579,655)
Swap contracts		(41,263)
Net realized loss		(19,947,745)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in unaffiliated companies (net of foreign capital gains tax of $(338,414))		(9,453,323)
Foreign currency transactions		(254,821)
Forward currency exchange contracts		1,663,254
Option contracts written		(1,943,186)
Swap contracts		2,057,616
Swaption contracts written		27,686
Net change in unrealized appreciation/(depreciation)		(7,902,774)
Net Decrease in Net Assets Resulting from Operations		$            (23,045,660)

See accompanying Notes to Financial Statements.    

23      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2020 (Unaudited)			Five Months Ended October 31, 2019			Year Ended May 31, 2019			Year Ended May 31, 2018
Operations
Net investment income	$	4,804,859		$	5,531,003		$	13,149,109		$	11,798,896
Net realized gain (loss)		(19,947,745	)		2,797,400			(15,063,193	)		2,308,273
Net change in unrealized appreciation/(depreciation)		(7,902,774	)		6,915,489			1,749,988			(16,914,284)
Net increase (decrease) in net assets resulting from operations		(23,045,660	)		15,243,892			(164,096	)		(2,807,115)
Dividends and/ or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		(1,164,780	)		(673,918	)		(1,260,536	)		(2,796,757)
Class C		(308,416	)		(188,982	)		(387,650	)		(819,443)
Class R		(54,804	)		(34,348	)		(61,809	)		(120,003)
Class Y		(3,777,786	)		(2,275,794	)		(4,182,745	)		(6,552,072)
Class R5		(265	)		(154	)		(2	)		—
Class R6		(597,319	)		(116,169	)		(222,715	)		(759,729)
Total distributions from distributable earnings		(5,903,370	)		(3,289,365	)		(6,115,457	)		(11,048,004)
Tax return of capital distribution:
Class A		—			(390,359	)		(1,439,629	)		(179,358)
Class C		—			(109,466	)		(442,726	)		(52,552)
Class R		—			(19,896	)		(70,591	)		(7,696)
Class Y		—			(1,318,226	)		(4,777,016	)		(420,189)
Class R5		—			(89	)		(3	)		—
Class R6		—			(67,289	)		(254,357	)		(48,722)
Total return of capital distribution		—			(1,905,325	)		(6,984,322	)		(708,517)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(5,037,109	)		2,653,785			(8,035,884	)		13,691,683
Class C		(1,083,461	)		(1,908,769	)		(2,423,913	)		7,444,313
Class R		(187,920	)		(137,193	)		(208,532	)		1,109,583
Class Y		(41,594,193	)		12,293,228			(10,262,813	)		122,059,010
Class R5		—			—			10,000			—
Class R6		548,262			13,965,089			1,405,058			(353,830)
Total beneficial interest transactions		(47,354,421	)		26,866,140			(19,516,084	)		143,950,759

24      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

	Six Months Ended April 30, 2020 (Unaudited)			Five Months Ended October 31, 2019		Year Ended May 31, 2019			Year Ended May 31, 2018
Net Assets
Total increase (decrease)	$	(76,303,451	)	$	36,915,342	$	(32,779,959	)	$	129,387,123
Beginning of period		252,493,136			215,577,794		248,357,753			118,970,630
End of period	$	176,189,685		$	252,493,136	$	215,577,794		$	248,357,753

See accompanying Notes to Financial Statements.    

25      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2020 (Unaudited)		Five Months Ended October 31, 2019		Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151
Per Share Operating Data
Net asset value, beginning of period		$6.99		$6.68		$7.02		$7.38		$7.17		$7.80		$9.27
Income (loss) from investment operations:
Net investment income2		0.14		0.16		0.39		0.42		0.44		0.53		0.39
Net realized and unrealized gain (loss)		(0.79)		0.30		(0.34)		(0.36)		0.45		(0.65)		(1.43)
Total from investment operations		(0.65)		0.46		0.05		0.06		0.89		(0.12)		(1.04)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.09)		(0.18)		(0.40)		0.00		0.00		(0.42)
Tax return of capital distribution		0.00		(0.06)		(0.21)		(0.02)		(0.68)		(0.51)		(0.01)
Total dividends and/or distributions to shareholders		(0.17)		(0.15)		(0.39)		(0.42)		(0.68)		(0.51)		(0.43)
Net asset value, end of period		$6.17		$6.99		$6.68		$7.02		$7.38		$7.17		$7.80
Total Return, at Net Asset Value3		(9.46)%		6.99%		0.85%		0.62%		13.03%		(1.29)%		(11.49)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$38,036		$48,921		$44,188		$55,015		$44,710		$47,515		$32,520
Average net assets (in thousands)		$46,363		$47,783		$46,481		$53,092		$50,009		$31,493		$38,815
Ratios to average net assets:4
Net investment income		4.09%		5.66%		5.82%		5.60%		6.03%		7.37%		4.51%
Expenses excluding specific expenses listed below		1.27%		1.32%		1.27%		1.29%		1.44%		1.51%		1.46%
Interest and fees from borrowings		0.00%		0.00%		0.00%5		0.00%5		0.00%5		0.00%5		0.00%
Total expenses6		1.27%		1.32%		1.27%		1.29%		1.44%		1.51%		1.46%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.15%		1.15%		1.16%		1.15%		1.24%		1.25%		1.25%
Portfolio turnover rate7		33%		21%		67%		48%		87%		108%		107%

26      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.28	%
Five Months Ended October 31, 2019	1.32	%
Year Ended May 31, 2019	1.27	%
Year Ended May 31, 2018	1.29	%
Year Ended May 31, 2017	1.44	%
Year Ended May 31, 2016	1.51	%
Year Ended May 29, 2015	1.47	%

7. 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.

27      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended April 30, 2020 (Unaudited)		Five Months Ended October 31, 2019		Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151
Per Share Operating Data
Net asset value, beginning of period		$6.99		$6.68		$7.02		$7.38		$7.17		$7.80		$9.27
Income (loss) from investment operations:
Net investment income2		0.11		0.14		0.33		0.36		0.38		0.46		0.32
Net realized and unrealized gain (loss)		(0.79)		0.30		(0.34)		(0.36)		0.46		(0.63)		(1.42)
Total from investment operations		(0.68)		0.44		(0.01)		0.00		0.84		(0.17)		(1.10)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.14)		(0.08)		(0.15)		(0.34)		0.00		0.00		(0.36)
Tax return of capital distribution		0.00		(0.05)		(0.18)		(0.02)		(0.63)		(0.46)		(0.01)
Total dividends and/or distributions to shareholders		(0.14)		(0.13)		(0.33)		(0.36)		(0.63)		(0.46)		(0.37)
Net asset value, end of period		$6.17		$6.99		$6.68		$7.02		$7.38		$7.17		$7.80
Total Return, at Net Asset Value3		(9.85)%		6.61%		(0.14)%		(0.09)%		12.18%		(2.03)%		(12.15)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$12,277		$15,332		$16,488		$19,932		$13,633		$8,183		$10,267
Average net assets (in thousands)		$14,745		$15,919		$16,752		$18,345		$10,161		$8,468		$12,919
Ratios to average net assets:4
Net investment income		3.24%		4.81%		4.97%		4.75%		5.27%		6.38%		3.74%
Expenses excluding specific expenses listed below		2.03%		2.08%		2.04%		2.05%		2.24%		2.38%		2.31%
Interest and fees from borrowings		0.00%		0.00%		0.00%5		0.00%5		0.00%5		0.00%5		0.00%
Total expenses6		2.03%		2.08%		2.04%		2.05%		2.24%		2.38%		2.31%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.00%		2.00%		2.01%		2.00%		2.00%		2.00%		2.00%
Portfolio turnover rate7		33%		21%		67%		48%		87%		108%		107%

28      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	2.04	%
Five Months Ended October 31, 2019	2.08	%
Year Ended May 31, 2019	2.04	%
Year Ended May 31, 2018	2.05	%
Year Ended May 31, 2017	2.24	%
Year Ended May 31, 2016	2.38	%
Year Ended May 29, 2015	2.32	%

7. 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.

29      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended April 30, 2020 (Unaudited)		Five Months Ended October 31, 2019		Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151
Per Share Operating Data
Net asset value, beginning of period		$6.99		$6.68		$7.02		$7.38		$7.17		$7.80		$9.27
Income (loss) from investment operations:
Net investment income2		0.12		0.15		0.36		0.39		0.42		0.51		0.36
Net realized and unrealized gain (loss)		(0.78)		0.30		(0.34)		(0.36)		0.45		(0.65)		(1.42)
Total from investment operations		(0.66)		0.45		0.02		0.03		0.87		(0.14)		(1.06)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.16)		(0.09)		(0.17)		(0.37)		0.00		0.00		(0.40)
Tax return of capital distribution		0.00		(0.05)		(0.19)		(0.02)		(0.66)		(0.49)		(0.01)
Total dividends and/or distributions to shareholders		(0.16)		(0.14)		(0.36)		(0.39)		(0.66)		(0.49)		(0.41)
Net asset value, end of period		$6.17		$6.99		$6.68		$7.02		$7.38		$7.17		$7.80
Total Return, at Net Asset Value3		(9.62)%		6.84%		0.50%		0.27%		12.74%		(1.54)%		(11.71)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,120		$2,588		$2,603		$2,935		$2,023		$1,550		$1,377
Average net assets (in thousands)		$2,365		$2,604		$2,418		$2,436		$1,539		$1,214		$1,658
Ratios to average net assets:4
Net investment income		3.75%		5.31%		5.47%		5.25%		5.77%		7.01%		4.22%
Expenses excluding specific expenses listed below		1.53%		1.58%		1.54%		1.55%		1.73%		1.87%		1.80%
Interest and fees from borrowings		0.00%		0.00%		0.00%5		0.00%5		0.00%5		0.00%5		0.00%
Total expenses6		1.53%		1.58%		1.54%		1.55%		1.73%		1.87%		1.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.50%		1.50%		1.51%		1.50%		1.50%		1.50%		1.50%
Portfolio turnover rate7		33%		21%		67%		48%		87%		108%		107%

30      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.54	%
Five Months Ended October 31, 2019	1.58	%
Year Ended May 31, 2019	1.54	%
Year Ended May 31, 2018	1.55	%
Year Ended May 31, 2017	1.73	%
Year Ended May 31, 2016	1.87	%
Year Ended May 29, 2015	1.81	%

7. 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.

31      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended April 30, 2020 (Unaudited)		Five Months Ended October 31, 2019		Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 29, 2016		Year Ended May 29, 20151
Per Share Operating Data
Net asset value, beginning of period		$7.00		$6.68		$7.03		$7.38		$7.17		$7.79		$9.26
Income (loss) from investment operations:
Net investment income2		0.14		0.17		0.40		0.44		0.46		0.54		0.43
Net realized and unrealized gain (loss)		(0.80)		0.31		(0.35)		(0.35)		0.45		(0.63)		(1.44)
Total from investment operations		(0.66)		0.48		0.05		0.09		0.91		(0.09)		(1.01)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.17)		(0.10)		(0.19)		(0.41)		0.00		0.00		(0.45)
Tax return of capital distribution		0.00		(0.06)		(0.21)		(0.03)		(0.70)		(0.53)		(0.01)
Total dividends and/or distributions to shareholders		(0.17)		(0.16)		(0.40)		(0.44)		(0.70)		(0.53)		(0.46)
Net asset value, end of period		$6.17		$7.00		$6.68		$7.03		$7.38		$7.17		$7.79
Total Return, at Net Asset Value3		(9.50)%		7.24%		0.91%		0.96%		13.35%		(0.87)%		(11.24)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$103,148		$162,754		$143,684		$162,875		$50,516		$3,437		$4,185
Average net assets (in thousands)		$144,705		$155,791		$149,516		$121,012		$17,194		$3,265		$7,931
Ratios to average net assets:4
Net investment income		4.29%		5.86%		6.02%		5.80%		6.33%		7.48%		4.93%
Expenses excluding specific expenses listed below		1.03%		1.08%		1.03%		1.04%		1.22%		1.35%		1.27%
Interest and fees from borrowings		0.00%		0.00%		0.00%5		0.00%5		0.00%5		0.00%5		0.00%
Total expenses6		1.03%		1.08%		1.03%		1.04%		1.22%		1.35%		1.27%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95%		0.95%		0.96%		0.95%		0.95%		0.95%		0.95%
Portfolio turnover rate7		33%		21%		67%		48%		87%		108%		107%

32      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.04	%
Five Months Ended October 31, 2019	1.08	%
Year Ended May 31, 2019	1.03	%
Year Ended May 31, 2018	1.04	%
Year Ended May 31, 2017	1.22	%
Year Ended May 31, 2016	1.35	%
Year Ended May 29, 2015	1.28	%

7. 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.

33      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued

Class R5	Six Months Ended April 30, 2020 (Unaudited)		Five Months Ended October 31, 2019		Period Ended May 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$6.99		$6.67		$6.63
Income (loss) from investment operations:
Net investment income2		0.14		0.17		0.003
Net realized and unrealized gain (loss)		(0.79)		0.31		0.04
Total from investment operations		(0.65)		0.48		0.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.18)		(0.10)		(0.00)3
Tax return of capital distribution		0.00		(0.06)		(0.00)3
Total dividends and/or distributions to shareholders		(0.18)		(0.16)		(0.00)3
Net asset value, end of period		$6.16		$6.99		$6.67
Total Return, at Net Asset Value4		(9.49)%		7.27%		0.64%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$9		$11		$10
Average net assets (in thousands)		$10		$10		$10
Ratios to average net assets:5
Net investment income		4.33%		5.91%		6.13%
Expenses excluding specific expenses listed below		0.92%		1.00%		0.85%
Interest and fees from borrowings		0.00%		0.00%		0.00%
Total expenses6		0.92%		1.00%		0.85%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.90%		0.90%		0.85%
Portfolio turnover rate7		33%		21%		67%

34      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. For the period from after the close of business on May 24, 2019 (inception of offering) to May 31, 2019.

2. Calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.93	%
Five Months Ended October 31, 2019	1.00	%
Period Ended May 31, 2019	0.85	%

7. 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.

35      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

FINANCIAL HIGHLIGHTS Continued

Class R6	Six Months Ended April 30, 2020 (Unaudited)		Five Months Ended October 31, 2019		Year Ended May 31, 2019		Year Ended May 31, 2018		Year Ended May 31, 2017		Year Ended May 31, 2016		Year Ended May 29, 20151
Per Share Operating Data
Net asset value, beginning of period		$6.99		$6.67		$7.02		$7.37		$7.16		$7.79		$9.26
Income (loss) from investment operations:
Net investment income2		0.15		0.17		0.41		0.44		0.46		0.54		0.32
Net realized and unrealized gain (loss)		(0.80)		0.31		(0.35)		(0.35)		0.46		(0.63)		(1.32)
Total from investment operations		(0.65)		0.48		0.06		0.09		0.92		(0.09)		(1.00)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.18)		(0.10)		(0.19)		(0.41)		0.00		0.00		(0.46)
Tax return of capital distribution		0.00		(0.06)		(0.22)		(0.03)		(0.71)		(0.54)		(0.01)
Total dividends and/or distributions to shareholders		(0.18)		(0.16)		(0.41)		(0.44)		(0.71)		(0.54)		(0.47)
Net asset value, end of period		$6.16		$6.99		$6.67		$7.02		$7.37		$7.16		$7.79
Total Return, at Net Asset Value3		(9.47)%		7.29%		1.01%		1.05%		13.47%		(0.91)%		(11.15)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$20,599		$22,887		$8,604		$7,601		$8,089		$2,325		$2,339
Average net assets (in thousands)		$22,490		$7,797		$7,785		$13,701		$5,000		$2,226		$1,212
Ratios to average net assets:4
Net investment income		4.40%		5.96%		6.12%		5.90%		6.42%		7.57%		4.02%
Expenses excluding specific expenses listed below		0.90%		0.95%		0.91%		0.87%		1.03%		1.11%		1.08%
Interest and fees from borrowings		0.00%		0.00%		0.00%5		0.00%5		0.00%5		0.00%5		0.00%
Total expenses6		0.90%		0.95%		0.91%		0.87%		1.03%		1.11%		1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.85%		0.85%		0.86%		0.85%		0.85%		0.85%		0.84%
Portfolio turnover rate7		33%		21%		67%		48%		87%		108%		107%

36      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Less than 0.005%.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.91	%
Five Months Ended October 31, 2019	0.95	%
Year Ended May 31, 2019	0.91	%
Year Ended May 31, 2018	0.87	%
Year Ended May 31, 2017	1.03	%
Year Ended May 31, 2016	1.11	%
Year Ended May 29, 2015	1.09	%

7. 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.

37      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS April 30, 2020 Unaudited

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Emerging Markets Local Debt Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust 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 such Fund or each class.

The Fund’s investment objective is to seek total return.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished

38      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

39      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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 transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized

40      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next
 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions.

41      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid.

42      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

K. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability

43      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the

44      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

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. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.

L. Put Options Purchased and Written - The Fund may purchase and write put options

45      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

M. Call Options Purchased and Written - The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

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

46      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

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. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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.

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.

O. Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

P. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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:

47      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Fee Schedule*
Up to $500 million	0.70	%
Next $500 million	0.65
Next $4 billion	0.60
Over $5 billion	0.58

* 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.15%, 2.00%, 1.50%, 0.95%, 0.90% and 0.85%, respectively, of the Fund’s average daily net assets (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 waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (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 on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $5,798 and reimbursed fund expenses of $28,726, $2,260, $376, $55,770, $1 and $6,209 for Class A, Class C, Class R, Class Y, Class R5 and Class R6, respectively.

48      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C 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 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 plans. For the six months ended April 30, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 six months ended April 30, 2020, IDI advised the Fund that IDI retained $2,878 in front-end sales commissions from the sale of Class A shares and $801 from Class C shares for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

49      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Foreign Government Obligations	$	—	$	137,115,400	$	—	$	137,115,400
Corporate Bonds and Notes		—		10,546,086		—		10,546,086
Short-Term Note		—		999,522		—		999,522
Over-the-Counter Options Purchased		—		250,625		—		250,625
Over-the-Counter Interest Rate
Swaptions Purchased		—		3,203		—		3,203
Investment Company		14,105,384		—		—		14,105,384
Total Investments, at Value		14,105,384		148,914,836		—		163,020,220
Other Financial Instruments:
Swaps, at value		—		1,964,249		—		1,964,249
Centrally cleared swaps, at value		—		3,326,874		—		3,326,874

50      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Other Financial Instruments:
Forward currency exchange contracts	$	—	$	9,284,923		$	—	$	9,284,923
Total Assets	$	14,105,384	$	163,490,882		$	—	$	177,596,266
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—	$	(24,120	)	$	—	$	(24,120	)
Centrally cleared swaps, at value		—		(552,230	)		—		(552,230	)
Options written, at value		—		(1,846,960	)		—		(1,846,960	)
Forward currency exchange contracts		—		(9,461,362	)		—		(9,461,362	)
Swaptions written, at value		—		(2	)		—		(2	)
Total Liabilities	$	—	$	(11,884,674	)	$	—	$	(11,884,674	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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.

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 asset transactions as of April 30, 2020:

			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**		Cash Collateral Received**			Net Amount
Bank of America NA	$	83,390	$	(83,390	)	$	–	$	–		$	–
Citibank NA		3,384,237		(1,169,025	)		–		(2,200,000	)		15,212

51      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**		Cash Collateral Received**			Net Amount
Goldman Sachs Bank USA	$	537,953	$	(537,953	)	$	–	$	–		$	–
Goldman Sachs International		1,132,638		(2	)		–		(440,000	)		692,636
JPMorgan Chase Bank NA		6,214,142		(6,214,142	)		–		–			–
Morgan Stanley & Co., Inc.		78,013		(53,351	)		–		(20,000	)		4,662
Morgan Stanley Capital Services, Inc.		1,836		–			–		–			1,836
RBC Dominion Securities		70,791		(70,791	)		–		–			–
	$	11,503,000	$	(8,128,654	)	$	–	$	(2,660,000	)	$	714,346

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

				Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(637,931	)	$	83,390	$	–	$	553,000	$	(1,541	)
Barclays Bank plc		(76,086	)		–		–		–		(76,086	)
Citibank NA		(1,169,025	)		1,169,025		–		–		–
Goldman Sachs Bank USA		(2,452,979	)		537,953		–		1,104,000		(811,026	)
Goldman Sachs International		(2	)		2		–		–		–
JPMorgan Chase Bank NA		(6,868,234	)		6,214,142		–		654,092		–
Morgan Stanley & Co., Inc.		(53,351	)		53,351		–		–		–

52      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

			Gross Amounts Not Offset in the Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
RBC Dominion Securities	$	(74,836)	$	70,791	$	–	$	–	$	(4,045)
	$	(11,332,444)	$	8,128,654	$	–	$	311,092	$	(892,698)

*OTC derivatives are reported gross on the Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Interest rate contracts	Swaps, at value	$	1,964,249	Swaps, at value	$	24,120
Interest rate contracts	Centrally cleared swaps, at value		3,326,8741	Centrally cleared swaps, at value		552,2301
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		9,284,923	Unrealized depreciation on forward currency exchange contracts		9,461,362
Currency contracts				Options written, at value		1,846,960
Interest rate contracts				Swaptions written, at value		2
Currency contracts	Investments, at value		250,6252
Interest rate contracts	Investments, at value		3,2032
Total		$	14,829,874		$	11,884,674

1. The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities.

2. Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the Six Months Ended April 30, 2020

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

53      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Option contracts written			Forward currency exchange contracts			Swap contracts			Total
Currency contracts	$	(747,979	)	$	(1,282,028	)	$	—		$	—		$	(2,030,007)
Equity contracts		(121,420	)		14,201			—			—			(107,219)
Forward currency exchange contracts		—			—			(1,579,655	)		—			(1,579,655)
Interest rate contracts		—			—			—			(41,263	)		(41,263)
Total	$	(869,399	)	$	(1,267,827	)	$	(1,579,655	)	$	(41,263	)	$	(3,758,144)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments							Investment transactions in unaffiliated companies*			Swaption contracts written			Option contracts written
Currency contracts							$	(29,610	)	$	—		$	(1,932,615)
Equity contracts								23,088			—			(10,571)
Forward currency exchange contracts								—			—			—
Interest rate contracts								(312,143	)		27,686			—
Total							$	(318,665	)	$	27,686		$	(1,943,186)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments							Forward currency exchange contracts			Swap contracts			Total
Currency contracts							$	—		$	—		$	(1,962,225)
Equity contracts								—			—			12,517
Forward currency exchange contracts								1,663,254			—			1,663,254
Interest rate contracts								—			2,057,616			1,773,159
Total							$	1,663,254		$	2,057,616		$	1,486,705

*Includes purchased option contracts and purchased swaption contracts, if any.

The table below summarizes the six months ended average notional value of forward currency exchange contracts, currency options written, currency options purchased, swap agreements, swaptions purchased and swaptions written during the period.

	Forward currency exchange contracts		Currency options written		Index options written*		Index options purchased*		Currency options purchased
Average notional amount	$	388,628,381	$	187,220,406	$	1,410,000	$	4,530,000	$	259,993,773
Average contracts				183,509,167		6		16		258,588,333

54      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

	Swaptions purchased		Swaptions written		Swaps
Average notional amount	$	128,000,000	$	3,150,550	$	302,562,250

*Summarizes the three month average notional value and contracts of index options purchased and index options written.

Note 5 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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. Effective May 5, 2020, the custodian changed to State Street Bank and Trust.

Note 7 – Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

55      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

carryforward actually available for the Fund to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,422,721	$	1,543,988		$          2,966,709

* Capital loss carryforward listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further the realization of net unrealized gains or losses as of the date of any reorganization.

Note 8 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $64,986,319 and $105,178,884, 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	$            21,935,320
Aggregate unrealized (depreciation) of investments	(37,393,081	)
Net unrealized depreciation of investments	$         (15,457,761	)

Cost of investments for tax purposes is $183,310,514.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

	Six Months Ended April 30, 20201						Five Months Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class A
Sold		801,595		$	5,489,249			1,044,919		$	7,199,389
Automatic Conversion Class C to Class A Shares		32,077			212,910			262,497			1,825,748
Dividends and/or distributions reinvested		166,175			1,094,003			145,246			1,003,255
Redeemed		(1,830,596	)		(11,833,271	)		(1,072,959	)		(7,374,607)
Net increase (decrease)		(830,749	)	$	(5,037,109	)		379,703		$	2,653,785

56      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

	Six Months Ended April 30, 20201						Five Months Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class C
Sold		335,618		$	2,328,113			236,093		$	1,639,028
Dividends and/or distributions reinvested		46,216			303,347			42,226			291,721
Automatic Conversion Class C to Class A Shares		(32,069	)		(212,910	)		(262,417	)		(1,825,748	)
Redeemed		(552,106	)		(3,502,011	)		(292,398	)		(2,013,770	)
Net increase (decrease)		(202,341	)	$	(1,083,461	)		(276,496	)	$	(1,908,769	)
Class R
Sold		44,704		$	292,772			31,396		$	217,803
Dividends and/or distributions reinvested		8,197			53,527			7,720			53,312
Redeemed		(79,496	)		(534,219	)		(58,762	)		(408,308	)
Net increase (decrease)		(26,595	)	$	(187,920	)		(19,646	)	$	(137,193	)
Class Y
Sold		5,123,653		$	34,347,995			7,252,270		$	50,239,677
Dividends and/or distributions reinvested		571,742			3,774,727			519,823			3,592,760
Redeemed		(12,251,081	)		(79,716,915	)		(6,008,112	)		(41,539,209	)
Net increase (decrease)		(6,555,686	)	$	(41,594,193	)		1,763,981		$	12,293,228
Class R53
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—
Class R6
Sold		411,879		$	2,730,095			2,582,693		$	18,091,112
Dividends and/or distributions reinvested		90,997			596,490			26,226			181,120
Redeemed		(436,866	)		(2,778,323	)		(622,495	)		(4,307,143	)
Net increase (decrease)		66,010		$	548,262			1,986,424		$	13,965,089
	Year Ended May 31, 20194						Year Ended May 31, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		2,142,936		$	14,310,743			5,762,810		$	43,318,445
Automatic Conversion Class C to Class A Shares		—			—			—			—
Dividends and/or distributions reinvested		379,482			2,525,008			370,610			2,771,775
Redeemed		(3,739,725	)		(24,871,635	)		(4,358,316	)		(32,398,537	)
Net increase (decrease)		(1,217,307	)	$	(8,035,884	)		1,775,104		$	13,691,683

57      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

	Year Ended May 31, 2019						Year Ended May 31, 2018
	Shares			Amount			Shares			Amount
Class C
Sold		585,234		$	3,901,473			1,716,729		$	12,870,446
Dividends and/or distributions reinvested		121,982			811,924			113,131			846,592
Automatic Conversion Class C to Class A Shares		—			—			—			—
Redeemed		(1,076,257	)		(7,137,310	)		(839,358	)		(6,272,725)
Net increase (decrease)		(369,041	)	$	(2,423,913	)		990,502		$	7,444,313
Class R
Sold		138,268		$	910,316			325,225		$	2,463,467
Dividends and/or distributions reinvested		19,671			130,969			16,951			126,639
Redeemed		(186,103	)		(1,249,817	)		(198,289	)		(1,480,523)
Net increase (decrease)		(28,164	)	$	(208,532	)		143,887		$	1,109,583
Class Y
Sold		18,825,483		$	125,559,158			26,087,049		$	195,579,129
Dividends and/or distributions reinvested		1,344,630			8,955,272			927,066			6,937,468
Redeemed		(21,847,674	)		(144,777,243	)		(10,677,026	)		(80,457,587)
Net increase (decrease)		(1,677,561	)	$	(10,262,813	)		16,337,089		$	122,059,010
	Year Ended May 31, 20194						Year Ended May 31, 2018
	Shares			Amount			Shares			Amount
Class R53
Sold		1,508		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		1,508		$	10,000			—		$	—
Class R6
Sold		641,294		$	4,302,870			1,771,836		$	13,319,343
Dividends and/or distributions reinvested		71,688			476,744			103,975			780,106
Redeemed		(506,738	)		(3,374,556	)		(1,889,686	)		(14,453,279)
Net increase (decrease)		206,244		$	1,405,058			(13,875	)	$	(353,830)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 53% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

2. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 60% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether

58      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

all or any portion of the shares owned of record by these entities are also owned beneficially.

3. Commencement date after the close of business on May 24, 2019.

4. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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.

Note 10 - Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

Note 11 - Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Emerging Markets Local Debt Fund to Invesco Emerging Markets Local Debt Fund.

59      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends.

For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The 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.

60      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

¹NTD

61      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

INVESCO’S PRIVACY NOTICE Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

62      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

63      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

INVESCO’S PRIVACY NOTICE Continued

● Request that we amend, rectify, delete or update the personal data we hold about you;

● Where possible (e.g. in relation to marketing) amend or update your choices around processing;

● Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

64      INVESCO OPPENHEIMER EMERGING MARKETS LOCAL DEBT FUND

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Explore High-Conviction Investing with Invesco

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.

Invesco Distributors, Inc. O-EMLD-SAR-1             06272020

	Semiannual Report to Shareholders	April 30, 2020
	Invesco Oppenheimer Emerging Markets Innovators Fund
	Nasdaq:
	A: EMIAX ∎ C: EMVCX ∎ R: EMIRX ∎ Y: EMIYX ∎ R5: EMIMX ∎ R6: EMVIX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
17	Fund Expenses

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

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

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the

adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg   Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Oppenheimer Emerging Markets Innovators Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, October 31, 2019 to April 30, 2020, 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	–12.01%
Class C Shares	–12.28
Class R Shares	–12.06
Class Y Shares	–11.88
Class R5 Shares	–11.80
Class R6 Shares	–11.78
MSCI Emerging Markets Mid Cap Indexq	–16.77
Source(s): qRIMES Technologies Corp.
The MSCI Emerging Markets Mid Cap Index is designed to measure equity market performance of mid-capitalization companies in emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.   The 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their in-sights about market and economic news and trends.

3 Invesco Oppenheimer Emerging Markets Innovators Fund

Average Annual Total Returns
As of 4/30/20, including maximum applicable sales charges
Class A Shares
Inception (6/30/14)	–2.38	%
5 Years	–2.01
1 Year	–15.58
Class C Shares
Inception (6/30/14)	–2.18	%
5 Years	–1.64
1 Year	–12.19
Class R Shares
Inception (6/30/14)	–1.69	%
5 Years	–1.16
1 Year	–10.85
Class Y Shares
Inception (6/30/14)	–1.19	%
5 Years	–0.64
1 Year	–10.44
Class R5 Shares
Inception	–1.38	%
5 Years	–0.83
1 Year	–10.34
Class R6 Shares
Inception (6/30/14)	–0.99	%
5 Years	–0.44
1 Year	–10.26

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). Returns shown above, prior to May 24, 2019, for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from the predecessor fund because of different expenses.

Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4 Invesco Oppenheimer Emerging Markets Innovators Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Oppenheimer Emerging Markets Innovators Fund

Schedule of Investments

April 30, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.32%
Argentina–0.95%
Globant S.A.(a)		41,177	$	4,762,944
Brazil–10.61%
Arezzo Industria e Comercio S.A.		622,000		4,861,252
Linx S.A.		800,140		3,194,439
Lojas Americanas S.A., Preference Shares		3,761,668		17,210,743
Lojas Renner S.A.		644,700		4,551,395
Odontoprev S.A.		1,629,586		4,495,079
Pagseguro Digital Ltd., Class A(a)		739,609		18,734,296
				53,047,204
Chile–3.15%
Banco de Chile		62,064,594		5,471,259
Falabella S.A.		3,764,216		10,279,569
				15,750,828
China–34.86%
Baozun, Inc., ADR(a)		563,733		17,949,259
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		1,828,000		7,063,557
HOSA International Ltd.(a)(c)		6,382,000		1
Huazhu Group Ltd., ADR		531,691		19,146,193
Innovent Biologics, Inc.(a)(b)		3,376,500		16,645,142
Kerry Logistics Network Ltd.		7,005,500		9,493,074
Kingdee International Software Group Co. Ltd.		5,414,300		7,762,025
New Oriental Education & Technology Group, Inc., ADR(a)		41,405		5,285,762
OneConnect Financial Technology Co. Ltd., ADR(a)		485,961		4,883,908
Silergy Corp.		274,000		10,892,062
SITC International Holdings Co. Ltd.		9,804,000		9,613,035
Sunny Optical Technology Group Co. Ltd.		441,200		6,113,310
TAL Education Group, ADR(a)		59,279		3,212,329
Tencent Music Entertainment Group, ADR(a)		388,277		4,430,241
Venus MedTech Hangzhou, Inc., H Shares(a)(b)		1,258,655		8,552,891
Wuxi Biologics Cayman, Inc.(a)(b)		559,500		8,676,766
Yum China Holdings, Inc.(a)		560,985		27,185,333
Zhongsheng Group Holdings Ltd.		1,856,789		7,393,078
				174,297,966
Colombia–1.04%
Banco Davivienda S.A., Preference Shares		719,480		5,219,365
Egypt–2.57%
Cairo Investment & Real Estate Development Co. SAE		3,920,107		2,986,748
Commercial International Bank Egypt S.A.E.		1,516,267		6,155,897
Eastern Co. S.A.E.		4,812,750		3,703,526
				12,846,171

	Shares		Value
Greece–1.46%
JUMBO S.A.		465,958	$	7,313,715
Hong Kong–0.68%
Hongkong & Shanghai Hotels Ltd. (The)		3,707,000		3,393,520
India–9.48%
Bandhan Bank Ltd.(b)		1,786,455		6,156,160
Cholamandalam Investment and Finance
Co. Ltd.		1,688,034		3,545,321
CRISIL Ltd.		217,580		4,203,336
Havells India Ltd.		405,312		3,023,706
ICICI Lombard General Insurance Co. Ltd.(b)		188,229		3,215,337
Oberoi Realty Ltd.		1,487,231		6,811,059
United Spirits Ltd.(a)		701,656		4,993,783
Voltas Ltd.		1,468,749		9,817,237
Zee Entertainment Enterprises Ltd.		2,670,794		5,606,252
				47,372,191
Indonesia–5.43%
PT Ace Hardware Indonesia Tbk		122,496,900		12,506,528
PT Semen Indonesia (Persero) Tbk		10,084,500		5,383,086
PT Unilever Indonesia Tbk		16,689,700		9,231,656
				27,121,270
Mexico–3.32%
Alsea S.A.B. de C.V.(a)		10,932,070		9,012,913
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, ADR		974,370		2,699,005
Regional S.A.B. de C.V.		1,989,523		4,876,193
				16,588,111
Nigeria–0.44%
Guaranty Trust Bank PLC		41,251,238		2,221,207
Peru–2.33%
Credicorp Ltd.		57,083		8,506,509
Intercorp Financial Services, Inc.		125,283		3,149,614
				11,656,123
Philippines–2.48%
Ayala Corp.		436,510		4,953,725
International Container Terminal Services, Inc.		2,476,770		4,373,804
Philippine Seven Corp.		375,022		916,007
San Miguel Food and Beverage, Inc.		1,822,410		2,125,586
SM Prime Holdings, Inc.		43,900		26,197
				12,395,319
Russia–6.95%
Polyus PJSC, GDR(b)		52,000		4,235,400
TCS Group Holding PLC, GDR(b)		445,347		6,190,323
TCS Group Holding PLC, GDR		94,578		1,316,213
Yandex N.V., Class A(a)		608,284		22,980,970
				34,722,906
South Korea–5.51%
Samsung Biologics Co. Ltd.(a)(b)		57,618		27,559,276

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Oppenheimer Emerging Markets Innovators Fund

	Shares		Value
Taiwan–4.66%
Largan Precision Co. Ltd.		51,000	$	6,967,033
Largan Precision Co. Ltd.		4,000		552,856
President Chain Store Corp.		732,000		7,552,490
Voltronic Power Technology Corp.		346,778		8,229,793
				23,302,172
Thailand–0.38%
Airports of Thailand PCL, Foreign Shares		993,000		1,894,409
Turkey–2.02%
BIM Birlesik Magazalar A.S.		598,408		4,741,071
Turkiye Garanti Bankasi A.S.		4,559,768		5,372,789
				10,113,860

	Shares		Value
United Arab Emirates–0.00%
NMC Health PLC(c)		239,387	$	3
Total Common Stocks & Other Equity Interests (Cost $510,768,048)				491,578,560
Money Market Funds–1.21%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%(d)(e) (Cost $6,047,361)		6,047,361		6,047,361
TOTAL INVESTMENTS IN SECURITIES–99.53% (Cost $516,815,409)				497,625,921
OTHER ASSETS LESS LIABILITIES–0.47%				2,359,686
NET ASSETS–100.00%			$	499,985,607

Investment Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $88,294,852, which represented 17.66% of the Fund’s Net Assets.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	38,085,651		$	142,648,868		$	(174,687,158	)		$	-		$	-		$	6,047,361		$	185,238

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Portfolio Composition

By sector, based on Net Assets

as of April 30, 2020

Consumer Discretionary	30.46	%
Health Care	14.60
Financials	13.66
Information Technology	12.77
Industrials	10.28
Consumer Staples	6.65
Communication Services	6.60
Other Sectors, Each Less than 2% of Net Assets	3.29
Money Market Funds Plus Other Assets Less Liabilities	1.69

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Oppenheimer Emerging Markets Innovators Fund

Statement of Assets and Liabilities

April 30, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $510,768,048)	$	491,578,560
Investments in affiliated money market funds, at value (Cost $6,047,361)		6,047,361
Cash		300,036
Foreign currencies, at value (Cost $788,950)		780,708
Receivable for:
Investments sold		8,616,693
Fund shares sold		85,140
Dividends		1,015,334
Investment for trustee deferred compensation and retirement plans		6,853
Other assets		149,253
Total assets		508,579,938
Liabilities:
Payable for:
Investments purchased		6,532,051
Fund shares reacquired		1,541,103
Accrued foreign taxes		43,317
Accrued fees to affiliates		134,389
Accrued other operating expenses		336,618
Trustee deferred compensation and retirement plans		6,853
Total liabilities		8,594,331
Net assets applicable to shares outstanding	$	499,985,607
Net assets consist of:
Shares of beneficial interest	$	536,783,906
Distributable earnings (loss)		(36,798,299	)
	$	499,985,607

Net Assets:
Class A	$	65,269,856
Class C	$	19,770,265
Class R	$	7,090,517
Class Y	$	159,748,525
Class R5	$	9,641
Class R6	$	248,096,803
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,127,215
Class C		2,250,427
Class R		784,472
Class Y		17,230,472
Class R5		1,049
Class R6		26,499,139
Class A:
Net asset value per share	$	9.16
Maximum offering price per share
(Net asset value of $9.16 ÷ 94.50%)	$	9.69
Class C:
Net asset value and offering price per share	$	8.79
Class R:
Net asset value and offering price per share	$	9.04
Class Y:
Net asset value and offering price per share	$	9.27
Class R5:
Net asset value and offering price per share	$	9.19
Class R6:
Net asset value and offering price per share	$	9.36

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Oppenheimer Emerging Markets Innovators Fund

Statement of Operations

For the six months ended April 30, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $320,263)	$	3,040,704
Dividends from affiliated money market funds		185,238
Total investment income		3,225,942
Expenses:
Advisory fees		3,342,462
Administrative services fees		42,454
Custodian fees		207,938
Distribution fees:
Class A		94,863
Class C		121,245
Class R		19,555
Transfer agent fees – A, C, R and Y		276,664
Transfer agent fees – R5		3
Transfer agent fees – R6		1,402
Trustees’ and officers’ fees and benefits		1,186
Registration and filing fees		31,719
Reports to shareholders		18,176
Professional services fees		29,633
Other		8,841
Total expenses		4,196,141
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(16,606	)
Net expenses		4,179,535
Net investment income (loss)		(953,593	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities (net of foreign taxes of $1,531,072)		50,336,816
Foreign currencies		162,597
		50,499,413
Change in net unrealized appreciation (depreciation) of:
Investment securities (net of foreign taxes of $1,698,652)		(126,214,206	)
Foreign currencies		1,793,662
		(124,420,544	)
Net realized and unrealized gain (loss)		(73,921,131	)
Net increase (decrease) in net assets resulting from operations	$	(74,874,724	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Oppenheimer Emerging Markets Innovators Fund

Statement of Changes in Net Assets

For the six months ended April 30, 2020, period ended October 31, 2019, and the year ended August 31, 2019

(Unaudited)

	Six Months Ended April 30, 2020				Two Months Ended October 31, 2019				Year Ended August 31, 2019
Operations:
Net investment income (loss)		$	(953,593	)		$	(404,357	)		$	(167,895	)
Net realized gain (loss)			50,499,413				11,321,736				(56,989,656	)
Change in net unrealized appreciation (depreciation)			(124,420,544	)			23,195,569				41,795,257
Net increase (decrease) in net assets resulting from operations			(74,874,724	)			34,112,948				(15,362,294	)
Share transactions–net:
Class A			(9,030,257	)			(1,176,936	)			(12,295,214	)
Class C			(3,538,463	)			(1,643,660	)			(9,155,459	)
Class R			90,909				73,076				992,778
Class Y			(29,124,962	)			(7,955,725	)			(53,894,034	)
Class R5			–				–				10,000
Class R6			(11,156,399	)			(994,222	)			165,025,902
Net increase (decrease) in net assets resulting from share transactions			(52,759,172	)			(11,697,467	)			90,683,973
Net increase (decrease) in net assets			(127,633,896	)			22,415,481				75,321,679
Net assets:
Beginning of period			627,619,503				605,204,022				529,882,343
End of period		$	499,985,607			$	627,619,503			$	605,204,022

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Oppenheimer Emerging Markets Innovators Fund

Financial Highlights

(Unaudited)

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
Six months ended 04/30/20		$	10.41		$	(0.03	)		$	(1.22	)		$	(1.25	)		$	—			$	—			$	—			$	9.16		(12.01	)%		$	65,270		1.66	%(e)		1.66	%(e)		(0.57	)%(e)		46	%
Two months ended 10/31/19			9.85			(0.01	)			0.57				0.56				—				—				—				10.41		5.69				83,842		1.68	(f)		1.68	(f)		(0.63	)(f)		20
Year ended 08/31/19			10.38			(0.02	)			(0.51	)			(0.53	)			—				—				—				9.85		(5.11	)			80,454		1.71			1.71			(0.25	)		36
Year ended 08/31/18			10.67			(0.02	)			(0.25	)			(0.27	)			(0.02	)			—				(0.02	)			10.38		(2.52	)			97,641		1.70			1.70			(0.18	)		24
Year ended 08/31/17			8.87			(0.03	)			1.83				1.80				—				—				—				10.67		20.29				84,324		1.77			1.77			(0.35	)		23
Year ended 08/31/16			8.22			(0.03	)			0.68				0.65				—				—				—				8.87		7.91				64,713		1.75			1.75			(0.31	)		26
Year ended 08/31/15			9.93			(0.02	)			(1.67	)			(1.69	)			(0.01	)			(0.01	)			(0.02	)			8.22		(17.10	)			41,993		1.71			1.71			(0.21	)		34
Class C
Six months ended 04/30/20			10.02			(0.06	)			(1.17	)			(1.23	)			—				—				—				8.79		(12.28	)			19,770		2.42	(e)		2.42	(e)		(1.33	)(e)		46
Two months ended 10/31/19			9.49			(0.02	)			0.55				0.53				—				—				—				10.02		5.58				26,427		2.44	(f)		2.44	(f)		(1.40	)(f)		20
Year ended 08/31/19			10.09			(0.09	)			(0.51	)			(0.60	)			—				—				—				9.49		(5.95	)			26,661		2.45			2.45			(1.01	)		36
Year ended 08/31/18			10.42			(0.10	)			(0.23	)			(0.33	)			—				—				—				10.09		(3.17	)			38,156		2.46			2.46			(0.94	)		24
Year ended 08/31/17			8.74			(0.10	)			1.78				1.68				—				—				—				10.42		19.22				30,168		2.52			2.52			(1.11	)		23
Year ended 08/31/16			8.16			(0.09	)			0.67				0.58				—				—				—				8.74		7.24				19,616		2.50			2.50			(1.10	)		26
Year ended 08/31/15			9.92			(0.08	)			(1.67	)			(1.75	)			—				(0.01	)			(0.01	)			8.16		(17.80	)			10,795		2.69			2.69			(0.88	)		34
Class R
Six months ended 04/30/20			10.28			(0.04	)			(1.20	)			(1.24	)			—				—				—				9.04		(12.06	)			7,091		1.92	(e)		1.92	(e)		(0.83	)(e)		46
Two months ended 10/31/19			9.73			(0.01	)			0.56				0.55				—				—				—				10.28		5.65				8,012		1.94	(f)		1.94	(f)		(0.90	)(f)		20
Year ended 08/31/19			10.29			(0.05	)			(0.51	)			(0.56	)			—				—				—				9.73		(5.44	)			7,516		1.95			1.95			(0.51	)		36
Year ended 08/31/18			10.59			(0.05	)			(0.24	)			(0.29	)			(0.01	)			—				(0.01	)			10.29		(2.77	)			6,884		1.97			1.97			(0.45	)		24
Year ended 08/31/17			8.83			(0.05	)			1.81				1.76				—				—				—				10.59		19.93				3,606		2.03			2.03			(0.55	)		23
Year ended 08/31/16			8.20			(0.05	)			0.68				0.63				—				—				—				8.83		7.68				1,692		2.02			2.02			(0.60	)		26
Year ended 08/31/15			9.93			(0.03	)			(1.69	)			(1.72	)			—				(0.01	)			(0.01	)			8.20		(17.38	)			966		2.24			2.24			(0.36	)		34
Class Y
Six months ended 04/30/20			10.52			(0.02	)			(1.23	)			(1.25	)			—				—				—				9.27		(11.88	)			159,749		1.42	(e)		1.42	(e)		(0.33	)(e)		46
Two months ended 10/31/19			9.95			(0.01	)			0.58				0.57				—				—				—				10.52		5.73				216,384		1.44	(f)		1.44	(f)		(0.40	)(f)		20
Year ended 08/31/19			10.47			(0.00	)			(0.52	)			(0.52	)			—				—				—				9.95		(4.97	)			212,530		1.46			1.46			(0.00	)		36
Year ended 08/31/18			10.75			0.01				(0.25	)			(0.24	)			(0.04	)			—				(0.04	)			10.47		(2.23	)			281,465		1.46			1.46			0.06			24
Year ended 08/31/17			8.92			(0.01	)			1.84				1.83				—				—				—				10.75		20.52				193,261		1.52			1.52			(0.10	)		23
Year ended 08/31/16			8.24			(0.00	)			0.68				0.68				—				—				—				8.92		8.25				162,599		1.50			1.50			(0.03	)		26
Year ended 08/31/15			9.94			0.01				(1.68	)			(1.67	)			(0.02	)			(0.01	)			(0.03	)			8.24		(16.92	)			68,697		1.72			1.72			0.14			34
Class R5
Six months ended 04/30/20			10.42			(0.01	)			(1.22	)			(1.23	)			—				—				—				9.19		(11.80	)			10		1.29	(e)		1.29	(e)		(0.20	)(e)		46
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
Six months ended 04/30/20			10.61			(0.01	)			(1.24	)			(1.25	)			—				—				—				9.36		(11.78	)			248,097		1.24	(e)		1.24	(e)		(0.15	)(e)		46
Two months ended 10/31/19			10.04			(0.00	)			0.57				0.57				—				—				—				10.61		5.68				292,944		1.27	(f)		1.27	(f)		(0.22	)(f)		20
Year ended 08/31/19			10.54			0.02				(0.52	)			(0.50	)			—				—				—				10.04		(4.74	)			278,033		1.27			1.27			0.18			36
Year ended 08/31/18			10.82			0.03				(0.25	)			(0.22	)			(0.06	)			—				(0.06	)			10.54		(2.06	)			105,736		1.29			1.29			0.26			24
Year ended 08/31/17			8.96			0.03				1.83				1.86				—				—				—				10.82		20.89				23,879		1.32			1.32			0.30			23
Year ended 08/31/16			8.26			0.06				0.64				0.70				—				—				—				8.96		8.35				7,332		1.33			1.33			0.65			26
Year ended 08/31/15			9.94			0.05				(1.70	)			(1.65	)			(0.02	)			(0.01	)			(0.03	)			8.26		(16.68	)			102		1.60			1.60			0.54			34

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.01% for the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $78,154, $24,382, $7,865, $203,684, $11 and $281,997 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  For the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Oppenheimer Emerging Markets Innovators Fund

Notes to Financial Statements

April 30, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Oppenheimer Emerging Markets Innovators Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment

12 Invesco Oppenheimer Emerging Markets Innovators Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

13 Invesco Oppenheimer Emerging Markets Innovators Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 1.14%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.70%, 2.46%, 1.98%, 1.45%, 1.30% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $13,265.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six-month period ended April 30, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended April 30, 2020, IDI advised the Fund that IDI retained $18,207 in front-end sales commissions from the sale of Class A shares and $0 and $513 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –  Prices are determined using quoted prices in an active market for identical assets.

Level 2 –  Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss  severities, default rates, discount rates, volatilities and others.

Level 3 –  Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable  inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

14 Invesco Oppenheimer Emerging Markets Innovators Fund

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Investments in Securities
Argentina		$	4,762,944		$	–		$	–		$	4,762,944
Brazil			53,047,204			–			–			53,047,204
Chile			15,750,828			–			–			15,750,828
China			82,093,025			92,204,940			1			174,297,966
Colombia			5,219,365			–			–			5,219,365
Egypt			6,690,274			6,155,897			–			12,846,171
Greece			–			7,313,715			–			7,313,715
Hong Kong			–			3,393,520			–			3,393,520
India			–			47,372,191			–			47,372,191
Indonesia			–			27,121,270			–			27,121,270
Mexico			16,588,111			–			–			16,588,111
Nigeria			–			2,221,207			–			2,221,207
Peru			11,656,123			–			–			11,656,123
Philippines			–			12,395,319			–			12,395,319
Russia			33,406,693			1,316,213			–			34,722,906
South Korea			–			27,559,276			–			27,559,276
Taiwan			552,856			22,749,316			–			23,302,172
Thailand			–			1,894,409			–			1,894,409
Turkey			–			10,113,860			–			10,113,860
United Arab Emirates			–			–			3			3
Money Market Funds			6,047,361			–			–			6,047,361
Total Investments		$	235,814,784		$	261,811,133		$	4		$	497,625,921

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended April 30, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,341.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$–		$65,369,315		$65,369,315

* 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.

15 Invesco Oppenheimer Emerging Markets Innovators Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $259,595,759 and $281,015,167, 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	$	78,844,033
Aggregate unrealized (depreciation) of investments		(99,818,152	)
Net unrealized appreciation (depreciation) of investments	$	(20,974,119	)

Cost of investments for tax purposes is $518,600,040.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Two Months Ended						Year ended
	April 30, 2020(a)						October 31, 2019						August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		745,512		$	7,734,912			215,833		$	2,144,231			2,831,685		$	27,135,496
Class C		160,376			1,572,880			37,728			365,110			675,184			6,281,216
Class R		108,588			1,091,859			26,562			264,114			298,488			2,854,027
Class Y		2,009,122			19,749,933			354,784			3,603,679			9,320,886			88,483,577
Class R5(b)		-			-			-			-			1,049			10,000
Class R6		780,690			7,484,348			242,449			2,459,925			20,331,432			191,144,970
Automatic conversion of Class C shares to Class A shares:
Class A		27,431			261,473			67,125			671,440			-			-
Class C		(28,566	)		(261,473	)		(69,640	)		(671,440	)		-			-
Reacquired:
Class A		(1,703,490	)		(17,026,642	)		(394,543	)		(3,992,607	)		(4,065,625	)		(39,430,710	)
Class C		(519,300	)		(4,849,870	)		(138,315	)		(1,337,330	)		(1,649,989	)		(15,436,675	)
Class R		(103,426	)		(1,000,950	)		(19,331	)		(191,038	)		(195,415	)		(1,861,249	)
Class Y		(5,348,457	)		(48,874,895	)		(1,139,324	)		(11,559,404	)		(14,855,717	)		(142,377,611	)
Class R6		(1,881,313	)		(18,640,747	)		(338,100	)		(3,454,147	)		(2,667,474	)		(26,119,068	)
Net increase (decrease) in share activity		(5,752,833	)	$	(52,759,172	)		(1,154,772	)	$	(11,697,467	)		10,024,504		$	90,683,973

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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, 27% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Emerging Markets Innovators Fund to Invesco Emerging Markets Innovators Fund.

16 Invesco Oppenheimer Emerging Markets Innovators Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 (11/01/19)			Ending Account Value (04/30/20)1			Expenses Paid During Period2		Ending Account Value (04/30/20)			Expenses Paid During Period2		Annualized Expense Ratio
Class A		$	1,000.00		$	879.90		$7.76		$	1,016.61		$8.32		1.66	%
Class C			1,000.00			877.20		11.29			1,012.83		12.11		2.42
Class R			1,000.00			879.40		8.97			1,015.32		9.62		1.92
Class Y			1,000.00			881.20		6.64			1,017.80		7.12		1.42
Class R5			1,000.00			882.00		6.04			1,018.45		6.47		1.29
Class R6			1,000.00			882.20		5.80			1,018.70		6.22		1.24

¹  The actual ending account value is based on the actual total return of the Fund for the period November 1, 2019 through April 30, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17 Invesco Oppenheimer Emerging Markets Innovators Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-05426 and 033-19338 Invesco Distributors, Inc. O-EMI-SAR-1

	Semiannual Report	4/30/20
	Invesco Oppenheimer
	Fundamental Alternatives Fund
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
	If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.
	You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

Portfolio Positioning	4
Fund Expenses	8
Consolidated Schedule of Investments	10
Consolidated Statement of Assets and Liabilities	24
Consolidated Statement of Operations	26
Consolidated Statement of Changes in Net Assets	28
Consolidated Financial Highlights	29
Notes to Consolidated Financial Statements	41
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	65
Invesco’s Privacy Notice	66

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/20

	Class A Shares of the Fund
	Without Sales Charge			With Sales Charge			HFRX Global Hedge   Fund Index
6-Month		-1.89	%		-7.28	%		-2.01	%
1-Year		-1.92			-7.31			0.79
5-Year		0.63			-0.51			-0.12
10-Year		1.92			1.34			0.44

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 5.50% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses.

2      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Portfolio Positioning

LONG/SHORT CREDIT

	Long			Short			Net
Corporate Bonds & Hybrid Securities		4.4	%		-1.1	%		3.3	%
Asset Backed Securities		13.1			-			13.1
Catastrophe Bonds		0.8			-			0.8
Bank Loans		4.7			-			4.7
Relative Value		4.5			-4.7			-0.2
Total		27.5	%		-5.8	%		21.7	%
LONG/SHORT EQUITY
	Long			Short			Net
Common Stocks		34.9	%		-21.4	%		13.5	%
FX Hedges for Equities		-			-1.4			-1.4
Equity Options		1.2			-			1.2
Other Equity Derivatives		-			-1.2			-1.2
Total		36.1	%		-24.0	%		12.1	%
LONG/SHORT MACRO
	Long			Short			Net
Commodities		9.4	%		-	%		9.4	%
Currencies		0.8			-8.5			-7.8
Rates		-			-0.4			-0.4
Sovereign Debt		2.0			-4.5			-2.5
Total		12.2	%		-13.4	%		-1.2	%
CASH
	Long			Short			Net
Collateral Cash at Prime Broker		29.6	%		-	%		29.6	%
Portfolio Cash		19.8			-			19.8
Total		49.4	%		-	%		49.4	%
TOTAL PORTFOLIO
	Long			Short			Net
Total		125.2	%		-43.2	%		82.0	%

Holdings and allocations are subject to change and are not buy/sell recommendations. Holdings are dollar weighted based on net assets. Percentages are as of April 30, 2020. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return.

Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.

4      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/2020

	Inception Date		6-Month		1-Year		5-Year		10-Year
Class A (QVOPX)		1/3/89		-1.89		-1.92		0.63		1.92
Class C (QOPCX)		9/1/93		-2.27		-2.73		-0.15		1.14
Class R (QOPNX)		3/1/01		-2.03		-2.19		0.36		1.63
Class Y (QOPYX)		12/16/96		-1.79		-1.72		0.86		2.18
Class R5 (FDATX)1		5/24/19		-1.70		-1.59		0.69		1.95
Class R6 (QOPIX)2		2/28/13		-1.70		-1.56		1.04		2.673

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/2020

	Inception Date		6-Month		1-Year		5-Year		10-Year
Class A (QVOPX)		1/3/89		-7.28		-7.31		-0.51		1.34
Class C (QOPCX)		9/1/93		-3.24		-3.69		-0.15		1.14
Class R (QOPNX)		3/1/01		-2.03		-2.19		0.36		1.63
Class Y (QOPYX)		12/16/96		-1.79		-1.72		0.86		2.18
Class R5 (FDATX) 1		5/24/19		-1.70		-1.59		0.69		1.95
Class R6 (QOPIX) 2		2/28/13		-1.70		-1.56		1.04		2.673

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. After the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

3. Shows performance since inception.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit oppenheimerfunds.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 5.50%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and R6 shares have no sales charge; therefore, performance is at NAV. As the result of a reorganization after the close of business on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charge.

The Fund’s performance is compared to the performance of the HFRX Global Hedge Fund Index. The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the

5      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

6      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

● The Fund’s investment strategy remained appropriate for an open-end fund;

● The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Fund did not breach the 15% limit on Illiquid Investments; and

● The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

7      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2020” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

8      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Actual	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During 6 Months Ended          April 30, 2020
Class A		$    1,000.00		$    981.10		$        7.96
Class C		1,000.00		977.30		11.77
Class R		1,000.00		979.70		9.25
Class Y		1,000.00		982.10		6.77
Class R5		1,000.00		983.00		6.13
Class R6		1,000.00		983.00		5.88
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,016.86		8.11
Class C		1,000.00		1,013.03		11.98
Class R		1,000.00		1,015.56		9.41
Class Y		1,000.00		1,018.05		6.90
Class R5		1,000.00		1,018.70		6.24
Class R6		1,000.00		1,018.95		5.99

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2020 are as follows:

Class	Expense Ratios
Class A		1.61	%
Class C		2.38
Class R		1.87
Class Y		1.37
Class R5		1.24
Class R6		1.19

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS April 30, 2020 Unaudited

	Shares		Value
Common Stocks—32.3%
Consumer Discretionary—3.9%
Entertainment—0.0%
Deluxe Entertainment Services Group, Inc.1		9,343	$	8,955
Hotels, Restaurants & Leisure—1.1%
McDonald’s Corp.2		47,146		8,842,704
Interactive Media & Services—1.7%
Alphabet, Inc., Cl. A1,2		9,736		13,111,471
Media—0.0%
Catalina Marketing Corp. (Pacifico, Inc.)1		1,362		4,086
Multiline Retail—0.2%
Dollar Tree, Inc.1		16,298		1,298,462
Specialty Retail—0.9%
Gymboree Corp. (The)1,3		4,118		—
Gymboree Holding Corp.1,3		11,737		—
Lowe’s Cos., Inc.		69,479		7,277,925
				7,277,925
Textiles, Apparel & Luxury Goods—0.0%
Sunguard Equity1		225		675
Consumer Staples—1.7%
Household Products—0.2%
Reynolds Consumer Products, Inc.		48,606		1,576,293
Tobacco—1.5%
Philip Morris International, Inc.2		158,827		11,848,494
Energy—0.9%
Energy Equipment & Services—0.0%
Schlumberger Ltd.		31,211		524,969
Oil, Gas & Consumable Fuels—0.9%
Ascent Resources - Marcellus LLC, Cl. A1		30,363		13,739
Chevron Corp.		10,847		997,924
Concho Resources, Inc.		18,867		1,070,136
ConocoPhillips		16,422		691,366
EOG Resources, Inc.		13,461		639,532
Pioneer Natural Resources Co.		7,081		632,404
Sabine Oil & Gas Holdings, Inc.		115		1,852
Southcross Energy Partners LP1		68,466		45,530
Southcross Energy Partners LP1		19,728		27,126
Southcross Energy Partners LP1		10,819		1,623
Sunrise Oil & Gas, Inc., Cl. A1		4,631		30,102
Templar Energy, Cl. A1		9,620		770

10      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Shares		Value
Oil, Gas & Consumable Fuels (Continued)
TOTAL SA, Sponsored ADR		36,605	$	1,286,666
Valero Energy Corp.		24,006		1,520,780
				6,959,550
Financials—2.9%
Capital Markets—0.6%
Goldman Sachs Group, Inc. (The)2		18,521		3,397,122
Raymond James Financial, Inc.		19,750		1,301,920
				4,699,042
Commercial Banks—0.9%
JPMorgan Chase & Co.		60,297		5,774,041
PNC Financial Services Group, Inc. (The)		10,813		1,153,422
				6,927,463
Diversified Financial Services—0.0%
Crossmark Holdings, Inc.1		809		47,529
Insurance—1.4%
Allstate Corp. (The)		41,477		4,219,040
Chubb Ltd.2		45,388		4,902,358
Progressive Corp. (The)		23,444		1,812,221
				10,933,619
Health Care—7.7%
Health Care Equipment & Supplies—1.5%
Abbott Laboratories		56,117		5,167,814
Alcon, Inc.1		19,553		1,032,594
Medtronic plc2		58,724		5,733,224
				11,933,632
Health Care Providers & Services—3.3%
AMN Healthcare Services, Inc.1		48,579		2,282,241
Cigna Corp.		30,655		6,001,636
Premier, Inc., Cl. A1		147,931		4,905,392
Quest Diagnostics, Inc.		50,656		5,577,732
UnitedHealth Group, Inc.2		26,233		7,672,366
				26,439,367
Pharmaceuticals—2.9%
Merck & Co., Inc.		80,521		6,388,536
Mylan NV1		210,171		3,524,568
Novartis AG, Sponsored ADR		73,708		6,245,279
Roche Holding AG		18,792		6,536,394
				22,694,777
Industrials—5.1%
Aerospace & Defense—3.0%
L3Harris Technologies, Inc.		30,994		6,003,538

11      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Aerospace & Defense (Continued)
Lockheed Martin Corp.		22,092	$	8,595,114
Northrop Grumman Corp.		24,849		8,216,819
Raytheon Technologies Corp.		12,283		796,061
				23,611,532
Air Freight & Couriers—0.2%
FedEx Corp.		14,008		1,775,794
Commercial Services & Supplies—0.7%
Republic Services, Inc., Cl. A		67,897		5,319,051
Electrical Equipment—0.6%
AMETEK, Inc.		16,113		1,351,397
Eaton Corp. plc		40,638		3,393,273
				4,744,670
Industrial Conglomerates—0.3%
Honeywell International, Inc.		18,744		2,659,774
Machinery—0.3%
Stanley Black & Decker, Inc.		21,716		2,393,103
Marine—0.0%
Harvey Gulf International Marine LLC1		731		5,726
Information Technology—5.7%
Communications Equipment—1.0%
Cisco Systems, Inc.2		186,140		7,888,613
Semiconductors & Semiconductor Equipment—2.6%
ASML Holding NV		18,895		5,449,885
QUALCOMM, Inc.2		54,846		4,314,735
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR		175,125		9,304,391
Xilinx, Inc.		16,136		1,410,286
				20,479,297
Software—1.0%
Fusion1		1		3
Microsoft Corp.		44,490		7,973,053
				7,973,056
Technology Hardware, Storage & Peripherals—1.1%
Apple, Inc.2		30,557		8,977,647
Materials—1.7%
Chemicals—0.3%
Celanese Corp., Cl. A		24,091		2,001,239

12      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Shares		Value
Containers & Packaging—1.0%
Avery Dennison Corp.		25,138	$	2,774,984
Packaging Corp. of America		29,361		2,837,741
Sonoco Products Co.		53,150		2,595,846
				8,208,571
Metals & Mining—0.4%
Southern Copper Corp.		52,779		1,712,151
Steel Dynamics, Inc.		62,594		1,519,156
				3,231,307
Telecommunication Services—1.5%
Diversified Telecommunication Services—1.5%
Verizon Communications, Inc.2		202,911		11,657,237
Utilities—1.2%
Electric Utilities—0.6%
American Electric Power Co., Inc.		48,369		4,019,948
Xcel Energy, Inc.2		10,249		651,426
				4,671,374
Multi-Utilities—0.6%
CMS Energy Corp.		77,142		4,404,037
Total Common Stocks (Cost $189,890,931)				255,131,041
	Units
Rights, Warrants and Certificates—0.0%
Ascent Resources - Marcellus LLC Wts., Exp. 12/31/49		7,861		236
Fusion Wts., Exp. 1/14/40		6,073		15,122
Total Rights, Warrants and Certificates (Cost $62,019)				15,358
	Principal Amount
Asset-Backed Securities—12.0%
Home Equity Loans—11.3%
Accredited Mortgage Loan Trust, Series 2005-3, Cl. M3, 0.967% [US0001M+48], 9/25/354		$                3,398,720		3,156,819
Asset-Backed Funding Certificates Trust, Series 2005-HE2, Cl. M3, 1.267% [US0001M+78], 6/25/354		1,730,689		1,716,765
Asset-Backed Pass-Through Certificates, Series 2004-R2, Cl. M1, 1.132% [US0001M+64.5], 4/25/344		3,558,338		3,353,069
Citigroup Mortgage Loan Trust, Asset Backed Pass-Through Certificates, Series 2004-OPT1, Cl. M3, 1.432% [US0001M+94.5], 10/25/344		1,246,680		1,178,857
First NLC Trust, Series 2005-4, Cl. A4, 0.877% [US0001M+39], 2/25/364		7,409,174		6,996,103
GSAMP Trust:
Series 2005-HE4,Cl. M3, 1.267% [US0001M+78], 7/25/454		3,300,000		2,998,385
Series 2005-HE5,Cl. M3, 0.947% [US0001M+46], 11/25/354		8,121,777		7,623,662
Series 2007-HS1,Cl. M4, 2.737% [US0001M+225], 2/25/474		6,600,000		6,406,687
Home Equity Asset Trust, Series 2005-5, Cl. M2, 1.252% [US0001M+76.5], 11/25/354		348,811		347,965

13      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Home Equity Loans (Continued)
JP Morgan Mortgage Acquisition Corp., Series 2005-OPT2, Cl. M2, 0.937% [US0001M+45], 12/25/354	$	1,552,114	$	1,536,522
JP Morgan Mortgage Acquisition Trust:
Series 2006-HE2,Cl. M1, 0.787% [US0001M+30], 7/25/364		5,812,000		4,857,351
Series 2007-CH1,Cl. MV8, 1.487% [US0001M+100], 11/25/364		5,400,000		4,870,557
New Century Home Equity Loan Trust, Series 2005-2, Cl. M3, 1.222% [US0001M+73.5], 6/25/354		5,500,000		5,370,342
Park Place Securities, Inc. Asset Backed Pass-Through Certificates, Series 2005-WCW3, Cl. M1, 0.967% [US0001M+48], 8/25/354		2,247,455		2,208,843
RAMP Trust:
Series 2005-RS2,Cl. M4, 1.207% [US0001M+72], 2/25/354		3,724,737		3,681,716
Series 2006-EFC1,Cl. M2, 0.887% [US0001M+40], 2/25/364		5,490,000		5,222,165
Series 2006-NC3,Cl. A3, 0.757% [US0001M+27], 3/25/364		10,587,128		10,402,864
RASC Series Trust:
Series 2005-KS8,Cl. M5, 1.127% [US0001M+64], 8/25/354		2,993,634		2,802,051
Series 2006-KS2,Cl. M2, 0.877% [US0001M+39], 3/25/364		14,625,000		14,084,162
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007- GEL2, Cl. A2, 0.807% [US0001M+32], 5/25/374,5		1,102,973		1,098,870
				89,913,755
Loans—0.7%
Centex Home Equity Loan Trust, Series 2005-D, Cl. M5, 1.127% [US0001M+64], 10/25/354		1,281,000		1,140,406
Home Equity Mortgage Loan Asset-Backed Trust, Series 2005-B, Cl. M3, 1.222% [US0001M+73.5], 8/25/354		778,762		775,110
Merlin Aviation Holdings DAC, Series 2016-1, Cl. A, 4.50%, 12/15/325,6		3,975,878		3,351,355
				5,266,871
Total Asset-Backed Securities (Cost $87,145,118)				95,180,626
Mortgage-Backed Obligations—0.4%
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Cl. 2A2, 4.352%, 4/21/346		124,726		119,885
Opteum Mortgage Acceptance Corp. Trust, Series 2006-1, Cl. 1AC2, 0.837% [US0001M+35], 4/25/364		3,632,332		3,156,526
Total Mortgage-Backed Obligations (Cost $3,604,457)				3,276,411
Non-Convertible Corporate Bonds and Notes—4.4%
Atmos Re DAC, 4.50% [EUR003M+450] Unsec. Nts., 2/14/224,5		200,000		3,014
Bank of America Corp., 6.25% [US0003M+370.5] Jr. Sub. Perpetual Bonds4,7		8,583,000		8,951,168
Citigroup, Inc., 5.90% [US0003M+423] Jr. Sub. Perpetual Bonds4,7		8,920,000		9,020,350
Goldman Sachs Group, Inc. (The), 5.375% [US0003M+392.2] Jr. Sub. Perpetual Bonds4,7		9,191,000		8,538,117
iHeartCommunications, Inc., 4.75% Sr. Sec. Nts., 1/15/285		20,000		17,393
International Bank for Reconstruction & Development:
3.992% [US0003M+250] Sr. Unsec. Nts., 2/15/214,5		1,250,000		1,226,937
4.492% [US0003M+300] Sr. Unsec. Nts., 2/15/214,5		1,000,000		975,150

14      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount			Value
Non-Convertible Corporate Bonds and Notes (Continued)
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00% Sr. Unsec. Nts., 8/1/265	$	3,177,000	$		2,636,910
Wells Fargo Bank NA, 1.608% [US0003M+51] Sr. Unsec. Nts., 10/22/214		3,728,000			3,706,464
Total Non-Convertible Corporate Bonds and Notes (Cost $37,667,374)					35,075,503
Corporate Loans—8.7%
Ascend Learning LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.00% [LIBOR12+300], 7/12/248,9		4,775,510			4,520,617
Ascent Resources—Marcellus LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.50% [LIBOR12+650], 3/30/238,9		16,906			14,398
Axalta Coating Systems US Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.20% [LIBOR4+175], 6/1/248,9		9,560,422			9,329,394
Cast & Crew Payroll LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 4.16% [LIBOR12+375], 2/9/268,9		40,640			34,910
CDS US Intermediate Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.20% [LIBOR4+375], 7/8/228,9		99,019			47,054
CenturyLink, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.654% [LIBOR12+225], 3/15/278,9		1,995,000			1,895,380
Charter Communications Operating LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.16% [LIBOR12+175], 4/30/258,9		1,745,536			1,698,808
Checkout Holding Corp., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 8.50% [LIBOR12+750], 2/15/238,9		137,591			83,931
Checkout Holding Corp., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 9.50% PIK Rate, 2.00% Cash Rate, 5.61% 8/15/238,9,10		93,479			21,033
CM Acquisition Co., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 11.45% [LIBOR4+1000], 7/26/238,9		43,944			42,845
CSC Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.064% [LIBOR12+225], 7/17/258,9		1,745,501			1,676,091
DaVita, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.154% [LIBOR12+175], 8/12/268,9		1,745,625			1,704,350
Dell International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B1, 9/19/258,9,11		1,745,614			1,706,408
Delos Finance Sarl, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.20% [LIBOR4+175], 10/6/238,9		7,784,000			7,418,152
Deluxe Entertainment Services Group, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 5.50% PIK Rate, 2.945% Cash Rate, 7.895% 3/24/248,9,10		76,989			69,226
Deluxe Entertainment Services Group, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.50% PIK Rate, 2.945% Cash Rate, 8.429% 9/25/248,9,10		45,410			33,149
Fieldwood Energy LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25% [LIBOR4+525], 4/11/228,9		390,013			91,979
Fusion Connect, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 11.50% [LIBOR4+950], 1/14/258,9		74,418			66,418
Fusion Connect, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 7.00% PIK Rate, 3.00% Cash Rate, 10.00% [LIBOR4+950], 7/14/258,9,10		142,659			100,931
Gateway Casinos & Entertainment Ltd., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.45% [LIBOR4+300], 12/1/238,9		89,888			58,427

15      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount			Value
Corporate Loans (Continued)
HGIM Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.713% [LIBOR4+600], 7/2/238,9	$	56,849	$		32,262
Hilton Worldwide Finance LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 2.237% [LIBOR12+175], 6/22/268,9		10,146,798			9,674,008
International Textile Group, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.433% [LIBOR4+500], 5/1/248,9		113,370			74,824
Iron Mountain, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 1/2/268,9,11		1,745,547			1,644,445
iStar, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.468%-3.732% [LIBOR12+275], 6/28/238,9		1,750,000			1,636,250
Live Nation Entertainment, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B4, 2.50% [LIBOR12+175], 10/19/268,9		5,909,391			5,602,841
McDermott International, Inc., Sr. Sec. Credit Facilities Debtor in Possession 1st Lien Term Loan, 0.50% 10/23/208,9,12		96,929			92,567
Monarchy Enterprises Holdings BV, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.489% [LIBOR4+650], 10/13/228,9		700,000			696,500
Monitronics International, Inc., Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 7.75% [LIBOR12+650], 3/29/248,9		136,520			92,492
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan:
Tranche B2, 9.354% [LIBOR4+725], 10/17/228,9		1,717,275			40,785
Tranche B3, 9.854% [LIBOR4+775], 10/17/223,8,9		462,754			11,569
Murray Energy Corp., Sr. Sec. Credit Facilities Debtor in Possession 1st Lien Term Loan, 13.00% [LIBOR12+1100], 7/31/208,9		639,298			399,561
North American Lifting Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 5.95% [LIBOR4+450], 11/27/208,9		143,550			75,364
NPC International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 11.00% [LIBOR12+1000], 1/21/213,8,9		14,524			14,524
On Semiconductor Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.404% [LIBOR12+200], 9/19/268,9		10,945,000			10,603,954
PGX Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 6.25% [LIBOR12+525], 9/29/208,9		140,919			58,305
PGX Holdings, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 10.61% [LIBOR12+900], 9/29/213,8,9		52,921			10,584
Revlon Consumer Products Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.113% [LIBOR4+350], 9/7/238,9		342,969			146,007
Seadrill Operating LP, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 7.45% [LIBOR4+600], 2/21/218,9		441,322			79,676
Southcross Energy Partners LP, Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 5.00% 1/31/253,8,9,12		18,571			18,495
Southcross Energy Partners LP, Sr. Sec. Credit Facilities 1st Lien Exit Term Loan, 10.00% 1/31/253,8,9		21,548			21,655
Sunrise Oil & Gas Properties LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 7.612% [LIBOR12+700], 1/17/233,8,9		67,691			48,904
Sunrise Oil & Gas Properties LLC, Sr. Sec. Credit Facilities 2nd Lien Term Loan, 7.612% [LIBOR12+700], 1/17/233,8,9		31,404			25,123
Team Health Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.75% [LIBOR12+275], 2/6/248,9		101			75
Town Sports International LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 4.50% [LIBOR12+350], 11/15/208,9		123,859			19,817

16      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Principal Amount		Value
Corporate Loans (Continued)
United Rentals, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 10/31/258,9,11	$	1,745,570	$	1,676,838
Vistra Operations Company LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B3, 2.154%-2.501% [LIBOR12+175], 12/31/258,9		4,597,076		4,468,036
Western Express, Inc., Sr. Sec. Credit Facilities 2nd Lien Term Loan, 9.863% [LIBOR4+825], 2/23/223,8,9		656,208		651,090
Total Corporate Loans (Cost $74,931,628)				68,530,052
Event-Linked Bonds—0.5%
Acorn Re Ltd. Catastrophe Linked Nts., 3.726% [US0003M+275], 11/10/214,5		1,000,000		982,650
Akibare Re Ltd. Catastrophe Linked Nts., 1.549% [US0006M+50], 4/7/234,5		1,000,000		2,375
Golden State Re II Ltd. Catastrophe Linked Nts., 3.537% [US0003M+220], 1/8/234,5		750,000		739,687
Kizuna Re II Ltd. Catastrophe Linked Nts., 1.964% [T-BILL 3MO+187.5], 4/11/234,5		1,000,000		987,250
Merna Re Ltd. Catastrophe Linked Nts., 2.058% [T-BILL 3MO+200], 4/8/214,5		250,000		248,437
Nakama Re Ltd. Catastrophe Linked Nts., 2.912% [US0006M+220], 10/13/214,5		750,000		733,238
Total Event-Linked Bonds (Cost $4,754,548)				3,693,637
	Shares
Structured Securities—0.9%
Africa Telecommunications Media & Technology Fund 1 LLC1,3		9,542,930		—
Toronto-Dominion Bank (The), Enterprise Products Partners LP Equity Linked Nts., 7/2/205		11,785,000		7,364,576
Total Structured Securities (Cost $21,790,787)				7,364,576

	Exercise		Expiration		Notional Amount		Contracts
	Price		Date		(000’s)		(000’s)
Exchange-Traded Options Purchased—0.1%
S&P 500 Index Call		USD   3,480.000		5/15/20		USD 77,604		USD 0	13	2,788
S&P 500 Index Call		USD   3,155.000		5/15/20		USD 11,358		USD 0	13	6,480
S&P 500 Index Call		USD   2,990.000		6/19/20		USD 21,827		USD 0	13	530,345
Total Exchange-Traded Options Purchased (Cost $1,541,151)										539,613

Counterparty
Over-the-Counter Options Purchased—0.1%
CNH Currency Call	GSCO-OT	CNH6.981	1/27/21	USD 18,827	USD 18,827	558,120
HKD Currency Call	HSBC	HKD7.795	1/5/21	USD 65,000	USD 65,000	135,969
Total Over-the-Counter Options Purchased (Cost $624,885)						694,089

17      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Counter- party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased—0.0%

Interest Rate Swap maturing 1/26/21 Put

GSCOI

Receive

Six-Month JPY BBA LIBOR

0.523

%

1/26/21

JPY

1,744,000

$

4,809

Interest Rate Swap maturing 4/27/21 Put

GSCOI

Receive

Six-Month JPY BBA LIBOR

0.485

4/27/21

JPY

5,250,000

26,921

Interest Rate Swap maturing 9/27/21 Put

MSCO

Receive

Three- Month USD BBA LIBOR

3.178

9/27/21

USD

4,100

1,348

Interest Rate Swap maturing 10/12/21 Put

MSCO

Receive

Three- Month USD BBA LIBOR

3.253

10/12/21

USD

100,250

31,032

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $5,151,949)

64,110

	Shares
Investment Companies—28.1%
Invesco Treasury Portfolio, Institutional Class, 0.10%14		151,828,104			151,843,287
iShares Gold Trust1		1,591,300			25,635,843
SPDR Gold Trust Exchange Traded Fund1		282,915			44,926,942
Total Investment Companies (Cost $208,660,794)					222,406,072
Total Investments, at Value (Cost $635,825,641)		87.5	%		691,971,088
Net Other Assets (Liabilities)		12.5			99,280,447
Net Assets		100.0	%	$	91,251,535

Footnotes to Consolidated Schedule of Investments

1. Non-income producing security.

2. All or portion of the security position is held in segregated accounts and pledged to cover margin requirements

with respect to securities sold short. The aggregate market value of such securities is $39,208,992. See Note 1 of accompanying Consolidated Notes.

3. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying

Consolidated Notes.

4. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

5. 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 April 30, 2020 was $20,367,842, which represented 2.57% of the Fund’s Net Assets.

6. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

7. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

18      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Footnotes to Consolidated Schedule of Investments (Continued)

8. Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”), and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/ or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

9. 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 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 year.

10. Interest or dividend is paid-in-kind, when applicable.

11. The variable rate interest will settle after April 30, 2020, at which time the interest rate will be determined.

12. All or a portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the

weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded.

13. Number of contracts are less than 500.

14. Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares October 31, 2019		Gross Additions			Gross Reductions			Shares April 30, 2020
Investment Company
Invesco Government & Agency Portfolio, Institutional Class		14,003,811		226,354,958			240,358,769			—
Invesco Oppenheimer Master Loan Fund		1,252,634		9,401			1,262,035			—
Invesco Treasury Portfolio, Institutional Class		—		270,844,715			119,016,611			151,828,104
	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Invesco Government & Agency Portfolio, Institutional Class	$	—	$	147,747		$	—		$	—
Invesco Oppenheimer Master Loan Fund		—		369,021	a,b		(3,148,667	)a		347,096	a
Invesco Treasury Portfolio, Institutional Class		151,843,287		157,879			—			15,183
Total	$	151,843,287	$	674,647		$	(3,148,667	)	$	362,279

a. Represents the amount allocated to the Fund from Invesco Oppenheimer Master Loan Fund.

b. Net of expenses allocated to the Fund from Invesco Oppenheimer Master Loan Fund.

	Shares Sold Short			Value
Securities Sold Short—(20.3)%
Common Stock Securities Sold Short—(20.2)%
3M Co.		(2,572	)	$	(390,738	)

19      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares Sold Short			Value
Common Stock Securities Sold Short (Continued)
ABB Ltd., Sponsored ADR		(45,163	)	$	(847,258	)
Ally Financial, Inc.		(162,132	)		(2,657,343	)
Amgen, Inc.		(17,793	)		(4,256,441	)
Apache Corp.		(62,991	)		(823,922	)
Bank of Hawaii Corp.		(16,909	)		(1,152,856	)
Boeing Co. (The)		(14,217	)		(2,004,881	)
CarMax, Inc.1		(4,813	)		(354,477	)
Caterpillar, Inc.		(31,679	)		(3,686,802	)
Chefs’ Warehouse, Inc. (The)1		(4,222	)		(59,446	)
CNH Industrial NV		(241,368	)		(1,506,136	)
Colfax Corp.1		(38,961	)		(1,004,804	)
Commerce Bancshares, Inc.		(22,968	)		(1,405,412	)
Community Bank System, Inc.		(106,686	)		(6,666,808	)
Corning, Inc.		(195,127	)		(4,294,745	)
Cummins, Inc.		(22,193	)		(3,628,555	)
Darden Restaurants, Inc.		(46,019	)		(3,395,742	)
DaVita, Inc.1		(56,479	)		(4,462,406	)
Demant AS1		(213,246	)		(5,104,769	)
Dril-Quip, Inc.1		(84,372	)		(2,795,244	)
Edwards Lifesciences Corp.1		(25,120	)		(5,463,600	)
Exxon Mobil Corp.		(50,399	)		(2,342,042	)
Fastenal Co.		(88,621	)		(3,209,853	)
Federal Realty Investment Trust		(58,591	)		(4,878,873	)
Franklin Resources, Inc.		(182,203	)		(3,432,705	)
Fulton Financial Corp.		(166,961	)		(1,951,774	)
General Mills, Inc.		(31,367	)		(1,878,570	)
GlaxoSmithKline plc, Sponsored ADR		(92,743	)		(3,901,698	)
Greif, Inc., Cl. A		(24,735	)		(838,269	)
Hess Corp.		(99,398	)		(4,834,719	)
Hewlett Packard Enterprise Co.		(297,440	)		(2,992,246	)
Hikma Pharmaceuticals plc		(182,285	)		(5,444,858	)
Huntington Bancshares, Inc.		(115,676	)		(1,068,846	)
Intel Corp.		(56,670	)		(3,399,067	)
International Business Machines Corp.		(39,130	)		(4,913,163	)
Jones Lang LaSalle, Inc.		(38,558	)		(4,070,954	)
Kennametal, Inc.		(47,155	)		(1,207,640	)
KeyCorp		(66,096	)		(770,018	)
Kirby Corp.1		(37,604	)		(2,008,806	)
LyondellBasell Industries NV, Cl. A		(48,186	)		(2,792,379	)
Nokia OYJ, Sponsored ADR		(951,165	)		(3,405,171	)
Novo Nordisk AS, Sponsored ADR		(85,320	)		(5,403,316	)
Occidental Petroleum Corp.		(34,327	)		(569,828	)
PACCAR, Inc.		(52,776	)		(3,653,682	)
Performance Food Group Co.1		(4,728	)		(138,767	)
Prosperity Bancshares, Inc.		(19,181	)		(1,149,517	)
Rio Tinto plc, Sponsored ADR		(76,070	)		(3,513,673	)
Rockwell Automation, Inc.		(7,136	)		(1,352,129	)
Shake Shack, Inc., Cl. A1		(84,984	)		(4,632,478	)

20      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Shares Sold Short			Value
Common Stock Securities Sold Short (Continued)
Splunk, Inc.1		(29,270	)	$	(4,108,337	)
Sysco Corp.		(10,803	)		(607,885	)
Terex Corp.		(65,845	)		(1,000,186	)
Texas Roadhouse, Inc., Cl. A		(47,081	)		(2,217,044	)
US Bancorp		(71,855	)		(2,622,707	)
US Foods Holding Corp.1		(6,632	)		(142,588	)
W.W. Grainger, Inc.		(10,807	)		(2,978,193	)
Weingarten Realty Investors		(209,830	)		(3,816,808	)
Western Union Co. (The)		(249,960	)		(4,766,737	)
Westlake Chemical Corp.		(48,410	)		(2,103,416	)
Total Common Stock Securities Sold Short (Proceeds $192,652,584)					(160,081,327	)

Investment Company Securities Sold Short—(0.1)%
Consumer Staples Select Sector SPDR Fund (Proceeds $690,399)	(11,900	)		(693,294	)
Total Securities Sold Short (Proceeds $193,342,983)			$	(160,774,621	)

Forward Currency Exchange Contracts as of April 30, 2020
Counter -party	Settlement Month(s)	Currency Purchased (000’s)			Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
BAC	06/2020		USD	16,320		THB	535,000		$                —		$    (215,986	)
CITNA-B	06/2020		USD	5,510		DKK	37,500		—		(2,321	)
CITNA-B	06/2020		USD	4,620		GBP	3,700		—		(41,456	)
HSBC	11/2020		CNY	40,731		USD	5,810		—		(83,801	)
HSBC	11/2020		USD	9,985		CNY	70,420		84,654		—
Total Unrealized Appreciation and Depreciation									$        84,654		$    (343,564	)

Futures Contracts as of April 30, 2020
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)	Value		Unrealized Appreciation/ (Depreciation)
Euro-BTP		Sell		6/8/20		70	EUR 11,330	$	10,631,937	$        697,688
Euro-BUND		Buy		6/8/20		78	EUR 14,970		14,909,631	(59,968)
Euro-OAT		Sell		6/8/20		28	EUR 5,276		5,180,346	95,687
										$        733,407

Centrally Cleared Credit Default Swaps at April 30, 2020
Reference Asset	Buy/Sell Protection		Fixed Rate			Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
CCO Holdings LLC.		Buy		5.000	%		12/20/24		USD 1,750		$        312,282			$        (289,734	)		$            22,548
CDX.NA.HY.33		Sell		5.000			12/20/24		USD 20,678		2,007,103			1,087,463			3,094,566
CenturyLink, Inc.		Buy		1.000			12/20/24		USD 2,000		(109,090	)		222,309			113,219
CSC Holdings LLC		Buy		5.000			12/20/24		USD 1,750		307,678			(258,783	)		48,895
Dell International LLC		Buy		1.000			12/20/24		USD 1,750		(99,079	)		84,253			(14,826	)
iStar, Inc.		Buy		5.000			12/20/24		USD 1,750		270,576			100,325			370,901

21      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Centrally Cleared Credit Default Swaps (Continued)
Reference Asset	Buy/Sell Protection	Fixed Rate	Maturity Date	Notional Amount (000’s)	Premiums Received/ (Paid)	Value	Unrealized Appreciation/ (Depreciation)
Malaysia Government Bond	Buy	1.000%	6/20/23	USD 1,600	$       22,355	$     (21,409)	$             946
Malaysia Government Bond	Buy	1.000	12/20/23	USD 1,200	3,533	(12,762)	(9,229)
Malaysia Government Bond	Buy	1.000	6/20/24	USD14,000	325,018	(111,054)	213,964
Penerbangan Malaysia Bhd	Buy	1.000	12/20/22	USD 1,020	20,661	(13,886)	6,775
United Rentals North America	Buy	5.000	12/20/24	USD 1,750	306,786	(267,572)	39,214
Total Centrally Cleared Credit Default Swaps					$  3,367,823	$     519,150	$  3,886,973

Over-the-Counter Credit Default Swaps at April 30, 2020

Reference Asset

Counter- party

Buy/Sell Protection

Fixed Rate

Maturity Date

Notional Amount (000’s)

Premiums Received/ (Paid)

Value

Unrealized Appreciation/ (Depreciation)

CDX.HY.25

CITNA-B

Buy

5.000

12/20/20

USD 471

$    (48,278)

$       16,054

$        (32,224)

CDX.HY.25

CITNA-B

Buy

5.000

12/20/20

USD 936

(109,330)

31,904

(77,426)

CDX.NA.HY.25

GSCOI

Buy

5.000

12/20/20

USD7,500

(1,297,917)

255,638

(1,042,279)

DaVita, Inc.

BAC

Buy

5.000

12/20/24

USD1,750

348,798

(330,374)

18,426

Iron Mountain, Inc.

GSCOI

Buy

5.000

12/20/24

USD1,750

293,512

(326,454)

(32,942)

Total Over-the-Counter Credit Default Swaps

$  (813,215)

$  (353,232)

$  (1,166,445)

Over-the-Counter Total Return Swaps at April 30, 2020

Reference Asset

Counter- party

Pay/ Receive Total Return*

Floating Rate

Maturity Date

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

Bank of Communications Co. H

GSCOI

Pay

One-Month HKDHIBOR Index minus 50 bps

11/2/20

HKD  25,316

$      243,335

$

243,335

China Citic Bank Corp. Ltd. H

GSCOI

Pay

One-Month HKDHIBOR Index minus 50 bps

11/2/20

HKD  23,806

504,925

504,925

Suzano SA

GSCOI

Pay

Overnight Brazil Cetip DI rate minus 150 bps

11/30/20

BRL  12,109

(413,046)

(413,046

)

Total Over-the-Counter Total Return Swaps

$      335,214

$

335,214

* Fund will pay or receive the total return of the reference asset depending on whether the return is positive or negative. For contracts where the Fund has elected to receive the total return of the reference asset if positive, it will be responsible for paying the floating rate and the total return of the reference asset if negative. If the Fund has elected to pay the total return of the reference asset if positive, it will receive the floating rate and the total return of the reference asset if negative.

22      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Glossary:

Counterparty Abbreviations
BAC	Barclays Bank plc
CITNA-B	Citibank NA
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
MSCO	Morgan Stanley Capital Services, Inc.
Currency abbreviations indicate amounts reporting in currencies
BRL	Brazilian Real
CNH	Chinese Yuan
CNY	Chinese Renminbi
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
THB	Thailand Baht
Definitions
ADR	American Depositary Receipt
BBA LIBOR	British Bankers’ Association London—Interbank Offered Rate
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
CDX.HY.25	Markit CDX High Yield Index
CDX.NA.HY.25	Markit CDX North American High Yield
CDX.NA.HY.33	Markit CDX North American High Yield
EURIBOR	Euro Interbank Offered Rate
EUR003M	EURIBOR 3 Month ACT/360
HIBOR	Hang Seng Bank’s Interbank Offered Rates
ICE LIBOR	Intercontinental Exchange Benchmark Administration London-Interbank Offered Rate
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR12	London Interbank Offered Rate-Monthly
OAT	French Government Bonds
S&P	Standard & Poor’s
T-BILL 3MO	US Treasury Bill 3 Month
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month

See accompanying Notes to Consolidated Financial Statements.

23      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES April 30, 2020 Unaudited

Assets
Investments, at value—see accompanying consolidated schedule of investments: Unaffiliated companies (cost $483,997,537)	$	540,127,801
Affiliated companies (cost $151,828,104)		151,843,287
		691,971,088
Cash		5,268,770
Cash used for collateral on OTC derivatives		320,000
Cash used for collateral on centrally cleared swaps		2,380,477
Deposits with broker for securities sold short		211,594,600
Deposits with broker for foreign securities sold short (cost $11,427,202)		11,106,664
Unrealized appreciation on forward currency exchange contracts		84,654
Swaps, at value (premiums paid $1,455,525)		1,051,856
Receivables and other assets:
Investments sold		40,392,214
Interest and dividends		1,819,461
Variation margin receivable - futures contracts		1,239,404
Shares of beneficial interest sold		450,729
Other		214,515
Total assets		967,894,432
Liabilities
Securities sold short, at value (proceeds $193,342,983)—see accompanying consolidated schedule of investments		160,774,621
Unrealized depreciation on forward currency exchange contracts		343,564
Swaps, at value (premiums received $642,310)		1,069,874
Variation margin payable—centrally cleared swaps		290,162
Payables and other liabilities:
Investments purchased		11,642,390
Shares of beneficial interest redeemed		1,067,320
Transfer and shareholder servicing agent fees		225,091
Dividends on short sales		163,158
Shareholder communications		155,692
Trustees’ compensation		150,160
Distribution and service plan fees		114,137
Advisory fees		19,793
Administration fees		317
Other		626,618
Total liabilities		176,642,897
Net Assets	$	791,251,535
Composition of Net Assets
Shares of beneficial interest	$	775,186,312
Total distributable earnings		16,065,223
Net Assets	$	791,251,535

24      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $398,361,476 and 15,443,384 shares of beneficial interest outstanding)	$	25.79
Maximum offering price per share (net asset value plus sales charge of 5.50% of offering price)	$	27.29
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $30,853,863 and 1,351,266 shares of beneficial interest outstanding)	$	22.83
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets of $14,624,930 and 593,330 shares of beneficial interest outstanding)	$	24.65
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $194,392,439 and 7,365,726 shares of beneficial interest outstanding)	$	26.39
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $9,707 and 376.506 shares of beneficial interest outstanding)	$	25.78
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $153,009,120 and 5,775,531 shares of beneficial interest outstanding)	$	26.49

See accompanying Notes to Consolidated Financial Statements.

25      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2020 Unaudited

Investment Income
Interest:
Unaffiliated companies	$	7,712,347
Affiliated companies		160,626
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $143,764)		5,254,571
Affiliated companies		514,021
Short stock rebates		1,732,491
Total investment income		15,374,056
Expenses
Advisory fees		3,903,902
Administration fees		64,172
Distribution and service plan fees:
Class A		529,614
Class C		177,040
Class R		38,792
Transfer and shareholder servicing agent fees:
Class A		428,052
Class C		35,785
Class R		15,677
Class Y		236,837
Class R5		2
Class R6		6,049
Shareholder communications:
Class A		28,085
Class C		2,357
Class R		1,030
Class Y		15,617
Class R6		11,298
Dividends on short sales		1,143,725
Financing expense from short sales		131,911
Custodian fees and expenses		76,147
Trustees’ compensation		10,943
Other		150,005
Total expenses		7,007,040
Less waivers and reimbursement of expenses		(414,332	)
Net expenses		6,592,708
Net Investment Income		8,781,348

26      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies	$	20,950,267
Affiliated companies		(3,148,667)
Futures contracts		452,194
Foreign currency transactions		(402,698)
Forward currency exchange contracts		1,852,260
Short positions		5,534,122
Swap contracts		1,060,248
Net realized gain		26,297,726
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies		(87,921,130)
Affiliated companies		362,279
Foreign currency transactions		(217,317)
Forward currency exchange contracts		38,481
Futures contracts		1,099,595
Short positions		32,345,756
Swap contracts		5,138,512
Net change in unrealized appreciation/(depreciation)		(49,153,824)
Net Decrease in Net Assets Resulting from Operations	$	(14,074,750)

See accompanying Notes to Consolidated Financial Statements.

27      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

		Six Months Ended April 30, 2020 (Unaudited)	Year Ended October 31, 2019
Operations
Net investment income	$	8,781,348	$            27,845,081
Net realized gain (loss)		26,297,726	(33,956,807)
Net change in unrealized appreciation/(depreciation)		(49,153,824)	(335,147)
Net decrease in net assets resulting from operations		(14,074,750)	(6,446,873)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		(8,730,974)	(7,824,516)
Class C		(385,889)	(955,228)
Class R		(274,142)	(284,089)
Class Y		(5,689,727)	(6,773,061)
Class R5		(247)	—
Class R6		(4,178,742)	(4,103,835)
Total distributions from distributable earnings		(19,259,721)	(19,940,729)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(26,377,740)	(25,912,968)
Class C		(6,915,910)	(48,368,674)
Class R		(1,098,870)	(2,689,774)
Class Y		(64,209,778)	(77,353,221)
Class R5		—	10,000
Class R6		(15,695,117)	(31,305,641)
Total beneficial interest transactions		(114,297,415)	(185,620,278)
Net Assets
Total decrease		(147,631,886)	(212,007,880)
Beginning of period		938,883,421	1,150,891,301
End of period	$	791,251,535	$          938,883,421

See accompanying Notes to Consolidated Financial Statements.

28      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months     Ended     April 30, 2020     (Unaudited)		Year Ended     October 31,     2019		Year Ended     October 31,     2018		Year Ended     October 31,     2017		Year Ended     October 31,     2016		Year Ended     October 30,     20151
Per Share Operating Data
Net asset value, beginning of period		$26.83		$27.42		$27.21		$26.81		$27.00		$26.64
Income (loss) from investment operations:
Net investment income2		0.29		0.69		0.45		0.38		0.27		0.30
Net realized and unrealized gain (loss)		(0.79)		(0.82)		0.19		0.09		(0.32)		0.53
Total from investment operations		(0.50)		(0.13)		0.64		0.47		(0.05)		0.83
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.54)		(0.46)		(0.43)		(0.07)		(0.14)		(0.47)
Net asset value, end of period		$25.79		$26.83		$27.42		$27.21		$26.81		$27.00
Total Return, at Net Asset Value3		(1.93)%		(0.45)%		2.34%		1.79%		(0.18)%		3.18%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$398,361		$441,060		$477,683		$560,359		$675,558		$642,670
Average net assets (in thousands)		$425,675		$447,894		$515,118		$620,775		$679,471		$636,510
Ratios to average net assets:4
Net investment income		1.89%5		2.59%5		1.67%		1.39%		1.02%5		1.14%5
Expenses excluding specific expenses listed below		1.43%		1.38%		1.35%		1.36%		1.35%6		1.39%6
Dividends and/or interest expense on securities sold short		0.25%		0.29%		0.55%		0.39%		0.59%		0.60%
Borrowing expenses on securities sold short		0.03%		0.04%		0.09%		0.01%		0.09%		0.18%
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.71%		1.71%		1.99%		1.76%		2.03%		2.17%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.61%		1.64%		1.96%		1.72%		1.99%		2.12%
Portfolio turnover rate9		149%		289%		155%		168%		131%		62%

29      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Loan Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.73	%
Year Ended October 31, 2019	1.72	%
Year Ended October 31, 2018	1.99	%
Year Ended October 31, 2017	1.76	%
Year Ended October 31, 2016	2.05	%
Year Ended October 30, 2015	2.18	%

9. 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.

30      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Class C	Six Months     Ended     April 30, 2020     (Unaudited)		Year Ended     October 31,     2019		Year Ended     October 31,     2018		Year Ended     October 31,     2017		Year Ended     October 31,     2016		Year Ended     October 30,     20151
Per Share Operating Data
Net asset value, beginning of period		$23.60		$24.17		$24.03		$23.85		$24.15		$23.89
Income (loss) from investment operations:
Net investment income2		0.13		0.43		0.22		0.15		0.06		0.09
Net realized and unrealized gain (loss)		(0.66)		(0.74)		0.16		0.08		(0.28)		0.47
Total from investment operations		(0.53)		(0.31)		0.38		0.23		(0.22)		0.56
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.24)		(0.26)		(0.24)		(0.05)		(0.08)		(0.30)
Net asset value, end of period		$22.83		$23.60		$24.17		$24.03		$23.85		$24.15
Total Return, at Net Asset Value3		(2.27)%		(1.25)%		1.59%		0.96%		(0.91)%		2.39%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$30,854		$38,860		$89,319		$110,630		$139,374		$117,152
Average net assets (in thousands)		$35,539		$67,843		$99,593		$123,884		$136,400		$111,050
Ratios to average net assets:4
Net investment income		1.12%5		1.81%5		0.90%		0.62%		0.25%5		0.38%5
Expenses excluding specific expenses listed below		2.19%		2.14%		2.11%		2.13%		2.11%6		2.14%6
Dividends and/or interest expense on securities sold short		0.25%		0.29%		0.55%		0.39%		0.59%		0.60%
Borrowing expenses on securities sold short		0.03%		0.04%		0.09%		0.01%		0.09%		0.18%
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		2.47%		2.47%		2.75%		2.53%		2.79%		2.92%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.38%		2.42%		2.72%		2.49%		2.75%		2.87%
Portfolio turnover rate9		149%		289%		155%		168%		131%		62%

31      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Loan Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	2.49	%
Year Ended October 31, 2019	2.48	%
Year Ended October 31, 2018	2.75	%
Year Ended October 31, 2017	2.53	%
Year Ended October 31, 2016	2.81	%
Year Ended October 30, 2015	2.93	%

9. 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.

32      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Class R	Six Months     Ended     April 30, 2020     (Unaudited)		Year Ended     October 31,     2019		Year Ended     October 31,     2018		Year Ended     October 31,     2017		Year Ended     October 31,     2016		Year Ended     October 30,     20151
Per Share Operating Data
Net asset value, beginning of period		$25.60		$26.18		$26.02		$25.69		$25.89		$25.55
Income (loss) from investment operations:
Net investment income2		0.21		0.59		0.36		0.29		0.19		0.22
Net realized and unrealized gain (loss)		(0.71)		(0.78)		0.17		0.10		(0.30)		0.52
Total from investment operations		(0.50)		(0.19)		0.53		0.39		(0.11)		0.74
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.45)		(0.39)		(0.37)		(0.06)		(0.09)		(0.40)
Net asset value, end of period		$24.65		$25.60		$26.18		$26.02		$25.69		$25.89
Total Return, at Net Asset Value3		(2.03)%		(0.70)%		2.07%		1.51%		(0.44)%		2.92%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$14,625		$16,296		$19,426		$21,058		$20,567		$17,141
Average net assets (in thousands)		$15,588		$17,858		$20,325		$21,118		$18,565		$16,942
Ratios to average net assets:4
Net investment income		1.63%5		2.33%5		1.40%		1.12%		0.75%5		0.85%5
Expenses excluding specific expenses listed below		1.68%		1.64%		1.62%		1.62%		1.62%6		1.64%6
Dividends and/or interest expense on securities sold short		0.25%		0.29%		0.55%		0.39%		0.59%		0.60%
Borrowing expenses on securities sold short		0.03%		0.04%		0.09%		0.01%		0.09%		0.18%
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.96%		1.97%		2.26%		2.02%		2.30%		2.42%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.87%		1.91%		2.23%		1.98%		2.26%		2.37%
Portfolio turnover rate9		149%		289%		155%		168%		131%		62%

33      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Loan Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.98	%
Year Ended October 31, 2019	1.98	%
Year Ended October 31, 2018	2.26	%
Year Ended October 31, 2017	2.02	%
Year Ended October 31, 2016	2.32	%
Year Ended October 30, 2015	2.43	%

9. 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.

34      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Class Y	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151
Per Share Operating Data
Net asset value, beginning of period		$27.47		$28.07		$27.86		$27.47		$27.68		$27.32
Income (loss) from investment operations:
Net investment income2		0.29		0.77		0.52		0.45		0.32		0.31
Net realized and unrealized gain (loss)		(0.76)		(0.84)		0.19		0.09		(0.29)		0.60
Total from investment operations		(0.47)		(0.07)		0.71		0.54		0.03		0.91
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.61)		(0.53)		(0.50)		(0.15)		(0.24)		(0.55)
Net asset value, end of period		$26.39		$27.47		$28.07		$27.86		$27.47		$27.68
Total Return, at Net Asset Value3		(1.79)%		(0.22)%		2.59%		1.98%		0.08%		3.43%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$194,392		$266,741		$352,559		$405,224		$398,708		$87,249
Average net assets (in thousands)		$234,904		$315,055		$373,135		$397,699		$278,002		$34,589
Ratios to average net assets:4
Net investment income		2.13%5		2.82%5		1.90%		1.61%		1.16%5		1.13%5
Expenses excluding specific expenses listed below		1.18%		1.14%		1.12%		1.13%		1.17%6		1.10%6
Dividends and/or interest expense on securities sold short		0.25%		0.29%		0.55%		0.39%		0.59%		0.60%
Borrowing expenses on securities sold short		0.03%		0.04%		0.09%		0.01%		0.09%		0.18%
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.46%		1.47%		1.76%		1.53%		1.85%		1.88%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.37%		1.41%		1.73%		1.49%		1.81%		1.83%
Portfolio turnover rate9		149%		289%		155%		168%		131%		62%

35      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Loan Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.48	%
Year Ended October 31, 2019	1.48	%
Year Ended October 31, 2018	1.76	%
Year Ended October 31, 2017	1.53	%
Year Ended October 31, 2016	1.87	%
Year Ended October 30, 2015	1.89	%

9. 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.

36      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Class R5	Six Months Ended April 30, 2020 (Unaudited)			Period Ended October 31, 20191
Per Share Operating Data
Net asset value, beginning of period	$	26.87		$	26.56
Income (loss) from investment operations:
Net investment income2		0.30			0.35
Net realized and unrealized loss		(0.73	)		(0.04	)
Total from investment operations		(0.43	)		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.66	)		0.00
Net asset value, end of period	$	25.78		$	26.87
Total Return, at Net Asset Value3		(1.70	)%		1.17	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10			$10
Average net assets (in thousands)		$10			$10
Ratios to average net assets:4
Net investment income5		2.26	%		2.97	%
Expenses excluding specific expenses listed below		1.01	%		1.02	%
Dividends and/or interest expense on securities sold short		0.25	%		0.29	%
Borrowing expenses on securities sold short		0.03	%		0.04	%
Interest and fees from borrowings		0.00	%		0.00	%
Total expenses6		1.29	%		1.35	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.24	%		1.25	%
Portfolio turnover rate7		149	%		289	%

37      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. For the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019..

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Loan Fund

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.31	%
Period Ended October 31, 2019	1.36	%

7. 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.

38      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Class R6	Six Months     Ended     April 30, 2020     (Unaudited)		Year Ended     October 31,     2019		Year Ended     October 31,     2018		Year Ended     October 31,     2017		Year Ended     October 31,     2016		Year Ended     October 30,     20151
Per Share Operating Data
Net asset value, beginning of period		$27.60		$28.21		$28.00		$27.60		$27.79		$27.41
Income (loss) from investment operations:
Net investment income2		0.31		0.82		0.57		0.50		0.37		0.28
Net realized and unrealized gain (loss)		(0.76)		(0.86)		0.19		0.10		(0.29)		0.69
Total from investment operations		(0.45)		(0.04)		0.76		0.60		0.08		0.97
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.66)		(0.57)		(0.55)		(0.20)		(0.27)		(0.59)
Net asset value, end of period		$26.49		$27.60		$28.21		$28.00		$27.60		$27.79
Total Return, at Net Asset Value3		(1.70)%		(0.08)%		2.77%		2.18%		0.29%		3.62%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$153,009		$175,917		$211,904		$151,697		$130,790		$59,214
Average net assets (in thousands)		$171,460		$190,291		$209,624		$143,209		$96,611		$8,550
Ratios to average net assets:4
Net investment income		2.31%5		3.00%5		2.05%		1.80%		1.35%5		1.06%5
Expenses excluding specific expenses listed below		0.99%		0.96%		0.97%		0.92%		0.97%6		0.82%6
Dividends and/or interest expense on securities sold short		0.25%		0.29%		0.55%		0.39%		0.59%		0.60%
Borrowing expenses on securities sold short		0.03%		0.04%		0.09%		0.01%		0.09%		0.18%
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.27%		1.29%		1.61%		1.32%		1.65%		1.60%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.19%		1.23%		1.58%		1.29%		1.61%		1.55%
Portfolio turnover rate9		149%		289%		155%		168%		131%		62%

39      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Loan Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.29	%
Year Ended October 31, 2019	1.30	%
Year Ended October 31, 2018	1.61	%
Year Ended October 31, 2017	1.32	%
Year Ended October 31, 2016	1.67	%
Year Ended October 30, 2015	1.61	%

9. 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.

40      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS April 30, 2020 Unaudited

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Fundamental Alternatives Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

The Fund has established a Cayman Islands exempted company, Invesco Oppenheimer Fundamental Alternatives Fund (Cayman) Ltd. (the “Subsidiary”), which is wholly-owned and controlled by the Fund. The Fund and Subsidiary are both managed by the Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary invests in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary.

The Fund’s investment objective is to seek total return.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and 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 are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional

41      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices

42      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) and short stock rebate income are recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) and

43      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

dividend expense on short sales are 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 transactions reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is

44      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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 disclosed in ‘‘A’’ above. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.

The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The short stock rebate presented in the Consolidated Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. The Fund may also earn or incur margin interest on short sales transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.

H. Accounting Estimates - The financial statements are prepared on a consolidated basis in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated 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 consolidated financial statements reflect the financial position of the Fund and its Subsidiary and the

45      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. 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. 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

46      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.”

L. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

M. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying 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

47      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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.

N. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

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

48      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may

49      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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 Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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 April 30, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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,

50      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

P. Call Options Purchased and Written - The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option

51      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

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. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

R. 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.

52      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

S. Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

T. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Fee Schedule*
Up to $1.0 billion	0.85	%
Next $500 million	0.80
Next $500 million	0.75
Next $500 million	0.70
Next $500 million	0.65
Next $500 million	0.60
Next $500 million	0.55
Over $4 billion	0.50

*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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.89%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

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 May 31, 2021, to waive advisory fees and/ or reimburse expenses of all shares to the extent necessary to limit the 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%,

53      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

2.10%, 1.59%, 1.09%, 0.96% and 0.91%, 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 waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (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 on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $284,824 and reimbursed fund expenses of $80,825, $3,124, $2,177, $32,115 and $11,267 for Class A, Class C, Class R, Class Y and Class R6, 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Bank, Brown Brothers Harriman & Co. serves as custodian to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing 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 “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily

54      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

net assets of Class C 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 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 plans. For the six months ended April 30, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 six months ended April 30, 2020, IDI advised the Fund that IDI retained $20,389 in front-end sales commissions from the sale of Class A shares and $208 and $114 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

55      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	30,530,562		$	13,716		$	—	$	30,544,278
Consumer Staples		13,424,787			—			—		13,424,787
Energy		7,365,629			118,890			—		7,484,519
Financials		22,560,124			47,529			—		22,607,653
Health Care		54,531,382			6,536,394			—		61,067,776
Industrials		40,503,924			5,726			—		40,509,650
Information Technology		45,318,610			3			—		45,318,613
Materials		13,441,117			—			—		13,441,117
Telecommunication Services		11,657,237			—			—		11,657,237
Utilities		9,075,411			—			—		9,075,411
Rights, Warrants and Certificates		—			15,358			—		15,358
Asset-Backed Securities		—			95,180,626			—		95,180,626
Mortgage-Backed Obligations		—			3,276,411			—		3,276,411
Non-Convertible Corporate Bonds and Notes		—			35,075,503			—		35,075,503
Corporate Loans		—			67,728,108			801,944		68,530,052
Event-Linked Bonds		—			3,693,637			—		3,693,637
Structured Securities		—			7,364,576			—		7,364,576
Exchange-Traded Options Purchased		539,613			—			—		539,613
Over-the-Counter Options Purchased		—			694,089			—		694,089
Over-the-Counter Interest Rate Swaptions Purchased		—			64,110			—		64,110
Investment Companies		222,406,072			—			—		222,406,072
Total Investments, at Value		471,354,468			219,814,676			801,944		691,971,088
Other Financial Instruments:
Swaps, at value		—			1,051,856			—		1,051,856
Centrally cleared swaps, at value		—			1,494,350			—		1,494,350
Futures contracts		793,375			—			—		793,375
Forward currency exchange contracts		—			84,654			—		84,654
Total Assets	$	472,147,843		$	222,445,536		$	801,944	$	695,395,323
Liabilities Table
Other Financial Instruments:
Investment Company Securities Sold Short	$	(693,294	)	$	—		$	—	$	(693,294)
Common Stock Securities Sold Short		(149,531,700	)		(10,549,627	)		—		(160,081,327)
Swaps, at value		—			(1,069,874	)		—		(1,069,874)
Centrally cleared swaps, at value		—			(975,200	)		—		(975,200)
Futures contracts		(59,968	)		—			—		(59,968)

56      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Liabilities Table (Continued)
Forward currency exchange contracts	$	–		$	(343,564	)	$	–	$	(343,564)
Total Liabilities	$	(150,284,962	)	$	(12,938,265	)	$	—	$	(163,223,227)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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 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 asset transactions as of April 30, 2020:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets  & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Citibank NA	$	47,958	$	(43,777	)	$	–	$	(4,181)	$	–
Goldman Sachs Bank USA		558,120		–			(558,120)		–		–
Goldman Sachs International		1,035,628		(739,500)			(237,263)		–		58,865
HSBC Bank USA NA		220,623		(83,801)			(133,199)		–		3,623

57      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Morgan Stanley Capital
Services, Inc.	$	32,380	$	–		$	(32,380)	$	–	$	–
	$	1,894,709	$	(867,078	)	$	(960,962)	$	(4,181)	$	62,488

* OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

** Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA

Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Barclays Bank plc	$	(546,360)	$	–	$	–	$	320,000	$	(226,360)
Citibank NA		(43,777)		43,777		–		–		–
Goldman Sachs International		(739,500)		739,500		–		–		–
HSBC Bank USA NA		(83,801)		83,801		–		–		–
	$	(1,413,438)	$	867,078	$	–	$	320,000	$	(226,360)

* OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

** Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

58      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	303,596	Swaps, at value	$	656,828
Equity contracts	Swaps, at value		748,260	Swaps, at value		413,046
Credit contracts	Centrally cleared swaps, at value		1,494,3501	Centrally cleared swaps, at value		975,2001
Interest rate contracts	Futures contracts		793,3752	Futures contracts		59,9682
Forward currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		84,654	Unrealized depreciation on foreign currency exchange contracts		343,564
Equity contracts	Investments, at value		539,6133
Currency contracts	Investments, at value		694,0893
Interest rate contracts	Investments, at value		64,1103
Total		$	4,722,047		$	2,448,606

1. The daily variation margin receivable (payable) at period end is recorded in the Consolidated Statement of Assets and Liabilities.

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

3. Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the Six Months Ended April 30, 2020

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies			Futures contracts		Forward currency exchange contracts		Swap contracts			Total
Credit contracts	$	—		$	—	$	—	$	(514,000	)	$	(514,000)
Currency contracts		(327,808	)		—		—		—			(327,808)
Equity contracts		2,659,970			—		—		1,574,248			4,234,218
Forward currency exchange contracts		—			—		1,852,260		—			1,852,260
Interest rate contracts		—			452,194		—		—			452,194
Total	$	2,332,162		$	452,194	$	1,852,260	$	1,060,248		$	5,696,864

59      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*			Futures contracts		Forward currency exchange contracts		Swap contracts			Total
Credit contracts	$	—		$	—	$	—	$	5,829,442		$	5,829,442
Currency contracts		52,633			—		—		—			52,633
Equity contracts		(1,349,194	)		—		—		(690,930	)		(2,040,124)
Forward currency exchange contracts		—			—		38,481		—			38,481
Interest rate contracts		(210,159	)		1,099,595		—		—			889,436
Total	$	(1,506,720	)	$	1,099,595	$	38,481	$	5,138,512		$	4,769,868

*Includes purchased option contracts and purchased swaption contracts, if any.

The table below summarizes the six months ended average notional value of forward foreign currency contracts, futures contracts, swap agreements, options purchased and swaptions purchased during the period.

	Forward foreign currency contracts		Futures contracts		Index options purchased*		Currency options purchased*
Average notional amount	$	49,783,457	$	48,001,101	$	105,602,583	$	105,884,625
Average contracts						316		105,884,625
					Swaptions purchased*		Swaps
Average notional amount					$	168,999,348	$	171,718,770

*Summarizes the six month average notional value of swaptions purchased and six month average notional value and contracts of index options and currency options purchased.

Note 5 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

60      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

Projected Benefit Obligations Increased	$	4,828
Payments Made to Retired Trustees		7,837
Accumulated Liability as of April 30, 2020		57,077

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Brown Brothers Harriman & Co., 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 to 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. Effective May 5, 2020 the custodian changed to State Street Bank and Trust.

Note 7 - Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

61      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	66,051,445	$	—	$	66,051,445

* Capital loss carryforward listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further the realization of net unrealized gains or losses as of the date of any reorganization.

Note 8 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $765,862,244 and $948,276,161, 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	$	158,527,551
Aggregate unrealized (depreciation) of investments		(66,665,412	)
Net unrealized appreciation of investments	$	91,862,139

Cost of investments for tax purposes is $449,719,194.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

	Six Months Ended April 30, 20201						Year Ended October 31, 2019
	Shares			Amount			Shares			Amount
Class A
Sold		327,482		$	8,687,605			773,028		$	20,620,008
Automatic Conversion Class C to Class A Shares		78,480			2,067,523			1,196,516			32,074,075
Dividends and/or distributions reinvested		317,362			8,492,596			289,108			7,606,421
Redeemed		(1,720,958	)		(45,625,464	)		(3,237,881	)		(86,213,472)
Net increase (decrease)		(997,634	)	$	(26,377,740	)		(979,229	)	$	(25,912,968)
Class C
Sold		51,960		$	1,223,332			187,582		$	4,396,659
Dividends and/or distributions reinvested		15,748			374,167			40,018			932,838
Automatic Conversion Class C to Class A Shares		(88,646	)		(2,067,523	)		(1,356,061	)		(32,074,075)
Redeemed		(274,109	)		(6,445,886	)		(920,359	)		(21,624,096)
Net increase (decrease)		(295,047	)	$	(6,915,910	)		(2,048,820	)	$	(48,368,674)

62      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

	Six Months Ended April 30, 20201						Year Ended October 31, 2019
	Shares			Amount			Shares			Amount
Class R
Sold		44,464		$	1,127,409			82,245		$	2,089,251
Dividends and/or distributions reinvested		10,508			269,014			10,875			273,605
Redeemed		(98,315	)		(2,495,293	)		(198,367	)		(5,052,630)
Net increase (decrease)		(43,343	)	$	(1,098,870	)		(105,247	)	$	(2,689,774)
Class Y
Sold		1,124,255		$	30,209,955			3,549,278		$	96,352,030
Dividends and/or distributions reinvested		203,416			5,563,429			245,866			6,608,880
Redeemed		(3,672,764	)		(99,983,162	)		(6,643,475	)		(180,314,131)
Net increase (decrease)		(2,345,093	)	$	(64,209,778	)		(2,848,331	)	$	(77,353,221)
Class R52
Sold		—		$	—			377		$	10,000
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			377		$	10,000
Class R6
Sold		159,085		$	4,367,464			2,270,772		$	61,730,152
Dividends and/or distributions reinvested		146,966			4,032,739			144,330			3,892,582
Redeemed		(904,509	)		(24,095,320	)		(3,553,249	)		(96,928,375)
Net increase (decrease)		(598,458	)	$	(15,695,117	)		(1,138,147	)	$	(31,305,641)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 14% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

2. Commencement date after the close of business on May 24, 2019.

Note 10 - Unfunded Loan Commitments

As of April 30, 2020, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

Borrower	Type		Principal Amount		Value
McDermott International, Inc.		Revolver		$    96,929	$	92,567
Southcross Energy Partners LP		Revolver		18,571		18,495
					$	111,062

63      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

NOTES TO

CONSOLIDATED FINANCIAL STATEMENTS Unaudited / Continued

Note 11 - Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

Note 12 - Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Fundamental Alternatives Fund to Invesco Fundamental Alternatives Fund.

64      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The 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.

65      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

¹NTD

66      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

67      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

INVESCO’S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

68      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

· Request that we amend, rectify, delete or update the personal data we hold about you;

· Where possible (e.g. in relation to marketing) amend or update your choices around processing;

· Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

69      INVESCO OPPENHEIMER FUNDAMENTAL ALTERNATIVES FUND

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Explore High-Conviction Investing with Invesco
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.
Invesco Distributors, Inc.	O-FALT-SAR-1    06272020

	Semiannual Report	4/30/2020
	Invesco Oppenheimer Global Allocation Fund Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

Top Holdings and Allocations	3
Fund Expenses	8
Consolidated Schedule of Investments	10
Consolidated Statement of Assets and Liabilities	28
Consolidated Statement of Operations	30
Consolidated Statement of Changes in Net Assets	32
Consolidated Financial Highlights	33
Notes to Consolidated Financial Statements	44
Portfolio Proxy Voting Policies and Procedures; Updates to Schedule of Investments	66
Invesco’s Privacy Policy	67

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 04/30/20

	6-Month			1-Year			5-Year			10-Year
Class A Shares of the Fund without Sales Charge		-3.84	%		-1.24	%		2.32	%		4.06	%
Class A Shares of the Fund with Sales Charge		-9.13			-6.66			1.17			3.47
MSCI All Country World Index		-7.68			-4.96			4.37			6.94
Bloomberg Barclays Global Aggregate Bond Index, Hedged		2.76			8.25			3.93			4.17
Custom Invesco Oppenheimer Global Allocation Index		-2.91			0.97			4.52			6.13

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 5.50% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

2      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Top Holdings and Allocations

TOP TEN COMMON STOCK HOLDINGS

Alibaba Group Holding Ltd., Sponsored ADR	0.9%
SAP SE	0.8
Tencent Holdings Ltd.	0.7
Kering SA	0.6
Alphabet, Inc., Cl. A	0.5
Sony Corp.	0.5
Taiwan Semiconductor Manufacturing Co. Ltd.	0.5
Wheaton Precious Metals Corp.	0.5
Nintendo Co. Ltd.	0.4
LVMH Moet Hennessy Louis Vuitton SE	0.4

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on net assets.

PORTFOLIO ALLOCATION

Investment Companies	49.9%
Common Stocks	34.7
U.S. Government Obligations	9.6
Foreign Government Obligations	4.6
Preferred Stocks	1.0
Event-Linked Bonds	0.2
Non-Convertible Corporate Bonds and Notes	—*

* Represents a value of less than 0.05%.

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on the total market value of investments.

TOP TEN COMMON STOCK INDUSTRIES

Semiconductors & Semiconductor Equipment	2.8%
Software	2.7
Interactive Media & Services	1.6
Internet & Catalog Retail	1.5
Textiles, Apparel & Luxury Goods	1.5
Electronic Equipment, Instruments, & Components	1.4
Metals & Mining	1.4
Health Care Equipment & Supplies	1.4
Pharmaceuticals	1.3
IT Services	1.3

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

3      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

TOP TEN GEOGRAPHICAL HOLDINGS

United States	69.0%
Japan	6.2
China	3.3
France	3.1
Italy	3.0
Germany	2.0
United Kingdom	1.6
Switzerland	1.2
Supranational	1.1
Canada	1.0

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on total market value of investments.

REGIONAL ALLOCATION

U.S./Canada	70.5%
Asia/Pacific	13.2
Europe	13.1
Supranational	1.1
Latin & South America	0.9
Middle East/Africa	0.6
Emerging Europe	0.6

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on total market value of investments.

4      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 04/30/20

	Inception Date	6-Month	1-Year	5-Year	10-Year
Class A (QVGIX)	11/1/91	-3.84%	-1.24%	2.32%	4.06%
Class C (QGRCX)	9/1/93	-4.23	-2.01	1.55	3.30
Class R (QGRNX)	3/1/01	-3.93	-1.44	2.07	3.81
Class Y (QGRYX)	5/1/00	-3.77	-1.00	2.57	4.36
Class R5 (GLALX)1	5/24/19	-3.68	-0.85	2.40	4.10
Class R6 (QGRIX)2	2/28/12	-3.62	-0.74	2.77	4.743

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 04/30/20

	Inception Date	6-Month	1-Year	5-Year	10-Year
Class A (QVGIX)	11/1/91	-9.13%	-6.66%	1.17%	3.47%
Class C (QGRCX)	9/1/93	-5.18	-2.99	1.55	3.30
Class R (QGRNX)	3/1/01	-3.93	-1.44	2.07	3.81
Class Y (QGRYX)	5/1/00	-3.77	-1.00	2.57	4.36
Class R5 (GLALX)1	5/24/19	-3.68	-0.85	2.40	4.10
Class R6 (QGRIX)2	2/28/12	-3.62	-0.74	2.77	4.743

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. After the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

3. Shows performance since inception.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit oppenheimerfunds.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 5.50%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and R6 shares have no sales charge; therefore, performance is at NAV. As the result of a reorganization after the close of business on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charge.

The Fund’s performance is compared to the performance of the MSCI All Country World Index, the Custom Invesco Oppenheimer Global Allocation Index, and the Bloomberg Barclays Global Aggregate Bond Index, Hedged. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Custom Invesco Oppenheimer

5      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Global Allocation Index is a customized weighted index currently comprised of 60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Bond Index, Hedged. The Bloomberg Barclays Global Aggregate Bond Index, Hedged, provides a broad-based measure of global investment grade fixed-rate debt markets. This index is comprised of several other Bloomberg Barclays indexes that measure fixed income performance of regions around the world while hedging the currency back to the US dollar. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing

6      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

• The Fund’s investment strategy remained appropriate for an open-end fund;

• The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Fund did not breach the 15% limit on Illiquid Investments; and

• The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco. com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

7      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2020” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

8      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Actual	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During 6 Months Ended April 30, 2020
Class A	$	1,000.00	$	961.60	$	5.87
Class C		1,000.00		957.70		9.54
Class R		1,000.00		960.70		7.09
Class Y		1,000.00		962.30		4.65
Class R5		1,000.00		963.20		3.86
Class R6		1,000.00		963.80		3.67
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,018.90		6.04
Class C		1,000.00		1,015.17		9.82
Class R		1,000.00		1,017.65		7.30
Class Y		1,000.00		1,020.14		4.78
Class R5		1,000.00		1,020.93		3.98
Class R6		1,000.00		1,021.13		3.78

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2020 are as follows:

Class	Expense Ratios
Class A		1.20	%
Class C		1.95
Class R		1.45
Class Y		0.95
Class R5		0.79
Class R6		0.75

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS April 30, 2020 Unaudited

	Shares		Value
Common Stocks—33.7%
Consumer Discretionary—8.1%
Automobiles—0.1%
Volkswagen AG, Preference		11,512	$	1,615,489
Distributors—0.1%
Pool Corp.		5,289		1,119,470
Diversified Consumer Services—0.1%
Bright Horizons Family Solutions, Inc.1		3,635		423,296
Entertainment—0.8%
Capcom Co. Ltd.		22,100		673,630
Electronic Arts, Inc.1		6,123		699,614
Nexon Co. Ltd.		61,000		986,614
Nintendo Co. Ltd.		11,600		4,804,045
Ubisoft Entertainment SA1		16,877		1,257,524
Walt Disney Co. (The)		11,227		1,214,200
Zynga, Inc., Cl. A1		46,388		349,765
				9,985,392
Hotels, Restaurants & Leisure—0.8%
Alsea SAB de CV1		160,072		131,971
Chipotle Mexican Grill, Inc., Cl. A1		1,135		997,154
Compass Group plc		33,788		569,270
Domino’s Pizza, Inc.		1,050		380,027
Flutter Entertainment plc		6,661		818,724
GVC Holdings plc		52,295		497,242
Huazhu Group Ltd., ADR		62,833		2,262,617
International Game Technology plc		26,395		199,018
Sands China Ltd.		186,800		751,105
Yum China Holdings, Inc.		66,131		3,204,708
				9,811,836
Household Durables—0.8%
DR Horton, Inc.		11,537		544,777
Garmin Ltd.		5,198		421,870
SEB SA, Prime1		8,210		988,640
SEB SA, Private Shares1		2,490		299,843
Sony Corp.		97,500		6,255,131
Taylor Wimpey plc		818,067		1,517,016
				10,027,277
Interactive Media & Services—1.6%
Alphabet, Inc., Cl. A1		4,771		6,425,106
Facebook, Inc., Cl. A1		16,167		3,309,547
Tencent Holdings Ltd.		158,017		8,383,292
Yandex NV, Cl. A1		29,423		1,111,601
				19,229,546

10      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Internet & Catalog Retail—1.5%
Alibaba Group Holding Ltd., Sponsored ADR1		52,894	$	10,720,027
Amazon.com, Inc.1		413		1,021,762
Baozun, Inc., Sponsored ADR1		11,664		371,382
boohoo Group plc1		169,188		689,059
Chewy, Inc., Cl. A1		6,023		260,434
Farfetch Ltd., Cl. A1		24,253		321,110
JD.com, Inc., ADR1		47,791		2,059,792
Meituan Dianping, Cl. B1		73,300		973,711
MercadoLibre, Inc.1		120		70,021
Ocado Group plc1		23,225		469,748
Pinduoduo, Inc., ADR1		5,366		254,563
Trainline plc1,2		91,774		439,235
				17,650,844
Leisure Products—0.1%
Bandai Namco Holdings, Inc.		24,600		1,236,789
Media—0.1%
Cable One, Inc.		523		1,000,426
Zee Entertainment Enterprises Ltd.		196,456		412,380
				1,412,806
Multiline Retail—0.3%
Dollarama, Inc.		31,963		1,002,554
Falabella SA		198,741		542,735
Lojas Americanas SA, Preference		218,525		999,816
Next plc		13,253		789,740
				3,334,845
Specialty Retail—0.3%
Burlington Stores, Inc.1		3,133		572,368
Industria de Diseno Textil SA		63,474		1,619,236
Nitori Holdings Co. Ltd.		5,300		811,841
O’Reilly Automotive, Inc.1		1,707		659,482
				3,662,927
Textiles, Apparel & Luxury Goods—1.5%
Adidas AG		4,493		1,028,440
Brunello Cucinelli SpA		6,083		196,129
EssilorLuxottica SA		3,654		451,610
Hermes International		2,244		1,643,899
Kering SA		13,971		7,055,659
lululemon Athletica, Inc.1		4,680		1,045,886
LVMH Moet Hennessy Louis Vuitton SE		11,962		4,626,778
Moncler SpA		16,688		628,755
PRADA SpA		264,100		856,577
				17,533,733

11      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Consumer Staples—3.2%
Beverages—1.1%
Ambev SA3		162,594	$	339,068
Ambev SA, ADR3		37,099		79,763
Anadolu Efes Biracilik Ve Malt Sanayii AS		50,256		132,278
Britvic plc		73,515		678,711
Budweiser Brewing Co. APAC Ltd.1,2		307,100		825,697
Carlsberg AS, Cl. B		8,435		1,064,814
Coca-Cola European Partners plc		43,344		1,718,156
Davide Campari-Milano SpA		70,282		545,488
Diageo plc		107,355		3,721,397
Fomento Economico Mexicano SAB de CV3		260,385		1,682,925
Fomento Economico Mexicano SAB de CV, Sponsored ADR3		6,830		439,374
Heineken NV		10,237		871,562
Pernod Ricard SA		9,220		1,406,825
				13,506,058
Food & Staples Retailing—0.2%
Alimentation Couche-Tard, Inc., Cl. B		62,850		1,753,723
Atacadao SA		137,142		504,393
BIM Birlesik Magazalar AS		13,248		104,961
CP ALL PCL		211,000		459,407
				2,822,484
Food Products—0.9%
Barry Callebaut AG		754		1,478,795
Danone SA		39,529		2,742,241
Hershey Co. (The)		2,885		382,060
Kikkoman Corp.		27,000		1,242,326
McCormick & Co., Inc.		4,170		654,023
Saputo, Inc.		30,866		776,113
WH Group Ltd.		4,125,500		3,948,971
				11,224,529
Household Products—0.1%
Clorox Co. (The)		2,028		378,100
Colgate-Palmolive Co.		13,754		966,494
				1,344,594
Personal Products—0.5%
Amorepacific Corp.		10,057		1,453,214
AMOREPACIFIC Group		3,261		154,808
Hengan International Group Co. Ltd.		93,500		823,497
L’Oreal SA		5,137		1,494,997
Unilever plc		30,779		1,591,336
				5,517,852
Tobacco—0.4%
Philip Morris International, Inc.		24,280		1,811,288

12      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Tobacco (Continued)
Swedish Match AB		49,473	$	3,065,087
				4,876,375
Energy—0.3%
Oil, Gas & Consumable Fuels—0.3%
LUKOIL PJSC, Sponsored ADR		5,362		351,791
Novatek PJSC, Sponsored GDR3		20,300		2,853,945
Novatek PJSC, Sponsored GDR3		759		106,707
				3,312,443
Financials—3.0%
Capital Markets—0.7%
B3 SA-Brasil Bolsa Balcao		72,083		509,283
Credit Suisse Group AG1		17,562		159,041
KKR & Co., Inc., Cl. A		16,964		427,662
London Stock Exchange Group plc		3,928		369,221
LPL Financial Holdings, Inc.		7,209		434,126
MarketAxess Holdings, Inc.		1,620		737,116
MSCI, Inc., Cl. A		3,739		1,222,653
S&P Global, Inc.		11,787		3,452,177
Tradeweb Markets, Inc., Cl. A		9,148		477,160
				7,788,439
Commercial Banks—1.0%
Akbank TAS1		473,110		394,333
Bank Central Asia Tbk PT		234,900		407,865
BNP Paribas SA		28,437		895,071
Citigroup, Inc.		17,483		848,974
Commercial International Bank Egypt SAE		123,473		501,288
Credicorp Ltd.		7,830		1,166,827
First Republic Bank		6,972		727,110
Grupo Aval Acciones y Valores SA, ADR		59,810		251,202
Grupo Financiero Inbursa SAB de CV, Cl. O		352,773		212,241
ICICI Bank Ltd., Sponsored ADR		113,774		1,110,434
ING Groep NV		100,560		552,832
Itau Unibanco Holding SA, ADR		157,547		663,273
Kotak Mahindra Bank Ltd.		113,738		2,043,403
Sberbank of Russia PJSC		535,926		1,432,077
Societe Generale SA		21,204		331,923
Turkiye Garanti Bankasi AS1		195,578		230,450
				11,769,303
Diversified Financial Services—0.1%
FirstRand Ltd.		462,981		1,012,147
Insurance—0.7%
AIA Group Ltd.		336,400		3,062,065
Allianz SE		2,042		378,288
Arthur J. Gallagher & Co.		7,099		557,272

13      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Insurance (Continued)
Legal & General Group plc		405,395	$	1,046,579
Ping An Insurance Group Co. of China Ltd., Cl. A		146,956		1,524,399
Prudential plc		157,917		2,249,199
				8,817,802
Real Estate Investment Trusts (REITs)—0.1%
Alexandria Real Estate Equities, Inc.		3,760		590,658
SBA Communications Corp., Cl. A		3,204		928,904
				1,519,562
Real Estate Management & Development—0.2%
Ayala Land, Inc.		905,200		553,502
CBRE Group, Inc., Cl. A1		7,072		303,601
DLF Ltd.		683,095		1,321,138
Oberoi Realty Ltd.		46,684		213,799
SM Prime Holdings, Inc.		287,510		171,567
				2,563,607
Thrifts & Mortgage Finance—0.2%
Housing Development Finance Corp. Ltd.		116,391		2,933,277
Health Care—4.7%
Biotechnology—0.8%
Alnylam Pharmaceuticals, Inc.1		2,883		379,691
Ascendis Pharma AS, ADR1		2,810		381,401
Blueprint Medicines Corp.1		5,277		310,446
CSL Ltd.		9,590		1,900,889
Galapagos NV1		2,998		663,048
GlycoMimetics, Inc.1		7,412		20,679
Grifols SA		62,821		2,140,340
Incyte Corp.1		6,514		636,157
Innovent Biologics, Inc.1,2		84,000		414,095
Ionis Pharmaceuticals, Inc.1		9,621		534,254
MacroGenics, Inc.1		18,630		134,136
Sage Therapeutics, Inc.1		4,366		170,187
Sarepta Therapeutics, Inc.1		4,060		478,593
Seattle Genetics, Inc.1		3,510		481,677
Shanghai Junshi Biosciences Co. Ltd., Cl. H1,2		10,000		48,065
uniQure NV1		8,004		509,375
Veracyte, Inc.1		10,144		273,584
				9,476,617
Health Care Equipment & Supplies—1.4%
DexCom, Inc.1		5,075		1,701,140
Edwards Lifesciences Corp.1		3,047		662,722
Hoya Corp.		19,600		1,791,189
IDEXX Laboratories, Inc.1		1,646		456,930
LivaNova plc1		7,600		403,712
Masimo Corp.1		5,133		1,098,000

14      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Health Care Equipment & Supplies (Continued)
Medtronic plc		27,155	$	2,651,143
Novocure Ltd.1		3,596		236,617
ResMed, Inc.		12,752		1,980,641
Siemens Healthineers AG2		46,706		2,059,337
STERIS plc		5,276		751,830
Teleflex, Inc.		2,312		775,445
West Pharmaceutical Services, Inc.		5,071		959,737
Zimmer Biomet Holdings, Inc.		6,615		791,816
				16,320,259
Health Care Providers & Services—0.6%
Anthem, Inc.		4,628		1,299,218
Centene Corp.1		23,241		1,547,386
Fresenius Medical Care AG & Co. KGaA		54,133		4,242,296
				7,088,900
Health Care Technology—0.1%
Veeva Systems, Inc., Cl. A1		3,866		737,633
Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.		14,401		1,103,981
Avantor, Inc.1		46,250		777,462
Bio-Rad Laboratories, Inc., Cl. A1		1,461		642,986
ICON plc, ADR1		4,350		698,045
Illumina, Inc.1		946		301,802
IQVIA Holdings, Inc.1		1,736		247,536
Lonza Group AG		1,872		818,172
Samsung Biologics Co. Ltd.1,2		2,453		1,173,295
Sartorius Stedim Biotech		1,624		390,213
Wuxi Biologics Cayman, Inc.1,2		27,600		428,023
				6,581,515
Pharmaceuticals—1.3%
Bayer AG		51,531		3,410,211
Catalent, Inc.1		4,957		342,777
Hansoh Pharmaceutical Group Co. Ltd.1,2		92,000		355,496
Hutchison China MediTech Ltd., ADR1		3,400		73,134
Jiangsu Hengrui Medicine Co. Ltd., Cl. A		134,928		1,752,309
Novartis AG		2,947		251,397
Novo Nordisk AS, Cl. B		70,322		4,490,344
Phathom Pharmaceuticals, Inc.1		8,713		294,848
Roche Holding AG		6,429		2,236,190
Takeda Pharmaceutical Co. Ltd.		84,573		3,036,831
				16,243,537
Industrials—3.3%
Aerospace & Defense—0.3%
Airbus SE		45,264		2,877,611

15      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
Aerospace & Defense (Continued)
CAE, Inc.		13,506	$	223,167
				3,100,778
Air Freight & Couriers—0.3%
United Parcel Service, Inc., Cl. B		9,798		927,479
ZTO Express Cayman, Inc., ADR		71,159		2,117,692
				3,045,171
Building Products—0.1%
Assa Abloy AB, Cl. B		49,653		894,030
Daikin Industries Ltd.		6,100		790,661
Trex Co., Inc.1		1,489		141,783
				1,826,474
Commercial Services & Supplies—0.2%
Cintas Corp.		2,396		531,505
Copart, Inc.1		9,387		751,992
Prosegur Cash SA2		269,656		236,090
Republic Services, Inc., Cl. A		11,100		869,574
Waste Connections, Inc.		3,527		303,004
				2,692,165
Construction & Engineering—0.1%
Boskalis Westminster		6,845		119,026
Vinci SA		12,515		1,025,841
				1,144,867
Electrical Equipment—0.5%
AMETEK, Inc.		7,918		664,083
Legrand SA		11,280		761,178
Melrose Industries plc		455,166		572,976
Mitsubishi Electric Corp.		72,200		893,843
Nidec Corp.		44,000		2,555,660
				5,447,740
Industrial Conglomerates—0.3%
Carlisle Cos., Inc.		4,032		487,711
Jardine Strategic Holdings Ltd.		29,691		638,529
Roper Technologies, Inc.		3,276		1,117,214
SM Investments Corp.		58,924		959,856
				3,203,310
Machinery—0.6%
Aalberts NV		24,015		677,282
Atlas Copco AB, Cl. A		77,081		2,674,310
Epiroc AB, Cl. A		80,131		804,147
FANUC Corp.		4,600		758,513
IDEX Corp.		3,784		581,336
Minebea Mitsumi, Inc.		14,300		233,920

16      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Machinery (Continued)
VAT Group AG1,2		8,527	$	1,408,176
				7,137,684
Professional Services—0.6%
CoStar Group, Inc.1		1,976		1,280,962
Equifax, Inc.		8,127		1,128,840
IHS Markit Ltd.		22,505		1,514,586
Nihon M&A Center, Inc.		13,400		440,624
Recruit Holdings Co. Ltd.		76,000		2,229,526
TransUnion		11,002		866,848
				7,461,386
Road & Rail—0.1%
Kansas City Southern		4,994		651,967
Old Dominion Freight Line, Inc.		3,955		574,622
				1,226,589
Trading Companies & Distributors—0.2%
Ashtead Group plc		39,418		1,081,653
Ferguson plc		6,934		501,515
ITOCHU Corp.		59,600		1,171,201
				2,754,369
Transportation Infrastructure—0.0%
Grupo Aeroportuario del Sureste SAB de CV, Cl. B		26,666		267,080
Information Technology—8.4%
Communications Equipment—0.0%
Motorola Solutions, Inc.		1,472		211,688
Electronic Equipment, Instruments, & Components—1.4%
CDW Corp.		8,521		944,127
Hitachi Ltd.		51,500		1,545,168
Keyence Corp.		9,700		3,484,863
Keysight Technologies, Inc.1		5,548		536,880
Murata Manufacturing Co. Ltd.		80,600		4,483,737
Omron Corp.		17,400		1,021,648
Samsung Electro-Mechanics Co. Ltd.		13,053		1,221,996
TDK Corp.		48,600		4,202,604
				17,441,023
IT Services—1.3%
Adyen NV1,2		458		450,537
Amadeus IT Group SA		17,263		831,827
Black Knight, Inc.1		5,282		372,751
Booz Allen Hamilton Holding Corp., Cl. A		10,370		761,573
CACI International, Inc., Cl. A1		2,259		565,066
Edenred		18,646		752,022
EPAM Systems, Inc.1		10,101		2,231,210

17      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Shares		Value
IT Services (Continued)
Euronet Worldwide, Inc.1		3,422	$	314,003
Fidelity National Information Services, Inc.		7,067		932,067
Global Payments, Inc.		5,566		924,067
Pagseguro Digital Ltd., Cl. A1		29,767		753,998
PayPal Holdings, Inc.1		15,460		1,901,580
Shopify, Inc., Cl. A1		663		420,477
StoneCo Ltd., Cl. A1		22,727		599,538
Tata Consultancy Services Ltd.		56,333		1,499,651
Twilio, Inc., Cl. A1		4,490		504,227
Visa, Inc., Cl. A		3,675		656,796
Worldline SA (France)1,2		22,039		1,499,830
				15,971,220
Semiconductors & Semiconductor Equipment—2.8%
Advanced Micro Devices, Inc.1		18,659		977,545
Advantest Corp.		19,800		962,927
ASML Holding NV		9,394		2,790,477
Disco Corp.		2,400		539,099
Infineon Technologies AG		48,790		906,568
Intel Corp.		7,808		468,324
KLA Corp.		5,561		912,505
Lam Research Corp.		3,510		896,033
Marvell Technology Group Ltd.		10,579		282,882
Maxim Integrated Products, Inc.		32,736		1,799,825
MKS Instruments, Inc.		2,956		296,280
Monolithic Power Systems, Inc.		3,730		745,664
NXP Semiconductors NV		12,114		1,206,191
QUALCOMM, Inc.		40,973		3,223,346
SCREEN Holdings Co. Ltd.		21,100		1,022,436
SK Hynix, Inc.		40,589		2,762,033
STMicroelectronics NV		85,682		2,230,371
STMicroelectronics NV, Cl. NY		121,965		3,118,645
Taiwan Semiconductor Manufacturing Co. Ltd.3		615,000		6,180,423
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR3		40,231		2,137,473
				33,459,047
Software—2.7%
Adobe, Inc.1		9,506		3,361,702
Alteryx, Inc., Cl. A1		2,747		310,905
ANSYS, Inc.1		2,550		667,667
Atlassian Corp. plc, Cl. A1		10,067		1,565,318
Blue Prism Group plc1		13,560		221,052
Coupa Software, Inc.1		3,810		670,903
Crowdstrike Holdings, Inc., Cl. A1		6,101		412,794
Dassault Systemes SE		7,331		1,074,026
DocuSign, Inc., Cl. A1		3,709		388,518
Intuit, Inc.		10,742		2,898,299
Microsoft Corp.		4,436		794,976
OneConnect Financial Technology Co. Ltd., ADR1		29,539		296,867

18      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

	Shares		Value
Software (Continued)
Oracle Corp. Japan		18,600	$	1,911,934
Paycom Software, Inc.1		1,363		355,770
RingCentral, Inc., Cl. A1		5,900		1,348,327
SAP SE		81,330		9,700,048
Splunk, Inc.1		5,895		827,422
Synopsys, Inc.1		8,486		1,333,320
Temenos AG1		7,493		976,390
Trade Desk, Inc. (The), Cl. A1		2,406		703,947
Weimob, Inc.1,2		1,436,000		1,084,210
Xero Ltd.1		21,365		1,086,489
				31,990,884
Technology Hardware, Storage & Peripherals—0.2%
Samsung Electronics Co. Ltd.		48,583		2,001,965
Materials—2.3%
Chemicals—0.7%
Air Liquide SA		33,766		4,300,111
Akzo Nobel NV		32,309		2,452,731
FMC Corp.		5,706		524,381
Sika AG		5,267		872,391
				8,149,614
Construction Materials—0.1%
Indocement Tunggal Prakarsa Tbk PT		223,230		174,569
James Hardie Industries plc		82,120		1,177,529
Martin Marietta Materials, Inc.		1,882		358,013
Semen Indonesia Persero Tbk PT		212,500		113,432
				1,823,543
Containers & Packaging—0.1%
Avery Dennison Corp.		3,353		370,138
Ball Corp.		5,772		378,585
CCL Industries, Inc., Cl. B		677		21,162
				769,885
Metals & Mining—1.4%
Anglo American plc		146,668		2,618,741
AngloGold Ashanti Ltd., Sponsored ADR		35,738		871,650
Barrick Gold Corp.		68,115		1,751,918
BHP Billiton Ltd., Sponsored ADR		35,341		1,437,672
Gold Fields Ltd., Sponsored ADR		114,306		839,006
Grupo Mexico SAB de CV		487,722		1,040,161
MMC Norilsk Nickel PJSC3		691		191,614
MMC Norilsk Nickel PJSC, ADR3		9,275		258,057
Polyus PJSC, GDR2		2,950		241,549
Real Gold Mining Ltd.1,3,4		273,000		—
Shandong Gold Mining Co. Ltd., Cl. H2		356,250		1,053,585
Vale SA, Cl. B, Sponsored ADR		96,581		796,793

19      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Shares		Value
Metals & Mining (Continued)
Wheaton Precious Metals Corp.			151,360	$	5,715,353
					16,816,099
Telecommunication Services—0.4%
Diversified Telecommunication Services—0.3%
Cogent Communications Holdings, Inc.			3,171		265,825
Nippon Telegraph & Telephone Corp.			112,400		2,560,729
Spark New Zealand Ltd.			440,014		1,187,140
					4,013,694
Wireless Telecommunication Services—0.1%
Rogers Communications, Inc., Cl. B			11,103		465,034
Total Common Stocks (Cost $366,341,832)					404,922,492
Preferred Stocks—1.0%
Grab Holdings, Inc., H Shares, Preference1,4			214,050		1,319,169
Harambee Re Ltd., 2019-11,4			243,039		397,879
Kinesis Re, 2019-11,4			189,383		1,469,998
Lion Rock Re Ltd., 2019-11,4,5			375		540,544
Mt. Logan Re Ltd., 2019-11,4,5			3,750		3,511,338
NCM Re Ltd., 2019-11,4,5			450,326		726,056
Socium Re Ltd., 20191,4			2,948,707		2,685,042
Thopas Re Ltd., 2019-11,4,5			7,495		380,170
Torricelli Re, 2019-11,4,5			4,134		351,965
Turing Re, 2019-11,2,4			13,286		620,300
Viribus Re Ltd., 2019-11,4,5			457,088		38,478
Zee Entertainment Enterprises Ltd., 6% Cum. Non-Cv.			629,697		26,581
Total Preferred Stocks (Cost $13,682,360)					12,067,520
		Principal Amount
U.S. Government Obligations—9.3%
United States Treasury Nts.:
1.125%, 2/28/256		$	42,400,000		43,990,000
1.625%, 2/15/266			38,920,000		41,512,133
2.75%, 2/15/286			22,488,000		26,227,508
Total U.S. Government Obligations (Cost $104,216,537)					111,729,641
Foreign Government Obligations—4.5%
Italy Buoni Poliennali Del Tesoro, 3.00% Sr. Unsec. Nts., 8/1/292,7	EUR		26,920,000		32,644,055
Japan Government Ten Year Bond, 0.10% Bonds, 12/20/29	JPY		2,230,000,000		21,085,760
Total Foreign Government Obligations (Cost $54,456,261)					53,729,815
Non-Convertible Corporate Bond and Note—0.0%
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22 (Cost $210,532)6			210,000		226,304
Event-Linked Bonds—0.2%
Alturas Re Segregated Account 2019-1 Catastrophe Linked Nts., 0.00%, 6/30/202,4,8			15,000		397,910
Eden Re II Ltd. Catastrophe Linked Nts., 0.00%, 3/22/232,4,8			37,500		302,783

20      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

	Principal Amount			Value
Event-Linked Bonds (Continued)
Limestone Re Ltd. Catastrophe Linked Nts., 0.00%, 6/30/202,4,8	$	78,969		$	380,822
Sector Re V Ltd. Catastrophe Linked Nts., 0.00%, 3/1/242,4,7,8		1,800,000			709,272
Versutus Ltd., 2019-1, Cl. B Catastrophe Linked Nts., 0.00%, 6/30/204,8		292,084			314,450
Total Event-Linked Bonds (Cost $2,223,553)					2,105,237
	Shares			Value
Investment Companies—48.5%
Invesco Emerging Markets Sovereign Debt Exchange Traded Fund5		802,435			19,651,633
Invesco Government & Agency Portfolio, Institutional Class, 0.20%5,9		5,084,671			5,084,671
Invesco Oppenheimer Master Event-Linked Bond Fund1,5		6,554,023			103,286,166
Invesco Russell 1000 Dynamic Multifactor Exchange Traded Fund5		8,446,860			250,111,525
Invesco Russell 2000 Dynamic Multifactor Exchange Traded Fund5		1,604,300			34,516,835
iShares JP Morgan USD Emerging Markets Bond Exchange Traded Fund		288,000			28,944,000
iShares Short-Term Corporate Bond Exchange Traded Fund		1,335,000			71,649,450
Vanguard Short-Term Corporate Bond Exchange Traded Fund		853,700			69,217,996
Total Investment Companies (Cost $580,038,126)					582,462,276
Total Investments, at Value (Cost $1,121,169,201)		97.2	%		1,167,243,285
Net Other Assets (Liabilities)		2.8			33,444,317
Net Assets		100.0	%	$	1,200,687,602

Footnotes to Consolidated Schedule of Investments

1. Non-income producing security.

2. 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 April 30, 2020 was $46,772,362, which represented 3.90% of the Fund’s Net Assets.

3. The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

4. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

5. Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares October 31, 2019		Gross Additions		Gross Reductions		Shares April 30, 2020
Preferred Stock
Lion Rock Re Ltd., 2019-1a		37,500		—		37,125		375
Mt. Logan Re Ltd., 2019-1a		3,750		—		—		3,750
NCM Re Ltd., 2019-1a		3,750,000		—		3,299,674		450,326
Thopas Re Ltd., 2019-1a		37,500		—		30,005		7,495
Torricelli Re, 2019-1a		37,500		—		33,366		4,134
Viribus Re Ltd., 2019-1a		2,926,109		—		2,469,021		457,088
Investment Company
Invesco Emerging Markets
Sovereign Debt Exchange Traded Fund		—		802,435		—		802,435
Invesco Government & Agency
Portfolio, Institutional Class		—		333,893,033		328,808,362		5,084,671

21      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Schedule of Investments (continued)

	Shares October 31, 2019			Gross Additions			Gross Reductions			Shares April 30, 2020
Invesco Oppenheimer Master Event-Linked Bond Fund		5,260,419			1,293,604			—			6,554,023
Invesco Russell 1000 Dynamic Multifactor Exchange Traded Fund		8,446,860			—			—			8,446,860
Invesco Russell 2000 Dynamic Multifactor Exchange Traded Fund		1,604,300			—			—			1,604,300
	Value			Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Preferred Stock
Lion Rock Re Ltd., 2019-1a	$	—	a	$	—		$	90,229		$	228,927
Mt. Logan Re Ltd., 2019-1 a		—	a		—			—			191,243
NCM Re Ltd., 2019-1 a		—	a		—			—			278,824
Thopas Re Ltd., 2019-1a		—	a		—			—			111,893
Torricelli Re, 2019-1a		—	a		—			23,897			38,084
Viribus Re Ltd., 2019-1a		—	a		—			1,128,114			(203,946	)
Investment Company
Invesco Emerging Markets Sovereign Debt Exchange Traded Fund		19,651,633			97,287			—			265,573
Invesco Government & Agency Portfolio, Institutional Class		5,084,671			105,527			—			—
Invesco Oppenheimer Master Event-Linked Bond Fund		103,286,166			2,896,667	b,c		(835,922	)b		(1,640,756	)b
Invesco Russell 1000 Dynamic Multifactor Exchange Traded Fund		250,111,525			2,462,513			—			(9,138,093	)
Invesco Russell 2000 Dynamic Multifactor Exchange Traded Fund		34,516,835			319,881			—			(13,683,913	)
Total	$	412,650,830		$	5,881,875		$	406,318		$	(23,552,164	)

a. This security is no longer an affiliate. Therefore, the value has been excluded from this table.

b. Represents the amount allocated to the Fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

c. Net of expenses allocated to the Fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. All or a portion of the security position is held in accounts at a futures clearing merchant and pledged to cover margin requirements on open futures contracts and written options on futures, if applicable. The aggregate market value of such securities is $5,537,967. See Note 5 of the accompanying Consolidated Notes.

7. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Consolidated Notes.

8. Zero coupon bond reflects effective yield on the original acquisition date.

9. The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	805,214,365		69.0	%
Japan		72,733,251		6.2
China		38,954,027		3.3

22      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Geographic Holdings (Continued)	Value		Percent
France	$	35,875,843		3.1%
Italy		34,871,004		3.0
Germany		23,340,676		2.0
United Kingdom		18,542,700		1.6
Switzerland		13,549,567		1.2
Supranational		12,827,007		1.1
Canada		12,129,501		1.0
Netherlands		9,630,012		0.8
India		9,560,664		0.8
South Korea		8,767,311		0.8
Taiwan		8,317,896		0.7
Hong Kong		7,722,699		0.7
Sweden		7,437,574		0.6
Russia		6,547,341		0.6
Denmark		5,936,559		0.5
South Africa		5,341,544		0.5
Brazil		5,245,925		0.5
Spain		4,827,494		0.4
Mexico		3,773,751		0.3
Australia		3,338,561		0.3
New Zealand		2,273,629		0.2
Philippines		1,684,925		0.1
Ireland		1,516,769		0.1
Singapore		1,319,169		0.1
Peru		1,166,826		0.1
Turkey		862,023		0.1
Macau		751,105		0.1
Indonesia		695,866		0.1
Belgium		663,048		0.1
Chile		542,735		0.0
Egypt		501,288		0.0
Thailand		459,407		0.0
Colombia		251,202		0.0
Argentina		70,021		0.0
Total	$	1,167,243,285		100.0%

Forward Currency Exchange Contracts as of April 30, 2020
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		06/2020	CNY	27,400	USD		3,861	$	9,058	$	—
BAC		06/2020	HKD	38,150	USD		4,919		—		(1,296)
BAC		06/2020	RUB	771,280	USD		10,517		—		(196,039)
BAC		06/2020	SGD	16,200	USD		11,376		114,638		—
BAC		06/2020	TWD	663,000	USD		22,403		69,863		—
BAC		06/2020	USD	16,784	MYR		73,580		—		(250,225)
BAC		06/2020	USD	13,863	THB		450,000		—		(45,290)
BOA		06/2020	CAD	60,800	USD		43,256		427,576		—
BOA		06/2020	COP	12,726,000	USD		3,141		60,677		—
BOA		06/2020	EUR	52,000	USD		56,260		775,726		—
BOA		06/2020	GBP	9,680	USD		11,966		228,355		—

23      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BOA		06/2020	INR	89,145	USD		1,156	$	18,471	$	—
BOA		06/2020	JPY	1,875,000	USD		17,466		17,923		—
BOA		06/2020	KRW	10,000,000	USD		8,117		120,523		—
BOA		06/2020	NOK	18,230	USD		1,821		—		(40,973)
BOA		06/2020	NZD	17,170	USD		10,304		225,372		—
BOA		06/2020	TRY	19,565	USD		2,744		24,687		—
BOA		06/2020	USD	16,475	CAD		23,470		—		(387,451)
BOA		06/2020	USD	30,850	CHF		30,000		—		(269,454)
BOA		06/2020	USD	39,794	EUR		35,695		641,803		—
BOA		06/2020	USD	6,038	IDR		95,740,000		—		(227,260)
BOA		06/2020	USD	42,321	JPY		4,550,000		—		(106,251)
CITNA-B		06/2020	CHF	12,160	USD		12,824		—		(210,385)
CITNA-B		06/2020	CNY	74,970	USD		10,648		—		(58,558)
CITNA-B		06/2020	COP	44,597,600	USD		11,316		—		(97,358)
CITNA-B		06/2020	HUF	92,000	USD		302		—		(16,285)
CITNA-B		06/2020	ILS	6,010	USD		1,650		76,781		—
CITNA-B		06/2020	INR	397,750	USD		5,267		—		(25,517)
CITNA-B		06/2020	JPY	1,370,000	USD		12,874		—		(99,234)
CITNA-B		06/2020	RUB	59,700	USD		814		—		(14,717)
CITNA-B		06/2020	TWD	83,210	USD		2,806		14,079		—
CITNA-B		06/2020	USD	376	ARS		26,980		390		—
CITNA-B		06/2020	USD	886	AUD		1,410		—		(32,865)
CITNA-B		06/2020	USD	264	DKK		1,765		4,159		—
CITNA-B		06/2020	USD	16,512	EUR		15,150		—		(104,843)
CITNA-B		06/2020	USD	90,391	JPY		9,640,000		502,470		—
CITNA-B		06/2020	USD	26,789	NZD		43,736		—		(32,755)
CITNA-B		06/2020	USD	1,628	PHP		84,000		—		(31,764)
CITNA-B		06/2020	USD	8,308	PLN		32,760		413,817		—
CITNA-B		06/2020	USD	8,288	SEK		80,980		—		(16,522)
CITNA-B		06/2020	ZAR	363,920	USD		22,133		—		(2,590,979)
DEU		06/2020	INR	887,690	USD		11,765		—		(67,854)
DEU		06/2020	JPY	1,810,000	USD		17,016		—		(138,924)
GSCO-OT		06/2020	CHF	1,310	USD		1,382		—		(23,375)
HSBC		06/2020	CNY	69,598	USD		9,883		—		(52,271)
HSBC		06/2020	IDR	344,043,000	USD		23,151		—		(634,729)
HSBC		06/2020	JPY	43,300	USD		407		—		(3,140)
HSBC		06/2020	SGD	5,290	USD		3,747		5,363		—
HSBC		06/2020	TRY	78,910	USD		12,185		—		(1,019,460)
HSBC		06/2020	USD	5,905	HKD		45,880		—		(9,262)
HSBC		06/2020	USD	12,617	KRW		15,172,030		119,255		—
JPM		06/2020	BRL	114,660	USD		21,993		—		(962,224)
JPM		06/2020	CAD	18,958	USD		13,367		253,657		—
JPM		06/2020	CLP	13,900,000	USD		16,186		481,868		—
JPM		06/2020	EUR	61,857	USD		66,871		976,708		—
JPM		06/2020	GBP	26,445	USD		31,780		1,533,634		—
JPM		06/2020	JPY	5,500,000	USD		49,632		1,652,594		—
JPM		06/2020	NOK	142,000	USD		13,349		515,047		—
JPM		06/2020	PLN	37,500	USD		8,941		94,893		—

24      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
JPM		06/2020	RUB	166,500	USD		2,224	$	4,111	$	—
JPM		06/2020	SEK	196,000	USD		19,504		595,367		—
JPM		06/2020	USD	18,330	BRL		103,160		—		(591,596)
JPM		06/2020	USD	13,942	CZK		353,000		—		(340,708)
JPM		06/2020	USD	12,275	MXN		307,860		—		(406,265)
JPM		06/2020	USD	1,440	PEN		5,080		—		(60,841)
JPM		06/2020	USD	12,706	PHP		647,300		—		(87,136)
JPM		06/2020	USD	37,217	TWD		1,110,000		—		(407,468)
JPM		06/2020	USD	19,129	ZAR		365,000		—		(470,822)
MOS		06/2020	MYR	86,505	USD		20,094		—		(67,917)
MOS		06/2020	TWD	268,490	USD		9,074		27,065		—
MOS		06/2020	USD	15,987	CLP		13,329,000		3,336		—
MOS		06/2020	USD	1,420	RON		6,215		21,154		—
MOS		06/2020	ZAR	15,880	USD		968		—		(114,878)
RBC		06/2020	CAD	13,207	USD		9,308		180,876		—
RBC		06/2020	EUR	3,043	USD		3,290		47,814		—
RBC		06/2020	MXN	284,710	USD		13,125		—		(1,397,411)
RBC		06/2020	USD	32,486	CAD		45,025		136,354		—
RBC		06/2020	USD	108,438	EUR		97,210		1,813,470		—
RBC		06/2020	USD	45,618	GBP		36,521		—		(389,059)
SCB		06/2020	THB	96,340	USD		3,031		—		(52,999)
UBS		06/2020	CHF	9,980	USD		10,536		—		(183,279)
UBS		06/2020	USD	3,513	AUD		5,510		—		(78,065)
Total Unrealized Appreciation and Depreciation								$	12,208,934	$	(12,415,704)

Futures Contracts as of April 30, 2020
Description	Buy/Sell		Expiration Date		Number of Contracts		Notional Amount (000’s)	Value		Unrealized Appreciation/ (Depreciation)
E-Mini Russell
2000 Index		Sell		6/19/20		601	USD 30,834	$	39,266,335	$	(8,432,595	)
Japanese Bonds, 10 yr.		Buy		6/15/20		27	JPY 38,094		38,441,318		347,097
MSCI Emerging Market Index		Sell		6/19/20		1,639	USD 66,628		74,238,505		(7,610,638	)
Nikkei 225 Index		Sell		6/11/20		9	JPY 1,671		1,682,337		(11,241	)
S&P 500 E-Mini Index		Buy		6/19/20		448	USD 53,838		65,016,000		11,177,577
S&P/TSX 60 Index		Buy		6/18/20		67	CAD 7,080		8,550,508		1,470,818
SPI 200 Index		Buy		6/18/20		97	AUD 8,032		8,754,591		722,355
United States Treasury Nts., 10 yr.		Buy		6/19/20		183	USD 24,361		25,448,438		1,087,604
United States Treasury Nts., 2 yr.		Buy		6/30/20		2,182	USD 479,559		480,977,579		1,418,226
United States Treasury Nts., 5 yr.		Buy		6/30/20		1,344	USD 166,325		168,651,000		2,326,222
										$	2,495,425

25      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Centrally Cleared Credit Default Swaps at April 30, 2020
Reference Asset	Buy/Sell Protection		Fixed Rate	Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value		Unrealized Appreciation/ (Depreciation)
CDX.NA.IG.33		Sell	1.000%		12/20/24		USD 66,300	$	(1,085,694	)	$	538,413	$	1,624,107
CDX.NA.IG.34		Sell	1.000		6/20/25		USD 132,600		(1,840,323	)		996,970		2,837,293
Total Centrally Cleared Credit Default Swaps								$	(2,926,017	)	$	1,535,383	$	4,461,400

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSO	Morgan Stanley & Co., Inc.
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
UBS	UBS AG
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	New Romanian Leu

26      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Currency abbreviations indicate amounts reporting in currencies (Continued)
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	New Turkish Lira
TWD	New Taiwan Dollar
ZAR	South African Rand
Definitions
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
S&P	Standard & Poor’s
SPI	Swiss Performance Index
TSX 60	60 largest companies on the Toronto Stock Exchange
See accompanying Notes to Consolidated Financial Statements.

27      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES April 30, 2020 Unaudited

Assets
Investments, at value—see accompanying consolidated schedule of investments:
Unaffiliated companies (cost $703,875,546)	$	754,592,455
Affiliated companies (cost $417,293,655)		412,650,830
		1,167,243,285
Cash		14,918,421
Cash—foreign currencies (cost $335,319)		335,235
Cash used for collateral on centrally cleared swaps		7,569,862
Unrealized appreciation on forward currency exchange contracts		12,208,934
Receivables and other assets:
Investments sold		19,499,068
Variation margin receivable - futures contracts		6,146,640
Interest and dividends		2,682,515
Shares of beneficial interest sold		264,184
Other		887,413
Total assets		1,231,755,557
Liabilities
Unrealized depreciation on forward currency exchange contracts		12,415,704
Variation margin payable - centrally cleared swaps		634,791
Payables and other liabilities:
Investments purchased		15,266,555
Shares of beneficial interest redeemed		1,078,195
Transfer and shareholder servicing agent fees		428,330
Trustees’ compensation		384,671
Distribution and service plan fees		271,953
Shareholder communications		226,177
Foreign capital gains tax		126,318
Advisory fees		26,091
Administration fees		484
Other		208,686
Total liabilities		31,067,955
Net Assets	$	1,200,687,602
Composition of Net Assets
Shares of beneficial interest	$	1,222,174,936
Total accumulated loss		(21,487,334)
Net Assets	$	1,200,687,602

28      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $983,630,116 and 56,167,304 shares of beneficial interest outstanding)	$17.51
Maximum offering price per share (net asset value plus sales charge of 5.50% of offering price)	$18.53
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $80,699,040 and 4,875,208 shares of beneficial interest outstanding)	$16.55
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets of $34,032,695 and 1,990,689 shares of beneficial interest outstanding)	$17.10
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $66,714,907 and 3,807,715 shares of beneficial interest outstanding)	$17.52
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,117 and 576 shares of beneficial interest outstanding)	$17.56
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $35,600,727 and 2,029,002 shares of beneficial interest outstanding)	$17.55

See accompanying Notes to Consolidated Financial Statements.

29      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2020 Unaudited

Investment Income
Interest:
Unaffiliated companies	$	1,054,451
Affiliated companies		855,144
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $306,850)		3,646,287
Affiliated companies		5,026,731
Total investment income		10,582,613
Expenses
Advisory fees		5,034,372
Administration fees		93,387
Distribution and service plan fees:
Class A		1,310,050
Class C		438,899
Class R		90,965
Transfer and shareholder servicing agent fees:
Class A		1,092,820
Class C		91,551
Class R		37,946
Class Y		72,484
Class R5		3
Class R6		2,357
Shareholder communications:
Class A		68,380
Class C		5,729
Class R		2,377
Class Y		4,549
Class R5		1
Class R6		2,407
Custodian fees and expenses		82,660
Other		142,075
Total expenses		8,573,012
Less waivers and reimbursement of expenses		(729,071)
Net expenses		7,843,941
Net Investment Income		2,738,672

30      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $82,136) (includes net gain (loss) from securities sold to affiliates $(10,487))	$	2,045,874
Affiliated companies		406,318
Futures contracts		(13,668,160)
Foreign currency transactions		(579,236)
Forward currency exchange contracts		(4,521,262)
Swap contracts		(14,934,870)
Increase from payment by affiliate		141,727
Net realized loss		(31,109,609)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $(49,146))		(14,037,429)
Affiliated companies		(23,552,164)
Foreign currency transactions		95,911
Forward currency exchange contracts		(1,137,646)
Futures contracts		14,557,712
Swap contracts		3,869,167
Net change in unrealized appreciation/(depreciation)		(20,204,449)
Net Decrease in Net Assets Resulting from Operations		$    (48,575,386)

See accompanying Notes to Consolidated Financial Statements.

31      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
Operations
Net investment income	$	2,738,672		$	9,324,795
Net realized gain (loss)		(31,109,609	)		(36,392,765)
Net change in unrealized appreciation/(depreciation)		(20,204,449	)		131,686,745
Net increase (decrease) in net assets resulting from operations		(48,575,386	)		104,618,775
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		—			(86,882,802)
Class C		—			(16,319,488)
Class R		—			(3,284,009)
Class Y		(57,508	)		(8,722,481)
Class R5		(11	)		—
Class R6		(42,744	)		(2,897,720)
Total distributions from distributable earnings		(100,263	)		(118,106,500)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(69,573,583	)		49,852,737
Class C		(7,718,758	)		(113,424,129)
Class R		(3,127,849	)		(1,026,614)
Class Y		(5,221,803	)		(38,456,538)
Class R5		—			10,000
Class R6		(726,553	)		4,577,166
Total beneficial interest transactions		(86,368,546	)		(98,467,378)
Net Assets
Total decrease		(135,044,195	)		(111,955,103)
Beginning of period		1,335,731,797			1,447,686,900
End of period	$	1,200,687,602		$	1,335,731,797

See accompanying Notes to Consolidated Financial Statements.

32      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151
Per Share Operating Data
Net asset value, beginning of period		$18.21		$18.48		$19.48		$17.77		$17.58		$17.43
Income (loss) from investment operations:
Net investment income2		0.04		0.13		0.21		0.28		0.23		0.24
Net realized and unrealized gain (loss)		(0.74)		1.16		(1.21)		1.94		0.23		0.15
Total from investment operations		(0.70)		1.29		(1.00)		2.22		0.46		0.39
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.39)		(0.00)3		(0.51)		(0.27)		(0.24)
Distributions from net realized gain		0.00		(1.17)		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(1.56)		(0.00)3		(0.51)		(0.27)		(0.24)
Net asset value, end of period		$17.51		$18.21		$18.48		$19.48		$17.77		$17.58
Total Return, at Net Asset Value4		(3.84)%		8.05%		(5.12)%		12.84%		2.72%		2.26%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$983,630		$1,093,027		$1,050,082		$1,193,012		$1,139,315		$1,203,181
Average net assets (in thousands)		$1,053,562		$1,053,658		$1,172,491		$1,157,102		$1,150,095		$1,247,197
Ratios to average net assets:5
Net investment income6		0.46%		0.75%		1.06%		1.51%		1.33%		1.39%
Expenses excluding specific expenses listed below		1.31%		1.31%		1.32%7		1.34%7		1.34%7		1.33%7
Interest and fees from borrowings		0.00%		0.00%8		0.00%8		0.00%8		0.00%8		0.00%8
Total expenses9		1.31%		1.31%		1.32%7		1.34%7		1.34%7		1.33%7
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.20%		1.21%		1.25%7		1.27%7		1.28%7		1.28%7
Portfolio turnover rate10		42%		52%		151%		40%		84%		83%

33      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

7. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

8. Less than 0.005%.

9. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.42	%
Year Ended October 31, 2019	1.39	%
Year Ended October 31, 2018	1.34	%
Year Ended October 31, 2017	1.36	%
Year Ended October 31, 2016	1.35	%
Year Ended October 30, 2015	1.33	%

10. 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.

34      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Class C	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151
Per Share Operating Data
Net asset value, beginning of period		$17.28		$17.59		$18.67		$17.13		$17.00		$16.88
Income (loss) from investment operations:
Net investment income (loss)2		(0.02)		(0.00)3		0.06		0.14		0.10		0.11
Net realized and unrealized gain (loss)		(0.71)		1.10		(1.14)		1.85		0.23		0.14
Total from investment operations		(0.73)		1.10		(1.08)		1.99		0.33		0.25
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.24)		0.00		(0.45)		(0.20)		(0.13)
Distributions from net realized gain		0.00		(1.17)		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(1.41)		0.00		(0.45)		(0.20)		(0.13)
Net asset value, end of period		$16.55		$17.28		$17.59		$18.67		$17.13		$17.00
Total Return, at Net Asset Value4		(4.23)%		7.22%		(5.84)%		11.99%		1.97%		1.50%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$80,699		$92,142		$209,903		$237,072		$238,771		$247,445
Average net assets (in thousands)		$88,220		$163,610		$237,237		$236,259		$240,948		$256,637
Ratios to average net assets:5
Net investment income (loss)6		(0.29)%		(0.00)%7		0.31%		0.77%		0.58%		0.64%
Expenses excluding specific expenses listed below		2.06%		2.06%		2.08%8		2.09%8		2.09%8		2.08%8
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses9		2.06%		2.06%		2.08%8		2.09%8		2.09%8		2.08%8
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.95%		1.96%		2.01%8		2.02%8		2.03%8		2.03%8
Portfolio turnover rate10		42%		52%		151%		40%		84%		83%

35      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

7. Less than 0.005%.

8. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

9. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	2.17	%
Year Ended October 31, 2019	2.14	%
Year Ended October 31, 2018	2.10	%
Year Ended October 31, 2017	2.11	%
Year Ended October 31, 2016	2.10	%
Year Ended October 30, 2015	2.08	%

10. 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.

36      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Class R	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151
Per Share Operating Data
Net asset value, beginning of period		$17.79		$18.10		$19.12		$17.47		$17.29		$17.15
Income (loss) from investment operations:
Net investment income2		0.02		0.09		0.16		0.23		0.18		0.20
Net realized and unrealized gain (loss)		(0.71)		1.11		(1.18)		1.90		0.24		0.14
Total from investment operations		(0.69)		1.20		(1.02)		2.13		0.42		0.34
Dividends and/or distributions to shareholders:
Dividends from net investment income		0.00		(0.34)		0.00		(0.48)		(0.24)		(0.20)
Distributions from net realized gain		0.00		(1.17)		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		0.00		(1.51)		0.00		(0.48)		(0.24)		(0.20)
Net asset value, end of period		$17.10		$17.79		$18.10		$19.12		$17.47		$17.29
Total Return, at Net Asset Value3		(3.88)%		7.68%		(5.34)%		12.55%		2.51%		1.98%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$34,033		$38,552		$39,909		$42,854		$37,321		$36,537
Average net assets (in thousands)		$36,563		$39,538		$43,762		$39,052		$36,498		$38,398
Ratios to average net assets:4
Net investment income5		0.21%		0.50%		0.82%		1.26%		1.09%		1.14%
Expenses excluding specific expenses listed below		1.56%		1.56%		1.57%6		1.59%6		1.59%6		1.58%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.56%		1.56%		1.57%6		1.59%6		1.59%6		1.58%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.45%		1.46%		1.50%6		1.52%6		1.53%6		1.53%6
Portfolio turnover rate9		42%		52%		151%		40%		84%		83%

37      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.67	%
Year Ended October 31, 2019	1.64	%
Year Ended October 31, 2018	1.59	%
Year Ended October 31, 2017	1.61	%
Year Ended October 31, 2016	1.60	%
Year Ended October 30, 2015	1.58	%

9. 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.

38      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Class Y	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151
Per Share Operating Data
Net asset value, beginning of period		$18.21		$18.49		$19.47		$17.75		$17.56		$17.42
Income (loss) from investment operations:
Net investment income2		0.06		0.18		0.26		0.32		0.28		0.29
Net realized and unrealized gain (loss)		(0.74)		1.14		(1.21)		1.94		0.23		0.14
Total from investment operations		(0.68)		1.32		(0.95)		2.26		0.51		0.43
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		(0.43)		(0.03)		(0.54)		(0.32)		(0.29)
Distributions from net realized gain		0.00		(1.17)		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.01)		(1.60)		(0.03)		(0.54)		(0.32)		(0.29)
Net asset value, end of period		$17.52		$18.21		$18.49		$19.47		$17.75		$17.56
Total Return, at Net Asset Value3		(3.71)%		8.27%		(4.88)%		13.13%		2.97%		2.47%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$66,715		$74,260		$114,493		$121,039		$60,771		$45,698
Average net assets (in thousands)		$69,862		$88,444		$133,677		$82,959		$52,148		$42,596
Ratios to average net assets:4
Net investment income5		0.71%		0.99%		1.31%		1.72%		1.63%		1.63%
Expenses excluding specific expenses listed below		1.06%		1.06%		1.08%6		1.10%6		1.09%6		1.08%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.06%		1.06%		1.08%6		1.10%6		1.09%6		1.08%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95%		0.96%		1.01%6		1.03%6		1.03%6		1.03%6
Portfolio turnover rate9		42%		52%		151%		40%		84%		83%

39      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.17	%
Year Ended October 31, 2019	1.14	%
Year Ended October 31, 2018	1.10	%
Year Ended October 31, 2017	1.12	%
Year Ended October 31, 2016	1.10	%
Year Ended October 30, 2015	1.08	%

9. 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.

40      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Class R5	Six Months Ended April 30, 2020 (Unaudited)		Period Ended October 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$18.24		$17.36
Income (loss) from investment operations:
Net investment income2		0.08		0.09
Net realized and unrealized gain (loss)		(0.74)		0.79
Total from investment operations		(0.66)		0.88
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		0.00
Distributions from net realized gain		0.00		0.00
Total dividends and/or distributions to shareholders		(0.02)		0.00
Net asset value, end of period		$17.56		$18.24
Total Return, at Net Asset Value3		(3.63)%		5.07%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$11
Average net assets (in thousands)		$10		$10
Ratios to average net assets:4
Net investment income5		0.87%		1.11%
Total expenses6		0.90%		0.93%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.79%		0.85%
Portfolio turnover rate7		42%		52%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.01	%
Period Ended October 31, 2019	1.01	%

7. 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.

41      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R6	Six Months Ended April 30, 2020 (Unaudited)		Year Ended October 31, 2019		Year Ended October 31, 2018		Year Ended October 31, 2017		Year Ended October 31, 2016		Year Ended October 30, 20151
Per Share Operating Data
Net asset value, beginning of period		$18.22		$18.51		$19.48		$17.75		$17.56		$17.41
Income (loss) from investment operations:
Net investment income2		0.08		0.21		0.29		0.36		0.29		0.31
Net realized and unrealized gain (loss)		(0.73)		1.14		(1.21)		1.93		0.25		0.16
Total from investment operations		(0.65)		1.35		(0.92)		2.29		0.54		0.47
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.47)		(0.05)		(0.56)		(0.35)		(0.32)
Distributions from net realized gain		0.00		(1.17)		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.02)		(1.64)		(0.05)		(0.56)		(0.35)		(0.32)
Net asset value, end of period		$17.55		$18.22		$18.51		$19.48		$17.75		$17.56
Total Return, at Net Asset Value3		(3.57)%		8.48%		(4.75)%		13.33%		3.18%		2.71%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$35,601		$37,741		$33,300		$28,163		$23,444		$747
Average net assets (in thousands)		$37,171		$34,510		$33,025		$25,390		$9,808		$877
Ratios to average net assets:4
Net investment income5		0.91%		1.17%		1.48%		1.93%		1.66%		1.74%
Expenses excluding specific expenses listed below		0.86%		0.88%		0.91%6		0.90%6		0.85%6		0.88%6
Interest and fees from borrowings		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		0.86%		0.88%		0.91%6		0.90%6		0.85%6		0.88%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.79%		0.84%6		0.84%6		0.79%6		0.83%6
Portfolio turnover rate9		42%		52%		151%		40%		84%		83%

42      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

1. Represents the last business day of the Fund’s reporting period.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.97	%
Year Ended October 31, 2019	0.96	%
Year Ended October 31, 2018	0.93	%
Year Ended October 31, 2017	0.92	%
Year Ended October 31, 2016	0.86	%
Year Ended October 30, 2015	0.88	%

9. 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.

43      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS April 30, 2020 Unaudited

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Global Allocation Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

The Fund will invest in the Invesco Oppenheimer Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary invests in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts), and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions.

The Fund’s investment objective is to seek total return.

The 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 and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

44      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American

45      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

46      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid annually. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change

47      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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 financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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

48      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

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.

J. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

K. Futures - 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,

49      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

L. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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.

50      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the

51      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

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 Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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 April 30, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

M. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed

52      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

N. 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.

O. Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

Note 2 – Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

53      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Fee Schedule*
Up to $1.0 billion	0.80	%
Next $2.0 billion	0.76
Next $1.0 billion	0.71
Next $1.0 billion	0.66
Next $1.0 billion	0.60
Next $1.0 billion	0.55
Next $2.0 billion	0.50
Over $9.0 billion	0.48

*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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.79%.

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 May 31, 2021, to waive advisory fees and/ or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.31%, 2.06%, 1.56%, 1.06%, 0.94% and 0.89%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (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 on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $729,071.

The Trust has entered into a master administrative services agreement with Invesco

54      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Brown Brothers Harriman & Co. serves as custodian to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer and shareholder servicing 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 “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C 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 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 plans. For the six months ended April 30, 2020, expenses incurred under the plans are shown in the Consolidated Statement of Operations as Distribution and service plan 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 six months ended April 30, 2020, IDI advised the Fund that IDI retained $45,292 in front-end sales commissions from the sale of Class A shares and $323 and $2,390 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

55      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Common Stocks
Consumer Discretionary	$	43,154,364	$	53,889,886	$	—	$	97,044,250
Consumer Staples		11,146,412		28,145,480		—		39,291,892
Energy		106,707		3,205,736		—		3,312,443
Financials		15,543,467		20,860,670		—		36,404,137
Health Care		24,846,721		31,601,740		—		56,448,461
Industrials		15,001,445		24,306,168		—		39,307,613
Information Technology		44,631,496		56,444,331		—		101,075,827
Materials		14,346,381		13,212,760		—		27,559,141
Telecommunication Services		730,859		3,747,869		—		4,478,728
Preferred Stocks		26,581		—		12,040,939		12,067,520

56      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Investments, at Value: (Continued)
U.S. Government Obligations	$	—		$	111,729,641		$	—	$	111,729,641
Foreign Government Obligations		—			53,729,815			—		53,729,815
Non-Convertible Corporate Bond and Note		—			226,304			—		226,304
Event-Linked Bonds		—			—			2,105,237		2,105,237
Investment Companies		582,462,276			—			—		582,462,276
Total Investments, at Value		751,996,709			401,100,400			14,146,176		1,167,243,285
Other Financial Instruments:
Centrally cleared swaps, at value		—			1,535,383			—		1,535,383
Futures contracts		18,549,899			—			—		18,549,899
Forward currency exchange contracts		—			12,208,934			—		12,208,934
Total Assets	$	770,546,608		$	414,844,717		$	14,146,176	$	1,199,537,501
Liabilities Table
Other Financial Instruments:
Futures contracts	$	(16,054,474	)	$	—		$	—	$	(16,054,474	)
Forward currency exchange contracts		—			(12,415,704	)		—		(12,415,704	)
Total Liabilities	$	(16,054,474	)	$	(12,415,704	)	$	—	$	(28,470,178	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value:

			Value as of October 31, 2019			Realized gain (loss)		Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Preferred Stocks			$	35,408,908		$	2,222,690	$	(233,229	)	$	—
Event-Linked Bonds				19,481,938			623,745		(100,254	)		—
Total Assets			$	54,890,846		$	2,846,435		$        (333,483	)	$	—
a. Included in net investment income.
	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Value as of April 30, 2020
Assets Table
Investments, at Value:
Preferred Stocks	$	—	$	(25,357,430	)	$	—	$	—		$	12,040,939
Event-Linked Bonds		—		(17,900,192	)		—		—			2,105,237
Total Assets	$	—	$	(43,257,622	)	$	—	$	—		$	14,146,176

The total change in unrealized appreciation/depreciation included in the Consolidated

57      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED    

FINANCIAL STATEMENTS Unaudited / Continued

Statement of Operations attributable to Level 3 investments still held at period end:

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Preferred Stocks	$	(233,229	)
Event-Linked Bonds		(100,254	)
Total Assets	$	(333,483	)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 as of April 30, 2020:

	Value as of April 30, 2020		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Assets Table
Investments, at Value:
Preferred Stocks	$	10,721,770		Pricing Service		N/A		N/A		N/A (a)
				Recent Transac-		Recent Transac-				$6.1629/share
Preferred Stocks		1,319,169		tion Price		tion Price		N/A		(b)
Event-Linked Bonds		2,105,237		Pricing Service		N/A		N/A		N/A (a)
Total	$	14,146,176

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

(b) The Fund fair values certain preferred stocks at the most recent transaction price occurring within the past three months. 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 - Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures for the period November 1, 2019 to April 30, 2020: Securities purchases of $4,210 and securities sales of $88,001, which resulted in net realized losses of $10,487.

58      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Note 5 - 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 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 asset transactions as of April 30, 2020:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	2,541,113	$	(1,031,389	)	$	–		$	(1,360,000	)	$	149,724
Barclays Bank plc		193,559		(193,559	)		–			–			–
Citibank NA		1,011,696		(1,011,696	)		–			–			–
HSBC Bank USA NA		124,618		(124,618	)		–			–			–
JPMorgan Chase Bank NA		6,107,879		(3,327,060	)		(1,675,708	)		–			1,105,111
Morgan Stanley Capital Services, Inc.		51,555		(51,555	)		–			–			–
RBC Dominion Securities		2,178,514		(1,786,470	)		–			(392,044	)		–
	$	12,208,934	$	(7,526,347	)	$	(1,675,708	)	$	(1,752,044	)	$	1,254,835

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

59      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(1,031,389	)	$	1,031,389	$	–	$	–	$	–
Barclays Bank plc		(492,850	)		193,559		299,291		–		–
Citibank NA		(3,331,782	)		1,011,696		2,320,086		–		–
Deutsche Bank AG		(206,778	)		–		206,778		–		–
Goldman Sachs Bank USA		(23,375	)		–		–		–		(23,375	)
HSBC Bank USA NA		(1,718,862	)		124,618		1,594,244		–		–
JPMorgan Chase Bank NA		(3,327,060	)		3,327,060		–		–		–
Morgan Stanley Capital Services, Inc.		(182,795	)		51,555		–		–		(131,240	)
RBC Dominion Securities		(1,786,470	)		1,786,470		–		–		–
Standard Chartered Bank		(52,999	)		–		–		–		(52,999	)
UBS AG		(261,344	)		–		–		–		(261,344	)
	$	(12,415,704	)	$	7,526,347	$	4,420,399	$	–	$	(468,958	)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Centrally cleared swaps, at value	$	1,535,3831
Equity contracts	Futures Contracts		13,370,7502	Futures Contracts	$	16,054,4742
Interest rate contracts	Futures Contracts		5,179,1492
Forward currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts		12,208,934	Unrealized depreciation on foreign currency exchange contracts		12,415,704
Total		$	32,294,216		$	28,470,178

60      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

1. The daily variation margin receivable (payable) at period end is recorded in the Consolidated Statement of Assets and Liabilities.

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

Effect of Derivative Investments for the Six Months Ended April 30, 2020

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts			Forward currency exchange contracts			Swap contracts			Total
Commodity contracts	$	3,957,768		$	—		$	—		$	3,957,768
Credit contracts		—			—			(9,208	)		(9,208	)
Equity contracts		(19,945,545	)		—			(9,779,553	)		(29,725,098	)
Forward currency exchange contracts		—			(4,521,262	)		—			(4,521,262	)
Interest rate contracts		2,319,617			—			(5,146,109	)		(2,826,492	)
Total	$	(13,668,160	)	$	(4,521,262	)	$	(14,934,870	)	$	(33,124,292	)
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts			Forward currency exchange contracts			Swap contracts			Total
Commodity contracts	$	694,175		$	— $			—		$	694,175
Credit contracts		—			—			4,461,400			4,461,400
Equity contracts		5,285,504			—			(2,000,264	)		3,285,240
Forward currency exchange contracts		—			(1,137,646	)		—			(1,137,646	)
Interest rate contracts		8,578,033			—			1,408,031			9,986,064
Total	$	14,557,712		$	(1,137,646)		$	3,869,167		$	17,289,233

The table below summarizes the six months ended average notional value of forward foreign currency contracts, futures contracts and swap agreements during the period.

	Forward foreign currency contracts		Futures contracts		Swap contracts
Average notional amount	$	915,422,223	$	843,739,446	$	690,369,588

61      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Note 6 – Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent

Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the

Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired

Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	6,797
Payments Made to Retired Trustees		24,953
Accumulated Liability as of April 30, 2020		176,038

Certain trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 7 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Brown Brothers Harriman & Co., 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. Effective May 5, 2020 the custodian changed to State Street Bank and Trust.

62      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Note 8 – Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	16,206,354	$	10,153,894	$	26,360,248

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further the realization of net unrealized gains or losses as of the date of any reorganization.

Note 9 – Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $470,853,733 and $660,247,523, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $59,168,138 and $43,462,222, 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	$	148,877,770
Aggregate unrealized (depreciation) of investments		(95,583,938	)
Net unrealized appreciation of investments	$	53,293,832

Cost of investments for tax purposes is $2,027,109,689.

Note 10 – Share Information

Transactions in shares of beneficial interest were as follows:

63      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

	Six Months Ended April 30, 20201						Year Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class A
Sold		1,175,322		$	21,222,600			2,911,011		$	51,175,716
Automatic Conversion Class C to Class A Shares		144,031			2,608,108			5,325,355			95,143,552
Dividends and/or distributions reinvested		—			—			5,016,171			80,810,340
Redeemed		(5,191,535	)		(93,404,291	)		(10,028,998	)		(177,276,871	)
Net increase (decrease)		(3,872,182	)	$	(69,573,583	)		3,223,539		$	49,852,737
Class C
Sold		307,043		$	5,301,316			668,552		$	11,216,031
Dividends and/or distributions reinvested		—			—			1,041,158			16,023,421
Automatic Conversion		(152,091	)		(2,608,108	)		(5,598,427	)		(95,143,552	)
Class C to Class A Shares Redeemed		(613,462	)		(10,411,966	)		(2,712,318	)		(45,520,029	)
Net increase (decrease)		(458,510	)	$	(7,718,758	)		(6,601,035	)	$	(113,424,129	)
Class R
Sold		181,184		$	3,209,131			343,338		$	5,934,603
Dividends and/or distributions reinvested		—			—			200,297			3,160,687
Redeemed		(356,996	)		(6,336,980	)		(582,631	)		(10,121,904	)
Net increase (decrease)		(175,812	)	$	(3,127,849	)		(38,996	)	$	(1,026,614	)
Class Y
Sold		559,783		$	9,655,834			1,314,255		$	22,876,384
Dividends and/or distributions reinvested		2,780			52,465			443,746			7,135,445
Redeemed		(833,642	)		(14,930,102	)		(3,872,838	)		(68,468,367	)
Net increase (decrease)		(271,079	)	$	(5,221,803	)		(2,114,837	)	$	(38,456,538	)
Class R53
Sold		—		$	—			576		$	10,000
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			576		$	10,000
Class R6
Sold		173,708		$	3,179,828			406,804		$	7,210,061
Dividends and/or distributions reinvested		2,246			42,431			179,936			2,889,774
Redeemed		(218,281	)		(3,948,812	)		(314,157	)		(5,522,669	)
Net increase (decrease)		(42,327	)	$	(726,553	)		272,583		$	4,577,166

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

64      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

2. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 16% 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.

3. Commencement date after the close of business on May 24, 2019.

Note 11 – Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

Note 12 – Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Global Allocation Fund to Invesco Global Allocation Fund.

65      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The 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.

66      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

INVESCO PRIVACY POLICY

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

¹NTD

67      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

INVESCO PRIVACY POLICY Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

68      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

69      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

INVESCO PRIVACY POLICY Continued

● Request that we amend, rectify, delete or update the personal data we hold about you;

● Where possible (e.g. in relation to marketing) amend or update your choices around processing;

● Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

70      INVESCO OPPENHEIMER GLOBAL ALLOCATION FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

Explore High-Conviction Investing with Invesco

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.

Invesco Distributors, Inc. O-GLAL-SAR-1            06272020

	Semiannual Report                                                                                                                                                                4/30/2020
	Invesco Oppenheimer
	Global Strategic Income Fund
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
	If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.
	You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents
Top Holdings and Allocations	4
Fund Expenses	8
Consolidated Schedule of Investments	10
Consolidated Statement of Assets and Liabilities	62
Consolidated Statement of Operations	64
Consolidated Statement of Changes in Net Assets	66
Consolidated Financial Highlights	68
Notes to Consolidated Financial Statements	80
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	106
Invesco’s Privacy Notice	107

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/20

	Class A Shares of the Fund
	Without Sales Charge			With Sales Charge			Bloomberg Barclays  U.S. Aggregate Bond  Index
6-Month		-11.35	%		-15.20	%		4.86	%
1-Year		-8.71			-12.70			10.84
5-Year		-0.21			-1.06			3.80
10-Year		2.56			2.12			3.96

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund

2      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION
Non-Convertible Corporate Bonds and Notes	36.4%
Foreign Government Obligations	23.8
Mortgage-Backed Obligations
Agency	12.4
CMOs	2.0
Non-Agency	7.9
Asset-Backed Securities	8.9
Investment Companies	4.8
U.S. Government Obligations	2.4
Structured Securities	0.7
Corporate Loans	0.5
Over-the-Counter Options Purchased	0.1
Over-the-Counter Interest Rate Swaptions Purchased	0.1
Common Stocks	—*
Convertible Corporate Bonds and Notes	—*
Preferred Stocks	—*

* Represents a value of less than 0.05%.

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2020, and are based on the total market value of investments.

TOP TEN HOLDINGS
Federal National Mortgage Assn., TBA, 3.0%, 5/1/50	3.4%
Federal National Mortgage Assn., TBA, 3.5%, 5/1/50	3.4
Invesco Government & Agency Portfolio, Institutional Class	2.9
United States Treasury Inflation- Protected Securities, 1.00%, 2/15/49	1.7
Argentina Treasury Bond, 1.00% Bonds, 8/5/21	1.6
Republic of South Africa, Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	1.4
Paragon Mortgages No 13 plc, Series 13X, Cl. A1, 0.908% [BP0003M+24], 1/15/39	1.3
Republic of Hellenic Bond, 2.00% Sr. Unsec. Nts., 4/22/27	1.3
Government National Mortgage Assn., TBA, 3.50%, 5/1/50	1.2
Newgate Funding PLC, Series 2007-1X, Cl. A3, 0.761% [BP0003M+16], 12/1/50	1.1

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

4      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/20

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPSIX)		10/16/89		-11.35	%		-8.71	%		-0.21	%		2.56	%
Class C (OSICX)		5/26/95		-11.72			-9.44			-0.98			1.78
Class R (OSINX)		3/1/01		-11.47			-8.95			-0.47			2.24
Class Y (OSIYX)		1/26/98		-11.25			-8.49			0.03			2.82
Class R5 (GLSSX)1		5/24/19		-11.19			-8.46			-0.16			2.58
Class R6 (OSIIX) 2		1/27/12		-11.26			-8.43			0.17			1.99	3
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/20
	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPSIX)		10/16/89		-15.20	%		-12.70	%		-1.06	%		2.12	%
Class C (OSICX)		5/26/95		-12.59			-10.32			-0.98			1.78
Class R (OSINX)		3/1/01		-11.47			-8.95			-0.47			2.24
Class Y (OSIYX)		1/26/98		-11.25			-8.49			0.03			2.82
Class R5 (GLSSX)1		5/24/19		-11.19			-8.46			-0.16			2.58
Class R6 (OSIIX)2		1/27/12		-11.26			-8.43			0.17			1.99	3

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. After the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

3. Shows performance since inception.

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

5      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

The Fund’s performance is compared to the performance of the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S dollar-denominated, investment-grade U.S. corporate government and mortgage-backed securities. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

6      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

· The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

· The Fund’s investment strategy remained appropriate for an open-end fund;

· The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

· The Fund did not breach the 15% limit on Illiquid Investments; and

· The Committee had established an HLIM for the Fund and the Fund complied with its HLIM. Subsequent to the Program Reporting Period, in connection with its annual evaluation of the Fund, the Committee determined that the Fund primarily holds Highly Liquid Investments on a consistent basis and thus does not require an HLIM under the Program. As of March 1, 2020, the Fund no longer has an HLIM.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

7      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2020” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

8      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Actual	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Expenses Paid During 6 Months Ended         April 30, 2020
Class A	$	1,000.00	$	886.50	$	4.56
Class C		1,000.00		882.80		8.18
Class R		1,000.00		885.30		5.83
Class Y		1,000.00		887.50		3.48
Class R5		1,000.00		888.10		3.01
Class R6		1,000.00		887.40		2.82
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.04		4.88
Class C		1,000.00		1,016.21		8.76
Class R		1,000.00		1,018.70		6.24
Class Y		1,000.00		1,021.18		3.73
Class R5		1,000.00		1,021.68		3.22
Class R6		1,000.00		1,021.88		3.02

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2020 are as follows:

Class	Expense Ratios
Class A	0.97%
Class C	1.74
Class R	1.24
Class Y	0.74
Class R5	0.64
Class R6	0.60

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS April 30, 2020 Unaudited

		Principal Amount		Value
Asset-Backed Securities—8.5%
Alhambra Sme Funding 2019-1, Cl. A, Desginated Activity Company, 11/30/28	EUR		13,867,925	$	15,027,215
Alhambra Sme Funding 2019-1, Cl. B, Desginated Activity Company, 2.50%, 11/30/28	EUR		1,875,000		2,013,184
Alhambra Sme Funding 2019-1, Cl. D, Desginated Activity Company, 8.818%, 11/30/28	EUR		431,397		467,692
American Credit Acceptance Receivables Trust:
Series 2017-4, Cl. C, 2.94%, 1/10/241			191,106		191,172
Series 2017-4, Cl. D, 3.57%, 1/10/241			1,747,000		1,753,094
Series 2018-3, Cl. D, 4.14%, 10/15/241			690,000		692,252
Series 2019-2, Cl. D, 3.41%, 6/12/251			3,925,000		3,704,552
Series 2019-3, Cl. C, 2.76%, 9/12/251			4,270,000		4,228,270
AmeriCredit Automobile Receivables Trust:
Series 2017-2, Cl. D, 3.42%, 4/18/23			2,270,000		2,283,121
Series 2017-4, Cl. D, 3.08%, 12/18/23			985,000		977,275
Series 2019-2, Cl. C, 2.74%, 4/18/25			2,705,000		2,673,607
Series 2019-2, Cl. D, 2.99%, 6/18/25			7,510,000		7,305,910
Series 2019-3, Cl. D, 2.58%, 9/18/25			3,605,000		3,441,910
Series 2020-1, Cl. D, 1.80%, 12/18/25			6,820,000		6,258,719
BBVA Consumer Auto, Series 2018-1, Cl. C, 2.30%, 7/20/31	EUR		15,000,000		16,366,229
Capital Auto Receivables Asset Trust, Series 2017-1, Cl. D, 3.15%, 2/20/251			290,000		278,666
CarMax Auto Owner Trust:
Series 2017-1, Cl. D, 3.43%, 7/17/23			1,775,000		1,780,324
Series 2017-4, Cl. D, 3.30%, 5/15/24			750,000		750,563
Series 2018-1, Cl. D, 3.37%, 7/15/24			510,000		490,823
Series 2019-3, Cl. D, 2.85%, 1/15/26			2,285,000		2,178,646
CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/231			1,725,000		1,725,302
Series 2018-1, Cl. B, 3.09%, 6/16/251			615,000		610,643
Series 2018-1, Cl. C, 3.42%, 6/16/251			175,000		171,544
Series 2019-1, Cl. B, 3.22%, 9/14/261			335,000		322,652
Series 2019-1, Cl. C, 3.57%, 9/14/261			80,000		75,889
Chase Funding Trust, Series 2003-2, Cl. 2A2, 1.047% [US0001M+56], 2/25/332			15,989		14,032
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25			495,000		494,378
CPS Auto Receivables Trust, Series 2018-A, Cl. B, 2.77%, 4/18/221			227,177		227,268
Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/261			1,505,000		1,501,071
Series 2018-1A, Cl. B, 3.60%, 4/15/271			2,520,000		2,547,324
Series 2018-1A, Cl. C, 3.77%, 6/15/271			2,535,000		2,486,278
Series 2019-1A, Cl. B, 3.75%, 4/17/281			200,000		199,617
Series 2019-1A, Cl. C, 3.94%, 6/15/281			1,240,000		1,235,920
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-G, Cl. 2A, 1.044% [US0001M+23], 12/15/352			36,446		35,413
Series 2006-H, Cl. 2A1A, 0.964% [US0001M+15], 11/15/362			37,063		27,010
Dell Equipment Finance Trust:
Series 2019-1, Cl. C, 3.14%, 3/22/241			650,000		649,494

10      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Asset-Backed Securities (Continued)
Dell Equipment Finance Trust: (Continued)
Series 2019-2, Cl. D, 2.48%, 4/22/251		$	2,980,000	$	2,975,150
Drive Auto Receivables Trust:
Series 2018-3, Cl. D, 4.30%, 9/16/24			440,000		446,389
Series 2019-3, Cl. C, 2.90%, 8/15/25			5,145,000		5,121,476
Series 2019-3, Cl. D, 3.18%, 10/15/26			5,820,000		5,574,124
DT Auto Owner Trust:
Series 2017-1A, Cl. D, 3.55%, 11/15/221			550,210		551,036
Series 2017-1A, Cl. E, 5.79%, 2/15/241			1,160,000		1,145,740
Series 2017-2A, Cl. D, 3.89%, 1/15/231			805,030		808,964
Series 2017-3A, Cl. E, 5.60%, 8/15/241			3,105,000		3,069,104
Series 2017-4A, Cl. D, 3.47%, 7/17/231			1,028,659		1,030,490
Series 2017-4A, Cl. E, 5.15%, 11/15/241			4,525,000		4,569,708
Series 2019-2A, Cl. D, 3.48%, 2/18/251			655,000		633,327
Series 2019-3A, Cl. D, 2.96%, 4/15/251			1,995,000		1,923,730
Series 2019-4A, Cl. D, 2.85%, 7/15/251			6,025,000		5,706,166
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441			170,145		170,342
Exeter Automobile Receivables Trust:
Series 2019-1A, Cl. D, 4.13%, 12/16/241			5,000,000		4,880,049
Series 2019-2A, Cl. C, 3.30%, 3/15/241			9,023,000		8,997,976
Series 2019-4A, Cl. D, 2.58%, 9/15/251			6,290,000		5,840,090
Futura SRL, Series 2019-1, Cl. A, 2.669%, 7/31/44	EUR		8,260,000		6,659,333
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/221			464,986		464,878
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Cl. A3, 0.587% [US0001M+10], 8/25/362			3,572,577		1,485,953
Navistar Financial Dealer Note Master Owner Trust II:
Series 2019-1, Cl. C, 1.437% [US0001M+95], 5/25/241,2			605,000		591,718
Series 2019-1, Cl. D, 1.937% [US0001M+145], 5/25/241,2			580,000		567,123
Prestige Auto Receivables Trust, Series 2019-1A, Cl. C, 2.70%, 10/15/241			3,250,000		3,229,390
Prosil Acquisition SA SER 1 CL A V/R, 1.768%, 10/31/39	EUR		6,941,376		5,421,307
Santander Drive Auto Receivables Trust:
Series 2017-1, Cl. E, 5.05%, 7/15/241			2,460,000		2,462,872
Series 2017-3, Cl. D, 3.20%, 11/15/23			2,030,000		2,021,518
Series 2018-1, Cl. D, 3.32%, 3/15/24			750,000		734,818
Series 2018-2, Cl. D, 3.88%, 2/15/24			370,000		374,673
Series 2019-2, Cl. D, 3.22%, 7/15/25			380,000		364,208
Series 2019-3, Cl. D, 2.68%, 10/15/25			4,445,000		4,308,317
Santander Retail Auto Lease Trust:
Series 2019-A, Cl. C, 3.30%, 5/22/231			6,210,000		6,249,776
Series 2019-B, Cl. C, 2.77%, 8/21/231			3,250,000		3,178,346
Series 2019-C, Cl. C, 2.39%, 11/20/231			5,490,000		5,322,010
SLM Student Loan Trust, Series 2004-5X, Cl. A6, 0.239% [EUR003M+40], 10/25/391,2	EUR		24,172,573		24,920,621
Sonic Capital LLC, Series 2020-1A, Cl. A2I, 3.845%, 1/20/501			1,411,643		1,273,718
United Auto Credit Securitization Trust, Series 2019-1, Cl. C, 3.16%, 8/12/241			290,000		288,429

11      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Asset-Backed Securities (Continued)
Westlake Automobile Receivables Trust:
Series 2017-2A, Cl. E, 4.63%, 7/15/241	$	1,845,000	$	1,842,519
Series 2019-2A, Cl. C, 2.84%, 7/15/241		5,770,000		5,600,582
Series 2020-1A, Cl. D, 2.80%, 6/16/251		7,435,000		6,979,644
Total Asset-Backed Securities (Cost $236,319,784)				222,972,673
Mortgage-Backed Obligations—21.2%
Agency—11.7%
U.S. Agency Securities—11.7%
Federal Home Loan Mortgage Corp. Gold Pool:
5.00%, 12/1/34		344,044		383,097
5.50%, 9/1/39		681,741		774,338
6.00%, 10/1/22-7/1/24		176,612		196,578
6.50%, 2/1/22-6/1/35		292,575		334,209
7.00%, 8/1/21-3/1/35		396,118		455,478
7.50%, 1/1/32-2/1/32		856,001		1,000,933
8.50%, 8/1/31		30,548		36,071
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 99.999%, 4/1/273		69,306		10,316
Series 192, Cl. IO, 99.999%, 2/1/283		29,089		4,455
Series 205, Cl. IO, 80.745%, 9/1/293		183,389		34,237
Series 206, Cl. IO, 0.00%, 12/15/293,4		87,165		17,381
Series 207, Cl. IO, 0.00%, 4/1/303,4		66,194		12,627
Series 214, Cl. IO, 0.00%, 6/1/313,4		56,793		11,031
Series 243, Cl. 6, 20.155%, 12/15/323		161,004		27,339
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series K734, Cl. X1, 0.00%, 2/25/263,4		4,061,272		129,923
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1360, Cl. PZ, 7.50%, 9/15/22		363,063		383,148
Series 1590, Cl. IA, 1.864% [US0001M+105], 10/15/232		278,700		278,034
Series 1674, Cl. Z, 6.75%, 2/15/24		13,013		13,947
Series 2034, Cl. Z, 6.50%, 2/15/28		4,151		4,712
Series 2042, Cl. N, 6.50%, 3/15/28		4,085		4,585
Series 2043, Cl. ZP, 6.50%, 4/15/28		484,406		555,644
Series 2053, Cl. Z, 6.50%, 4/15/28		3,914		4,514
Series 2116, Cl. ZA, 6.00%, 1/15/29		233,004		260,824
Series 2122, Cl. F, 1.264% [US0001M+45], 2/15/292		13,140		12,843
Series 2279, Cl. PK, 6.50%, 1/15/31		7,476		8,538
Series 2326, Cl. ZP, 6.50%, 6/15/31		60,289		69,180
Series 2344, Cl. FP, 1.764% [US0001M+95], 8/15/312		169,765		172,671
Series 2368, Cl. PR, 6.50%, 10/15/31		8,927		10,499
Series 2401, Cl. FA, 1.464% [US0001M+65], 7/15/292		20,200		19,857
Series 2412, Cl. GF, 1.764% [US0001M+95], 2/15/322		204,487		202,200
Series 2427, Cl. ZM, 6.50%, 3/15/32		305,118		361,601
Series 2451, Cl. FD, 1.814% [US0001M+100], 3/15/322		99,537		99,410
Series 2461, Cl. PZ, 6.50%, 6/15/32		37,925		43,945
Series 2464, Cl. FI, 1.814% [US0001M+100], 2/15/322		94,685		93,751
Series 2470, Cl. AF, 1.814% [US0001M+100], 3/15/322		160,593		159,022

12      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2470, Cl. LF, 1.814% [US0001M+100], 2/15/322	$	96,836	$	95,881
Series 2475, Cl. FB, 1.814% [US0001M+100], 2/15/322		132,623		131,315
Series 2517, Cl. GF, 1.814% [US0001M+100], 2/15/322		80,066		79,276
Series 2551, Cl. LF, 1.314% [US0001M+50], 1/15/332		11,568		11,618
Series 2635, Cl. AG, 3.50%, 5/15/32		128,237		137,300
Series 2676, Cl. KY, 5.00%, 9/15/23		136,590		143,320
Series 3025, Cl. SJ, 21.765% [-3.667 x US0001M+2,475], 8/15/352		200,389		339,976
Series 3857, Cl. GL, 3.00%, 5/15/40		6,355		6,588
Series 3917, Cl. BA, 4.00%, 6/15/38		161,574		176,496
Series 4221, Cl. HJ, 1.50%, 7/15/23		220,498		222,366
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2035, Cl. PE, 75.494%, 3/15/283		10,068		1,646
Series 2049, Cl. PL, 99.999%, 4/15/283		55,160		9,352
Series 2074, Cl. S, 99.999%, 7/17/283		31,559		3,015
Series 2079, Cl. S, 99.999%, 7/17/283		63,353		7,396
Series 2177, Cl. SB, 99.999%, 8/15/293		52,052		10,370
Series 2526, Cl. SE, 99.999%, 6/15/293		98,256		20,223
Series 2682, Cl. TQ, 99.999%, 10/15/333		419,558		87,842
Series 2795, Cl. SH, 99.999%, 3/15/243		447,542		38,573
Series 2920, Cl. S, 99.999%, 1/15/353		721,176		146,863
Series 2981, Cl. BS, 99.999%, 5/15/353		873,561		187,215
Series 3004, Cl. SB, 99.999%, 7/15/353		981,572		146,438
Series 3397, Cl. GS, 15.266%, 12/15/373		220,183		52,379
Series 3424, Cl. EI, 0.00%, 4/15/383,4		67,554		12,509
Series 3450, Cl. BI, 32.127%, 5/15/383		379,595		80,370
Series 3606, Cl. SN, 27.143%, 12/15/393		176,719		35,595
Federal National Mortgage Assn., TBA:
2.50%, 5/1/355		15,575,000		16,285,609
3.00%, 5/15/34-5/1/505		98,635,000		104,114,310
3.50%, 5/1/505		83,640,000		88,403,560
Federal National Mortgage Assn. Grantor Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-T10, Cl. IO, 99.999%, 12/25/413		21,034,681		244,867
Series 2001-T3, Cl. IO, 99.999%, 11/25/403		3,503,527		31,917
Federal National Mortgage Assn. Pool:
4.50%, 12/1/20		408		431
5.00%, 3/1/21-12/1/21		1,276		1,341
5.50%, 1/1/22-5/1/36		275,958		310,806
6.50%, 12/1/29-1/1/34		1,540,866		1,736,197
7.00%, 9/1/21-4/1/34		2,495,674		2,925,200
7.50%, 2/1/27-3/1/33		1,343,907		1,599,575
8.50%, 7/1/32		4,207		4,253
9.50%, 3/15/21		493		497
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 221, Cl. 2, 99.999%, 5/25/233		44,752		3,584
Series 247, Cl. 2, 99.999%, 10/25/233		23,102		1,938

13      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security: (Continued)
Series 252, Cl. 2, 99.999%, 11/25/233	$	5,268	$	451
Series 254, Cl. 2, 99.999%, 1/25/243		18,643		1,766
Series 301, Cl. 2, 31.747%, 4/25/293		85,175		15,349
Series 303, Cl. IO, 99.999%, 11/25/293		89,182		18,365
Series 313, Cl. 2, 99.999%, 6/25/313		732,756		121,374
Series 319, Cl. 2, 23.842%, 2/25/323		255,601		47,702
Series 321, Cl. 2, 44.963%, 4/25/323		464,911		102,422
Series 324, Cl. 2, 0.00%, 7/25/323,4		184,027		36,827
Series 328, Cl. 2, 0.00%, 12/25/323,4		162,659		32,536
Series 331, Cl. 5, 99.999%, 2/25/333		385,823		78,043
Series 332, Cl. 2, 0.00%, 3/25/333,4		768,141		148,552
Series 334, Cl. 10, 16.918%, 2/25/333		313,744		63,735
Series 334, Cl. 12, 99.999%, 3/25/333		453,534		88,672
Series 339, Cl. 7, 0.00%, 11/25/333,4		925,441		181,304
Series 345, Cl. 9, 0.00%, 1/25/343,4		270,995		49,769
Series 351, Cl. 10, 99.999%, 4/25/343		114,551		21,718
Series 351, Cl. 8, 3.05%, 4/25/343		210,141		40,069
Series 356, Cl. 10, 0.00%, 6/25/353,4		150,683		25,984
Series 356, Cl. 12, 0.00%, 2/25/353,4		73,268		13,442
Series 362, Cl. 13, 0.00%, 8/25/353,4		10,593		2,346
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1996-35, Cl. Z, 7.00%, 7/25/26		20,196		22,494
Series 1997-45, Cl. CD, 8.00%, 7/18/27		229,641		268,031
Series 1998-58, Cl. PC, 6.50%, 10/25/28		140,323		159,909
Series 1999-14, Cl. MB, 6.50%, 4/25/29		6,618		7,272
Series 1999-54, Cl. LH, 6.50%, 11/25/29		254,930		291,733
Series 2001-19, Cl. Z, 6.00%, 5/25/31		91,297		101,731
Series 2001-65, Cl. F, 1.087% [US0001M+60], 11/25/312		190,293		186,086
Series 2001-80, Cl. ZB, 6.00%, 1/25/32		194,753		218,498
Series 2002-21, Cl. PE, 6.50%, 4/25/32		244,388		287,003
Series 2002-29, Cl. F, 1.487% [US0001M+100], 4/25/322		100,672		99,669
Series 2002-64, Cl. FJ, 1.487% [US0001M+100], 4/25/322		30,942		30,634
Series 2002-68, Cl. FH, 1.218% [US0001M+50], 10/18/322		67,018		65,333
Series 2002-81, Cl. FM, 0.987% [US0001M+50], 12/25/322		120,734		117,507
Series 2002-84, Cl. FB, 1.487% [US0001M+100], 12/25/322		20,054		19,853
Series 2003-11, Cl. FA, 1.487% [US0001M+100], 9/25/322		27,366		27,092
Series 2003-116, Cl. FA, 0.887% [US0001M+40], 11/25/332		66,508		66,233
Series 2005-71, Cl. DB, 4.50%, 8/25/25		304,572		315,217
Series 2006-11, Cl. PS, 22.78% [-3.667 x US0001M+2,456.67], 3/25/362		234,674		399,964
Series 2006-46, Cl. SW, 22.413% [-3.667 x US0001M+2,419.92], 6/25/362		280,973		466,607
Series 2009-113, Cl. DB, 3.00%, 12/25/20		651		652
Series 2009-36, Cl. FA, 1.427% [US0001M+94], 6/25/372		101,907		103,605
Series 2010-43, Cl. KG, 3.00%, 1/25/21		828		830
Series 2011-15, Cl. DA, 4.00%, 3/25/41		126,925		137,179
Series 2011-3, Cl. EL, 3.00%, 5/25/20		26		26
Series 2011-3, Cl. KA, 5.00%, 4/25/40		377,744		400,649

14      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2011-6, Cl. BA, 2.75%, 6/25/20	$	32	$	32
Series 2011-82, Cl. AD, 4.00%, 8/25/26		8,526		8,602
Series 2012-20, Cl. FD, 0.887% [US0001M+40], 3/25/422		703,978		700,460
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2001-61, Cl. SH, 88.669%, 11/18/313		215,991		49,356
Series 2001-63, Cl. SD, 65.442%, 12/18/313		5,705		1,123
Series 2001-68, Cl. SC, 99.999%, 11/25/313		4,446		975
Series 2001-81, Cl. S, 99.999%, 1/25/323		56,013		11,997
Series 2002-28, Cl. SA, 83.52%, 4/25/323		52,069		11,715
Series 2002-38, Cl. SO, 99.999%, 4/25/323		63,850		13,229
Series 2002-39, Cl. SD, 99.999%, 3/18/323		99,341		23,516
Series 2002-48, Cl. S, 86.644%, 7/25/323		73,644		17,206
Series 2002-52, Cl. SL, 76.638%, 9/25/323		49,638		11,448
Series 2002-53, Cl. SK, 99.999%, 4/25/323		61,924		15,020
Series 2002-56, Cl. SN, 88.196%, 7/25/323		101,000		23,593
Series 2002-65, Cl. SC, 94.645%, 6/25/263		158,258		24,295
Series 2002-77, Cl. IS, 99.999%, 12/18/323		108,781		25,663
Series 2002-77, Cl. SH, 76.91%, 12/18/323		74,468		13,193
Series 2002-89, Cl. S, 99.999%, 1/25/333		543,231		133,378
Series 2002-9, Cl. MS, 79.73%, 3/25/323		84,327		19,458
Series 2003-13, Cl. IO, 69.341%, 3/25/333		454,088		102,353
Series 2003-26, Cl. DI, 64.249%, 4/25/333		262,410		63,484
Series 2003-26, Cl. IK, 72.636%, 4/25/333		45,987		10,482
Series 2003-33, Cl. SP, 99.999%, 5/25/333		249,516		61,465
Series 2003-4, Cl. S, 55.655%, 2/25/333		117,259		28,009
Series 2003-46, Cl. IH, 0.00%, 6/25/233,4		22,131		1,313
Series 2004-56, Cl. SE, 30.667%, 10/25/333		266,329		62,033
Series 2005-14, Cl. SE, 79.085%, 3/25/353		168,683		32,706
Series 2005-40, Cl. SA, 99.999%, 5/25/353		1,029,250		200,227
Series 2005-40, Cl. SB, 99.999%, 5/25/353		436,298		72,204
Series 2005-52, Cl. JH, 51.402%, 5/25/353		547,746		93,236
Series 2006-90, Cl. SX, 99.999%, 9/25/363		1,066,208		191,273
Series 2007-88, Cl. XI, 13.547%, 6/25/373		1,619,783		352,965
Series 2008-55, Cl. SA, 0.00%, 7/25/383,4		43,579		8,718
Series 2009-8, Cl. BS, 0.00%, 2/25/243,4		1,903		123
Series 2010-95, Cl. DI, 0.00%, 11/25/203,4		974		5
Series 2011-96, Cl. SA, 19.824%, 10/25/413		274,030		58,020
Series 2012-134, Cl. SA, 6.498%, 12/25/423		892,342		182,550
Series 2012-40, Cl. PI, 23.321%, 4/25/413		2,011,905		201,953
Federal National Mortgage Assn., Stripped Mtg.-Backed Security, Series 302, Cl. 2, 9.50%, 5/1/29		2,586		389
FREMF Mortgage Trust:
Series 2013-K25, Cl. C, 3.744%, 11/25/451,6		1,975,000		1,952,422
Series 2013-K26, Cl. C, 3.721%, 12/25/451,6		335,000		333,282
Series 2013-K28, Cl. C, 3.609%, 6/25/461,6		7,865,000		7,695,743
Series 2013-K29, Cl. C, 3.596%, 5/25/461,6		4,700,000		4,682,685

15      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
U.S. Agency Securities (Continued)
FREMF Mortgage Trust: (Continued)
Series 2014-K715, Cl. C, 4.257%, 2/25/461,6	$	25,000	$	25,099
Series 2015-K44, Cl. B, 3.807%, 1/25/481,6		7,345,000		7,677,735
Series 2015-K45, Cl. B, 3.713%, 4/25/481,6		13,050,000		13,006,481
Series 2016-K54, Cl. C, 4.189%, 4/25/481,6		4,190,000		4,017,181
Series 2017-K62, Cl. B, 4.004%, 1/25/501,6		840,000		858,368
Series 2017-K724, Cl. B, 3.598%, 11/25/231,6		4,465,000		4,516,161
Government National Mortgage Assn.,TBA, 3.50%, 5/1/50 5		29,940,000		31,766,808
Government National Mortgage Assn. I Pool:
7.00%, 1/15/28-8/15/28		228,081		243,466
8.00%, 1/15/28-9/15/28		185,196		197,843
Government National Mortgage Assn. II Pool:
3.25% [H15T1Y+150], 7/20/272		1,595		1,645
7.00%, 1/20/30		33,900		39,777
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2011-52, Cl. HS, 27.083%, 4/16/413		1,316,231		243,742
Vendee Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security:
Series 1992-2, Cl. IO, 0.00%, 9/15/223,4		805,316		1
Series 1995-2B, Cl. 2IO, 99.999%, 6/15/253		131,827		1,767
Series 1995-3, Cl. 1IO, 0.00%, 9/15/253,4		4,258,133		4
				309,007,155
CMOs—2.0%
Collateralized Mortgage Obligations—2.0%
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 3.84% [H15T1Y+225], 2/25/362		30,876		29,726
COMM Mortgage Trust, Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		430,297		444,194
Connecticut Avenue Securities:
Series 2014-C03, Cl. 1M2, 3.487% [US0001M+300], 7/25/242		1,807,997		1,411,279
Series 2016-C05, Cl. 2M2, 4.937% [US0001M+445], 1/25/292		3,205,184		3,177,883
Series 2017-C01, Cl. 1M2, 4.037% [US0001M+355], 7/25/292		11,247,590		10,908,459
Series 2017-C04, Cl. 2M2, 3.337% [US0001M+285], 11/25/292		3,000,000		2,783,902
Series 2017-C07, Cl. 1M2, 2.887% [US0001M+240], 5/25/302		1,540,000		1,394,751
Series 2018-C06, Cl. 2M2, 2.587% [US0001M+210], 3/25/312		6,350,510		5,704,786
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series K093, Cl. X1, 0.00%, 5/25/293,4		45,822,056		3,284,163
Series K735, Cl. X1, 0.00%, 5/25/263,4		7,169,828		350,704
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 3010, Cl. WB, 4.50%, 7/15/20		4		4
Series 3848, Cl. WL, 4.00%, 4/15/40		225,643		232,240

16      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2922, Cl. SE, 38.291%, 2/15/353	$	47,613	$	9,634
Series 2981, Cl. AS, 10.171%, 5/15/353		314,267		52,432
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series 2005-12, Cl. SC, 54.559%, 3/25/353		21,573		3,830
FNMA Connecticut Avenue Securities, Series 2018-C04, Cl. 2M2, 3.037% [US0001M+255], 12/25/302		2,140,721		1,876,889
FREMF Mortgage Trust:
Series 2013-K27, Cl. C, 3.615%, 1/25/461,6		4,187,000		4,191,826
Series 2016-K723, Cl. C, 3.705%, 11/25/231,6		1,885,000		1,834,522
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, Series 2007-17, Cl. AI, 60.733%, 4/16/373		762,270		157,117
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Cl. AS, 4.043%, 7/15/47		1,685,000		1,765,182
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Cl. M10, 3.737% [US0001M+325], 10/15/491,2		320,000		247,378
Structured Agency Credit Risk Debt Nts.:
Series 2013-DN2, Cl. M2, 4.737% [US0001M+425], 11/25/232		1,887,558		1,635,592
Series 2014-DN1, Cl. M3, 4.987% [US0001M+450], 2/25/242		2,085,000		1,357,616
Series 2014-DN2, Cl. M3, 4.087% [US0001M+360], 4/25/242		2,160,000		1,481,810
Series 2014-DN3, Cl. M3, 4.487% [US0001M+400], 8/25/242		4,002,399		3,255,410
Series 2014-HQ2, Cl. M3, 4.237% [US0001M+375], 9/25/242		2,495,000		1,989,265
Series 2015-HQA2, Cl. M2, 3.287% [US0001M+280], 5/25/282		82,393		81,879
WF-RBS Commercial Mortgage Trust, Series 2013-C14, Cl. AS, 3.488%, 6/15/46		1,800,000		1,828,356
				51,490,829
Non-Agency—7.5%
Adjustable-Rate Mortgages—7.5%
Alba plc, Series 2007-1, Cl. F, 3.763% [BP0003M+325], 3/17/391,2		1,293,890		1,474,108
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 14.751%, 1/15/513		13,163,913		405,162
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,3,4,7		29,323		426
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-CD6, Cl. XA, 15.093%, 11/13/503		5,438,581		255,497
CHL Mortgage Pass-Through Trust:
Series 2005-17, Cl. 1A8, 5.50%, 9/25/35		845,071		812,372
Series 2005-J4, Cl. A7, 5.50%, 11/25/35		903,689		870,252
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		580,523		599,944

17      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C4, Cl. XA, 14.408%, 10/12/503	$	15,368,870	$	843,729
Citigroup Mortgage Loan Trust, Inc.:
Series 2005-2, Cl. 1A3, 4.249%, 5/25/356		990,698		953,661
Series 2006-AR1, Cl. 1A1, 3.88% [H15T1Y+240], 10/25/352		232,770		220,625
Series 2014-8, Cl. 1A2, 1.008% [US0001M+29], 7/20/361,2		1,266,677		1,214,539
COMM Mortgage Trust:
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		70,000		72,983
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		690,000		721,205
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		4,690,000		4,844,787
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 22.236%, 12/10/453		6,762,851		208,982
Connecticut Avenue Securities Trust:
Series 2018-R07, Cl. 1M2, 2.887% [US0001M+240], 4/25/311,2		4,679,043		4,416,939
Series 2019-R02, Cl. 1M2, 2.787% [US0001M+230], 8/25/311,2		1,403,644		1,295,154
Series 2019-R03, Cl. 1M2, 2.637% [US0001M+215], 9/25/311,2		3,055,643		2,809,655
Deutsche Mortgage Securities, Inc., Series 2013-RS1, Cl. 1A2, 0.938% [US0001M+22], 7/22/361,2		484,803		469,214
Eurosail 2006-2bl plc, Series 2006-2X, Cl. E1C, 3.737% [BP0003M+325], 12/15/441,2		5,550,000		5,830,581
Federal Home Loan Mortgage Corp., STACR Trust, Series 2019-HRP1, Cl. M2, 1.887% [US0001M+140], 2/25/491,2		1,705,000		1,513,208
Gemgarto 2018-1 plc, Series 2018-1, Cl. E, 2.737%, 9/16/65		6,523,475		7,707,184
GS Mortgage Securities Trust:
Series 2013-GC12, Cl. AAB, 2.678%, 6/10/46		153,445		154,986
Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		390,000		411,706
Series 2014-GC18, Cl. AAB, 3.648%, 1/10/47		468,555		483,575
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.639%, 7/25/356		157,924		142,027
Hawksmoor Mortgage Funding 2019-1 plc SER 2019-1X CL C V/R, 2.811% [SONIA3M IR+210], 5/25/53		12,312,000		15,040,607
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.797% [US0001M+31], 7/25/352		19,926		19,705
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		425,000		425,594
JP Morgan Mortgage Trust, Series 2007-A1, Cl. 5A1, 3.976%, 7/25/356		104,925		98,760
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Cl. B, 4.116%, 11/15/476		1,655,000		1,511,512
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 0.00%, 7/26/241,6		31,963		19,531
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9, Cl. AS, 3.456%, 5/15/46		1,565,000		1,601,767
Series 2014-C14, Cl. B, 4.922%, 2/15/476		680,000		702,786
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 13.519%, 12/15/503		4,966,197		229,900
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 3.275%, 11/26/361,6		10,256,083		9,191,446

18      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Newgate Funding PLC, Series 2007-1X, Cl. A3, 0.761% [BP0003M+16], 12/1/501,2	$	25,665,123	$	29,196,786
Paragon Mortgages No 13 plc, Series 13X, Cl. A1, 0.908% [BP0003M+24], 1/15/391,2		29,132,728		34,397,213
RALI Trust, Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		45,898		40,094
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		3,825,593		3,286,867
Structured Agency Credit Risk Debt Nts.:
Series 2016-DNA1, Cl. M2, 3.387% [US0001M+290], 7/25/282		35,826		35,732
Series 2016-DNA2, Cl. M3, 5.137% [US0001M+465], 10/25/282		2,070,414		2,061,943
Series 2016-DNA3, Cl. M3, 5.487% [US0001M+500], 12/25/282		6,864,970		6,890,352
Series 2016-HQA3, Cl. M3, 4.337% [US0001M+385], 3/25/292		9,805,000		9,811,249
Series 2016-HQA4, Cl. M3, 4.387% [US0001M+390], 4/25/292		9,480,000		9,469,947
Series 2017-DNA1, Cl. M2, 3.737% [US0001M+325], 7/25/292		5,390,000		5,201,562
Series 2018-DNA1, Cl. M2, 2.287% [US0001M+180], 7/25/302		3,110,000		2,714,451
Towd Point Mortgage Funding 2019-Granite4 plc:
2.402%, 10/20/51		11,300,000		13,924,177
Series 2019-GR4X, Cl. B, 2.052% [BP0003M+140], 10/20/511,2		7,480,000		9,096,580
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 15.066%, 11/15/503		9,680,518		426,522
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR10, Cl. A7, 4.195%, 10/25/336		65,371		62,142
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 13.073%, 12/15/503		6,520,250		351,708
WF-RBS Commercial Mortgage Trust:
Series 2014-C20, Cl. AS, 4.176%, 5/15/47		1,455,000		1,520,175
Series 2014-LC14, Cl. AS, 4.351%, 3/15/476		1,135,000		1,178,995
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 29.115%, 3/15/441,3		11,422,861		103,661
				197,344,265
Total Mortgage-Backed Obligations (Cost $568,142,087)				557,842,249
U.S. Government Obligations—2.3%
United States Treasury Inflation-Protected Securities:
1.00%, 2/15/48-2/15/498		44,796,467		59,266,043
Total U.S. Government Obligations (Cost $59,121,943)				59,266,043
Foreign Government Obligations—22.5%
Angola—0.0%
Republic of Angola, 9.375% Sr. Unsec. Nts., 5/8/481		1,113,000		484,842

19      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Argentina—1.8%
Argentina Treasury Bond, 1.00% Bonds, 8/5/218	ARS		3,093,079,893	$	40,811,112
Argentine Republic:
5.625% Sr. Unsec. Nts., 1/26/22			3,384,000		947,520
6.875% Sr. Unsec. Nts., 1/26/27			6,329,000		1,598,073
7.50% Sr. Unsec. Nts., 4/22/26			13,671,000		3,714,667
18.20% Unsec. Nts., 10/3/21	ARS		25,715,000		262,130
					47,333,502
Brazil—0.4%
Federative Republic of Brazil:
4.75% Sr. Unsec. Nts., 1/14/50			3,750,000		3,375,000
6.00% Nts., 5/15/458	BRL		10,550,000		7,989,122
					11,364,122
Colombia—0.4%
Republic of Colombia:
Series B, 6.25% Bonds, 11/26/25	COP		21,300,000,000		5,471,251
Series B, 10.00% Bonds, 7/24/24	COP		14,854,000,000		4,417,589
					9,888,840
Costa Rica—0.2%
Republic of Costa Rica Sr. Unsec. Bonds, 4.375% Sr. Unsec.
Nts., 4/30/251			7,500,000		6,223,500
Cyprus—1.1%
Republic of Cyprus Bond:
1.25% Sr. Unsec. Nts., 1/21/401	EUR		15,750,000		14,617,704
2.25% Sr. Unsec. Nts., 4/16/501	EUR		14,025,000		14,927,429
					29,545,133
Dominican Republic—0.6%
Dominican Republic:
5.875% Sr. Unsec. Nts., 1/30/601			1,500,000		1,215,000
6.00% Sr. Unsec. Nts., 7/19/281			12,000,000		10,905,000
6.40% Sr. Unsec. Nts., 6/5/491			3,490,000		2,896,700
					15,016,700
Egypt—1.1%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/261	EUR		4,800,000		4,496,511
5.577% Sr. Unsec. Nts., 2/21/231			6,950,000		6,769,286
8.70% Sr. Unsec. Nts., 3/1/491			6,047,000		5,453,227
16.00% Unsec. Nts., 12/12/20	EGP		72,000,000		4,676,225
Series 3 yr., 16.00% Bonds, 6/11/22	EGP		122,000,000		8,175,666
					29,570,915
Ghana—0.2%
Republic of Ghana:
7.625% Sr. Unsec. Nts., 5/16/291			1,875,000		1,448,985

20      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Ghana (Continued)
Republic of Ghana: (Continued)
8.95% Sr. Unsec. Nts., 3/26/511		$	3,750,000	$	2,864,554
					4,313,539
Greece—1.7%
Republic of Hellenic Bond:
Bonds, 10/15/426	EUR		76,770,000		229,671
2.00% Sr. Unsec. Nts., 4/22/271	EUR		30,375,000		33,330,847
3.90% Bonds, 1/30/331	EUR		4,922,000		6,397,258
4.00% Bonds, 1/30/371	EUR		3,568,123		4,890,787
					44,848,563
Guatemala—0.1%
Guatemala Government Bond:
5.375% Sr. Unsec. Nts., 4/24/321			1,125,000		1,163,812
6.125% Sr. Unsec. Nts., 6/1/501			1,500,000		1,572,750
					2,736,562
India—1.8%
Export-Import Bank of India:
7.35% Sr. Unsec. Nts., 5/18/22	INR		180,000,000		2,449,914
8.00% Sr. Unsec. Nts., 5/27/21	INR		720,000,000		9,777,870
Republic of India:
7.17% Sr. Unsec. Nts Bonds, 1/8/28	INR		360,000,000		5,057,594
7.59% Sr. Unsec. Nts Bonds, 1/11/26	INR		700,000,000		10,104,157
7.72% Sr. Unsec. Nts Bonds, 5/25/25	INR		35,000,000		506,858
8.20% Sr. Unsec. Nts Bonds, 9/24/25	INR		849,400,000		12,539,154
8.24% Sr. Unsec. Nts Bonds, 2/15/27	INR		400,000,000		5,928,490
					46,364,037
Indonesia—3.6%
Republic of Indonesia:
Series FR56, 8.375% Sr. Unsec. Nts, 9/15/26	IDR		260,905,000,000		18,109,876
Series FR59, 7.00% Sr. Unsec. Nts, 5/15/27	IDR		195,000,000,000		12,584,874
Series FR64, 6.125% Sr. Unsec. Nts, 5/15/28	IDR		40,000,000,000		2,408,739
Series FR74, 7.50% Sr. Unsec. Nts, 8/15/32	IDR		287,520,000,000		18,298,836
Series FR77, 8.125% Sr. Unsec. Nts, 5/15/24	IDR		198,400,000,000		13,694,602
Series FR78, 8.25% Sr. Unsec. Nts, 5/15/29	IDR		70,900,000,000		4,852,182
Series FR82, 7.00% Sr. Unsec. Nts, 9/15/30	IDR		165,000,000,000		10,482,381
Series FR83, 7.50% Sr. Unsec. Nts, 4/15/40	IDR		63,750,000,000		4,065,000
Republic of Indonesia Bond:
4.20% Sr. Unsec. Nts., 10/15/50			5,625,000		5,652,934
4.45% Sr. Unsec. Nts., 4/15/70			5,625,000		5,573,758
					95,723,182
Ivory Coast—0.4%
Republic of Cote d’Ivoire:
5.25% Sr. Unsec. Nts., 3/22/301	EUR		4,395,000		3,967,087

21      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Ivory Coast (Continued)
Republic of Cote d’Ivoire: (Continued)
6.875% Sr. Unsec. Nts., 10/17/401	EUR		6,950,000	$	6,284,091
					10,251,178
Kenya—0.1%
Republic of Kenya, 6.875% Sr. Unsec. Nts., 6/24/241			2,250,000		2,076,750
Mexico—0.3%
United Mexican States, Series M, 5.75% Bonds, 3/5/26	MXN		172,455,000		7,102,061
Oman—0.2%
Sultanate of Oman, 3.875% Sr. Unsec. Nts., 3/8/221			7,045,000		6,481,400
Panama—0.1%
Republic of Panama, 3.75% Sr. Unsec. Nts., 4/17/261			3,758,000		3,827,335
Paraguay—0.1%
Republic of Paraguay Bond, 4.95% Sr. Unsec. Nts., 4/28/311			1,875,000		1,944,141
Peru—0.2%
Republic of Peru Bond:
2.392% Sr. Unsec. Nts., 1/23/26			1,875,000		1,906,875
2.783% Sr. Unsec. Nts., 1/23/31			3,750,000		3,873,750
					5,780,625
Portugal—1.4%
Portugal Obrigacoes do Tesouro OT:
2.25% Sr. Unsec. Nts., 4/18/341	EUR		7,500,000		9,501,841
4.10% Sr. Unsec. Nts., 4/15/371	EUR		16,875,000		26,616,354
					36,118,195
Qatar—0.2%
Qatar Government International Bond, 4.40% Sr. Unsec. Nts., 4/16/501			3,750,000		4,273,148
Russia—2.0%
Russian Federal Bond - OFZ, Series 6228, Series 6228, 7.65% Bonds, 4/10/30	RUB		800,000,000		12,082,271
Russian Federation:
Series 6212, 7.05% Bonds, 1/19/28	RUB		750,000,000		10,879,813
Series 6221, 7.70% Bonds, 3/23/335	RUB		366,700,000		5,629,642
Series 6225, 7.25% Bonds, 5/10/34	RUB		1,562,500,000		23,237,339
					51,829,065
Saudi Arabia—0.4%
Saudi Government Bond:
3.25% Sr. Unsec. Nts., 10/22/301			2,629,000		2,659,144

22      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Saudi Arabia (Continued)
Saudi Government Bond: (Continued)
4.50% Sr. Unsec. Nts., 4/22/601		$	9,375,000	$	9,367,266
					12,026,410
Senegal—0.2%
Republic of Senegal:
6.25% Sr. Unsec. Nts., 7/30/241			3,750,000		3,499,541
6.75% Sr. Unsec. Nts., 3/13/481			2,799,000		2,343,407
					5,842,948
South Africa—2.2%
Republic of South Africa:
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		270,000,000		12,523,075
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR		43,700,000		1,833,029
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR		130,000,000		5,274,905
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR		646,525,000		38,340,497
					57,971,506
Spain—0.7%
Spain Government Bond, 1.00% Sr. Unsec. Nts., 10/31/501	EUR		18,750,000		18,136,755
Sri Lanka—0.3%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/221			3,370,000		2,123,100
6.20% Sr. Unsec. Nts., 5/11/271			490,000		284,192
6.25% Sr. Unsec. Nts., 7/27/211			5,355,000		3,882,377
6.35% Sr. Unsec. Nts., 6/28/241			2,790,000		1,684,488
6.75% Sr. Unsec. Nts., 4/18/281			600,000		344,998
					8,319,155
Supranational—0.1%
African Development Bank, 7.402% Sr. Unsec. Nts., 1/17/509	ZAR		222,000,000		1,638,156
European Bank for Reconstruction & Development, 6.85% Sr. Unsec. Nts., 6/21/21	IDR		20,200,000,000		1,338,632
International Finance Corp., 16.721% Sr. Unsec. Nts., 2/15/291,9	TRY		10,300,000		609,055
					3,585,843
Turkey—0.2%
Republic of Turkey, 12.40% Bonds, 3/8/28	TRY		33,500,000		5,054,117
Ukraine—0.2%
Ukraine Government Bond:
7.75% Sr. Unsec. Nts., 9/1/251			2,812,000		2,636,427
7.75% Sr. Unsec. Nts., 9/1/261			2,178,000		2,020,333
					4,656,760

23      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
United Arab Emirates—0.2%
Abu Dhabi Government Bond:
3.125% Sr. Unsec. Nts., 4/16/301	$	2,625,000	$	2,802,712
3.875% Sr. Unsec. Nts., 4/16/501		2,250,000		2,407,950
				5,210,662
Total Foreign Government Obligations (Cost $683,236,333)				593,901,491
Corporate Loans—0.5%
Altice Financing SA, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.564% [LIBOR4+275], 7/15/2510,11		1,461,218		1,361,212
American Greetings Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.50% [LIBOR12+450], 4/6/2410,11		1,262,332		1,120,320
Bausch Health Americas, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 3.468% [LIBOR12+275], 11/27/2510,11		1,506,686		1,453,485
Caesars Growth Properties Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.154% [LIBOR4+275], 12/23/2410,11		1,667,208		1,417,127
Charter Communications Operating LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 2.16% [LIBOR12+175], 4/30/2510,11		1,548,081		1,506,639
Claire’s Stores, Inc., Sr. Sec., Term B, 8.421% [LIBOR4+650], 12/18/2610,11		190,507		150,501
CSC Holdings LLC, Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 3.314% [LIBOR12+250], 4/15/2710,11		1,551,113		1,490,596
Murray Energy Corp., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B2, 8.239% [LIBOR4+725], 10/17/2210,11,12		1,264,153		30,024
PetSmart, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B, 5.00% [LIBOR4+400], 3/11/2210,11		1,075,409		1,046,733
Reynolds Group Holdings, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, 3.154% [LIBOR12+300], 2/5/2310,11		1,545,995		1,479,007
Scientific Games International, Inc., Sr. Sec. Credit Facilities 1st Lien Term Loan, Tranche B5, 3.154%-3.612% [LIBOR4+275], 8/14/2410,11		1,607,021		1,337,628
Star Merger Sub, Inc., Sr. Sec. Credit Facilities Term B, 4.487% [LIBOR12+400] 2/6/2610,11		1,043,000		980,941
Windstream Services LLC, Sr. Sec. Credit Facilities Term Loan, Tranche B6, 8.25% [PRIME4+500], 3/29/2110,11,12		382,540		220,343
Total Corporate Loans (Cost $15,797,189)				13,594,556
Corporate Bonds and Notes—34.5%
Consumer Discretionary—6.2%
Auto Components—0.2%
Adient Global Holdings Ltd., 4.875% Sr. Unsec. Nts., 8/15/261		695,000		522,153
Adient US LLC, 9.00% Sr. Sec. Nts., 4/15/251		369,000		386,528
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75% Sr. Unsec. Nts., 7/15/271		1,475,000		866,636
Dana Financing Luxembourg Sarl, 6.50% Sr. Unsec. Nts., 6/1/261		784,000		723,044
Dana, Inc., 5.375% Sr. Unsec. Nts., 11/15/27		669,000		594,574

24      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Auto Components (Continued)
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 8.50% Sr. Unsec. Nts., 5/15/271	$	804,000	$	685,129
Tenneco, Inc., 5.375% Sr. Unsec. Nts., 12/15/24		1,801,000		797,303
United Rentals North America, Inc., 4.875% Sr. Unsec. Nts., 1/15/28		811,000		810,716
				5,386,083
Automobiles—0.7%
Ford Motor Co.:
4.75% Sr. Unsec. Nts., 1/15/43		979,000		631,455
8.50% Sr. Unsec. Nts., 4/21/23		2,202,000		2,188,237
9.00% Sr. Unsec. Nts., 4/22/25		636,000		621,690
9.625% Sr. Unsec. Nts., 4/22/30		343,000		337,855
Ford Motor Credit Co. LLC:
4.134% Sr. Unsec. Nts., 8/4/25		7,500,000		6,404,475
4.389% Sr. Unsec. Nts., 1/8/26		978,000		848,415
5.113% Sr. Unsec. Nts., 5/3/29		2,500,000		2,168,750
5.584% Sr. Unsec. Nts., 3/18/24		3,490,000		3,306,775
JB Poindexter & Co., Inc., 7.125% Sr. Unsec. Nts., 4/15/261		2,637,000		2,576,613
				19,084,265
Distributors—0.1%
Core & Main Holdings LP, 9.375% PIK Rate, 8.625% Cash Rate, 8.625% Sr. Unsec. Nts., 9/15/241,13		3,525,000		3,374,483
Diversified Consumer Services—0.1%
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125% Sr. Sec. Nts., 7/31/261		2,370,000		2,275,200
Service Corp. International, 4.625% Sr. Unsec. Nts., 12/15/27		405,000		416,344
				2,691,544
Entertainment—0.4%
AMC Entertainment Holdings, Inc.:
5.75% Sr. Sub. Nts., 6/15/25		652,000		151,590
5.875% Sr. Sub. Nts., 11/15/26		1,981,000		455,630
10.50% Sr. Sec. Nts., 4/15/251		2,129,000		1,894,810
Cinemark USA, Inc., 8.75% Sr. Sec. Nts., 5/1/251		222,000		224,775
Netflix, Inc.:
5.375% Sr. Unsec. Nts., 11/15/291		1,672,000		1,844,049
5.875% Sr. Unsec. Nts., 11/15/28		4,902,000		5,566,221
				10,137,075
Hotels, Restaurants & Leisure—2.0%
1011778 B.C. ULC/New Red Finance, Inc., 5.00% Sec. Nts., 10/15/251		1,535,000		1,550,657
Boyd Gaming Corp.:
6.00% Sr. Unsec. Nts., 8/15/26		615,000		560,941
6.375% Sr. Unsec. Nts., 4/1/26		259,000		234,486
Carnival Corp., 11.50% Sr. Sec. Nts., 4/1/231		980,000		1,026,243

25      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Hotels, Restaurants & Leisure (Continued)
CEC Entertainment, Inc., 8.00% Sr. Unsec. Nts., 2/15/22	$	548,000	$	52,060
Diamond Resorts International, Inc., 7.75% Sr. Sec. Nts., 9/1/231		382,000		310,104
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50% Sr. Sec. Nts., 2/15/231		389,000		236,240
Golden Nugget, Inc., 8.75% Sr. Sub. Nts., 10/1/251		1,323,000		749,149
International Game Technology plc, 6.25% Sr. Sec. Nts., 2/15/221		7,025,000		6,885,027
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC:
4.75% Sr. Unsec. Nts., 6/1/271		428,000		444,260
5.25% Sr. Unsec. Nts., 6/1/261		1,002,000		1,030,857
Marriott Ownership Resorts, Inc., 4.75% Sr. Unsec. Nts., 1/15/281		3,034,000		2,676,291
Melco Resorts Finance Ltd.:
4.875% Sr. Unsec. Nts., 6/6/251		9,250,000		8,988,718
5.625% Sr. Unsec. Nts., 7/17/271		675,000		661,916
MGM China Holdings Ltd.:
5.375% Sr. Unsec. Nts., 5/15/241		3,495,000		3,425,799
5.875% Sr. Unsec. Nts., 5/15/261		3,200,000		3,183,040
MGM Resorts International:
4.625% Sr. Unsec. Nts., 9/1/26		988,000		889,990
5.75% Sr. Unsec. Nts., 6/15/25		353,000		341,090
6.00% Sr. Unsec. Nts., 3/15/23		3,276,000		3,202,945
6.75% Sr. Unsec. Nts., 5/1/255		1,291,000		1,271,790
Party City Holdings, Inc., 6.625% Sr. Unsec. Nts., 8/1/261		645,000		66,919
Penn National Gaming, Inc., 5.625% Sr. Unsec. Nts., 1/15/271		817,000		683,911
Scientific Games International, Inc.:
7.00% Sr. Unsec. Nts., 5/15/281		849,000		615,228
8.25% Sr. Unsec. Nts., 3/15/261		517,000		392,765
Six Flags Theme Parks, Inc., 7.00% Sr. Sec. Nts., 7/1/251		216,000		224,597
Station Casinos LLC, 4.50% Sr. Unsec. Nts., 2/15/281		630,000		507,937
Vail Resorts, Inc., 6.25% Sr. Unsec. Nts., 5/15/25		222,000		230,325
Viking Cruises Ltd., 5.875% Sr. Unsec. Nts., 9/15/271		449,000		307,713
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25% Sr. Unsec. Nts., 5/15/271		1,075,000		921,839
5.50% Sr. Unsec. Nts., 3/1/251		1,395,000		1,250,199
Wynn Macau Ltd.:
4.875% Sr. Unsec. Nts., 10/1/241		7,297,000		7,006,579
5.50% Sr. Unsec. Nts., 10/1/271		164,000		158,391
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125% Sr. Unsec. Nts., 10/1/291		1,020,000		961,044
Yum! Brands, Inc., 7.75% Sr. Unsec. Nts., 4/1/251		104,000		113,633
				51,162,683
Household Durables—0.4%
Beazer Homes USA, Inc., 6.75% Sr. Unsec. Nts., 3/15/25		1,508,000		1,307,888
Lennar Corp.:
4.50% Sr. Unsec. Nts., 4/30/24		419,000		429,559
4.75% Sr. Unsec. Nts., 5/30/25		1,067,000		1,101,859

26      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Household Durables (Continued)
Lennar Corp.: (Continued)
5.00% Sr. Unsec. Nts., 6/15/27	$	1,645,000	$	1,701,094
5.25% Sr. Unsec. Nts., 6/1/26		705,000		738,205
Mattamy Group Corp., 5.25% Sr. Unsec. Nts., 12/15/271		942,000		889,013
Meritage Homes Corp., 5.125% Sr. Unsec. Nts., 6/6/27		1,458,000		1,402,742
Spectrum Brands, Inc., 5.00% Sr. Unsec. Nts., 10/1/291		730,000		702,333
Taylor Morrison Communities, Inc.:
5.75% Sr. Unsec. Nts., 1/15/281		1,179,000		1,075,366
5.875% Sr. Unsec. Nts., 1/31/251		868,000		824,079
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.875% Sr. Unsec. Nts., 4/15/231		1,179,000		1,152,237
				11,324,375
Interactive Media & Services—0.3%
Baidu, Inc., 3.425% Sr. Unsec. Nts., 4/7/30		1,125,000		1,177,783
Cable Onda SA, 4.50% Sr. Unsec. Nts., 1/30/301		730,000		696,894
Cumulus Media New Holdings, Inc., 6.75% Sr. Sec. Nts., 7/1/261		1,308,000		1,071,514
Diamond Sports Group LLC/Diamond Sports Finance Co.:
5.375% Sr. Sec. Nts., 8/15/261		3,482,000		2,662,685
6.625% Sr. Unsec. Nts., 8/15/271		1,489,000		822,151
				6,431,027
Internet & Catalog Retail—0.0%
Expedia Group, Inc., 6.25% Sr. Unsec. Nts., 5/1/251,5		260,000		265,558
Prosus NV, 3.68% Sr. Unsec. Nts., 1/21/301		255,000		255,670
				521,228
Leisure Equipment & Products—0.1%
Mattel, Inc., 6.75% Sr. Unsec. Nts., 12/31/251		1,217,000		1,241,583
Media—1.3%
Affinion Group, Inc., 15.5% PIK Rate, 12.5% Cash Rate, 12.50% Sr. Unsec. Nts., 11/10/221,13		2,917,553		1,721,356
AMC Networks, Inc.:
4.75% Sr. Unsec. Nts., 8/1/25		659,000		605,324
5.00% Sr. Unsec. Nts., 4/1/24		2,504,000		2,440,148
Belo Corp., 7.75% Sr. Unsec. Nts., 6/1/27		898,000		950,129
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.00% Sr. Unsec. Nts., 3/1/231		411,000		416,487
4.50% Sr. Unsec. Nts., 8/15/301		2,310,000		2,332,407
5.00% Sr. Unsec. Nts., 2/1/281		749,000		774,953
5.125% Sr. Unsec. Nts., 5/1/231		632,000		640,096
5.125% Sr. Unsec. Nts., 5/1/271		1,091,000		1,137,913
5.375% Sr. Unsec. Nts., 5/1/251		245,000		252,506
5.75% Sr. Unsec. Nts., 2/15/261		1,790,000		1,874,577
5.875% Sr. Unsec. Nts., 4/1/241		376,000		388,747
5.875% Sr. Unsec. Nts., 5/1/271		245,000		256,573

27      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Media (Continued)
CSC Holdings LLC:
5.50% Sr. Unsec. Nts., 4/15/271		$	1,676,000	$	1,750,310
5.875% Sr. Unsec. Nts., 9/15/22			411,000		429,783
10.875% Sr. Unsec. Nts., 10/15/251			778,000		844,636
DISH DBS Corp., 5.875% Sr. Unsec. Nts., 11/15/24			1,280,000		1,237,811
Gray Television, Inc.:
5.125% Sr. Unsec. Nts., 10/15/241			607,000		601,051
5.875% Sr. Unsec. Nts., 7/15/261			581,000		560,462
iHeartCommunications, Inc., 8.375% Sr. Unsec. Nts., 5/1/27			1,497,000		1,256,956
Lamar Media Corp., 5.75% Sr. Unsec. Nts., 2/1/26			780,000		796,965
MDC Partners, Inc., 6.50% Sr. Unsec. Nts., 5/1/241			420,000		328,125
Meredith Corp., 6.875% Sr. Unsec. Nts., 2/1/26			1,656,000		1,417,205
Sirius XM Radio, Inc.:
4.625% Sr. Unsec. Nts., 7/15/241			1,330,000		1,362,984
5.375% Sr. Unsec. Nts., 7/15/261			1,631,000		1,702,438
TEGNA, Inc., 5.50% Sr. Unsec. Nts., 9/15/241			609,000		613,963
Telenet Finance Luxembourg Notes Sarl, 5.50% Sr. Sec. Nts., 3/1/281			2,125,000		2,199,375
Virgin Media Secured Finance plc:
5.50% Sr. Sec. Nts., 8/15/261			1,703,000		1,767,629
5.50% Sr. Sec. Nts., 5/15/291			317,000		330,583
VTR Finance BV, 6.875% Sr. Sec. Nts., 1/15/241			1,222,000		1,222,501
Ziggo Bond Co. BV, 5.125% Sr. Unsec. Nts., 2/28/301			221,000		218,724
Ziggo BV, 5.50% Sr. Sec. Nts., 1/15/271			935,000		955,430
					33,388,147
Multiline Retail—0.1%
Future Retail Ltd., 5.60% Sr. Sec. Nts., 1/22/251			1,875,000		511,426
Kohl’s Corp., 9.50% Sr. Unsec. Nts., 5/15/25			130,000		133,644
Nordstrom, Inc., 8.75% Sr. Sec. Nts., 5/15/251			1,177,000		1,264,030
Sally Holdings LLC/Sally Capital, Inc., 8.75% Sec. Nts., 4/30/251			1,336,000		1,361,050
					3,270,150
Specialty Retail—0.4%
Asbury Automotive Group, Inc., 4.75% Sr. Unsec. Nts., 3/1/301			296,000		249,854
eG Global Finance plc, 6.25% Sr. Sec. Nts., 10/30/251	EUR		600,000		596,362
L Brands, Inc.:
5.25% Sr. Unsec. Nts., 2/1/28			326,000		235,217
6.875% Sr. Unsec. Nts., 11/1/35			3,443,000		2,550,747
7.50% Sr. Unsec. Nts., 6/15/29			1,360,000		1,011,296
Lithia Motors, Inc.:
4.625% Sr. Unsec. Nts., 12/15/271			565,000		537,456
5.25% Sr. Unsec. Nts., 8/1/251			1,953,000		1,903,784
Michaels Stores, Inc., 8.00% Sr. Unsec. Nts., 7/15/271			1,776,000		1,244,354
Murphy Oil USA, Inc., 5.625% Sr. Unsec. Nts., 5/1/27			1,589,000		1,647,237
Penske Automotive Group, Inc., 5.50% Sr. Sub. Nts., 5/15/26			686,000		637,171

28      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Specialty Retail (Continued)
PetSmart, Inc., 5.875% Sr. Sec. Nts., 6/1/251	$	746,000	$	756,257
				11,369,735
Textiles, Apparel & Luxury Goods—0.1%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 7.50% Sr. Sec. Nts., 5/1/251		690,000		386,400
Hanesbrands, Inc.:
4.875% Sr. Unsec. Nts., 5/15/261		897,000		906,912
5.375%, 5/15/20		1,244,000		1,244,000
William Carter Co. (The), 5.625% Sr. Unsec. Nts., 3/15/271		1,122,000		1,143,946
				3,681,258
Consumer Staples—0.9%
Beverages—0.1%
Diageo Capital PLC, 2.00% Sr. Unsec. Nts., 4/29/30		3,750,000		3,740,959
Food & Staples Retailing—0.3%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/ Albertson’s LLC, 5.75% Sr. Unsec. Nts., 3/15/25		396,000		408,791
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson’s LLC, 7.50% Sr. Unsec. Nts., 3/15/261		690,000		757,068
Ingles Markets, Inc., 5.75% Sr. Unsec. Nts., 6/15/23		615,000		618,843
Sysco Corp., 10/1/25		5,000,000		5,156,415
				6,941,117
Food Products—0.3%
Darling Ingredients, Inc., 5.25% Sr. Unsec. Nts., 4/15/271		322,000		326,315
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50% Sr. Unsec. Nts., 1/15/301		1,448,000		1,472,833
Kraft Heinz Foods Co., 5.00% Sr. Unsec. Nts., 6/4/42		1,136,000		1,156,214
Lamb Weston Holdings, Inc., 4.625% Sr. Unsec. Nts., 11/1/241		695,000		712,167
Pilgrim’s Pride Corp.:
5.75% Sr. Unsec. Nts., 3/15/251		664,000		674,179
5.875% Sr. Unsec. Nts., 9/30/271		1,682,000		1,709,921
Simmons Foods, Inc.:
5.75% Sec. Nts., 11/1/241		1,294,000		1,210,149
7.75% Sr. Sec. Nts., 1/15/241		324,000		339,325
				7,601,103
Household Products—0.2%
Controladora Mabe SA de CV, 5.60% Sr. Unsec. Nts., 10/23/281		5,215,000		4,845,256
Energizer Holdings, Inc.:
6.375% Sr. Unsec. Nts., 7/15/261		264,000		272,818
7.75% Sr. Unsec. Nts., 1/15/271		949,000		1,011,776
Spectrum Brands, Inc., 6.125% Sr. Unsec. Nts., 12/15/24		695,000		693,124
				6,822,974

29      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Energy—4.1%
Energy Equipment & Services—0.2%
ADES International Holding plc, 8.625% Sr. Sec. Nts., 4/24/241	$	1,300,000	$	1,007,760
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75% Sr. Unsec. Nts., 1/15/281		1,822,000		1,350,649
Basic Energy Services, Inc., 10.75% Sr. Sec. Nts., 10/15/231		529,000		224,825
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50% Sr. Sec. Nts., 4/1/251		481,000		316,161
Ensign Drilling, Inc., 9.25% Sr. Unsec. Nts., 4/15/241		402,000		119,173
McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.625% Sr. Unsec. Nts., 5/1/241		3,530,000		194,150
Nabors Industries, Inc., 5.75% Sr. Unsec. Nts., 2/1/25		685,000		162,551
Precision Drilling Corp., 7.125% Sr. Unsec. Nts., 1/15/261		456,000		185,638
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.125% Sr. Unsec. Nts., 2/1/25		1,692,000		1,533,375
5.50% Sr. Unsec. Nts., 3/1/301		342,000		292,632
Tervita Escrow Corp., 7.625% Sec. Nts., 12/1/211		405,000		269,588
Transocean, Inc., 8.00% Sr. Unsec. Nts., 2/1/271		410,000		161,950
				5,818,452
Oil, Gas & Consumable Fuels—3.9%
Antero Resources Corp.:
5.125% Sr. Unsec. Nts., 12/1/22		296,000		207,777
5.375% Sr. Unsec. Nts., 11/1/21		695,000		624,753
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00% Sr. Unsec. Nts., 4/1/221		945,000		743,006
Bayan Resources Tbk PT, 6.125% Sr. Unsec. Nts., 1/24/231		1,137,000		906,037
Callon Petroleum Co.:
6.25% Sr. Unsec. Nts., 4/15/23		160,000		32,840
6.375% Sr. Unsec. Nts., 7/1/26		1,799,000		300,613
8.25% Sr. Unsec. Nts., 7/15/25		324,000		60,685
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.625% Sr. Unsec. Nts., 1/15/22		1,608,000		1,367,524
CITGO Petroleum Corp., 6.25% Sr. Sec. Nts., 8/15/221		195,000		187,931
CNX Resources Corp., 5.875% Sr. Unsec. Nts., 4/15/22		323,000		319,770
Comstock Resources, Inc., 9.75% Sr. Unsec. Nts., 8/15/26		459,000		399,771
Cosan Ltd., 5.50% Sr. Unsec. Nts., 9/20/291		2,110,000		1,875,178
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
5.625% Sr. Unsec. Nts., 5/1/271		1,321,000		866,972
5.75% Sr. Unsec. Nts., 4/1/25		185,000		134,356
6.25% Sr. Unsec. Nts., 4/1/23		211,000		155,127
DCP Midstream Operating LP:
4.75% Sr. Unsec. Nts., 9/30/211		695,000		660,702
5.125% Sr. Unsec. Nts., 5/15/29		1,902,000		1,425,264
Ecopetrol SA, 6.875% Sr. Unsec. Nts., 4/29/30		3,750,000		3,876,637
eG Global Finance plc, 8.50% Sr. Sec. Nts., 10/30/251		688,000		674,378
Endeavor Energy Resources LP/EER Finance, Inc., 5.75% Sr. Unsec. Nts., 1/30/281		486,000		425,080

30      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Energy Transfer Operating LP, 6.25% [US0003M+402.8] Jr. Sub. Perpetual Bonds2,14	$	784,000	$	550,168
EnLink Midstream LLC, 5.375% Sr. Unsec. Nts., 6/1/29		160,000		100,128
EnLink Midstream Partners LP:
4.40% Sr. Unsec. Nts., 4/1/24		160,000		101,800
4.85% Sr. Unsec. Nts., 7/15/26		1,779,000		1,095,508
5.60% Sr. Unsec. Nts., 4/1/44		1,689,000		690,125
EQM Midstream Partners LP, 5.50% Sr. Unsec. Nts., 7/15/28		2,359,000		2,129,068
EQT Corp.:
3.90% Sr. Unsec. Nts., 10/1/27		591,000		500,134
6.125% Sr. Unsec. Nts., 2/1/25		816,000		782,340
7.00% Sr. Unsec. Nts., 2/1/30		1,041,000		990,251
Eterna Capital Pte Ltd., 7.50% PIK Rate Sr. Sec. Nts., 12/11/221,13		3,146,517		1,809,247
Eterna Capital Pte Ltd., 8.00% PIK Rate Sr. Sec. Nts., 12/11/2213		1,894,033		931,585
Genesis Energy LP/Genesis Energy Finance Corp.:
6.25% Sr. Unsec. Nts., 5/15/26		1,208,000		1,017,257
6.50% Sr. Unsec. Nts., 10/1/25		620,000		524,675
7.75% Sr. Unsec. Nts., 2/1/28		432,000		368,561
Gulfport Energy Corp.:
6.00% Sr. Unsec. Nts., 10/15/24		1,050,000		528,937
6.375% Sr. Unsec. Nts., 5/15/25		324,000		154,710
6.625% Sr. Unsec. Nts., 5/1/23		2,297,000		1,256,459
Hess Midstream Operations LP, 5.625% Sr. Unsec. Nts., 2/15/261		2,011,000		1,881,894
HighPoint Operating Corp., 8.75% Sr. Unsec. Nts., 6/15/25		216,000		63,720
Hilcorp Energy I LP/Hilcorp Finance Co.:
5.75% Sr. Unsec. Nts., 10/1/251		315,000		177,912
6.25% Sr. Unsec. Nts., 11/1/281		1,071,000		561,847
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00% Sr. Unsec. Nts., 2/1/281		474,000		433,426
Indigo Natural Resources LLC, 6.875% Sr. Unsec. Nts., 2/15/261		465,000		435,379
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271		4,645,000		4,423,294
MEG Energy Corp., 6.50% Sec. Nts., 1/15/251		41,000		33,684
Murphy Oil USA, Inc., 4.75% Sr. Unsec. Nts., 9/15/29		535,000		553,377
Murray Energy Corp., 3% PIK Rate, 9% Cash Rate, 12.00% Sec. Nts., 4/15/241,12,13		5,744,632		7,238
NAK Naftogaz Ukraine via Kondor Finance plc, 7.625% Sr. Unsec. Nts., 11/8/261		1,800,000		1,530,965
NGL Energy Partners LP/NGL Energy Finance Corp.:
7.50% Sr. Unsec. Nts., 11/1/23		338,000		231,107
7.50% Sr. Unsec. Nts., 4/15/26		440,000		288,618
NuStar Logistics LP:
4.80% Sr. Unsec. Nts., 9/1/20		695,000		686,104
6.00% Sr. Unsec. Nts., 6/1/26		2,349,000		2,157,439
Occidental Petroleum Corp.:
2.70% Sr. Unsec. Nts., 8/15/22		2,100,000		1,837,500

31      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Occidental Petroleum Corp.: (Continued)
6.20% Sr. Unsec. Nts., 3/15/40		$	1,008,000	$	725,760
Oil India International Pte Ltd., 4.00% Sr. Unsec. Nts., 4/21/271			4,881,000		4,499,132
Parkland Fuel Corp., 6.00% Sr. Unsec. Nts., 4/1/261			2,449,000		2,368,550
Parsley Energy LLC/Parsley Finance Corp.:
4.125% Sr. Unsec. Nts., 2/15/281			397,000		328,021
5.375% Sr. Unsec. Nts., 1/15/251			472,000		426,546
PBF Holding Co. LLC/PBF Finance Corp.:
6.00% Sr. Unsec. Nts., 2/15/281			920,000		660,698
7.25% Sr. Unsec. Nts., 6/15/25			488,000		377,078
PDC Energy, Inc., 5.75% Sr. Unsec. Nts., 5/15/26			702,000		539,838
Petrobras Global Finance BV:
5.75% Sr. Unsec. Nts., 2/1/29			2,778,000		2,663,408
6.85% Sr. Unsec. Nts., 6/5/15			520,000		491,400
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/261	EUR		3,560,000		3,084,961
4.50% Sr. Unsec. Nts., 1/23/26			5,469,000		4,238,475
5.95% Sr. Unsec. Nts., 1/28/311			4,764,000		3,474,385
Petronas Capital Ltd.:
3.50% Sr. Unsec. Nts., 4/21/301			1,125,000		1,179,600
4.55% Sr. Unsec. Nts., 4/21/501			1,875,000		2,045,207
4.80% Sr. Unsec. Nts., 4/21/601			4,090,000		4,749,931
Puma International Financing SA:
5.00% Sr. Unsec. Nts., 1/24/26			530,000		342,462
5.125% Sr. Unsec. Nts., 10/6/241			3,750,000		2,640,225
QEP Resources, Inc.:
5.625% Sr. Unsec. Nts., 3/1/26			2,124,000		698,371
6.875% Sr. Unsec. Nts., 3/1/21			695,000		338,639
Reliance Industries Ltd., 7.00% Unsec. Nts., 8/31/22	INR		540,000,000		7,156,883
Rockpoint Gas Storage Canada Ltd., 7.00% Sr. Sec. Nts., 3/31/231			435,000		338,126
Southwestern Energy Co.:
6.20% Sr. Unsec. Nts., 1/23/25			162,000		144,374
7.50% Sr. Unsec. Nts., 4/1/26			1,415,000		1,276,019
Sunoco LP/Sunoco Finance Corp.:
5.875% Sr. Unsec. Nts., 3/15/28			2,104,000		2,013,738
6.00% Sr. Unsec. Nts., 4/15/27			322,000		315,818
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.00% Sr. Unsec. Nts., 1/15/28			1,067,000		914,163
5.875% Sr. Unsec. Nts., 4/15/26			3,328,000		2,969,242
6.50% Sr. Unsec. Nts., 7/15/27			319,000		289,094
Transcanada Trust, 5.875% [US0003M+464] Jr. Sub. Nts., 8/15/762			3,545,000		3,361,865
Western Midstream Operating LP:
3.10% Sr. Unsec. Nts., 2/1/25			528,000		484,440
4.75% Sr. Unsec. Nts., 8/15/28			1,247,000		1,104,780
Whiting Petroleum Corp.:
5.75% Sr. Unsec. Nts., 3/15/21			1,167,000		123,294

32      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Whiting Petroleum Corp.: (Continued) 6.625% Sr. Unsec. Nts., 1/15/26		$	1,105,000	$	117,462
WPX Energy, Inc.:
4.50% Sr. Unsec. Nts., 1/15/30			109,000		89,380
5.25% Sr. Unsec. Nts., 10/15/27			193,000		168,807
5.75% Sr. Unsec. Nts., 6/1/26			1,609,000		1,467,569
					102,286,599
Financials—11.8%
Capital Markets—2.4%
Charles Schwab Corp. (The), 5.375% [H15T5Y+497.1] Jr. Sub. Perpetual Bonds2,14			7,500,000		7,800,000
Credit Suisse Group AG:
6.25% [USSW5+345.5] Jr. Sub. Perpetual Bonds1,2,14			1,875,000		1,931,085
6.375% [H15T5Y+482.2] Jr. Sub. Perpetual Bonds1,2,14			1,675,000		1,651,274
7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,2,14			14,080,000		14,942,400
Deutsche Bank AG, 2.625% Sr. Unsec. Nts., 2/12/261	EUR		15,200,000		16,463,616
MSCI, Inc., 5.75% Sr. Unsec. Nts., 8/15/251			1,701,000		1,787,496
Standard Life Aberdeen plc, 4.25% Sub. Nts., 6/30/281			5,625,000		5,606,392
UBS Group AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,2,14			1,355,000		1,365,129
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,2,14			7,195,000		7,761,606
7.00% [USSW5+434.4] Jr. Sub. Perpetual Bonds1,2,14			3,750,000		3,860,231
					63,169,229
Commercial Banks—5.4%
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/281,2	EUR		2,250,000		1,484,021
Banco Bilbao Vizcaya Argentaria SA:
5.875% [EUSA5+566] Jr. Sub. Perpetual Bonds1,2,14	EUR		2,975,000		3,076,543
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,2,14	EUR		4,305,000		4,805,665
Banco Comercial Portugues SA, 4.50% [EUSA5+426.7] Sub. Nts., 12/7/271,2	EUR		1,200,000		1,133,015
Banco de Sabadell SA, 6.50% [EUSA5+641.4] Jr. Sub. Perpetual Bonds1,2,14	EUR		2,000,000		1,601,913
Banco del Estado de Chile, 2.704% Sr. Unsec. Nts., 1/9/251			3,750,000		3,745,312
Banco do Brasil SA (Cayman), 6.25% [H15T10Y+439.8] Jr. Sub. Perpetual Bonds1,2,14			1,875,000		1,546,875
Banco Santander SA:
4.375% [EUSA5+453.4] Jr. Sub. Perpetual Bonds1,2,14	EUR		1,800,000		1,723,040
5.25% [EUSA5+499.9] Jr. Sub. Perpetual Bonds1,2,14	EUR		3,600,000		3,669,616
Bank Leumi Le-Israel BM, 3.275% [H15T5Y+163.1] Sub. Nts., 1/29/311,2			1,875,000		1,745,801
Bankinter SA, 8.625% [EUSA5+886.7] Jr. Sub. Perpetual Bonds1,2,14	EUR		3,255,000		3,593,477
Barclays plc:
5.875% [BPSW5+491] Jr. Sub. Perpetual Bonds1,2,14	GBP		1,875,000		2,049,232
7.125% [GUKG5+657.9] Jr. Sub. Perpetual Bonds2,14	GBP		1,875,000		2,247,322

33      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Commercial Banks (Continued)
BNP Paribas SA:
6.75% [USSW5+491.6] Jr. Sub. Perpetual Bonds1,2,14		$	6,000,000	$	5,911,860
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,14			1,970,000		2,005,706
7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,14			6,835,000		6,958,885
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,2,14	EUR		6,470,000		6,718,016
CIT Group, Inc.:
4.125% Sr. Unsec. Nts., 3/9/21			1,150,000		1,135,107
5.25% Sr. Unsec. Nts., 3/7/25			690,000		685,170
Cooperatieve Rabobank UA:
3.25% [EUSA5+370.2] Jr. Sub. Perpetual Bonds1,2,14	EUR		200,000		201,207
4.625% [EUSA5+409.8] Jr. Sub. Perpetual Bonds1,2,14	EUR		5,200,000		5,713,145
Credit Agricole SA:
0.875% Sr. Unsec. Nts., 1/14/321	EUR		2,600,000		2,751,732
7.50% [BPSW5+453.5] Jr. Sub. Perpetual Bonds1,2,14	GBP		1,875,000		2,470,879
8.125% [USSW5+618.5] Jr. Sub. Perpetual Bonds1,2,14			1,800,000		2,008,125
Danske Bank AS:
5.875% [EUSA7+547.1] Jr. Sub. Perpetual Bonds1,2,14	EUR		1,080,000		1,204,437
6.125% [USSW7+389.6] Jr. Sub. Perpetual Bonds1,2,14			3,750,000		3,567,938
7.00% [H15T7Y+413] Jr. Sub. Perpetual Bonds1,2,14			2,625,000		2,579,062
Global Bank Corp., 5.25% [US0003M+330] Sr. Unsec. Nts., 4/16/291,2			1,310,000		1,230,941
Grupo Aval Ltd., 4.375% Sr. Unsec. Nts., 2/4/301			2,250,000		1,897,087
HSBC Bank plc, 1.425% [US0006M+25] Jr. Sub. Perpetual Bonds2,14			1,130,000		867,275
HSBC Holdings plc:
5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds1,2,14	EUR		5,865,000		6,372,465
6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds1,2,14	EUR		6,745,000		7,679,260
ING Groep NV:
6.75% [USISDA05+420.4] Jr. Sub. Perpetual Bonds1,2,14			1,875,000		1,847,587
6.875% [USSW5+512.4] Jr. Sub. Perpetual Bonds1,2,14			3,750,000		3,764,171
Intesa Sanpaolo SpA:
4.70% Sr. Unsec. Nts., 9/23/491			3,300,000		3,213,449
6.25% [EUSA5+585.6] Jr. Sub. Perpetual Bonds1,2,14	EUR		1,875,000		1,883,491
Itau Unibanco Holding SA (Cayman), 4.625% [H15T5Y+322.2] Jr. Sub. Perpetual Bonds1,2,14			3,165,000		2,595,300
Lloyds Bank plc, 1.691% [US0006M+10] Jr. Sub. Perpetual Bonds2,14			2,250,000		1,833,750
National Bank of Greece SA, 8.25% [EUSA5+846.4] Sub. Nts., 7/18/291,2	EUR		1,500,000		1,520,285
Novo Banco SA:
3.50% Sr. Unsec. Nts., 2/19/431	EUR		2,250,000		2,049,952
3.50% Sr. Unsec. Nts., 3/18/431	EUR		1,500,000		1,379,653
Skandinaviska Enskilda Banken AB, 5.125% [H15T5Y+346.3] Jr. Sub. Perpetual Bonds1,2,14			1,800,000		1,737,000
Societe Generale SA:
7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,14			11,225,000		11,014,531
8.00% [USISDA05+587.3] Jr. Sub. Perpetual Bonds1,2,14			2,625,000		2,666,200
8.00% [USISDA05+587.3] Jr. Sub. Perpetual Bonds1,2,14			1,875,000		1,904,428

34      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Commercial Banks (Continued)
Standard Chartered plc, 7.75% [USSW5+572.3] Jr. Sub. Perpetual Bonds1,2,14		$	4,660,000	$	4,720,533
TMB Bank PCL (Cayman), 4.90% [H15T5Y+325.6] Jr. Sub. Perpetual Bonds1,2,14			3,420,000		2,838,600
UniCredit SpA, 6.625% [EUSA5+638.7] Jr. Sub. Perpetual Bonds1,2,14	EUR		1,500,000		1,464,196
UniCredit SpA, Reg S, 1/20/30	EUR		1,875,000		1,879,051
					142,692,306
Consumer Finance—0.7%
Ally Financial, Inc., 8.00% Sr. Unsec. Nts., 11/1/31			1,099,000		1,342,242
Muthoot Finance Ltd.:
4.40% Sr. Sec. Nts., 9/2/231			6,000,000		5,175,000
6.125% Sr. Sec. Nts., 10/31/221			3,750,000		3,410,812
Navient Corp.:
5.00% Sr. Unsec. Nts., 3/15/27			1,210,000		1,026,383
5.875% Sr. Unsec. Nts., 10/25/24			913,000		836,536
6.125% Sr. Unsec. Nts., 3/25/24			1,247,000		1,155,034
6.50% Sr. Unsec. Nts., 6/15/22			659,000		641,701
6.625% Sr. Unsec. Nts., 7/26/21			682,000		682,409
6.75% Sr. Unsec. Nts., 6/25/25			863,000		803,669
6.75% Sr. Unsec. Nts., 6/15/26			486,000		440,875
Springleaf Finance Corp.:
6.875% Sr. Unsec. Nts., 3/15/25			1,874,000		1,783,954
7.125% Sr. Unsec. Nts., 3/15/26			2,346,000		2,185,416
					19,484,031
Diversified Financial Services—1.4%
Alpha Holding SA de CV, 9.00% Sr. Unsec. Nts., 2/10/251			1,740,000		1,194,075
Astana Finance JSC, 0.00% Sr. Unsec. Nts., 12/22/247,12			1,186,225		—
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45%, 3/13/347,8,12	MXN		17,961,653		—
Caixa Geral de Depositos SA, 10.75% [EUSA5+1092.5] Jr. Sub. Perpetual Bonds1,2,14	EUR		7,600,000		8,538,920
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25% Sr. Unsec. Nts., 5/15/26			405,000		399,865
JP Morgan/Hipotecaria su Casita, 6.47%, 8/26/351,7	MXN		20,232,960		91,270
Lions Gate Capital Holdings LLC:
5.875% Sr. Unsec. Nts., 11/1/241			873,000		801,152
6.375% Sr. Unsec. Nts., 2/1/241			690,000		646,254
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		145,000,000		1,985,007
Power Finance Corp. Ltd.:
7.27% Sr. Unsec. Nts., 12/22/21	INR		360,000,000		4,819,783
7.42% Sr. Unsec. Nts., 6/26/20	INR		107,000,000		1,431,091
7.50% Sr. Unsec. Nts., 8/16/21	INR		360,000,000		4,827,184
Quicken Loans, Inc.:
5.25% Sr. Unsec. Nts., 1/15/281			425,000		415,055
5.75% Sr. Unsec. Nts., 5/1/251			401,000		395,065

35      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Diversified Financial Services (Continued)
Rural Electrification Corp. Ltd.:
7.24% Sr. Unsec. Nts., 10/21/21	INR		360,000,000	$	4,808,419
7.60% Sr. Unsec. Nts., 4/17/21	INR		350,000,000		4,733,581
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/321	BRL		10,500,000		2,075,709
					37,162,430
Insurance—0.3%
AmWINS Group, Inc., 7.75% Sr. Unsec. Nts., 7/1/261			562,000		582,850
La Mondiale SAM, 5.05% [EUSA5+505] Jr. Sub. Perpetual Bonds1,2,14	EUR		2,475,000		2,926,105
Unipol Gruppo SpA, 3.50% Sr. Unsec. Nts., 11/29/271	EUR		3,750,000		4,153,984
					7,662,939
Real Estate Investment Trusts (REITs)—0.4%
CoreCivic, Inc.:
4.625% Sr. Unsec. Nts., 5/1/23			281,000		267,301
5.00% Sr. Unsec. Nts., 10/15/22			160,000		154,872
Iron Mountain US Holdings, Inc., 5.375% Sr. Unsec. Nts., 6/1/261			1,087,000		1,089,283
Iron Mountain, Inc.:
4.875% Sr. Unsec. Nts., 9/15/271			488,000		478,630
4.875% Sr. Unsec. Nts., 9/15/291			1,043,000		1,004,722
5.25% Sr. Unsec. Nts., 3/15/281			662,000		650,183
iStar, Inc., 4.75% Sr. Unsec. Nts., 10/1/24			2,527,000		2,123,186
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.:
5.625% Sr. Unsec. Nts., 5/1/24			1,039,000		1,060,206
5.75% Sr. Unsec. Nts., 2/1/27			319,000		323,992
MPT Operating Partnership LP/MPT Finance Corp.:
4.625% Sr. Unsec. Nts., 8/1/29			1,856,000		1,854,293
5.00% Sr. Unsec. Nts., 10/15/27			238,000		244,259
6.375% Sr. Unsec. Nts., 3/1/24			250,000		258,960
VICI Properties LP/VICI Note Co., Inc.:
3.50% Sr. Unsec. Nts., 2/15/251			464,000		437,181
3.75% Sr. Unsec. Nts., 2/15/271			466,000		435,570
4.125% Sr. Unsec. Nts., 8/15/301			466,000		426,250
					10,808,888
Real Estate Management & Development—1.1%
China Evergrande Group:
8.25% Sr. Sec. Nts., 3/23/221			238,000		211,835
10.00% Sr. Sec. Nts., 4/11/231			1,125,000		967,500
11.50% Sr. Sec. Nts., 1/22/231			1,875,000		1,692,356
12.00% Sr. Sec. Nts., 1/22/241			750,000		652,676
China Resources Land Ltd., 3.75% [H15T5Y+513.9] Jr. Sub. Perpetual Bonds1,2,14			3,750,000		3,699,469
CIFI Holdings Group Co. Ltd., 6.45% Sr. Unsec. Nts., 11/7/241			1,800,000		1,764,687
Country Garden Holdings Co. Ltd., 4.75% Sr. Sec. Nts., 7/25/221			2,250,000		2,217,116

36      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Real Estate Management & Development (Continued)
Kaisa Group Holdings Ltd., 6.75%, 2/18/211		$	1,875,000	$	1,834,560
Logan Property Holdings Co. Ltd.:
5.25% Sr. Unsec. Nts., 2/23/231			3,750,000		3,656,781
7.50% Sr. Unsec. Nts., 8/25/221			1,695,000		1,733,401
Times China Holdings Ltd., 7.85% Sr. Sec. Nts., 6/4/211			9,915,000		10,065,369
					28,495,750
Thrifts & Mortgage Finance—0.1%
LIC Housing Finance Ltd., 7.45% Sr. Sec. Nts., 10/17/22	INR		180,000,000		2,392,721
Nationstar Mortgage Holdings, Inc., 6.00% Sr. Unsec. Nts., 1/15/271			340,000		291,652
					2,684,373
Health Care—1.4%
Health Care Equipment & Supplies—0.1%
Rede D’or Finance Sarl, 4.50% Sr. Unsec. Nts., 1/22/301			2,778,000		2,363,105
Teleflex, Inc., 4.875% Sr. Unsec. Nts., 6/1/26			1,697,000		1,734,504
					4,097,609
Health Care Providers & Services—0.9%
Centene Corp.:
4.625% Sr. Unsec. Nts., 12/15/291			594,000		653,192
4.75% Sr. Unsec. Nts., 5/15/22			763,000		774,025
5.375% Sr. Unsec. Nts., 6/1/261			2,422,000		2,577,517
5.375% Sr. Unsec. Nts., 8/15/261			1,698,000		1,824,501
Hadrian Merger Sub, Inc., 8.50% Sr. Unsec. Nts., 5/1/261			2,030,000		1,765,288
HCA, Inc.:
4.125% Sr. Sec. Nts., 6/15/29			2,045,000		2,204,615
5.625% Sr. Unsec. Nts., 9/1/28			1,296,000		1,442,033
5.875% Sr. Unsec. Nts., 2/15/26			324,000		361,260
MPH Acquisition Holdings LLC, 7.125% Sr. Unsec. Nts., 6/1/241			1,494,000		1,340,820
Omnicare, Inc., 4.75% Sr. Unsec. Nts., 12/1/22			5,295,000		5,706,104
Tenet Healthcare Corp.:
5.125% Sr. Sec. Nts., 11/1/271			3,375,000		3,343,444
6.25% Sec. Nts., 2/1/271			741,000		731,923
7.50% Sr. Sec. Nts., 4/1/251			479,000		517,559
					23,242,281
Life Sciences Tools & Services—0.1%
Charles River Laboratories International, Inc., 4.25% Sr.
Unsec. Nts., 5/1/281			1,932,000		1,957,889
Pharmaceuticals—0.3%
Bausch Health Americas, Inc., 8.50% Sr. Unsec. Nts., 1/31/271			817,000		904,460
Bausch Health Cos., Inc.:
5.75% Sr. Sec. Nts., 8/15/271			695,000		736,144
7.00% Sr. Sec. Nts., 3/15/241			1,535,000		1,600,836
HCA, Inc., 5.375% Sr. Unsec. Nts., 9/1/26			2,278,000		2,480,287

37      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Pharmaceuticals (Continued)
HLF Financing Sarl LLC/Herbalife International, Inc., 7.25% Sr. Unsec. Nts., 8/15/261	$	1,505,000	$	1,471,062
Par Pharmaceutical, Inc., 7.50% Sr. Sec. Nts., 4/1/271		1,403,000		1,429,797
				8,622,586
Industrials—2.3%
Aerospace & Defense—0.3%
Bombardier, Inc.:
7.50% Sr. Unsec. Nts., 3/15/251		664,000		433,675
7.875% Sr. Unsec. Nts., 4/15/271		643,000		420,394
Howmet Aerospace, Inc., 6.875% Sr. Unsec. Nts., 5/1/25		662,000		677,672
Moog, Inc., 4.25% Sr. Unsec. Nts., 12/15/271		788,000		743,675
Spirit AeroSystems, Inc.:
4.60% Sr. Unsec. Nts., 6/15/28		487,000		387,165
7.50% Sec. Nts., 4/15/251		774,000		766,260
TransDigm, Inc.:
6.25% Sr. Sec. Nts., 3/15/261		440,000		432,718
6.375% Sr. Sub. Nts., 6/15/26		2,028,000		1,744,891
8.00% Sr. Sec. Nts., 12/15/251		289,000		302,005
Triumph Group, Inc., 7.75% Sr. Unsec. Nts., 8/15/25		1,777,000		1,165,801
				7,074,256
Air Freight & Couriers—0.3%
Algeco Global Finance plc, 8.00% Sr. Sec. Nts., 2/15/231		326,000		287,288
Mexico City Airport Trust, 3.875% Sr. Sec. Nts., 4/30/281		1,400,000		1,171,940
Rumo Luxembourg Sarl, 5.875% Sr. Unsec. Nts., 1/18/251		3,475,000		3,427,045
XPO Logistics, Inc.:
6.125% Sr. Unsec. Nts., 9/1/231		1,390,000		1,414,603
6.75% Sr. Unsec. Nts., 8/15/241		643,000		665,376
				6,966,252
Airlines—0.0%
Delta Air Lines, Inc., 7.00% Sr. Sec. Nts., 5/1/251		1,121,000		1,150,110
Building Products—0.2%
Standard Industries, Inc.:
5.00% Sr. Unsec. Nts., 2/15/271		497,000		501,125
5.375% Sr. Unsec. Nts., 11/15/241		1,032,000		1,041,030
6.00% Sr. Unsec. Nts., 10/15/251		2,294,000		2,377,157
				3,919,312
Commercial Services & Supplies—0.4%
ACCO Brands Corp., 5.25% Sr. Unsec. Nts., 12/15/241		1,261,000		1,260,748
ADT Security Corp. (The), 6.25% Sr. Sec. Nts., 10/15/21		1,892,000		1,954,341
Brink’s Co. (The), 4.625% Sr. Unsec. Nts., 10/15/271		2,556,000		2,404,685
Garda World Security Corp., 9.50% Sr. Unsec. Nts., 11/1/271		700,000		703,255
GFL Environmental, Inc., 4.25% Sr. Sec. Nts., 6/1/251		287,000		289,152
Intrado Corp., 5.375% Sr. Unsec. Nts., 7/15/221		1,815,000		1,787,775
Pitney Bowes, Inc., 5.70% Sr. Unsec. Nts., 4/1/23		448,000		368,950

38      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Commercial Services & Supplies (Continued)
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75% Sr. Sec. Nts., 4/15/261	$	1,256,000	$	1,243,440
RR Donnelley & Sons Co., 7.875% Sr. Unsec. Nts., 3/15/21		426,000		429,089
				10,441,435
Construction & Engineering—0.1%
AECOM, 5.125% Sr. Unsec. Nts., 3/15/27		740,000		758,204
GMR Hyderabad International Airport Ltd., 5.375% Sr. Sec. Nts., 4/10/241		3,475,000		3,075,114
				3,833,318
Electrical Equipment—0.1%
EnerSys:
4.375% Sr. Unsec. Nts., 12/15/271		567,000		550,699
5.00% Sr. Unsec. Nts., 4/30/231		2,151,000		2,161,325
Sensata Technologies BV, 5.625% Sr. Unsec. Nts., 11/1/241		208,000		212,638
				2,924,662
Industrial Conglomerates—0.0%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.375% Sr. Unsec. Nts., 12/15/25		569,000		569,114
6.75% Sr. Unsec. Nts., 2/1/24		641,000		646,397
				1,215,511
Machinery—0.4%
Amsted Industries, Inc., 5.625% Sr. Unsec. Nts., 7/1/271		680,000		685,576
Cleaver-Brooks, Inc., 7.875% Sr. Sec. Nts., 3/1/231		2,706,000		2,245,439
Colfax Corp.:
6.00% Sr. Unsec. Nts., 2/15/241		638,000		650,888
6.375% Sr. Unsec. Nts., 2/15/261		319,000		329,958
EnPro Industries, Inc., 5.75% Sr. Unsec. Nts., 10/15/26		1,623,000		1,593,948
Mueller Industries, Inc., 6.00% Sub. Nts., 3/1/27		2,500,000		2,317,750
Titan International, Inc., 6.50% Sr. Sec. Nts., 11/30/23		2,478,000		1,164,164
United Rentals North America, Inc., 5.25% Sr. Unsec. Nts., 1/15/30		1,447,000		1,457,346
				10,445,069
Professional Services—0.0%
ASGN, Inc., 4.625% Sr. Unsec. Nts., 5/15/281		969,000		898,118
Road & Rail—0.1%
Kenan Advantage Group, Inc. (The), 7.875% Sr. Unsec. Nts., 7/31/231		1,878,000		1,584,769
Trading Companies & Distributors—0.3%
AerCap Global Aviation Trust, 6.50% [US0003M+430] Jr. Sub. Nts., 6/15/451,2		1,623,000		1,195,339
BMC East LLC, 5.50% Sr. Sec. Nts., 10/1/241		1,730,000		1,656,129
Herc Holdings, Inc., 5.50% Sr. Unsec. Nts., 7/15/271		1,277,000		1,205,105

39      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Trading Companies & Distributors (Continued)
United Rentals North America, Inc.:
5.875% Sr. Unsec. Nts., 9/15/26		$	2,700,000	$	2,791,260
6.50% Sr. Unsec. Nts., 12/15/26			1,380,000		1,438,167
					8,286,000
Transportation Infrastructure—0.1%
Jasa Marga Persero Tbk PT, 7.50% Sr. Unsec. Nts., 12/11/201	IDR		24,180,000,000		1,565,034
Information Technology—0.4%
Communications Equipment—0.1%
Hughes Satellite Systems Corp.:
5.25% Sr. Sec. Nts., 8/1/26			585,000		621,329
6.625% Sr. Unsec. Nts., 8/1/26			1,190,000		1,281,749
					1,903,078
Electronic Equipment, Instruments, & Components—0.1%
MTS Systems Corp., 5.75% Sr. Unsec. Nts., 8/15/271			1,254,000		1,171,988
NXP BV/NXP Funding LLC/NXP USA, Inc.:
2.70% Sr. Unsec. Nts., 5/1/251			665,000		673,857
3.15% Sr. Unsec. Nts., 5/1/271			284,000		287,663
3.40% Sr. Unsec. Nts., 5/1/301			202,000		203,908
					2,337,416
IT Services—0.0%
Alliance Data Systems Corp., 4.75% Sr. Unsec. Nts., 12/15/241			1,294,000		965,648
Technology Hardware, Storage & Peripherals—0.2%
Dell International LLC/EMC Corp., 7.125% Sr. Unsec. Nts., 6/15/241			1,720,000		1,787,682
EMC Corp., 2.65% Sr. Unsec. Nts., 6/1/20			166,000		165,693
Everi Payments, Inc., 7.50% Sr. Unsec. Nts., 12/15/251			760,000		624,948
Harland Clarke Holdings Corp., 8.375% Sr. Sec. Nts., 8/15/221			464,000		335,449
Western Digital Corp., 4.75% Sr. Unsec. Nts., 2/15/26			1,848,000		1,893,608
					4,807,380
Materials—3.8%
Chemicals—0.9%
Ashland LLC, 4.75% Sr. Unsec. Nts., 8/15/22			78,000		81,917
Blue Cube Spinco LLC, 9.75% Sr. Unsec. Nts., 10/15/23			319,000		334,551
Celanese US Holdings LLC, 5.875% Sr. Unsec. Nts., 6/15/21			3,441,000		3,537,933
Chemours Co. (The), 6.625% Sr. Unsec. Nts., 5/15/23			411,000		386,422
Element Solutions, Inc., 5.875% Sr. Unsec. Nts., 12/1/251			1,406,000		1,404,243
ENN Clean Energy International Investment Ltd., 7.50% Sr. Unsec. Nts., 2/27/211			3,750,000		3,716,360
JBS Investments GmbH, 6.25% Sr. Unsec. Nts., 2/5/231			3,750,000		3,744,600
Koppers, Inc., 6.00% Sr. Unsec. Nts., 2/15/251			1,637,000		1,340,212
Olin Corp.:
5.00% Sr. Unsec. Nts., 2/1/30			333,000		292,324

40      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Principal Amount		Value
Chemicals (Continued)
Olin Corp.: (Continued)
5.125% Sr. Unsec. Nts., 9/15/27		$	312,000	$	286,791
5.625% Sr. Unsec. Nts., 8/1/29			2,710,000		2,461,764
PolyOne Corp., 5.75% Sr. Unsec. Nts., 5/15/251,5			851,000		862,169
Rain CII Carbon LLC/CII Carbon Corp., 7.25% Sec. Nts., 4/1/251			409,000		352,660
Sociedad Quimica y Minera de Chile SA, 4.25% Sr. Unsec. Nts., 1/22/501			1,875,000		1,684,031
Starfruit Finco BV/Starfruit US Holdco LLC, 6.50% Sr. Unsec. Nts., 10/1/261	EUR		3,545,000		3,714,829
					24,200,806
Construction Materials—0.4%
Cemex Finance LLC, 6.00% Sr. Sec. Nts., 4/1/241			2,244,000		2,090,959
Cemex SAB de CV:
5.45% Sr. Sec. Nts., 11/19/291			2,795,000		2,314,679
7.75% Sr. Sec. Nts., 4/16/261			3,750,000		3,523,500
InterCement Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241			1,915,000		819,046
					8,748,184
Containers & Packaging—0.3%
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.:
4.125% Sr. Sec. Nts., 8/15/261			1,350,000		1,325,970
4.25% Sr. Sec. Nts., 9/15/221			282,000		285,257
6.00% Sr. Unsec. Nts., 2/15/251			1,101,000		1,108,839
Cascades, Inc./Cascades USA, Inc., 5.375% Sr. Unsec. Nts., 1/15/281			1,203,000		1,215,932
Flex Acquisition Co., Inc.:
6.875% Sr. Unsec. Nts., 1/15/251			1,184,000		1,154,045
7.875% Sr. Unsec. Nts., 7/15/261			993,000		959,040
Greif, Inc., 6.50% Sr. Unsec. Nts., 3/1/271			399,000		400,855
Mauser Packaging Solutions Holding Co., 5.50% Sr. Sec. Nts., 4/15/241			405,000		376,022
Owens-Brockway Glass Container, Inc., 5.00% Sr. Unsec. Nts., 1/15/221			629,000		638,089
Silgan Holdings, Inc., 4.125% Sr. Unsec. Nts., 2/1/281			700,000		692,125
Trivium Packaging Finance BV, 5.50% Sr. Sec. Nts., 8/15/261			335,000		344,950
					8,501,124
Metals & Mining—1.5%
ArcelorMittal SA:
3.60% Sr. Unsec. Nts., 7/16/24			7,500,000		7,201,091
6.125% Sr. Unsec. Nts., 6/1/25			3,490,000		3,580,898
Arconic Corp., 6.00% Sr. Sec. Nts., 5/15/251,5			1,042,000		1,056,327
Cleveland-Cliffs, Inc., 9.875% Sr. Sec. Nts., 10/17/251			216,000		214,380
CSN Islands XI Corp., 6.75% Sr. Unsec. Nts., 1/28/281			3,650,000		2,404,437
First Quantum Minerals Ltd., 7.25% Sr. Unsec. Nts., 4/1/231			3,674,000		3,353,627

41      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Metals & Mining (Continued)
FMG Resources August 2006 Pty Ltd., 4.75% Sr. Unsec. Nts., 5/15/221		$	322,000	$	324,882
Freeport-McMoRan, Inc.:
3.55% Sr. Unsec. Nts., 3/1/22			53,000		53,644
4.55% Sr. Unsec. Nts., 11/14/24			285,000		286,838
5.40% Sr. Unsec. Nts., 11/14/34			4,964,000		4,694,951
5.45% Sr. Unsec. Nts., 3/15/43			287,000		266,006
Hudbay Minerals, Inc., 7.625% Sr. Unsec. Nts., 1/15/251			1,535,000		1,396,389
JSW Steel Ltd.:
5.25% Sr. Unsec. Nts., 4/13/221			3,600,000		3,222,000
5.95% Sr. Unsec. Nts., 4/18/241			750,000		630,000
Kaiser Aluminum Corp., 6.50% Sr. Unsec. Nts., 5/1/251			722,000		738,245
Metinvest BV:
7.75% Sr. Unsec. Nts., 10/17/291			2,680,000		1,750,630
8.50% Sr. Unsec. Nts., 4/23/261			3,750,000		2,540,325
Novelis Corp., 4.75% Sr. Unsec. Nts., 1/30/301			994,000		889,332
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35			1,270,000		1,618,166
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50% Sr. Unsec. Nts., 6/15/251			3,590,000		2,759,813
Taseko Mines Ltd., 8.75% Sr. Sec. Nts., 6/15/221			2,457,000		1,294,962
					40,276,943
Paper & Forest Products—0.7%
Boise Cascade Co., 5.625% Sr. Unsec. Nts., 9/1/241			1,598,000		1,601,675
Celulosa Arauco y Constitucion SA, 4.50% Sr. Unsec. Nts., 8/1/24			3,487,000		3,543,001
Louisiana-Pacific Corp., 4.875% Sr. Unsec. Nts., 9/15/24			2,579,000		2,508,593
Mercer International, Inc., 5.50% Sr. Unsec. Nts., 1/15/26			1,056,000		943,853
Norbord, Inc., 5.75% Sr. Sec. Nts., 7/15/271			2,565,000		2,352,362
Suzano Austria GmbH, 5.00% Sr. Unsec. Nts., 1/15/30			6,965,000		6,605,258
					17,554,742
Telecommunication Services—1.2%
Diversified Telecommunication Services—1.1%
Altice France SA:
7.375% Sr. Sec. Nts., 5/1/261			657,000		689,620
8.125% Sr. Sec. Nts., 2/1/271			645,000		701,373
AT&T, Inc., 2.875% [EUAMDB05+314] Jr. Sub. Perpetual Bonds2,14	EUR		2,100,000		2,125,504
Axtel SAB de CV, 6.375% Sr. Unsec. Nts., 11/14/241			3,550,000		3,328,835
CenturyLink, Inc.:
5.625% Sr. Unsec. Nts., 4/1/25			995,000		1,000,174
Series Y, 7.50% Sr. Unsec. Nts., 4/1/24			565,000		615,963
Cincinnati Bell, Inc., 8.00% Sr. Unsec. Nts., 10/15/251			1,280,000		1,305,344
Embarq Corp., 7.995% Sr. Unsec. Nts., 6/1/36			1,317,000		1,362,371
Frontier Communications Corp.:
10.50% Sr. Unsec. Nts., 9/15/22			4,321,000		1,357,874
11.00% Sr. Unsec. Nts., 9/15/2512			1,243,000		392,726

42      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Principal Amount		Value
Diversified Telecommunication Services (Continued)
Level 3 Financing, Inc.:
5.25% Sr. Unsec. Nts., 3/15/26	$	2,850,000	$	2,934,502
5.375% Sr. Unsec. Nts., 5/1/25		1,951,000		1,990,410
Telecom Italia Capital SA, 7.20% Sr. Unsec. Nts., 7/18/36		2,982,000		3,366,082
Telecom Italia SpA, 5.303% Sr. Unsec. Nts., 5/30/241		1,045,000		1,093,321
T-Mobile USA, Inc.:
4.00% Sr. Unsec. Nts., 4/15/22		863,000		887,811
6.00% Sr. Unsec. Nts., 4/15/24		671,000		688,345
Tower Bersama Infrastructure Tbk PT, 4.25% Sr. Unsec. Nts., 1/21/251		3,750,000		3,487,278
Xiaomi Best Time International Ltd., 3.375% Sr. Unsec. Nts., 4/29/301		1,875,000		1,844,672
				29,172,205
Wireless Telecommunication Services—0.1%
Intelsat Jackson Holdings SA, 8.50% Sr. Unsec. Nts., 10/15/241		1,524,000		891,845
T-Mobile USA, Inc.:
4.75% Sr. Unsec. Nts., 2/1/28		1,226,000		1,293,025
5.125% Sr. Unsec. Nts., 4/15/25		384,000		391,200
				2,576,070
Utilities—2.4%
Electric Utilities—1.4%
Azure Power Solar Energy Pvt Ltd., 5.65% Sr. Sec. Nts., 12/24/241		5,250,000		4,856,250
Centrais Eletricas Brasileiras SA:
3.625% Sr. Unsec. Nts., 2/4/251		2,879,000		2,625,360
4.625% Sr. Unsec. Nts., 2/4/301		913,000		790,430
DPL, Inc., 4.35% Sr. Unsec. Nts., 4/15/29		803,000		783,149
Eskom Holdings SOC Ltd.:
6.75% Sr. Unsec. Nts., 8/6/231		1,875,000		1,416,806
7.125% Sr. Unsec. Nts., 2/11/251		1,875,000		1,382,813
Minejesa Capital BV, 4.625% Sr. Sec. Nts., 8/10/301		11,250,000		10,820,250
NRG Energy, Inc., 6.625% Sr. Unsec. Nts., 1/15/27		2,342,000		2,525,459
Perusahaan Listrik Negara PT, 4.125% Sr. Unsec. Nts., 5/15/271		6,955,000		6,952,218
SMC Global Power Holdings Corp., 5.95% [H15T5Y+679.6] Jr. Sub. Perpetual Bonds1,2,14		1,400,000		1,239,038
Talen Energy Supply LLC, 7.25% Sr. Sec. Nts., 5/15/271		393,000		390,897
Terraform Global Operating LLC, 6.125% Sr. Unsec. Nts., 3/1/261		976,000		973,170
TerraForm Power Operating LLC, 5.00% Sr. Unsec. Nts., 1/31/281		134,000		141,194
Vistra Operations Co. LLC:
5.00% Sr. Unsec. Nts., 7/31/271		1,360,000		1,393,388
5.50% Sr. Unsec. Nts., 9/1/261		362,000		374,779

43      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Electric Utilities (Continued)
Vistra Operations Co. LLC: (Continued)
5.625% Sr. Unsec. Nts., 2/15/271	$	645,000	$	681,862
				37,347,063
Gas Utilities—0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.:
5.50% Sr. Unsec. Nts., 5/20/25		398,000		406,664
5.875% Sr. Unsec. Nts., 8/20/26		1,875,000		1,917,844
NGL Energy Partners LP/NGL Energy Finance Corp., 6.125% Sr. Unsec. Nts., 3/1/25		1,087,000		714,485
Superior Plus LP/Superior General Partner, Inc., 7.00% Sr. Unsec. Nts., 7/15/261		1,469,000		1,462,243
				4,501,236
Independent Power and Renewable Electricity Producers—0.8%
AES Andres BV/Dominican Power Partners/Empresa
Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		1,230,000		1,071,650
AES Corp.:
4.00% Sr. Unsec. Nts., 3/15/21		700,000		702,205
6.00% Sr. Unsec. Nts., 5/15/26		423,000		444,298
AES Gener SA, 6.35% [H15T5Y+491.7] Jr. Sub. Nts., 10/7/791,2		1,750,000		1,638,456
Azure Power Energy Ltd., 5.50% Sr. Sec. Nts., 11/3/221		3,485,000		3,354,312
Calpine Corp.:
5.25% Sr. Sec. Nts., 6/1/261		1,036,000		1,059,807
5.75% Sr. Unsec. Nts., 1/15/25		243,000		243,294
Clearway Energy Operating LLC, 5.75% Sr. Unsec. Nts., 10/15/25		319,000		330,197
Enviva Partners LP/Enviva Partners Finance Corp., 6.50% Sr. Unsec. Nts., 1/15/261		1,135,000		1,196,006
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271		4,145,000		3,922,206
Listrindo Capital BV, 4.95% Sr. Unsec. Nts., 9/14/261		5,215,000		5,044,470
ReNew Power Pvt Ltd., 5.875% Sr. Sec. Nts., 3/5/271		1,875,000		1,535,041
				20,541,942
Multi-Utilities—0.0%
TerraForm Power Operating LLC, 4.25% Sr. Unsec. Nts., 1/31/231		446,000		459,715
Total Corporate Bonds and Notes (Cost $1,022,050,888)				910,552,549
	Shares
Preferred Stock—0.0%
Claire’s Holdings LLC, 0.00%, Series A15 (Cost $97,198)		195		31,687
Common Stocks—0.0%
Claire’s Holdings LLC15		614		214,900
Clear Channel Outdoor Holdings, Inc., Cl. A15		153,942		148,523
Hexion Holdings Corp., Cl. B15		64,100		541,645

44      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

		Shares		Value
Common Stocks (Continued)
JSC Astana Finance, GDR (Cost $0, Acquisition Date 6/5/15)1,7,15			1,681,847	$	—
Quicksilver Resources, Inc.7,15			12,760,000		—
Sabine Oil & Gas Holdings, Inc.15			2,510		40,411
Total Common Stocks (Cost $15,711,628)					945,479
		Units
Rights, Warrants and Certificates—0.0%
Agro Holdings, Inc. Wts., Exp. 4/10/247,15 (Cost $0)			2,297		—
		Principal Amount
Structured Securities—0.6%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/251,5,9			1,797,697		1,792,388
3.054% Sr. Sec. Nts., 4/30/251,5,9			2,290,542		2,283,779
3.098% Sr. Sec. Nts., 4/30/251,5,9			1,977,516		1,971,677
3.131% Sr. Sec. Nts., 4/30/251,5,9			1,767,650		1,762,431
3.179% Sr. Sec. Nts., 4/30/251,5,9			2,200,868		2,194,369
3.230% Sr. Sec. Nts., 4/30/251,5,9			2,511,957		2,504,539
3.265% Sr. Sec. Nts., 4/30/251,5,9			2,006,759		2,000,834
3.346% Sr. Sec. Nts., 4/30/251,5,9			1,886,268		1,880,698
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5.00%, 8/22/34	RUB		72,806,608		8,047
Total Structured Securities (Cost $16,895,281)					16,398,762

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Over-the-Counter Options Purchased—0.1%

USD

BRL Currency

Put

GSCO-OT

BRL

4.750

4/26/21

USD 3,750

3,750

629,151

USD

BRL Currency

Put

GSCO-OT

BRL

3.850

8/17/21

USD 3,540

3,540

142,336

USD

BRL Currency

Put

GSCO-OT

BRL

3.850

2/12/21

USD 3,750

3,750

108,598

USD

BRL Currency

Put

MSCO

BRL

4.000

5/27/20

USD 75,000

75,000

112

EUR

EUR Currency

Call

MSCO

USD

1.150

6/1/20

EUR 3,750

3,750

38,217

EUR

EUR Currency

Put

JPM

NOK

8.900

8/26/21

EUR 8,750

8,750

527,731

EUR

EUR Currency

Put

GSCO-OT

NOK

8.648

1/6/21

EUR 8,850

8,850

32,611

EUR

EUR Currency

Put

GSCO-OT

INR

74.875

8/5/20

EUR 3,500

3,500

169,203

45      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Value

Over-the-Counter Options Purchased (Continued)

EUR

EUR Currency

Put

GSCO-OT

NOK

8.360

1/6/21

EUR 8,850

8,850

$

8,916

USD

IDR Currency

Put

JPM

IDR

13730.000

7/23/20

USD 37,500

37,500

55,109

USD

INR Currency

Put

BOA

INR

72.500

10/27/20

USD 75,000

75,000

260,287

USD

INR Currency

Put

GSCO-OT

INR

65.600

5/6/20

USD 5,220

5,220

—

USD

INR Currency

Put

BOA

INR

73.000

11/23/20

USD 75,000

75,000

359,785

USD

MXN

Currency Put

CITNA-B

MXN

19.980

3/4/21

USD 37,500

37,500

98,036

USD

MXN

Currency Put

JPM

MXN

20.100

1/6/22

USD 75,000

75,000

571,464

USD

RUB Currency

Put

GSCO-OT

RUB

58.500

8/4/20

USD 3,850

3,850

10,065

USD

RUB Currency

Put

GSCO-OT

RUB

67.990

3/8/21

USD 67,300

67,300

649,663

USD

RUB Currency

Put

MSCO

RUB

64.000

5/25/20

USD 56,250

56,250

3,828

USD

RUB Currency

Put

JPM

RUB

59.000

8/5/20

USD 3,850

3,850

14,649

USD

ZAR Currency

Put

BOA

ZAR

14.275

7/7/20

USD 48,000

48,000

6,535

USD

ZAR Currency

Call

GSCO-OT

ZAR

14.500

7/23/20

USD 36,641

36,641

2,566

Total Over-the-Counter Options Purchased (Cost $22,759,778)

3,688,862

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.1%

Interest Rate Swap maturing 11/25/21 Put

MSCO

Receive

Six-Month EUR EURIBOR

0.532%

11/25/21

EUR 28,125

220,772

46      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap maturing 11/27/20 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.700%

11/27/20

USD 189,000

$

183,961

Interest Rate Swap maturing 12/2/20 Put

GSCO-OT

Receive

Three- Month USD BBA LIBOR

2.266

12/2/20

USD 135,000

31,490

Interest Rate Swap maturing 2/8/21 Put

BOA

Receive

Six-Month EUR EURIBOR

0.406

2/8/21

EUR 937,500

772,297

Interest Rate Swap Maturing 3/29/21 Put

JPM

Receive

Six-Month EUR EURIBOR

1.122

3/29/21

EUR 353,800

22,456

Interest Rate Swap Maturing 4/12/21 Put

JPM

Receive

Six-Month EUR EURIBOR

0.615

4/12/21

EUR 353,750

4,629

Interest Rate Swap maturing 10/16/20 Put

BOA

Receive

Three- Month USD BBA LIBOR

2.041

10/16/20

USD 187,500

43,433

Interest Rate Swap Maturing 4/6/21 Put

JPM

Receive

Six-Month EUR EURIBOR

0.608

4/6/21

EUR 354,000

4,620

Interest Rate Swap maturing 5/29/20 Put

GSCO-OT

Pay

Three- Month USD BBA LIBOR

2.250

5/29/20

USD 900,000

—

Interest Rate Swap maturing 6/15/20 Put

NOM

Receive

Three- Month USD BBA LIBOR

1.850

6/15/20

USD 225,000

740

Interest Rate Swap maturing 8/17/20 Put

MSCO

Receive

Three- Month USD BBA LIBOR

1.695

8/17/20

USD 121,500

30,268

Interest Rate Swap maturing 8/26/20 Put

MSCO

Receive

Three- Month USD BBA LIBOR

2.500

8/26/20

USD 175,000

4,984

47      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Counter -party

Pay/Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap maturing 8/28/20 Put

GSCOI

Receive

Three- Month KRW CD

2.000%

8/28/20

KRW 84,000,000

$

5,124

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $17,509,505)

1,324,774

	Shares
Investment Companies—4.5%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%16,17		76,954,363		76,954,363
Invesco Oppenheimer Master Event-Linked Bond Fund15,16		1,351,241		21,294,481
Invesco Oppenheimer Ultra-Short Duration Fund, Cl. Y16		2,381,499		11,931,311
Nuveen Floating Rate Income Fund		1,125,000		8,516,250
Total Investment Companies (Cost $148,207,708)				118,696,405
Total Investments, at Value (Cost $2,805,849,322)		94.8%		2,499,215,530
Net Other Assets (Liabilities)		5.2		137,072,238
Net Assets		100.0%	$	2,636,287,768

Footnotes to Consolidated Schedule of Investments

1. 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 April 30, 2020 was $1,155,136,376, which represented 43.82% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $11,507,092 or 0.44% of the Fund’s net assets at period end.

4. Interest rate is less than 0.0005%.

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Consolidated Notes.

6. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

7. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Consolidated Notes.

8. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

9. Zero coupon bond reflects effective yield on the original acquisition date.

48      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Footnotes to Consolidated Schedule of Investments (continued)

10. Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”), and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/ or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

11. 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 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 year.

12. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

13. Interest or dividend is paid-in-kind, when applicable.

14. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

15. Non-income producing security.

16. Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares October 31, 2019		Gross Additions			Gross Reductions			Shares April 30, 2020
Investment Company
Invesco Government & Agency
Portfolio, Institutional Class		428,982,245		994,309,837			1,346,337,719			76,954,363
Invesco Oppenheimer Master
Event-Linked Bond Fund		4,409,321		66,324			3,124,404			1,351,241
Invesco Oppenheimer Ultra-Short Duration Fund		9,392,309		91,725			7,102,535			2,381,499
OFI Carlyle Private Credit Fund		164,371		7,009			171,380			—
	Value		Income			Realized Gain (Loss)			Change in Unrealized Gain (Loss)
Investment Company
Invesco Government & Agency
Portfolio, Institutional Class	$	76,954,363	$	1,804,168		$	—		$	—
Invesco Oppenheimer Master
Event-Linked Bond Fund		21,294,481		1,936,792	a,b		13,374,959	a		(14,808,598)a
Invesco Oppenheimer Ultra-Short Duration Fund		11,931,311		395,594			(153,702	)		95,428
OFI Carlyle Private Credit Fund		—		36,041			(79,407	)		78,987
Total	$	110,180,155	$	4,172,595		$	13,141,850		$	(14,634,183)

a. Represents the amount allocated to the Fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

b. Net of expenses allocated to the Fund from Invesco Oppenheimer Master Event-Linked Bond Fund.

17. The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

49      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings (Unaudited)	Value		Percent
United States	$	1,196,097,894		47.9	%
United Kingdom		155,440,663		6.2
Indonesia		127,294,408		5.1
India		109,577,070		4.4
South Africa		60,780,226		2.4
Spain		59,691,254		2.4
Russia		51,865,654		2.1
Portugal		49,219,735		2.0
Argentina		47,333,502		1.9
Greece		46,368,848		1.9
Brazil		42,526,870		1.7
France		42,009,443		1.7
Mexico		37,129,896		1.5
China		35,876,634		1.4
Ireland		35,094,145		1.4
Switzerland		31,511,725		1.3
Egypt		29,570,915		1.2
Cyprus		29,545,133		1.2
Italy		25,196,926		1.0
Canada		18,854,998		0.8
Luxembourg		18,456,352		0.7
Netherlands		17,925,471		0.7
Germany		17,407,469		0.7
Dominican Republic		16,088,350		0.6
Colombia		15,662,565		0.6
Macau		13,773,810		0.6
Saudi Arabia		13,034,170		0.5
Chile		11,833,302		0.5
Peru		11,320,997		0.5
Ukraine		10,478,679		0.4
Ivory Coast		10,251,178		0.4
Hong Kong		9,650,634		0.4
Sri Lanka		8,319,155		0.3
Malaysia		7,974,739		0.3
United Arab Emirates		7,485,862		0.3
Denmark		7,351,437		0.3
Oman		6,481,400		0.3
Costa Rica		6,223,500		0.2
Senegal		5,842,948		0.2
Panama		5,755,171		0.2
Turkey		5,054,117		0.2
Kazakhstan		4,423,294		0.2
Ghana		4,313,539		0.2
Qatar		4,273,147		0.2
Supranational		3,585,843		0.1
Zambia		3,353,627		0.1
Singapore		2,982,687		0.1
Thailand		2,838,600		0.1

50      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Geographic Holdings (Continued)	Value		Percent
Guatemala	$	2,736,562		0.1%
Belgium		2,199,375		0.1
Kenya		2,076,750		0.1
Paraguay		1,944,141		0.1
Israel		1,745,801		0.1
Sweden		1,737,000		0.1
Philippines		1,239,038		0.0
Eurozone		1,024,774		0.0
Norway		569,259		0.0
Angola		484,842		0.0
Australia		324,882		0.0
South Korea		5,124		0.0
Total	$	2,499,215,530		100.0%

Forward Currency Exchange Contracts as of April 30, 2020
Counter -party	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
BAC		05/2020	CLP	1,578,600	USD	2,305	$	—	$	(413,114	)
BOA		05/2020	BRL	309,391	USD	59,867		—		(2,976,112	)
BOA		06/2020	EUR	9,090	USD	10,136		—		(165,849	)
BOA		06/2020	JPY	1,048,000	USD	9,646		125,957		—
BOA		07/2020	MXN	1,890,900	USD	76,500		2,823,159		(1,758,665	)
BOA		06/2020	NOK	431,000	USD	42,496		731,342		(1,148,020	)
BOA		06/2020	NZD	9,000	USD	5,948		—		(428,680	)
BOA		05/2020	USD	57,010	BRL	309,391		118,457		—
BOA		06/2020	USD	476	CAD	625		26,899		—
BOA		06/2020	USD	67,429	EUR	60,470		1,103,286		—
BOA		06/2020	USD	38,498	GBP	29,255		1,644,735		—
BOA		06/2020	USD	17,594	MXN	376,522		2,084,382		—
BOA		06/2020	USD	4,831	TRY	30,550		508,451		—
BOA		07/2020	USD	35,520	ZAR	561,064		5,429,012		—
BOA		06/2020	ZAR	237,120	USD	14,548		—		(1,814,467	)
CITNA-B		06/2020	CAD	625	USD	476		—		(26,886	)
CITNA-B		05/2020	CLP	5,156,400	USD	7,528		—		(1,349,685	)
CITNA-B		06/2020	COP	226,642,610	USD	58,766		—		(1,751,802	)
CITNA-B		06/2020	EUR	5,280	USD	5,884		—		(93,231	)
CITNA-B		06/2020	NOK	427,250	USD	47,525		—		(5,811,241	)
CITNA-B		06/2020	USD	10,802	COP	41,661,000		322,013		—
CITNA-B		06/2020	USD	216,206	EUR	193,915		3,511,836		—
CITNA-B		06/2020	USD	76,323	GBP	58,005		3,251,797		—
CITNA-B		06/2020	USD	8,085	IDR	115,886,250		500,781		—
CITNA-B		06/2020	USD	42,830	MXN	919,550		4,952,241		—
CITNA-B		06/2020	USD	324	PEN	1,140		—		(13,213	)
GSCO-OT		03/2021	BRL	143,205	USD	32,428		—		(6,413,391	)
GSCO-OT		11/2020	EUR	8,100	RUB	596,243		1,180,795		(98,855	)
GSCO-OT		01/2021	EUR	186,619	USD	215,139		9,042		(10,112,780	)
GSCO-OT		06/2020	IDR	107,185,938	USD	7,402		—		(400,281	)
GSCO-OT		05/2020	INR	7,457,118	USD	99,990		979,879		(1,872,661	)
GSCO-OT		06/2020	MXN	411,863	USD	19,244		—		(2,278,587	)
GSCO-OT		02/2021	RUB	5,931,360	USD	75,400		4,369,268		(2,710,689	)

51      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)			Currency Sold (000’s)		Unrealized Appreciation		Unrealized Depreciation
GSCO-OT		06/2020	TRY	35,560	USD		5,621	$	—	$	(589,167	)
GSCO-OT		04/2021	USD	27,794	BRL		122,433		5,816,389		(246,637	)
GSCO-OT		05/2020	USD	17,314	CLP		11,900,000		3,056,301		—
GSCO-OT		08/2020	USD	3,750	EGP		61,500		—		(221	)
GSCO-OT		06/2020	USD	21,781	EUR		18,955		1,008,057		(2,876	)
GSCO-OT		10/2020	USD	27,400	IDR		402,095,000		1,888,606		—
GSCO-OT		08/2020	USD	134,737	INR		9,986,103		2,985,331		(408,006	)
GSCO-OT		01/2021	USD	69,698	NOK		585,800		12,482,291		—
GSCO-OT		06/2020	USD	46,925	NZD		71,000		3,382,871		—
GSCO-OT		02/2021	USD	21,750	RUB		1,476,281		2,615,313		—
GSCO-OT		01/2021	USD	33,052	ZAR		575,880		2,470,893		—
GSCO-OT		01/2021	ZAR	1,244,413	USD		65,732		1,237,782		(759,186	)
HSBC		06/2020	USD	1,827	CNY		12,745		26,863		—
JPM		06/2020	BRL	1,175,590	USD		216,287		2,295,659		(2,481,271	)
JPM		06/2020	CLP	25,170,513	USD		30,817		38,151		(674,731	)
JPM		08/2021	EUR	529,617	USD		587,994		1,376,237		(8,010,332	)
JPM		06/2020	GBP	55,613	USD		70,792		643,703		(1,378,111	)
JPM		06/2020	IDR	230,928,000	USD		15,758		—		(644,470	)
JPM		08/2020	INR	11,651,368	USD		153,838		1,200,981		(1,231,557	)
JPM		01/2022	MXN	3,875,633	USD		168,046		1,491,019		(10,752,896	)
JPM		06/2020	NOK	45,000	USD		5,004		—		(610,693	)
JPM		06/2020	NZD	62,363	USD		41,104		—		(2,858,952	)
JPM		06/2020	PLN	940	USD		246		—		(19,696	)
JPM		06/2020	RUB	1,525,156	USD		20,946		—		(537,252	)
JPM		06/2020	THB	2,457,090	USD		77,410		85,023		(1,553,017	)
JPM		06/2020	TRY	101,250	USD		14,955		129,471		(757,874	)
JPM		04/2021	USD	220,045	BRL		1,193,209		5,307,695		(4,572,430	)
JPM		06/2020	USD	27,053	CLP		22,592,097		—		(38,150	)
JPM		06/2020	USD	18,465	COP		71,573,550		459,619		—
JPM		08/2020	USD	557,966	EUR		501,041		9,106,793		(741,609	)
JPM		06/2020	USD	112,548	GBP		86,060		4,178,491		(43,491	)
JPM		06/2020	USD	54	HUF		16,000		4,310		—
JPM		06/2020	USD	95,581	IDR		1,402,225,000		3,855,260		(43,556	)
JPM		06/2020	USD	231,154	INR		17,578,866		966,602		(1,992,770	)
JPM		06/2020	USD	26,957	JPY		2,927,838		—		(344,074	)
JPM		01/2022	USD	139,568	MXN		3,192,425		9,541,896		(339,411	)
JPM		08/2021	USD	42,144	NOK		378,550		5,184,443		—
JPM		02/2021	USD	88,404	RUB		6,329,130		4,341,267		—
JPM		06/2020	USD	74,996	THB		2,392,240		1,142,766		(85,023	)
JPM		06/2020	USD	21,693	TRY		137,130		2,289,148		—
JPM		06/2020	USD	213,522	ZAR		3,727,306		14,472,966		(1,105,708	)
JPM		06/2020	ZAR	1,007,231	USD		59,707		116,648		(5,735,536	)
MOS		05/2020	BRL	107,500	USD		20,444		—		(676,924	)
MOS		05/2020	CLP	2,586,700	USD		3,764		—		(664,840	)
MOS		06/2020	MYR	2,190	USD		515		—		(7,939	)
MOS		05/2020	USD	19,808	BRL		107,500		41,159		—
MOS		06/2020	USD	37,651	COP		150,246,100		—		(144,592	)
MOS		06/2020	USD	5	KRW		5,807		106		—

52      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Forward Currency Exchange Contracts (Continued)
Counter -party	Settlement Month(s)		Currency Purchased (000’s)		Currency Sold (000’s)			Unrealized Appreciation		Unrealized Depreciation
MOS		06/2020	USD	29,108		RUB	2,042,255	$	1,797,844	$	(64,140)
RBC		06/2020	EUR	108,820		USD	120,922		250,988		(1,813,759)
RBC		06/2020	GBP	6,975		USD	9,179		—		(392,767)
RBC		06/2020	JPY	1,880,000		USD	17,305		225,315		—
RBC		06/2020	USD	286,439		EUR	259,258		2,359,048		(285,942)
RBS		06/2020	USD	2,688		EUR	2,410		44,140		—
SCB		06/2020	IDR	552,969,300		USD	34,614		1,575,665		—
SCB		06/2020	INR	900,000		USD	11,494		365,382		—
SCB		06/2020	USD	2,133		COP	8,505,000		—		(6,065)
Total Unrealized Appreciation and Depreciation								$	145,531,824	$	(94,253,880)

Futures Contracts as of April 30, 2020

Description

Buy/Sell

Expiration Date

Number of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

Euro BUXL

Sell

6/8/20

133

EUR 31,304

$

31,947,972

$

(644,340)

Euro-BTP

Buy

6/8/20

1,048

EUR 157,572

159,175,278

1,603,639

Euro-BUND

Sell

6/8/20

10

EUR 1,881

1,911,491

(30,014)

Euro-OAT

Sell

6/8/20

18

EUR 3,252

3,330,222

(78,088)

United States

Treasury Long

Bonds

Sell

6/19/20

759

USD 126,514

137,402,719

(10,888,553)

United States

Treasury Nts., 10 yr.

Buy

6/19/20

264

USD 35,143

36,712,500

1,569,003

United States

Treasury Nts., 10 yr.

Sell

6/19/20

5,607

USD 780,677

779,723,438

953,465

United States

Treasury Nts., 2 yr.

Sell

6/30/20

1,288

USD 279,906

283,913,438

(4,007,414)

United States

Treasury Nts., 5 yr.

Buy

6/30/20

326

USD 39,650

40,907,906

1,257,498

United States Ultra

10 yr.

Sell

6/19/20

160

USD 25,042

25,125,000

(82,592)

United States Ultra

Bonds

Buy

6/19/20

317

USD 64,040

71,255,656

7,215,999

United States Ultra

Bonds

Sell

6/19/20

603

USD 136,236

135,543,094

692,484

$

(2,438,913)

Over-the-Counter Options Written at April 30, 2020

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

BRL

USD

BRL Currency Call

GSCO-OT

4.800

8/17/21

3,540

USD 3,540

$

750,834

$    (2,461,609)

BRL

USD

BRL Currency Call

JPM

6.500

4/26/21

9,375

USD 9,375

375,000

(294,190)

53      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of Contracts (000’s)

Notional Amount (000’s)

Premiums Received

Value

ZAR

EUR

EUR Currency Call

BOA

20.000

8/5/20

3,500

EUR 3,500

$

763,768

$    (2,188,900)

NOK

EUR

EUR Currency Call

GSCO-OT

11.000

1/6/21

7,075

EUR 7,075

1,417,482

(4,207,227)

INR

EUR

EUR Currency Call

GSCO-OT

90.000

8/5/20

3,500

EUR 3,500

684,103

(437,841)

RUB

EUR

EUR Currency Call

BOA

78.000

11/4/20

34,900

EUR 34,900

1,195,564

(3,301,528)

ZAR

EUR

EUR Currency Call

JPM

19.050

12/8/20

34,900

EUR 34,900

1,039,026

(3,898,790)

NOK

EUR

EUR Currency Call

JPM

11.000

8/26/21

4,375

EUR 4,375

1,302,085

(2,550,477)

BRL

EUR

EUR Currency Call

MSCO

5.250

8/24/21

26,200

EUR 26,200

1,472,448

(4,792,758)

IDR

USD

IDR Currency Put

JPM

13320.000

7/23/20

56,250

USD 56,250

170,454

(36,170)

IDR

USD

IDR Currency Call

JPM

14325.000

7/23/20

37,500

USD 37,500

260,794

(2,760,571)

INR

USD

INR Currency Call

BOA

77.550

10/27/20

75,000

USD 75,000

818,250

(1,657,900)

INR

USD

INR Currency Call

BOA

77.100

11/23/20

75,000

USD 75,000

669,000

(2,054,888)

INR

USD

INR Currency Put

BOA

70.300

11/23/20

75,000

USD 75,000

253,500

(115,945)

INR

USD

INR Currency Put

BOA

69.300

10/27/20

75,000

USD 75,000

342,750

(62,147)

MXN

USD

MXN Currency Call

CITNA-B

22.520

3/4/21

37,500

USD 37,500

754,102

(4,450,149)

MXN

USD

MXN Currency Put

CITNA-B

18.570

3/4/21

37,500

USD 37,500

299,192

(32,781)

MXN

USD

MXN Currency Put

JPM

18.400

1/6/22

75,000

USD 75,000

673,800

(207,317)

MXN

USD

MXN Currency Call

JPM

23.090

1/6/22

75,000

USD 75,000

1,710,375

(10,916,128)

RUB

USD

RUB Currency Call

GSCO-OT

77.089

3/8/21

67,300

USD 67,300

1,456,776

(3,966,245)

54      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Options Written (Continued)

Description

Counter -party

Exercise Price

Expiration Date

Number of     Contracts (000’s)

Notional     Amount (000’s)

Premiums Received

Value

RUB

USD

RUB Currency Put

GSCO-OT

62.817

3/8/21

67,300

USD 67,300

$

550,783

$        (203,839)

RUB

USD

RUB Currency Call

GSCO-OT

104.000

2/24/21

18,750

USD 18,750

516,413

(208,824)

RUB

USD

RUB Currency Call

GSCO-OT

94.000

1/8/21

18,750

USD 18,750

464,775

(263,636)

ZAR

USD

ZAR Currency Put

BOA

13.323

7/7/20

48,000

USD 48,000

336,624

(2,353)

ZAR

USD

ZAR Currency Call

BOA

15.838

7/7/20

48,000

USD 48,000

829,728

(7,254,658)

ZAR

USD

ZAR Currency Call

GSCO-OT

22.885

4/26/21

4,900

USD 4,900

172,838

(129,344)

ZAR

USD

ZAR Currency Call

GSCO-OT

20.000

1/7/21

37,500

USD 37,500

1,319,250

(1,514,449)

ZAR

USD

ZAR Currency Call

GSCO-OT

22.000

12/8/20

7,500

USD 7,500

232,207

(150,421)

ZAR

USD

ZAR Currency Call

JPM

17.210

1/27/21

112,500

USD 112,500

2,876,625

(12,553,282)

Total Over-the-Counter Options Written

$

23,708,546

$    (72,674,367)

Centrally Cleared Credit Default Swaps at April 30, 2020
Reference Asset	Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Brazilian Government International		Sell		1.000%		6/20/22		USD 7,500	$	464,303		$	(166,450	)	$         297,853
CDX.NA.HY.33		Sell		5.000		12/20/24		USD 73,500		3,307,500			(3,865,391	)	(557,891)
Indonesia Government International		Sell		1.000		12/20/24		USD 1,400		6,505			55,001		61,506
iTraxx Europe Crossover Series 32 Version 1		Buy		5.000		12/20/24		EUR 200,625		(10,049,296	)		3,639,965		(6,409,331)
iTraxx Europe Crossover Series 33 Version 1		Sell		5.000		6/20/25		EUR 118,500		1,624,347			1,247,300		2,871,647
Republic Of South Africa Government		Sell		1.000		12/20/24		USD 1,875		(78,294	)		238,128		159,834
Total Centrally Cleared Credit Default Swaps									$	(4,724,935	)	$	1,148,553		$     (3,576,382)

55      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Over-the-Counter Credit Default Swaps at April 30, 2020
Reference Asset	Counter- party		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Assicurazioni Generali SpA		CITNA-B		Buy		1.000%		12/20/24	EUR	3,750	$	(48,088	)	$	286,904		$	238,816
Assicurazioni Generali SpA		CITNA-B		Sell		1.000		12/20/24	EUR	7,500		(148,052	)		(123,729	)		(271,781	)
Deutsche Bank AG		JPM		Buy		1.000		12/20/21	EUR	7,500		(95,919	)		38,990			(56,929	)
iTraxx Europe Crossover Series 28 Version 1		JPM		Sell		5.000		12/20/22	EUR	35,000		(5,717,660	)		1,330,709			(4,386,951	)
iTraxx Europe Crossover Series 28 Version 1		JPM		Sell		5.000		12/20/22	EUR	10,000		(1,549,814	)		380,203			(1,169,611	)
iTraxx Europe Crossover Series 28 Version 1		JPM		Sell		5.000		12/20/22	EUR	7,500		(213,081	)		(2,167,531	)		(2,380,612	)
iTraxx Europe Subordinated Financial Series 32 Version 1		JPM		Sell		5.000		12/20/21	EUR	7,500		324,760			(1,572,402	)		(1,247,642	)
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21	USD	7,501		135,567			(116,952	)		18,615
Total Over-the-Counter Credit Default Swaps											$	(7,312,287	)	$	(1,943,808	)	$	(9,256,095	)

Centrally Cleared Interest Rate Swaps at April 30, 2020
Pay/Receive Floating Rate	Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
Pay		COOVIBR		4.890%		10/17/20		COP 113,100,000	$	—	$	298,659		$	298,659
Pay		CDOR03		1.153		3/6/30		CAD 26,250		—		255,951			255,951
Pay		CDOR03		1.155		3/6/30		CAD 26,250		—		260,561			260,561
Receive		CDOR03		0.970		3/25/25		CAD 67,500		—		392,309			392,309
Pay		CDOR03		0.940		3/25/25		CAD 155,000		—		734,820			734,820
Pay		CDOR03		1.080		3/25/30		CAD 106,500		—		440,365			440,365
Pay		COOVIBR		5.200		8/1/29		COP 30,347,000		—		368,374			368,374
Receive		Three-Month USD BBA LIBOR		0.630		5/18/30		USD 117,750		—		(218	)		(218	)
Receive		Three-Month USD BBA LIBOR		0.480		2/26/26		USD 330,000		—		(372,880	)		(372,880	)
Pay		CDOR03		1.060		3/26/30		CAD 641,450		—		1,745,511			1,745,511
Pay		Three-Month USD BBA LIBOR		0.689		2/15/27		USD 396,375		—		5,121,220			5,121,220
Pay		COOVIBR		3.120		4/16/22		COP 71,250,000		—		103,109			103,109
Pay		MXN TIIE BANXICO		5.960		4/15/25		MXN 193,900		—		176,263			176,263
Receive		BZDIOVRA		4.280		1/4/21		BRL 369,897		—		(724,739	)		(724,739	)
Pay		MXN TIIE BANXICO		5.900		4/16/25		MXN 157,100		—		125,114			125,114

56      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Centrally Cleared Interest Rate Swaps (Continued)
Pay/Receive Floating Rate	Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
Pay		MXN TIIE BANXICO		5.920%		4/16/25		MXN 202,800	$	—	$	169,110		$	169,110
Pay		BZDIOVRA		5.750		1/2/25		BRL 39,322		—		(202,146	)		(202,146	)
Pay		MXN TIIE BANXICO		6.873		3/6/25		MXN 517,500		—		1,356,257			1,356,257
Pay		BZDIOVRA		6.060		1/2/25		BRL 138,971		—		(347,137	)		(347,137	)
Pay		BZDIOVRA		4.336		1/3/22		BRL 413,795		—		931,426			931,426
Receive		BZDIOVRA		3.910		1/4/21		BRL 526,806		—		(730,492	)		(730,492	)
Receive		BZDIOVRA		3.940		1/4/21		BRL 621,560		—		(887,307	)		(887,307	)
Pay		COOVIBR		4.260		2/28/23		COP 37,950,000		—		310,121			310,121
Pay		MXN TIIE BANXICO		6.415		2/22/23		MXN 867,000		—		1,329,422			1,329,422
Pay		BZDIOVRA		6.030		1/2/25		BRL 69,882		—		(139,224	)		(139,224	)
Pay		BZDIOVRA		5.930		1/2/25		BRL 65,660		—		(189,485	)		(189,485	)
Receive		BZDIOVRA		4.320		1/4/21		BRL 366,820		—		(742,993	)		(742,993	)
Pay		MXN TIIE BANXICO		8.620		12/26/28		MXN 86,300		—		627,738			627,738
Pay		MXN TIIE BANXICO		8.525		1/15/24		MXN 169,550		—		817,891			817,891
Pay		MXN TIIE BANXICO		7.845		12/7/23		MXN 333,700		—		1,250,104			1,250,104
Pay		BZDI		2.280		1/4/27		BRL 106,000		—		1,587,968			1,587,968
Pay		BZDI		8.415		1/2/25		BRL 95,000		—		1,573,491			1,573,491
Pay		COOVIBR		5.560		8/26/26		COP 29,197,000		—		660,331			660,331
Pay		MXN TIIE BANXICO		7.810		12/7/23		MXN 403,200		—		1,490,743			1,490,743
Receive		CPURNSA		1.883		7/19/24		USD 113,000		—		(5,783,766	)		(5,783,766	)
Pay		MXN TIIE BANXICO		7.210		7/17/24		MXN 316,295		—		978,180			978,180
Receive		CPURNSA		1.856		7/30/24		USD 118,926		—		(5,924,040	)		(5,924,040	)
Pay		BZDIOVRA		5.565		1/2/23		BRL 235,915		—		966,405			966,405
Pay		BZDIOVRA		7.060		7/1/22		BRL 1,067,100		—		209,615			209,615
Receive		Three-Month USD BBA LIBOR		1.666		8/7/29		USD 3,760		—		(360,706	)		(360,706	)
Pay		BZDIOVRA		6.528		1/2/24		BRL 45,400		—		280,582			280,582
Pay		BZDIOVRA		6.630		1/2/25		BRL 39,200		—		142,619			142,619
Pay		MXN TIIE BANXICO		6.520		9/29/22		MXN 252,000		—		374,528			374,528
Pay		MXN TIIE BANXICO		6.395		10/21/24		MXN 825,000		—		1,455,056			1,455,056
Pay		BZDIOVRA		6.610		1/2/23		BRL 717,751		—		(77,084	)		(77,084	)
Receive		MXN TIIE BANXICO		7.070		12/12/29		MXN 321,750		—		128,456			128,456
Pay		MXN TIIE BANXICO		6.910		12/16/26		MXN 741,375		—		(74,863	)		(74,863	)

57      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps (Continued)
Pay/Receive Floating Rate			Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
Pay				MXN TIIE BANXICO		6.465%		12/12/24		MXN 318,750	$	—	$	599,495		$	599,495
Pay				MXN TIIE BANXICO		6.570		1/1/25		MXN 337,500		—		699,160			699,160
Pay				MXN TIIE BANXICO		7.340		7/24/29		MXN 92,200		—		317,910			317,910
Pay				MXN TIIE BANXICO		5.565		4/24/25		MXN 56,000		—		9,971			9,971
Total Centrally Cleared Interest Rate Swaps											$	—	$	11,731,755		$	11,731,755
Over-the-Counter Interest Rate Swaps at April 30, 2020
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
BOA		Pay		Six-Month INR FBIL MIBOR OIS Compound		6.330%		1/31/22		INR 590,000	$	—	$	368,827		$	368,827
GSCOI		Pay		MOSKP3		8.270		5/23/24		RUB 230,000		—		499,969			499,969
GSCOI		Pay		MOSKP3		6.580		10/25/21		RUB 6,510,000		—		4,213,183			4,213,183
GSCOI		Pay		MOSKP3		6.765		1/14/30		RUB 595,000		—		418,106			418,106
GSCOI		Pay		MOSKP3		6.350		2/28/25		RUB 862,500		—		276,071			276,071
GSCOI		Pay		MOSKP3		5.890		3/5/22		RUB 2,000,000		—		207,049			207,049
GSCOI		Pay		MOSKP3		5.940		4/30/26		RUB 2,000,000		—		16,433			16,433
SCB		Receive		Six-Month INR FBIL MIBOR OIS Compound		6.438		1/10/24		INR 600,000		—		(713,672	)		(713,672	)
Total Over-the-Counter Interest Rate Swaps											$	—	$	5,285,966		$	5,285,966

Over-the-Counter Credit Default Swaptions Written at April 30, 2020

Description

Counter- party

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap Maturing 6/20/25 Put

JPM

Sell

iTraxx Europe Crossover Series 33 Version 1

5.000

6/17/20

EUR

187,500

$

9,434,430

$

(4,108,601

)

Over-the-Counter Interest Rate Swaptions Written at April 30, 2020

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 5/29/20 Put

BOA

Receive

CDOR03

0.778

5/29/20

CAD

187,500

$

481,252

$

(504,836)

58      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Over-the-Counter Interest Rate Swaptions Written (Continued)
Description	Counter- party		Pay/ Receive Floating Rate		Floating Rate		Fixed Rate		Expiration Date		Notional Amount (000’s)		Premiums Received		Value
Interest Rate Swap maturing 6/15/20 Put		GSCOI		Receive		Three-Month RUB MOSPRIME NFEA		8.080%		6/15/20	RUB	582,700	$	181,226	$	(6	)
Interest Rate Swap maturing 11/27/20 Put		JPM		Receive		Three- Month USD BBA LIBOR		1.618		11/27/20	USD	900,000		3,420,000		(630	)
Interest Rate Swap maturing 11/27/20 Put		JPM		Receive		Three- Month USD BBA LIBOR		2.200		11/27/20	USD	189,000		1,535,400		(48,545	)
Interest Rate Swap maturing 8/17/20 Put		MSCO		Receive		Three- Month USD BBA LIBOR		1.530		8/17/20	USD	520,000		1,908,065		(21	)
Interest Rate Swap maturing 11/25/21 Call		MSCO		Pay		Six- Month EUR EURIBOR		0.032		11/25/21	EUR	28,125		474,893		(968,996	)
Total Over-the-Counter Interest Rate Swaptions Written													$	8,000,836	$	(1,523,034	)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BOA	Bank of America NA
CITNA-B	Citibank NA
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MOS	Morgan Stanley & Co., Inc.
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBC	RBC Dominion Securities
RBS	Royal Bank of Scotland plc (The)
SCB	Standard Chartered Bank
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Renminbi
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint

59      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Currency abbreviations indicate amounts reporting in currencies (Continued)

IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BP0003M	ICE LIBOR GBP 3 Month
BPSW5	GBP Swap 5 Year
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
BUXL	German Federal Obligation
BZDI	Brazil Interbank Deposit Rate
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CD	Certificate of Deposit
CDOR03	Canada Bankers Acceptance 3 Months
CDX.NA.HY.33	Markit CDX North American High Yield
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
CPURNSA	US Consumer Price Index Urban Consumers
EUAMDB05	EURIBOR Constant Maturity Swap 5 Year Rate
EUR003M	EURIBOR 3 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
EUSA7	EUR Swap Annual 7 Year
FBIL	Financial Benchmarks India Private Ltd.
GDR	Global Depositary Receipt
GUKG5	UK Government Bonds 5 Year Note Generic Bid Yield
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
iTraxx Europe Crossover Series 28 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
iTraxx Europe Crossover Series 32 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities

60      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Definitions (Continued)

iTraxx Europe Subordinated Financial Series 32 Version 1	Credit Default Swap Trading Index for a Specific Basket of Securities
LIBOR4	London Interbank Offered Rate-Quarterly
LIBOR12	London Interbank Offered Rate-Monthly
MIBOR	Mumbai Interbank Offered Rate
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate
MOSPRIME NFEA	Moscow Prime Offered Rate
OAT	French Government Bonds
OIS	Overnight Index Swap
PRIME4	United States Prime Rate-Quarterly
SONIA3M	Sterling Overnight Index Average
TIIE	Interbank Equilibrium Interest Rate
US0001M	ICE LIBOR USD 1 Month
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
USSW7	USD Swap Semi 30/360 7 Year

See accompanying Notes to Consolidated Financial Statements.

61      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES April 30, 2020 Unaudited

Assets
Investments, at value—see accompanying consolidated schedule of investments:
Unaffiliated companies (cost $2,669,178,744)	$	2,389,035,375
Affiliated companies (cost $136,670,578)		110,180,155
		2,499,215,530
Cash		58,405,224
Cash—foreign currencies (cost $90,386,877)		90,257,861
Cash used for collateral on OTC derivatives		47,620,000
Cash used for collateral on centrally cleared swaps		125,423,331
Unrealized appreciation on forward currency exchange contracts		145,531,824
Swaps, at value (premiums paid $7,411,481)		8,036,444
Receivables and other assets:
Investments sold		56,431,495
Variation margin receivable - futures contracts		38,301,681
Interest and dividends		26,321,449
Shares of beneficial interest sold		476,278
Investments matured, at value (cost $188,000)		18,800
Other		1,489,664
Total assets		3,097,529,581
Liabilities
Unrealized depreciation on forward currency exchange contracts		94,253,880
Options written, at value (premiums received $23,708,546)		72,674,367
Swaps, at value (net premiums received $99,194)		4,694,286
Variation margin payable - centrally cleared swaps		5,447,678
Swaptions written, at value (premiums received $17,435,266)		5,631,635
Payables and other liabilities:
Investments purchased		266,499,502
Shares of beneficial interest redeemed		4,356,682
Transfer and shareholder servicing agent fees		752,496
Distribution and service plan fees		575,781
Dividends		509,110
Trustees’ compensation		396,964
Foreign capital gains tax		284,770
Shareholder communications		254,601
Advisory fees		42,214
Administration fees		1,070
Other		4,866,777
Total liabilities		461,241,813
Net Assets	$	2,636,287,768
Composition of Net Assets
Shares of beneficial interest	$	3,863,243,213
Total accumulated loss		(1,226,955,445	)
Net Assets	$	2,636,287,768

62      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $2,153,908,808 and 660,644,632 shares of beneficial interest outstanding)	$	3.26
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)	$	3.40
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $166,244,897 and 51,131,906 shares of beneficial interest outstanding)	$	3.25
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets of $76,695,248 and 23,505,344 shares of beneficial interest outstanding)	$	3.26
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $218,771,712 and 67,158,234 shares of beneficial interest outstanding)	$	3.26
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $8,844 and 2,710 shares of beneficial interest outstanding)	$	3.26
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $20,658,259 and 6,366,715 shares of beneficial interest outstanding)	$	3.24

See accompanying Notes to Consolidated Financial Statements.

63      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2020 Unaudited

Investment Income
Interest:
Unaffiliated companies (net of foreign withholding taxes of $1,606,151)	$	65,008,553
Affiliated companies		713,209
Dividends:
Unaffiliated companies		400,365
Affiliated companies		3,459,386
Total investment income		69,581,513
Expenses
Advisory fees		8,767,833
Administration fees		225,328
Distribution and service plan fees:
Class A		2,932,777
Class C		991,206
Class R		226,069
Transfer and shareholder servicing agent fees:
Class A		1,968,876
Class C		158,296
Class R		72,199
Class Y		246,159
Class R5		3
Class R6		3,256
Shareholder communications:
Class A		55,020
Class C		4,235
Class R		1,951
Class Y		6,806
Class R6		272
Custodian fees and expenses		135,086
Trustees’ compensation		24,081
Other		337,412
Total expenses		16,156,865
Less waivers and reimbursement of expenses		(677,202	)
Net expenses		15,479,663
Net Investment Income		54,101,850

64      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $430,070)	$	(46,859,958	)
Affiliated companies		13,141,850
Option contracts written		(46,313,677	)
Futures contracts		37,080,800
Foreign currency transactions		(9,722,346	)
Forward currency exchange contracts		(6,519,928	)
Swap contracts		54,237,587
Swaption contracts written		(179,536,207	)
Net realized loss		(184,491,879	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $(281,013))		(219,959,927	)
Affiliated companies		(14,634,183	)
Foreign currency transactions		(519,342	)
Forward currency exchange contracts		61,129,775
Futures contracts		(6,235,931	)
Option contracts written		(57,274,960	)
Swap contracts		(9,631,190	)
Swaption contracts written		9,579,334
Net change in unrealized appreciation/(depreciation)		(237,546,424	)
Net Increase in Net Assets Resulting from Operations	$	(367,936,453	)

See accompanying Notes to Consolidated Financial Statements.

65      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2020 (Unaudited)			One Month Ended October 31, 2019			Year Ended September 30, 2019			Year Ended September 30, 2018
Operations
Net investment income	$	54,101,850		$	10,734,448		$	181,634,506		$	195,712,532
Net realized gain (loss)		(184,491,879	)		(18,653,514	)		(89,298,509	)		(66,649,729	)
Net change in unrealized appreciation/(depreciation)		(237,546,424	)		46,954,101			68,299,543			(183,248,754	)
Net increase (decrease) in net assets resulting from operations		(367,936,453	)		39,035,035			160,635,540			(54,185,951	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		(47,392,594	)		(3,800,606	)		(87,772,855	)		(138,286,611	)
Class B		—			—			—			(206,061	)
Class C		(3,045,312	)		(248,545	)		(12,840,455	)		(24,713,582	)
Class R		(1,623,062	)		(132,004	)		(3,399,687	)		(5,305,616	)
Class Y		(6,318,427	)		(504,387	)		(11,958,984	)		(22,346,153	)
Class R5		(205	)		(16	)		(105	)		—
Class R6		(549,038	)		(57,732	)		(1,460,735	)		(2,325,655	)
Total distributions from distributable earnings		(58,928,638	)		(4,743,290	)		(117,432,821	)		(193,183,678	)
Tax return of capital distribution:
Class A		—			(4,205,210	)		(44,853,599	)		—
Class B		—			—			—			—
Class C		—			(275,004	)		(6,561,716	)		—
Class R		—			(146,056	)		(1,737,304	)		—
Class Y		—			(558,082	)		(6,111,268	)		—
Class R5		—			(18	)		(54	)		—
Class R6		—			(63,879	)		(746,463	)		—
Total return of capital distribution		—			(5,248,249	)		(60,010,404	)		—
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(176,624,888	)		(25,362,027	)		(13,542,333	)		(251,385,480	)
Class B		—			—			—			(15,557,890	)
Class C		(27,045,571	)		(5,447,267	)		(317,660,779	)		(119,417,713	)
Class R		(10,719,021	)		(1,057,362	)		(11,280,336	)		(4,958,722	)
Class Y		(71,247,046	)		2,927,053			(39,068,226	)		(96,067,367	)
Class R5		—			—			10,000			—
Class R6		(12,801,316	)		(157,844	)		(4,870,151	)		(3,188,283	)
Total beneficial interest transactions		(298,437,842	)		(29,097,447	)		(386,411,825	)		(490,575,455	)

66      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Six Months Ended April 30, 2020 (Unaudited)			One Month Ended October 31, 2019			Year Ended September 30, 2019			Year Ended September 30, 2018
Net Assets
Total decrease	$	(725,302,933	)	$	(53,951	)	$	(403,219,510	)	$	(737,945,084	)
Beginning of period		3,361,590,701			3,361,644,652			3,764,864,162			4,502,809,246
End of period	$	2,636,287,768		$	3,361,590,701		$	3,361,644,652		$	3,764,864,162

See accompanying Notes to Consolidated Financial Statements.

67      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.75		$3.72		$3.73		$3.96		$3.95		$3.87		$4.13
Income (loss) from investment operations:
Net investment income1		0.06		0.01		0.19		0.18		0.16		0.15		0.18
Net realized and unrealized gain (loss)		(0.48)		0.03		(0.01)		(0.23)		0.01		0.08		(0.26)
Total from investment operations		(0.42)		0.04		0.18		(0.05)		0.17		0.23		(0.08)
Dividends and/or distributions to shareholders: Dividends from net investment income		(0.07)		(0.00)2		(0.13)		(0.18)		(0.11)		(0.14)		(0.17)
Tax return of capital distribution		0.00		(0.01)		(0.06)		0.00		(0.05)		(0.01)		(0.01)
Total dividends and/or distributions to shareholders		(0.07)		(0.01)		(0.19)		(0.18)		(0.16)		(0.15)		(0.18)
Net asset value, end of period		$3.26		$3.75		$3.72		$3.73		$3.96		$3.95		$3.87
Total Return, at Net Asset Value3		(11.35)%		1.11%		5.08%		(1.49)%		4.45%		6.07%		(2.06)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,153,909		$2,669,175		$2,671,046		$2,699,688		$3,124,887		$3,607,387		$4,008,783
Average net assets (in thousands)		$2,477,380		$2,666,111		$2,596,952		$2,920,657		$3,321,318		$3,745,267		$4,432,764
Ratios to average net assets:4
Net investment income5		3.54%		3.80%		5.25%		4.79%		4.13%		3.87%		4.43%
Expenses excluding specific expenses listed below		1.01%		1.00%		1.00%		1.07%6		1.08%6		1.06%6		1.05%6
Interest and fees from borrowings		0.00%		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.01%		1.00%		1.00%		1.07%6		1.08%6		1.06%6		1.05%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97%		0.96%		0.95%		1.00%6		1.01%6		1.02%6		1.00%6
Portfolio turnover rate9,10		76%		25%		114%		67%		69%		78%		79%

68      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. Calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.03	%
One Month Ended October 31, 2019	1.04	%
Year Ended September 30, 2019	1.04	%
Year Ended September 30, 2018	1.08	%
Year Ended September 30, 2017	1.09	%
Year Ended September 30, 2016	1.07	%
Year Ended September 30, 2015	1.06	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Six Months Ended April 30, 2020	$1,778,039,975	$1,951,650,761
One Month Ended October 31, 2019	$364,949,527	$405,130,315
Year Ended September 30, 2019	$5,760,311,794	$5,754,174,138
Year Ended September 30, 2018	$6,366,360,171	$6,415,700,475
Year Ended September 30, 2017	$5,559,676,349	$5,415,035,851
Year Ended September 30, 2016	$4,468,857,111	$4,304,402,600
Year Ended September 30, 2015	$4,009,637,043	$4,100,638,359

10. 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.

69      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.74		$3.71		$3.72		$3.95		$3.94		$3.87		$4.12
Income (loss) from investment operations:
Net investment income1		0.05		0.01		0.17		0.16		0.13		0.12		0.15
Net realized and unrealized gain (loss)		(0.48)		0.03		(0.02)		(0.24)		0.01		0.07		(0.25)
Total from investment operations		(0.43)		0.04		0.15		(0.08)		0.14		0.19		(0.10)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.00)2		(0.11)		(0.15)		(0.09)		(0.11)		(0.14)
Tax return of capital distribution		0.00		(0.01)		(0.05)		0.00		(0.04)		(0.01)		(0.01)
Total dividends and/or distributions to shareholders		(0.06)		(0.01)		(0.16)		(0.15)		(0.13)		(0.12)		(0.15)
Net asset value, end of period		$3.25		$3.74		$3.71		$3.72		$3.95		$3.94		$3.87
Total Return, at Net Asset Value3		(11.72)%		1.04%		4.28%		(2.26)%		3.67%		5.01%		(2.56)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$166,245		$220,077		$224,035		$540,465		$696,936		$850,319		$977,069
Average net assets (in thousands)		$199,003		$222,327		$427,719		$623,092		$769,686		$897,334		$1,087,495
Ratios to average net assets:4
Net investment income5		2.77%		3.03%		4.49%		4.03%		3.37%		3.12%		3.67%
Expenses excluding specific expenses listed below		1.78%		1.76%		1.76%		1.83%6		1.84%6		1.81%6		1.80%6
Interest and fees from borrowings		0.00%		0.00%		0.00%7		0.00%7		0.00%7		0.00%7		0.00%7
Total expenses8		1.78%		1.76%		1.76%		1.83%6		1.84%6		1.81%6		1.80%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.74%		1.72%		1.71%		1.76%6		1.77%6		1.77%6		1.76%6
Portfolio turnover rate9,10		76%		25%		114%		67%		69%		78%		79%

70      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. Calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.80	%
One Month Ended October 31, 2019	1.80	%
Year Ended September 30, 2019	1.80	%
Year Ended September 30, 2018	1.84	%
Year Ended September 30, 2017	1.85	%
Year Ended September 30, 2016	1.82	%
Year Ended September 30, 2015	1.81	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Six Months Ended April 30, 2020	$1,778,039,975	$1,951,650,761
One Month Ended October 31, 2019	$364,949,527	$405,130,315
Year Ended September 30, 2019	$5,760,311,794	$5,754,174,138
Year Ended September 30, 2018	$6,366,360,171	$6,415,700,475
Year Ended September 30, 2017	$5,559,676,349	$5,415,035,851
Year Ended September 30, 2016	$4,468,857,111	$4,304,402,600
Year Ended September 30, 2015	$4,009,637,043	$4,100,638,359

10. 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.

71      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.75		$3.72		$3.73		$3.96		$3.95		$3.88	$4.13
Income (loss) from investment operations:
Net investment income1		0.06		0.01		0.18		0.17		0.15		0.14	0.17
Net realized and unrealized gain (loss)		(0.49)		0.03		(0.01)		(0.23)		0.01		0.07	(0.25)
Total from investment operations		(0.43)		0.04		0.17		(0.06)		0.16		0.21	(0.08)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.06)		(0.00)2		(0.12)		(0.17)		(0.10)		(0.13)	(0.16)
Tax return of capital distribution		0.00		(0.01)		(0.06)		0.00		(0.05)		(0.01)	(0.01)
Total dividends and/or distributions to shareholders		(0.06)		(0.01)		(0.18)		(0.17)		(0.15)		(0.14)	(0.17)
Net asset value, end of period		$3.26		$3.75		$3.72		$3.73		$3.96		$3.95	$3.88
Total Return, at Net Asset Value3		(11.47)%		1.09%		4.81%		(1.75)%		4.19%		5.53%	(2.06)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$76,695		$99,920		$100,112		$111,816		$123,825		$149,098	$162,623
Average net assets (in thousands)		$90,781		$100,053		$105,418		$118,510		$134,309		$152,830	$175,389
Ratios to average net assets:4
Net investment income5		3.27%		3.53%		4.99%		4.53%		3.87%		3.61%	4.17%
Expenses excluding specific expenses listed below		1.28%		1.26%		1.26%		1.33%6		1.34%6		1.31%6	1.30%6
Interest and fees from borrowings		0.00%		0.00%		0.00%7		0.00%7		0.00%7		0.00%7	0.00%7
Total expenses8		1.28%		1.26%		1.26%		1.33%6		1.34%6		1.31%6	1.30%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.24%		1.22%		1.21%		1.26%6		1.27%6		1.27%6	1.26%6
Portfolio turnover rate9,10		76%		25%		114%		67%		69%		78%	79%

72      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. Calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.30	%
One Month Ended October 31, 2019	1.30	%
Year Ended September 30, 2019	1.30	%
Year Ended September 30, 2018	1.34	%
Year Ended September 30, 2017	1.35	%
Year Ended September 30, 2016	1.32	%
Year Ended September 30, 2015	1.31	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Six Months Ended April 30, 2020	$1,778,039,975	$1,951,650,761
One Month Ended October 31, 2019	$364,949,527	$405,130,315
Year Ended September 30, 2019	$5,760,311,794	$5,754,174,138
Year Ended September 30, 2018	$6,366,360,171	$6,415,700,475
Year Ended September 30, 2017	$5,559,676,349	$5,415,035,851
Year Ended September 30, 2016	$4,468,857,111	$4,304,402,600
Year Ended September 30, 2015	$4,009,637,043	$4,100,638,359

10. 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.

73      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.75		$3.71		$3.73		$3.96		$3.95		$3.87	$4.13
Income (loss) from investment operations:
Net investment income1		0.07		0.01		0.20		0.19		0.17		0.16	0.19
Net realized and unrealized gain (loss)		(0.49)		0.04		(0.02)		(0.23)		0.01		0.08	(0.26)
Total from investment operations		(0.42)		0.05		0.18		(0.04)		0.18		0.24	(0.07)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.00)2		(0.13)		(0.19)		(0.11)		(0.15)	(0.18)
Tax return of capital distribution		0.00		(0.01)		(0.07)		0.00		(0.06)		(0.01)	(0.01)
Total dividends and/or distributions to shareholders		(0.07)		(0.01)		(0.20)		(0.19)		(0.17)		(0.16)	(0.19)
Net asset value, end of period		$3.26		$3.75		$3.71		$3.73		$3.96		$3.95	$3.87
Total Return, at Net Asset Value3		(11.24)%		1.40%		5.05%		(1.26)%		4.70%		6.33%	(1.83)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$218,772		$335,775		$329,963		$371,434		$494,017		$369,088	$403,252
Average net assets (in thousands)		$309,265		$331,755		$336,841		$450,170		$417,814		$372,918	$453,869
Ratios to average net assets:4
Net investment income5		3.77%		4.03%		5.49%		5.03%		4.43%		4.11%	4.68%
Expenses excluding specific expenses listed below		0.78%		0.77%		0.77%		0.83%6		0.84%6		0.81%6	0.80%6
Interest and fees from borrowings		0.00%		0.00%		0.00%7		0.00%7		0.00%7		0.00%7	0.00%7
Total expenses8		0.78%		0.77%		0.77%		0.83%6		0.84%6		0.81%6	0.80%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.74%		0.72%		0.72%		0.76%6		0.77%6		0.77%6	0.76%6
Portfolio turnover rate9,10		76%		25%		114%		67%		69%		78%	79%

74      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. Calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond and Invesco Oppenheimer Master Loan.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.80	%
One Month Ended October 31, 2019	0.81	%
Year Ended September 30, 2019	0.81	%
Year Ended September 30, 2018	0.84	%
Year Ended September 30, 2017	0.85	%
Year Ended September 30, 2016	0.82	%
Year Ended September 30, 2015	0.81	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Six Months Ended April 30, 2020	$1,778,039,975	$1,951,650,761
One Month Ended October 31, 2019	$364,949,527	$405,130,315
Year Ended September 30, 2019	$5,760,311,794	$5,754,174,138
Year Ended September 30, 2018	$6,366,360,171	$6,415,700,475
Year Ended September 30, 2017	$5,559,676,349	$5,415,035,851
Year Ended September 30, 2016	$4,468,857,111	$4,304,402,600
Year Ended September 30, 2015	$4,009,637,043	$4,100,638,359

10. 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.

75      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R5	Six Months Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Period Ended September 30, 20191
Per Share Operating Data
Net asset value, beginning of period		$3.75		$3.72	$3.69
Income (loss) from investment operations:
Net investment income2		0.07		0.01	0.07
Net realized and unrealized gain (loss)		(0.48)		0.03	0.02
Total from investment operations		(0.41)		0.04	0.09
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.00)3	(0.04)
Tax return of capital distribution		0.00		(0.01)	(0.02)
Total dividends and/or distributions to shareholders		(0.08)		(0.01)	(0.06)
Net asset value, end of period		$3.26		$3.75	$3.72
Total Return, at Net Asset Value4		(11.19)%		1.14%	2.40%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$9		$10	$10
Average net assets (in thousands)		$10		$10	$10
Ratios to average net assets:5
Net investment income6		3.87%		4.05%	5.58%
Expenses excluding specific expenses listed below		0.68%		0.72%	0.68%
Interest and fees from borrowings		0.00%		0.00%	0.00%
Total expenses7		0.68%		0.72%	0.68%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.64%		0.70%	0.63%
Portfolio turnover rate8,9		76%		25%	114%

76      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. For the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019.

2. Calculated based on the average shares outstanding during the period.

3. Less than $0.005 per share.

4. 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.

5. Annualized for periods less than one full year.

6. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.70	%
One Month Ended October 31, 2019	0.76	%
Period Ended September 30, 2019	0.72	%

8. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Six Months Ended April 30, 2020	$1,778,039,975	$1,951,650,761
One Month Ended October 31, 2019	$364,949,527	$405,130,315
Period Ended September 30, 2019	$5,760,311,794	$5,754,174,138

9. 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.

77      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R6	Six Months Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.73		$3.70		$3.71		$3.94		$3.93		$3.86	$4.11
Income (loss) from investment operations:
Net investment income1		0.07		0.01		0.21		0.20		0.18		0.16	0.20
Net realized and unrealized gain (loss)		(0.48)		0.03		(0.01)		(0.23)		0.01		0.07	(0.25)
Total from investment operations		(0.41)		0.04		0.20		(0.03)		0.19		0.23	(0.05)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08)		(0.00)2		(0.14)		(0.20)		(0.12)		(0.15)	(0.19)
Tax return of capital distribution		0.00		(0.01)		(0.07)		0.00		(0.06)		(0.01)	(0.01)
Total dividends and/or distributions to shareholders		(0.08)		(0.01)		(0.21)		(0.20)		(0.18)		(0.16)	(0.20)
Net asset value, end of period		$3.24		$3.73		$3.70		$3.71		$3.94		$3.93	$3.86
Total Return, at Net Asset Value3		(11.26)%		1.14%		5.49%		(1.15)%		4.89%		6.27%	(1.41)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$20,658		$36,634		$36,479		$41,461		$47,348		$45,840	$48,488
Average net assets (in thousands)		$25,749		$36,561		$39,927		$45,391		$45,371		$46,967	$121,467
Ratios to average net assets:4
Net investment income5		3.91%		4.18%		5.63%		5.18%		4.57%		4.30%	4.87%
Expenses excluding specific expenses listed below		0.64%		0.62%		0.62%		0.68%6		0.65%6		0.62%6	0.60%6
Interest and fees from borrowings		0.00%		0.00%		0.00%7		0.00%7		0.00%7		0.00%7	0.00%7
Total expenses8		0.64%		0.62%		0.62%		0.68%6		0.65%6		0.62%6	0.60%6
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.60%		0.57%		0.57%		0.61%6		0.59%6		0.58%6	0.57%6
Portfolio turnover rate9,10		76%		25%		114%		67%		69%		78%	79%

78      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

1. Calculated based on the average shares outstanding during the period.

2. Less than $0.005 per share.

3. 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.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund.

6. Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.66	%
One Month Ended October 31, 2019	0.66	%
Year Ended September 30, 2019	0.66	%
Year Ended September 30, 2018	0.69	%
Year Ended September 30, 2017	0.66	%
Year Ended September 30, 2016	0.63	%
Year Ended September 30, 2015	0.61	%

9. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions	Sale Transactions
Six Months Ended April 30, 2020	$1,778,039,975	$1,951,650,761
One Month Ended October 31, 2019	$364,949,527	$405,130,315
Year Ended September 30, 2019	$5,760,311,794	$5,754,174,138
Year Ended September 30, 2018	$6,366,360,171	$6,415,700,475
Year Ended September 30, 2017	$5,559,676,349	$5,415,035,851
Year Ended September 30, 2016	$4,468,857,111	$4,304,402,600
Year Ended September 30, 2015	$4,009,637,043	$4,100,638,359

10. 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.

79      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS April 30, 2020 Unaudited

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Global Strategic Income Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer Global Strategic Income Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek total return.

The 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 and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

80      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American

81      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

82      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded

83      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The consolidated financial statements are prepared on a basis in conformity with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated 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 consolidated financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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

84      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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.

J. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

85      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

K. Structured Securities - The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to. the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.”

L. Treasury Inflation-Protected Securities - The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

M. Futures - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the 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

86      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

N. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the

87      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the 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

88      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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 April 30, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable

89      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

P. Call Options Purchased and Written - The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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.

90      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

R. 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. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

S. Other Risks - The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim. The Fund will seek to gain exposure to Regulation S securities primarily through an investment in the Subsidiary. Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

91      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Investments in obligations issued by agencies and instrumentalities of the U.S. Government 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.

T. Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

U. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Fee Schedule*
Up to $200 million	0.75%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.50
Next $5 billion	0.48
Over $10 billion	0.46

*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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.57%.

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

92      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.04%, 1.79%, 1.29%, 0.79%, 0.70% and 0.65%, respectively, of the Fund’s average daily net assets (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 waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (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 on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $677,202.

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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer and shareholder servicing 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 “Plan”).

93      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C 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 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 plans. For the six months ended April 30, 2020, expenses incurred under the plans are shown in the Consolidated Statement of Operations as Distribution and service plan 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 six months ended April 30, 2020, IDI advised the Fund that IDI retained $55,365 in front-end sales commissions from the sale of Class A shares and $1,873 and $2,962 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market

94      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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 April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs			Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	222,972,673		$	—	$	222,972,673
Mortgage-Backed Obligations		—			557,841,823			426		557,842,249
U.S. Government Obligations		—			59,266,043			—		59,266,043
Foreign Government Obligations		—			593,901,491			—		593,901,491
Corporate Loans		—			13,594,556			—		13,594,556
Corporate Bonds and Notes		—			910,461,279			91,270		910,552,549
Preferred Stock		—			31,687			—		31,687
Common Stocks		730,579			214,900			—		945,479
Rights, Warrants and Certificates		—			—			—		—
Structured Securities		—			16,398,762			—		16,398,762
Over-the-Counter Options Purchased		—			3,688,862			—		3,688,862
Over-the-Counter Interest Rate
Swaptions Purchased		—			1,324,774			—		1,324,774
Investment Companies		106,765,094			11,931,311			—		118,696,405
Total Investments, at Value		107,495,673			2,391,628,161			91,696		2,499,215,530
Other Financial Instruments:
Investments Matured		—			18,800			—		18,800
Swaps, at value		—			8,036,444			—		8,036,444
Centrally cleared swaps, at value		—			33,469,229			—		33,469,229
Futures contracts		13,292,088			—			—		13,292,088
Forward currency exchange contracts		—			145,531,824			—		145,531,824
Total Assets	$	120,787,761		$	2,578,684,458		$	91,696	$	2,699,563,915
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(4,694,286	)	$	—	$	(4,694,286	)
Centrally cleared swaps, at value		—			(20,588,921	)		—		(20,588,921	)
Options written, at value		—			(72,674,367	)		—		(72,674,367	)
Futures contracts		(15,731,001	)		—			—		(15,731,001	)
Forward currency exchange contracts		—			(94,253,880	)		—		(94,253,880	)
Swaptions written, at value		—			(5,631,635	)		—		(5,631,635	)
Total Liabilities	$	(15,731,001	)	$	(197,843,089	)	$	—	$	(213,574,090	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above

95      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

table are reported at their market value at measurement date.

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 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 asset transactions as of April 30, 2020:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty		Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset			Financial Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	16,406,844	$	(16,406,844	)	$	–		$	–		$	–
Citibank NA		12,923,608		(12,923,608	)		–			–			–
Goldman Sachs Bank USA		45,267,417		(39,436,772	)		(5,830,645	)		–			–
Goldman Sachs
International		5,635,935		(6	)		–			–			5,635,929
HSBC Bank USA NA		26,863		–			–			–			26,863
JPMorgan Chase Bank NA		71,362,669		(71,362,669	)		–			–			–
Morgan Stanley & Co., Inc.		1,839,109		(1,558,435	)		–			–			280,674
Morgan Stanley Capital
Services, Inc.		298,181		(298,181	)		–			–			–
Nomura Global
Financial Products, Inc.		740		–			–			–			740
RBC Dominion Securities		2,835,351		(2,492,468	)		–			–			342,883
Royal Bank of Scotland plc (The)		44,140		–			–			(44,140	)		–

96      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty		Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Received**		Cash Collateral Received**		Net Amount
Standard Chartered Bank	$	1,941,047	$	(719,737)	$	–	$	(550,000)	$	671,310
	$	158,581,904	$	(145,198,720)	$	(5,830,645)	$	(594,140)	$	6,958,399

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

			Gross Amounts Not Offset in the  Consolidated Statement of Assets & Liabilities
Counterparty		Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments Available for Offset		Financial Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(25,551,900)	$	16,406,844	$	–	$	9,145,056	$	–
Barclays Bank plc		(413,114)		–		–		413,114		–
Citibank NA		(13,652,717)		12,923,608		–		–		(729,109)
Goldman Sachs Bank USA		(39,436,772)		39,436,772		–		–		–
Goldman Sachs International		(6)		6		–		–		–
JPMorgan Chase Bank NA		(87,667,244)		71,362,669		–		16,304,575		–
Morgan Stanley & Co., Inc.		(1,558,435)		1,558,435		–		–		–
Morgan Stanley Capital Services, Inc.		(5,761,775)		298,181		–		5,110,000		(353,594)
RBC Dominion Securities		(2,492,468)		2,492,468		–		–		–
Standard Chartered Bank		(719,737)		719,737		–		–		–
	$	(177,254,168)	$	145,198,720	$	–	$	30,972,745	$	(1,082,703)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

97      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

	Asset Derivatives			Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value		Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	2,036,806	Swaps, at value	$	3,980,614
Interest rate contracts	Swaps, at value		5,999,638	Swaps, at value		713,672
Credit contracts	Centrally cleared swaps, at value		5,180,3941	Centrally cleared swaps, at value		4,031,8411
Interest rate contracts	Centrally cleared swaps, at value		28,288,8351	Centrally cleared swaps, at value		16,557,0801
Interest rate contracts	Futures contracts		13,292,0882	Futures contracts		15,731,0012
Forward currency exchange contracts	Unrealized appreciation on forward currency exchange contracts		145,531,824	Unrealized depreciation on forward currency exchange contracts		94,253,880
Currency contracts				Options written, at value		72,674,367
Credit contracts				Swaptions written, at value		4,108,601
Interest rate				Swaptions written, at value		1,523,034
Currency contracts	Investments, at value		3,688,8623
Interest rate contracts	Investments, at value		1,324,7743
Total		$	205,343,221		$	213,574,090

1. The daily variation margin receivable (payable) at period end is recorded in the Consolidated Statement of Assets and Liabilities.

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

3. Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the Six Months Ended April 30, 2020

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Swaption contracts written		Option contracts written			Futures contracts
Credit contracts	$	(282,570)	$	(82,800,735)	$	—		$	—
Currency contracts		(13,268,862)		—		(48,793,250)			—
Equity contracts		(4,967,830)		—		2,479,573			—
Forward currency exchange contracts		—		—		—			—
Interest rate contracts		7,368,842		(96,735,472)		—			37,080,800
Total	$	(11,150,420)	$	(179,536,207)	$	(46,313,677	)	$	37,080,800

98      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments		Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	13,061,238	$	(70,022,067)
Currency contracts		—		—		(62,062,112)
Equity contracts		—		—		(2,488,257)
Forward currency exchange contracts		(6,519,928)		—		(6,519,928)
Interest rate contracts		—		41,176,349		(11,109,481)
Total	$	(6,519,928)	$	54,237,587	$	(152,201,845)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions in unaffiliated companies*		Swaption contracts written		Option contracts written		Futures contracts
Credit contracts	$	952,690	$	3,641,310	$	—	$	—
Currency contracts		(2,747,682)		—		(55,345,747)		—
Equity contracts		3,881,693		—		(1,929,213)		—
Forward currency exchange contracts		—		—		—		—
Interest rate contracts		(13,275,049)		5,938,024		—		(6,235,931)
Total	$	(11,188,348)	$	9,579,334	$	(57,274,960)	$	(6,235,931)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments		Forward currency exchange contracts		Swap contracts		Total
Credit contracts	$	—	$	(16,188,576)	$	(11,594,576)
Currency contracts		—		—		(58,093,429)
Equity contracts		—		—		1,952,480
Forward currency exchange contracts		61,129,775		—		61,129,775
Interest rate contracts		—		6,557,386		(7,015,570)
Total	$	61,129,775	$	(9,631,190)	$	(13,621,320)

*Includes purchased option contracts and purchased swaption contracts, if any.

The table below summarizes the six months ended average notional value of forward foreign currency contracts, futures contracts, swap agreements, currency options purchased, currency options written, swaptions purchased and swaptions purchased during the period.

	Forward foreign currency contracts		Futures contracts		Index options purchased*		Currency options purchased		Index options written*
Average notional amount	$	4,279,690,928	$	1,611,120,210	$	247,477,625	$	4,492,399,729	$	167,186,250
Average contracts						907		4,469,679,417		701

99      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

	Written currency options		Written Swaptions		Purchased swaptions		Swap agreements
Average notional amount	$	195,477,616,384	$	4,408,954,434	$	4,709,526,789	$	4,368,783,549
Average contracts		195,437,582,667

*Summarizes the four month average notional value and average notional value and contracts of index options purchased and written.

Note 5 - Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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. Effective May 5, 2020 the custodian changed to State Street Bank and Trust.

Note 7 – Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

100      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	381,775,406	$	360,170,854	$	741,946,260

* Capital loss carryforward listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further the realization of net unrealized gains or losses as of the date of any reorganization.

Note 8 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $1,837,553,756 and $2,032,428,564, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $129,854,449 and $263,173,113, 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	$	249,336,866
Aggregate unrealized (depreciation) of investments		(540,735,075)
Net unrealized depreciation of investments	$	(291,398,209)

Cost of investments for tax purposes is $1,778,910,489.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

	Six Months Ended April 30, 20201						One Month Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class A
Sold		18,429,144		$	66,937,597			3,502,381		$	13,076,926
Automatic Conversion Class C to Class A Shares		3,119,504			11,092,686			—			—
Dividends and/or distributions reinvested		12,469,011			43,916,097			1,973,066			7,381,031
Redeemed		(85,272,569	)		(298,571,268	)		(12,282,156	)		(45,819,984	)
Net increase (decrease)		(51,254,910	)	$	(176,624,888	)		(6,806,709	)	$	(25,362,027	)

101      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

	Six Months Ended April 30, 20201						One Month Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class B
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed3		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—
Class C
Sold		3,068,772		$	11,039,139			664,592		$	2,469,921
Dividends and/or distributions reinvested		833,418			2,946,563			133,352			497,859
Automatic Conversion Class C to Class A Shares		(3,128,391	)		(11,092,686	)		—			—
Redeemed		(8,507,849	)		(29,938,587	)		(2,260,414	)		(8,415,047	)
Net increase (decrease)		(7,734,050	)	$	(27,045,571	)		(1,462,470	)	$	(5,447,267	)
Class R
Sold		1,647,551		$	5,937,452			231,474		$	863,273
Dividends and/or distributions reinvested		445,481			1,572,855			71,072			266,435
Redeemed		(5,216,194	)		(18,229,328	)		(585,476	)		(2,187,070	)
Net increase (decrease)		(3,123,162	)	$	(10,719,021	)		(282,930	)	$	(1,057,362	)
Class Y
Sold		11,965,809		$	42,810,293			2,403,508		$	8,971,911
Dividends and/or distributions reinvested		1,696,558			6,003,127			268,826			1,008,098
Redeemed		(36,129,343	)		(120,060,466	)		(1,891,214	)		(7,052,956	)
Net increase (decrease)		(22,466,976	)	$	(71,247,046	)		781,120		$	2,927,053
Class R54
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—
Class R6
Sold		703,176		$	2,468,740			84,172		$	311,904
Dividends and/or distributions reinvested		147,951			527,914			32,355			120,681
Redeemed		(4,298,352	)		(15,797,970	)		(158,991	)		(590,429	)
Net increase (decrease)		(3,447,225	)	$	(12,801,316	)		(42,464	)	$	(157,844	)

102      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

	Year Ended September 30, 20195						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		97,740,334		$	366,266,996			45,219,211		$	174,958,678
Automatic Conversion Class C to Class A Shares		—			—			—			—
Dividends and/or distributions reinvested		33,657,168			124,308,085			32,590,219			125,317,871
Redeemed		(136,359,676	)		(504,117,414	)		(143,187,491	)		(551,662,029	)
Net increase (decrease)		(4,962,174	)	$	(13,542,333	)		(65,378,061	)	$	(251,385,480	)
Class B
Sold		—		$	—			25,013		$	98,072
Dividends and/or distributions reinvested		—			—			51,419			202,425
Redeemed3		—			—			(4,051,560	)		(15,858,387	)
Net increase (decrease)		—		$	—			(3,975,128	)	$	(15,557,890	)
Class C
Sold		6,876,726		$	25,377,218			8,727,719		$	33,818,381
Dividends and/or distributions reinvested		5,134,688			18,860,505			6,081,273			23,366,153
Automatic Conversion Class C to Class A Shares		—			—			—			—
Redeemed		(96,846,338	)		(361,898,502	)		(45,976,966	)		(176,602,247	)
Net increase (decrease)		(84,834,924	)	$	(317,660,779	)		(31,167,974	)	$	(119,417,713	)
Class R
Sold		3,511,582		$	13,005,802			5,031,105		$	19,473,916
Dividends and/or distributions reinvested		1,345,120			4,971,262			1,273,744			4,902,998
Redeemed		(7,895,947	)		(29,257,400	)		(7,598,526	)		(29,335,636	)
Net increase (decrease)		(3,039,245	)	$	(11,280,336	)		(1,293,677	)	$	(4,958,722	)
Class Y
Sold		24,687,266		$	91,370,991			27,622,778		$	106,371,546
Dividends and/or distributions reinvested		4,731,719			17,473,621			5,418,455			20,844,909
Redeemed		(40,225,951	)		(147,912,838	)		(58,250,444	)		(223,283,822	)
Net increase (decrease)		(10,806,966	)	$	(39,068,226	)		(25,209,211	)	$	(96,067,367	)

103      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

	Year Ended September 30, 20195						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Class R54
Sold		2,710		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		2,710		$	10,000			—		$	—
Class R6
Sold		2,204,222		$	8,143,953			3,153,820		$	12,196,482
Dividends and/or distributions reinvested		610,572			2,207,198			601,762			2,305,887
Redeemed		(4,122,974	)		(15,221,302	)		(4,601,422	)		(17,690,652	)
Net increase (decrease)		(1,308,180	)	$	(4,870,151	)		(845,840	)	$	(3,188,283	)

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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.

2. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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.

3. All outstanding Class B shares converted to Class A shares on June 1, 2018.

4. Commencement date after the close of business on May 24, 2019.

5. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and 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.

Note 10 - Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

104      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Note 11 - Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Global Strategic Income Fund to Invesco Global Strategic Income Fund.

105      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS

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

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The 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.

106      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

¹NTD

107      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

INVESCO’S PRIVACY NOTICE Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

108      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

109      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

INVESCO’S PRIVACY NOTICE Continued

· Request that we amend, rectify, delete or update the personal data we hold about you;

· Where possible (e.g. in relation to marketing) amend or update your choices around processing;

· Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

110      INVESCO OPPENHEIMER GLOBAL STRATEGIC INCOME FUND

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Explore High-Conviction Investing with Invesco

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.

Invesco Distributors, Inc.	O-GLSI-SAR-1	06272020

	Semiannual Report	4/30/2020
	Invesco Oppenheimer International Bond Fund
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
	If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery.
	You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

Top Holdings and Allocations	4
Fund Expenses	8
Consolidated Schedule of Investments	10
Consolidated Statement of Assets and Liabilities	37
Consolidated Statement of Operations	39
Consolidated Statement of Changes in Net Assets	41
Consolidated Financial Highlights	43
Notes to Consolidated Financial Statements	54
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	80
Invesco’s Privacy Notice	81

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/20

	6-Month			1-Year			5-Year			10-Year
Class A Shares of the Fund without Sales Charge		-11.21	%		-7.86	%		0.22	%		1.35	%
Class A Shares of the Fund with Sales Charge		-15.05			-11.74			-0.64			0.91
FTSE Non-U.S. Dollar World Government Bond Index		-1.29			3.99			2.32			1.62
JP Morgan Government Bond Index-Emerging Markets Global Diversified		-9.91			-2.68			0.44			0.72
JP Morgan Emerging Markets Bond Index Global Diversified		-10.08			-4.97			2.94			5.08
Reference Index		-5.61			0.29			2.00			2.21

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund

2      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Top Holdings and Allocations

TOP TEN HOLDINGS
United States Treasury Bills, 0.214%, 10/8/20	7.2	%
Invesco Government & Agency Portfolio, Institutional Class	7.1
Portugal Obrigacoes do Tesouro OT, 4.10% Sr. Unsec. Nts., 4/15/37	3.0
Republic of India, 8.24% Bonds, 2/15/27	2.6
Republic of Colombia, Series B, 6.25% Bonds, 11/26/25	2.5
Republic of South Africa, Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	2.5
Republic of India, 8.20% Bonds, 9/24/25	2.0
Argentina Treasury Bond, 1.00% Bonds, 8/5/21	1.9
United Kingdom Gilt, 1.75% Bonds, 1/22/49	1.9
Republic of Indonesia, Series FR77, 8.125% Bonds, 5/15/24	1.8

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

4      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/20

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		-11.21	%		-7.86	%		0.22	%		1.35	%
Class C (OIBCX)		6/15/95		-11.59			-8.61			-0.55			0.61
Class R (OIBNX)		3/1/01		-11.34			-7.95			0.00			1.06
Class Y (OIBYX)		9/27/04		-11.10			-7.64			0.47			1.62
Class R5 (INBQX)1		5/24/19		-11.07			-7.68			0.26			1.37
Class R6 (OIBIX)2		1/27/12		-11.03			-7.33			0.67			1.10	3
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/20
	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OIBAX)		6/15/95		-15.05	%		-11.74	%		-0.64	%		0.91	%
Class C (OIBCX)		6/15/95		-12.46			-9.49			-0.55			0.61
Class R (OIBNX)		3/1/01		-11.34			-7.95			0.00			1.06
Class Y (OIBYX)		9/27/04		-11.10			-7.64			0.47			1.62
Class R5 (INBQX)1		5/24/19		-11.07			-7.68			0.26			1.37
Class R6 (OIBIX)2		1/27/12		-11.03			-7.33			0.67			1.10	3

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. After the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

3. Shows performance since inception.

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

5      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

The Fund’s performance is compared to the FTSE Non-U.S. Dollar World Government Bond Index, JP Morgan Government Bond Index -Emerging Markets Global Diversified, JP Morgan Emerging Markets Bond Index Global Diversified, and the Fund’s Reference Index. The FTSE Non-U.S. Dollar World Government Bond Index is an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million. The JPMorgan Government Bond Index-Emerging Markets Global Diversified is a comprehensive, global local Emerging Markets Index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. The JPMorgan Emerging Markets Bond Index Global Diversified is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets).The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds

6      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

· The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

· The Fund’s investment strategy remained appropriate for an open-end fund;

· The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

· The Fund did not breach the 15% limit on Illiquid Investments; and

· The Committee had established an HLIM for the Fund and the Fund complied with its HLIM. Subsequent to the Program Reporting Period, in connection with its annual evaluation of the Fund, the Committee determined that the Fund primarily holds Highly Liquid Investments on a consistent basis and thus does not require an HLIM under the Program. As of March 1, 2020, the Fund no longer has an HLIM.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco. com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

7      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2020” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

8      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Actual	Beginning Account Value November 1, 2019			Ending Account Value April 30, 2020			Expenses Paid During 6 Months Ended April 30, 2020
Class A		$	1,000.00		$	887.90		$	4.75
Class C			1,000.00			884.10			8.28
Class R			1,000.00			886.60			5.93
Class Y			1,000.00			889.00			3.58
Class R5			1,000.00			889.30			3.12
Class R6			1,000.00			889.70			2.87
Hypothetical
(5% return before expenses)
Class A			1,000.00			1,019.84			5.08
Class C			1,000.00			1,016.11			8.86
Class R			1,000.00			1,018.60			6.34
Class Y			1,000.00			1,021.08			3.83
Class R5			1,000.00			1,021.58			3.32
Class R6			1,000.00			1,021.83			3.07

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2020 are as follows:

Class	Expense Ratios
Class A		1.01%
Class C		1.76
Class R		1.26
Class Y		0.76
Class R5		0.66
Class R6		0.61

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Consolidated Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS April 30, 2020 Unaudited

		Principal Amount		Value
Asset-Backed Security—0.4%
BBVA Consumer Auto, Series 2018-1, Cl. C, 2.30%, 7/20/31 (Cost $12,749,809)	EUR		11,100,000	$	12,111,010
Mortgage-Backed Obligations—4.8%
Alba plc, Series 2007-1, Cl. F, 3.763% [BP0003M+325], 3/17/391,2	GBP		1,729,800		1,970,732
Capital Mortgage Srl, Series 2007-1, Cl. B, 0.00% [EUR003M+22], 1/30/471,2	EUR		8,000,000		5,640,436
Eurohome UK Mortgages plc:
Series 2007-1, Cl. B1, 1.406% [BP0003M+90], 6/15/441,2	GBP		5,275,000		4,666,709
Series 2007-1, Cl. M1, 0.806% [BP0003M+30], 6/15/441,2	GBP		5,200,000		5,446,913
Series 2007-1, Cl. M2, 1.006% [BP0003M+50], 6/15/441,2	GBP		4,000,000		3,729,319
Series 2007-2, Cl. B1, 1.906% [BP0003M+140], 9/15/441,2	GBP		4,000,000		4,034,576
Series 2007-2, Cl. M1, 0.856% [BP0003M+35], 9/15/441,2	GBP		10,340,000		11,026,209
Eurosail-UK plc, Series 2007-4X, Cl. D1A, 2.256% [BP0003M+175], 6/13/451,2	GBP		6,225,797		6,622,407
Great Hall Mortgages No. 1 plc, Series 2007-1, Cl. DA, 1.293% [BP0003M+78], 3/18/391,2	GBP		8,000,000		7,913,408
Grifonas Finance plc:
Series 1, Cl. A, 0.00% [EUR006M+28], 8/28/391,2	EUR		16,037,051		15,489,374
Series 1, Cl. B, 0.149% [EUR006M+52], 8/28/391,2	EUR		5,000,000		4,278,796
IM Pastor 4 Fondo de Titulizacion de Activos:
Series 4, Cl. A, 0.00% [EUR003M+14], 3/22/441,2	EUR		13,705,377		13,319,678
Series 4, Cl. B, 0.00% [EUR003M+19], 3/22/441,2	EUR		3,800,000		2,323,099
Ludgate Funding plc, Series 2007-1, 0.00%, 1/1/61	GBP		207,500,000		8,731,839
Newgate Funding plc, Series 2007-2X, Cl. CB, 0.00% [EUR003M+44], 12/15/501,2	EUR		2,971,586		2,599,943
Sestante Finance Srl, Series 3, Cl. C1, 0.58% [EUR003M+80], 7/15/451,2	EUR		9,700,000		4,563,647
TDA 27 Hipocat 9 Fondo de Titulizacion de Activos, Series 27, Cl. A3, 0.00% [EUR003M+19], 12/28/501,2	EUR		35,000,000		29,803,673
Total Mortgage-Backed Obligations (Cost $148,604,790)					132,160,758
U.S. Government Obligations—1.4%
U.S. Treasury Inflation - Indexed Bonds:
1.00%, 2/15/48-2/15/493 (Cost $39,686,368)			30,430,907		40,125,033
Foreign Government Obligations—52.1%
Angola—0.0%
Republic of Angola, 9.375% Sr. Unsec. Nts., 5/8/481			2,502,000		1,089,914
Argentina—2.4%
Argentina Treasury Bond, 1.00% Bonds, 8/5/213	ARS		3,920,731,986		51,731,426
Argentine Republic:
5.625% Sr. Unsec. Nts., 1/26/22			5,431,000		1,520,680
6.875% Sr. Unsec. Nts., 1/26/27			9,151,000		2,310,627
7.50% Sr. Unsec. Nts., 4/22/26			22,491,000		6,111,226
15.50% Bonds, 10/17/26	ARS		135,000,000		1,035,235
18.20% Unsec. Nts., 10/3/21	ARS		212,805,000		2,169,265

10      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Argentina (Continued)
Argentine Republic: (Continued)
37.60% [BADLARPP+375] Unsec. Nts., 4/12/251,2	ARS		120,000,000	$	1,014,006
					65,892,465
Brazil—1.0%
Federative Republic of Brazil:
4.75% Sr. Unsec. Nts., 1/14/50			5,000,000		4,500,000
6.00% Nts., 5/15/453	BRL		32,000,000		24,232,408
					28,732,408
Colombia—2.5%
Republic of Colombia, Series B, 6.25% Bonds, 11/26/25	COP		270,000,000,000		69,353,885
Cyprus—2.0%
Republic of Cyprus Bond:
1.25% Sr. Unsec. Nts., 1/21/401	EUR		32,500,000		30,163,517
2.25% Sr. Unsec. Nts., 4/16/501	EUR		24,700,000		26,289,304
					56,452,821
Dominican Republic—0.3%
Dominican Republic:
5.875% Sr. Unsec. Nts., 1/30/601			5,000,000		4,050,000
6.40% Sr. Unsec. Nts., 6/5/491			5,000,000		4,150,000
					8,200,000
Egypt—1.7%
Arab Republic of Egypt:
4.75% Sr. Unsec. Nts., 4/16/261	EUR		12,900,000		12,084,373
8.70% Sr. Unsec. Nts., 3/1/491			14,387,000		12,974,297
14.35% Bonds, 9/10/24	EGP		50,000,000		3,270,439
18.15% Unsec. Nts., 12/11/21	EGP		162,000,000		11,127,857
Series 10 yr., 16.30% Bonds, 1/1/23	EGP		10,200,000		693,704
Series 3 yr., 16.00% Bonds, 6/11/22	EGP		116,700,000		7,820,493
					47,971,163
France—0.6%
French Republic Government Bond OAT, 1.75% Bonds, 5/25/661	EUR		10,100,000		15,718,009
Ghana—0.2%
Republic of Ghana:
7.625% Sr. Unsec. Nts., 5/16/291			2,500,000		1,931,980
8.95% Sr. Unsec. Nts., 3/26/511			5,000,000		3,819,405
					5,751,385
Greece—3.3%
Republic of Hellenic Bond:
0.00% Bonds, 10/15/424	EUR		107,000,000		320,109
1.875% Sr. Unsec. Nts., 2/4/351	EUR		19,745,000		20,920,403

11      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Greece (Continued)
Republic of Hellenic Bond: (Continued)
2.00% Sr. Unsec. Nts., 4/22/271	EUR		31,500,000	$	34,565,323
3.875% Sr. Unsec. Nts., 3/12/291	EUR		10,205,000		12,732,071
3.90% Bonds, 1/30/331	EUR		8,610,000		11,190,653
4.00% Bonds, 1/30/371	EUR		7,861,000		10,774,987
					90,503,546
Guatemala—0.1%
Guatemala Government Bond:
5.375% Sr. Unsec. Nts., 4/24/321			1,500,000		1,551,750
6.125% Sr. Unsec. Nts., 6/1/501			2,000,000		2,097,000
					3,648,750
India—8.1%
Republic of India:
7.17% Sr. Unsec. Nts, 1/8/28	INR		1,955,000,000		27,465,544
7.72% Sr. Unsec. Nts, 5/25/25	INR		730,000,000		10,571,609
8.15% Sr. Unsec. Nts, 11/24/26	INR		500,000,000		7,359,566
8.20% Sr. Unsec. Nts, 9/24/25	INR		3,715,000,000		54,842,192
8.24% Sr. Unsec. Nts, 2/15/27	INR		4,935,000,000		73,142,752
8.40% Sr. Unsec. Nts, 7/28/24	INR		1,997,000,000		29,541,397
State of Gujarat, 7.52% Sr. Unsec. Nts., 5/24/27	INR		500,000,000		6,965,567
State of Maharashtra, 7.99% Sr. Unsec. Nts., 10/28/25	INR		500,000,000		7,159,120
State of Tamil Nadu, 8.53% Sr. Unsec. Nts., 3/9/26	INR		500,000,000		7,475,826
					224,523,573
Indonesia—8.7%
Republic of Indonesia:
Series FR56, 8.375% Sr. Unsec. Nts, 9/15/26	IDR		488,430,000,000		33,902,788
Series FR59, 7.00% Sr. Unsec. Nts, 5/15/27	IDR		480,750,000,000		31,026,555
Series FR71, 9.00% Sr. Unsec. Nts, 3/15/29	IDR		359,350,000,000		25,775,602
Series FR73, 8.75% Sr. Unsec. Nts, 5/15/31	IDR		560,080,000,000		39,459,754
Series FR77, 8.125% Sr. Unsec. Nts, 5/15/24	IDR		712,300,000,000		49,166,657
Series FR78, 8.25% Sr. Unsec. Nts, 5/15/29	IDR		398,080,000,000		27,243,391
Series FR82, 7.00% Sr. Unsec. Nts, 9/15/30	IDR		220,000,000,000		13,976,507
Series FR83, 7.50% Sr. Unsec. Nts, 4/15/40	IDR		85,000,000,000		5,420,000
Republic of Indonesia Bond:
4.20% Sr. Unsec. Nts., 10/15/50			7,500,000		7,537,246
4.45% Sr. Unsec. Nts., 4/15/70			7,500,000		7,431,677
					240,940,177
Italy—0.0%
Republic of Italy, 2.80% Bonds, 3/1/671	EUR		1,000,000		1,122,023
Ivory Coast—0.5%
Republic of Cote d’Ivoire:
5.25% Sr. Unsec. Nts., 3/22/301	EUR		5,636,000		5,087,258

12      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Ivory Coast (Continued)
Republic of Cote d’Ivoire: (Continued)
6.875% Sr. Unsec. Nts., 10/17/401	EUR		9,500,000	$	8,589,765
					13,677,023
Malaysia—0.5%
Federation of Malaysia:
4.127% Bonds, 4/15/32	MYR		25,000,000		6,371,407
4.498% Bonds, 4/15/30	MYR		32,000,000		8,387,396
					14,758,803
Mexico—2.8%
United Mexican States:
Series M, 5.75% Bonds, 3/5/26	MXN		660,000,000		27,180,192
Series M, 6.50% Bonds, 6/10/21	MXN		400,000,000		16,796,307
Series M, 8.00% Sr. Unsec. Nts., 12/7/23	MXN		730,000,000		32,884,075
					76,860,574
Paraguay—0.1%
Republic of Paraguay Bond, 4.95% Sr. Unsec. Nts., 4/28/311			2,500,000		2,592,187
Peru—1.5%
Republic of Peru, 6.35% Sr. Unsec. Nts., 8/12/281	PEN		100,140,000		34,486,763
Republic of Peru Bond:
2.392% Sr. Unsec. Nts., 1/23/26			2,500,000		2,542,500
2.783% Sr. Unsec. Nts., 1/23/31			5,000,000		5,165,000
					42,194,263
Portugal—3.7%
Portugal Obrigacoes do Tesouro OT:
2.25% Sr. Unsec. Nts., 4/18/341	EUR		15,000,000		19,003,682
4.10% Sr. Unsec. Nts., 4/15/371	EUR		52,500,000		82,806,435
					101,810,117
Qatar—0.2%
Qatar Government International Bond, 4.40% Sr. Unsec. Nts., 4/16/501			5,000,000		5,697,530
Russia—2.0%
Russian Federal Bond - OFZ, Series 6211, 7.00% Bonds, 1/25/235	RUB		1,000,000,000		14,037,121
Russian Federal Bond - OFZ, Series 6228, 7.65% Bonds, 4/10/30	RUB		1,000,000,000		15,102,840
Russian Federal Bond - OFZ, Series 6229, 7.15% Bonds, 11/12/25	RUB		1,400,000,000		20,191,558
Russian Federation, Series 6221, 7.70% Bonds, 3/23/33	RUB		500,000,000		7,676,087
					57,007,606

13      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Saudi Arabia—0.5%
Saudi Government Bond:
3.25% Sr. Unsec. Nts., 10/22/301		$	1,534,000	$	1,551,589
4.50% Sr. Unsec. Nts., 4/22/601			12,500,000		12,489,687
					14,041,276
Senegal—0.1%
Republic of Senegal, 6.75% Sr. Unsec. Nts., 3/13/481			3,521,000		2,947,887
South Africa—3.3%
Republic of South Africa:
Series 2030, 8.00% Sr. Unsec. Nts., 1/31/30	ZAR		195,000,000		9,044,443
Series 2037, 8.50% Sr. Unsec. Nts., 1/31/37	ZAR		82,600,000		3,464,719
Series 2048, 8.75% Sr. Unsec. Nts., 2/28/48	ZAR		290,125,000		11,772,168
Series R186, 10.50% Sr. Unsec. Nts., 12/21/26	ZAR		1,153,900,000		68,429,062
					92,710,392
Spain—1.8%
Spain Government Bond:
1.00% Sr. Unsec. Nts., 10/31/501	EUR		10,000,000		9,672,936
3.45% Sr. Unsec. Nts., 7/30/661	EUR		22,500,000		39,037,182
					48,710,118
Sri Lanka—0.1%
Democratic Socialist Republic of Sri Lanka:
5.875% Sr. Unsec. Nts., 7/25/221			2,295,000		1,445,850
6.20% Sr. Unsec. Nts., 5/11/271			1,310,000		759,780
6.75% Sr. Unsec. Nts., 4/18/281			3,200,000		1,839,991
					4,045,621
Supranational—0.4%
African Development Bank:
7.402% Sr. Unsec. Nts., 1/17/506	ZAR		310,000,000		2,287,516
8.161% Sr. Unsec. Nts., 4/5/466	ZAR		600,000,000		3,761,130
European Bank for Reconstruction & Development, 6.85% Sr.
Unsec. Nts., 6/21/21	IDR		60,400,000,000		4,002,642
					10,051,288
Thailand—0.5%
Kingdom of Thailand, 2.875% Bonds, 12/17/28	THB		394,700,000		13,884,231
Turkey—0.4%
Republic of Turkey, 12.40% Bonds, 3/8/28	TRY		77,000,000		11,616,925
Ukraine—0.7%
Ukraine Government Bond:
7.75% Sr. Unsec. Nts., 9/1/251			3,750,000		3,515,861
7.75% Sr. Unsec. Nts., 9/1/261			6,072,000		5,632,442

14      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Ukraine (Continued)
Ukraine Government Bond: (Continued)
8.994% Sr. Unsec. Nts., 2/1/241		$	9,670,000	$	9,464,561
					18,612,864
United Arab Emirates—0.2%
Abu Dhabi Government Bond:
3.125% Sr. Unsec. Nts., 4/16/301			3,500,000		3,736,950
3.875% Sr. Unsec. Nts., 4/16/501			3,000,000		3,210,600
					6,947,550
United Kingdom—1.9%
United Kingdom Gilt, 1.75% Bonds, 1/22/491	GBP		31,250,000		51,642,470
Total Foreign Government Obligations (Cost $1,614,015,422)					1,449,708,844
Corporate Bonds and Notes—15.3%
Consumer Discretionary—0.4%
Diversified Consumer Services—0.1%
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125% Sr. Sec. Nts., 7/31/261			3,395,000		3,259,200
Hotels, Restaurants & Leisure—0.2%
Melco Resorts Finance Ltd., 4.875% Sr. Unsec. Nts., 6/6/251			2,500,000		2,429,383
MGM China Holdings Ltd., 5.875% Sr. Unsec. Nts., 5/15/261			2,500,000		2,486,750
					4,916,133
Interactive Media & Services—0.1%
Baidu, Inc., 3.425% Sr. Unsec. Nts., 4/7/30			1,500,000		1,570,377
Multiline Retail—0.0%
Future Retail Ltd., 5.60% Sr. Sec. Nts., 1/22/251			2,500,000		681,901
Energy—2.8%
Energy Equipment & Services—0.1%
ADES International Holding plc, 8.625% Sr. Sec. Nts., 4/24/241			2,750,000		2,131,800
Oil, Gas & Consumable Fuels—2.7%
Bayan Resources Tbk PT, 6.125% Sr. Unsec. Nts., 1/24/231			1,515,000		1,207,252
Cosan Ltd., 5.50% Sr. Unsec. Nts., 9/20/291			3,040,000		2,701,678
Ecopetrol SA, 6.875% Sr. Unsec. Nts., 4/29/30			5,000,000		5,168,850
Eterna Capital Pte Ltd., 0.00% PIK Rate, 7.50% Cash Rate, Sr. Sec. Nts., 12/11/221,7			4,262,238		2,450,787
Eterna Capital Pte Ltd., 8.00% PIK Rate, 0.00% Cash Rate, Sr.Sec. Nts., 12/11/227			5,030,047		2,474,040
KazTransGas JSC, 4.375% Sr. Unsec. Nts., 9/26/271			12,065,000		11,489,138
NAK Naftogaz Ukraine via Kondor Finance plc, 7.625% Sr. Unsec. Nts., 11/8/261			2,400,000		2,041,287
Petrobras Global Finance BV:
5.75% Sr. Unsec. Nts., 2/1/29			6,274,000		6,015,197

15      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Petrobras Global Finance BV: (Continued)
6.85% Sr. Unsec. Nts., 6/5/2115		$	9,255,000	$	8,745,975
Petroleos Mexicanos:
3.75% Sr. Unsec. Nts., 4/16/261	EUR		9,470,000		8,206,342
5.95% Sr. Unsec. Nts., 1/28/311			3,150,000		2,297,295
Petronas Capital Ltd.:
3.50% Sr. Unsec. Nts., 4/21/301			1,500,000		1,572,800
4.55% Sr. Unsec. Nts., 4/21/501			2,500,000		2,726,943
4.80% Sr. Unsec. Nts., 4/21/601			5,460,000		6,340,984
Reliance Industries Ltd.:
6.78% Unsec. Nts., 9/16/20	INR		500,000,000		6,681,684
8.32% Sec. Nts., 7/8/21	INR		335,000,000		4,513,564
YPF SA, 31.438% [BADLARPP+400] Sr. Unsec. Nts., 7/7/201,2			8,000,000		1,398,313
					76,032,129
Financials—10.0%
Capital Markets—2.7%
Credit Suisse Group AG:
6.25% [USSW5+345.5] Jr. Sub. Perpetual Bonds1,2,8			2,500,000		2,574,780
6.375% [H15T5Y+482.2] Jr. Sub. Perpetual Bonds1,2,8			2,260,000		2,227,987
7.50% [USSW5+459.8] Jr. Sub. Perpetual Bonds1,2,8			20,000,000		21,225,000
Deutsche Bank AG, 2.625% Sr. Unsec. Nts., 2/12/261	EUR		10,950,000		11,860,303
Morgan Stanley, 7.50% Sr. Unsec. Nts., 4/2/321,4			15,000,000		12,765,989
Standard Life Aberdeen plc, 4.25% Sub. Nts., 6/30/281			7,500,000		7,475,190
UBS Group AG:
6.875% [USISDA05+549.65] Jr. Sub. Perpetual Bonds1,2,8			2,520,000		2,538,837
7.00% [USSW5+486.6] Jr. Sub. Perpetual Bonds1,2,8			7,900,000		8,522,125
7.00% [USSW5+434.4] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		5,146,975
					74,337,186
Commercial Banks—5.5%
Banca Monte dei Paschi di Siena SpA, 5.375% [EUSA5+500.5] Sub. Nts., 1/18/281,2	EUR		3,000,000		1,978,694
Banco Bilbao Vizcaya Argentaria SA:
5.875% [EUSA5+566] Jr. Sub. Perpetual Bonds1,2,8	EUR		4,200,000		4,341,949
8.875% [EUSA5+917.7] Jr. Sub. Perpetual Bonds1,2,8	EUR		6,800,000		7,590,830
Banco Comercial Portugues SA, 4.50% [EUSA5+426.7] Sub. Nts., 12/7/271,2	EUR		2,100,000		1,982,776
Banco de Sabadell SA, 6.50% [EUSA5+641.4] Jr. Sub. Perpetual Bonds1,2,8	EUR		2,400,000		1,922,296
Banco do Brasil SA (Cayman), 6.25% [H15T10Y+439.8] Jr. Sub. Perpetual Bonds1,2,8			2,500,000		2,062,500
Banco Hipotecario SA, 33.002% [BADLARPP+615] Sr. Unsec. Nts., 2/15/212	ARS		79,018,000		1,067,827
Banco Mercantil del Norte SA (Grand Cayman), 7.50% [H15T10Y+547] Jr. Sub. Perpetual Bonds1,2,8			3,840,000		3,161,664
Banco Santander SA, 4.375% [EUSA5+453.4] Jr. Sub. Perpetual Bonds1,2,8	EUR		2,600,000		2,488,836

16      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Commercial Banks (Continued)
Bank Leumi Le-Israel BM, 3.275% [H15T5Y+163.1] Sub. Nts., 1/29/311,2		$	2,500,000	$	2,327,734
Barclays plc:
5.875% [BPSW5+491] Jr. Sub. Perpetual Bonds1,2,8	GBP		2,500,000		2,732,309
7.125% [GUKG5+657.9] Jr. Sub. Perpetual Bonds2,8	GBP		2,500,000		2,996,429
BNP Paribas SA, 7.625% [USSW5+631.4] Jr. Sub. Perpetual Bonds1,2,8			6,235,000		6,348,009
CaixaBank SA, 6.75% [EUSA5+649.8] Jr. Sub. Perpetual Bonds1,2,8	EUR		8,515,000		8,841,407
Cooperatieve Rabobank UA:
3.25% [EUSA5+370.2] Jr. Sub. Perpetual Bonds1,2,8	EUR		1,400,000		1,408,452
4.625% [EUSA5+409.8] Jr. Sub. Perpetual Bonds1,2,8	EUR		7,200,000		7,910,508
Credit Agricole SA:
0.875% Sr. Unsec. Nts., 1/14/321	EUR		3,700,000		3,915,926
7.50% [BPSW5+453.5] Jr. Sub. Perpetual Bonds1,2,8	GBP		2,500,000		3,294,506
8.125% [USSW5+618.5] Jr. Sub. Perpetual Bonds1,2,8			2,600,000		2,900,625
Danske Bank AS:
6.125% [USSW7+389.6] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		4,757,250
7.00% [H15T7Y+413] Jr. Sub. Perpetual Bonds1,2,8			3,500,000		3,438,750
Global Bank Corp., 5.25% [US0003M+330] Sr. Unsec. Nts., 4/16/291,2			1,115,000		1,047,710
Grupo Aval Ltd., 4.375% Sr. Unsec. Nts., 2/4/301			3,000,000		2,529,450
HSBC Bank plc, 1.425% [US0006M+25] Jr. Sub. Perpetual Bonds2,8			1,500,000		1,151,250
HSBC Holdings plc:
5.25% [EUSA5+438.3] Jr. Sub. Perpetual Bonds1,2,8	EUR		5,350,000		5,812,905
6.00% [EUSA5+533.8] Jr. Sub. Perpetual Bonds1,2,8	EUR		10,750,000		12,238,998
ING Groep NV, 6.75% [USISDA05+420.4] Jr. Sub. Perpetual Bonds1,2,8			2,500,000		2,463,450
Intesa Sanpaolo SpA:
4.70% Sr. Unsec. Nts., 9/23/491			4,700,000		4,576,731
6.25% [EUSA5+585.6] Jr. Sub. Perpetual Bonds1,2,8	EUR		2,500,000		2,511,321
Itau Unibanco Holding SA (Cayman), 4.625% [H15T5Y+322.2] Jr. Sub. Perpetual Bonds1,2,8			5,760,000		4,723,200
Lloyds Bank plc, 1.691% [US0006M+10] Jr. Sub. Perpetual Bonds2,8			3,000,000		2,445,000
National Bank of Greece SA, 8.25% [EUSA5+846.4] Sub. Nts., 7/18/291,2	EUR		2,000,000		2,027,046
Novo Banco SA:
3.50% Sr. Unsec. Nts., 2/19/431	EUR		3,000,000		2,733,269
3.50% Sr. Unsec. Nts., 3/18/431	EUR		2,000,000		1,839,538
Skandinaviska Enskilda Banken AB, 5.125% [H15T5Y+346.3] Jr. Sub. Perpetual Bonds1,2,8			2,600,000		2,509,000
Societe Generale SA:
7.375% [USSW5+623.8] Jr. Sub. Perpetual Bonds1,2,8			11,100,000		10,891,875
8.00% [USISDA05+587.3] Jr. Sub. Perpetual Bonds1,2,8			3,500,000		3,554,932
8.00% [USISDA05+587.3] Jr. Sub. Perpetual Bonds1,2,8			2,500,000		2,539,238
Standard Chartered plc, 7.75% [USSW5+572.3] Jr. Sub. Perpetual Bonds1,2,8			3,750,000		3,798,712

17      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Commercial Banks (Continued)
TMB Bank PCL (Cayman), 4.90% [H15T5Y+325.6] Jr. Sub. Perpetual Bonds1,2,8		$	1,150,000	$	954,500
UniCredit SpA, 6.625% [EUSA5+638.7] Jr. Sub. Perpetual Bonds1,2,8	EUR		2,000,000		1,952,261
UniCredit SpA, 1.80% Reg S, 1/20/30	EUR		2,500,000		2,505,401
					152,275,064
Diversified Financial Services—1.2%
Alpha Holding SA de CV, 9.00% Sr. Unsec. Nts., 2/10/251			2,325,000		1,595,531
Astana Finance JSC, 0.00% Sr. Unsec. Nts., 12/22/249,10			612,810		—
Banco Invex SA/Hipotecaria Credito y Casa SA de CV, 6.45%, 3/13/343,9,10	MXN		27,602,566		—
Caixa Geral de Depositos SA, 10.75% [EUSA5+1092.5] Jr. Sub. Perpetual Bonds1,2,8	EUR		7,000,000		7,864,795
Fideicomiso PA Costera, 6.25% Sr. Sec. Nts., 1/15/341,3	COP		5,916,031,565		1,565,858
JP Morgan/Hipotecaria su Casita, 6.47%, 8/26/351,10	MXN		34,101,099		153,828
National Bank for Agriculture & Rural Development, 8.39% Sr. Unsec. Nts., 7/19/21	INR		300,000,000		4,106,912
Power Finance Corp. Ltd.:
7.42% Sr. Unsec. Nts., 6/26/20	INR		350,000,000		4,681,140
7.99% Sr. Unsec. Nts., 12/20/22	INR		400,000,000		5,440,059
8.53% Sr. Unsec. Nts., 7/24/20	INR		330,000,000		4,427,129
Swiss Insured Brazil Power Finance Sarl, 9.85% Sr. Sec. Nts., 7/16/321	BRL		15,000,000		2,965,299
					32,800,551
Real Estate Management & Development—0.6%
China Evergrande Group:
10.00% Sr. Sec. Nts., 4/11/231			1,500,000		1,290,000
11.50% Sr. Sec. Nts., 1/22/231			2,500,000		2,256,475
12.00% Sr. Sec. Nts., 1/22/241			1,000,000		870,235
China Resources Land Ltd., 3.75% [H15T5Y+513.9] Jr. Sub. Perpetual Bonds1,2,8			5,000,000		4,932,625
Kaisa Group Holdings Ltd., 6.75%, 2/18/211			2,500,000		2,446,081
Logan Property Holdings Co. Ltd., 7.50% Sr. Unsec. Nts., 8/25/221			2,260,000		2,311,201
Times China Holdings Ltd., 7.85% Sr. Sec. Nts., 6/4/211			3,280,000		3,329,744
					17,436,361
Thrifts & Mortgage Finance—0.0%
Housing Development Finance Corp. Ltd., 8.95% Sec. Nts., 10/19/20	INR		125,000,000		1,683,162
Health Care—0.0%
Health Care Equipment & Supplies—0.0%
Rede D’or Finance Sarl, 4.50% Sr. Unsec. Nts., 1/22/301			1,317,000		1,120,306

18      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

		Principal Amount		Value
Industrials—0.2%
Construction & Engineering—0.1%
Fideicomiso PA Concesion Ruta al Mar, 6.75% Sr. Sec. Nts., 2/15/441,3	COP		8,000,000,000	$	2,041,041
Road & Rail—0.1%
Indian Railway Finance Corp. Ltd., 8.83% Sr. Sec. Nts., 3/25/23	INR		250,000,000		3,577,883
Materials—0.6%
Chemicals—0.1%
Sociedad Quimica y Minera de Chile SA, 4.25% Sr. Unsec. Nts., 1/22/501			2,500,000		2,245,375
Construction Materials—0.1%
Cemex SAB de CV, 5.45% Sr. Sec. Nts., 11/19/291			2,500,000		2,070,375
InterCement Financial Operations BV, 5.75% Sr. Unsec. Nts., 7/17/241			4,435,000		1,896,850
					3,967,225
Metals & Mining—0.4%
CSN Islands XI Corp., 6.75% Sr. Unsec. Nts., 1/28/281			5,000,000		3,293,750
Metinvest BV, 7.75% Sr. Unsec. Nts., 10/17/291			3,840,000		2,508,365
Southern Copper Corp., 7.50% Sr. Unsec. Nts., 7/27/35			3,550,000		4,523,219
					10,325,334
Telecommunication Services—0.4%
Diversified Telecommunication Services—0.4%
AT&T, Inc., 2.875% [EUAMDB05+314] Jr. Sub. Perpetual Bonds2,8	EUR		2,700,000		2,732,790
Tower Bersama Infrastructure Tbk PT, 4.25% Sr. Unsec. Nts., 1/21/251			5,000,000		4,649,704
Xiaomi Best Time International Ltd., 3.375% Sr. Unsec. Nts., 4/29/301			2,500,000		2,459,563
					9,842,057
Utilities—0.9%
Electric Utilities—0.5%
Azure Power Solar Energy Pvt Ltd., 5.65% Sr. Sec. Nts., 12/24/241			5,000,000		4,625,000
Centrais Eletricas Brasileiras SA, 4.625% Sr. Unsec. Nts., 2/4/301			3,761,000		3,256,086
Eskom Holdings SOC Ltd.:
6.75% Sr. Unsec. Nts., 8/6/231			2,500,000		1,889,075
7.125% Sr. Unsec. Nts., 2/11/251			2,500,000		1,843,750
SMC Global Power Holdings Corp., 5.95% [H15T5Y+679.6] Jr. Sub. Perpetual Bonds1,2,8			1,700,000		1,504,546
					13,118,457

19      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

		Principal Amount		Value
Independent Power and Renewable Electricity Producers—0.4%
AES Andres BV/Dominican Power Partners/Empresa Generadora de Electricidad Itabo SA, 7.95% Sr. Unsec. Nts., 5/11/261		$	3,325,000	$	2,896,940
AES Gener SA, 6.35% [H15T5Y+491.7] Jr. Sub. Nts., 10/7/791,2			2,500,000		2,340,650
Inkia Energy Ltd., 5.875% Sr. Unsec. Nts., 11/9/271			5,865,000		5,549,756
ReNew Power Pvt Ltd., 5.875% Sr. Sec. Nts., 3/5/271			2,500,000		2,046,721
					12,834,067
Total Corporate Bonds and Notes (Cost $495,746,274)					426,195,609
		Shares
Common Stock—0.0%
JSC Astana Finance, GDR1,10,11 (Cost $0, Acquisition Date 6/5/15)			868,851		—
		Principal Amount
Structured Securities—0.5%
Deutsche Bank AG, Coriolanus Ltd. Sec. Credit Linked Bonds:
3.003% Sr. Sec. Nts., 4/30/251,6			1,651,869		1,646,991
3.054% Sr. Sec. Nts., 4/30/251,6			2,104,735		2,098,520
3.098% Sr. Sec. Nts., 4/30/251,4			1,817,101		1,811,736
3.131% Sr. Sec. Nts., 4/30/251,6			1,624,260		1,619,463
3.179% Sr. Sec. Nts., 4/30/251,6			2,022,335		2,016,363
3.231% Sr. Sec. Nts., 4/30/251,6			2,308,188		2,301,373
3.265% Sr. Sec. Nts., 4/30/251,6			1,843,972		1,838,527
3.346% Sr. Sec. Nts., 4/30/251,6			1,733,256		1,728,138
Morgan Stanley, Russian Federation Total Return Linked
Bonds, Series 007, Cl. VR, 5.00%, 8/22/3410	RUB		103,214,253		11,408
Total Structured Securities (Cost $16,790,187)					15,072,519
Short-Term Note—7.2%
United States Treasury Bills, 0.214%, 10/8/206,12 (Cost $199,808,889)			200,000,000		199,904,444

Counter- party

Exercise Price

Expiration Date

Notional Amount (000’s)

Contracts (000’s)

Over-the-Counter Options Purchased—0.4%

USD

BRL Currency

Put

GSCO-OT

BRL

4.750

4/26/21

USD 5,000

5,000

838,868

USD

BRL Currency

Put

GSCO-OT

BRL

3.850

8/17/21

USD 5,000

5,000

201,039

USD

BRL Currency

Put

GSCO-OT

BRL

3.850

2/12/21

USD 5,000

5,000

144,797

USD

BRL Currency

USD

Put

MSCO

BRL

4.000

5/27/20

100,000

100,000

150

EUR

EUR Currency

Call

MSCO

USD

1.150

6/1/20

EUR 5,000

5,000

50,956

20      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Notional

Counter-

Exercise

Expiration

Amount

Contracts

party

Price

Date

(000’s)

(000’s)

Value

Over-the-Counter Options Purchased (Continued)

EUR

EUR Currency

Put

JPM

NOK

8.900

8/26/21

EUR 12,500

12,500

$

753,902

EUR

EUR Currency

Put

GSCO-OT

NOK

8.710

12/17/20

EUR 12,500

12,500

41,572

EUR

EUR Currency

Put

GSCO-OT

INR

74.875

8/5/20

EUR 5,000

5,000

241,718

EUR

EUR Currency

Put

GSCO-OT

NOK

8.402

12/17/20

EUR 12,500

12,500

9,710

USD

IDR Currency

USD

Put

SCB

IDR

15380.000

4/23/21

100,000

100,000

2,875,914

USD

IDR Currency

Put

JPM

IDR

13730.000

7/23/20

USD 50,000

50,000

73,478

USD

INR Currency

USD

Put

BOA

INR

72.500

10/27/20

100,000

100,000

347,049

USD

INR Currency

Put

GSCO-OT

INR

65.600

5/6/20

USD 2,500

2,500

—

USD

INR Currency

USD

Put

JPM

INR

72.560

8/21/20

100,000

100,000

266,634

USD

INR Currency

Put

SCB

INR

72.600

7/7/20

USD 50,000

50,000

87,394

USD

INR Currency

USD

Put

SCB

INR

72.700

10/28/20

150,000

150,000

567,081

USD

JPY Currency

Call

BOA

JPY

112.070

5/22/20

USD 1,800

1,800

339

USD

JPY Currency

Put

BOA

JPY

100.000

2/2/21

USD 25,000

25,000

3,273,300

USD

MXN Currency

USD

Put

JPM

MXN

20.100

1/6/22

100,000

100,000

761,952

USD

MXN Currency

Put

CITNA-B

MXN

19.980

3/4/21

USD 50,000

50,000

130,715

USD

RUB Currency

Put

JPM

RUB

59.000

8/5/20

USD 5,500

5,500

20,927

USD

RUB Currency

Put

GSCO-OT

RUB

58.500

8/4/20

USD 5,500

5,500

14,378

21      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Notional

Counter-

Exercise

Expiration

Amount

Contracts

party

Price

Date

(000’s)

(000’s)

Value

Over-the-Counter Options Purchased (Continued)

USD

RUB Currency

Put

MSCO

RUB

64.000

5/25/20

USD 75,000

75,000

$

5,104

USD

RUB Currency

Put

GSCO-OT

RUB

67.990

3/8/21

USD 96,750

96,750

933,951

USD

ZAR Currency

Put

BOA

ZAR

14.275

7/7/20

USD 40,000

40,000

5,446

USD

ZAR Currency

Call

GSCO-OT

ZAR

14.500

7/23/20

USD 97,500

97,500

6,828

Total Over-the-Counter Options Purchased (Cost $40,087,455)

11,653,202

Pay/Receive

Notional

Counter

Floating

Floating

Fixed

Expiration

Amount

-party

Rate

Rate

Rate

Date

(000’s)

Over-the-Counter Interest Rate Swaptions Purchased—0.1%

Interest Rate Swap maturing 10/16/20 Put

BOA

Pay

Three-Month USD BBA LIBOR

2.042%

10/16/20

USD 500,000

115,500

Interest Rate Swap maturing 11/15/21 Put

JPM

Pay

Six-Month EUR EURIBOR

0.543

11/15/21

EUR 150,000

1,117,882

Interest Rate Swap maturing 11/25/21 Put

MSCO

Receive

Six-Month EUR EURIBOR

0.532

11/25/21

EUR 112,500

883,088

Interest Rate Swap maturing 11/27/20 Put

JPM

Receive

Three-Month USD BBA LIBOR

1.700

11/27/20

USD 168,000

163,521

Interest Rate Swap maturing 12/2/20 Put

GSCO-OT

Receive

Three-Month USD BBA LIBOR

2.266

12/2/20

USD 120,000

27,991

Interest Rate Swap maturing 2/8/21 Put

BOA

Receive

Six-Month EUR EURIBOR

0.406

2/8/21

EUR 1,250,000

1,029,729

Interest Rate Swap Maturing 3/29/21 Put

JPM

Receive

Six-Month EUR EURIBOR

1.122

3/29/21

EUR 1,500,000

95,208

Interest Rate Swap Maturing 4/12/21 Put

JPM

Receive

Six-Month EUR EURIBOR

0.615

4/12/21

EUR 500,000

6,542

22      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Pay/Receive

Notional

Counter

Floating

Floating

Fixed

Expiration

Amount

-party

Rate

Rate

Rate

Date

(000’s)

Value

Over-the-Counter Interest Rate Swaptions Purchased (Continued)

Interest Rate Swap Maturing 4/6/21 Put

JPM

Receive

Six-Month EUR EURIBOR

0.608

%

4/6/21

EUR 500,000

$

6,526

Interest Rate Swap maturing 5/29/20 Put

GSCO-OT

Pay

Three-Month USD BBA LIBOR

2.250

5/29/20

USD 800,000

—

Interest Rate Swap maturing 6/15/20 Put

NOM

Receive

Three-Month USD BBA LIBOR

1.850

6/15/20

USD 200,000

658

Interest Rate Swap maturing 8/17/20 Put

MSCO

Receive

Three-Month USD BBA LIBOR

1.695

8/17/20

USD 116,000

28,898

Interest Rate Swap maturing 8/26/20 Put

MSCO

Receive

Three-Month USD BBA LIBOR

2.500

8/26/20

USD 750,000

21,360

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $28,387,718)

3,496,903

	Shares
Investment Company—7.1%
Invesco Government & Agency Portfolio, Institutional Class, 0.20%13,14 (Cost $196,634,804)		196,634,804		196,634,804
Total Investments, at Value (Cost $2,792,511,716)		89.3%		2,487,063,126
Net Other Assets (Liabilities)		10.7		296,919,374
Net Assets		100.0%	$	2,783,982,500

Footnotes to Consolidated Statement of Investments

1. 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 April 30, 2020 was $1,001,628,172, which represented 35.98% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

4. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

5. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1 of the accompanying Notes to Consolidated Financial Statements.

6. Zero coupon bond reflects effective yield on the original acquisition date.

7. Interest or dividend is paid-in-kind, when applicable.

8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

23      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Footnotes to Consolidated Statement of Investments (Continued)

9. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

10. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes to Consolidated Financial Statements.

11. Non-income producing security.

12. All or a portion of the security position is held in segregated accounts and pledged to cover margin requirements under certain derivative contracts. The aggregate market value of such securities is $85,086,214. See Note 4 of the accompanying Notes to Consolidated Financial Statements..

13. The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

14. Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares		Gross		Gross			Shares
	October 31, 2019		Additions		Reductions			April 30, 2020
Investment Company
Invesco Government & Agency
Portfolio, Institutional Class		232,541,098		2,400,649,606		2,436,555,900			196,634,804
OFI Carlyle Private Credit Fund,
Cl. I		164,371		7,009		171,380			—
								Change in
					Realized			Unrealized
	Value		Income		Gain (Loss)			Gain (Loss)
Investment Company
Invesco Government & Agency
Portfolio, Institutional Class	$	196,634,804	$	1,303,516	$	—		$	—
OFI Carlyle Private Credit Fund,
Cl. I		—		36,042		(79,407	)		78,987
Total	$	196,634,804	$	1,339,558	$	(79,407	)	$	78,987

Distribution of investments representing geographic holdings, as a percentage of total investments at value, is as follows:

Geographic Holdings	Value		Percent
United States	$	453,505,895		18.2%
India		268,498,604		10.8
Indonesia		254,671,353		10.2
United Kingdom		166,803,488		6.7
Spain		131,452,896		5.3
Portugal		116,230,494		4.7
South Africa		96,455,491		3.9
Mexico		95,238,275		3.8
Greece		92,530,592		3.7
Colombia		80,659,084		3.2
Argentina		68,358,605		2.8
Brazil		66,698,104		2.7
Russia		57,059,423		2.3

24      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Geographic Holdings (Continued)	Value		Percent
Cyprus	$	56,452,821		2.3%
Peru		52,267,239		2.1
France		49,163,119		2.0
Egypt		47,971,163		1.9
Switzerland		42,235,704		1.7
Malaysia		25,399,530		1.0
Italy		24,850,514		1.0
Ukraine		23,162,516		0.9
China		21,466,300		0.9
Saudi Arabia		16,173,076		0.7
Ireland		15,061,112		0.6
Thailand		14,838,731		0.6
Ivory Coast		13,677,023		0.6
Germany		11,860,302		0.5
Netherlands		11,782,410		0.5
Turkey		11,616,925		0.5
Kazakhstan		11,489,138		0.5
Dominican Republic		11,096,940		0.4
United Arab Emirates		10,206,750		0.4
Supranational		10,051,288		0.4
Denmark		8,196,000		0.3
Ghana		5,751,385		0.2
Qatar		5,697,530		0.2
Chile		4,586,025		0.2
Sri Lanka		4,045,621		0.2
Guatemala		3,648,750		0.2
Japan		3,273,639		0.1
Eurozone		3,138,975		0.1
Senegal		2,947,887		0.1
Paraguay		2,592,188		0.1
Sweden		2,509,000		0.1
Macau		2,486,750		0.1
Hong Kong		2,429,383		0.1
Israel		2,327,734		0.1
Philippines		1,504,546		0.1
Angola		1,089,914		0.0
Panama		1,047,710		0.0
Norway		805,184		0.0
Total	$	2,487,063,126		100.0%

Forward Currency Exchange Contracts as of April 30, 2020
Counter	Settlement			Currency			Currency Sold		Unrealized		Unrealized
-party	Month(s)			Purchased (000’s)			(000’s)		Appreciation		Depreciation
BAC		05/2020	CLP		2,018,340	USD		2,946	$	—	$	(528,192	)
BAC		06/2020	RUB		55,883	EUR		676		32,092		(25,258	)
BOA		05/2020	BRL		291,065	USD		56,728		—		(3,206,935	)
BOA		06/2020	CAD		100,655	USD		76,650		—		(4,332,041	)
BOA		06/2020	EUR		78,698	USD		87,755		—		(1,435,860	)
BOA		06/2020	INR		1,300,000	USD		16,744		386,637		—
BOA		06/2020	JPY		18,675,070	USD		173,066		1,802,812		(731,584	)

25      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counter	Settlement	Currency				Currency Sold		Unrealized		Unrealized
-party	Month(s)	Purchased (000’s)				(000’s)		Appreciation		Depreciation
BOA	06/2020		MXN	550,000	USD		25,000	$	—	$	(2,344,887	)
BOA	06/2020		NOK	807,760	USD		84,589		1,364,803		(7,089,805	)
BOA	06/2020		NZD	17,525	USD		11,582		—		(834,735	)
BOA	06/2020		PLN	401,140	USD		105,198		—		(8,537,866	)
BOA	06/2020		SEK	361,830	USD		38,217		—		(1,111,995	)
BOA	06/2020		TRY	30,240	USD		4,782		—		(503,292	)
BOA	05/2020		USD	53,633	BRL		291,065		111,441		—
BOA	06/2020		USD	155,667	EUR		139,600		2,547,027		—
BOA	06/2020		USD	3,290	GBP		2,500		140,552		—
BOA	06/2020 - 02/2021		USD	481,753	JPY		51,610,336		894,043		(1,115,715	)
BOA	06/2020		USD	22,958	MXN		491,231		2,723,938		—
BOA	06/2020 - 07/2020		USD	33,600	ZAR		539,601		4,655,259		—
BOA	06/2020		ZAR	660,880	USD		40,546		—		(5,057,122	)
CITNA-B	05/2020		CLP	6,593,100	USD		9,625		—		(1,725,740	)
CITNA-B	06/2020		COP	254,938,538	USD		71,365		—		(7,232,278	)
CITNA-B	06/2020		EUR	198,309	USD		221,103		—		(3,589,290	)
CITNA-B	06/2020		GBP	4,260	USD		5,605		—		(238,818	)
CITNA-B	06/2020		JPY	24,084,621	USD		221,699		2,879,366		—
CITNA-B	06/2020		NOK	470,000	USD		52,280		—		(6,392,706	)
CITNA-B	06/2020		PLN	117,570	USD		30,828		—		(2,498,318	)
CITNA-B	06/2020		USD	77,865	COP		300,301,700		2,321,140		—
CITNA-B	06/2020		USD	238,773	EUR		214,155		3,878,386		—
CITNA-B	06/2020		USD	5,493	GBP		4,175		234,053		—
CITNA-B	06/2020		USD	39,750	IDR		569,750,000		2,462,071		—
CITNA-B	06/2020		USD	76,817	JPY		8,310,000		—		(669,623	)
CITNA-B	06/2020		USD	364,088	MXN		7,816,974		42,098,338		—
CITNA-B	06/2020		USD	52,679	PEN		185,600		—		(2,151,188	)
CITNA-B	06/2020		USD	63,819	SEK		604,450		1,833,530		—
CITNA-B	06/2020		USD	22,010	ZAR		358,620		2,752,705		—
DEU	06/2020		PEN	60,220	USD		17,777		25,293		(11,846	)
GSCO-OT	02/2021 - 03/2021		BRL	202,867	USD		46,123		—		(9,271,528	)
GSCO-OT	11/2020		EUR	10,800	RUB		794,990		1,574,393		(131,806	)
GSCO-OT	05/2020 - 12/2020		EUR	299,863	USD		343,143		6,872		(13,827,914	)
GSCO-OT	06/2020		IDR	144,800,000	USD		10,000		—		(540,749	)
GSCO-OT	05/2020		INR	7,235,498	USD		95,750		1,399,827		(896,868	)
GSCO-OT	06/2020		JPY	3,000,000	USD		27,965		4,289		—
GSCO-OT	06/2020		MXN	909,150	USD		42,479		—		(5,029,780	)
GSCO-OT	01/2021 - 02/2021		RUB	8,066,727	USD		102,863		5,823,946		(3,887,640	)
GSCO-OT	06/2020		USD	51,463	AUD		75,010		2,575,708		—
GSCO-OT	03/2021 - 04/2021		USD	40,017	BRL		175,425		8,500,928		(328,850	)
GSCO-OT	06/2020		USD	76,622	CAD		100,645		4,311,072		—
GSCO-OT	05/2020		USD	22,138	CLP		15,215,340		3,907,787		—
GSCO-OT	08/2020		USD	5,000	EGP		82,000		—		(295	)
GSCO-OT	05/2020 - 06/2020		USD	23,694	EUR		20,996		676,439		(3,833	)
GSCO-OT	10/2020		USD	36,500	IDR		535,637,500		2,515,844		—
GSCO-OT	05/2020 - 08/2020		USD	145,339	INR		10,848,113		2,440,523		(582,866	)
GSCO-OT	06/2020		USD	84,000	JPY		8,896,734		1,053,768		—
GSCO-OT	12/2020		USD	90,750	NOK		768,075		15,731,937		—

26      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Forward Currency Exchange Contracts (Continued)
Counter	Settlement	Currency				Currency Sold		Unrealized		Unrealized
-party	Month(s)	Purchased (000’s)				(000’s)		Appreciation		Depreciation
GSCO-OT	06/2020		USD	67,083	NZD		101,500	$	4,836,076	$	—
GSCO-OT	02/2021		USD	29,000	RUB		1,968,375		3,487,085		—
GSCO-OT	06/2020		USD	9,033	TRY		57,150		946,875		—
GSCO-OT	06/2020 - 01/2021		USD	65,390	ZAR		1,112,713		6,096,138		—
GSCO-OT	06/2020 - 01/2021		ZAR	2,866,576	USD		150,869		3,300,276		(1,421,732	)
HSBC	06/2020		USD	1	CNY		5		10		—
JPM	06/2020		AUD	75,000	USD		51,447		—		(2,566,590	)
JPM	05/2020 - 06/2020		BRL	2,046,773	USD		378,861		3,404,464		(6,010,651	)
JPM	06/2020		CAD	982	USD		747		—		(42,116	)
JPM	05/2020 - 06/2020		CLP	64,397,360	USD		76,860		1,221,341		(862,734	)
JPM	06/2020 - 08/2021		EUR	1,254,477	USD		1,400,199		1,787,542		(25,373,638	)
JPM	06/2020		GBP	197,370	USD		257,794		366,418		(9,526,042	)
JPM	06/2020 - 11/2020		IDR	1,777,077,500	USD		124,166		—		(11,293,508	)
JPM	05/2020 - 08/2020		INR	11,325,615	USD		149,717		1,191,450		(1,510,495	)
JPM	06/2020		JPY	42,982,837	USD		400,984		3,348,861		(3,536,956	)
JPM	06/2020 - 01/2022		MXN	10,850,151	USD		466,776		4,839,994		(25,829,638	)
JPM	06/2020		NOK	14,624	EUR		1,335		80,334		(116,939	)
JPM	06/2020 - 12/2020		NOK	1,368,075	USD		157,457		—		(23,859,069	)
JPM	06/2020		NZD	88,966	USD		58,638		—		(4,078,324	)
JPM	06/2020		PLN	138,720	USD		36,333		—		(2,906,586	)
JPM	06/2020 - 01/2021		RUB	15,039,285	USD		195,248		6,469,855		(2,648,234	)
JPM	06/2020		SEK	242,620	USD		25,611		—		(731,296	)
JPM	05/2020 - 06/2020		THB	5,511,080	USD		173,848		170,046		(3,684,907	)
JPM	06/2020		TRY	235,850	USD		36,262		127,686		(3,017,642	)
JPM	05/2020 - 04/2021		USD	375,969	BRL		2,037,169		8,159,313		(6,652,284	)
JPM	06/2020		USD	746	CAD		979		42,018		—
JPM	06/2020		USD	2,295	CHF		2,184		38,066		(8,144	)
JPM	06/2020		USD	72,048	CLP		61,100,660		—		(1,221,358	)
JPM	06/2020		USD	18,850	COP		73,296,636		446,294		(34,697	)
JPM	06/2020 - 12/2020		USD	1,099,803	EUR		984,819		22,170,693		(2,987,684	)
JPM	06/2020		USD	353,404	GBP		270,560		12,938,200		(368,900	)
JPM	06/2020		USD	1,073	HUF		317,830		85,619		—
JPM	06/2020		USD	255,713	IDR		3,760,687,440		9,980,092		(386,558	)
JPM	05/2020 - 06/2020		USD	502,134	INR		37,953,334		3,462,688		(1,986,178	)
JPM	05/2020 - 01/2022		USD	189,871	MXN		4,293,305		15,589,992		(1,053,769	)
JPM	06/2020 - 08/2021		USD	177,269	NOK		1,620,715		19,004,179		—
JPM	06/2020		USD	34,679	PLN		132,404		2,774,263		—
JPM	06/2020 - 02/2021		USD	168,518	RUB		12,131,360		7,246,706		(158,777	)
JPM	05/2020 - 06/2020		USD	186,239	THB		5,921,570		3,388,278		(170,046	)
JPM	06/2020		USD	50,128	TRY		316,885		5,289,847		—
JPM	06/2020		USD	271,944	ZAR		4,560,614		27,349,369		(307,765	)
JPM	06/2020		ZAR	1,938,515	USD		112,774		335,896		(9,012,364	)
MOS	05/2020		BRL	60,010	USD		11,413		—		(377,883	)
MOS	05/2020		CLP	3,307,200	USD		4,813		—		(850,025	)
MOS	05/2020		INR	1,684,210	USD		22,250		178,098		—
MOS	06/2020		KRW	12,237,650	USD		10,303		—		(222,571	)
MOS	06/2020		RUB	2,930,400	USD		37,266		1,946,283		—
MOS	06/2020		SEK	692,600	USD		68,818		2,206,773		—

27      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Forward Currency Exchange Contracts (Continued)
Counter	Settlement	Currency				Currency Sold		Unrealized		Unrealized
-party	Month(s)	Purchased (000’s)				(000’s)		Appreciation		Depreciation
MOS	05/2020 - 08/2020		USD	54,258	BRL		244,128	$	9,600,345	$	—
MOS	06/2020		USD	954	IDR		16,442,244		—		(121,932	)
MOS	05/2020		USD	22,213	INR		1,684,210		—		(214,457	)
MOS	06/2020		USD	19,000	MYR		80,805		292,937		—
MOS	05/2020 - 06/2020		USD	102,000	RUB		7,742,713		2,397,126		(4,065,656	)
RBC	06/2020		EUR	90,563	USD		99,856		575,772		(1,097,882	)
RBC	06/2020		GBP	43,045	USD		56,649		—		(2,423,892	)
RBC	06/2020		JPY	13,510,000	USD		124,356		1,619,155		—
RBC	06/2020		USD	387,834	EUR		350,995		3,471,297		(624,975	)
SCB	06/2020		USD	2,235	COP		8,910,000		—		(6,353	)
SCB	06/2020 - 04/2021		USD	34,114	IDR		524,125,000		1,202,081		(438,976	)
Total Unrealized Appreciation and Depreciation								$	327,132,650	$	(259,677,446	)

Futures Contracts as of April 30, 2020
											Unrealized
			Expiration		Number		Notional Amount				Appreciation/
Description	Buy/Sell		Date		of Contracts		(000’s)		Value		(Depreciation)
Euro BUXL		Sell		6/8/20		112		EUR 26,783	$	26,903,555	$	(120,957	)
Euro-BTP		Buy		6/8/20		2,135		EUR 321,838		324,274,063		2,436,495
Euro-BUND		Sell		6/8/20		13		EUR 2,445		2,484,938		(39,551	)
Euro-OAT		Buy		6/8/20		627		EUR 112,939		116,002,745		3,063,790
Euro-OAT		Sell		6/8/20		25		EUR 4,517		4,625,309		(108,461	)
United States Treasury Nts., 10 yr.		Sell		6/19/20		6,767		USD 942,386		941,035,938		1,350,220
United States Ultra 10 yr.		Sell		6/19/20		150		USD 23,503		23,554,688		(52,013	)
United States Ultra Bonds		Sell		6/19/20		580		USD 130,599		130,373,125		225,739
											$	6,755,262

Over-the-Counter Options Written at April 30, 2020

Number of

Notional

Counter

Exercise

Expiration

Contracts

Amount

Premiums

Description

-party

Price

Date

(000’s)

(000’s)

Received

Value

BRL

USD

BRL Currency Call

GSCO-OT

4.800

8/17/21

5,000

USD 5,000

$

1,060,500

$

(3,476,849

)

BRL

USD

BRL Currency Call

JPM

6.500

4/26/21

12,500

USD 12,500

500,000

(392,253

)

ZAR

EUR

EUR Currency Call

BOA

20.000

8/5/20

5,000

EUR 5,000

1,091,097

(3,127,000

)

NOK

EUR

EUR Currency Call1

GSCO-OT

11.000

12/17/20

10,000

EUR 10,000

2,161,338

(5,984,590

)

INR

EUR

EUR Currency Call

GSCO-OT

90.000

8/5/20

5,000

EUR 5,000

977,289

(625,487

)

28      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Options Written (Continued)
							Number of		Notional
	Counter		Exercise		Expiration		Contracts		Amount		Premiums
Description	-party		Price		Date		(000’s)		(000’s)		Received		Value
				ZAR				EUR
EUR Currency Call		JPM		19.050		12/8/20		50,000		EUR 50,000	$	1,488,576	$	(5,585,659	)
				NOK				EUR
EUR Currency Call		JPM		11.000		8/26/21		6,250		EUR 6,250		1,860,122		(3,643,538	)
				BRL				EUR
EUR Currency Call		MSCO		5.250		8/24/21		37,500		EUR 37,500		2,107,511		(6,859,864	)
				RUB				EUR
EUR Currency Call		BOA		78.000		11/4/20		50,000		EUR 50,000		1,712,843		(4,729,982	)
				IDR				USD
IDR Currency Put		JPM		13320.000		7/23/20		75,000		USD 75,000		227,273		(48,227	)
				IDR				USD
IDR Currency Call		JPM		14325.000		7/23/20		50,000		USD 50,000		347,725		(3,680,761	)
				IDR				USD
IDR Currency Call		SCB		20270.000		4/23/21		100,000		USD 100,000		2,148,000		(1,411,155	)
				INR				USD
INR Currency Call		BOA		77.550		10/27/20		100,000		USD 100,000		1,091,000		(2,210,533	)
				INR				USD
INR Currency Put		BOA		69.300		10/27/20		100,000		USD 100,000		457,000		(82,863	)
				INR				USD
INR Currency Put		SCB		69.450		10/28/20		150,000		USD 150,000		653,250		(132,297	)
				INR				USD
INR Currency Call		SCB		77.650		10/28/20		150,000		USD 150,000		1,696,500		(3,278,182	)
				INR				USD
INR Currency Call		SCB		75.600		7/7/20		50,000		USD 50,000		349,650		(942,062	)
				INR				USD
INR Currency Put		SCB		70.500		7/7/20		50,000		USD 50,000		137,700		(23,605	)
				INR				USD
INR Currency Call		JPM		75.550		8/21/20		100,000		USD 100,000		666,000		(2,658,462	)
				INR				USD
INR Currency Put		JPM		70.580		8/21/20		100,000		USD 100,000		285,300		(98,659	)
				JPY				USD
JPY Currency Call		BOA		112.000		2/2/21		15,000		USD 15,000		2,920,500		(3,736,562	)
				JPY				USD
JPY Currency Call		GSCO-OT		110.000		6/5/20		10,000		USD 10,000		1,685,000		(1,275,920	)
				JPY				USD
JPY Currency Put		JPM		109.000		5/25/20		100,000		USD 100,000		1,010,000		(1,782,621	)

29      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Over-the-Counter Options Written (Continued)
						Number of		Notional
	Counter	Exercise		Expiration		Contracts		Amount		Premiums
Description	-party	Price		Date		(000’s)		(000’s)		Received		Value
			MXN				USD
MXN Currency Put	CITNA-B		18.570		3/4/21		50,000		USD 50,000	$	398,922	$	(43,709	)
			MXN				USD
MXN Currency Call	CITNA-B		22.520		3/4/21		50,000		USD 50,000		1,005,470		(5,933,532	)
			MXN				USD
MXN Currency Call	JPM		23.090		1/6/22		100,000		USD 100,000		2,280,500		(14,554,837	)
			MXN				USD
MXN Currency Put	JPM		18.400		1/6/22		100,000		USD 100,000		898,400		(276,422	)
			MXN				USD
MXN Currency Call	CITNA-B		31.540		10/29/20		50,000		USD 50,000		1,333,750		(457,838	)
			MXN				USD
MXN Currency Call	GSCO-OT		19.500		8/20/20		2,500		USD 2,500		45,735		(510,596	)
			RUB				USD
RUB Currency Put	GSCO-OT		62.817		3/8/21		96,750		USD 96,750		791,802		(293,037	)
			RUB				USD
RUB Currency Call	GSCO-OT		77.089		3/8/21		96,750		USD 96,750		2,094,250		(5,701,846	)
			RUB				USD
RUB Currency Call	GSCO-OT		104.000		2/24/21		25,000		USD 25,000		688,550		(278,433	)
			RUB				USD
RUB Currency Call	GSCO-OT		94.000		1/8/21		25,000		USD 25,000		619,700		(351,515	)
			RUB				USD
RUB Currency Call	JPM		102.000		1/28/21		50,000		USD 50,000		1,400,500		(516,823	)
			ZAR				ZAR
ZAR Currency Put	BOA		13.323		7/7/20		40,000		ZAR 40,000		280,520		(1,961	)
			ZAR				USD
ZAR Currency Call	BOA		15.838		7/7/20		40,000		USD 40,000		691,440		(6,045,548	)
			ZAR				USD
ZAR Currency Call	GSCO-OT		22.000		12/8/20		20,000		USD 20,000		619,220		(401,123	)
			ZAR				USD
ZAR Currency Call	GSCO-OT		22.885		4/26/21		13,000		USD 13,000		458,549		(343,157	)
			ZAR				USD
ZAR Currency Call	GSCO-OT		20.000		1/7/21		50,000		USD 50,000		1,759,000		(2,019,265	)
			ZAR				USD
ZAR Currency Call	BOA		15.630		8/20/20		1,670		USD 1,670		59,001		(278,380	)
Total Over-the-Counter Options Written										$	42,059,483	$	(93,795,153	)

1. Knock-out option is ineligible for exercise if at any time spot rates are greater than or equal to 9.40 NOK per 1 EUR.

30      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Credit Default Swaps at April 30, 2020
Reference Asset			Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Brazilian Government International				Sell		1.000%		6/20/22		USD 15,000	$	928,605		$	(332,899	)	$	595,706
CDS CDX.EM.32. V1				Sell		1.000		12/20/24		USD 4,214		4,097			(396,647	)		(392,550	)
Indonesia Government International				Sell		1.000		12/20/24		USD 3,000		13,940			117,859			131,799
iTraxx Europe Crossover Series 32 Version 1				Buy		5.000		12/20/24		EUR 217,500		(7,430,296	)		3,946,130			(3,484,166	)
iTraxx Europe Crossover Series 33 Version 1				Sell		5.000		6/20/25		EUR 27,000		662,130			284,195			946,325
Republic Of South Africa Government				Sell		1.000		12/20/24		USD 2,500		(104,392	)		317,504			213,112
Total Centrally Cleared Credit Default Swaps											$	(5,925,916	)	$	3,936,142		$	(1,989,774	)
Over-the-Counter Credit Default Swaps at April 30, 2020
Reference Asset	Counter- party		Buy/Sell Protection		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
Assicurazioni Generali SpA		CITNA-B		Buy		1.000		12/20/24		EUR 5,000	$	(64,117	)	$	382,530		$	318,413
Assicurazioni Generali SpA		CITNA-B		Sell		1.000		12/20/24		EUR 10,000		(197,403	)		(164,971	)		(362,374	)
Deutsche Bank AG		JPM		Buy		1.000		12/20/21		EUR 5,000		(63,946	)		25,994			(37,952	)
iTraxx Europe Crossover Series 28 Version 1		JPM		Sell		5.000		12/20/22		EUR 5,000		(142,054	)		(1,445,020	)		(1,587,074	)
iTraxx Europe Subordinated Financial Series 32 Version 1		JPM		Sell		5.000		12/20/21		EUR 5,000		216,507			(1,048,268	)		(831,761	)
Oriental Republic of Uruguay		BOA		Sell		1.000		12/20/21		USD 14,802		267,519			(230,785	)		36,734
Total Over-the-Counter Credit Default Swaps											$	16,506		$	(2,480,520	)	$	(2,464,014	)

Centrally Cleared Interest Rate Swaps at April 30, 2020
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
CITNA-B		Pay		CDOR03		1.153%		3/6/30		CAD 35,000	$	—	$	341,268		$	341,268
CITNA-B		Pay		CDOR03		0.940		3/25/25		CAD 206,500		—		978,970			978,970
CITNA-B		Pay		CDOR03		1.060		3/26/30		CAD 499,700		—		1,359,781			1,359,781
				Three-Month USD
CITNA-B		Receive		BBA LIBOR		0.630		5/18/30		USD 275,000		—		(509	)		(509	)

31      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Centrally Cleared Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)			Value			Unrealized Appreciation/   (Depreciation)
										COP
CITNA-B		Pay		COOVIBR		5.200%		8/1/29		44,884,000	$	—		$	544,834		$	544,834
CITNA-B		Pay		CDOR03		1.155		3/6/30		CAD 35,000		—			347,415			347,415
CITNA-B		Pay		BZDIOVRA		6.935		1/4/27		BRL 191,000		—			(12,764	)		(12,764	)
CITNA-B		Receive		CDOR03		0.970		3/25/25		CAD 90,000		—			523,078			523,078
CITNA-B		Pay		JIBA3M		8.420		8/29/28		ZAR 556,000		—			2,030,029			2,030,029
GSCOI		Receive		Three-Month USD BBA LIBOR		2.512		4/29/29		USD 16,800		—			(2,829,719	)		(2,829,719	)
HSBC		Pay		MXN TIIE BANXICO		8.185		4/13/29		MXN 410,000		—			2,475,958			2,475,958
JPM		Receive		BZDIOVRA		3.910		1/4/21		BRL 702,407		—			(973,989	)		(973,989	)
JPM		Receive		BZDIOVRA		3.940		1/4/21		BRL 828,746		—			(1,183,076	)		(1,183,076	)
JPM		Pay		MXN TIIE BANXICO		6.873		3/6/25		MXN 690,000		—			1,808,343			1,808,343
JPM		Pay		COOVIBR		4.260		2/28/23		COP 106,700,000		—			871,934			871,934
JPM		Pay		MXN TIIE BANXICO		7.170		12/7/23		MXN 640,000		—			1,793,852			1,793,852
JPM		Pay		MXN TIIE BANXICO		6.415		2/22/23		MXN 1,605,600		—			2,461,961			2,461,961
JPM		Pay		MXN TIIE BANXICO		7.325		12/7/23		MXN 295,500		—			892,263			892,263
JPM		Receive		BZDIOVRA		4.280		1/4/21		BRL 739,793		—			(1,449,478	)		(1,449,478	)
JPM		Pay		MXN TIIE BANXICO		6.500		11/24/26		MXN 500,000		(7	)		797,005			796,998
JPM		Pay		MXN TIIE BANXICO		6.850		12/5/24		MXN 590,000		—			1,510,612			1,510,612
JPM		Pay		BZDIOVRA		6.030		1/2/25		BRL 139,764		—			(278,448	)		(278,448	)
JPM		Pay		COOVIBR		3.120		4/16/22		COP 100,000,000		—			144,715			144,715
JPM		Pay		MXN TIIE BANXICO		5.960		4/15/25		MXN 275,000		—			249,987			249,987
JPM		Pay		MXN TIIE BANXICO		5.900		4/16/25		MXN 330,000		—			262,812			262,812
JPM		Pay		MXN TIIE BANXICO		5.920		4/16/25		MXN 483,600		—			403,263			403,263
JPM		Pay		BZDIOVRA		5.750		1/2/25		BRL 56,174		—			(288,780	)		(288,780	)
JPM		Pay		BZDIOVRA		6.060		1/2/25		BRL 198,530		—			(495,910	)		(495,910	)
JPM		Pay		BZDIOVRA		4.336		1/3/22		BRL 893,685		—			2,011,628			2,011,628
JPM		Pay		BZDIOVRA		5.598		1/2/23		BRL 120,968		—			515,587			515,587
JPM		Pay		BZDIOVRA		5.565		1/2/23		BRL 514,810		—			2,108,874			2,108,874
JPM		Pay		MXN TIIE BANXICO		6.575		12/7/23		MXN 370,000		—			729,416			729,416
JPM		Pay		BZDIOVRA		5.930		1/2/25		BRL 131,321		—			(378,971	)		(378,971	)
JPM		Pay		MXN TIIE BANXICO		6.570		1/1/25		MXN 460,000		—			952,930			952,930
JPM		Receive		BZDIOVRA		4.320		1/4/21		BRL 733,639		—			(1,485,986	)		(1,485,986	)
JPM		Receive		Three-Month USD BBA LIBOR		2.097		6/8/27		USD 12,000		—			(1,406,164	)		(1,406,164	)

32      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Centrally Cleared Interest Rate Swaps (Continued)
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
JPM		Pay		MXN TIIE BANXICO		8.620%		12/26/28		MXN 247,400	$	—	$	1,799,565		$	1,799,565
JPM		Pay		MXN TIIE BANXICO		8.525		1/15/24		MXN 480,000		—		2,315,469			2,315,469
JPM		Receive		Three-Month USD BBA LIBOR		2.307		4/2/24		USD 52,900		—		(3,996,856	)		(3,996,856	)
JPM		Pay		MXN TIIE BANXICO		7.770		3/25/24		MXN 1,150,000		—		4,407,151			4,407,151
JPM		Receive		CPURNSA		1.883		7/19/24		USD 108,000		—		(5,527,847	)		(5,527,847	)
JPM		Pay		MXN TIIE BANXICO		7.210		7/17/24		MXN 677,750		—		2,096,023			2,096,023
JPM		Receive		CPURNSA		1.856		7/30/24		USD 170,750		—		(8,505,573	)		(8,505,573	)
JPM		Pay		BZDIOVRA		7.060		7/1/22		BRL 1,581,700		—		310,700			310,700
JPM		Receive		COOVIBR		4.990		5/2/20		COP 105,000,000		218,366		(77,879	)		140,487
JPM		Pay		MXN TIIE BANXICO		7.340		7/24/29		MXN 263,300		—		907,871			907,871
JPM		Receive		Three-Month USD BBA LIBOR		1.666		8/7/29		USD 10,730		—		(1,029,355	)		(1,029,355	)
JPM		Pay		BZDIOVRA		6.900		1/2/27		BRL 212,000		—		(77,079	)		(77,079	)
JPM		Pay		BZDIOVRA		6.528		1/2/24		BRL 129,900		—		802,809			802,809
JPM		Pay		BZDIOVRA		6.630		1/2/25		BRL 113,600		—		413,305			413,305
JPM		Pay		MXN TIIE BANXICO		6.520		9/29/22		MXN 720,000		—		1,070,081			1,070,081
				Three-Month USD
JPM		Pay		BBA LIBOR		1.476		1/2/29		BRL 8,724		—		(124,190	)		(124,190	)
				MXN TIIE						MXN
JPM		Pay		BANXICO		6.395		10/21/24		1,100,000		—		1,940,075			1,940,075
JPM		Pay		BZDIOVRA		6.610		1/2/23		BRL 119,625		—		(12,847	)		(12,847	)
JPM		Pay		COOVIBR		5.703		11/15/29		COP 109,300,000		—		2,416,334			2,416,334
JPM		Pay		MXN TIIE BANXICO		6.515		11/10/22		MXN 1,770,000		—		2,726,945			2,726,945
JPM		Receive		MXN TIIE BANXICO		7.070		12/12/29		MXN 572,000		—		228,367			228,367
JPM		Pay		MXN TIIE BANXICO		6.910		12/16/26		MXN 1,318,000		—		(133,091	)		(133,091	)
JPM		Pay		MXN TIIE BANXICO		6.465		12/12/24		MXN 425,000		—		799,327			799,327
JPM		Pay		MXN TIIE BANXICO		5.513		12/5/24		MXN 280,000		—		63,863			63,863
JPM		Pay		Six-Month UK Libor Compound		0.720		2/6/25		GBP 175,000		—		2,965,040			2,965,040
JPM		Pay		MXN TIIE BANXICO		5.565		4/24/25		MXN 190,000		—		33,830			33,830
Total Centrally Cleared Interest Rate Swaps											$	218,359	$	21,144,759		$	21,363,118

33      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Over-the-Counter Interest Rate Swaps at April 30, 2020
Counter- party	Pay/Receive Floating Rate		Floating Rate		Fixed Rate		Maturity Date		Notional Amount (000’s)		Premiums Received / (Paid)		Value			Unrealized Appreciation/ (Depreciation)
GSCOI		Pay		MOSKP3		6.580%		10/25/21		RUB 8,680,000	$	—	$	5,614,526		$	5,614,526
GSCOI		Pay		MOSKP3		6.550		11/1/21		RUB 694,000		—		302,034			302,034
GSCOI		Pay		MOSKP3		6.350		2/28/25		RUB 1,150,000		—		368,095			368,095
GSCOI		Pay		MOSKP3		5.890		3/5/22		RUB 2,700,000		—		279,516			279,516
GSCOI		Pay		MOSKP3		7.000		3/27/21		RUB 8,250,000		—		1,338,692			1,338,692
GSCOI		Pay		MOSKP3		7.030		3/27/22		RUB 4,250,000		—		1,631,441			1,631,441
GSCOI		Pay		MOSKP3		5.630		4/23/23		RUB 1,400,000		—		77,395			77,395
JPM		Pay		Three-Month COP IBR OIS Compound		4.990		5/2/20		COP 105,000,000		—		77,879			77,879
SCB		Receive		Six-Month INR FBIL MIBOR OIS Compound		6.438		1/10/24		INR 1,700,000		—		(2,022,071	)		(2,022,071	)
Total Over-the-Counter Interest Rate Swaps											$	—	$	7,667,507		$	7,667,507

Over-the-Counter Credit Default Swaptions Written at April 30, 2020

Description

Counter- party

Buy/Sell Protection

Reference Asset

Fixed Rate

Expiration Date

Notional Amount (000’s)

Premiums Received

Value

Credit Default Swap Maturing 6/20/25 Put

JPM

Sell

iTraxx Europe Crossover Series 33 Version 1

5.000%

6/17/20

EUR

250,000

$

12,579,240

$

(5,478,135

)

Over-the-Counter Interest Rate Swaptions Written at April 30, 2020

Description

Counter- party

Pay/ Receive Floating Rate

Floating Rate

Fixed Rate

Expiration Date

Notional

Amount (000’s)

Premiums Received

Value

Interest Rate Swap maturing 5/29/20 Put

BOA

Receive

CDOR03

0.778%

5/29/20

CAD

250,000

$

641,670

$

(673,115

)

Interest Rate Swap maturing 6/15/20 Put

GSCOI

Receive

Three- Month RUB MOSPRIME NFEA

8.080

6/15/20

RUB

1,676,500

521,411

(17

)

Interest Rate Swap maturing 11/15/21 Call

JPM

Pay

Six- Month EUR EURIBOR

0.043

11/15/21

EUR

150,000

2,575,116

(5,258,989

)

Interest Rate Swap maturing 11/27/20 Put

JPM

Receive

Three- Month USD BBA LIBOR

1.618

11/27/20

USD

800,000

3,040,000

(560

)

34      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Over-the-Counter Interest Rate Swaptions Written (Continued)
Description	Counter- party		Pay/ Receive Floating Rate		Floating Rate		Fixed Rate			Expiration Date		Notional		Amount (000’s)		Premiums Received		Value
Interest Rate Swap maturing 11/27/20 Put		JPM		Receive		Three- Month USD BBA LIBOR		2.200	%		11/27/20		USD		168,000	$	1,364,800	$	(43,151)
Interest Rate Swap maturing 8/17/20 Put		MSCO		Receive		Three- Month USD BBA LIBOR		1.530			8/17/20		USD		496,000		1,820,000		(20	)
Interest Rate Swap maturing 11/25/21 Call		MSCO		Pay		Six- Month EUR EURIBOR		0.032			11/25/21		EUR		112,500		1,899,570		(3,875,984	)
Total Over-the-Counter Interest Rate Swaptions Written																$	11,862,567	$	(9,851,836	)

Glossary:
Counterparty Abbreviations
BAC	Barclays Bank plc
BOA	Bank of America NA
CITNA-B	Citibank NA
DEU	Deutsche Bank AG
GSCOI	Goldman Sachs International
GSCO-OT	Goldman Sachs Bank USA
HSBC	HSBC Bank USA NA
JPM	JPMorgan Chase Bank NA
MSO	Morgan Stanley & Co., Inc.
MSCO	Morgan Stanley Capital Services, Inc.
NOM	Nomura Global Financial Products, Inc.
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
Currency abbreviations indicate amounts reporting in currencies
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Renminbi
COP	Colombian Peso
EGP	Egyptian Pounds
EUR	Euro
GBP	British Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Nuevo Peso

35      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS Unaudited / Continued

Currency abbreviations indicate amounts reporting in currencies (Continued)
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thailand Baht
TRY	New Turkish Lira
ZAR	South African Rand
Definitions
BADLARPP	Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days
BANXICO	Banco de Mexico
BBA LIBOR	British Bankers’ Association London - Interbank Offered Rate
BP0003M	ICE LIBOR GBP 3 Month
BPSW5	GBP Swap 5 Year
BTP	Italian Treasury Bonds
BUND	German Federal Obligation
BUXL	German Federal Obligation
BZDIOVRA	Brazil Ceptip DI Interbank Deposit Rate
CDOR03	Canada Bankers Acceptence 3 Months
CDX.EM.32	Markit CDX Emerging Markets Index
COOVIBR	Colombia IBR Overnight Nominal Interbank Reference Rate
CPURNSA	US Consumer Price Index Urban Consumers
EUAMDB05	EURIBOR ICE SWAP RATE 11:00am
EUR003M	EURIBOR 3 Month ACT/360
EUR006M	EURIBOR 6 Month ACT/360
EURIBOR	Euro Interbank Offered Rate
EUSA5	EUR Swap Annual 5 Year
FBIL	Financial Benchmarks India Private Ltd.
GDR	Global Depositary Receipt
GUKG5	UK Government Bonds 5 Year Note Generic Bid Yield
H15T10Y	US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
IBR	Indicador Bancario de Referencia
JIBA3M	South Africa Johannesburg Interbank Agreed Rate 3 Month
MIBOR	Mumbai Interbank Offered Rate
MOSKP3	National Finance Assoc. Moscow Prime Offered 3 Month Rate
MOSPRIME NFEA	Moscow Prime Offered Rate
OAT	French Government Bonds
OIS	Overnight Index Swap
TIIE	Interbank Equilibrium Interest Rate
US0003M	ICE LIBOR USD 3 Month
US0006M	ICE LIBOR USD 6 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year
USSW7	USD Swap Semi 30/360 7 Year

See accompanying Notes to Consolidated Financial Statements.

36      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES April 30, 2020 Unaudited

Assets
Investments, at value—see accompanying consolidated schedule of investments:
Unaffiliated companies (cost $2,595,876,912)	$	2,290,428,322
Affiliated companies (cost $196,634,804)		196,634,804
		2,487,063,126
Cash		40,064,572
Cash—foreign currencies (cost $22,554,698)		22,674,004
Cash used for collateral on OTC derivatives		19,256,911
Cash used for collateral on centrally cleared swaps		130,942,172
Unrealized appreciation on forward currency exchange contracts		327,132,650
Swaps, at value (premiums paid $128,063)		10,098,102
Receivables and other assets:
Investments sold		69,173,357
Variation margin receivable - futures contracts		50,683,415
Interest and dividends		31,778,246
Shares of beneficial interest sold		3,046,697
Other		6,991,475
Total assets		3,198,904,727
Liabilities
Unrealized depreciation on forward currency exchange contracts		259,677,446
Options written, at value (premiums received $42,059,483)		93,795,153
Swaps, at value (net premiums received $144,569)		4,911,115
Variation margin payable - centrally cleared swaps		7,737,116
Swaptions written, at value (premiums received $24,441,807)		15,329,971
Payables and other liabilities:
Investments purchased		17,367,213
Shares of beneficial interest redeemed		10,428,253
Foreign capital gains tax		1,066,979
Transfer and shareholder servicing agent fees		952,693
Shareholder communications		535,296
Dividends		494,369
Trustees’ compensation		342,495
Distribution and service plan fees		255,048
Advisory fees		43,260
Administration fees		1,131
Other		1,984,689
Total liabilities		414,922,227
Net Assets	$	2,783,982,500
Composition of Net Assets
Shares of beneficial interest	$	3,511,632,580
Total accumulated loss		(727,650,080	)
Net Assets	$	2,783,982,500

37      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $823,422,260 and 171,500,947 shares of beneficial interest outstanding)	$	4.80
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)	$	5.01
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $75,491,453 and 15,782,055 shares of beneficial interest outstanding)	$	4.78
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets of $77,684,766 and 16,226,989 shares of beneficial interest outstanding)	$	4.79
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $1,146,842,558 and 238,925,531 shares of beneficial interest outstanding)	$	4.80
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $8,879 and 1,848 shares of beneficial interest outstanding)	$	4.80
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $660,532,584 and 137,719,743 shares of beneficial interest outstanding)	$	4.80

See accompanying Notes to Consolidated Financial Statements.

38      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

OPERATIONS For the Six Months Ended April 30, 2020 Unaudited

Investment Income
Interest (net of foreign withholding taxes of $3,549,995)	$	82,356,876
Dividends from affiliated companies		1,339,558
Total investment income		83,696,434
Expenses
Advisory fees		9,259,124
Administration fees		245,995
Distribution and service plan fees:
Class A		1,171,611
Class C		479,524
Class R		223,380
Transfer and shareholder servicing agent fees:
Class A		855,364
Class C		86,420
Class R		80,482
Class Y		1,324,636
Class R5		2
Class R6		28,704
Shareholder communications:
Class A		35,164
Class C		3,112
Class R		3,268
Class Y		53,801
Class R5		1
Class R6		26,607
Custodian fees and expenses		359,744
Trustees’ compensation		25,295
Other		332,219
Total expenses		14,594,453
Less waivers and reimbursement of expenses		(556,748	)
Net expenses		14,037,705
Net Investment Income		69,658,729

39      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF

OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $666,536)	$	(179,816,422	)
Affiliated companies		(79,407	)
Option contracts written		(84,707,522	)
Futures contracts		10,030,722
Foreign currency transactions		(12,262,507	)
Forward currency exchange contracts		7,039,813
Swap contracts		29,710,119
Swaption contracts written		(111,141,372	)
Net realized loss		(341,226,576	)
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies (net of foreign capital gains tax of $(2,028,848))		(184,202,283	)
Affiliated companies		78,987
Foreign currency transactions		(998,016	)
Forward currency exchange contracts		112,293,919
Futures contracts		4,915,995
Option contracts written		(64,384,246	)
Swap contracts		(5,513,363	)
Swaption contracts written		6,415,461
Net change in unrealized appreciation/(depreciation)		(131,393,546	)
Net Decrease in Net Assets Resulting from Operations	$	(402,961,393	)

See accompanying Notes to Consolidated Financial Statements.

40      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2020 (Unaudited)			One Month Ended October 31, 2019			Year Ended September 30, 2019			Year Ended September 30, 2018
Operations
Net investment income	$	69,658,729		$	15,146,883		$	250,035,396		$	249,387,859
Net realized gain (loss)		(341,226,576	)		(5,091,087	)		(276,168,070	)		49,393,784
Net change in unrealized appreciation/(depreciation)		(131,393,546	)		89,347,679			250,048,605			(546,567,656	)
Net increase (decrease) in net assets resulting from operations		(402,961,393	)		99,403,475			223,915,931			(247,786,013	)
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		(21,413,503	)		—			—			(27,440,410	)
Class B		—			—			—			(38,410	)
Class C		(1,800,105	)		—			—			(6,338,822	)
Class R		(1,903,186	)		—			—			(2,664,591	)
Class Y		(35,072,068	)		—			—			(62,572,404	)
Class R5		(233	)		—			—			—
Class R6		(18,995,588	)		—			—			(31,579,039	)
Total distributions from distributable earnings		(79,184,683	)		—			—			(130,633,676	)
Tax return of capital distribution:
Class A		—			(3,965,134	)		(52,731,735	)		(24,741,533	)
Class B		—			—			—			(34,633	)
Class C		—			(367,267	)		(10,455,145	)		(5,715,373	)
Class R		—			(354,905	)		(5,328,769	)		(2,402,517	)
Class Y		—			(6,486,852	)		(123,937,645	)		(56,418,149	)
Class R5		—			(41	)		(176	)		—
Class R6		—			(3,610,322	)		(59,436,588	)		(28,473,110	)
Total return of capital distribution		—			(14,784,521	)		(251,890,058	)		(117,785,315	)

41      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS Continued

	Six Months Ended April 30, 2020 (Unaudited)			One Month Ended October 31, 2019			Year Ended September 30, 2019			Year Ended September 30, 2018
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(86,691,402	)		(19,951,766	)		(27,973,352	)		(98,153,512	)
Class B		—			—			—			(6,285,572	)
Class C		(24,751,036	)		(5,433,229	)		(176,957,426	)		(50,277,315	)
Class R		(8,967,503	)		(1,538,186	)		(18,127,871	)		(3,074,235	)
Class Y		(264,065,351	)		(24,711,199	)		(978,206,520	)		496,898,414
Class R5		—			—			10,000			—
Class R6		(107,336,085	)		1,453,054			(541,379,288	)		322,995,519
Total beneficial interest transactions		(491,811,377	)		(50,181,326	)		(1,742,634,457	)		662,103,299
Net Assets
Total increase (decrease)		(973,957,453	)		34,437,628			(1,770,608,584	)		165,898,295
Beginning of period		3,757,939,953			3,723,502,325			5,494,110,909			5,328,212,614
End of period	$	2,783,982,500		$	3,757,939,953		$	3,723,502,325		$	5,494,110,909

See accompanying Notes to Consolidated Financial Statements.

42      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

Class A	Six Month Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.53		$5.41		$5.47		$5.95		$5.95		$5.62		$6.01
Income (loss) from investment operations:
Net investment income1		0.10		0.02		0.28		0.25		0.23		0.22		0.18
Net realized and unrealized gain (loss)		(0.71)		0.12		(0.06)		(0.48)		0.03		0.33		(0.39)
Total from investment operations		(0.61)		0.14		0.22		(0.23)		0.26		0.55		(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)		0.00		0.00		(0.13)		(0.10)		(0.10)		(0.14)
Tax return of capital distribution		0.00		(0.02)		(0.28)		(0.12)		(0.16)		(0.12)		(0.04)
Total dividends and/or distributions to shareholders		(0.12)		(0.02)		(0.28)		(0.25)		(0.26)		(0.22)		(0.18)
Net asset value, end of period		$4.80		$5.53		$5.41		$5.47		$5.95		$5.95		$5.62
Total Return, at Net Asset Value2		(11.21)%		2.60%		4.15%		(4.20)%		4.67%		9.95%		(3.57)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$823,422		$1,043,265		$1,039,683		$1,082,539		$1,280,770		$1,611,584		$2,010,994
Average net assets (in thousands)		$953,760		$1,040,236		$1,021,107		$1,215,253		$1,391,397		$1,753,796		$2,556,904
Ratios to average net assets:3
Net investment income		3.96%		4.60%		5.15%		4.31%		3.94%		3.78%		3.03%
Expenses excluding specific expenses listed below		1.04%		1.03%		1.02%		1.01%		1.05%		1.05%		1.02%
Interest and fees from borrowings		0.00%		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		1.04%		1.03%		1.02%		1.01%		1.05%		1.05%		1.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.01%		1.01%		0.99%		0.99%		1.02%		1.03%		1.02%6
Portfolio turnover rate7		73%		7%		105%		115%		96%		128%		111%

43      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Month Ended April 30, 2020	1.05	%
One Month Ended October 31, 2019	1.04	%
Year Ended September 30, 2019	1.03	%
Year Ended September 30, 2018	1.02	%
Year Ended September 30, 2017	1.06	%
Year Ended September 30, 2016	1.05	%
Year Ended September 30, 2015	1.02	%

6. Waiver was less than 0.005%.

7. 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.

44      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Class C	Six Month Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Year Ended September 30, 2019		Year Ended September 30, 2018		Year Ended September 30, 2017		Year Ended September 30, 2016		Year Ended September 30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.51		$5.39		$5.45		$5.93		$5.92		$5.60		$5.99
Income (loss) from investment operations:
Net investment income1		0.08		0.02		0.24		0.21		0.18		0.17		0.13
Net realized and unrealized gain (loss)		(0.71)		0.12		(0.06)		(0.48)		0.05		0.32		(0.38)
Total from investment operations		(0.63)		0.14		0.18		(0.27)		0.23		0.49		(0.25)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.10)		0.00		0.00		(0.11)		(0.08)		(0.07)		(0.11)
Tax return of capital distribution		0.00		(0.02)		(0.24)		(0.10)		(0.14)		(0.10)		(0.03)
Total dividends and/or distributions to shareholders		(0.10)		(0.02)		(0.24)		(0.21)		(0.22)		(0.17)		(0.14)
Net asset value, end of period		$4.78		$5.51		$5.39		$5.45		$5.93		$5.92		$5.60
Total Return, at Net Asset Value2		(11.59)%		2.55%		3.36%		(4.79)%		3.89%		8.97%		(4.31)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$75,491		$113,329		$116,134		$291,793		$369,679		$493,319		$585,788
Average net assets (in thousands)		$96,148		$116,029		$232,700		$340,435		$414,939		$524,002		$713,793
Ratios to average net assets:3
Net investment income		3.21%		3.84%		4.39%		3.56%		3.20%		3.04%		2.30%
Expenses excluding specific expenses listed below		1.80%		1.79%		1.77%		1.76%		1.80%		1.80%		1.77%
Interest and fees from borrowings		0.00%		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		1.80%		1.79%		1.77%		1.76%		1.80%		1.80%		1.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.76%		1.77%		1.74%		1.74%		1.77%		1.78%		1.77%6
Portfolio turnover rate7		73%		7%		105%		115%		96%		128%		111%

45      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Month Ended April 30, 2020	1.81	%
One Month Ended October 31, 2019	1.80	%
Year Ended September 30, 2019	1.78	%
Year Ended September 30, 2018	1.77	%
Year Ended September 30, 2017	1.81	%
Year Ended September 30, 2016	1.80	%
Year Ended September 30, 2015	1.77	%

6. Waiver was less than 0.005%.

7. 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.

46      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Six Month
Class R	Ended		One Month
	April 30,		Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	2020		October 31,		September		September		September		September		September
	(Unaudited)		2019		30, 2019		30, 2018		30, 2017		30, 2016		30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.51		$5.39		$5.45		$5.93		$5.93		$5.60		$5.99
Income (loss) from investment operations:
Net investment income1		0.10		0.02		0.27		0.24		0.21		0.20		0.16
Net realized and unrealized gain (loss)		(0.71)		0.12		(0.06)		(0.49)		0.04		0.33		(0.39)
Total from investment operations		(0.61)		0.14		0.21		(0.25)		0.25		0.53		(0.23)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)		0.00		0.00		(0.12)		(0.09)		(0.09)		(0.12)
Tax return of capital distribution		0.00		(0.02)		(0.27)		(0.11)		(0.16)		(0.11)		(0.04)
Total dividends and/or distributions to shareholders		(0.11)		(0.02)		(0.27)		(0.23)		(0.25)		(0.20)		(0.16)
Net asset value, end of period		$4.79		$5.51		$5.39		$5.45		$5.93		$5.93		$5.60
Total Return, at Net Asset Value2		(11.18)%		2.59%		3.88%		(4.47)%		4.41%		9.70%		(3.84)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$77,685		$99,080		$98,380		$117,668		$131,112		$146,479		$166,932
Average net assets (in thousands)		$89,715		$98,909		$108,114		$125,233		$133,661		$149,525		$192,512
Ratios to average net assets:3
Net investment income		3.71%		4.34%		4.90%		4.06%		3.67%		3.54%		2.81%
Expenses excluding specific expenses listed below		1.30%		1.29%		1.27%		1.25%		1.30%		1.29%		1.27%
Interest and fees from borrowings		0.00%		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		1.30%		1.29%		1.27%		1.25%		1.30%		1.29%		1.27%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.26%		1.27%		1.24%		1.23%		1.27%		1.27%		1.27%6
Portfolio turnover rate7		73%		7%		105%		115%		96%		128%		111%

47      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Month Ended April 30, 2020	1.31	%
One Month Ended October 31, 2019	1.30	%
Year Ended September 30, 2019	1.28	%
Year Ended September 30, 2018	1.26	%
Year Ended September 30, 2017	1.31	%
Year Ended September 30, 2016	1.29	%
Year Ended September 30, 2015	1.27	%

6. Waiver was less than 0.005%.

7. 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.

48      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Class Y	Six Month
	Ended		One Month
	April 30,		Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	2020		October 31,		September		September		September		September		September
	(Unaudited)		2019		30, 2019		30, 2018		30, 2017		30, 2016		30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.53		$5.41		$5.47		$5.95		$5.95		$5.61		$6.01
Income (loss) from investment operations:
Net investment income1		0.11		0.02		0.29		0.26		0.24		0.23		0.20
Net realized and unrealized gain (loss)		(0.72)		0.12		(0.05)		(0.48)		0.04		0.34		(0.41)
Total from investment operations		(0.61)		0.14		0.24		(0.22)		0.28		0.57		(0.21)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.12)		0.00		0.00		(0.14)		(0.11)		(0.10)		(0.15)
Tax return of capital distribution		0.00		(0.02)		(0.30)		(0.12)		(0.17)		(0.13)		(0.04)
Total dividends and/or distributions to shareholders		(0.12)		(0.02)		(0.30)		(0.26)		(0.28)		(0.23)		(0.19)
Net asset value, end of period		$4.80		$5.53		$5.41		$5.47		$5.95		$5.95		$5.61
Total Return, at Net Asset Value2		(11.10)%		2.62%		4.40%		(3.80)%		4.75%		10.42%		(3.50)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,146,843		$1,623,640		$1,611,797		$2,597,821		$2,345,993		$2,072,160		$2,781,868
Average net assets (in thousands)		$1,475,757		$1,616,370		$2,278,029		$2,618,549		$2,088,382		$2,399,267		$3,128,046
Ratios to average net assets:3
Net investment income		4.21%		4.84%		5.39%		4.56%		4.13%		4.03%		3.32%
Expenses excluding specific expenses listed below		0.79%		0.79%		0.77%		0.76%		0.80%		0.80%		0.77%
Interest and fees from borrowings		0.00%		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		0.79%		0.79%		0.77%		0.76%		0.80%		0.80%		0.77%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.77%		0.74%		0.74%		0.77%		0.78%		0.77%6
Portfolio turnover rate7		73%		7%		105%		115%		96%		128%		111%

49      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Month Ended April 30, 2020	0.80	%
One Month Ended October 31, 2019	0.80	%
Year Ended September 30, 2019	0.78	%
Year Ended September 30, 2018	0.77	%
Year Ended September 30, 2017	0.81	%
Year Ended September 30, 2016	0.80	%
Year Ended September 30, 2015	0.77	%

6. Waiver was less than 0.005%.

7. 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.

50      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Class R5	Six Month Ended April 30, 2020 (Unaudited)		One Month Ended October 31, 2019		Period Ended September 30, 20191
Per Share Operating Data
Net asset value, beginning of period		$5.53		$5.41		$5.41
Income (loss) from investment operations:
Net investment income2		0.11		0.02		0.11
Net realized and unrealized gain (loss)		(0.71)		0.12		(0.01)
Total from investment operations		(0.60)		0.14		0.10
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		0.00		0.00
Tax return of capital distribution		0.00		(0.02)		(0.10)
Total dividends and/or distributions to shareholders		(0.13)		(0.02)		(0.10)
Net asset value, end of period		$4.80		$5.53		$5.41
Total Return, at Net Asset Value3		(11.07)%		2.62%		1.74%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$9		$10		$10
Average net assets (in thousands)		$10		$10		$10
Ratios to average net assets:4
Net investment income		4.31%		4.93%		5.48%
Expenses excluding specific expenses listed below		0.67%		0.68%		0.67%
Interest and fees from borrowings		0.00%		0.00%		0.00%
Total expenses5		0.67%		0.68%		0.67%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.66%		0.68%		0.65%
Portfolio turnover rate6		73%		7%		105%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Month Ended April 30, 2020	0.68	%
One Month Ended October 31, 2019	0.69	%
Period Ended September 30, 2019	0.68	%

6. 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.

51      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS Continued

Class R6	Six Month
	Ended		One Month
	April 30,		Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	2020		October 31,		September		September		September		September		September
	(Unaudited)		2019		30, 2019		30, 2018		30, 2017		30, 2016		30, 2015
Per Share Operating Data
Net asset value, beginning of period		$5.52		$5.40		$5.46		$5.94		$5.94		$5.61		$6.00
Income (loss) from investment operations:
Net investment income1		0.11		0.02		0.30		0.27		0.25		0.24		0.21
Net realized and unrealized gain (loss)		(0.70)		0.12		(0.06)		(0.48)		0.04		0.33		(0.39)
Total from investment operations		(0.59)		0.14		0.24		(0.21)		0.29		0.57		(0.18)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		0.00		0.00		(0.14)		(0.11)		(0.10)		(0.16)
Tax return of capital distribution		0.00		(0.02)		(0.30)		(0.13)		(0.18)		(0.14)		(0.05)
Total dividends and/or distributions to shareholders		(0.13)		(0.02)		(0.30)		(0.27)		(0.29)		(0.24)		(0.21)
Net asset value, end of period		$4.80		$5.52		$5.40		$5.46		$5.94		$5.94		$5.61
Total Return, at Net Asset Value2		(10.87)%		2.64%		4.55%		(3.83)%		5.12%		10.45%		(3.16)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$660,533		$878,616		$857,498		$1,404,290		$1,194,372		$1,631,480		$1,154,225
Average net assets (in thousands)		$771,856		$868,548		$1,065,312		$1,278,527		$1,327,997		$1,406,045		$918,521
Ratios to average net assets:3
Net investment income		4.36%		5.01%		5.53%		4.71%		4.37%		4.28%		3.54%
Expenses excluding specific expenses listed below		0.62%		0.62%		0.62%		0.60%		0.61%		0.60%		0.57%
Interest and fees from borrowings		0.00%		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4
Total expenses5		0.62%		0.62%		0.62%		0.60%		0.61%		0.60%		0.57%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.61%		0.60%		0.60%		0.58%		0.59%		0.58%		0.57%6
Portfolio turnover rate7		73%		7%		105%		115%		96%		128%		111%

52      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Month Ended April 30, 2020	0.63	%
One Month Ended October 31, 2019	0.63	%
Year Ended September 30, 2019	0.63	%
Year Ended September 30, 2018	0.61	%
Year Ended September 30, 2017	0.62	%
Year Ended September 30, 2016	0.60	%
Year Ended September 30, 2015	0.57	%

6. Waiver was less than 0.005%.

7. 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.

53      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS April 30, 2020 Unaudited

Note 1 - Significant Accounting Policies

Invesco Oppenheimer International Bond Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust 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 such Fund or each class.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Invesco Oppenheimer International Bond Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund’s investment objective is to seek total return.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

54      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American

55      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

56      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change

57      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a basis in conformity with 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 financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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

58      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

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.

J. Structured Securities - The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations."

K. Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to the daily

59      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

L. Treasury Inflation-Protected Securities - The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

M. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all

60      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

N. Swap Agreements - The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the

61      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

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 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

62      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. 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 April 30, 2020 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

O. Put Options Purchased and Written - The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated

63      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

P. Call Options Purchased and Written - The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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

64      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Q. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

R. Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim. The Fund will seek to gain exposure to Regulation S securities primarily through an investment in the Subsidiary. Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

S. Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

T. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Note 2 – Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

65      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Fee Schedule*
Up to $200 million	0.75	%
Next $200 million	0.72
Next $200 million	0.69
Next $200 million	0.66
Next $200 million	0.60
Next $4 billion	0.50
Next $10 billion	0.48
Over $15 billion	0.45

*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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.55%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary’s average daily net assets as set forth in the table above.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.01%, 1.76%, 1.26%, 0.76%, 0.67% and 0.62%, respectively, of the Fund’s average daily net assets (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 waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (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 on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

66      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $259,410 and reimbursed fund expenses of $99,295, $10,740, $10,715, and $176,588 for Class A, Class C, Class R, and Class Y, 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under these agreements are shown in the Consolidated Statement of Operations as Transfer and shareholder servicing 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 “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C 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 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 plans. For the six months ended April 30, 2020, expenses incurred under the plans are shown in the Consolidated Statement of Operations as Distribution and service plan 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 six months ended

67      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

April 30, 2020, IDI advised the Fund that IDI retained $16,223 in front-end sales commissions from the sale of Class A shares and $1,825 and $1,120 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

					Level 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Security	$	—	$	12,111,010	$	—	$	12,111,010
Mortgage-Backed Obligations		—		132,160,758		—		132,160,758
U.S. Government Obligations		—		40,125,033		—		40,125,033
Foreign Government Obligations		—		1,449,708,844		—		1,449,708,844

68      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

	Level 1— Unadjusted     Quoted Prices			Level 2— Other Significant     Observable Inputs			Level 3— Significant     Unobservable Inputs		Value
Investments, at Value: (Continued)
Corporate Bonds and Notes	$	—		$	441,102,892		$	165,236	$	441,268,128
Common Stock		—			—			—		—
Short-Term Note		—			199,904,444			—		199,904,444
Over-the-Counter Options Purchased		—			11,653,202			—		11,653,202
Over-the-Counter Interest Rate
Swaptions Purchased		—			3,496,903			—		3,496,903
Investment Company		196,634,804			—			—		196,634,804
Total Investments, at Value		196,634,804			2,290,263,086			165,236		2,487,063,126
Other Financial Instruments:
Swaps, at value		—			10,098,102			—		10,098,102
Centrally cleared swaps, at value		—			56,078,958			—		56,078,958
Futures contracts		7,076,244			—			—		7,076,244
Forward currency exchange contracts		—			327,132,650			—		327,132,650
Total Assets	$	203,711,048		$	2,683,572,796		$	165,236	$	2,887,449,080
Liabilities Table
Other Financial Instruments:
Swaps, at value	$	—		$	(4,911,115	)	$	—	$	(4,911,115	)
Centrally cleared swaps, at value		—			(30,998,057	)		—		(30,998,057	)
Futures contracts		(320,982	)		—			—		(320,982	)
Options written, at value		—			(93,795,153	)		—		(93,795,153	)
Forward currency exchange contracts		—			(259,677,446	)		—		(259,677,446	)
Swaptions written, at value		—			(15,329,971	)		—		(15,329,971	)
Total Liabilities	$	(320,982	)	$	(404,711,742	)	$	—	$	(405,032,724	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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 Consolidated Statement of Assets and Liabilities.

69      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

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 asset transactions as of April 30, 2020:

			Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts   Not Offset in the Consolidated Statement of Assets & Liabilities*		Financial Instruments     Available for Offset			Financial     Instruments Collateral Received**			Cash Collateral Received**			Net Amount
Bank of America NA	$	19,397,875	$	(19,397,875	)	$	–		$	–		$	–
Barclays Bank plc		32,092		(32,092	)		–			–			–
Citibank NA		58,972,834		(31,098,011	)		–			(27,765,000	)		109,823
Deutsche Bank AG		25,293		(11,846	)		–			–			13,447
Goldman Sachs Bank USA		71,650,635		(57,185,679	)		(14,464,956	)		–			–
Goldman Sachs International		9,611,699		(17	)		(1,616,841	)		(726,911	)		7,267,930
HSBC Bank USA NA		10		–			–			–			10
JPMorgan Chase Bank NA		164,679,949		(164,679,949	)		–			–			–
Morgan Stanley & Co., Inc.		16,621,562		(5,852,524	)		–			(10,000	)		10,759,038
Morgan Stanley Capital Services, Inc.		989,556		(989,556	)		–			–			–
Nomura Global Financial Products, Inc.		658		–			–			–			658
RBC Dominion Securities		5,666,224		(4,146,749	)		–			(1,519,475	)		–
Standard Chartered Bank		4,732,470		(4,732,470	)		–			–			–
	$	352,380,857	$	(288,126,768	)	$	(16,081,797	)	$	(30,021,386	)	$	18,150,906

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral posted for the benefit of the Fund within this table is limited to the net outstanding amount due from an individual counterparty. The collateral posted for the benefit of the Fund may exceed these amounts.

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

70      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

				Gross Amounts Not Offset in the Consolidated Statement of Assets & Liabilities
Counterparty	Gross Amounts  Not Offset in the Consolidated Statement of Assets & Liabilities*			Financial Instruments     Available for Offset		Financial     Instruments Collateral Pledged**		Cash Collateral Pledged**		Net Amount
Bank of America NA	$	(57,418,566	)	$	19,397,875	$	23,530,691	$	14,490,000	$	–
Barclays Bank plc		(553,450	)		32,092		521,358		–		–
Citibank NA		(31,098,011	)		31,098,011		–		–		–
Deutsche Bank AG		(11,846	)		11,846		–		–		–
Goldman Sachs Bank USA		(57,185,679	)		57,185,679		–		–		–
Goldman Sachs International		(17	)		17		–		–		–
JPMorgan Chase Bank NA		(198,456,274	)		164,679,949		30,366,325		3,410,000		–
Morgan Stanley Capital Services, Inc.		(10,735,868	)		989,556		–		–		(9,746,312	)
Morgan Stanley & Co., Inc.		(5,852,524	)		5,852,524		–		–		–
RBC Dominion Securities		(4,146,749	)		4,146,749		–		–		–
Standard Chartered Bank		(8,254,701	)		4,732,470		2,892,231		630,000		–
	$	(373,713,685	)	$	288,126,768	$	57,310,605	$	18,530,000	$	(9,746,312	)

*OTC derivatives are reported gross on the Consolidated Statement of Assets and Liabilities. Exchange traded options and margin related to centrally cleared swaps and futures, if any, are excluded from these reported amounts.

**Reported collateral pledged within this table is limited to the net outstanding amount due from the Fund. The securities pledged as collateral by the Fund as reported on the Consolidated Schedule of Investments may exceed these amounts.

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Credit contracts	Swaps, at value	$	408,524		Swaps, at value	$	2,889,044
Interest rate contracts	Swaps, at value		9,689,578		Swaps, at value		2,022,071
Credit contracts	Centrally cleared swaps, at value		4,665,688	1	Centrally cleared swaps, at value		729,546	1
Interest rate contracts	Centrally cleared swaps, at value		51,413,270	1	Centrally cleared swaps, at value		30,268,511	1
Interest rate contracts	Futures contracts		7,076,244	2	Futures contracts		320,982	2

71      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Consolidated Statement of Assets and Liabilities Location	Value			Consolidated Statement of Assets and Liabilities Location	Value
Forward currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	327,132,650		Unrealized depreciation on foreign currency exchange contracts	$	259,677,446
Currency contracts					Options written, at value		93,795,153
Credit contracts					Swaptions written, at value		5,478,135
Interest rate contracts					Swaptions written, at value		9,851,836
Currency contracts	Investments, at value		11,653,202	3
Interest rate contracts	Investments, at value		3,496,903	3
Total		$	415,536,059			$	405,032,724

1. The daily variation margin receivable (payable) at period end is recorded in the Consolidated Statement of Assets and Liabilities.

2. Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Consolidated Statement of Assets and Liabilities upon receipt or payment.

3. Amounts relate to purchased option contracts and purchased swaption contracts, if any.

Effect of Derivative Investments for the Six Months Ended April 30, 2020

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions   in unaffiliated companies*			Swaption         contracts written			Option         contracts written			Futures         contracts		Forward currency         exchange contracts
Credit contracts	$	(1,170,574	)	$	(29,760,975	)	$	—		$	—	$	—
Currency contracts		(34,880,541	)		—			(86,458,734	)		—		—
Equity contracts		(4,571,013	)		—			1,751,212			—		—
Forward currency exchange contracts		—			—			—			—		7,039,813
Interest rate contracts		5,948,954			(81,380,397	)		—			10,030,722		—
Total	$	(34,673,174	)	$	(111,141,372	)	$	(84,707,522	)	$	10,030,722	$	7,039,813

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Swap contracts		Total
Credit contracts	$	5,477,470	$	(25,454,079	)
Currency contracts		—		(121,339,275	)
Equity contracts		—		(2,819,801	)
Forward currency exchange contracts		—		7,039,813
Interest rate contracts		24,232,649		(41,168,072	)
Total	$	29,710,119	$	(183,741,414	)

72      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Investment transactions   in unaffiliated companies*			Swaption contracts written			Option         contracts written			Futures         contracts		Forward currency         exchange contracts
Credit contracts	$	471,746		$	6,491,127		$	—		$	—	$	—
Currency contracts		(983,256	)		—			(63,021,818	)		—		—
Equity contracts		—			—			(1,362,428	)		—		—
Forward currency exchange contracts		—			—			—			—		112,293,919
Interest rate contracts		(14,788,455	)		(75,666	)		—			4,915,995		—
Total	$	(15,299,965	)	$	6,415,461		$	(64,384,246	)	$	4,915,995	$	112,293,919

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Swap contracts			Total
Credit contracts	$	(17,735,490	)	$	(10,772,617	)
Currency contracts		—			(64,005,074	)
Equity contracts		—			(1,362,428	)
Forward currency exchange contracts		—			112,293,919
Interest rate contracts		12,222,127			2,274,001
Total	$	(5,513,363	)	$	38,427,801

*Includes purchased option contracts and purchased swaption contracts, if any.

The table below summarizes the six months ended average notional value of forward foreign currency contracts, futures contracts, swap agreements, options purchased and written and swaptions purchased and written during the period.

	Forward foreign currency contracts		Futures contracts		Swaptions Purchased*		Swaptions written		Swap agreements
Average notional amount	$	11,390,223,601	$	844,755,488	$	7,583,957,181	$	4,142,027,191	$	5,743,846,311
Average contracts

	Index options Purchased*		Index options written		Currency options Purchased*		Currency options written
Average notional amount	$	201,741,000	$	118,095,000	$	5,325,891,043	$	261,986,564,935
Average contracts		732		495		5,295,984,167		261,933,580,917

*Summarizes the six month average notional value of swaptions purchased, the four month average notional value and contracts of index options purchased and the six month average notional value and contracts of currency options purchased.

73      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

Note 5 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Consolidated Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 – Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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. Effective May 5, 2020, the custodian changed to State Street Bank and Trust.

Note 7 – Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior

74      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of October 31, 2019, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	103,140,264	$	26,229,815	$	129,370,079

* Capital loss carryforward listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further the realization of net unrealized gains or losses as of the date of any reorganization.

Note 8 – Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $1,910,560,701 and $2,619,671,056, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $119,414,601 and $83,590,278, 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	$	490,452,863
Aggregate unrealized (depreciation) of investments		(742,913,684	)
Net unrealized appreciation (depreciation) of investments	$	(252,460,821	)

Cost of investments for tax purposes is $2,058,800,168.

Note 9 – Share Information

Transactions in shares of beneficial interest were as follows:

							One Months Ended October 31,
	Six Months Ended April 30, 20201									20192
	Shares			Amount			Shares			Amount
Class A
Sold		10,491,359		$	55,934,407			2,132,170		$	11,702,100
Automatic Conversion
Class C to Class A Shares		2,855,922			15,054,044			—			—
Dividends and/or distributions reinvested		3,837,982			19,916,140			668,094			3,691,378
Redeemed		(34,302,739	)		(177,595,993	)		(6,459,573	)		(35,345,244	)
Net increase (decrease)		(17,117,476	)	$	(86,691,402	)		(3,659,309	)	$	(19,951,766	)
Class B
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed3		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—

75      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

							One Months Ended October 31,
	Six Months Ended April 30, 20201									20192
	Shares			Amount			Shares			Amount
Class C
Sold		717,480		$	3,835,355			142,846		$	775,884
Dividends and/or distributions reinvested		313,647			1,625,186			59,609			328,035
Automatic Conversion Class C to Class A Shares		(2,866,125	)		(15,054,044	)		—			—
Redeemed		(2,949,831	)		(15,157,533	)		(1,194,160	)		(6,537,148	)
Net increase (decrease)		(4,784,829	)	$	(24,751,036	)		(991,705	)	$	(5,433,229	)
Class R
Sold		1,310,656		$	6,928,714			178,269		$	973,465
Dividends and/or distributions reinvested		358,001			1,852,535			62,026			342,303
Redeemed		(3,407,215	)		(17,748,752	)		(522,065	)		(2,853,954	)
Net increase (decrease)		(1,738,558	)	$	(8,967,503	)		(281,770	)	$	(1,538,186	)
Class Y
Sold		38,534,572		$	204,150,936			4,979,925		$	27,290,342
Dividends and/or distributions reinvested		6,238,426			32,460,080			1,088,978			6,022,050
Redeemed		(99,473,550	)		(500,676,367	)		(10,603,717	)		(58,023,591	)
Net increase (decrease)		(54,700,552	)	$	(264,065,351	)		(4,534,814	)	$	(24,711,199	)
Class R54
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—
Class R6
Sold		19,738,434		$	105,628,589			1,984,096		$	10,816,472
Dividends and/or distributions reinvested		3,502,675			18,239,012			636,035			3,517,275
Redeemed		(44,552,432	)		(231,203,686	)		(2,354,096	)		(12,880,693	)
Net increase (decrease)		(21,311,323	)	$	(107,336,085	)		266,035		$	1,453,054

76      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Transactions in shares of beneficial interest were as follows:

	Year Ended September 30, 20195						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		46,707,276		$	257,635,501			42,674,811		$	249,905,235
Automatic Conversion
Class C to Class A Shares		—			—			—			—
Dividends and/or distributions reinvested		8,909,930			48,606,856			8,272,570			48,015,112
Redeemed		(61,358,992	)		(334,215,709	)		(68,276,202	)		(396,073,859	)
Net increase (decrease)		(5,741,786	)	$	(27,973,352	)		(17,328,821	)	$	(98,153,512	)
Class B
Sold		—		$	—			4,820		$	28,765
Dividends and/or distributions reinvested		—			—			11,786			70,078
Redeemed3		—			—			(1,077,352	)		(6,384,415	)
Net increase (decrease)		—		$	—			(1,060,746	)	$	(6,285,572	)
Class C
Sold		2,127,191		$	11,585,168			5,778,272		$	33,966,614
Dividends and/or distributions reinvested		1,782,006			9,681,973			1,921,742			11,113,665
Automatic Conversion Class C to Class A Shares		—			—			—			—
Redeemed		(35,923,525	)		(198,224,567	)		(16,515,106	)		(95,357,594	)
Net increase (decrease)		(32,014,328	)	$	(176,957,426	)		(8,815,092	)	$	(50,277,315	)
Class R
Sold		2,563,830		$	13,975,234			4,559,765		$	26,435,800
Dividends and/or distributions reinvested		931,053			5,063,654			829,378			4,793,502
Redeemed		(6,834,225	)		(37,166,759	)		(5,911,392	)		(34,303,537	)
Net increase (decrease)		(3,339,342	)	$	(18,127,871	)		(522,249	)	$	(3,074,235	)
Class Y
Sold		91,187,125		$	498,357,038			214,651,641		$	1,260,130,600
Dividends and/or distributions reinvested		21,383,562			116,687,657			19,137,649			110,695,020
Redeemed		(289,686,550	)		(1,593,251,215	)		(153,046,264	)		(873,927,206	)
Net increase (decrease)		(177,115,863	)	$	(978,206,520	)		80,743,026		$	496,898,414
Class R54
Sold		1,848		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		1,848		$	10,000			—		$	—

77      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

NOTES TO CONSOLIDATED

FINANCIAL STATEMENTS Unaudited / Continued

	Year Ended September 30, 20195						Year Ended September 30, 2018
Class R6
Sold		72,871,683		$	394,934,516			172,301,770		$	980,079,104
Dividends and/or distributions reinvested		10,541,778			57,440,267			9,948,927			57,437,582
Redeemed		(181,831,910	)		(993,754,071	)		(126,133,503	)		(714,521,167	)
Net increase (decrease)		(98,418,449	)	$	(541,379,288	)		56,117,194		$	322,995,519

1.  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 11% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

2.  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 32% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

3.  All outstanding Class B shares converted to Class A shares on June 1, 2018.

4.  Commencement date after the close of business on May 24, 2019.

5.  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 26% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Note 10 - Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

Note 11 - Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto

78      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

will change from Invesco Oppenheimer International Bond Fund to Invesco International Bond Fund.

79      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The 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.

80      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

81      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

INVESCO’S PRIVACY NOTICE Continued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

82      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

Security

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We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

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(404) 962-8288

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Anne.Gerry@invesco.com

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83      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

INVESCO’S PRIVACY NOTICE Continued

· Request that we amend, rectify, delete or update the personal data we hold about you;

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Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

84      INVESCO OPPENHEIMER INTERNATIONAL BOND FUND

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Explore High-Conviction Investing with Invesco

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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.

Invesco Distributors, Inc.	O-IBD-SAR-1	06272020

	Semiannual Report	4/30/2020
	Invesco Oppenheimer Total Return Bond Fund Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents
Top Holdings and Allocations	4
Fund Expenses	8
Schedule of Investments	10
Statement of Assets and Liabilities	35
Statement of Operations	37
Statement of Changes in Net Assets	39
Financial Highlights	40
Notes to Financial Statements	51
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	67
Invesco’s Privacy Notice	68

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/20

	Class A Shares of the Fund
	Without Sales Charge			With Sales Charge			Bloomberg Barclays U.S. Credit Index			Bloomberg Barclays U.S. Aggregate Bond Index			FTSE Broad     Investment     Grade Bond      Index
6-Month		3.61	%		-0.77	%		1.77	%		4.86	%		4.85	%
1-Year		9.30			4.65			9.37			10.84			10.94
5-Year		3.54			2.64			4.33			3.80			3.82
10-Year		4.82			4.37			5.04			3.96			3.98

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund

2      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

3      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Top Holdings and Allocations

PORTFOLIO ALLOCATION
Non-Convertible Corporate Bonds and Notes	38.3	%
Mortgage-Backed Obligations
Agency	9.0
CMOs	2.7
Government Agency	8.9
Non-Agency	6.4
Asset-Backed Securities	16.2
Investment Companies	14.0
U.S. Government Obligations	4.1
Municipal Bonds and Notes	0.4

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2020, and are based on the total market value of investments.

TOP TEN HOLDINGS
Invesco Liquid Assets Portfolio, Institutional Class	16.3	%
Federal National Mortgage Assn., 3.00%, 5/1/50	6.6
Federal National Mortgage Assn., 3.50%, 5/1/50	5.4
Government National Mortgage Assn.	3.9
United States Treasury Nts., 0.50%, 3/31/25	2.0
United States Treasury Nts., 1.50%, 2/15/30	1.7
Federal National Mortgage Assn., 2.50%, 5/1/35	1.3
Federal National Mortgage Assn., 3.00%, 5/15/34	1.1
CSAIL Commercial Mortgage Trust, Series 2020-C19, Cl. A3, 2.561%, 3/15/53	0.6
BA Credit Card Trust, Series 2017- A2, Cl. A2, 1.84%, 1/17/23	0.5

Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of April 30, 2020, and are based on net assets.

For more current Fund holdings, please visit invesco.com.

4      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/20

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPIGX)		4/15/88		3.61	%		9.30	%		3.54	%		4.82	%
Class C (OPBCX)		7/11/95		3.20			8.43			2.68			4.01
Class R (OPBNX)		3/1/01		3.46			9.13			3.22			4.53
Class Y (OPBYX)		4/27/98		3.78			9.66			3.84			5.10
Class R5 (TRTMX)1		5/24/19		3.77			9.56			3.59			4.85
Class R6 (OPBIX)2		4/27/12		3.80			9.71			3.88			4.36	3

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/20

	Inception Date		6-Month			1-Year			5-Year			10-Year
Class A (OPIGX)		4/15/88		-0.77	%		4.65	%		2.64	%		4.37	%
Class C (OPBCX)		7/11/95		2.20			7.43			2.68			4.01
Class R (OPBNX)		3/1/01		3.46			9.13			3.22			4.53
Class Y (OPBYX)		4/27/98		3.78			9.66			3.84			5.10
Class R5 (TRTMX)1		5/24/19		3.77			9.56			3.59			4.85
Class R6 (OPBIX)2		4/27/12		3.80			9.71			3.88			4.36	3

1. Class R5 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

2. After the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

3. Shows performance since inception.

Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher. Visit invesco.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, Class R, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class C, Class R, Class Y, and Class R6 shares, respectively, of the Fund. Class R5 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the 12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class R, Class Y, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund

5      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

prospectus and summary prospectus for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Credit Index, an index of non-convertible U.S. investment grade corporate bonds; the Bloomberg Barclays U.S. Aggregate Bond Index, an index of U.S. corporate and government bonds and the FTSE Broad Investment Grade Bond Index, an index of institutionally traded U.S. Treasury Bonds, government-sponsored bonds, mortgage-backed securities and corporate securities. The indices are unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over

6      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

• The Fund’s investment strategy remained appropriate for an open-end fund;

• The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Fund did not breach the 15% limit on Illiquid Investments; and

• The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco. com/fundprospectus.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

7      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2020.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended April 30, 2020” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class 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 for the class of shares you hold 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 transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table 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 transactional costs were included, your costs would have been higher.

8      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Actual	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During 6 Months Ended April 30, 2020
Class A	$    1,000.00	$    1,036.10	$        3.80
Class C	1,000.00	1,032.00	7.91
Class R	1,000.00	1,034.60	5.33
Class Y	1,000.00	1,037.80	2.28
Class R5	1,000.00	1,037.70	2.23
Class R6	1,000.00	1,038.00	1.93
Hypothetical
(5% return before expenses)
Class A	1,000.00	1,021.13	3.78
Class C	1,000.00	1,017.11	7.85
Class R	1,000.00	1,019.64	5.29
Class Y	1,000.00	1,022.63	2.27
Class R5	1,000.00	1,022.68	2.22
Class R6	1,000.00	1,022.97	1.91

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended April 30, 2020 are as follows:

Class	Expense Ratios
Class A		0.75	%
Class C		1.56
Class R		1.05
Class Y		0.45
Class R5		0.44
Class R6		0.38

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

9      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS April 30, 2020 Unaudited

	Principal Amount		Value
Asset-Backed Securities—18.8%
Auto Loans/Leases—12.0%
American Credit Acceptance Receivables Trust:
Series 2017-4, Cl. C, 2.94%, 1/10/241		$                401,648		$                401,789
Series 2017-4, Cl. D, 3.57%, 1/10/241		3,368,000		3,379,748
Series 2018-2, Cl. C, 3.70%, 7/10/241		3,507,092		3,520,930
Series 2018-3, Cl. B, 3.49%, 6/13/221		28,346		28,354
Series 2018-3, Cl. D, 4.14%, 10/15/241		410,000		411,338
Series 2018-4, Cl. C, 3.97%, 1/13/251		2,935,000		2,915,519
Series 2019-2, Cl. D, 3.41%, 6/12/251		2,340,000		2,208,574
Series 2019-3, Cl. C, 2.76%, 9/12/251		2,700,000		2,673,613
AmeriCredit Automobile Receivables Trust:
Series 2017-2, Cl. D, 3.42%, 4/18/23		3,735,000		3,756,589
Series 2017-3, Cl. D, 3.18%, 7/18/23		4,000,000		3,996,530
Series 2017-4, Cl. D, 3.08%, 12/18/23		2,885,000		2,862,374
Series 2018-3, Cl. C, 3.74%, 10/18/24		4,225,000		4,352,875
Series 2019-2, Cl. C, 2.74%, 4/18/25		1,645,000		1,625,909
Series 2019-2, Cl. D, 2.99%, 6/18/25		4,570,000		4,445,807
Series 2019-3, Cl. D, 2.58%, 9/18/25		2,285,000		2,181,627
Capital Auto Receivables Asset Trust:
Series 2017-1, Cl. D, 3.15%, 2/20/251		560,000		538,114
Series 2018-2, Cl. B, 3.48%, 10/20/231		2,025,000		2,051,931
Series 2018-2, Cl. C, 3.69%, 12/20/231		1,950,000		1,974,437
CarMax Auto Owner Trust:
Series 2017-1, Cl. D, 3.43%, 7/17/23		2,675,000		2,683,024
Series 2017-4, Cl. D, 3.30%, 5/15/24		1,435,000		1,436,077
Series 2018-1, Cl. D, 3.37%, 7/15/24		1,095,000		1,053,827
Series 2018-4, Cl. C, 3.85%, 7/15/24		1,470,000		1,470,683
Series 2019-3, Cl. D, 2.85%, 1/15/26		1,375,000		1,311,002
CPS Auto Receivables Trust:
Series 2018-A, Cl. B, 2.77%, 4/18/221		484,645		484,838
Series 2018-B, Cl. B, 3.23%, 7/15/221		1,447,003		1,447,085
Credit Acceptance Auto Loan Trust:
Series 2017-3A, Cl. C, 3.48%, 10/15/261		2,865,000		2,857,520
Series 2018-1A, Cl. B, 3.60%, 4/15/271		2,650,000		2,678,733
Series 2018-1A, Cl. C, 3.77%, 6/15/271		3,630,000		3,560,232
Series 2018-2A, Cl. C, 4.16%, 9/15/271		2,530,000		2,546,069
Series 2018-3A, Cl. C, 4.04%, 12/15/271		3,585,000		3,474,005
Series 2019-1A, Cl. B, 3.75%, 4/17/281		1,645,000		1,641,849
Series 2019-1A, Cl. C, 3.94%, 6/15/281		2,335,000		2,327,318
Drive Auto Receivables Trust:
Series 2016-CA, Cl. D, 4.18%, 3/15/241		1,428,217		1,436,703
Series 2017-1, Cl. D, 3.84%, 3/15/23		4,471,121		4,522,149
Series 2018-1, Cl. D, 3.81%, 5/15/24		2,545,000		2,566,789
Series 2018-2, Cl. D, 4.14%, 8/15/24		3,655,000		3,713,631
Series 2018-3, Cl. D, 4.30%, 9/16/24		3,340,000		3,388,498
Series 2018-5, Cl. C, 3.99%, 1/15/25		3,380,000		3,415,586
Series 2019-1, Cl. C, 3.78%, 4/15/25		5,345,000		5,339,485
Series 2019-3, Cl. D, 3.18%, 10/15/26		3,575,000		3,423,968
Series 2019-4, Cl. D, 2.70%, 2/16/27		1,330,000		1,269,160

10      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Auto Loans/Leases (Continued)
DT Auto Owner Trust:
Series 2016-4A, Cl. E, 6.49%, 9/15/231		$                3,005,000		$                2,998,689
Series 2017-1A, Cl. D, 3.55%, 11/15/221		1,159,370		1,161,111
Series 2017-2A, Cl. D, 3.89%, 1/15/231		1,455,713		1,462,826
Series 2017-3A, Cl. D, 3.58%, 5/15/231		1,043,477		1,045,539
Series 2017-3A, Cl. E, 5.60%, 8/15/241		3,305,000		3,266,792
Series 2017-4A, Cl. D, 3.47%, 7/17/231		3,800,931		3,807,696
Series 2017-4A, Cl. E, 5.15%, 11/15/241		7,800,000		7,877,066
Series 2018-3A, Cl. B, 3.56%, 9/15/221		4,280,000		4,316,769
Series 2018-3A, Cl. C, 3.79%, 7/15/241		1,720,000		1,731,316
Series 2019-2A, Cl. D, 3.48%, 2/18/251		2,090,000		2,020,844
Series 2019-3A, Cl. D, 2.96%, 4/15/251		1,220,000		1,176,416
Series 2019-4A, Cl. D, 2.85%, 7/15/251		3,900,000		3,693,618
Exeter Automobile Receivables Trust:
Series 2018-4A, Cl. B, 3.64%, 11/15/221		2,395,208		2,399,642
Series 2019-1A, Cl. D, 4.13%, 12/16/241		4,195,000		4,094,361
Series 2019-2A, Cl. C, 3.30%, 3/15/241		5,180,000		5,165,634
Series 2019-4A, Cl. D, 2.58%, 9/15/251		4,065,000		3,774,239
Flagship Credit Auto Trust, Series 2016-1, Cl. C, 6.22%, 6/15/221		4,014,608		4,073,193
GLS Auto Receivables Trust, Series 2018-1A, Cl. A, 2.82%, 7/15/221		996,399		996,166
GM Financial Automobile Leasing Trust:
Series 2017-3, Cl. C, 2.73%, 9/20/21		721,524		722,014
Series 2018-2, Cl. C, 3.50%, 4/20/22		2,245,000		2,248,531
Prestige Auto Receivables Trust, Series 2019-1A, Cl. C, 2.70%, 10/15/241		1,965,000		1,952,539
Progress Residential Trust, Series 2020-SFR1, Cl. A, 1.732%, 4/17/371		6,825,000		6,693,611
Santander Drive Auto Receivables Trust:
Series 2017-1, Cl. E, 5.05%, 7/15/241		5,845,000		5,851,823
Series 2017-2, Cl. D, 3.49%, 7/17/23		2,875,000		2,883,785
Series 2017-3, Cl. D, 3.20%, 11/15/23		3,750,000		3,734,332
Series 2018-1, Cl. D, 3.32%, 3/15/24		1,605,000		1,572,510
Series 2018-2, Cl. D, 3.88%, 2/15/24		2,665,000		2,698,656
Series 2018-5, Cl. C, 3.81%, 12/16/24		3,645,000		3,677,529
Series 2019-2, Cl. D, 3.22%, 7/15/25		3,210,000		3,076,598
Series 2019-3, Cl. D, 2.68%, 10/15/25		2,805,000		2,718,747
Santander Retail Auto Lease Trust:
Series 2019-A, Cl. C, 3.30%, 5/22/231		5,160,000		5,193,050
Series 2019-B, Cl. C, 2.77%, 8/21/231		1,960,000		1,916,787
Series 2019-C, Cl. C, 2.39%, 11/20/231		3,565,000		3,455,913
United Auto Credit Securitization Trust, Series 2019-1, Cl. C, 3.16%, 8/12/241		2,475,000		2,461,592
Westlake Automobile Receivables Trust:
Series 2017-2A, Cl. E, 4.63%, 7/15/241		4,070,000		4,064,527
Series 2018-1A, Cl. D, 3.41%, 5/15/231		4,490,000		4,488,102
Series 2018-2A, Cl. E, 4.86%, 1/16/241		5,000,000		4,978,640
Series 2018-3A, Cl. B, 3.32%, 10/16/231		3,067,000		3,081,558

11      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Auto Loans/Leases (Continued)
Westlake Automobile Receivables Trust: (Continued)
Series 2019-3A, Cl. C, 2.49%, 10/15/241		$                4,570,000		$                4,417,200
				228,324,250
Credit Cards—3.0%
BA Credit Card Trust, Series 2017-A2, Cl. A2, 1.84%, 1/17/23		10,000,000		10,034,474
Synchrony Credit Card Master Note Trust, Series 2017-1, Cl. A, 1.93%, 6/15/23		8,294,000		8,273,093
World Financial Network Credit Card Master Trust:
Series 2015-B, Cl. A, 2.55%, 6/17/24		10,000,000		10,005,000
Series 2018-A, Cl. A, 3.07%, 12/16/24		7,965,000		8,022,385
Series 2018-B, Cl. A, 3.46%, 7/15/25		3,870,000		3,882,341
Series 2018-C, Cl. A, 3.55%, 8/15/25		7,920,000		7,869,616
Series 2019-A, Cl. A, 3.14%, 12/15/25		1,150,000		1,180,760
Series 2019-B, Cl. A, 2.49%, 4/15/26		4,555,000		4,430,139
Series 2019-C, Cl. A, 2.21%, 7/15/26		3,910,000		3,736,113
				57,433,921
Home Equity Loans—0.1%
Chase Funding Trust, Series 2003-2, Cl. 2A2, 1.047%
[US0001M+56], 2/25/332		362,314		317,961
CNH Equipment Trust, Series 2017-C, Cl. B, 2.54%, 5/15/25		960,000		958,795
				1,276,756
Leases—1.2%
CCG Receivables Trust:
Series 2017-1, Cl. B, 2.75%, 11/14/231		2,915,000		2,915,511
Series 2018-1, Cl. B, 3.09%, 6/16/251		1,320,000		1,310,648
Series 2018-1, Cl. C, 3.42%, 6/16/251		381,000		373,477
Series 2018-2, Cl. C, 3.87%, 12/15/251		980,000		1,002,575
Series 2019-1, Cl. B, 3.22%, 9/14/261		2,740,000		2,639,001
Series 2019-1, Cl. C, 3.57%, 9/14/261		670,000		635,568
Series 2019-2, Cl. B, 2.55%, 3/15/271		1,845,000		1,845,151
Series 2019-2, Cl. C, 2.89%, 3/15/271		900,000		899,691
CNH Equipment Trust, Series 2019-A, Cl. A4, 3.22%, 1/15/26		1,910,000		2,005,376
Dell Equipment Finance Trust:
Series 2017-2, Cl. B, 2.47%, 10/24/221		955,000		956,598
Series 2018-1, Cl. B, 3.34%, 6/22/231		1,366,000		1,377,704
Series 2019-1, Cl. C, 3.14%, 3/22/241		5,330,000		5,325,847
Series 2019-2, Cl. D, 2.48%, 4/22/251		1,925,000		1,921,867
Element Rail Leasing I LLC, Series 2014-1A, Cl. A1, 2.299%, 4/19/441		331,154		331,538
				23,540,552
Loans—2.5%
Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Cl. A2, 1.414% [US0001M+60], 9/15/242		9,380,000		8,935,833
GMF Floorplan Owner Revolving Trust:
Series 2018-3, Cl. B, 3.49%, 9/15/221		4,056,000		3,978,662

12      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Loans (Continued)
GMF Floorplan Owner Revolving Trust: (Continued)
Series 2018-3, Cl. C, 3.68%, 9/15/221		$                3,435,000		$                3,336,566
Series 2018-4, Cl. B, 3.68%, 9/15/231		3,435,000		3,384,653
Series 2018-4, Cl. C, 3.88%, 9/15/231		4,295,000		4,187,415
Navistar Financial Dealer Note Master Owner Trust II:
Series 2018-1, Cl. A, 1.117% [US0001M+63], 9/25/231,2		1,830,000		1,791,410
Series 2018-1, Cl. B, 1.287% [US0001M+80], 9/25/231,2		2,165,000		2,113,480
Series 2019-1, Cl. C, 1.437% [US0001M+95], 5/25/241,2		375,000		366,767
Series 2019-1, Cl. D, 1.937% [US0001M+145], 5/25/241,2		355,000		347,119
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Cl. AR, 2.155% [US0003M+102], 4/19/301,2		5,054,000		4,892,858
OHA Loan Funding Ltd., Series 2016-1A, Cl. AR, 2.395% [US0003M+126], 1/20/331,2		5,076,061		4,912,196
Sonic Capital LLC, Series 2020-1A, Cl. A2I, 3.845%, 1/20/501		1,622,292		1,463,785
Symphony CLO XXII Ltd., Series 2020-22A, Cl. A1A, 0.00% [US0003M+129], 4/18/331,2		3,000,000		2,905,143
TICP CLO XV Ltd., Series 2020-15A, Cl. A, 2.915% [US0003M+128], 4/20/331,2		4,685,000		4,552,354
				47,168,241
Total Asset-Backed Securities (Cost $361,830,770)				357,743,720
Mortgage-Backed Obligations—31.5%
Agency—10.5%
U.S. Agency Securities—10.5%
Federal Home Loan Mortgage Corp. Gold Pool:
5.50%, 9/1/39		878,932		998,312
6.00%, 7/1/24-11/1/37		124,532		141,184
6.50%, 4/1/21-4/1/34		146,721		164,524
7.00%, 7/1/21-10/1/37		1,327,665		1,554,637
9.00%, 8/1/22-5/1/25		2,057		2,244
Federal Home Loan Mortgage Corp., Interest-Only Stripped Mtg.-Backed Security:
Series 183, Cl. IO, 99.999%, 4/1/273		142,002		21,137
Series 192, Cl. IO, 99.999%, 2/1/283		16,902		2,589
Series 206, Cl. IO, 13.759%, 12/15/293		37,068		7,391
Series 243, Cl. 6, 4.863%, 12/15/323		117,150		19,892
Series 304, Cl. C31, 7.481%, 12/15/273		2,142,647		149,049
Series 304, Cl. C45, 7.80%, 12/15/273		1,781,193		100,392
Series 304, Cl. C47, 4.768%, 12/15/273		1,017,072		57,592
Federal Home Loan Mortgage Corp., Mtg.-Linked Amortizing Global Debt Securities, Series 2012-1, Cl. A10, 2.06%, 1/15/22		2,103,199		2,152,617
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-
Backed Security:
Series K734, Cl. X1, 0.00%, 2/25/263,4		33,368,370		1,067,478
Series KC02, Cl. X1, 0.00%, 3/25/243,4		76,595,589		1,033,343
Federal Home Loan Mortgage Corp., Principal-Only Stripped Mtg.-Backed Security, Series 176, Cl. PO, 4.207%, 6/1/265		18,477		17,871
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1590, Cl. IA, 1.864% [US0001M+105], 10/15/232		208,452		207,954
Series 2034, Cl. Z, 6.50%, 2/15/28		2,491		2,827

13      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2043, Cl. ZP, 6.50%, 4/15/28		$                390,822		$                448,297
Series 2046, Cl. G, 6.50%, 4/15/28		119,655		137,261
Series 2053, Cl. Z, 6.50%, 4/15/28		2,436		2,809
Series 2063, Cl. PG, 6.50%, 6/15/28		174,431		197,458
Series 2145, Cl. MZ, 6.50%, 4/15/29		52,097		60,820
Series 2148, Cl. ZA, 6.00%, 4/15/29		80,766		91,514
Series 2195, Cl. LH, 6.50%, 10/15/29		167,274		191,868
Series 2326, Cl. ZP, 6.50%, 6/15/31		44,212		50,732
Series 2341, Cl. FP, 1.714% [US0001M+90], 7/15/312		84,351		83,315
Series 2423, Cl. MC, 7.00%, 3/15/32		302,264		360,196
Series 2461, Cl. PZ, 6.50%, 6/15/32		349,516		404,998
Series 2463, Cl. F, 1.814% [US0001M+100], 6/15/322		342,301		338,867
Series 2635, Cl. AG, 3.50%, 5/15/32		273,000		292,293
Series 2676, Cl. KY, 5.00%, 9/15/23		235,753		247,370
Series 3025, Cl. SJ, 21.765% [US0001M+2,475], 8/15/352		66,152		112,233
Series 3030, Cl. FL, 1.214% [US0001M+40], 9/15/352		178,379		177,801
Series 3645, Cl. EH, 3.00%, 12/15/20		79		79
Series 3822, Cl. JA, 5.00%, 6/15/40		33,823		34,039
Series 3857, Cl. GL, 3.00%, 5/15/40		11,298		11,712
Series 4221, Cl. HJ, 1.50%, 7/15/23		307,425		310,030
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates,
Interest-Only Stripped Mtg.-Backed Security:
Series 2129, Cl. S, 99.999%, 2/15/293		197,271		38,743
Series 2130, Cl. SC, 99.999%, 3/15/293		46,242		8,379
Series 2134, Cl. SB, 99.999%, 3/15/293		55,855		7,709
Series 2493, Cl. S, 41.809%, 9/15/293		14,314		2,893
Series 2682, Cl. TQ, 99.999%, 10/15/333		419,612		87,853
Series 2796, Cl. SD, 99.999%, 7/15/263		89,822		12,147
Series 2920, Cl. S, 35.052%, 1/15/353		402,244		81,914
Series 2981, Cl. BS, 99.999%, 5/15/353		867,293		185,872
Series 3005, Cl. WI, 0.00%, 7/15/353,4		347,444		120,838
Series 3397, Cl. GS, 1.364%, 12/15/373		146,705		34,900
Series 3424, Cl. EI, 0.00%, 4/15/383,4		56,762		10,511
Series 3450, Cl. BI, 29.244%, 5/15/383		1,866,535		395,193
Series 3606, Cl. SN, 29.235%, 12/15/393		476,234		95,922
Series 4057, Cl. QI, 3.979%, 6/15/273		7,123,060		432,373
Series 4146, Cl. AI, 7.624%, 12/15/273		2,704,712		170,357
Series 4205, Cl. AI, 6.561%, 5/15/283		1,864,683		103,394
Series 4316, Cl. JS, 0.00%, 1/15/443,4		2,904,723		407,812
Series 4818, Cl. BI, 0.708%, 3/15/453		3,331,279		193,031
Federal National Mortgage Assn.:
2.50%, 5/1/356		24,090,000		25,189,106
3.00%, 5/1/506		118,785,000		125,401,696
Federal National Mortgage Assn. Pool:
5.00%, 3/1/21		37		39
5.50%, 2/1/35-5/1/36		676,440		773,821
6.00%, 5/1/20		7		7

14      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn. Pool: (Continued)
6.50%, 2/1/21-11/1/31		$                984,905		$                1,106,335
7.00%, 4/1/33-4/1/34		630,583		737,970
7.50%, 1/1/33-8/1/33		1,003,762		1,182,004
8.50%, 7/1/32		2,554		2,582
Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 222, Cl. 2, 99.999%, 6/25/233		85,280		6,908
Series 247, Cl. 2, 0.00%, 10/25/233,4		10,480		879
Series 252, Cl. 2, 99.999%, 11/25/233		84,170		7,214
Series 254, Cl. 2, 99.999%, 1/25/243		186,424		17,662
Series 301, Cl. 2, 33.514%, 4/25/293		67,372		12,140
Series 303, Cl. IO, 70.492%, 11/25/293		15,514		3,195
Series 319, Cl. 2, 34.363%, 2/25/323		60,314		11,256
Series 320, Cl. 2, 82.092%, 4/25/323		1,217,397		262,981
Series 321, Cl. 2, 41.235%, 4/25/323		187,094		41,218
Series 324, Cl. 2, 26.958%, 7/25/323		80,807		16,171
Series 331, Cl. 9, 11.08%, 2/25/333		670,851		149,092
Series 334, Cl. 14, 32.164%, 2/25/333		578,986		118,640
Series 334, Cl. 15, 14.764%, 2/25/333		391,490		79,747
Series 334, Cl. 17, 51.089%, 2/25/333		21,306		4,390
Series 339, Cl. 12, 0.00%, 6/25/333,4		432,812		79,530
Series 339, Cl. 7, 0.00%, 11/25/333,4		455,134		89,166
Series 343, Cl. 13, 99.999%, 9/25/333		539,986		102,731
Series 343, Cl. 18, 99.999%, 5/25/343		312,346		57,253
Series 345, Cl. 9, 0.00%, 1/25/343,4		229,329		42,117
Series 351, Cl. 10, 0.00%, 4/25/343,4		178,741		33,888
Series 351, Cl. 8, 0.00%, 4/25/343,4		316,943		60,434
Series 356, Cl. 10, 0.00%, 6/25/353,4		226,544		39,065
Series 356, Cl. 12, 0.00%, 2/25/353,4		112,326		20,608
Series 362, Cl. 13, 0.00%, 8/25/353,4		288,375		63,862
Series 364, Cl. 16, 99.999%, 9/25/353		399,008		79,971
Series 365, Cl. 16, 99.999%, 3/25/363		243,972		51,850
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 1993-104, Cl. ZB, 6.50%, 7/25/23		31,343		33,418
Series 1993-87, Cl. Z, 6.50%, 6/25/23		28,249		30,105
Series 1996-35, Cl. Z, 7.00%, 7/25/26		13,439		14,967
Series 1998-58, Cl. PC, 6.50%, 10/25/28		95,675		109,029
Series 1998-61, Cl. PL, 6.00%, 11/25/28		125,109		142,429
Series 1999-54, Cl. LH, 6.50%, 11/25/29		178,890		204,715
Series 1999-60, Cl. PG, 7.50%, 12/25/29		883,431		1,029,295
Series 2001-51, Cl. OD, 6.50%, 10/25/31		121,602		130,749
Series 2002-47, Cl. NS, 45.66%, 4/25/323		91,149		21,017
Series 2002-56, Cl. FN, 1.487% [US0001M+100], 7/25/322		106,316		105,247
Series 2003-130, Cl. CS, 13.126% [US0001M+1,410], 12/25/332		36,330		37,786
Series 2003-21, Cl. FK, 0.887% [US0001M+40], 3/25/332		29,320		28,420
Series 2005-104, Cl. MC, 5.50%, 12/25/25		470,786		496,842
Series 2005-109, Cl. AH, 5.50%, 12/25/25		1,426,506		1,496,468
Series 2005-31, Cl. PB, 5.50%, 4/25/35		2,480,000		2,847,217

15      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates: (Continued)
Series 2005-71, Cl. DB, 4.50%, 8/25/25		$                103,719	$	107,344
Series 2005-73, Cl. DF, 0.737% [US0001M+25], 8/25/352		121,650		120,895
Series 2006-50, Cl. SK, 22.413% [US0001M+2,420], 6/25/362		236,730		412,510
Series 2009-113, Cl. DB, 3.00%, 12/25/20		1,064		1,066
Series 2009-36, Cl. FA, 1.427% [US0001M+94], 6/25/372		113,207		115,094
Series 2010-43, Cl. KG, 3.00%, 1/25/21		1,057		1,060
Series 2011-15, Cl. DA, 4.00%, 3/25/41		79,328		85,737
Series 2011-3, Cl. EL, 3.00%, 5/25/20		43		43
Series 2011-3, Cl. KA, 5.00%, 4/25/40		479,516		508,592
Series 2011-82, Cl. AD, 4.00%, 8/25/26		9,501		9,586
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series 2001-15, Cl. SA, 99.999%, 3/17/313		598		46
Series 2001-61, Cl. SE, 38.057%, 11/18/313		88,592		18,782
Series 2001-65, Cl. S, 45.695%, 11/25/313		198,412		40,366
Series 2001-81, Cl. S, 47.362%, 1/25/323		27,083		5,801
Series 2002-12, Cl. SB, 25.858%, 7/25/313		43,263		9,392
Series 2002-2, Cl. SW, 28.374%, 2/25/323		54,946		12,520
Series 2002-38, Cl. SO, 96.358%, 4/25/323		32,965		6,830
Series 2002-41, Cl. S, 48.306%, 7/25/323		269,324		51,293
Series 2002-5, Cl. SD, 99.999%, 2/25/323		37,702		6,684
Series 2002-51, Cl. S, 45.738%, 8/25/323		83,692		19,313
Series 2002-60, Cl. SM, 29.151%, 8/25/323		261,316		51,452
Series 2002-60, Cl. SY, 99.999%, 4/25/323		249,596		6,108
Series 2002-64, Cl. SD, 38.457%, 4/25/273		107,477		19,437
Series 2002-7, Cl. SK, 34.705%, 1/25/323		156,869		32,971
Series 2002-75, Cl. SA, 39.734%, 11/25/323		152,601		32,680
Series 2002-77, Cl. BS, 37.187%, 12/18/323		305,087		72,573
Series 2002-77, Cl. IS, 64.907%, 12/18/323		56,163		13,249
Series 2002-77, Cl. SH, 36.444%, 12/18/323		38,771		6,869
Series 2002-84, Cl. SA, 29.576%, 12/25/323		40,144		8,430
Series 2002-89, Cl. S, 37.478%, 1/25/333		405,571		99,578
Series 2002-9, Cl. MS, 48.718%, 3/25/323		2,503		578
Series 2002-90, Cl. SN, 26.612%, 8/25/323		237,763		50,369
Series 2002-90, Cl. SY, 29.59%, 9/25/323		127,614		26,564
Series 2003-14, Cl. OI, 44.774%, 3/25/333		540,406		129,185
Series 2003-26, Cl. IK, 66.093%, 4/25/333		237,962		54,241
Series 2003-33, Cl. SP, 29.023%, 5/25/333		252,863		62,289
Series 2003-4, Cl. S, 26.175%, 2/25/333		73,442		17,542
Series 2003-52, Cl. NS, 3.822%, 6/25/233		443,543		23,669
Series 2004-54, Cl. DS, 99.844%, 11/25/303		23,213		4,368
Series 2004-56, Cl. SE, 24.334%, 10/25/333		332,886		77,535
Series 2005-40, Cl. SA, 55.127%, 5/25/353		231,049		44,947
Series 2005-52, Cl. JH, 56.347%, 5/25/353		475,610		80,957
Series 2005-6, Cl. SE, 82.627%, 2/25/353		471,403		98,743
Series 2005-93, Cl. SI, 16.00%, 10/25/353		314,712		65,097

16      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
U.S. Agency Securities (Continued)
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security: (Continued)
Series 2006-53, Cl. US, 0.00%, 6/25/363,4		$                     23,345		$                       4,731
Series 2008-55, Cl. SA, 0.00%, 7/25/383,4		91,075		18,219
Series 2009-8, Cl. BS, 0.00%, 2/25/243,4		4,357		281
Series 2011-96, Cl. SA, 19.72%, 10/25/413		690,267		146,149
Series 2012-121, Cl. IB, 0.00%, 11/25/273,4		2,954,927		177,526
Series 2012-134, Cl. SA, 6.362%, 12/25/423		2,055,516		420,506
Series 2012-40, Cl. PI, 25.19%, 4/25/413		1,293,775		129,868
Series 2015-57, Cl. LI, 6.037%, 8/25/353		7,096,740		877,716
Series 2016-45, Cl. MI, 7.59%, 7/25/463		1,974,225		377,910
Series 2017-60, Cl. LI, 0.00%, 8/25/473,4		2,514,675		159,183
Series 2017-66, Cl. AS, 9.717%, 9/25/473		16,056,730		2,060,191
Series 2018-16, Cl. NI, 4.389%, 12/25/443		1,653,897		94,463
Series 2018-69, Cl. CI, 0.00%, 10/25/463,4		1,895,749		36,942
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit
Multiclass Pass-Through Certificates, Principal-Only Stripped Mtg.-Backed
Security, Series 1993-184, Cl. M, 5.334%, 9/25/235		28,905		28,407
FREMF Mortgage Trust:
Series 2013-K25, Cl. C, 3.744%, 11/25/451,7		605,000		598,084
Series 2013-K26, Cl. C, 3.721%, 12/25/451,7		1,165,000		1,159,025
Series 2013-K28, Cl. C, 3.609%, 6/25/461,7		2,580,000		2,524,478
Series 2014-K714, Cl. C, 4.082%, 1/25/471,7		1,100,402		1,099,295
Series 2014-K715, Cl. C, 4.257%, 2/25/461,7		2,603,236		2,613,577
Series 2015-K44, Cl. B, 3.807%, 1/25/481,7		1,175,000		1,228,229
Series 2017-K62, Cl. B, 4.004%, 1/25/501,7		1,040,000		1,062,742
Series 2017-K724, Cl. B, 3.598%, 11/25/231,7		780,000		788,937
Government National Mortgage Assn. II Pool:
3.25% [H15T1Y+150], 7/20/25-7/20/272		3,019		3,102
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security:
Series 2002-15, Cl. SM, 99.999%, 2/16/323		115,302		343
Series 2011-52, Cl. HS, 30.399%, 4/16/413		3,079,234		570,218
Series 2017-136, Cl. LI, 4.018%, 9/16/473		6,054,668		905,283
Series 2017-149, Cl. GS, 11.597%, 10/16/473		6,183,911		1,073,824
Structured Agency Credit Risk Debt Nts., Series 2018-HQA1, Cl. M2, 2.787% [US0001M+230], 9/25/302		1,860,135		1,658,070
				198,647,482
CMOs—3.1%
Collateralized Mortgage Obligations—3.1%
BANK, Interest-Only Stripped Mtg.-Backed Security, Series 2019-BN16, Cl. XA, 13.442%, 2/15/523		24,585,000		1,556,024
Bear Stearns ARM Trust, Series 2006-1, Cl. A1, 3.84% [H15T1Y+225], 2/25/362		944,795		909,600
COMM Mortgage Trust, Series 2014-CR20, Cl. ASB, 3.305%, 11/10/47		924,006		953,848
Connecticut Avenue Securities:
Series 2014-C01, Cl. M2, 4.887% [US0001M+440], 1/25/242		4,140,730		3,334,874
Series 2014-C02, Cl. 1M2, 3.087% [US0001M+260], 5/25/242		4,012,109		3,068,960

17      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
Connecticut Avenue Securities: (Continued)
Series 2014-C03, Cl. 1M2, 3.487% [US0001M+300], 7/25/242	$	3,791,424	$	2,959,494
Series 2014-C03, Cl. 2M2, 3.387% [US0001M+290], 7/25/242		1,164,368		916,036
Series 2014-C04, Cl. 2M2, 5.487% [US0001M+500], 11/25/242		3,800,918		3,387,214
Series 2016-C01, Cl. 1M2, 7.237% [US0001M+675], 8/25/282		2,140,960		2,217,221
Series 2016-C02, Cl. 1M2, 6.487% [US0001M+600], 9/25/282		4,004,328		4,113,789
Series 2016-C06, Cl. 1M2, 4.737% [US0001M+425], 4/25/292		4,785,000		4,724,176
Series 2017-C01, Cl. 1M2, 4.037% [US0001M+355], 7/25/292		3,046,828		2,954,961
Series 2017-C03, Cl. 1M1, 1.437% [US0001M+95], 10/25/292		1,900,594		1,894,893
Series 2018-C01, Cl. 1M1, 1.087% [US0001M+60], 7/25/302		1,415,506		1,412,310
Series 2018-C03, Cl. 1M1, 1.167% [US0001M+68], 10/25/302		645,609		644,651
Series 2018-C05, Cl. 1M1, 1.207% [US0001M+72], 1/25/312		124,633		124,518
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.- Backed Security:
Series K093, Cl. X1, 0.00%, 5/25/293,4		27,783,803		1,991,324
Series K735, Cl. X1, 0.00%, 5/25/263,4		36,158,915		1,768,674
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates:
Series 3010, Cl. WB, 4.50%, 7/15/20		149		149
Series 3848, Cl. WL, 4.00%, 4/15/40		277,643		285,761
Federal Home Loan Mortgage Corp., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security:
Series 2422, Cl. SJ, 23.342%, 1/15/323		205,126		47,144
Series 2922, Cl. SE, 37.182%, 2/15/353		324,811		65,721
Series 2981, Cl. AS, 10.171%, 5/15/353		776,157		129,494
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit
Multiclass Pass-Through Certificates, Series 2014-20, Cl. HL, 1.50%, 1/25/40		2,234,955		2,252,712
Federal National Mortgage Assn., Real Estate Mtg. Investment Conduit Multiclass Pass-Through Certificates, Interest- Only Stripped Mtg.-Backed Security:
Series 2002-52, Cl. SD, 99.783%, 9/25/323		131,373		30,819
Series 2005-12, Cl. SC, 47.529%, 3/25/353		147,087		26,115
FREMF Mortgage Trust:
Series 2012-K23, Cl. C, 3.782%, 10/25/451,7		680,000		683,622
Series 2013-K27, Cl. C, 3.615%, 1/25/461,7		650,000		650,749
Government National Mortgage Assn., Interest-Only Stripped Mtg.-Backed
Security, Series 2007-17, Cl. AI, 70.245%, 4/16/373		1,052,216		216,879
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C10, Cl. AS, 3.372%, 12/15/47		4,205,000		4,283,761
Series 2014-C20, Cl. AS, 4.043%, 7/15/47		3,950,000		4,137,964
RBSSP Resecuritization Trust, Series 2010-1, Cl. 2A1, 3.75%, 7/26/451,7		64,478		64,815

18      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Collateralized Mortgage Obligations (Continued)
Structured Agency Credit Risk Debt Nts.:
Series 2014-DN1, Cl. M2, 2.687% [US0001M+220], 2/25/242		$                331,575		$                318,015
Series 2014-DN3, Cl. M3, 4.487% [US0001M+400], 8/25/242		2,404,393		1,955,649
Series 2014-HQ2, Cl. M3, 4.237% [US0001M+375], 9/25/242		4,050,000		3,229,067
Series 2015-HQA2, Cl. M2, 3.287% [US0001M+280], 5/25/282		93,801		93,216
WF-RBS Commercial Mortgage Trust, Series 2013-C14, Cl. AS, 3.488%, 6/15/46		2,330,000		2,366,705
				59,770,924
Government Agency—10.4%
FHLMC/FNMA/FHLB/Sponsored—6.5%
Federal National Mortgage Assn.:
3.00%, 5/15/346		20,270,000		21,376,307
3.50%, 5/1/506		97,660,000		103,222,043
				124,598,350
GNMA/Guaranteed—3.9%
Government National Mortgage Assn.6		69,445,000		73,682,231
Non-Agency—7.5%
Adjustable-Rate Mortgages—7.5%
Alternative Loan Trust:
Series 2005-21CB, Cl. A7, 5.50%, 6/25/35		934,821		856,506
Series 2005-29CB, Cl. A4, 5.00%, 7/25/35		499,734		405,907
Angel Oak Mortgage Trust, Series 2020-1, Cl. A1, 2.466%, 12/25/591,7		2,829,833		2,805,573
Banc of America Funding Trust:
Series 2007-1, Cl. 1A3, 6.00%, 1/25/37		314,198		294,263
Series 2007-C, Cl. 1A4, 4.054%, 5/20/367		127,574		116,770
Banc of America Mortgage Trust, Series 2007-1, Cl. 1A24, 6.00%, 3/25/37		393,788		371,487
Bear Stearns ARM Trust, Series 2005-9, Cl. A1, 4.27% [H15T1Y+230], 10/25/352		343,815		330,587
Benchmark Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2018-B1, Cl. XA, 14.751%, 1/15/513		35,271,226		1,085,585
Capital Lease Funding Securitization LP, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 1997-CTL1, Cl. IO, 0.00%, 6/22/241,3,4		35,839		521
CD Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-CD6, Cl. XA, 15.093%, 11/13/503		11,599,375		544,924
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Cl. A15, 4.00%, 4/25/491,7		841,246		832,525
Chase Mortgage Finance Trust, Series 2005-A2, Cl. 1A3, 3.879%, 1/25/367		767,019		684,552
CHL Mortgage Pass-Through Trust:
Series 2005-26, Cl. 1A8, 5.50%, 11/25/35		320,049		276,384
Series 2006-6, Cl. A3, 6.00%, 4/25/36		295,793		219,253
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Cl. AAB, 3.477%, 5/10/47		1,238,721		1,280,161

19      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Citigroup Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates:
Series 2013-GC17, Cl. XA, 0.00%, 11/10/463,4	$	12,875,292	$	389,568
Series 2017-C4, Cl. XA, 14.408%, 10/12/503		30,740,694		1,687,621
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR1, Cl. 1A1, 3.88% [H15T1Y+240], 10/25/352		1,585,352		1,502,633
COLT Mortgage Loan Trust, Series 2020-1, Cl. A1, 2.488%, 2/25/501,7		6,743,617		6,648,517
COMM Mortgage Trust:
Series 2013-CR6, Cl. AM, 3.147%, 3/10/461		2,945,000		2,962,415
Series 2014-CR21, Cl. AM, 3.987%, 12/10/47		6,135,175		6,396,660
Series 2014-LC15, Cl. AM, 4.198%, 4/10/47		2,865,000		2,994,569
Series 2014-UBS6, Cl. AM, 4.048%, 12/10/47		5,720,000		5,908,781
COMM Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 2012-CR5, Cl. XA, 23.243%, 12/10/453		11,854,563		366,323
CSAIL Commercial Mortgage Trust, Series 2020-C19, Cl. A3, 2.561%, 3/15/53		10,613,000		10,947,431
CSMC Mortgage-Backed Trust, Series 2006-6, Cl. 1A4, 6.00%, 7/25/36		751,106		565,652
Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Interest-Only Stripped Mtg.-Backed Security, Series KC03, Cl. X1, 0.00%, 11/25/243,4		42,773,860		846,824
Federal Home Loan Mortgage Corp., STACR Trust:
Series 2018-HQA2, Cl. M1, 1.237% [US0001M+75], 10/25/481,2		2,290,742		2,278,884
Series 2019-HRP1, Cl. M2, 1.887% [US0001M+140], 2/25/491,2		1,025,000		909,700
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Cl. 1A6, 1.137% [US0001M+65], 11/25/352		600,688		287,787
GS Mortgage Securities Trust:
Series 2012-GC6, Cl. A3, 3.482%, 1/10/45		1,414,657		1,442,599
Series 2012-GC6, Cl. AS, 4.948%, 1/10/451		1,666,000		1,721,421
Series 2013-GC12, Cl. AAB, 2.678%, 6/10/46		327,952		331,245
Series 2013-GC16, Cl. AS, 4.649%, 11/10/46		974,215		1,028,437
Series 2014-GC18, Cl. AAB, 3.648%, 1/10/47		1,007,392		1,039,686
GSR Mortgage Loan Trust, Series 2005-AR4, Cl. 6A1, 4.639%, 7/25/357		189,669		170,577
HomeBanc Mortgage Trust, Series 2005-3, Cl. A2, 0.797% [US0001M+31], 7/25/352		140,937		139,375
JP Morgan Chase Commercial Mortgage Securities Trust:
Series 2013-C16, Cl. AS, 4.517%, 12/15/46		3,490,000		3,701,768
Series 2013-LC11, Cl. AS, 3.216%, 4/15/46		1,722,000		1,724,407
Series 2016-JP3, Cl. A2, 2.435%, 8/15/49		1,959,491		1,972,773
JP Morgan Mortgage Trust:
Series 2007-A1, Cl. 5A1, 3.976%, 7/25/357		533,991		502,613
Series 2018-8, Cl. A17, 4.00%, 1/25/491,7		835,000		850,701
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C24, Cl. B, 4.116%, 11/15/477		2,630,000		2,401,979
Series 2014-C25, Cl. AS, 4.065%, 11/15/47		6,036,000		6,340,155
Series 2015-C28, Cl. AS, 3.532%, 10/15/48		3,400,000		3,506,132
JPMBB Commercial Mortgage Securities Trust., Interest-Only Stripped Mtg.-Backed Security, Series 2015-C27, Cl. XA, 23.704%, 2/15/483		36,181,488		1,632,151

20      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
LB Commercial Conduit Mortgage Trust, Interest-Only Stripped Mtg.-Backed Security, Series 1998-C1, Cl. IO, 0.00%, 2/18/303,4	$	33,230	$	1
Lehman Structured Securities Corp., Series 2002-GE1, Cl. A, 0.00%, 7/26/241,7		12,785		7,812
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C9, Cl. AS, 3.456%, 5/15/46		6,222,000		6,368,175
Series 2014-C19, Cl. AS, 3.832%, 12/15/47		5,035,000		5,213,723
Morgan Stanley Capital I Trust, Series 2011-C2, Cl. A4, 4.661%, 6/15/441		1,741,265		1,792,026
Morgan Stanley Capital I, Inc., Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-HR2, Cl. XA, 13.519%, 12/15/503		13,192,079		610,700
Morgan Stanley Re-Remic Trust, Series 2012-R3, Cl. 1B, 3.275%, 11/26/361,7		1,790,339		1,604,493
RALI Trust:
Series 2006-QS13, Cl. 1A8, 6.00%, 9/25/36		92,053		80,413
Series 2007-QS6, Cl. A28, 5.75%, 4/25/37		448,613		397,292
Residential Asset Securitization Trust, Series 2005-A6CB, Cl. A7, 6.00%, 6/25/35		246,421		211,720
Residential Mortgage Loan Trust, Series 2020-1, Cl. A1, 2.376%, 2/25/241,7		2,687,140		2,648,206
STACR Trust:
Series 2018-DNA2, Cl. M1, 1.287% [US0001M+80], 12/25/301,2		2,119,251		2,107,134
Series 2018-DNA3, Cl. M1, 1.237% [US0001M+75], 9/25/481,2		292,369		291,153
Series 2018-HRP2, Cl. M2, 1.737% [US0001M+125], 2/25/471,2		3,230,704		3,095,650
Starwood Mortgage Residential Trust, Series 2020-1, Cl. A1, 2.275%, 2/25/501,7		3,890,175		3,854,835
Structured Agency Credit Risk Debt Nts.:
Series 2016-DNA1, Cl. M2, 3.387% [US0001M+290], 7/25/282		104,134		103,860
Series 2016-DNA2, Cl. M3, 5.137% [US0001M+465], 10/25/282		1,321,362		1,315,956
Series 2016-DNA4, Cl. M2, 1.787% [US0001M+130], 3/25/292		856,545		846,331
Series 2018-DNA1, Cl. M1, 0.937% [US0001M+45], 7/25/302		277,483		277,187
UBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C5, Cl. XA, 15.066%, 11/15/503		19,982,163		880,410
Verus Securitization Trust:
Series 2020-1, Cl. A1, 2.417%, 1/25/601,7		7,995,531		7,939,036
Series 2020-1, Cl. A2, 2.642%, 1/25/601,7		1,760,175		1,748,558
WaMu Mortgage Pass-Through Certificates Trust:
Series 2003-AR10, Cl. A7, 4.195%, 10/25/337		420,974		400,177
Series 2005-AR14, Cl. 1A4, 3.831%, 12/25/357		579,388		538,545
Series 2005-AR16, Cl. 1A1, 3.749%, 12/25/357		553,813		499,453
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Cl. ASB, 2.934%, 5/15/48		4,974,818		5,078,128
Wells Fargo Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2017-C42, Cl. XA, 13.073%, 12/15/503		18,349,413		989,782

21      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Adjustable-Rate Mortgages (Continued)
Wells Fargo Mortgage Backed Securities Trust, Series 2019-1, Cl. A7, 4.00%, 11/25/481,7	$	592,287	$	596,646
WF-RBS Commercial Mortgage Trust:
Series 2014-C20, Cl. AS, 4.176%, 5/15/47		1,693,000		1,768,836
Series 2014-C25, Cl. AS, 3.984%, 11/15/47		5,225,000		5,443,611
Series 2014-LC14, Cl. AS, 4.351%, 3/15/477		2,174,838		2,259,139
WF-RBS Commercial Mortgage Trust, Interest-Only Commercial Mtg. Pass-Through Certificates, Series 2011-C3, Cl. XA, 34.723%, 3/15/441,3		12,923,578		117,280
				142,390,650
Total Mortgage-Backed Obligations (Cost $610,572,197)				599,089,637
U.S. Government Obligations—4.8%
United States Treasury Bond, 2.375%, 11/15/496		3,908,600		4,946,517
United States Treasury Nts.:
0.25%, 4/15/23		9,436,600		9,438,812
0.50%, 3/31/25		37,178,400		37,436,906
0.625%, 3/31/27		5,770,500		5,809,045
1.50%, 2/15/306		29,900,400		32,334,479
Total U.S. Government Obligations (Cost $89,262,254)				89,965,759
Corporate Bonds and Notes—44.6%
Consumer Discretionary—5.9%
Automobiles—2.4%
Daimler Finance North America LLC, 2.55% Sr. Unsec. Nts., 8/15/221		4,703,000		4,645,970
General Motors Financial Co., Inc.:
4.15% Sr. Unsec. Nts., 6/19/23		4,319,000		4,186,267
4.20% Sr. Unsec. Nts., 11/6/21		3,901,000		3,825,001
Harley-Davidson Financial Services, Inc., 2.55% Sr. Unsec. Nts., 6/9/221		4,659,000		4,438,221
Hyundai Capital America:
4.125% Sr. Unsec. Nts., 6/8/231		4,613,000		4,658,835
5.75% Sr. Unsec. Nts., 4/6/231		4,832,000		5,108,132
5.875% Sr. Unsec. Nts., 4/7/251		4,020,000		4,279,608
Nissan Motor Acceptance Corp., 3.65% Sr. Unsec. Nts., 9/21/211		4,787,000		4,618,511
Toyota Motor Credit Corp.:
2.15% Sr. Unsec. Nts., 2/13/30		3,354,000		3,344,368
3.00% Sr. Unsec. Nts., 4/1/25		1,016,000		1,083,388
Volkswagen Group of America Finance LLC, 4.00% Sr. Unsec. Nts., 11/12/211		4,609,000		4,684,591
				44,872,892
Household Durables—0.7%
DR Horton, Inc., 4.75% Sr. Unsec. Nts., 2/15/23		4,239,000		4,414,008
MDC Holdings, Inc., 3.85% Sr. Unsec. Nts., 1/15/30		4,361,000		3,897,993
NVR, Inc., 3.00% Sr. Unsec. Nts., 5/15/30		4,904,000		4,894,682
				13,206,683

22      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Internet & Catalog Retail—0.4%
Expedia Group, Inc., 6.25% Sr. Unsec. Nts., 5/1/251,6	$	1,045,000	$	1,067,339
QVC, Inc., 4.45% Sr. Sec. Nts., 2/15/25		7,037,000		6,562,003
				7,629,342
Media—0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.125% Sr. Sec. Nts., 7/1/49		1,253,000		1,492,563
Comcast Corp.:
2.65% Sr. Unsec. Nts., 2/1/30		1,341,000		1,429,740
4.00% Sr. Unsec. Nts., 3/1/48		1,253,000		1,502,745
Fox Corp.:
3.05% Sr. Unsec. Nts., 4/7/25		1,235,000		1,308,215
3.50% Sr. Unsec. Nts., 4/8/30		850,000		916,307
Interpublic Group of Cos., Inc. (The), 3.75% Sr. Unsec. Nts., 10/1/21		3,890,000		4,003,030
Time Warner Cable LLC, 4.50% Sr. Sec. Nts., 9/15/42		1,581,000		1,678,957
				12,331,557
Specialty Retail—1.8%
Advance Auto Parts, Inc., 3.90% Sr. Unsec. Nts., 4/15/301		5,404,000		5,415,770
Lowe’s Cos, Inc., 4.50% Sr. Unsec. Nts., 4/15/30		3,463,000		4,092,068
Ross Stores, Inc.:
3.375% Sr. Unsec. Nts., 9/15/24		5,202,000		5,325,174
4.60% Sr. Unsec. Nts., 4/15/25		5,519,000		6,026,797
4.70% Sr. Unsec. Nts., 4/15/27		3,926,000		4,251,247
4.80% Sr. Unsec. Nts., 4/15/30		1,942,000		2,120,534
5.45% Sr. Unsec. Nts., 4/15/50		5,383,000		6,171,299
				33,402,889
Consumer Staples—5.5%
Beverages—2.3%
Anheuser-Busch InBev Worldwide, Inc.:
4.35% Sr. Unsec. Nts., 6/1/40		2,338,000		2,562,551
4.50% Sr. Unsec. Nts., 6/1/50		2,572,000		2,872,385
8.20% Sr. Unsec. Nts., 1/15/39		2,728,000		4,110,637
Bacardi Ltd., 4.70% Sr. Unsec. Nts., 5/15/281		2,469,000		2,697,856
Coca-Cola Co. (The):
1.65% Sr. Unsec. Nts., 6/1/30		4,342,000		4,314,080
2.60% Sr. Unsec. Nts., 6/1/50		7,487,000		7,385,744
2.75% Sr. Unsec. Nts., 6/1/60		3,948,000		3,900,272
Constellation Brands, Inc.:
2.875% Sr. Unsec. Nts., 5/1/30		1,092,000		1,111,549
3.75% Sr. Unsec. Nts., 5/1/50		3,936,000		3,958,730
Keurig Dr Pepper, Inc.:
3.80% Sr. Unsec. Nts., 5/1/50		1,537,000		1,637,041
4.057% Sr. Unsec. Nts., 5/25/23		4,301,000		4,606,302

23      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Beverages (Continued)
Pernod Ricard SA, 4.25% Sr. Unsec. Nts., 7/15/221	$	4,130,000	$	4,360,029
				43,517,176
Food & Staples Retailing—0.7%
Walgreen Co., 3.10% Sr. Unsec. Nts., 9/15/22		4,491,000		4,632,821
Walgreens Boots Alliance, Inc.:
3.20% Sr. Unsec. Nts., 4/15/30		967,000		970,623
4.10% Sr. Unsec. Nts., 4/15/50		8,751,000		8,695,651
				14,299,095
Food Products—1.4%
Bunge Ltd. Finance Corp., 3.50% Sr. Unsec. Nts., 11/24/20		4,512,000		4,536,632
Conagra Brands, Inc.:
3.80% Sr. Unsec. Nts., 10/22/21		3,793,000		3,914,543
4.60% Sr. Unsec. Nts., 11/1/25		4,493,000		5,021,694
Mondelez International Holdings Netherlands BV, 2.00% Sr. Unsec. Nts., 10/28/211		4,987,000		5,038,942
Mondelez International, Inc., 2.125% Sr. Unsec. Nts., 4/13/23		979,000		997,297
Smithfield Foods, Inc., 3.35% Sr. Unsec. Nts., 2/1/221		2,557,000		2,498,618
Tyson Foods, Inc., 3.90% Sr. Unsec. Nts., 9/28/23		3,752,000		4,045,291
				26,053,017
Tobacco—1.1%
Altria Group, Inc., 3.49% Sr. Unsec. Nts., 2/14/22		2,827,000		2,926,117
BAT Capital Corp., 3.557% Sr. Unsec. Nts., 8/15/27		2,543,000		2,616,380
BAT International Finance plc, 3.25% Sr. Unsec. Nts., 6/7/221		4,472,000		4,592,933
Imperial Brands Finance plc, 3.75% Sr. Unsec. Nts., 7/21/221		4,554,000		4,618,673
Imperial Tobacco Finance plc, 2.95% Sr. Unsec. Nts., 7/21/201		3,639,000		3,645,929
Philip Morris International, Inc., 1.50% Sr. Unsec. Nts., 5/1/25		2,715,000		2,712,823
				21,112,855
Energy—2.6%
Energy Equipment & Services—0.2%
Enterprise Products Operating LLC, 4.20% Sr. Unsec. Nts., 1/31/50		1,660,000		1,656,104
Schlumberger Holdings Corp., 4.00% Sr. Unsec. Nts., 12/21/251		2,522,000		2,549,069
				4,205,173
Oil, Gas & Consumable Fuels—2.4%
Apache Corp., 4.375% Sr. Unsec. Nts., 10/15/28		3,470,000		2,762,971
Cenovus Energy, Inc., 4.25% Sr. Unsec. Nts., 4/15/27		2,667,000		2,099,273
Energy Transfer Operating LP:
4.25% Sr. Unsec. Nts., 3/15/23		3,603,000		3,576,404
5.30% Sr. Unsec. Nts., 4/15/47		1,311,000		1,144,432
Exxon Mobil Corp.:
2.61% Sr. Unsec. Nts., 10/15/30		485,000		506,156
2.992% Sr. Unsec. Nts., 3/19/25		3,788,000		4,056,950

24      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Oil, Gas & Consumable Fuels (Continued)
Kinder Morgan Energy Partners LP, 5.80% Sr. Unsec. Nts., 3/1/21	$	1,924,000	$	1,971,994
Kinder Morgan, Inc., 5.20% Sr. Unsec. Nts., 3/1/48		1,690,000		1,910,134
MPLX LP:
2.099% [US0003M+110] Sr. Unsec. Nts., 9/9/222		2,309,000		2,049,607
4.25% Sr. Unsec. Nts., 12/1/271		2,653,000		2,552,832
Occidental Petroleum Corp.:
4.10% Sr. Unsec. Nts., 2/1/21		5,168,000		4,935,440
4.85% Sr. Unsec. Nts., 3/15/21		3,350,000		3,232,750
ONEOK, Inc., 4.35% Sr. Unsec. Nts., 3/15/29		2,203,000		1,961,055
Phillips 66:
3.70% Sr. Unsec. Nts., 4/6/23		511,000		531,015
3.85% Sr. Unsec. Nts., 4/9/25		867,000		909,593
Sabine Pass Liquefaction LLC, 4.20% Sr. Sec. Nts., 3/15/28		2,357,000		2,307,609
Sunoco Logistics Partners Operations LP, 4.00% Sr. Unsec. Nts., 10/1/27		2,833,000		2,657,612
Western Midstream Operating LP, 3.10% Sr. Unsec. Nts., 2/1/25		1,835,000		1,683,612
Williams Cos., Inc. (The), 3.70% Sr. Unsec. Nts., 1/15/23		4,630,000		4,689,011
				45,538,450
Financials—15.5%
Capital Markets—3.5%
Ameriprise Financial, Inc., 3.00% Sr. Unsec. Nts., 4/2/25		6,010,000		6,345,217
Apollo Management Holdings LP, 4.95% [H15T5Y+326.6] Sub Nts., 1/14/501,2		3,750,000		3,372,036
Carlyle Finance Subsidiary LLC, 3.50% Sr. Unsec. Nts., 9/19/291		2,314,000		2,298,777
Charles Schwab Corp. (The), 5.375% [H15T5Y+497.1] Jr. Sub. Perpetual Bonds2,8		5,635,000		5,860,400
Credit Suisse AG (New York), 3.625% Sr. Unsec. Nts., 9/9/24		2,675,000		2,872,542
Credit Suisse Group AG:
3.869% [US0003M+141] Sr. Unsec. Nts., 1/12/291,2		2,480,000		2,628,966
4.194% [SOFRRATE+373] Sr. Unsec. Nts., 4/1/311,2		3,021,000		3,292,009
5.10% [H15T5Y+329.3] Jr. Sub. Nts.1,2,8		1,917,000		1,718,111
Credit Suisse Group Funding Guernsey Ltd., 4.55% Sr. Unsec. Nts., 4/17/26		2,185,000		2,425,896
Goldman Sachs Group, Inc. (The):
3.50% Sr. Unsec. Nts., 4/1/25		3,617,000		3,853,944
3.50% Sr. Unsec. Nts., 11/16/26		2,316,000		2,461,660
3.75% Sr. Unsec. Nts., 2/25/26		2,227,000		2,402,472
Morgan Stanley:
2.188% [SOFRRATE+199] Sr. Unsec. Nts., 4/28/262		2,673,000		2,705,273
2.699% [SOFRRATE+114.3] Sr. Unsec. Nts., 1/22/312		2,414,000		2,479,295
3.622% [SOFRRATE+312] Sr. Unsec. Nts., 4/1/312		3,468,000		3,820,140
4.431% [US0003M+162.8] Sr. Unsec. Nts., 1/23/302		3,314,000		3,819,476
5.00% Sub. Nts., 11/24/25		3,541,000		4,004,104
Northern Trust Corp., 3.375% [US0003M+113.1] Sub. Nts., 5/8/322		1,576,000		1,653,718

25      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Capital Markets (Continued)
Raymond James Financial, Inc.:
3.625% Sr. Unsec. Nts., 9/15/26	$	2,091,000	$	2,189,640
4.65% Sr. Unsec. Nts., 4/1/30		1,728,000		1,946,719
UBS Group AG:
4.125% Sr. Unsec. Nts., 4/15/261		2,327,000		2,551,159
4.253% Sr. Unsec. Nts., 3/23/281		1,754,000		1,941,052
				66,642,606
Commercial Banks—7.7%
Bank of America Corp.:
2.592% [SOFRRATE+215] Sr. Unsec. Nts., 4/29/312		2,983,000		3,060,289
3.824% [US0003M+157.5] Sr. Unsec. Nts., 1/20/282		2,812,000		3,077,204
4.271% [US0003M+131] Sr. Unsec. Nts., 7/23/292		3,706,000		4,215,371
BBVA USA, 2.50% Sr. Unsec. Nts., 8/27/24		3,737,000		3,661,567
Citigroup, Inc.:
3.106% [SOFRRATE+275] Sr. Unsec. Nts., 4/8/262		4,117,000		4,318,675
4.075% [US0003M+119.2] Sr. Unsec. Nts., 4/23/292		3,686,000		4,076,163
4.412% [SOFRRATE+391.4] Sr. Unsec. Nts., 3/31/312		3,467,000		3,989,858
4.70% [SOFRRATE+323.4] Jr. Sub. Nts.2,8		2,950,000		2,572,031
4.75% Sub. Nts., 5/18/46		1,698,000		2,068,242
5.00% [SOFRRATE+381.3] Jr. Sub. Nts.2,8		3,825,000		3,480,750
Citizens Financial Group, Inc.:
2.50% Sr. Unsec. Nts., 2/6/30		3,613,000		3,413,809
3.25% Sr. Unsec. Nts., 4/30/30		1,622,000		1,628,987
Credit Suisse AG (New York):
2.80% Sr. Unsec. Nts., 4/8/22		3,604,000		3,692,547
2.95% Sr. Unsec. Nts., 4/9/25		3,246,000		3,417,513
Danske Bank AS, 3.244% [US0003M+159.1] Sr. Unsec. Nts., 12/20/251,2		2,069,000		2,072,266
Fifth Third Bancorp, 2.55% Sr. Unsec. Nts., 5/5/27		2,185,000		2,180,696
Fifth Third Bank (Cincinnati OH), 3.85% Sub. Nts., 3/15/26		2,061,000		2,217,988
Huntington Bancshares, Inc., 4.00% Sr. Unsec. Nts., 5/15/25		4,601,000		5,025,353
JPMorgan Chase & Co.:
2.083% [SOFRRATE+185] Sr. Unsec. Nts., 4/22/262		5,355,000		5,433,547
2.522% [SOFRRATE+204] Sr. Unsec. Nts., 4/22/312		4,367,000		4,467,449
3.109% [SOFRRATE+246] Sr. Unsec. Nts., 4/22/412		3,332,000		3,461,309
3.797% [US0003M+89] Sr. Unsec. Nts., 7/23/242		4,605,000		4,918,185
4.493% [SOFRRATE+379] Sr. Unsec. Nts., 3/24/312		5,203,000		6,167,139
4.60% [SOFRRATE+312.5] Jr. Sub. Nts.2,8		4,383,000		3,937,030
KeyBank NA (Cleveland OH), 3.40% Sub. Nts., 5/20/26		2,662,000		2,788,649
KeyCorp:
2.25% Sr. Unsec. Nts., 4/6/27		5,249,000		5,108,052
4.15% Sr. Unsec. Nts., 10/29/25		1,505,000		1,661,604
Lloyds Bank plc, 2.25% Sr. Unsec. Nts., 8/14/22		3,759,000		3,809,432
Lloyds Banking Group plc, 6.657% [US0003M+127] Jr. Sub. Nts.1,2,8		4,354,000		4,826,844
Mitsubishi UFJ Financial Group, Inc., 3.741% Sr. Unsec. Nts., 3/7/29		2,668,000		2,947,313

26      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Commercial Banks (Continued)
Nordea Bank Abp, 4.625% [USSW5+169] Sub. Nts., 9/13/331,2	$	1,674,000	$	1,787,805
PNC Financial Services Group, Inc. (The), 3.15% Sr. Unsec. Nts., 5/19/27		3,272,000		3,564,389
Synovus Financial Corp., 3.125% Sr. Unsec. Nts., 11/1/22		2,462,000		2,461,261
Truist Bank:
1.50% Sr. Unsec. Nts., 3/10/25		1,065,000		1,061,892
2.25% Sub. Nts., 3/11/30		1,045,000		1,016,678
2.636% [H15T5Y+115] Sub. Nts., 9/17/292		5,657,000		5,456,808
4.05% Sr. Unsec. Nts., 11/3/25		1,993,000		2,232,871
UBS AG (London), 1.75% Sr. Unsec. Nts., 4/21/221		8,388,000		8,429,099
US Bancorp, 3.10% Sub. Nts., 4/27/26		2,796,000		2,973,882
Wells Fargo & Co.:
2.188% [SOFRRATE+200] Sr. Unsec. Nts., 4/30/262		1,551,000		1,560,814
3.068% [SOFRRATE+253] Sr. Unsec. Nts., 4/30/412		2,208,000		2,182,132
3.584% [US0003M+131] Sr. Unsec. Nts., 5/22/282		2,614,000		2,810,164
4.75% Sub. Nts., 12/7/46		2,192,000		2,602,179
				145,835,836
Diversified Financial Services—0.4%
Blackstone Holdings Finance Co. LLC, 3.15% Sr. Unsec. Nts., 10/2/271		1,681,000		1,755,765
Mitsubishi UFJ Lease & Finance Co. Ltd., 3.637% Sr. Unsec. Nts., 4/13/251		6,649,000		7,002,838
				8,758,603
Insurance—2.2%
Athene Global Funding, 2.95% Sec. Nts., 11/12/261		6,706,000		6,547,058
Athene Holding Ltd., 6.15% Sr. Unsec. Nts., 4/3/30		5,449,000		5,701,565
Brighthouse Financial, Inc., 4.70% Sr. Unsec. Nts., 6/22/47		5,535,000		4,784,692
CNA Financial Corp., 3.45% Sr. Unsec. Nts., 8/15/27		3,178,000		3,192,151
Liberty Mutual Group, Inc., 3.95% Sr. Unsec. Nts., 5/15/601,6		1,425,000		1,411,630
Lincoln National Corp., 3.80% Sr. Unsec. Nts., 3/1/28		2,584,000		2,708,901
Manulife Financial Corp., 4.061% [USISDA05+164.7] Sub. Nts., 2/24/322		2,620,000		2,697,599
New York Life Insurance Co., 3.75% Sub. Nts., 5/15/501		1,142,000		1,294,807
Principal Financial Group, Inc., 3.70% Sr. Unsec. Nts., 5/15/29		2,063,000		2,287,420
Prudential Financial, Inc.:
3.70% Sr. Unsec. Nts., 3/13/51		2,169,000		2,309,735
5.20% [US0003M+304] Jr. Sub. Nts., 3/15/442		3,594,000		3,547,493
Reliance Standard Life Global Funding II, 2.75% Sec. Nts., 1/21/271		4,941,000		4,826,308
				41,309,359
Real Estate Investment Trusts (REITs)—1.7%
American Tower Corp.:
3.00% Sr. Unsec. Nts., 6/15/23		3,801,000		3,975,321
4.00% Sr. Unsec. Nts., 6/1/25		2,384,000		2,627,982

27      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Real Estate Investment Trusts (REITs) (Continued)
Brixmor Operating Partnership LP, 4.125% Sr. Unsec. Nts., 5/15/29	$	2,386,000	$	2,387,064
Camden Property Trust, 2.80% Sr. Unsec. Nts., 5/15/30		1,506,000		1,557,248
Crown Castle International Corp.:
3.30% Sr. Unsec. Nts., 7/1/30		1,250,000		1,343,359
4.15% Sr. Unsec. Nts., 7/1/50		915,000		1,077,941
Healthcare Trust of America Holdings LP, 3.50% Sr. Unsec. Nts., 8/1/26		3,181,000		3,186,552
Healthpeak Properties, Inc., 3.00% Sr. Unsec. Nts., 1/15/30		4,894,000		4,723,422
Kite Realty Group LP, 4.00% Sr. Unsec. Nts., 10/1/26		3,168,000		2,878,079
Regency Centers LP, 2.95% Sr. Unsec. Nts., 9/15/29		3,330,000		3,307,198
Spirit Realty LP, 3.20% Sr. Unsec. Nts., 1/15/27		3,047,000		2,658,815
Welltower, Inc., 2.70% Sr. Unsec. Nts., 2/15/27		2,401,000		2,329,708
				32,052,689
Health Care—2.5%
Biotechnology—0.9%
AbbVie, Inc.:
2.95% Sr. Unsec. Nts., 11/21/261		1,858,000		1,969,973
3.20% Sr. Unsec. Nts., 11/21/291		6,388,000		6,784,356
4.05% Sr. Unsec. Nts., 11/21/391		2,119,000		2,346,003
4.875% Sr. Unsec. Nts., 11/14/48		1,847,000		2,335,386
Amgen, Inc., 3.15% Sr. Unsec. Nts., 2/21/40		2,720,000		2,885,697
				16,321,415
Health Care Equipment & Supplies—0.1%
Becton Dickinson & Co., 3.70% Sr. Unsec. Nts., 6/6/27		2,363,000		2,569,048
Health Care Providers & Services—0.5%
Cigna Corp., 4.125% Sr. Unsec. Nts., 11/15/25		3,473,000		3,900,007
CVS Health Corp., 3.75% Sr. Unsec. Nts., 4/1/30		2,198,000		2,445,175
Fresenius Medical Care US Finance II, Inc., 5.875% Sr. Unsec. Nts., 1/31/221		3,995,000		4,226,011
				10,571,193
Pharmaceuticals—1.0%
Allergan Funding SCS, 3.85% Sr. Unsec. Nts., 6/15/24		5,101,000		5,471,787
Bayer US Finance II LLC, 3.875% Sr. Unsec. Nts., 12/15/231		4,589,000		4,877,814
Bristol-Myers Squibb Co., 3.40% Sr. Unsec. Nts., 7/26/291		3,224,000		3,688,986
Mylan, Inc., 3.125% Sr. Unsec. Nts., 1/15/231		4,555,000		4,607,026
				18,645,613
Industrials—4.1%
Aerospace & Defense—0.6%
BAE Systems Holdings, Inc., 3.85% Sr. Unsec. Nts., 12/15/251		3,476,000		3,769,589
L3Harris Technologies, Inc., 3.85% Sr. Unsec. Nts., 6/15/231		4,627,000		4,852,569
Northrop Grumman Corp., 4.75% Sr. Unsec. Nts., 6/1/43		2,408,000		3,121,450
				11,743,608

28      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Airlines—0.7%
Delta Air Lines Pass Through Trust, Series 2020-1, 2.00%, 6/10/28	$	4,885,000	$	4,548,535
Delta Air Lines, Inc., 2.90% Sr. Unsec. Nts., 10/28/24		3,747,000		2,948,808
Southwest Airlines Co.:
4.75% Sr. Unsec. Nts., 5/4/23		2,207,000		2,193,071
5.25% Sr. Unsec. Nts., 5/4/25		1,840,000		1,834,837
United Airlines Pass Through Trust, Series 2019-2, 2.70%, 5/1/32		2,168,000		1,919,532
				13,444,783
Building Products—0.8%
Carrier Global Corp.:
2.242% Sr. Unsec. Nts., 2/15/251		7,200,000		7,184,509
2.493% Sr. Unsec. Nts., 2/15/271		2,926,000		2,799,494
2.722% Sr. Unsec. Nts., 2/15/301		5,967,000		5,609,598
				15,593,601
Industrial Conglomerates—0.1%
GE Capital International Funding Co. Unlimited Co., 3.373% Sr. Unsec. Nts., 11/15/25		2,343,000		2,412,858
Machinery—0.1%
Deere & Co., 3.10% Sr. Unsec. Nts., 4/15/30		886,000		979,312
Road & Rail—1.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.:
3.40% Sr. Unsec. Nts., 11/15/261		3,704,000		3,732,278
3.65% Sr. Unsec. Nts., 7/29/211		1,585,000		1,606,295
4.00% Sr. Unsec. Nts., 7/15/251		2,168,000		2,295,965
Ryder System, Inc.:
2.50% Sr. Unsec. Nts., 9/1/24		4,534,000		4,445,327
4.625% Sr. Unsec. Nts., 6/1/25		3,732,000		3,983,483
Union Pacific Corp.:
2.15% Sr. Unsec. Nts., 2/5/27		3,737,000		3,816,226
2.40% Sr. Unsec. Nts., 2/5/30		4,666,000		4,814,610
				24,694,184
Trading Companies & Distributors—0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50% Sr. Unsec. Nts., 5/26/22		4,369,000		4,067,162
Air Lease Corp., 3.00% Sr. Unsec. Nts., 2/1/30		6,244,000		5,000,845
				9,068,007
Information Technology—2.9%
Communications Equipment—0.2%
British Telecommunications plc, 4.50% Sr. Unsec. Nts., 12/4/23		2,788,000		3,029,798

29      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Electronic Equipment, Instruments, & Components—0.7%
Arrow Electronics, Inc., 3.875% Sr. Unsec. Nts., 1/12/28	$	3,465,000	$	3,470,009
Corning, Inc., 5.45% Sr. Unsec. Nts., 11/15/79		1,450,000		1,628,968
FLIR Systems, Inc., 3.125% Sr. Unsec. Nts., 6/15/21		4,666,000		4,684,210
NXP BV/NXP Funding LLC/NXP USA, Inc.:
2.70% Sr. Unsec. Nts., 5/1/251		916,000		928,201
3.15% Sr. Unsec. Nts., 5/1/271		1,651,000		1,672,294
3.40% Sr. Unsec. Nts., 5/1/301		808,000		815,631
				13,199,313
IT Services—0.4%
Fiserv, Inc., 3.50% Sr. Unsec. Nts., 7/1/29		3,284,000		3,606,917
Global Payments, Inc., 3.20% Sr. Unsec. Nts., 8/15/29		2,243,000		2,314,466
Visa, Inc., 2.70% Sr. Unsec. Nts., 4/15/40		1,380,000		1,448,251
				7,369,634
Semiconductors & Semiconductor Equipment—1.1%
Analog Devices, Inc., 2.95% Sr. Unsec. Nts., 4/1/25		1,500,000		1,565,640
Broadcom, Inc., 4.70% Sr. Unsec. Nts., 4/15/251		3,775,000		4,167,287
Microchip Technology, Inc., 3.922% Sr. Sec. Nts., 6/1/21		4,860,000		4,942,077
Micron Technology, Inc., 2.497% Sr. Unsec. Nts., 4/24/23		2,775,000		2,828,450
NXP BV/NXP Funding LLC, 4.125% Sr. Unsec. Nts., 6/1/211		4,502,000		4,602,249
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.875% Sr. Unsec. Nts., 6/18/261		2,902,000		3,043,980
				21,149,683
Software—0.1%
Autodesk, Inc., 4.375% Sr. Unsec. Nts., 6/15/25		1,461,000		1,588,701
Technology Hardware, Storage & Peripherals—0.4%
Apple, Inc., 4.375% Sr. Unsec. Nts., 5/13/45		2,540,000		3,314,423
Dell International LLC/EMC Corp., 5.30% Sr. Sec. Nts., 10/1/291		4,335,000		4,501,711
				7,816,134
Materials—1.9%
Chemicals—0.4%
Dow Chemical Co. (The), 3.625% Sr. Unsec. Nts., 5/15/26		2,959,000		3,124,784
Eastman Chemical Co., 3.50% Sr. Unsec. Nts., 12/1/21		1,972,000		2,020,542
RPM International, Inc., 3.45% Sr. Unsec. Nts., 11/15/22		2,895,000		2,939,555
				8,084,881
Containers & Packaging—0.5%
Georgia-Pacific LLC, 1.75% Sr. Unsec. Nts., 9/30/251		2,922,000		2,929,292
Packaging Corp. of America, 3.65% Sr. Unsec. Nts., 9/15/24		3,796,000		4,024,790
WRKCo, Inc., 3.90% Sr. Unsec. Nts., 6/1/28		2,716,000		2,919,830
				9,873,912

30      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Principal Amount		Value
Metals & Mining—0.8%
Anglo American Capital plc:
3.625% Sr. Unsec. Nts., 9/11/241	$	1,168,000	$	1,170,522
5.375% Sr. Unsec. Nts., 4/1/251		4,514,000		4,858,641
5.625% Sr. Unsec. Nts., 4/1/301		3,149,000		3,481,834
ArcelorMittal SA, 4.25% Sr. Unsec. Nts., 7/16/29		2,339,000		2,235,236
Newmont Corp., 2.25% Sr. Unsec. Nts., 10/1/30		3,043,000		3,017,895
				14,764,128
Paper & Forest Products—0.2%
Georgia-Pacific LLC, 2.10% Sr. Unsec. Nts., 4/30/271		3,999,000		3,998,592
Telecommunication Services—1.3%
Diversified Telecommunication Services—1.0%
AT&T, Inc.:
2.875% [EUAMDB05+314] Jr. Sub. Perpetual Bonds2,8               EUR		4,600,000		4,655,865
4.30% Sr. Unsec. Nts., 2/15/30		3,413,000		3,853,618
4.35% Sr. Unsec. Nts., 6/15/45		1,426,000		1,565,256
4.50% Sr. Unsec. Nts., 3/9/48		1,981,000		2,254,748
T-Mobile USA, Inc., 3.50% Sr. Sec. Nts., 4/15/251		3,805,000		4,013,324
Verizon Communications, Inc., 4.522% Sr. Unsec. Nts., 9/15/48		2,387,000		3,156,207
				19,499,018
Wireless Telecommunication Services—0.3%
Vodafone Group plc, 3.75% Sr. Unsec. Nts., 1/16/24		4,552,000		4,908,257
Utilities—2.4%
Electric Utilities—1.4%
AEP Texas, Inc., 3.95% Sr. Unsec. Nts., 6/1/281		2,489,000		2,805,384
EDP Finance BV, 3.625% Sr. Unsec. Nts., 7/15/241		3,209,000		3,406,260
Emera US Finance LP, 2.70% Sr. Unsec. Nts., 6/15/21		2,649,000		2,666,417
Enel Finance International NV, 2.875% Sr. Unsec. Nts., 5/25/221		4,406,000		4,434,347
Exelon Corp., 4.45% Sr. Unsec. Nts., 4/15/46		1,205,000		1,440,639
FirstEnergy Corp., 3.90% Sr. Unsec. Nts., 7/15/27		2,528,000		2,784,812
Mid-Atlantic Interstate Transmission LLC, 4.10% Sr. Unsec. Nts., 5/15/281		2,354,000		2,607,018
Oklahoma Gas & Electric Co., 3.25% Sr. Unsec. Nts., 4/1/30		1,493,000		1,590,994
San Diego Gas & Electric Co., 3.32% Sec. Nts., 4/15/50		1,712,000		1,866,453
Southern Co. (The), 3.70% Sr. Unsec. Nts., 4/30/30		2,405,000		2,674,393
				26,276,717
Independent Power and Renewable Electricity Producers—0.2%
NextEra Energy Capital Holdings, Inc., 2.75% Sr. Sec. Nts., 5/1/25		1,251,000		1,333,757
NRG Energy, Inc., 4.45% Sr. Sec. Nts., 6/15/291		2,254,000		2,321,820
				3,655,577

31      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

	Principal Amount		Value
Multi-Utilities—0.8%
Ameren Corp.:
2.50% Sr. Unsec. Nts., 9/15/24	$	3,286,000	$	3,405,907
3.50% Sr. Unsec. Nts., 1/15/31		1,744,000		1,932,414
CenterPoint Energy, Inc., 4.25% Sr. Unsec. Nts., 11/1/28		2,006,000		2,192,795
Dominion Energy, Inc.:
2.715% Jr. Sub. Nts., 8/15/217		3,079,000		3,108,373
3.375% Sr. Unsec. Nts., 4/1/30		2,914,000		3,170,127
Sempra Energy, 3.40% Sr. Unsec. Nts., 2/1/28		2,548,000		2,682,750
				16,492,366
Total Corporate Bonds and Notes (Cost $824,311,942)				848,518,555
Municipal Bonds and Notes—0.5%
Grand Parkway Transportation Corp.; Series 2020, Ref. RB		4,655,000		4,679,904
Texas (State of) Transportation Commission (Central Texas Turnpike System); Series 2020 C, Ref. RB		4,965,000		4,670,874
Total Municipal Bonds and Notes (Cost $9,620,000)				9,350,778
	Shares
Investment Company—16.3%
Invesco Liquid Assets Portfolio, Institutional Class, 0.60%9,10 (Cost $309,918,477)		309,883,682		310,069,612
Total Investments, at Value (Cost $2,205,515,640)		116.5%		2,214,738,061
Net Other Assets (Liabilities)		(16.5)		(313,463,257)
Net Assets		100.0%	$	1,901,274,804

Footnotes to Schedule of Investments

1. 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 April 30, 2020 was $508,567,422, which represented 26.75% of the Fund’s Net Assets.

2. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

3. Interest-Only Strips represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. These securities typically decline in price as interest rates decline. Most other fixed income securities increase in price when interest rates decline. The principal amount of the underlying pool represents the notional amount on which current interest is calculated. The price of these securities is typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities (for example, GNMA pass-throughs). Interest rates disclosed represent current yields based upon the current cost basis and estimated timing and amount of future cash flows. These securities amount to $29,609,384 or 1.56% of the Fund’s net assets at period end.

4. Interest rate is less than 0.0005%.

5. Principal-Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. The value of these securities generally increases as interest rates decline and prepayment rates rise. The price of these securities is typically more volatile than that of coupon-bearing bonds of the same maturity. Interest rates disclosed represent current yields based upon the current cost basis and estimated timing of future cash flows. These securities amount to $46,278 or 0.00% of the Fund’s net assets at period end.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end.

32      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Footnotes to Schedule of Investments (continued)

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. This bond has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

9. The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

10. Affiliated issuer. The issuer and/or the Fund is affiliated by having an investment adviser that is under common control of Invesco, Ltd. Transactions during the reporting period in which the issuer was an affiliate are as follows:

	Shares         October 31, 2019		Gross                 Additions		Gross         Reductions		Shares         April 30, 2020
Investment Company
Invesco Liquid Assets Portfolio, Institutional Class		488,172,801		633,719,692		812,008,811		309,883,682
	Value		Income		Realized Gain (Loss)		Change in Unrealized Gain (Loss)
Investment Company
Invesco Liquid Assets Portfolio,
Institutional Class	$	310,069,612	$	3,163,596		$            (144,517)	$	303,864

Futures Contracts as of April 30, 2020

Description

Buy/Sell

Expiration Date

Number     of Contracts

Notional Amount (000’s)

Value

Unrealized Appreciation/ (Depreciation)

United States

Treasury Long

Bonds

Buy

6/19/20

270

USD 45,048

$

48,878,438

$

3,830,039

United States

Treasury Nts., 10 yr.

Sell

6/19/20

565

USD 78,143

78,570,313

(427,348)

United States

Treasury Nts., 2 yr.

Buy

6/30/20

2,251

USD 492,710

496,187,228

3,477,478

United States

Treasury Nts., 5 yr.

Buy

6/30/20

33

USD 4,141

4,140,984

(324)

United States Ultra

10 yr.

Sell

6/19/20

440

USD 65,852

69,093,750

(3,241,439)

United States Ultra

Bonds

Buy

6/19/20

825

USD 166,665

185,444,531

18,779,809

$

22,418,215

Definitions
CD	Certificate of Deposit
EUR	Euro
H15T1Y	US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
H15T5Y	US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

33      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

Definitions (Continued)

SOFRRATE	Secured Overnight Financing Rate
US0001M	International Exchange London Interbank Offered Rate USD 1 Month
US0003M	International Exchange London Interbank Offered Rate USD 3 Month
USISDA05	USD ICE Swap Rate 11:00am NY 5 Year
USSW5	USD Swap Semi 30/360 5 Year

See accompanying Notes to Financial Statements.

34      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

STATEMENT OF ASSETS AND LIABILITIES April 30, 2020 Unaudited

Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $1,895,597,163)	$	1,904,668,449
Affiliated companies (cost $309,918,477)		310,069,612
		2,214,738,061
Cash		1,128,182
Receivables and other assets:
Investments sold		67,714,089
Variation margin receivable - futures contracts		13,670,683
Interest and dividends		9,169,862
Shares of beneficial interest sold		4,672,536
Other		3,704,619
Total assets		2,314,798,032
Liabilities
Payables and other liabilities:
Investments purchased		407,986,732
Shares of beneficial interest redeemed		3,837,923
Transfer and shareholder servicing agent fees		541,027
Dividends		531,767
Distribution and service plan fees		219,600
Shareholder communications		159,546
Trustees’ compensation		134,354
Advisory fees		17,592
Administration fees		763
Other		93,924
Total liabilities		413,523,228
Net Assets	$	1,901,274,804
Composition of Net Assets
Shares of beneficial interest	$	1,799,621,029
Total distributable earnings		101,653,775
Net Assets	$	1,901,274,804

35      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $639,699,618 and 89,099,068 shares of beneficial interest outstanding)	$7.18
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)	$7.50
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $85,565,977 and 11,909,689 shares of beneficial interest outstanding)	$7.18
Class R Shares:
Net asset value, redemption price and offering price per share (based on net assets of $62,993,831 and 8,778,154 shares of beneficial interest outstanding)	$7.18
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $464,112,857 and 65,027,819 shares of beneficial interest outstanding)	$7.14
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $19,215 and 2,676 shares of beneficial interest outstanding)	$7.18
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $648,883,306 and 90,455,729 shares of beneficial interest outstanding)	$7.17

See accompanying Notes to Financial Statements.

36      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

STATEMENT OF OPERATIONS For the Six Months Ended April 30, 2020 Unaudited

Investment Income
Interest	$	28,467,863
Dividends from affiliated companies		3,163,596
Total investment income		31,631,459
Expenses
Advisory fees		3,499,826
Administration fees		151,805
Distribution and service plan fees:
Class A		720,273
Class C		387,468
Class R		150,134
Transfer and shareholder servicing agent fees:
Class A		561,945
Class C		73,846
Class R		57,282
Class Y		486,222
Class R5		6
Class R6		16,659
Shareholder communications:
Class A		21,352
Class C		2,846
Class R		2,218
Class Y		19,851
Class R5		1
Class R6		35,932
Custodian fees and expenses		27,483
Trustees’ compensation		16,981
Other		151,475
Total expenses		6,383,605
Less waivers and reimbursement of expenses		(552,077	)
Net expenses		5,831,528
Net Investment Income		25,799,931

37      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

STATEMENT OF OPERATIONS Unaudited / Continued

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions in:
Unaffiliated companies	$	59,048,718
Affiliated companies		(144,517	)
Futures contracts		7,382,885
Foreign currency transactions		24,288
Net realized gain		66,311,374
Net change in unrealized appreciation/(depreciation) on:
Investment transactions in:
Unaffiliated companies		(45,427,991	)
Affiliated companies		303,864
Foreign currency transactions		44
Futures contracts		27,284,266
Net change in unrealized appreciation/(depreciation)		(17,839,817	)
Net Increase in Net Assets Resulting from Operations	$	74,271,488

See accompanying Notes to Financial Statements.

38      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2020 (Unaudited)			Ten Months Ended October 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Operations
Net investment income	$	25,799,931		$	54,034,323		$	69,352,279		$	48,617,934
Net realized gain (loss)		66,311,374			72,309,310			(46,986,194	)		5,526,752
Net change in unrealized appreciation/(depreciation)		(17,839,817	)		67,195,518			(43,489,907	)		21,751,540
Net increase (decrease) in net assets resulting from operations		74,271,488			193,539,151			(21,123,822	)		75,896,226
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		(8,479,762	)		(13,178,229	)		(16,250,373	)		(16,718,573	)
Class B		—			—			(6,305	)		(57,323	)
Class C		(802,446	)		(1,632,772	)		(2,376,012	)		(2,214,788	)
Class R		(778,728	)		(1,260,809	)		(1,646,902	)		(1,547,383	)
Class Y		(8,198,019	)		(12,468,964	)		(14,119,764	)		(6,706,714	)
Class R5		(301	)		(205	)		—			—
Class R6		(13,649,008	)		(26,961,843	)		(35,356,121	)		(23,512,132	)
Total distributions from distributable earnings		(31,908,264	)		(55,502,822	)		(69,755,477	)		(50,756,913	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		64,022,804			49,669,025			(59,671,180	)		(57,873,340	)
Class B		—			—			(1,502,034	)		(3,889,996	)
Class C		8,830,705			(22,544,972	)		(13,721,545	)		(19,436,187	)
Class R		3,148,393			2,331,371			(6,601,576	)		(3,088,015	)
Class Y		(76,352,423	)		85,889,943			86,216,398			163,984,247
Class R5		—			18,343			—			—
Class R6		(334,543,875	)		1,717,491			(47,424,178	)		368,769,334
Total beneficial interest transactions		(334,894,396	)		117,081,201			(42,704,115	)		448,466,043
Net Assets
Total increase (decrease)		(292,531,172	)		255,117,530			(133,583,414	)		473,605,356
Beginning of period		2,193,805,976			1,938,688,446			2,072,271,860			1,598,666,504
End of period	$	1,901,274,804		$	2,193,805,976		$	1,938,688,446		$	2,072,271,860

See accompanying Notes to Financial Statements.

39      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended April 30, 2020 (Unaudited)			Ten Months Ended October 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$7.03			$6.57			$6.86			$6.76			$6.74			$6.92			$6.70
Income (loss) from investment operations:
Net investment income1		0.08			0.17			0.21			0.18			0.17			0.21			0.22
Net realized and unrealized gain (loss)		0.17			0.46			(0.29	)		0.11			0.02			(0.17	)		0.23
Total from investment operations		0.25			0.63			(0.08	)		0.29			0.19			0.04			0.45
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.08	)		(0.17	)		(0.21	)		(0.19	)		(0.17	)		(0.22	)		(0.23	)
Distributions from net realized gain		(0.02	)		0.00			0.00			0.00			0.00			0.00			0.00
Total dividends and/or distributions to shareholders		(0.10	)		(0.17	)		(0.21	)		(0.19	)		(0.17	)		(0.22	)		(0.23	)
Net asset value, end of period		$7.18			$7.03			$6.57			$6.86			$6.76			$6.74			$6.92
Total Return, at Net Asset Value2		3.61	%		9.73	%		(1.12	)%		4.29	%		2.75	%		0.51	%		6.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$639,700			$563,054			$478,723			$561,713			$610,368			$508,179			$480,765
Average net assets (in thousands)		$594,107			$522,253			$508,876			$612,318			$596,259			$493,868			$412,758
Ratios to average net assets:3
Net investment income		2.30%			2.95%			3.18%			2.62%			2.41%			3.02%			3.23%
Expenses excluding specific expenses listed below		0.81%			0.81%			0.80%			0.87%			0.94%			0.95%			0.97%
Interest and fees from borrowings		0.00%			0.00%4			0.00%4			0.00%4			0.00%4			0.00%4			0.00%
Total expenses5		0.81%			0.81%			0.80%			0.87%			0.94%			0.95%			0.97%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%			0.75%			0.75%			0.77%			0.85%			0.85%			0.88%
Portfolio turnover rate6,7		126%			86%			64%			86%			80%			85%			137%

40      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.81	%
Ten Months Ended October 31, 2019	0.82	%
Year Ended December 31, 2018	0.80	%
Year Ended December 31, 2017	0.87	%
Year Ended December 31, 2016	0.95	%
Year Ended December 31, 2015	0.96	%
Year Ended December 31, 2014	0.98	%

6. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Six Months Ended April 30, 2020		$2,330,940,682		$2,406,306,708
Ten Months Ended October 31, 2019		$7,090,795,832		$7,321,457,192
Year Ended December 31, 2018		$10,593,719,030		$10,775,658,902
Year Ended December 31, 2017		$9,083,844,819		$8,679,566,809
Year Ended December 31, 2016		$7,572,160,629		$7,520,146,688
Year Ended December 31, 2015		$6,548,843,476		$6,610,174,477
Year Ended December 31, 2014		$4,283,386,232		$4,071,806,805

7. 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.

41      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Six Months Ended April 30, 2020 (Unaudited)		Ten Months Ended October 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$7.03		$6.58		$6.87		$6.77		$6.75		$6.93		$6.71
Income (loss) from investment operations:
Net investment income1		0.05		0.12		0.16		0.12		0.11		0.15		0.17
Net realized and unrealized gain (loss)		0.17		0.46		(0.29)		0.11		0.02		(0.17)		0.23
Total from investment operations		0.22		0.58		(0.13)		0.23		0.13		(0.02)		0.40
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)		(0.13)		(0.16)		(0.13)		(0.11)		(0.16)		(0.18)
Distributions from net realized gain		(0.02)		0.00		0.00		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.07)		(0.13)		(0.16)		(0.13)		(0.11)		(0.16)		(0.18)
Net asset value, end of period		$7.18		$7.03		$6.58		$6.87		$6.77		$6.75		$6.93
Total Return, at Net Asset Value2		3.20%		8.85%		(1.90)%		3.43%		1.92%		(0.30)%		5.95%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$85,566		$75,026		$91,596		$109,888		$127,465		$123,612		$111,342
Average net assets (in thousands)		$78,031		$85,866		$99,301		$116,477		$136,900		$117,611		$99,536
Ratios to average net assets:3
Net investment income		1.49%		2.15%		2.38%		1.79%		1.60%		2.20%		2.47%
Expenses excluding specific expenses listed below		1.57%		1.56%		1.55%		1.63%		1.69%		1.71%		1.72%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4		0.00%
Total expenses5		1.57%		1.56%		1.55%		1.63%		1.69%		1.71%		1.72%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.56%		1.54%		1.55%6		1.60%		1.65%		1.65%		1.65%
Portfolio turnover rate7,8		126%		86%		64%		86%		80%		85%		137%

42      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.57	%
Ten Months Ended October 31, 2019	1.57	%
Year Ended December 31, 2018	1.55	%
Year Ended December 31, 2017	1.63	%
Year Ended December 31, 2016	1.70	%
Year Ended December 31, 2015	1.72	%
Year Ended December 31, 2014	1.73	%

6. Waiver was less than 0.005%.

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Six Months Ended April 30, 2020	$	2,330,940,682	$	2,406,306,708
Ten Months Ended October 31, 2019	$	7,090,795,832	$	7,321,457,192
Year Ended December 31, 2018	$	10,593,719,030	$	10,775,658,902
Year Ended December 31, 2017	$	9,083,844,819	$	8,679,566,809
Year Ended December 31, 2016	$	7,572,160,629	$	7,520,146,688
Year Ended December 31, 2015	$	6,548,843,476	$	6,610,174,477
Year Ended December 31, 2014	$	4,283,386,232	$	4,071,806,805

8. 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.

43      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS Continued

Class R	Six Months Ended April 30, 2020 (Unaudited)		Ten Months Ended October 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$7.03		$6.57		$6.86		$6.76		$6.74		$6.92		$6.70
Income (loss) from investment operations:
Net investment income1		0.07		0.15		0.19		0.16		0.14		0.19		0.20
Net realized and unrealized gain (loss)		0.17		0.47		(0.29)		0.10		0.02		(0.17)		0.23
Total from investment operations		0.24		0.62		(0.10)		0.26		0.16		0.02		0.43
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.07)		(0.16)		(0.19)		(0.16)		(0.14)		(0.20)		(0.21)
Distributions from net realized gain		(0.02)		0.00		0.00		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.09)		(0.16)		(0.19)		(0.16)		(0.14)		(0.20)		(0.21)
Net asset value, end of period		$7.18		$7.03		$6.57		$6.86		$6.76		$6.74		$6.92
Total Return, at Net Asset Value2		3.46%		9.47%		(1.41)%		3.95%		2.43%		0.20%		6.49%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$62,994		$58,568		$52,539		$61,691		$63,752		$46,588		$36,272
Average net assets (in thousands)		$60,423		$55,185		$56,850		$64,342		$59,580		$42,837		$32,383
Ratios to average net assets:3
Net investment income		2.00%		2.66%		2.88%		2.29%		2.09%		2.70%		2.97%
Expenses excluding specific expenses listed below		1.07%		1.07%		1.05%		1.12%		1.19%		1.20%		1.22%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4		0.00%
Total expenses5		1.07%		1.07%		1.05%		1.12%		1.19%		1.20%		1.22%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.05%		1.05%		1.05%6		1.10%		1.15%		1.15%		1.15%
Portfolio turnover rate7,8		126%		86%		64%		86%		80%		85%		137%

44      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	1.07	%
Ten Months Ended October 31, 2019	1.08	%
Year Ended December 31, 2018	1.05	%
Year Ended December 31, 2017	1.12	%
Year Ended December 31, 2016	1.20	%
Year Ended December 31, 2015	1.21	%
Year Ended December 31, 2014	1.23	%

6. Waiver was less than 0.005%.

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Six Months Ended April 30, 2020		$2,330,940,682		$2,406,306,708
Ten Months Ended October 31, 2019		$7,090,795,832		$7,321,457,192
Year Ended December 31, 2018		$10,593,719,030		$10,775,658,902
Year Ended December 31, 2017		$9,083,844,819		$8,679,566,809
Year Ended December 31, 2016		$7,572,160,629		$7,520,146,688
Year Ended December 31, 2015		$6,548,843,476		$6,610,174,477
Year Ended December 31, 2014		$4,283,386,232		$4,071,806,805

8. 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.

45      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	Six Months Ended April 30, 2020 (Unaudited)		Ten Months Ended October 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$6.99		$6.53		$6.82		$6.72		$6.70		$6.88		$6.66
Income (loss) from investment operations:
Net investment income1		0.09		0.18		0.23		0.20		0.18		0.22		0.24
Net realized and unrealized gain (loss)		0.17		0.47		(0.29)		0.11		0.02		(0.17)		0.22
Total from investment operations		0.26		0.65		(0.06)		0.31		0.20		0.05		0.46
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.19)		(0.23)		(0.21)		(0.18)		(0.23)		(0.24)
Distributions from net realized gain		(0.02)		0.00		0.00		0.00		0.00		0.00		0.00
Total dividends and/or distributions to shareholders		(0.11)		(0.19)		(0.23)		(0.21)		(0.18)		(0.23)		(0.24)
Net asset value, end of period		$7.14		$6.99		$6.53		$6.82		$6.72		$6.70		$6.88
Total Return, at Net Asset Value2		3.78%		10.05%		(0.84)%		4.60%		3.01%		0.75%		7.06%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$464,113		$528,791		$413,373		$343,689		$177,047		$86,801		$54,531
Average net assets (in thousands)		$510,164		$450,502		$402,498		$218,842		$158,960		$73,372		$16,845
Ratios to average net assets:3
Net investment income		2.60%		3.25%		3.48%		2.93%		2.64%		3.25%		3.48%
Expenses excluding specific expenses listed below		0.57%		0.56%		0.55%		0.62%		0.69%		0.70%		0.71%
Interest and fees from borrowings		0.00%		0.00%4		0.00%4		0.00%4		0.00%4		0.00%4		0.00%
Total expenses5		0.57%		0.56%		0.55%		0.62%		0.69%		0.70%		0.71%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.45%		0.45%		0.45%		0.48%		0.60%		0.60%		0.62%
Portfolio turnover rate6,7		126%		86%		64%		86%		80%		85%		137%

46      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.57	%
Ten Months Ended October 31, 2019	0.57	%
Year Ended December 31, 2018	0.55	%
Year Ended December 31, 2017	0.62	%
Year Ended December 31, 2016	0.70	%
Year Ended December 31, 2015	0.71	%
Year Ended December 31, 2014	0.72	%

6. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Six Months Ended April 30, 2020		$2,330,940,682		$2,406,306,708
Ten Months Ended October 31, 2019		$7,090,795,832		$7,321,457,192
Year Ended December 31, 2018		$10,593,719,030		$10,775,658,902
Year Ended December 31, 2017		$9,083,844,819		$8,679,566,809
Year Ended December 31, 2016		$7,572,160,629		$7,520,146,688
Year Ended December 31, 2015		$6,548,843,476		$6,610,174,477
Year Ended December 31, 2014		$4,283,386,232		$4,071,806,805

7. 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.

47      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS Continued

Class R5	Six Months Ended April 30, 2020 (Unaudited)		Period Ended October 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$7.03		$6.81
Income (loss) from investment operations:
Net investment income2		0.09		0.10
Net realized and unrealized gain		0.17		0.21
Total from investment operations		0.26		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09)		(0.09)
Distributions from net realized gain		(0.02)		0.00
Total dividends and/or distributions to shareholders		(0.11)		(0.09)
Net asset value, end of period		$7.18		$7.03
Total Return, at Net Asset Value3		3.77%		4.60%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$19		$19
Average net assets (in thousands)		$19		$16
Ratios to average net assets:4
Net investment income		2.61%		3.29%
Expenses excluding specific expenses listed below		0.45%		0.41%
Interest and fees from borrowings		0.00%		0.00%
Total expenses5		0.45%		0.41%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.44%		0.40%
Portfolio turnover rate6,7		126%		86%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to October 31, 2019.

2. Calculated based on the average shares outstanding during the period.

3. 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.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.45	%
Period Ended October 31, 2019	0.42	%

6. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Six Months Ended April 30, 2020		$2,330,940,682		$2,406,306,708
Period Ended October 31, 2019		$7,090,795,832		$7,321,457,192

7. 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.

48      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Class R6	Six Months Ended April 30, 2020 (Unaudited)			Ten Months Ended October 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$7.02			$6.57			$6.86			$6.75			$6.74			$6.92			$6.70
Income (loss) from investment operations:
Net investment income1		0.09			0.19			0.23			0.20			0.19			0.23			0.25
Net realized and unrealized gain
(loss)		0.17			0.45			(0.28	)		0.12			0.01			(0.17	)		0.22
Total from investment operations		0.26			0.64			(0.05	)		0.32			0.20			0.06			0.47
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.09	)		(0.19	)		(0.24	)		(0.21	)		(0.19	)		(0.24	)		(0.25	)
Distributions from net realized gain		(0.02	)		0.00			0.00			0.00			0.00			0.00			0.00
Total dividends and/or distributions to shareholders		(0.11	)		(0.19	)		(0.24	)		(0.21	)		(0.19	)		(0.24	)		(0.25	)
Net asset value, end of period		$7.17			$7.02			$6.57			$6.86			$6.75			$6.74			$6.92
Total Return, at Net Asset Value2		3.80	%		9.91	%		(0.77	)%		4.81	%		2.96	%		0.85	%		7.16	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$648,883			$968,348			$902,457			$993,755			$614,674			$598,204			$581,836
Average net assets (in thousands)		$845,329			$950,667			$996,440			$757,851			$621,576			$592,163			$559,118
Ratios to average net assets:3
Net investment income		2.67%			3.31%			3.53%			2.98%			2.77%			3.35%			3.60%
Expenses excluding specific expenses listed below		0.38%			0.39%			0.41%			0.43%			0.50%			0.51%			0.53%
Interest and fees from borrowings		0.00%			0.00%4			0.00%4			0.00%4			0.00%4			0.00%4			0.00%
Total expenses5		0.38%			0.39%			0.41%			0.43%			0.50%			0.51%			0.53%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.38%6			0.38%			0.40%			0.42%			0.49%			0.50%			0.52%
Portfolio turnover rate7,8		126%			86%			64%			86%			80%			85%			137%

49      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

FINANCIAL HIGHLIGHTS Continued

1. Calculated based on the average shares outstanding during the period.

2. 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.

3. Annualized for periods less than one full year.

4. Less than 0.005%.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Six Months Ended April 30, 2020	0.38	%
Ten Months Ended October 31, 2019	0.40	%
Year Ended December 31, 2018	0.41	%
Year Ended December 31, 2017	0.43	%
Year Ended December 31, 2016	0.51	%
Year Ended December 31, 2015	0.52	%
Year Ended December 31, 2014	0.54	%

6. Waiver was less than 0.005%.

7. The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities as follows:

	Purchase Transactions		Sale Transactions
Six Months Ended April 30, 2020		$2,330,940,682		$2,406,306,708
Ten Months Ended October 31, 2019		$7,090,795,832		$7,321,457,192
Year Ended December 31, 2018		$10,593,719,030		$10,775,658,902
Year Ended December 31, 2017		$9,083,844,819		$8,679,566,809
Year Ended December 31, 2016		$7,572,160,629		$7,520,146,688
Year Ended December 31, 2015		$6,548,843,476		$6,610,174,477
Year Ended December 31, 2014		$4,283,386,232		$4,071,806,805

8. 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.

50      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS April 30, 2020 Unaudited

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Total Return Bond Fund (the “Fund”) is a series portfolio of AIM Investment Funds (Invesco Investment Funds) (the “Trust”). The Trust is a Delaware statutory trust 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 such Fund or each class.

The Fund’s investment objective is to seek total return.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished

51      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

52      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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 transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized

53      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization.

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions.

54      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The financial statements are prepared on a 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. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid.

55      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

J. Futures Contracts - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

K. Securities on a When-Issued or Delayed Delivery Basis - The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the 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 on acquiring such securities, they may sell such securities prior to the settlement date.

L. Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll

56      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

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. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

M. Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

N. Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Fee Schedule*
Up to $500 million	0.40	%
Next $500 million	0.35
Next $4 billion	0.33
Over $5 billion	0.31

* 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 six months ended April 30, 2020, the effective advisory fee rate incurred by the Fund was 0.34%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to

57      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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 May 31, 2021, to waive advisory fees and/ or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 1.56%, 1.05%, 0.45%, 0.45% and 0.40%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (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 on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended April 30, 2020, the Adviser waived advisory fees of $51,701 and reimbursed fund expenses of $186,412, $3,571, $5,799, and $304,594 for Class A, Class C, Class R, and Class Y, 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 six months ended April 30, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended April 30, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.

58      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C 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 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 plans. For the six months ended April 30, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan 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 six months ended April 30, 2020, IDI advised the Fund that IDI retained $35,863 in front-end sales commissions from the sale of Class A shares and $3,961 and $4,326 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where

59      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1— Unadjusted Quoted Prices			Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Asset-Backed Securities	$	—		$	357,743,720	$	—	$	357,743,720
Mortgage-Backed Obligations		—			599,089,637		—		599,089,637
U.S. Government Obligations		—			89,965,759		—		89,965,759
Corporate Bonds and Notes		—			848,518,555		—		848,518,555
Municipal Bonds and Notes		—			9,350,778		—		9,350,778
Investment Company		310,069,612			—		—		310,069,612
Total Investments, at Value		310,069,612			1,904,668,449		—		2,214,738,061
Other Financial Instruments:
Futures contracts		26,087,326			—		—		26,087,326
Total Assets	$	336,156,938		$	1,904,668,449	$	—	$	2,240,825,387
Liabilities Table
Other Financial Instruments:
Futures contracts	$	(3,669,111	)	$	—	$	—	$	(3,669,111	)
Total Liabilities	$	(3,669,111	)	$	—	$	—	$	(3,669,111	)

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

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

60      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Instruments at Period-End

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative liability transactions as of April 30, 2020:

	Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Statement of Assets and Liabilities Location	Value			Statement of Assets and Liabilities Location	Value
Interest rate contracts Futures contracts		$	26,087,326	*	Futures contracts	$	(3,669,111	)*

*Includes only the current day’s variation margin. Prior variation margin movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt or payment.

Effect of Derivative Investments for the Six Months Ended April 30, 2020

The tables below summarize the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts
Interest rate contracts	$	7,382,885
Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts
Interest rate contracts	$	27,284,266

The table below summarizes the six months ended average notional value of futures contracts during the period.

	Futures contracts
Average notional amount	$	740,182,378

Note 5 – Trustee and Officer Fees and Benefits

Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the

61      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).

Note 6 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with JPMorgan Chase Bank, 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. Effective May 5, 2020 the custodian changed to State Street Bank and Trust.

Note 7 – Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of October 31, 2019.

Note 8 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended April 30, 2020 was $768,195,079 and $893,340,698, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $1,299,405,637 and $1,280,183,131, respectively. Cost of investments, including any derivatives, on a tax basis

62      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

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	$	71,819,036
Aggregate unrealized (depreciation) of investments		(40,178,362)
Net unrealized appreciation of investments	$	31,640,674

Cost of investments for tax purposes is $2,770,084,543.

Note 9 - Share Information

Transactions in shares of beneficial interest were as follows:

	Six Months Ended April 30, 20201						Ten Months Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class A
Sold		19,727,312		$	139,285,311			17,591,364		$	120,630,290
Automatic Conversion
Class C to Class A Shares		386,200			2,722,727			3,953,239			27,304,667
Dividends and/or distributions reinvested		1,094,763			7,726,571			1,710,790			11,726,348
Redeemed		(12,209,042	)		(85,711,805	)		(16,009,687	)		(109,992,280	)
Net increase (decrease)		8,999,233		$	64,022,804			7,245,706		$	49,669,025
Class C
Sold		3,499,795		$	24,714,189			3,697,916		$	25,378,701
Dividends and/or distributions reinvested		106,367			750,376			220,119			1,503,944
Automatic Conversion		(385,903	)		(2,722,727	)		(3,948,032	)		(27,304,667	)
Class C to Class A Shares Redeemed		(1,976,159	)		(13,911,133	)		(3,230,137	)		(22,122,950	)
Net increase (decrease)		1,244,100		$	8,830,705			(3,260,134	)	$	(22,544,972	)
Class R
Sold		2,056,400		$	14,477,062			1,914,827		$	13,118,614
Dividends and/or distributions reinvested		107,255			756,135			174,380			1,194,415
Redeemed		(1,720,912	)		(12,084,804	)		(1,752,564	)		(11,981,658	)
Net increase (decrease)		442,743		$	3,148,393			336,643		$	2,331,371
Class Y
Sold		32,006,148		$	224,519,092			34,297,601		$	234,244,240
Dividends and/or distributions reinvested		1,073,550			7,534,542			1,674,641			11,424,521
Redeemed		(43,729,547	)		(308,406,057	)		(23,586,165	)		(159,778,818	)
Net increase (decrease)		(10,649,849	)	$	(76,352,423	)		12,386,077		$	85,889,943

63      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

	Six Months Ended April 30, 20201						Ten Months Ended October 31, 20192
	Shares			Amount			Shares			Amount
Class R54
Sold		—		$	—			2,676		$	18,343
Dividends and/or distributions reinvested		19			136			10			70
Redeemed		(19	)		(136	)		(10	)		(70	)
Net increase (decrease)		—		$	—			2,676		$	18,343
Class R6
Sold		16,039,085		$	112,910,337			19,005,350		$	129,427,718
Dividends and/or distributions reinvested		1,498,357			10,618,556			3,230,936			22,132,714
Redeemed		(64,961,041	)		(458,072,768	)		(21,820,885	)		(149,842,941	)
Net increase (decrease)		(47,423,599	)	$	(334,543,875	)		415,401		$	1,717,491
	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold		13,985,483		$	92,855,375			29,192,515		$	199,859,305
Automatic Conversion
Class C to Class A Shares		—			—			—			—
Dividends and/or distributions reinvested		2,130,641			14,107,289			2,109,844			14,450,494
Redeemed		(25,109,270	)		(166,633,844	)		(39,757,874	)		(272,183,139	)
Net increase (decrease)		(8,993,146	)	$	(59,671,180	)		(8,455,515	)	$	(57,873,340	)
Class B
Sold		3,299		$	22,040			36,270		$	248,153
Dividends and/or distributions reinvested		937			6,281			8,115			55,491
Redeemed3		(228,150	)		(1,530,355	)		(613,942	)		(4,193,640	)
Net increase (decrease)		(223,914	)	$	(1,502,034	)		(569,557	)	$	(3,889,996	)
Class C
Sold		2,246,907		$	14,925,604			2,490,916		$	17,059,039
Dividends and/or distributions reinvested		336,217			2,228,738			298,480			2,046,591
Automatic Conversion		—			—			—			—
Class C to Class A Shares
Redeemed		(4,653,836	)		(30,875,887	)		(5,632,824	)		(38,541,817	)
Net increase (decrease)		(2,070,712	)	$	(13,721,545	)		(2,843,428	)	$	(19,436,187	)
Class R
Sold		2,108,649		$	13,992,585			3,041,345		$	20,753,130
Dividends and/or distributions reinvested		224,479			1,485,564			197,783			1,354,194
Redeemed		(3,326,918	)		(22,079,725	)		(3,682,284	)		(25,195,339	)
Net increase (decrease)		(993,790	)	$	(6,601,576	)		(443,156	)	$	(3,088,015	)

64      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Class Y
Sold		39,387,254		$	260,293,307			39,044,407		$	266,113,686
Dividends and/or distributions reinvested		1,893,915			12,453,580			789,486			5,376,972
Redeemed		(28,372,156	)		(186,530,489	)		(15,806,011	)		(107,506,411	)
Net increase (decrease)		12,909,013		$	86,216,398			24,027,882		$	163,984,247
Class R54
Sold		—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—
Class R6
Sold		41,773,138		$	277,543,409			67,052,245		$	458,608,265
Dividends and/or distributions reinvested		4,290,938			28,371,858			2,844,023			19,464,417
Redeemed		(53,535,790	)		(353,339,445	)		(15,983,317	)		(109,303,348	)
Net increase (decrease)		(7,471,714	)	$	(47,424,178	)		53,912,951		$	368,769,334

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 5% 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, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

2. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 10% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 21% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

3. All outstanding Class B shares converted to Class A shares on June 1, 2018.

4. Commencement date after the close of business on May 24, 2019.

Note 10 - Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related

65      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

Note 11 - Subsequent Event

Effective on or about September 30, 2020, the name of the Fund and all references thereto will change from Invesco Oppenheimer Total Return Bond Fund to Invesco Core Bond Fund.

66      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

· Fund reports and prospectuses

· Quarterly statements

· Daily confirmations

· Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The 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.

67      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located at www.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use¹ to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

68      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, and web-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate or de-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visit www.aboutcookies.org.

69      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

INVESCO’S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404) 439-3236

By fax:

(404) 962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

70      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

· Request that we amend, rectify, delete or update the personal data we hold about you;

· Where possible (e.g. in relation to marketing) amend or update your choices around processing;

· Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

71      INVESCO OPPENHEIMER TOTAL RETURN BOND FUND

Explore High-Conviction Investing with Invesco
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.
Invesco Distributors, Inc.	O-TRB-SAR-1    06272020

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of June 17, 2020, 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 June 17, 2020, 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)	Not applicable.
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:	July 8, 2020

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:	July 8, 2020
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	July 8, 2020